ForexChief Review

Is ForexChief  Scam or Legit Broker?

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.

• The company office mentions its location in Vanuatu, with representative offices around the world, as well as registration and regulation status with the local authority VFSC (Vanuatu Financial Services Commission). Yet, there is not much trust in such companies, as the location is an offshore zone, which in fact sets very low requirements with very small costs, and almost does not oversee the company operation further on.

What is ForexChief?

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.

Overall ForexChief Ranking 

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.

• ForexChief Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

ForexChief Alternative Brokers

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: 

• AvaTrade – Good for Currency trading
• InteractiveBrokers – Good for US Trading and Trading of Real Stocks
• FXTM – Good for Beginners

ForexChief Deposits and Withdrawals

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. 

• For Credit/Debit cards deposits are almost instant. However, for other methods, it takes up to 2 working days to transfer the funds into the client's accounts. The minimum deposit of the broker is 10%. 
• The withdrawals take from 2 to 7 working days to be set on the client's account. For electronic payment methods, the withdrawal time is 1 working day. 
• The Company mentions that it will not be responsible for the Client's financial losses if they were caused by a delay in a transfer due to a fault in a payment system. Crediting funds to the trading account will be made only after the Company receives a confirmation from a payment system regarding the remittance of the transfer.

ForexChief Review Conclusion

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.

• Overall ranking and experience for ForexChief is Negative