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ForexChief Review - Is it scam or safe?

ForexChief Review - is forexchief.com scam or good forex broker?

RATING: 1.3 / 3 REVIEWS ForexBrokerz ForexChief
ForexChief is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


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

 

Company

Country

Regulation

ForexChief Ltd. 

Vanuatu

VFSC

 

Established in 2014, 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.

 

Promotion

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.

 

Conclusion

 

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  

 

Latest news about ForexChief
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Traders` reviews for ForexChief

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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 good.so 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 account.so 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.
1.
If they closed there offer at 11.6.19
Than why they gave me bonus at 13.6.19.
2.
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.
3.
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.
4.
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.
5.
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 commission.now 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 trade.it 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.

Allah daad 06/20/2019

Scammmmm

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Sunday, 27 January 2019
Conversation #32828
Hello. Is hedging allowed?
Hello
Yes
hedging is allowed
today
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?
Hello!
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 https://my.forexchief.com/en/bonuses-credits/welcome-bonus/ via this method:

You can find full conditions here:
https://www.forexchief.com/services/welcome-bonus/
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.

Example:
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.

Download
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: https://www.forexchief.com/trading-conditions/documents/
Samples of Agreements
Samples of Agreements ForexChief
www.forexchief.com
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: https://my.forexchief.com/en/support/ticket/
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Catalin 02/06/2019

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.

Shalarma Randle 12/25/2018

Trade complain

I have a complain regarding trading.. I opened an account on the 12-05-2018 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

Mailfu 05/14/2018

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

Abdulnaser 12/02/2017
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