ForexChief Review
Reason to avoid: Offshore License
Listed Date: November 30, 2018
Top 3 Forex Brokers
Beware ForexChief is an Offshore-Licensed Broker. It is NOT SAFE to trade.
Reason to avoid: Offshore License
Listed Date: November 30, 2018
Beware ForexChief is an Offshore-Licensed Broker. It is NOT SAFE to trade.
ForexChief is not a legit broker as it does not hold any serious license. As a general rule, we recommend avoiding offshore and non-regulated entities as traders who invest in non-regulated firms often cannot recover funds invested or gains received. Thus, we strongly advise against responding to any suspicious offering in regard to trading of financial investments and choosing only among the regulated entities.
🗺️ Registered in | Vanuatu |
🗺️ Type of License | Offshore License |
🛡️ Is ForexChief safe to trade | No |
🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
🖥 Alternative Broker | FP Markets - licensed by ASIC in Australia |
ForexChief is a Forex brokerage firm that proposes trading opportunities on 35 currency pairs, including metals and other derivatives through an STP execution and access to the market. In order to carry out transactions with currency contracts and metals, the Company's customers are offered the most popular platform in the area of forex trading - MetaTrader 4/5.
In addition, the line of account types has "cent" accounts, where the balance size can be used not only for the reduction of investment risks but also for testing trading conditions, in general.
Regarding our finds and issues with regulations and safety of ForexChief, we do not rank positively ForexChief, based on our Expert Opinion with over 10 Years of experience in Forex Trading.
Ranking | ForexChief | FP Markets | AvaTrade |
---|---|---|---|
Our Ranking | ⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐ |
Is Broker safe? | No | Yes | Yes |
Advantages | None | Trading Environment | Trading Instruments |
Based on our finds and issues with the safety of ForexChief here are much better Alternatives to ForexChief with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below:
The broker offers various deposit and withdrawal options – Bank Transfer, Credit/Debit Card and e-wallets such as Skrill, Neteller, Webmoney. However, due to its unregulated nature, there is no strict guarantees on payment procedures.
As a general rule, we recommend avoiding offshore and non-regulated entities. We advise firms to trade and invest only with brokers that are regulated by reputable authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that for instance apply for compensation and are supervised at every step they do. We recommend signing in with reliable brokers such as BlackBull Markets, FXGT, and FBS.
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My time with xChief has been good overall. Placing orders is quick, and the fixed spread usually benefits me. Though I don’t scalp much, their EA works fine when I do. There are some minor issues, but nothing major. Overall, I’m happy with xChief.
XСhief offers a wide range of trading options and decent customer service in Europe. I like that their platform combines forex and cryptocurrency trading with low spreads and commissions. Overall, it’s a solid choice for traders, but not everything about the company is perfect yet.
Forex Chief has been a positive choice for me. Their trading platform is versatile, offering a wide range of instruments. The execution speed and low spreads have boosted efficiency. What stands out is their responsive customer support, adding to the overall positive experience. In short, a reliable and efficient broker for my trading needs.