ForexChief Broker

Positive Points of ForexChief Broker

• A variety of trading accounts
• Multiple deposit and withdrawal methods
• Persian-language support
• Suitable leverage
• A wide range of trading instruments
• Reasonable and competitive spreads

Negative Points of ForexChief Broker

• Does not have European regulations
• The personal account area does not support the Persian language

About ForexChief Broker

The Forex market hosts many brokers, and among them, ForexChief stands out as one of the prominent ones. This brokerage began its operations in 2014 and has gained significant popularity among Iranian traders in recent years.

ForexChief offers trading services in Forex and cryptocurrencies. The broker is licensed by the Financial Commission of Saint Vincent and the Grenadines for its operations.

ForexChief provides traders with access to the popular and efficient MetaTrader 4 and MetaTrader 5 trading platforms. Additionally, the variety of trading account types allows traders to operate under favorable conditions in the Forex market and achieve profitability.

What Features Does ForexChief Broker Offer?

ForexChief operates under an official license from the Financial Commission of Saint Vincent and the Grenadines, indicating that it adheres to the laws and regulations of this regulatory body.

The broker offers a variety of account types, including demo accounts, standard accounts, and Islamic accounts specifically designed for traders who need them.

ForexChief provides access to popular and advanced trading platforms such as MetaTrader 4 and MetaTrader 5. Additionally, the broker offers a wide range of services to its users, including educational resources, 24/7 Persian-language support, useful analytical tools, and more.

This brokerage offers low spreads and competitive commissions, creating favorable trading conditions for its users. To ensure the security of customer data and funds, ForexChief uses advanced security protocols.

To facilitate financial transactions, ForexChief offers multiple deposit and withdrawal methods, including Rial-based deposit and withdrawal options for Iranian users.

The official website of this broker features sections for analysis and a library that includes high-quality educational content, various analytical tools, and different trading strategies.

ForexChief also offers copy trading, which allows users to replicate the strategies of professional traders in the Forex market. Additionally, the broker provides various trading bonuses to its users.

Regulatory Overview of ForexChief

ForexChief is licensed by the VFSC (Vanuatu Financial Services Commission), a regulatory body in the Republic of Vanuatu, an island nation in the South Pacific Ocean. The broker is also a member of the Vanuatu Financial Markets Association (FMA).

However, it is important to note that this regulatory license is considered to have relatively lower credibility. This might be a consideration for traders who are seeking brokers with more reputable and stringent regulations.

Review of Trading Accounts at ForexChief Broker

ForexChief offers various options for trading accounts, allowing you to choose an account that suits your needs and trading strategies.

The broker provides a total of four types of trading accounts on each of the MetaTrader 4 and MetaTrader 5 platforms. Additionally, there are two types of PAMM accounts (Percentage Allocation Management Module) available on both platforms for investment management.

This diversity in account types enables traders to select the most appropriate option based on their trading conditions and strategies.

Each of these accounts comes with its own features and benefits, helping traders choose the most suitable option depending on their level of knowledge, experience, and available capital.

Therefore, thoroughly reviewing the descriptions and terms of each account can assist you in selecting the best option for your trading needs.ForexChief Broker Has Gained Popularity by Offering Diverse Trading Accounts

MT4.DirectFX Trading Account

ForexChief provides numerous features in this trading account, offering multiple opportunities for traders. The main features of the MT4.DirectFX account are:

• Minimum deposit of $10: Starting trades with a low investment allows traders to enter the market with less capital.
• Multiple base currencies: Includes USD, CHF, GBP, EUR, JPY, offering traders a variety of currency options.
• Maximum leverage of 1:1000: This high leverage allows traders to execute larger trades with smaller capital.
• Floating spread from 0 pips: Helps traders benefit from lower trading costs.
• CFD commission: 0.1% for stocks and 0.25% for cryptocurrencies, providing competitive trading conditions.
• $500 welcome bonus: A reward for new traders to start trading on the platform.
• Islamic account conversion: This option allows Muslim traders to trade in accordance with Sharia principles.
• Support for 150 CFD contracts: A wide variety of contracts, allowing traders to engage in diverse markets.
• Up to 500 open trades: Enables flexibility for traders to have many trades open simultaneously.

MT4.Classic+ Trading Account

This trading account has the following features:

• Account opening with $10: Allows traders to start trading with a low initial investment.
• Diverse base currencies: Offers common currencies like USD, CHF, GBP, EUR, JPY for trading.
• High leverage up to 1:1000: This high leverage gives traders the ability to execute larger trades with less capital.
• Floating spread from 0.3 pips: Provides competitive spreads to help reduce trading costs.
• No commission: No commission is charged on trades, helping traders reduce additional costs.
• $500 welcome bonus: Incentivizes new traders with an initial bonus.
• Islamic account option: Offers the ability to convert to an Islamic account to adhere to Sharia principles.
• Support for 150 CFD contracts: Offers a wide range of trading options through CFDs.
• Up to 500 simultaneous trades: Allows traders to keep many trades open at once.

Cent-MT4.DirectFX Trading Account

The Cent-MT4.DirectFX account at ForexChief has the following features:

• Account opening with $10: Allows traders to start trading with a low initial deposit.
• Diverse base currencies: Offers USD, CHF, GBP, EUR, JPY as base currencies for trading.
• High leverage up to 1:1000: Enables larger trades with smaller capital.
• Floating spread from 0 pips: Minimizes trading costs with low spreads.
• Ability to trade currency pairs and metal CFDs: Provides variety in trading choices.
• Support for 40 CFD contracts: A more limited range of CFD contracts compared to other accounts.
• Up to 200 simultaneous trades: A limit on the number of open trades.
• No welcome bonus: Does not offer an initial bonus for new clients.
• No free swap or Islamic account: This account does not support free swap or Islamic account options.

Cent-MT4.Classic+ Trading Account

The Cent-MT4.Classic+ account at ForexChief offers the following features:

• Minimum deposit of $10: Allows traders to start trading with a small initial investment.
• Variety of base currencies: Offers USD, CHF, GBP, EUR, JPY as base currencies for trading.
• Leverage up to 1:1000: Provides high leverage, allowing traders to execute larger trades with smaller capital.
• Floating spread from 0.3 pips: Competitive spreads to help reduce trading costs.
• Ability to trade currency pairs and metal CFDs: Provides diversity in trading options.
• Support for 40 CFD contracts: Offers fewer CFDs compared to other accounts.
• Up to 200 simultaneous trades: Limits the number of open trades at one time.
• No welcome bonus: Does not offer a welcome bonus for new customers.
• No free swap option: This account does not support free swaps.
• No commission for Forex pairs and metal CFDs: No commissions are charged on these trades, helping reduce trading costs.

MT5.DirectFX Trading Account

The MT5.DirectFX account at ForexChief includes the following features:

• Minimum deposit of $10: Enables traders to start trading with a relatively low initial investment.
• Variety of base currencies: Offers USD, CHF, GBP, EUR, JPY as base currencies for trading.
• Leverage up to 1:400: Offers high leverage, allowing traders to execute larger trades with smaller capital.
• Floating spread from 0 pips: Provides very low spreads to reduce trading costs.
• Ability to trade currency pairs and metal CFDs: Provides diverse trading options for users.
• Support for 60 CFD contracts: Offers more trading options compared to other accounts.
• Up to 200 simultaneous trades: Allows traders to have many trades open at the same time.
• $500 welcome bonus: Offers an initial bonus to encourage new traders.
• Free swap and Islamic account option: Supports free swaps and can be converted to an Islamic account.

MT5.Classic+ Trading Account

The MT5.Classic+ account at ForexChief offers the following features:

• Minimum deposit of $10: Allows traders to start with a small initial investment.
• Variety of base currencies: Offers USD, CHF, GBP, EUR, JPY as base currency options.
• Leverage up to 1:400: Allows larger trades with smaller capital.
• Floating spread from 0.3 pips: Competitive spreads to reduce trading costs.
• Ability to trade currency pairs and metal CFDs: Provides a wide range of assets for trading.
• Support for 60 CFD contracts: Offers a diverse set of trading options.
• Up to 200 simultaneous trades: Allows traders to have many trades open at once.
• $500 welcome bonus: Provides an incentive for new customers.
• Free swap and Islamic account option: Supports free swaps and can be converted to an Islamic account.
• No commission: No commissions are charged on trades, helping reduce costs.

