ForexChief.com Review

4.01 · 25 REVIEWS
Updated: Aug 12, 2020 · Visit site  · Is this your company?

ForexChief is a forex broker. Forex Chief offers the MT4 and MT5 forex trading top platforms. ForexChief.com offers over 35 forex currency pairs, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

ForexChief.com

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 1000:1
Minimum to Open Live: $50
Established: 2014
Address: 1276 Kumul Hwy, 1st Flr Govant Bldg, Port Vila, Vanuatu
Contact: info@forexchief.com, +65 3159 3652
Regional offices:
Regulators: VFSC #14777
Prohibited countries:
Trading platforms: MT4, MT5
Mobile Trading: Yes
ECN: Yes
Currencies: (40+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (15+) Gold, Silver, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, AdvCash, Alipay, Bitcoin, FasaPay, Local Bank Transfers, Neteller, PerfectMoney, Qiwi, Skrill, UnionPay, WebMoney
Withdrawal Methods: Bank Wire, VISA, MasterCard, AdvCash, Alipay, Bitcoin, FasaPay, Local Bank Transfers, Neteller, PerfectMoney, Qiwi, Skrill, UnionPay, WebMoney

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4.01 · 25 REVIEWS
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Traders Reviews

Abuja, Nigeria,
Jul 27, 2020,
Registered user

Everything good

Service use: Live

Length of use: 3-6 Months

This is a review update. I got an email prior to the first review, so I reversed to my usual Bank withdraw. I have little knowledge about the rule so no one should blame me. Anyway, I got money on Friday. I'll continue using Forexchief. Regards

Jul 21, 2020 - 2 Stars Hello forexpeacearmy, my account number is 1567883. I want to report this broker of fraud. I have been trading with Forexchief for 4 months and I have made profit and withdraw money three times. Those three times were smooth.
On the 15th of this month and put another withdrawal of $700 of my whole balance, I waited but no alert received. I checked my account the next day and still see my balance same. Nothing changed, as if I never put in withdraw request.

So I thought maybe the first time was a mistake. On the 17th, I did withdraw again and waited the next day. Balance is still the same, no change. I call customer service and they said to investigate. Then I get email that my withdrawal cannot be processed. Why? I want to know why? I only need this money for something. Then I will deposit again and trade. But now broker won't give me money

Reply by ForexChief submitted Jul 23, 2020 Dear jamesharry777



According AML rules you must use the same way for deposits and withdrawals, which means you just need to withdraw funds by the same option, which you have used for deposit. As we see now you have already created correct withdrawal request and it was successfully procced



BR

ForexChief Representative
 
Brazil, Brazil,
Jul 16, 2020,
Registered user

Smooth and Easy to Use Broker

Service use: Live

Length of use: 6-12 Months

I’ve always said the genuineness of a broker is reflected on their trading conditions. Forexchief has a flexible trading condition that gives room for multiple trading strategies on one platform. This is the first advantage I’ve discovered so far. I have used other brokers and from experience only few of them are like Forexchief; who smile when you make money. Others just frown and look for ways to crumble you. It's only 7 months now and I am happy trading with Forexchief. No issues whatsoever.
All messages to customer service have been handled on time in a professional way. The agents are experts who have in-debt Forex knowledge. Lastly, adding and withdrawing funds is as smooth as it should be. No complications on financial transactions
 
J. Moses,
United Kingdom, United Kingdom,
Jun 18, 2020,
Guest

Thank you, Forexchief

Service use: Live

Length of use: 0-3 Months

Dear traders, It's J. Moses again with account number 5097473 from UK. This is an update on previous review. The advert on forum is old; I did not notice the date. I apologize to Forexchief for the outrage. The issue has been resolved and I have the new bonus. The mt4 server is very fast, spreads are low, and scalping is allowed. Thank you!

Jun 9, 2020 - 1 Star Dear traders, my name is J. Moses with account number 5097473 from UK. I want to tell everyone that Forexchief bonus is fake. I open account three days ago because there advert on forum that say they give $100 for new traders. I register and deposit $50, then I call the broker chat to get bonus $100, but they say I cannot get the bonus. I ask why and chat does not respond any more. The broker promotes fake bonus that it does not give anyone. I want the bonus, but if no message from Forexchief, I will withdraw my money and close account.

