Forex Chief is this a scam? Review and Customers Reviews

ForexChief is a relatively young forex brokerIt has been providing services for trading on the financial market since 2014. However, during this time it has already won a very decent team of its adherents. In order to avoid conflicts of interest, the company is actively improving the STP/NDD model project. Thanks to this solution, the popularity of ForexChief is increasing.

Is ForexChief a safe platform for trading or is it just another HYIP created by a team of scammers? A detailed review of the broker will help to understand it.

 

Terms of trading with ForexChief

The basic concept of the company’s work is based on the constant improvement of the universal platform for online trading in currency assets and precious metals under margin trading conditions. The key attention is paid to technical stability of trading servers and software complex. This is the basis that allows to carry out trading operations promptly. Stability of the systems combining quotes from different sources into a single flow and directing orders to liquidity providers is ensured by innovative solutions. This approach makes it possible to maintain reliability of trading even under heavy loads. And they often arise during the release of the most important news (The whole truth about forex).

The broker belongs to ForexChief Ltd and offers online trading services to individuals and legal entities on STP/NDD model, as well as trading in American stocks. The company assures that it guarantees the safety of users’ funds by separating the accounts of clients and ForexChief. Project clients have a choice of 4 types of trading accounts: MT4.DirectFX, MT4.Classic+, cent-MT4.DirectFX, cent-MT4.Classic+. The MT5 version has the same account types. Each account may be opened with minimum deposit of $10 in the following currencies – USD/CHF/GBP/EUR/JPY. It is possible to trade 50 currency pairs, 2 metals, stock indices, energy commodities and cryptocurrencies. Maximum leverage – up to 1: 1000, execution type – Market Execution, stop-out level – 30%. There are no re-quotes for each account type, and the minimum deal size is 0.01 lots. Bonuses are available to clients, as well as trade credits. In addition, advisors and scalping are allowed in the company.

There is a “cent” option in the diverse range of trading accounts. Its balance exceeds the balance of other standard accounts. It’s a perfect testing ground for novice speculators and experienced traders who test ForexChief trading conditions in practice. It is possible to test this or that strategy without risk to lose the big sum at trade with real money, to carry out the test of trading robots to choose the convenient tool forex trading.

Clients are offered to copy trades of successful traders as an element of trust management. You can subscribe to this service directly in the trading terminal. If desired, every speculator can become a provider of trading signals and receive remuneration from subscribers. To learn how to implement both options of passive income you can visit the broker’s website. forexchief.com. The company provides financial guarantees against technical failures on trading servers. The client and the broker’s own funds on the bank accounts are separated. Therefore, investors’ money is absolutely inaccessible to the broker. In addition, investors’ funds deposited via electronic currencies are not stored in the wallets of payment systems. They are transferred to segregated bank accounts.

The accounts also have some differences. The cent-MT4.Classic+ and MT4.Classic+ accounts have no commission. Spreads for the MT4.DirectFX and the cent-MT4. DirectFX accounts start at 0 pips, for others at 0.3 pips. The company pays special attention to the technical stability of trading servers and software, which is provided to the client for trading operations. The developed technologies of liquidity aggregation as well as the system of their administration are based on cluster solutions where high level of reliability can be maintained under abnormal loads (especially under a large number of client orders, received by the trading server when economic news is published). There are 2 partner programs:

• White Label. Proposal to create your own broker. The existing technological infrastructure of the project is taken as the basis. This is the optimal solution for newly organized companies. It is all the more beneficial to outsource part of the business projects. In this case there is no need for large capital investments and no need to buy a license. It is not necessary to have large staff. ForexChief always provides financial and legal support;
• “IB Pro.”. Profit is formed at the expense of the agency fee for attracting clients to the project. The size of the profit is not related to the number of attracted clients or the size of deposits. It depends on the trade turnover of referrals. As the turnover grows, the payout rate increases. Clients register in the company using an affiliate link, open an account, and make trades. Then partner is paid a bonus for their turnover. Details in the relevant section of ForexChief site.

ForexChief provides beginners with a sufficient amount of material, which outlines the basic concepts of the forex market, the basics of margin trading, technical indicators and trading strategies in the foreign exchange market (Forex Trading Training). In the analytical section there are current reviews of economic and political events (which have a significant influence on changes in different currencies), quotation charts, interest rates, trader’s calculator. The forexchief.com website operates in several languages, which makes it more productive. Efficient 24/7 support service gives an opportunity to solve clients’ problems promptly.

 

Platform forexchief.com

Decent earnings in the financial markets largely depend on the choice of a trading platform. Their diversity gives traders access to various trading platforms. The quality of a trading terminal is one of the main factors when choosing a broker for cooperation. A trading platform must be reliable, uninterrupted in its work, taking into account the interests of most traders and investors. The broker offers as stationary solutions:

MetaTrader 4

Popular in the trading community. It is convenient and functional for making trades and analyzing market dynamics. It is possible to create your own trading robots in MQL4. Several order types can be used for implementing any trading strategy – limit, stop and market orders. And orders can be managed directly from the chart of the asset selected for trading. Separately, institutional clients offering brokerage services should take note of the STP-gate built into MetaTrader 4, which can connect liquidity through a regular trading account on the MT4 platform with minimal effort. The analytical potential of the terminal is increased by 40 indicators. In addition, the programming language provides the ability to create and integrate traders’ own developments into the platform. But the most distinctive feature of MT4 is its simplicity and accessibility even for beginners speculators. You can download and install the terminal from the relevant section of the ForexChief website;

MetaTrader 5

A new generation of the MT platform. The terminal complements the functionality of the previous version. There are more analytical and technical tools. In addition to Forex, the exchange market is available. One Click Trading” technologies optimize management of trade orders. Additional time periods are integrated into the platform – 21 timeframes in total. Social trading by copying trades of successful speculators is available.

The available strategy tester is effective for selecting the optimal values of technical tools. Several testing modes make it easy to find the best option. You can download and install MT5 on your computer or laptop from the appropriate section of the website.

Both versions of the platforms, MT4 and MT5, are equipped with a fairly extensive base of oscillators for forex, as well as the ability to trade automatically. In addition to MT4 and MT5 trading terminals, their mobile versions for smartphones and tablets with iOS or Android OS systems are also available.

Broker quotes

Undoubtedly, timely provided information on asset quotes is one of the most significant factors of success in forex trading. It is this aspect of trading that enables speculators to earn effectively on price fluctuations. ForexChief is always interested in the trading success of its clients and in striving to regularly increase their number. Therefore, the company always provides users with up-to-date information about changes in quotations.

The broker has launched a liquidity aggregator. We are constantly working on its development. The result is evident – the modular system makes it possible to realize liquidity from the largest market-makers in the form of a united data stream. Data on quotes is delivered to the end user and brings execution of trade orders to a completely new level. Rejection rates are reduced. Users appreciate it very much.

 

ForexChief demo account

The company offers a variety of opportunities for comfortable trading. The same applies to the option of free demo trading on a demo account, which will allow trading, studying the terminal, and testing strategies without the use of personal capital.

 

Mobile application

Those who want to trade on a smartphone or tablet with iOS operating system can install the mobile version of Metatrader 4 and use it successfully. The user-friendly interface with a full set of functionalities contributes to comfortable trading.

The second version of the MT4 mobile platform is provided for smartphones and tablets running Android OS. Here speculators can analyze interactive asset charts and use 30 technical indicators to determine the exact market entry point. The traffic consumption is minimal. ForexChief Company also provides an opportunity to download and install similar mobile applications derived from MT5.

 

ForexChief bonuses

The company pays a lot of attention to comfortable trading of its clients. To this end, all sorts of promotions and forex bonuses for users are developed:

Welcome Bonus

The size of the bonus is $500. This deposit gift is credited automatically. To get it, you need to register and open a trading account. The bonus can be received only once at the moment of depositing not less than 50 USD (or the equivalent in the account currency).

No deposit bonus

The no deposit bonus of 100$ will be credited automatically via the ForexChief mobile app as soon as the verification of your personal details is successfully completed.

Rewards for trade turnover

They are available to active speculators on a weekly basis as additional income. They are credited to the trading account at the end of the week after the close of trading. The amount of the bonus is determined according to the number of trading orders closed during this period for all instruments.

Trade credits program

The speculator receives a bonus when depositing his account. Its size can be 50% of the replenishment amount. The credit is indefinite and interest-free. It can be used as a collateral for trading operations. This is exactly its value. The Client may receive the credit as a percentage of the deposited amount with each deposit. The total credit may not exceed $10 thousand. By the way, at any time the client has the right to refuse it. This is done in the personal cabinet.

 

Deposit and withdrawal

Forex Chief provides convenient ways to deposit and withdraw profit. There are several ways to deposit funds to your account:

• Bank currency transfer USD, CHF, GBP, EUR, JPY, AUD, CAD.
• Translations from bank cards Visa/MasterCard.
• Through electronic payment systems – Bitcoin, WebMoney, Skrill, NETELLER, Perfect Money and others.

Funds are credited instantly. If an account is funded from 0.2 BTC, a free bonus is given. Withdrawals are made by the same methods. The company does not charge commission for deposit and withdrawal.

 

Complaints about Forex Chif

Forex Chief has been providing brokerage services for five years. The complaints about the company are present online, but they are isolated. There is also some negative information, which is artificially inflated by the broker’s competitors. None of the negative comments are supported by any real evidence. Such information should be carefully filtered out.

Some novice speculators express their dissatisfaction with “losing” their deposits. However, this category of trader often perceives trading on the financial market as a casino game and does not want to learn real trading. Hence such a result. Real reviews of traders can be seen on thematic forex forums. In some of them, people ask the company representative questions on topics of interest to them. The correspondence shows how ForexChief representative answers them thoroughly and in detail, giving weighty arguments as evidence.

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The regulator of the broker ForexChief Ltd.

The company guarantees users safe work in the system. ForexChief has an official document confirming the right to provide services in the sphere of currency trading. It’s Dealer in Securities (Principal’s License) № 14777 issued by Vanuatu Financial Services Commission VFSC. You can view the license on the website forexchief.com. It is this circumstance that confirms the reliability of the organization. The presence of a regulator and license gives traders and investors confidence in the broker and their money. The company is headquartered in Port Vila, Republic of Vanuatu. The address is listed on the broker’s website. In addition, the company has offices in Singapore, Switzerland, South Africa and Nigeria.

View the ForexChief license on the VFSC website

Forexchief.com User Agreement

Any speculator or investor before starting cooperation with the company should know his rights and obligations which await him on the platform. The broker’s guarantees are also important. All this is spelled out in the “User Agreement”. On a ForexChief site it is located in section “Sample contracts” and it is called “Client agreement”. The document should be studied obligatorily as the actions of the company are mainly defined by this agreement. The understanding of this agreement will eliminate a number of questions from the client and strengthen the trust between the client and the broker. In the client agreement ForexChief specifies the fact that at any time can terminate the contract if the client refuses to provide proof of the data declared earlier in the paragraph 1.5:

Also, the broker has the right to invalidate the client’s transactions, if he used technical vulnerabilities in the software of the company in order to gain profits:

The client should “keep their finger on the pulse” about possible changes to this agreement, as the company reserves the right to make them at any time:

The Customer Agreement provides for the most important aspects of cooperation between the company and the user:

• Rights and obligations of the parties.
• Order of mutual settlements.
• Limits of liability.
• Making a deposit and withdrawing money from your account.
• Disputable situations, force majeure.

 

Is Forex Chief a scam?

The company is an innovative financial organization despite its five-year history. Along with currency pairs, CFDs, stocks, precious metals, it provides users with the opportunity to cryptocurrency trading.

Forex Chief with its extensive network of representative offices has gained popularity among many users due to its high-tech trading services with the output of client trades to the interbank market. The absence of reasonable negative reviews on the Internet eloquently testifies to the good work of ForexChief, the fact that the broker provides quality services to its clients.

Transparency and high-tech are its main advantages. A perfectly designed website forexchief.com with intuitive transitions makes it possible to get any information the user is interested in. Excellent trading conditions, round-the-clock support service, liquidity aggregator which completely excludes conflict of interests – all this allows us to believe that ForexChief is not a scam, but a serious company which absolutely excludes fraudulent schemes.

The company has offices in Switzerland, Singapore, South Africa and Nigeria. It implements trading on MT4 and MT5 platforms. Both platforms have stationary versions on PC and mobile versions on Android and iOS. The STP /NDD model implies that the broker does not interfere in the execution of financial withdrawals, which are sent to the Interbank.

MT4 and MT5 platform features are known to many traders. But ForexChief Company went even further, providing favorable solutions for beginning traders. Among them it is possible to allocate the following conditions of trading operations:

• There is no limit on the minimum amount to deposit.
• Use of NDD / STP technology.
• Standard and cent accounts.
• Working with a minimum transaction of 0.01 standard lot, including cent accounts – while other companies offer 0.1.

The project presents robust educational materials such as webinars, videos and courses, as well as market news and analysis to develop client trading skills and knowledge. Different types of trading accounts in addition to secure payment methods are presented to build trust between clients and the broker.

 

Conclusion

ForexChief – young and ambitious broker. During its existence, the company has gained popularity among investors and traders. A lot of positive feedback from both novice traders and experienced speculators testifies to the dynamics of the company’s development and the growth in the number of its clients.

ОThe company’s employees are always open to communication with each other, so that a newcomer can find a suitable trading tool and gain confidence in trading. Feedback from users helps managers to identify and promptly eliminate possible shortcomings, the more so that the company’s employees are always open to communication. ForexChief is not a scammer and confidently continues to raise its rating among other brokers.