Forex Chief Review Is A Scam Forex Broker

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ForexChief Review – is scam or good forex broker?

Trading Accounts & Conditions

Account type Minimum deposit Minimum trade size Maximum leverage Average Spreads (& Commission)
MT4.DirectFX $1 0.01 1:400 0.4 pips + $3 /lot roundtrip
MT4.Classic+ $1 0.01 1:400 0.7 pips
Cent-MT4.DirectFX $1 0.01 1:400 0.4 pips + $3 /lot roundtrip
Cent- MT4.Classic+ $1 0.01 1:400 0.7 pips

ForexChief offers its clients 2 basic account types – a commission-free MT4.Classic+ and MT4.DirectFX, which offers tighter spreads, but a commission applies. Besides, there are 2 cent accounts, whose balance exceeds that of standard accounts hundredfold – indispensable option for beginners.

All account types provide leverage up to 1:400, the option to trade in micro lots and require no specific minimum initial deposit.

Indeed, the offering of ForexChief seem attractive: There is not requirement for making a minimum deposit (However, keep in mind that in order to make transactions, a sufficient amount of money must be available on the trading account.) What is more, trading costs on all account types amount to an average of 0.7 pips per standard lot for the EUR/USD pair, while most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair.

The Company. Security of Funds

Established in 2020, ForexChief is an offshore broker, licensed by the Vanuatu Financial Services Commission as a Dealer in Securities (Principal’s License). It has offices in Singapore and Moscow and offers trading in forex and precious metals on the MetaTrader 4 platform.

Vanuatu (formerly known as the New Hebrides Islands) offers a variety of tax benefits – no income tax, no capital gains tax nor inheritance tax. Besides, registration process for forex and binary brokers is fast and low cost and that is why this jurisdiction is so popular.

In addition, capital requirements in Vanuatu are very low, amounting to $2000.

According to us, offshore regulated brokers should be avoided as a general rule, no matter what their claims are, as the rules and requirements applicable to them are very lax, if any. That is why, we would advise you to select a forex broker licensed in UK, or Cyprus for instance, where regulation is strict and there are compensation schemes, which will protect your money if your broker becomes insolvent.

Trading Platform

Like most brokers, ForexChief supports the most popular trading platform, MetaTrader 4 (MT4), available as desktop, and mobile versions.

It earned its reputation due to its ease of use and various useful functionalities that allow the traders not only to make transactions but also analyze market dynamics, to automate their trades via wide range of Expert Advisors (EAs) and to back-test their strategies.

This broker offers $20 Welcome No Deposit Bonus. The Bonus and/or the Profit can be withdrawn only after trading turnover at the account achieved 1,000,000 USD.

Methods of Payment

ForexChief offers its clients 2 payment methods: bank wire transfer, credit/debit card, and e-wallets Skrill, WebMoney, FasaPay and Qiwi.

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ForexChief is another offshore broker registered in Vanuatu that offers online trading on the MT4 platform. Our main concern with it is the loose regulation, otherwise its offerings seem attractive. Here are, in a nutshell, the advantages and disadvantages of ForexChief:

Pros Cons
Tight spreads & low commission Offshore broker with loose regulation
Low minimum initial requirement No indices and stock CFDs
STP/NDD model No choice of trading platforms, no web-based one
MT4 platform available
Cent accounts
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
$50 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
$0 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for ForexChief




Price feed



Customer service


Forexchief is fraud broker. Confirm fraud

My name is allah daad and i am 46 year old man and in forex trading since last 11 years.
My account with forexchief is 1215495 witch i have registered at
10.5.19 to get there 100 $ wellcome bonus for cheking there services.but when i read the rivews about this broker then i was afraid to choose it as my permanent broker.
But after 1 month i decide to check them by there 100 $ wellcome bonus as i have no fear to loss my money.
So i scan the code via aplication and they add 100 $ in my account.
I start the trading.
During trading i was remain in touch with there support for asking my trading turnover.
in 4 days i have complete there huge mountain of turnover nearly 45 lots and my remaining profit
105 $.
I have found there spreads very i asked there support that i want to continue trading with them and dont want to withdrawal.
So they happily advice me to open a new account and submit a support ticket to transfer funds in new i have done this.
After that i decide to check there withdrawal services so i submit a withdrawal request and update the ticket not no transfer the balance and sent withdrawal.
And surprised to see the reply in ticket that the bonus offer ended at 11.6.19 so i can not withdrawal. And they reset my trading account 0000 and delete all trade history.
Now the points witch i have noted, that confirm this broker as a fraud are these.
If they closed there offer at 11.6.19
Than why they gave me bonus at 13.6.19.
If they gave bonus by mistake then why they not writenoff it when i was trading and in touch with there support for trading turnover.
When i chat with them and they checked my trading history Why there support not telling me that this offer ended and dont waist the time.
When i complete turnover and asked them to transfer money in 2nd account, everything was fine.
But when i submit withdrawal request they reject the bonus.
After this i asked there chat that why they not told me that i can not withdrawal and bonus ended at 11.6.19. They told me it is not possible that your withdrawl rejected and take 15 mint to confirm and they say sorry that he can not help me.
After that i submit a ticket and got horrible reply that i have used technical maintanence to get there bonus at 13.6.19 while offer ended at 11.6.19.
It means they called me international hacker who hacked there system for getting there bloody 100 $ bonus.strange.hahaha.
Now they delete my member area and not replying on live chat.
I dont know the traders who post a nagitive rivews here and why they changed them in good rivew. I think they have done this only for money.
This broker is realy a fraud and scame broker.
Now let me clear what he getted by this 100 $ bonus.
If someone loss this bonus then broker loss nothing becouse they dont sent the trades in market and it just like a demo account loss.
But when traders earn money and they found him in profit then his trades sent in markets and they earn money by spreads and only from me they have earn above 400 $ by my 45 lots trading and also take back there 100 $ and take my 105 $ profit also by creating any reason.
So they earn 505 $ only from me.
Now they offer 500 $ bonus instead of 100 $. Hahaha.
This is an other good trap for snatching money.Read there terms.
I explain it here.
You can not loss the bonus but only can mean you can use huge volume to trade and let your account wash fastly and when you loss reache at your own funds they writenoff ther bonus and your account washed.
You have to trade huge volume of trading with your own funds for getting withdrawal there bonus.and in this try you lost your funds. If you complete all condition then they reject your withdrawal by creating any reason.
Dont waist time . This is confirm a fraud broker.

I am an old trader and in forex trading from 11 years.So i advjse you dear forex traders and new comers dont choose this broker.even not get there bonuses that these are only waist of time and it will ended in frustation and tention.


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Guest – International Helpdesk (EN)
Sunday, 27 January 2020
Conversation #32828
Hello. Is hedging allowed?
hedging is allowed
Conversation #34114
Hello, will i be able to withdraw the profit i make over the 100 dollars welcome bonus? Like if i make 50 dollars priffit and i have 150 in my account, can i withdraw 50 dollars?
You will be able to withdraw from the bonus account maximum 100 USD only after trading turnover of the account is 10 000 000 USD (this is about 40-50 lots in MT4, depends on pair). One traded lot brings on average 200 000 – 250 000 USD of the trading turnover regardless of profit.

You can check your turnover in your personal area here via this method:

You can find full conditions here:
Not from the bonus, just the profit
Doesn’t matter
You will be able to withdraw from the bonus account balance maximum 100 USD only after trading turnover of the account is 10 000 000 USD
So if i deposit 100 and make proffit its the same?
It is possible but there are restrictions for welcome bonus. If you deposit the account with welcome bonus, you will be able to withdraw maximum only = your own funds + 100 USD, all other funds will be canceled and account become a zero.

Trader got 100 USD bonus and also replenished account by own 200 USD. Then trader closed 45 lots EURUSD, which means that trading turnover at the account achieved 10,000,000 USD. The balance of funds on the account after the turnover equals $550. In this case, the trader will be able to withdraw only $300, the remaining amount of $250 will be canceled.

This is a scam, thank you ,i allmost deposited money. And your spread is a scam as well. I
11.1.4. For accounts MT4.DirectFX, MT4.Classic+, cent-MT4.DirectFX and cent-MT4.Classic+ spreads are not fixed and
can be significantly extended because of low liquidity or high volatility, especially at the moment of publication of
economic news.
You can find full text of the Client Agreement here:
Samples of Agreements
Samples of Agreements ForexChief
Yeah, this is going to fca.
Is there anything else I can help you with?
Yes, cancel my account
One account can not be cancelled. We can delete your personal area in ForexChief with all of its accounts. Please, confirm your request via ticket here:
Enter message

No Complains

Am a scalper, but it seems the broker does not like aggressive scalping EAs. I had to test run another EA and it worked fine. I was able to withdraw profits made. Manual scalping was allowed as well. No complains about this broker so far.

Trade complain

I have a complain regarding trading.. I opened an account on the 12-05-2020 had to wait for the market to open on Sunday so i dd. I placed trade as soon as the market opened it did not even start counting, within a second or two i was cut out.I checked if just maybe the was a big movement i did not know about, the market wa moving very slow as usual but i was cut out with a loss of -86,19

Complain about fake company

I am trading on company call it Omega Trade and it is old name was boom forex I think and now the owner closed the accounts of the traders and disappeared!!
Please inform the people about the company

Advanced Platforms

Popular trading platform MetaTrader 4/5 developed by MetaQuotes, including a mobile terminal for iOS and Android operating systems.

MQL4/5 programming language, a wide variety of tools for technical analysis, trading signals, and VPS service.

Trading Credits

Deposit funds in your account and get a trading credit up to 50% of the amount deposited.

Trading credits are termless and interest-free, and can be used as guarantees when effecting transactions.

Turnover Bonuses

Bonuses for turnover are a great opportunity for active traders to improve their results.

The program operates in the automatic mode and does not take time for connecting accounts to this service.

Copy Trading

Copy trades of successful traders in the automatic mode or sell your trading signals to subscribers all over the world.

The service was developed by the MetaQuotes Company and was integrated into the MetaTrader client terminal.