Reply by ForexChief submitted Jun 15, 2020 Dear J. Moses

Promo with No deposit bonus $100 has been closed more then an year ago, and you can find certain news on the website

https://www.forexchief.com/about/news/welcome-bonus-500-06-2019/

but at the same time new Welcome Bonus up to $500 has been launched, so we have checked your deposit and credited this bonus. Hope you'll be enjoy to work with us, thank you

BR
ForexChief Representative
 
United States, Herndon, Armenia,
May 18, 2020,
Registered user

Highly recommended!

Service use: Live

Length of use: 0-3 Months

If my friend ask me where to find a broker, I’ll definitely recommend Forex trader. In these days when the market is full of trash it’s really challanging to find a worthy broker to use. About Forex I knew from one of my friends who also used their services, I researched and by reading really good reviews I decided to trust them and still don’t regret.

I decided to risk and fortunately it worked for me. Of course it was a little difficult for me to learn making trades, which I’m still learning, but I was lucky as I found a supportive broker as Forexchief. It’s important for every trader to find a broker that will give a unique opportunity to open accounts or deposits, briefly to complete all the functions that is important for every trader.

Also I’m glad with Forex trader supportive chat, and grateful a person answering my questions. They treat every client with respect and patience, no matter your deposit is small or big. Try it, and you won’t regret.
 
Abu Dhabi, United Arab Emirates,
Apr 13, 2020,
Registered user

Received money

Service use: Live

Length of use: 0-3 Months

I was tempted to to assume I got my money back because of this review, but it was my mistake. I was suppose to initiate another deposite process and generate another btc address. That's the reason for lost fund. I am glad it was later found and my account has been updated with the money. This is the only issue I have had so far, so I give the broker 5 star. Cheers!

Apr 7, 2020 - 1 Star I hate to make a bad review but i am very angry and frustrated right now. Is this broker scam or what? I opened a new account with forexchief and i used bitcoin to make a deposit. The money showed in my account after a few minutes. Then I decided to make another deposit using same bitcoin and the money is not in my account. I sent the money to their bitcoin, i have proof. My account number is 1560013, first name is Nicholas. I emailed forexchief they say they checked and reply, i did not see any reply. I emailed again and they replied they did not see my money. My $230 is gone just like that? This broker is a scam and a joker.

Reply by ForexChief submitted Apr 9, 2020 Dear Kimberly hudler



Please each time when you're going to make deposit with Crypto (BTC, USDT, LTC, ETH, XRP or BCH) you must request operation in the Personal Area, where you get an address for this.

Regarding your last operation, after you sent us hash we found this payment and credited to account, thank you for your patience



BR

ForexChief Representative
  1 trader has found this review helpful
Lagos, Nigeria,
Mar 9, 2020,
Registered user

Everything is good.

Service use: Live

Length of use: 0-3 Months

I have received the bonus, so problem is solved. I have no more issues. I did not notice the option for bonus so I did not touch it. I am happy I got the bonus I needed. I was frustrated at first because I relied on it for higher margin. Sorry for the bad language.

Mar 2, 2020 - 1 Star My name is Alfred with new account number 1558644. My intention was to get 100% welcome bonus. So I made the deposit as the broker said I should. After depositing 400$ I did not get my bonus. I was hoping to get additional $400 and increase my margin. I contacted customer service and they replied that "you did not request the bonus". Can you believe these jokers? This is a useless broker and humping dishonest scumbags. Why would you write 100% bonus on your website and not give to me when I deposited money? This is scam.

Reply by ForexChief submitted Mar 3, 2020 Dear Oracle436



we have checked logs and see you didn't choose welcome bonus option on the form, we fixed this and now you can find your bonus on account.



BR

ForexChief Representative
 
Salah bey, setif, Algeria,
Feb 13, 2020,
Registered user

Very Kind Broker

Service use: Live

Length of use: 3-6 Months

I've tried replenishing my account using my card in a moment when I almost hit margin call, but I don’t know why payment was declined by my bank. I was in panic as my trade was about to get stopout. So I contacted customer service and explained the situation. I was surprised when my account manager reached out to me and gave me extra credit as bonus to support my trade. This bought me some time to contact my bank and sort all things. I have made a deposit. But if not for the credit from Forexchief, I would have lost everything. I appreciate such the kindness.
 
Dubai, United Arab Emirates,
Feb 3, 2020,
Registered user

Highly recommended

Service use: Live

Length of use: 3-6 Months

I have used several brokers over the years and Forexchief is the current one. I've had a good experience so far. They are quick to resolve issues for starters. There has been no issues with deposit and withdrawals via bank card.