Cent-MT5.DirectFX Trading Account

The Cent-MT5.DirectFX account at ForexChief offers the following features:

• Minimum deposit of $10: Allows traders to start with a small investment.
• Variety of base currencies: Offers USD, CHF, GBP, EUR, JPY as base currencies for trading.
• Leverage up to 1:400: High leverage allows larger trades with smaller capital.
• Floating spread from 0 pips: Provides low spreads to reduce trading costs.
• Ability to trade currency pairs and metal CFDs: Offers a diverse range of trading options.
• Support for 42 CFD contracts: Provides a wide variety of CFD trading options.
• Up to 200 simultaneous trades: Allows many trades to be open at once.
• No welcome bonus or Islamic account: Does not offer a welcome bonus, Islamic account, or free swap option.

Cent-MT5.Classic+ Trading Account

The Cent-MT5.Classic+ account at ForexChief includes the following features:

• Minimum deposit of $10: Allows traders to start with a small investment.
• Variety of base currencies: Offers USD, CHF, GBP, EUR, JPY as base currencies for trading.
• Leverage up to 1:400: Provides high leverage to allow larger trades with smaller capital.
• Floating spread from 0.3 pips: Competitive spreads to reduce trading costs.
• Ability to trade currency pairs and metal CFDs: Provides diverse assets for trading.
• Support for 42 CFD contracts: Offers a variety of trading options.
• Up to 200 simultaneous trades: Allows multiple trades to be open at the same time.
• No welcome bonus, free swap, or Islamic account: Does not offer a welcome bonus, free swap, or Islamic account options.
• No commission: No commissions on trades, helping to reduce transaction costs.

In several of ForexChief’s trading accounts, free swaps are available. Free swap accounts are exempt from overnight interest, a key feature of Islamic accounts. These accounts are designed to align with Islamic principles, thus avoiding overnight interest charges.

PAMM Trading Account

ForexChief offers various PAMM accounts (Percentage Allocation Management Module), which traders can use as a method for investment. In these accounts, a trader entrusts their capital to a professional account manager who executes trades on their behalf. These accounts are suitable for those who either lack the ability or the time to manage their own trades.

• PAMM-MT4.DirectFX: This PAMM account has similar features to the MT4.DirectFX account, with the main difference being that the trader acts as an investor while the account manager handles the trades.
• PAMM-MT4.Classic+: This PAMM account shares characteristics with the MT4.Classic+ account and primarily functions as an investment account.
• PAMM-MT5.DirectFX: This PAMM account is also investment-focused and has features similar to the MT5.DirectFX account.
• PAMM-MT5.Classic+: This is another investment account in ForexChief, similar in all details to the MT5.DirectFX account.

These PAMM accounts allow investors to have their capital managed without direct involvement in the trading process. However, traders should note that profits are not guaranteed, and there is always the potential for loss.

How to Register with ForexChief Broker

To register with ForexChief (ForexChief), follow these steps:

1. Visit the Official Website: First, go to the official ForexChief website.
2. Find the Registration Option: Look for an option to register or create a new account on the homepage.
3. Fill Out the Registration Form: Carefully complete the registration form. You may need to provide details such as your full name, email address, phone number, and other personal information.
4. Submit Required Documents for Account Verification: You may need to provide documents like an ID card or utility bills to verify your identity.
5. Wait for Account Verification: After submitting the documents, wait for the broker to verify your account.
6. Start Trading: Once your account is verified, you can deposit funds and begin trading.

Although the process is generally fast and easy, it is important to provide accurate information and ensure that all necessary documents are submitted correctly. Before starting to trade, it is recommended to carefully review the broker’s terms and conditions.

Trading Platforms Available at ForexChief Broker

ForexChief supports a variety of trading platforms, providing traders with different tools:

• MetaTrader 4 (MT4): One of the most popular and widely used trading platforms in the Forex world, offering features like technical analysis, automated trading, and market news.
• MT4 for iPhone and iPad: This version of MT4 allows users to trade through iOS devices.
• MT4 for Android: The Android version of MT4 allows access to financial markets through Android devices.
• MetaTrader 5 (MT5): An advanced version of MT4 with more features, such as advanced technical analysis, an economic calendar, and more trading tools.
• MT5 for iPhone and iPad: This version gives iOS users access to MT5’s features.
• MT5 for Android: The Android version of MT5 allows Android users to access this advanced platform.

This variety of trading platforms allows traders to choose the one that best suits their needs and preferences.

Deposit and Withdrawal Methods at ForexChief Broker

ForexChief provides a range of deposit and withdrawal methods, allowing traders to choose the best option based on their preferences and needs:

• Bank and Credit Card Transfers: Traders can use bank transfers and credit cards for deposits and withdrawals.
• Electronic Deposits and Withdrawals: Options such as cryptocurrencies, WebMoney, and Perfect Money are available, allowing traders to manage their funds without intermediaries.
• Direct Rial Deposits and Withdrawals: This option is particularly useful for Iranian traders, enabling direct Rial transactions without intermediaries or additional commissions.
• Electronic Wallets: For Iranian traders, using WebMoney and Perfect Money for deposits and withdrawals is easy and convenient. These methods provide fast and efficient access to funds.

This variety of payment options allows traders to choose the most suitable method for their financial transactions.

ForexChief Broker’s Rebate Feature

ForexChief offers a rebate program for its traders, allowing them to receive cashback on their trading costs. Here are some key details about ForexChief’s rebate program:

• Receive Rebates via Website: Traders can receive their rebates by logging into their ForexChief account on the website.
• Commission Refund for Customers: This feature allows traders to get a portion of the trading costs they have paid back into their account.
• Monthly Rebate Payments: Rebates are typically paid during the first week of each month.

• More Details via Customer Support: For more detailed information about the rebate program, traders can contact ForexChief’s customer support team.

This feature provides a great way for traders to reduce their trading costs and improve their financial efficiency. Additionally, it can act as an incentive for increasing trading activity.

Review of Tradable Assets at ForexChief Broker

ForexChief offers a wide variety of tradable assets, allowing traders to operate in diverse markets based on their preferences and strategies:

• Forex Market: Major currencies such as the US Dollar (USD), Euro (EUR), British Pound (GBP), Canadian Dollar (CAD), Australian Dollar (AUD), Japanese Yen (JPY), and other currencies can be traded in this market.
• Derivatives: This category includes forward contracts, swap contracts, futures contracts, and contracts for difference (CFDs).
• Stock Market: Shares of well-known companies such as Apple, Amazon, Facebook, Google, Tesla, and other major corporations can be traded.
• Oil Market: Crude oil prices and other petroleum products are available for trading at ForexChief.
• Indices Market: Major indices like the S&P 500, Dow Jones, NASDAQ, FTSE 100, and others are tradable in this market.
• Cryptocurrency Market: Digital currencies such as Bitcoin, Ethereum, Litecoin, and other cryptocurrencies can be traded at ForexChief.

This impressive variety of tradable assets allows traders to quickly and easily access different markets, implement diverse trading strategies, and potentially increase profitability.

Conditions for Receiving the $100 Bonus from ForexChief Broker

ForexChief offers a $100 bonus for new users, which you can receive without making an initial deposit.

ForexChief provides a $100 bonus as a reward for its new traders. This bonus allows traders to test the broker’s services and trial their trading strategies without needing to make an initial deposit. Below are some key details about the bonus offered by ForexChief:

• Account Opening and Bonus Reception: Traders must first open an account and then install the broker’s Android app to receive their free bonus.
• Automatic Bonus Deposit: After the account is verified by the broker, $100 will be automatically credited to the trading account via the app.
• No Time Limit on the Bonus: The $100 bonus from ForexChief has no time limit, and it can be withdrawn after meeting the necessary conditions.
• Use of Strategies and Trading Robots: Any type of trading strategy or robot can be used with this bonus.
• Specific Account Types Required: To receive the bonus, a trading account such as MT4.Classic+, MT5.DirectFX, or MT5.Classic+ is required. Cent accounts do not qualify for this bonus.
• Trading Volume Requirement: To withdraw the bonus, a trading volume of $10,000,000 is required. For example, every 1 lot traded in the USDJPY currency pair counts as $100,000 in trading volume.

This bonus is a good opportunity for traders to test their trading strategies and familiarize themselves with the broker’s trading conditions without risking personal capital.

However, traders should be aware that there are specific terms and conditions for using and withdrawing the bonus that must be followed.

Final Words

In this article, we aimed to provide a thorough and detailed review of all aspects and features of the ForexChief broker. The goal of this review is to help you make an informed decision about whether or not to use the services of this brokerage.

If you have any further questions about ForexChief, feel free to share your queries in the comments section. Nik West experts are ready to answer your questions, help clarify any uncertainties, and resolve any concerns you may have.