ForexChief Review

I have known Forexchief for almost 2 years and it's been more of a positive experience for me. They have actually made many improvement, especially with their withdrawal time frame. Getting money in and out is now faster. I enjoy very low spread and faster execution on the mt5 platform. I have an account manager and we make contact via whatsapp, so getting help when I have a problem is very easy. No foul play so far; which is why I am relaxed with funding my account with huge amount.

I not doubt Forexchief able to deliver quality trade after great account manager see me through from the start. I am from Argentina, using a grammar corrector, sorry for English. He was very patient as I was a complete new. I have now traded for 7 months and I feel it is time I give the broker 5 stars. The platform is very trusted, not freezing when trading and load with assets. Prices and spreads are on the low. Very happy with the broker today after getting money to my bank. Good service

UPDATE: ForexChief actually responded to my request for information as to why my ID verification was denied and terminated. I give them credit for that, but I am more convinced I dodged a bullet, and perhaps lucky (thankful) that the truth came out earlier than later. Here is ForexChief's reply:

Hello

After deeply review, your Registration has been terminated by own decision of Compliance team.
According to paragraph 2.7 of the Client Agreement -
2.7. The Company reserves the right to terminate this Agreement immediately without explaining reasons.

BR
xxxx xxxxx | Support Team
ForexChief Ltd.

I removed the name since it's not significant. What *is* significant is this rather absurd Client Agreement clause. I believe in free market and I think a business can choose who to have as it's customers, but to state "without explaining reasons" just feels shady. It only makes one wonder if they could apply this 2.7 clause on a customer that has actually deposited funds and unknowingly broke a rule (they don't exactly flaunt this agreement on their website or when you sign up). We all tend to skip the EULAs in hopes that the business is acting on good faith. Unfortunately, I feel a lot of *bad* faith here and just want to warn customers (current/future) of these tactics. For the record, if you have a great relationship with ForexChief then congratulations, but I feel a duty to return the favor of honest reviews that I've benefited from here on FPA.


I appreciate ForexChief's response to my first review, though I want FPA readers to understand that they are just gaslighting. Let me explain. (1) I have accounts with many other offshore brokers that are *fully* aware that my wife and I trade together. We have had phone calls with account managers together and not a single one has brought up anything about "joint account." My wife has every right to my belongings and vice-versa. This is what a marriage is. In addition, what does ForexChief even care as they allow cryptocurrency for deposit and withdraws that essentially implies anonymity. Offshore brokers don't need to abide by KYC banking rules, especially those that accept US customers. (2) It is very convenient that when put on the spot by a reputable website (FPA) that they agree to release a *reason* for denying our account. If they were honest, they could have stated that directly to my wife and I in their denial email. If they were extremely honest, they would have included a copy of their client agreement in the email as well for our review. Instead, a short, ambiguous, and somewhat curt email was sent instead. (3) ForexChief's phone app asked to request a video call to verify the account. My whole issue with ForexChief was that they never actually allowed that video call that my wife and I have been requesting for a period of over a week. Had they actually done that, this review would never have been created. Again, if you have been using ForexChief with success, then by all means continue and congratulations. I still implore anyone that reads this to know that actions speak louder than words.

Aug 14, 2023 - 1 Star My wife and I opened a free account on ForexChief some months ago. After successfully using their demos to see the (possible) quality of trading. Their user interface and mobile app made it easy to check on our account and also upload identification information required for deposits greater than $2000. I would first like to predicate all of this stating that we went on ForexChief's Telegram helpdesk to make sure they would allow US Customers. The helpdesk on Telegram said "or course, we accept client from all country" in those exact words. FPA shows that USA is not an accepted country, which is why I did reach out first about this matter. Anyways, since the account is in my wife's name/email, she submitted the required ID via the app along with a selfie. A day later, the ID verification was denied (no details) and a request for video call asked to us via the app. No problem! We went back online the same day as the request to ask for a video conference and were told we'd be contacted within 3 business days. Excellent. Multiple days go by and no communication at all from ForexChief. Oh, we must also state that ForexChief really doesn't like to send emails unless they are automated. Most other brokers we've done business with have account managers emailing or calling to see how they can help. Not so with ForexChief. It's a VERY secretive organization. We reached out again to get an update for verification since it's been 3 days and we were told that an account manager has been notified and we'd hear back in 3 business days. I've never heard of such hesitation to accept a deposit as one would think of going through this for a withdraw. One week goes by and we have not been contacted at all by ForexChief. We then go online and kindly ask the helpdesk how we can help and if there is anything wrong. We were told that there is limited staff, and honestly the attendant was very rude this time. We were asked to submit a ticket through my wife's account. We did this immediately as we were on the chat. A reply came back fairly quickly stating that her identification verification has been suspended and her account would be closed. WOW! My guess it was from the *same* helpdesk attendant as it was super fast and *without* explanation. A day later, her account now says "After deeply reviewing your Registration, it has been suspended and forcibly closed by own decision of Compliance Team." One would think that an email explaining the findings would be in order, or some sort of "heads up" but not with ForexChief. I just asked the helpdesk for further clarification and where to find the compliance rules and all I got was "contact support,"

To sum it up, the demo was fantastic with quick trades, slow spreads, and low commissions, but we were never able to go live, and perhaps it was a blessing after this debacle. I would hesitate to send real money to a company whose customer service is so poor in execution (they are super nice to talk with though). It just seems very shady. I would caution anyone thinking about ForexChief from my experience in just trying to onboard with this company.

ps> perhaps ForexChief will reply to my review and state something along the lines of "we could not verify who you were" (account #391094 to help them out) or perhaps that everything I said was not true. I have the screen shots and proof, so ForexChief, please don't lie. If it was all about being a US Customer in the first place, then you could have said that before we registered.

Reply by ForexChief submitted Aug 15, 2023 Dear mbender

ForexChief has no Joint account option.Your registration has been suspended because it looks like you are using third party (your wife) to complete Identity verification.
Please change registration data and complete verification by yourself with your personal documents

BR
ForexChief Team

Customer support is Swift
This is a NDD broker, direct to liquidity providers, hence the fast order execution
There is no Manipulation or price requote.
I am very comfortable with the deposit and withdraw system. I guess won’t be needing another broker in the nearest future.

Hello.

There was a story with incorrect closing of my position, I wrote a letter. Technical support simply ignored me, although I duplicated the letter 4 times.