The website did not make a good impression. Many brokers usually have this Sophisticated website,but not this one. So that’s a minus for Forexchief. Surprisingly it is a good broker. This is my 4 month using the mt4 and no serious issues. The server for mt4 and live is fast as I can read charts within seconds everytime I launch it.
 
Gabrovo, Bulgaria, currently in Czech Republic,
Jan 26, 2020,
Registered user

Service use: Live

Length of use: 0-3 Months

Hello, I have more than 7 years of experience trading forex with different brokers. Personally, I was scammed directly by a broker not sending my withdrawal 5 years ago. Since then I am more careful any time before depositing any funds to a broker, I check its Forexpeacearmy’s page. I checked here and everything seemed to be legit with withdrawals so I deposited funds and started trading.

Now I feel scammed in a completely different way, here is the story:

Firstly, I started with small lot size trades, nothing seemed to be wrong at first. But when I increased my trades lots size things completely changed.
The typical spreads on the trading instruments I was trading are:

EUR/USD - 0.8-0.9 pips
GBP/USD - 1.7-1.8 pips
XAU/USD – 40-50 pips

I realized something was wrong when I opened a 5 lots trade on EUR/USD on normal trading conditions during the European trading session where I haven’t seen spread on the pair wider than 1 pip, even I was thinking for few seconds whether to open that trade and I remember the buttons exactly stating: SELL 1.11042 BUY 1.11050 then I clicked to buy and surprisingly my trade was opened at a price of 1.11060 .The strange thing was that this price has not even appeared on the screen.

Later on, I opened another trade for selling 3 lots on GBP/USD. When I clicked the sell button the price shown was 1.31335, then I saw my position was opened 1 pip lower at price of 1.31325, this price was shown few seconds before the price of 1.31335 I clicked on.
Then it got to my mind the first trade on EUR/USD was not accidental and something was really wrong. My GBP/USD trade went well and reached it’s take profit target. Later on, 2 hours before 0:00 on Wednesday where 3-days swap is, I was opening more trades and at the end I had 3 sell positions of GBP/USD for 1.5, 0.5, 0.5 lots respectively. The 0.5 trades were executed fine, the 1.5 one was executed on the already familiar “scheme” with a worse price that the one visible to me.
My trades were opened at a price of 1.31333(1.5 lots trade), and 1.31369(2x0.5 lots trades). I have set a stop loss at a price of 1.31480 for all the trades in case of unusual movement upside. Few minutes before 0:00 I opened my trading platform and there were normal trading conditions. I wanted to remove my stoploss orders of 1.31480 just in case as normally at that time it was expected lower liquidity and spreads to go 5-6 pips wider but I could not because the market on the forexchief’s side was disabled which was really strange to me (usually brokers disable 5 minutes after 0:00). At that time, I got worried after what I have seen from my previous trades. I was waiting for 0:05 when the market will be active again so I can remove my stoploss orders but the very first second the market was opened my stoploss was immediately triggered and my positions were closed, the 1.5lots one at a price of 1.31575 the other 2 positions at 1.31489.
I could not really believe what had happened as the market opened at a price of 1.31366 with low on the candle 1.31365 and high 1.31398, at that time I was checking other brokers as well and there was 5-6 maximum 7 pips wider spread which was still far from my stoploss price of 1.31480.

This caused me a loss of 435.36 Euro(for these 3 positions) in such a unethical way. I can provide pictures for those who does not believe such thing can really happen, 2 minutes I was watching the screen thinking how this happened as after it did the spread was only 5-6-7 pips wide.

Then few minutes later the price went higher and was trading above 1.31400 with the maximum on the 1-minute candle - 1.31441, there was just a short 1-second spike to 1.31382 I decided to open a new sell position of 3 Lots(to regain my wrongfully closed by them positions) the price shown when I clicked was 1.31432 and as you may guess my was opened on the lowest possible price of 1.31382 which was another instant loss of 5 pips or around 135 Euro on my account.
Somehow my position survived and took it’s take profit target. I was thinking of stopping trading until I find out what is going on but there was another trading opportunity for me on xau/usd so I continued trading gold. There the things were not so bad, btw I have started trading gold at first with low lot size(that’s why I had the impression everything was alright). Actually, most of the times the thing with the different price on xau/usd persisted but not on a such demonstrative way like with EUR/USD and GBP/USD. In around 70% of the cases I was still getting worse price with around 15pips higher out of the typical spread of 40-50 pips(when I was trading at first with low lot size there was not such a problem). I clicked to buy on price of 1561.25 and my position was opened at price of 1561.41 at that time the buttons were stating: SELL 1560.82 and BUY 1561.25(43 pips spread) but in reality, it was 59 pips spread.