CPA (cost-per-action) remuneration up to $300 for each attracted client.

Subsequent «eternal» remuneration for the referrals turnover calculated on a progressive scale – up to

Liquidity Provider

Open new opportunities for your brokerage company with ForexChief aggregated liquidity.

Effective B2B solution that allows you to offer competitive terms to the most demanding clients on the basis of developed technological infrastructure.

Regulated & Licensed

MetaTrader 4 and 5

Wide range of contracts

Aggregated liquidity

Bonus programs


Bonuses and Promotions

  • Analog of “Bonus for Deposit”
  • Increase the amount of funds in the account
  • Opportunity to receive up to 20,000 USD
  • Perpetual and Interest-Free
  • The profit can be withdrawn without restrictions
  • No hidden conditions, can be opt out anytime

  • Analog of Rebates and Cashback
  • Progressive remuneration scale
  • Credited automatically
  • Can be withdrawn anytime without restrictions
  • Excellent opportunity for additional income
  • There is no need to upload personal documents and wait for data verification
  • The bonus is credited automatically upon the first deposit
  • The maximum Bonus is equal to $500
  • The Bonus can be withdrawn after performing the required turnover. The Profit can be withdrawn without restrictions
  • Trading robots and any strategies are allowed, including scalping and arbitrage
  • Welcome Bonus has unlimited duration

Account Types

This is the main account type in the line of ForexChief trading accounts designed for experienced traders. The distinctive features of this account are narrow spreads without “markups” and a broker fee, whose amount is calculated as based on the transaction volume at the rate of $15 for USD 1 mln.

This is a classic account type with a “floating” spread that has no transaction fee. Client’s orders are executed in “Market Execution” mode, while the standard speed of trading order execution on the server is in the range of 100-150 msec (under regular market conditions).

This is a “cent” account, whose balance span exceeds that standard hundredfold. Otherwise, this account type is completely identical to the MT4.DirectFX. These accounts will be suitable for those clients who want to test MT4.DirectFX on its “cent” counterpart.

This is a “cent” account that is different from MT4.Classic+ only by its balance span. Otherwise, those account types are identical. As it’s an intermediary stage between a demo-account and a real standard account, the cent-MT4.Classic+ allows users to make a comfortable transition from “virtual” trading to operation with real money.

The basic option for professionals in the line of ForexChief trading accounts. Stable high liquidity, narrow spreads without «markups», the minimum brokerage commission on the transaction volume ($15 for 1 million USD) allows to effectively use all advantages of MT5 trading terminal and «One Click Trading» technology.

Classic trading account with a “floating” spread without deals fee. Full access to all MT5 functions, «Market Execution» mode, average speed of ordering does not exceed 100-150 msec (in conditions of a stable market). The optimal solution for professional systems with the modeling of profitability using the floating spread method without taking into account commission costs.

«Cent» analog MT5.DirectFX, the balance dimension of trading account is 100 times larger. Accounting for trading results in cents is beneficial for beginners, who can not risk large sums, and professionals who perform testing or optimization of trading systems or methods of management

“Cent” version of MT5.Classic+ with a low level of risk. Guarantees maximum of practical experience at minimal costs. It is recommended for all systems based on floating spread without deals commission. Provides a comfortable transition from demo trading and small deposits to a full trading account.

Deposit and Withdrawal

Wide range of payment systems, 0% Commission, Negative balance protection, Segregation of client funds

Company News



© 2020, ForexChief Ltd

Risk Warning: Trading with complex financial instruments such as Stocks, Futures, Currency pairs, Contracts For Difference (CFD), Indexes, Options, and other derivative financial instruments involves a high level of risk and is not suitable for all categories of investors. You must realize that there is a probability of partial or complete loss of your initial investments and you should not invest facilities that you can’t afford to lose. Until you begin to carry out trading transactions, make sure that you fully realize the risks associated with this type of activity.

ForexChief Review


Reason to avoid: Offshore License

Listed Date: November 30, 2020

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Beware ForexChief is an Offshore-Licensed Broker. It is NOT SAFE to trade.

Company name:

ForexChief Ltd.

Registration Address/ License:

Vanuatu. Broker with Offshore License and No Regulation.

ForexChief is a Forex brokerage firm that proposes trading opportunity on 35 currency pairs, including metals and other derivatives through an STP execution and access to the market. 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 no much trust to 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.

As a general rule, we recommend avoiding of offshore and non-regulated entities as persons who invest in firms that do not hold the requisite serious regulation in the vast majority cases couldn’t recover funds invested or gains received. Thus, we strongly advise against responding to any suspicious offering in regards to a trading of financial investments and to choose only among the regulated entities.

In case of ForexChief that is applied too, therefore you better look at the more attractive trading offering and specifically the company which can guarantee its regulated performance of service. You can always check in general whether a proposed firm is regulated or not, simply by checking on the status at the authority official sources, as well by reading reviews through portals like ours. The advised firm to trade and invest with should be strictly regulated by the reputable authorities alike UK’s FCA, Australian ASIC or other similar regulators, that for instance apply for compensation and supervised at every step they do.

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