ForexChief Review

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

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

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

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.

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.