Forex trading is a business that can earn you good returns if you know what you are doing and choose the right broker. One of the brokers that garners mixed reactions among traders is Forexchief. Go through this review before choosing it over others.
Who is behind the broker?
ForexChief Limited established this broker in 2014. Though the broker has operated for four years now, most traders continue raising concerns about some particular aspects. One of the issues that you cannot fail to notice is its loose regulation.
Vanuatu Financial Service Commission has licensed and regulated ForexChief. This body is not famous, and traders doubt the authenticity of the broker. It is advisable that you choose brokers regulated by popular bodies such as CySEC. The broker offers at least 35 currency pairs, silver, and gold.
What trading platforms are available and supported?
ForexChief makes use of platforms such as Meta Trader 4 and MT5. Both platforms are available on mobile and desktop versions. The problem with ForexChief is that they encourage traders to use MT4.
What types of accounts are available?
You can choose to trade from different account types including Mt4. DirectFX, cent-MT4.Direct FX, MT4Classic, and Cent-Mt4Classic+. To open any of the accounts, you only need to deposit $1.
Spreads, Leverage, and commission
Unlike other brokers, Forexchief offers a generous welcome bonus of $20. You don’t have to deposit any amount to receive this bonus. It, however, comes with certain conditions before withdrawing it. It offers leverage of 1:400 and does not charge commissions on some of the accounts. The broker also provides free trading signals and spreads from 0.1 pips.
Deposit and withdrawal options
ForexChief offers you three methods of making deposits and withdrawals. You can use bank wire transfer, debit/ credit cards and e-wallets like Qiwi and FasaPay.
Though the broker offers customer support in the form of phone lines and emails, they don’t provide instant feedback.
- Generous bonus
The broker offers a generous bonus that you can use to increase your returns. They claim not to need any documentation to provide you with the bonus. The broker provides different bonuses such as welcome and turnover rewards.
- User-friendly website
Forexchief has also simplified the interface so that you can navigate with ease. It also provides all the necessary features that make trading easy. The different types of accounts and platforms also increase flexibility.
- Loose regulation
The body that regulates this body is not credible. Some people claim that the broker is a scam. Choose brokers that have bodies with a good reputation.
- Limited trading instruments
The broker also limits you to very few trading instruments since it allows you to trade a few currency pairs and only two metals. There is no option of trading stocks or indices.
ForexChief has an attractive bonus, different platforms, and low commissions as well as tight spreads. Some people feel that the broker is too good to be true due to its loose regulation. It fails to provide CFDs on indices and stocks and has numerous negative reviews. Look for a broker with a better reputation instead of risking your cash on Forexchief.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK