ForexChief Review

3.958 • 87 REVIEWS
Updated: Feb 21, 2024
ForexChief.com

4 star review by robotukas123, Lithuania

Forexchief has lots of assets to trade and has always been a smooth broker to trade with. The reason I decided to switch to this broker was because my previous broker didn’t accept my EA. I found Forexchief and it was fine with EAs. More so, it is a good broker that always keeps their promise of fast withdrawal.

What is ForexChief?

ForexChief is a forex broker with MetaTrader 4 (MT4) and MetaTrader 5 (MT5) as their forex trading platforms in PC and Mobile version.

ForexChief.com offers over 35 forex currency pairs, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

Please read ForexChief Reviews below and share your live trading experiences with this broker.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 1000:1
Minimum to Open Live: $10
Established: 2014
Address: Bonovo Road, Fomboni, Comoros, 1257, Comoros
Contact: info@forexchief.com, +65 3159 3652
Regional offices:
Regulators: MISA #T2023379
Prohibited countries: Unknown
Trading platforms: MT4, MT5
Mobile Trading: ✅ Yes
ECN: ✅ Yes

Trading Instruments

Currencies: (40+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (115+) Gold, Silver, Stock Indexes, Oil, Other Commodities

Trading Conditions

EAs/Robots: ✅ Yes
News Trading: ✅ Yes
Scalping: ✅ Yes

Managed Accounts & Social Trading

PAMM: ✅ Yes
Copy Trading: ✅ Yes
Deposit Methods: VISA, MasterCard, AdvCash, Binance/Binance Pay, Cryptocurrency, FasaPay, Local Bank Transfers, Neteller, PerfectMoney, SEPA (Single Euro Payments Area), Skrill
Withdrawal Methods: VISA, MasterCard, AdvCash, Binance/Binance Pay, Cryptocurrency, FasaPay, Local Bank Transfers, Neteller, PerfectMoney, SEPA (Single Euro Payments Area), Skrill
* Please check broker website for more information
3.958 • 87 REVIEWS

ForexChief Most Helpful Customer Reviews

B
brunofdz
Angola, Angola,
May 30, 2023,
Registered user

Solved

Length of use: 0-3 Months
Problem solved. I was told to use same payment method I used for deposit. Thank you

May 25, 2023 - 3 Stars Forexchief is the first broker I have used and I found this broker from the forexpeacearmy website. The broker has been working fine, customer service has been perfect. I have made a little profit and I have decided to withdraw money. Forexchief has refused to honor my withdrawal request. I put in withdrawal on Monday but nothing happened. I have done this three times and It keep being rejected. I hear this is the place to get help from brokers who want to steal from you. Thanks. How can I get my money back from account 1331210???
D
designmoveis
Maranhão, Brazil,
Apr 8, 2023,
Registered user

Good experience so far

Length of use: 0-3 Months
I got my third withdraw today in less than 24 hours via bank transfer. Well, this is not the only good part. I had some challenges with this broker at first while trying to make a deposit until I decided to switch to local bank using my debit card. That is settled. About using this broker's mt5, I think I made the right choice from 5 months ago. I have been trading slowly; every problem encountered was solved quickly by the customer service. I have not got a reason to write a bad review or report the broker. For this I am happy and will continue to trade Forex with Forexchief.
E
esterlavandyan
Armenia, Armenia,
Mar 30, 2023,
Registered user

I am happy now

Service use: Other Length of use: 0-3 Months
I got a reversal from my bank today. So I guess the broker was right, the money didn’t get through to them. Well, it’s a common misunderstanding. I have made the deposit and it went through. Forexchief deserves a 5 star for consistently fast servers. I make more money trading with this broker. Thank you Forexchief, and FPA.

Mar 27, 2023 - 2 Stars I am having problems funding my account. Now I feel like the broker has playing games with me because it has been three days and the money has not reflected on my trading account but it has been deducted from my bank account. The broker claims the payment from me was not successful from their end. I went to my bank and they said it was successful, who will I believe now? How do I solve this problem quickly? Look into my case please, account 1315215. I am not satisfied with this broker, I am not happy.

Reply by ForexChief submitted Mar 30, 2023 Dear Ester

The payment has been credited. Sometimes bank wire can take more time than usual. If you need to deposit urgently we would recommend to use crypto.

