ForexChief scam company: review and feedback about the broker
Review of ForexChief company: detailed analysis
In 2014, a broker with the unusual name ForexChief specializing in margin trading appeared. The company’s main focus is on CFD contracts, making it attractive for traders from the CIS. However, user opinions are divided, and we will examine the main aspects to determine if it is worth trusting.
Broker profile: key points
ForexChief is registered in Vanuatu and has a license from the local VFSC. The main office is located in Singapore. The official website supports several languages, but over its existence, the company has not demonstrated significant changes. Trader reviews are rare, and the overall impression is not impressive. In this review, we will try to delve into the key aspects of ForexChief.
The main question is about bonuses. The company actively attracts new clients with various incentives, including the Welcome Bonus, which can be obtained upon registration. However, using bonuses requires additional efforts, and they can be withdrawn only if personal funds are available. The required turnover should also be taken into account.
Trading conditions and instruments
ForexChief offers various trading tools, including MT4/5 platforms, a mobile application, cent accounts, and access to various markets. However, the trading conditions are standard, and the leverage can reach 1:1000. There are also partnership programs and a demo account.
License and security
An important aspect when choosing a broker is the license. ForexChief has obtained a license from VFSC, but the procedure for obtaining it does not require significant efforts. This raises doubts about its reliability and ability to protect users’ interests. The company also does not provide specific information about its liquidity aggregators, which may raise concerns.
Trader reviews overview
There are not many reviews about ForexChief online, but they are mixed. Some users express disappointment regarding the complexity of interacting with the platform and the lack of educational materials. There is also a lack of assets and restrictions on fund withdrawals, making the broker less attractive to experienced traders.
ForexChief drawbacks:
- Lack of education;
- Limited choice of assets and withdrawal methods;
- Insufficient features for professional traders;
- Bonus offers can be overbearing;
- Doubtful license;
- Lack of information about liquidity aggregators;
- Missing two-factor authentication;
- Difficulties in account access recovery.
Conclusion and recommendation
After conducting the research, we recommend paying attention to other platforms, as ForexChief is not the optimal choice for traders. It is important to focus on reliability and service quality when selecting a broker to make successful investments.