ForexChief is a Singapore-based firm that was established in 2014. The brokerage firm is a member of the Financial Markets Association and a Vanuatu Financial Services Commission-licensed securities dealer (VFSC). The company is present in a number of countries, including Indonesia and Nigeria. To gain direct market access from worldwide servers, the broker employs STP / NDD technologies. The company’s primary focus is on the technical stability of trading servers and software in order to provide all clients with a secure trading environment.
The broker’s website isn’t particularly appealing, but it does offer a wide range of trading platforms. ForexChief clients have access to the MT4 and MT5 trading platforms. Both are industry-recognized systems that can be downloaded or used online for free on desktop PCs and Macs. Both are available in a variety of languages.
This platform offers 9 different timeframes, made-to-order charts, 4 different categories of pending orders, Expert Advisory Services, and real-time streaming news. There’s also the MQL4 programming language for mobile devices, as well as the ability to stack analytical objects on top of one another.
The trading platform provides 21 different timeframes. The ability to trade with a single mouse click, Integrated shared hosting, four different order execution modes, and 80+ built-in technical indicators Charts that can be customized and viewed in batches of up to 100, as well as the ability to set your take profit and stop-loss.
Mobile apps for MetaTrader 4 and MetaTrader 5 are available. The apps are free to download on both iOS and Android devices (APK). You can use your mobile device to access all of the desktop platform’s trading features, including analytical tools and custom charts.
Floating spreads are available on all account types, starting at 0 pips on Direct accounts and 0.3 pips on Classic + accounts, respectively.
Leverage at ForexChief varies according to account type and can reach 1: 1000. The broker does not follow the ESMA leverage restriction because it is not regulated by European Union authorities. Take the time to educate yourself on the risks of high leverage trading, as it increases the size of both your losses and gains.
You may also be able to obtain trading credits through this broker. These are long-term, interest-free loans that will be used to fund Forex trades. For each deposit made to a live account, clients can receive up to 50% of the initial capital in trade credit.
Except for some electronic solutions, the broker does not charge any deposit fees. Fees from third-party banks or exchanges may apply. All account types demand a minimum deposit of US $ 10 or the equivalent. US dollars, euros, Swiss francs, pounds sterling, and Japanese yens are all examples of base currencies. Local governments have a variety of funding alternatives, which include:
You must use your original payment method to withdraw funds. Fees and processing times vary by method.
On the MT4 and MT5 platforms, ForexChief offers a demo account. These accounts are a great opportunity to practice trading, learn how to use the platform, and test ideas without putting your money at risk. There are no specific specifics, such as virtual funds or duration of availability. To start a paper trading account, you must fill out a short online registration form.
At the time of writing, ForexChief is offering a new $ 100 No Deposit Sign Up Bonus. In addition, a welcome bonus of up to $ 500 is available on the first deposit. This money is only available for trading and cannot be withdrawn until certain conditions are met. When we looked into the terms of this particular promotion, we discovered that a trader must have a total turnover of $ 10 million in order to withdraw. Read the bonus terms and conditions that apply to your country before opening a live account.
Forexchief is regulated as a securities dealer by the Vanuatu Financial Services Commission (VFSC). While this regulation is not as authoritative or comprehensive as the FCA’s regulations, it does allow firms to be established quickly and easily with minimal customer protection.
Simultaneously, the broker ensures that customer funds are kept separate and that they are protected from technical errors. Compensation from companies not regulated in your country, on the other hand, may be more difficult to obtain. The amount of compensation is unknown; each case is evaluated on an individual basis.