ForexChief.com Review Visit site

Updated: Mar 10, 2020
3.602 · 20 REVIEWS
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About ForexChief.com

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.

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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3.602 · 20 REVIEWS
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Consumer Reviews

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
 
Johannesburg, South Africa,
Jan 3, 2020,
Registered user

Update to " Scammed and disappointed!"

Service use: Live

Length of use: over 1 Year

I apologise for the time taken to respond. My issue was resolved with Forex Chief. As I had stated in my last review, I have been using Forex Chief for just over a year, I had no reason not to trust them. What happened to them was an honest mistake on their part. They resolved my problem almost immediately after I had clarified my complaint to them.

Dec 16, 2019 - 1 Star I'm really disappointed by this broker. I've been using Forex Chief for about a year now. I've recommended the broker to other people and I had never had any reason to not trust them until today.

I had pending orders on CADCHF pair in Forex Chief as well as other brokers. I noticed that my orders had been triggered on Forex Chief , however on other brokers the orders on the same positions were not triggered and the charts (on the same timeframe) look completely different. They triggered my trades fraudulently. I have pictures to prove it.

Jul 19, 2019 - 5 Stars Haven't had any issues, They respond to my concerns on time . Best broker I've ever used.

Reply by ForexChief submitted Dec 18, 2019 Dear Wandz



As we explained there was a technical failure from liquidity provider side, we are sorry for inconvenience, your positions were corrected to remove the losses



BR

ForexChief Representative
 
Timisoara, Romania,
Dec 19, 2019,
Registered user

Very satisfied

Service use: Live

Length of use: 0-3 Months

My issue is solved. I was given a swap-free account and payment I received. I have put money in the new account, there is no more charge on trades like before. Thanks Forexchief. Cheers!

Dec 13, 2019 - 2 Stars I am new Forex trader with little experience. I am Islam religion. I open account with Forexchief broker three weeks ago and start trading. My problem with them is when I saw a fee charge on my account I was an angry because my Islam does not agree with interest fees on banking. I am not happy with this broker. The chat people cannot help me too. My name is Rohny, account number is 1167205. Pardon My English. I have put withdraw for all my money, but they delay.

Reply by ForexChief submitted Dec 17, 2019 Dear slobodan.mirsan



If you leave open position to the next day, you’ll be charged “swap”, which is usual thing according client agreement, but for muslim clients ForexChief provides swap free accounts. If you'd like to add such option you just need to send relevant request.



Regarding withdrawal request it was successfully processed within a day according time specified on the website in section "Deposit and Withdrawal"



BR

ForexChief Representative
 
Quebec, Canada,
Oct 18, 2019,
Registered user

Good beginner broker.

Service use: Live

Length of use: 6-12 Months

I have to say ForexChief is a very nice broker but they have some problems that they could work on. I would mostly recommend this broker for beginners and smaller accounts and I will explain why.

First the good, there is a lot to like here. The customer service was nice and quick. They have a nice selection of accounts with both cent and classic accounts both with MetaTrader 4 and 5. Withdrawal was fast and I had my funds in my Skrill account in less than 12h and their inner exchange rate could not be better. I must admit that I was skeptical at first since I used the old Welcome bonus of 100$. I was expecting them to find an excuse not to pay me but everything was fine.

Now for the part that's not so great. I need to say first that none of this is game breaking. The biggest problem is slippage, sometimes my trades would close in a small loss with ForexChief when other brokers would close in profit (both trades where close at the same time and used the same EA). This only happened in sharp movements however and wasn't much of an issue since it rarely happened. At least not with the small lot size I used most of the time. The second problem was with execution. When using larger lot size like 0.5 it could take up to a few seconds to open the order. This is not a big problem if you don't do scalping but it's definitely something to keep in mind.

I definitely recommend ForexChief but if you plan to use a larger lot size you should keep the delay and slippage and mind.
  1 trader has found this review helpful
Ogun, Nigeria,
Sep 21, 2019,
Registered user

Nice broker!!

Service use: Live

Length of use: 0-3 Months

Hello, my name is Solomon, I had some issues with this broker after I made a deposit and my account was not credited due to an error in transfer. I want to confirm that the said money was sent back to my bank account. My bank explained everything to me that credit card errors refund takes time to be reverted. I got the funds back within a period of 7 days. I made deposit again and it went through, my account was funded and I have since started trading. So I want to make it clear that there was no foul play by the broker. In fact I am impressed with their platform and trading conditions. Its a nice and straight forward broker. I won't fail to write here if any issues arises.

Sep 11, 2019 - 2 Stars My name is Solomon and I have been using Forexchief demo for a while now. So two days ago I decided to step up my game by registering a real account and made a deposit of $250 by my bank Master debit card. During the deposit there was an error.
Before I could think of trying again, my bank account was debited, which means money has gone to Forexchief account, but my trading account remained blank for hours. I contacted Forexchief and they claimed the transaction did not succeed. How come my account is debited.
Where is my money? I called my bank and they said I should contact Forexchief. Is this broker a cheat? It's been two days now and my trading account is blank, my money is nowhere to be found. I need my money back. This broker is bad for business.

Reply by ForexChief submitted Sep 15, 2019 Dear Solomon



As we explained you before, the payment was declined by bank acquirer, its not on our side. Then we have contacted with processing team and as we believe funds should have been already returned to your card.



BR

ForexChief Representative
 
abuja, Nigeria,
Jul 7, 2019,
Registered user

Very Professional Broker

Service use: Live

Length of use: 3-6 Months

Few days ago I was angry with the broker regarding fund withdraw and I wrote about it here. I would like to also publicly say that I was at fault. I later saw the company message on my spam folder. I am sorry, I actually did input a wrong digit on my account number. I uploaded a new document as well. I received money to my bank account on Friday evening. Everything has been perfect with this company until this misunderstanding on my part. I give this broker 5 star rating for the way it was handled professionally. I will continue trading with Forexchief for sure. Thanks to FPA for a great platform as well.

Jul 1, 2019 - 1 Star Forexchief has been an excellent broker in terms of their trading conditions, but I don’t know what is going on right now. My account number is 1077938 MT4 Directx. I started trading with Forexchief three months ago with a starting capital of $6300. After a series of consecutive profits, I decided to withdraw money.

I placed a withdrawal request of $2300 two weeks ago via bank transfer, but I have not received my money till now. The time expired and withdrawal was automatically cancelled. I don’t understand, maybe it was due to banking holidays, but am not sure. I have submitted my passport for verification and I did not use any trading robots or violated any rules. So to be sure, I placed another request on Tuesday last week, but still no response. The money did not even leave my trading account up till now. I have sent emails regarding the issue but no response. If the withdraw amount is too large, at least the company should reply my email and explain things to me.

Reply by ForexChief submitted Jul 3, 2019 Dear temitopefx



As we mantioned in your ticket in the Personal Area, at the first time you have specified wrong bank account number (if you click to Operation ID in the Payment History you will find there appropriate comment). Also at the second time we've found your documents has expired and you were asked to updalod fresh passport (coz you know about AML rules of the banks), once you did it, the transfer was succefuy procced. We expect you should already received the payment or it should be within 1-2 days



BR

ForexChief Representative