This is the WORST trading experience I have ever had, as I mentioned in the beginning I traded with different brokers and I also traded on such volumes, with the other brokers when a trade could not be executed at the price I clicked on it just does not execute or I was questioned if I want to open the position on the new price(which could be worse or better for me).
The fact is that I have done more than 100 trades with forexchief and I have NEVER gotten a better price than the one I clicked to open the position but ALWAYS a worse one.

From both of my trading accounts I have traded total of 44.3 lots eur/usd, 24.7 gbp/usd, 39.6 xau/usd. If we make a simple calculation of the total traded lots to the typical spread we will see this amounts to around 355 Euro(Eur/usd) + 400Euro(gbp/usd) + 1600Euro(xau/usd) = 2355 Euro. I say nothing about it as this money is taken in a legal way, the way it should be BUT I am so disappointed from the fact apart from this amount they have taken additional 40%(roughly estimated) just from the spreads providing you ALWAYS worse price, also not accounting this 435.36 Euro from my wrongfully closed trades.

It made me a good impression in the beginning checking the reviews in here when somebody was unhappy with Forexchief’s services they were responding within few days’ timeframe solving trader’s issues. Now I am waiting for Forexchief’s response to my case as apart from the financial loss it caused me also an emotional harm experiencing this terrible trading conditions.
Anyway, I am optimistically looking for a fair compensation from what I have experienced and continues future trading with them with no issues.
 
Reply by ForexChief submitted Jan 29, 2020:
Dear achkatabg

In case of Market Execution mode, the price of execution can be different then the price you saw in the terminal in moment of the deal. If you want to avoid any slippage completely, then just try to use Limit orders.

BR
ForexChief Representative
İstanbul, Turkey,
Jan 18, 2020,
Registered user

Broker was patient with me

Service use: Live

Length of use: 0-3 Months

Well, Forexchief has finally cleared the air. I did not understand the margin requirement in the start and sorry for this. I take it back that Forexchief is liar. Everything is fine now.

Jan 9, 2020 - 1 Star Still same response from broker. They said I can change my leverage to 1:1000, which I don't see there. I want the broker to know I have given them 1 star for poor service. My real account number is 1160145. FPA please update my review. Thanks.

Jan 7, 2020 - 1 Star Liars. My name is Ahmed. I opened an account and deposited $3000, since I was promised a higher leverage. The broker said 1:1000 leverage is allowed but I am not able to access it. Chat support said I can only use 1:200 on my trades. I still don't understand why and no real solution for me.

Reply by ForexChief submitted Jan 13, 2020 Dear Ahmed



Seems you did not see the rules on the website about leverage up to 1000.

https://www.forexchief.com/trading-conditions/margin/



Please read carefully and try to trade using demo-account at least some time... for understanding how it works. Hope it becomes clear



BR

ForexChief Representative
 

Frequently Asked Questions

Is ForexChief a good broker?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if ForexChief is a good broker. https://www.forexpeacearmy.com/forex-reviews/13623/forexchief-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent ForexChief community discussions: https://www.forexpeacearmy.com/community/tags/forexchief/

Is ForexChief regulated?

Forex Chief is registered in Vanuatu and regulated by Vanuatu Financial Services Commission under license 14777.

What is the minimum deposit for ForexChief?

The minimum deposit to open an account with ForexChief is $50 for all available MT4 or MT5 accounts.

What is the maximum leverage for ForexChief?

The maximum leverage for ForexChief is 1000:1 for all available MT4 accounts and 400:1 for all avaiable MT5 accounts.

Does ForexChief permit hedging and scalping?

Yes. Hedging and scalping are both allowed in ForexChief, as well as Expert Advisor.

How do you get ForexChief bonus?

How to get the welcome bonus on ForexChief?

  • Sign up and open standard trading account.
  • Choose “Enroll Welcome Bonus” on the replenishment form.
  • Complete operation and make sure the bonus is credited to account.
  • Complete the required turnover and withdraw the bonus and all profit.