What is ForexChief?
ForexChief is a forex broker that offers online trading in a range of currencies, including the US dollar, Euro, Japanese Yen, British Pound, Swiss Franc, and more. The company claims to be a “true ECN/STP” broker, which means that it does not trade against its clients and instead provides them with access to the interbank market. ForexChief also offers a variety of tools and resources for traders, including a demo account, education center, and market analysis.
How does ForexChief work?
When you open an account with ForexChief, you will be assigned a personal account manager. This account manager will help you set up your profile and get started trading. You can also access customer support 24/7 through the ForexChief website.
Once you have funded your account, you can start trading forex, CFDs, and metals using the MetaTrader 4 or 5 platforms. ForexChief offers leverage of up to 1:500 and a minimum trade size of 0.01 lots. You can also take advantage of the broker’s Islamic accounts, which are swap-free.
To make a withdrawal, you will need to submit a withdrawal request form and wait for it to be processed by the ForexChief team. Withdrawals are usually processed within 24 hours, but it may take longer depending on your bank’s processing time.
What are the pros and cons of using ForexChief?
When it comes to online forex brokers, there are certainly a lot of options to choose from. However, not all of them are created equal. In this ForexChief review, we will take a look at one of the more popular choices to see if it is a legit broker or a scam.
ForexChief is an online forex and CFD broker that offers trading in more than 50 currency pairs as well as metals, indices, and cryptocurrencies. The company is headquartered in St. Vincent and the Grenadines and is regulated by the SVG Financial Services Commission.
One of the things that makes ForexChief attractive to many traders is the fact that they offer leverage of up to 1:500. This means that you can control a large amount of money with a relatively small investment. Of course, this also means that your losses can be magnified as well, so it is important to use leverage wisely.
Another thing to like about ForexChief is their low minimum deposit requirement of just $100. This makes them accessible to many traders who might not have a lot of money to start with. They also offer demo accounts so that you can test out their platform before committing any real money.
On the downside, one thing that we did not like about ForexChief is the fact that they are not regulated by a major financial regulator like the FCA or CySEC. While they are regulated by the SVG Financial Services Commission, this is not
Is ForexChief a legit or scam forex broker?
ForexChief is a forex broker that is based in Marshall Islands and provides online trading services to its clients. The company was founded in 2014 and is regulated by the International Financial Services Commission (IFSC).
The broker offers its clients a wide range of currency pairs, CFDs, and metals for trading. It also provides several account types with different leverage options and tight spreads. In addition, ForexChief offers a convenient trading platform and mobile app for its clients.
Overall, we can say that ForexChief is a legit forex broker that is safe to trade with. It is regulated by a reputable financial regulator and offers a great variety of trading instruments and account types.
Conclusion
ForexChief is a forex broker that appears to be based in the Marshall Islands. They offer a variety of account types and trading platforms, including MetaTrader 4, WebTrader, and Mobile Trader. They also offer a wide range of currency pairs, CFDs, and metals for trading. However, there are some red flags that we have uncovered during our research. First, they are not regulated by any major regulatory body. Second, their website is full of grammatical errors and does not instill confidence in their ability to provide a professional service. Finally, there are several complaints lodged against them with various consumer protection agencies. Based on all of this information, we would not recommend doing business with ForexChief.