Forex Chief is a forex broker located in the Republic of Vanuatu, regulated by the Vanuatu Financial Services Commission (VFSC).
Forex Chief accepts clients from all over the world, excluding USA and some jurisdictions where restrictions apply.
Forex broker offers the following underlying assets for trading.
|40+ Currency Pairs||Based on major and minor world currencies.|
|5 Crypto Pair||Based on Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple.|
|10 Indice CFDs||Based on baskets of different blue-chip stocks.|
|2 Metal CFDs||Based on Gold and Silver.|
|3 Energy CFDs||Based on Crude Oil (WTI, Brent) and Natural Gas.|
Forex Chief is a broker that has been operating in the market since 2014, is headquartered in the offshore jurisdiction Vanuatu, and with additional offices in Switzerland, Singapore, and Nigeria (Abuja and Ibadan).
An important thing to take note of regarding Forex Chief, however, is that it does not have any properly regulated entities anywhere in the world that could attest to the credibility of this broker. Although the broker is subject to some oversight from the Vanuatu Financial Services Commission (VFSC), this is a very loose form of regulatory oversight compared to what is typical in regions like the EU, Australia and North America.
Thankfully though, loose oversight also comes with certain benefits for the user, such as the ability to set up and fund a trading account with cryptocurrencies more or less anonymously, as well as ultra-high leverage of up to 1:1,000 on certain trading instruments.
Forex Chief also has a pretty strong line-up as far as trading instruments goes, with more than 40 popular forex pairs, as well as CFDs on everything from gold & silver to energy commodities, stock indices, and a selection of cryptocurrencies. One thing we do miss, however, is a selection of single stocks to trade as CFDs, which is not possible with Forex Chief.
All the assets offered by the broker are traded on either the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) trading platforms. As usual, these platforms are available as either the standard downloadable version for Windows, as a web-based version for use on any computer, or as mobile apps for tablets and smartphones.
The account types offered by the broker includes four different trading accounts for either the MT4 or MT5, in addition to a special Islamic account:
– MT4/5.DirectFX, with spreads from 0 pips and commissions of USD 15/roundtrip.
– MT4/5.Classic+, with spreads from 0.3 pips and no commissions.
– cent-MT4/5.DirectFX, with spreads from 0 pips and commissions of USD 15/roundtrip.
– cent-MT4/5.Classic+, with spreads from 0.3 pips and no commissions.
All trading accounts have a minimum deposit requirement of USD 50, and allow for leverage of up to 1:1,000 on the most liquid assets.
Further, trading accounts with Forex Chief can conveniently be funded with either an international bank wire transfer or by making a credit/debit card payment with all major cards. In addition, a range of e-wallet services like Skrill and Neteller, and cryptocurrencies like Bitcoin, Ethereum, and Litecoin are also accepted.
Finally, customer support is offered by Forex Chief via live chat on platforms such as Skype, Telegram, WhatsApp and others, as well as on dedicated phone numbers for each of the broker’s regional representative offices. All offices offer support only within their own working hours, and 24-hour support is therefore unfortunately not available.
In conclusion, it is obvious that Forex Chief is a broker that has managed to capture a part of the important African and Nigerian market since it first entered the business in 2014. We also like how the broker’s customer support team is available on several platforms, although we would have liked to see 24-hour support offered. All in all, however, Forex Chief is a broker with a good line-up of trading instruments combined with competitive spreads, and may therefore be a decent choice for traders.