Have a nice week!
ForexChief Team
1 trader has found this review helpful
S
Sehar Waqar
norwich, United Kingdom,
Feb 14, 2023,
Registered user

Remains the best

Service use: Live Length of use: 0-3 Months
Please disregard my previous review. Turned out to be a problem with my bank and also some broker conditions I didn’t put into consideration. All is not solved and I am in good standing with Forexchief. I haven’t had any issue with the broker, so it remains the best for me. Thanks

Feb 10, 2023 - 2 Stars I made payment via bank card, in my name. Now I want to withdraw and the broker said they can't process withdrawal to my bank. This is ridiculous and unacceptable. How else am I going to get my money? I need a solution to this right now. I have been sending message and they keep saying the same thing over and over again. This is my first withdraw and already having issues. My account is 1331215

Reply by ForexChief submitted Feb 14, 2023 Dear Sehar

According to the rules first you must refund deposit back to the same card, then you will be able to use other options to withdraw

BR
ForexChief Team
F
Fxmaiah
South East, Nigeria,
Feb 9, 2023,
Registered user

Still a good broker

Service use: Live Length of use: over 1 Year
I left Forex for a while and came back to Forexchief as the last broker I used. So far, all my withdrawals has been processed without issues as long as it's through the same channel used for funding.
However, it's not as fast as it used to be for local bank withdrawal. They can improve on that because they have been doing it better before.
Secondly, the spreads are higher than they used to be before I took a break. It's still better than most brokers in Nigeria though.

I will continue to use them and recommend them as long as they keep processing payments without issues.

Sep 25, 2021 - 2 Stars I initially gave them 5 stars but current experience shows they are not worth 5 stars.
Any broker that will always have one reason or the other to cancel your withdrawal is a big no for me. It's creates an atmosphere of anxiety and uncertainty in your trading.
I have used both local bank transfer and Advanced cash to make deposit with Fxchief. I have also used advanced cash to make a withdrawal before.
I requested for a withdrawal yesterday and it was turned down. They said I should use local bank transfer. What's the point of having different withdrawal methods if one can't use them? The Advanced Cash account I requested withdrawal with was the exact one I used for a previous deposit.
I headed straight to Local bank withdrawal only to see a comment attached that local bank transfer could take up to 7 business days. What sought of nonsense is that? If there should be any faster method outside of e-wallet it should be local bank transfer.
This is making me doubt their sincerity as a broker.

Jul 22, 2021 - 5 Stars Forexchief has one of the best spreads I have seen in this Forex business. Trade executions are fast also, zero requote and a very responsive customer care. Withdrawals are very fast too. However, there are still room for improvement, like sending a mail prior to withdrawals and a mail after withdrawal. Overall, they are a good broker to trade with.

Reply by ForexChief submitted Sep 27, 2021 Dear Fxmaiah

According to Client agreement if replenishing of the trading account was done by way of various payment systems, the withdrawal can be done only through those payment systems proportionally to amounts deposited.

Also in case if the payment has come by bank wire, then according to the rules to withdraw you must use the same bank account, from which deposit has come.

BR
ForexChief Representative

Recent User Reviews of ForexChief

A
alphafly
Us, USA,
Dec 27, 2023,
Registered user

It's looking shifty

Service use: Live Length of use: 0-3 Months
I'm trying to transfer money in between accounts and it's showing an available balance of 0. I messaged them and have not yet received a reply. This doesn't speak well of the broker
2 traders have found this review helpful
A
Reply by ForexChief submitted Jan 4, 2024:
Dear alphafly

You can contact helpdesk 24/7 by online chat, whatsapp, telegram , instagram etc. Also you can create a ticket, if you are faced with some difficult issue.

Regarding internal transfer between accounts, maybe there is a bonus, or you have open positions or maybe other things... to help you we need to know account ID or registered email, or at least smth, which allows to identify the issue. You can put it here, so we can help

BR
xChief Team
F
fx58th
California, USA,
Dec 10, 2023,
Registered user

The Welcome Bonus Is Not Real

Service use: Live Length of use: 0-3 Months
I sent them multiple screenshots with my Coinbase account balance and they still refused to pay the $500 welcome bonus, their website says insufficient funds even when it's not true. Recent reviews in Traders Union also indicate major delays and issues with withdrawls from this broker.
Too many red flags with this broker.
3 traders have found this review helpful
F
Reply by ForexChief submitted Dec 15, 2023:
Dear fx58th

To get "Welcome Bonus $500" you just need to mark relevant option and choose account without "No Deposit Bonus $100". After checking, we see you tried take both bonuses on the same account... You just need to choose another MT account and it will be credited automatically.
Regarding other reviews, we would recommend to read more trustable resources, or at least those, where you can see account number, or deal ID or shown some proofs.. you know, otherwise it looks like a fake review.

BR
xChief Team
M
mohi92
Msila, Algeria,
Sep 19, 2023,
Registered user

My mind is at ease with this broker

Service use: Live Length of use: over 1 Year
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.
1 trader has found this review helpful
N
norberto01
san miguel de tucuman, Argentina,
Aug 31, 2023,
Registered user

Low Price, Good service broker

Service use: Live Length of use: 6-12 Months
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
M
mbender
Florida, USA,
Aug 15, 2023,
Registered user

Update to my review

Service use: Demo Length of use: 0-3 Months
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
1 trader has found this review helpful

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 Comoros and is regulated by the Mwali International Services Authority under license T2023379.

What is the minimum deposit for ForexChief?

The minimum deposit to open an account with ForexChief is $10 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 and 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.