ForexChief Review – How to stay away from scammers
You finally decided to trade Forex. You have read a lot about it and want to dedicate some time to your life as well as some money to trading Forex online. By this time, you have already acknowledged that the trading process won’t come easy. With the decision being taken, the following important step is to choose the proper and relevant brokers. This is one of the toughest steps to take, as there are quite some active brokers in the market and it is very hard to choose the right one, especially the one who is legit and licensed.
In this review, we will focus on one of the brokers, Forex Chief. While this broker is far from being the best one, we will still stress the most important aspects and try to convince you that, maybe you should reconsider your choice and change your decision.
While generally speaking it is not right to judge the book by its cover, this should definitely come true while talking about the brokers. This is true as their main mission is to provide good and quality service, which included technical support and generally quality technical sources and operation. This is something very important while choosing the broker.
In this case, with Forex Chief, the design and the technical aspect of the website is something that will come across straight at the moment. This is not something the broker can be happy or delighted about. The technical aspect says it all. The website is far from being good quality, which means that the quality of the service may be questioned, as well as the technical issues might awake at some point.
Another thing that you will notice at the moment besides the inaccurate design and graphics of the page, is the lack of information and unorganized information as well as tabs on the front page. This is also something very important while working with the broker. If it is difficult to navigate through the page, it may be difficult to work with the broker, and the broker might simply be bidding something from you.
License and Platforms
The broker is licensed and the information regarding the license can be found in the About Us section. Forexchief registration number is located at the bottom of the page. Although, the license is from the offshore provider, which means that there might still be some of the issues. Try to choose the broker which is licensed by the main regulatory bodies, in case of need they will be the ones you should rely on and ask for help. This is very important.
Another thing is the platform. The working platform of the broker is very important. As there are many brokers, all of them can offer their own ways and approaches toward trading. With Forex Chief you have two options, those are MT4 and slightly more developed version of MT4, MT5. Despite the fact that there are two possible trading platforms, more attention is paid to MT4, meaning that you do not really have a choice, or it is only written on the paper.
Forexchief Account Types
The broker offers you the Demo Account. The demo account registration window is located in the right part of the home page. You can register whether with the live account or Forexchief Demo account. A demo account is definitely better if you are a newcomer. Though, if you want to find any additional information regarding the Demo account, be prepared to get disappointed, as you most likely won’t be able to do that.
Other than that, there are eight possible account types. Four of them are for MT4 and another four of them are for MetaTrader 5 platform. The Forexchief accounts are MT4 Direct. FX, MT4.Classic+, cent-MT4 DirectX and cent-MT4Classic+. The same account types are for the MT5 platform. To be very honest, there is not much of a difference between the accounts. The difference is Leverage.
With MT4 platform you get maximum leverage of 1:1000, while with the MetaTrader5 platform you get the maximum leverage of 1:400. This is still not bad leverage, but as mentioned before, the broker tries to make you choose the MT4 platform over Mt5, with certain advantages being on its side. The deposit amount is the same for both platforms, as well as the commission rate, which is the same as well.
Deposits and Withdrawal
If you open the Account Types section, which can be rolled down from the menu bar, you will see the list of the accounts. If you go through the account types and read them correctly, you will see that the minimum required deposit for any account types if $50. This is all good, which is very few compared to other brokers in the market. Though, do not be too happy. If you are none of the very active and curious readers, you might skip the FAQ section on the page. Exactly there you can see the questions, stating what is the minimum amount of deposit. As the answer, you will also see that the Forexchief minimum deposit is only for the first time is $100.
While this might actually make sense and it might mean that the broker means that actually the minimum deposit is $50, though only for the first time and only once it is $100, it is still unclear, why they have not included it anywhere in their information. This is another clear example that the navigation through the website is indeed very hard. As a customer, you do not have to scroll down two sections in order to find a simple answer to a very simple question.
As for the payment methods. Just like many other brokers, Fprex Chief supports almost all the major payment methods. Those Forexchief withdrawal methods include Visa and Debit card, as well as Bank Wire, e-wallets, such as Skrill and Neteller. This is all good, of course until you make it far enough and scroll to the places, where you are not supposed to be. With the payment method, it actually works very well with the Visa and Bank Wire. Those are the two most common transaction methods. Though, Visa and Mastercard have the highest charges of almost 2% of the total amount of money.
As for the withdrawal, as you understand Bank Wire should be the most common choice. Despite that, the broker offers you to trade with cryptos, the broker, and the payment system is not really adapted to the crypto assets. This is another thing to consider.
We have talked about the Account Types section slightly above. As mentioned, there are eight possible accounts for the costumers. Though there is one more account, which is only for Muslim traders. This is something that many brokers have in common. This is not due to discrimination reasons, but almost always is due to payment methods and currencies. Though the Islamic accounts are only available with the MetaTrader 4 platform, and this specific account is not included in the Account Types but is rather taken out.
Another thing is the Forexchief bonus in the amount of $500 to your deposit. This is something similar to the no deposit bonus account. The broker is definitely being generous while giving away $500 for the first time you make your deposit. Though as always, this is not for very long. At your very first trial, you are not expected to make millions and to become a rich person straight away. Though, with the logic of $500 bonus money, you are the one who should be able to trade a hundred thousand in order to be able to withdraw the funds.
There also is a Turnover Bonus. Turnover Bonuses work like Rebates or Cashback service and allow active traders to earn additional income for the trading turnover made. It works automatically, you don’t have to do anything to receive such Bonus, yet there is no available Forechief no deposit bonuses with the broker. Each weekend the trading turnover you’ve made during the week is calculated and the appropriate bonus is credited to the trading account. Distinctive advantages of this Bonus program are lack of secret terms and conditions, progressive scale of the rates, weekly payments, lack of MTP, and no restrictions for withdrawal.
The broker has dedicated the section to the Library and the educational material. This is essential for beginners. Especially at the very start, there are many questions, but usually there is no time to seek for the answers everywhere possible. Indeed, the Library section is very handy. Many brokers offer this option. Though many brokers also take care that their costumers understand what they are doing and the educational section is full of material. With Forex Chief broker, there is not much to read or get acquainted with.
The support team is something very important for every trader. As soon as someone has a question, the first thing that crosses the mind is to address the support team for assistance. The only thing you have here is the small window at the right corner of the page and the number of I do not know who at the top left corner. This is not esthetic at first, and the second, why not introduce the team of the broker to the costumers, via the welcome or about us section, if not dedicated the whole section to the support team and customer service.
Overall, in the Forexchief broker review, we would definitely recommend you to reconsider your choice, if you were by any chance thinking of Firex Chief broker. This is not because the broker is focused mainly on the MT4 platform or has not included some things on the list. This is all because usually, medium quality brokers are good at the educational part or trading part. Good brokers are good at both. And then we have brokers like Forex CHief, who unfortunately managed to not be good in any of the two categories.