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 10, 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.
I have only one word "Liquidity". This feature is always underestimated. This feature is very important and has a direct impact on your trading process. ForexChief has developed its own stream aggregation architecture that allows the company to have a significant reduction of spread sizes, slippage sizes, and percentage of refused orders.
I recently registered with Forexchief to get high leverage. It's amazing how such a stable broker could offer leverage as high as 1:1000 on ECN account. My leverage for commodity and stock trading is even up to 1:100. This is a rare service to find. I have no issues whatsoever with moving my money in or out. Nice one.
I have seen three advantages of using Forexchief that will make me stick with this broker for a very long time. First is the ease of doing business. I find it easy to open trades and get fills at good prices and quickly. Second, I am able to use high leverage up to 1:1000 at any time, plus lower spreads. Thirdly, the ability to withdraw money or fund my account as fast as needed. I feel my money is in good hands. I will be referring my friends to this broker.
Forexchief is just like most brokers that offers high leverage. The difference is that they don't joke with their traders. From withdrawing money to using profitable strategies, this broker makes sure that I get the best deal. No useless slippage and no freezing at crucial hours. The longest I had to wait for withdrawal of profit was 3 days by wire transfer.
If a broker allows you to make money without issues, then it's a good broker. Forexchief demo account was smooth, I made 200% profit in two months. I replicated it on a live account and made 120%, which is not bad because there must be a difference. I did that with another broker and got -90%, equal to losses. This shows forexchief is good to use, they don't trade against me.
My first criteria for any broker is low spread and fast execution. This also includes fast closing of trades. I am a serious scalper and this is very important to me. I need to be able to enter and exit as quickly as possible. Thankfully I am doing this with Forexchief mt4 and all is working smoothly. I love it.
Good broker. Registered in 2018 and still with them. Love it.