A broker like ForexChief.com is operating out of Vanuatu but painting the image of a professional company that does not steal from their clients.
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ForexChief.com manages to lure traders and investors by offering pocket-friendly spreads, a welcome bonus of $500 and a minimum deposit of only $50.
Like other brokers in this industry, Forex Chief is also offering the popular MT4 and MT5 software to their clients. Anyone wanting to trade with this broker can enjoy attractive leverage of up to 1:1000.
High leverage of this kind is very dangerous as it is one of the reasons traders churn and burn their trading accounts.
Nevertheless, a mischevious broker like ForexChief will definitely let you “enjoy” this leverage because they know it’s just a matter of time before you kill your account as a result of over-leverage.
Based on the reviews that I’ve seen online regarding how the broker is conducting its affairs, I suspect that they are not a true ECN or STP broker.
That said, I advice traders to follow these recommendations because signing up with a broker like ForexChief is something that will result in wasting of time, losses and ultimately tears.
ForexChief.com Background and other important details
This website first appeared on the internet in 2008, selling all manner of investment products. In 2011, the owner decided to sell it to the current owners of ForexChief.com who converted it into a brokerage business.
Rather that start from scratch with a new domain, some canning individuals on the internet are always going for established domains so that unsuspecting consumers might believe the company is old and experienced in the industry.
This is how someone who came into the industry a fortnight ago such as Livetrades.com is able to cheat consumers.
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The company is registered as ForexChief Ltd but investigations reveal that this company is actually based in Singapore.
There is a conflict of information here because on one hand, they claim to be from Vanuatu and in another, they say that the company is based in Singapore.
Well, we must understand that Forex Chief is an offshore company whose Vanuatu base was established out of convince.
Vanuatu financial Markets Association (the regulator) does not have the capacity to enforce strict regulations on wayward brokers, and this is what ForexChief.com owners want.
ForexChief review: Why this Forex broker isn’t better than the rest
They have a PAMM account where investors can deposit a minimum of $100 to get started with investing.
In terms of tradeable instruments, the broker has the usual Forex, Metals, Commodities, Indices, Crypto and Stocks offering.
They also announce tight spreads on their website but this is to lure traders and investors.
Rather than admitting to being a B-book broker, Forex Chief actually insists that they are an A-book broker.
I believe that this broker has nothing special for its clients. All the things they provide or claim to provide are offered by any other reputable Forex broker out there.
Why Forex Chief sucks and you should never trade with them
There’s no difference between this broker and companies like ZeyFex, Milliva, Effencel and many others since they all take advantage of their clients using manipulative bonus offers.
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Typical complaints against ForexChief involve victims claiming that the broker refused to process their withdrawals after they met all conditions that come with accepting their bonus.
The second complaint that I came to learn of is that this broker is mischeviously dealing with its clients when they intend to steal money.
For example, they can delete your trade logs and stop answering your chats. This is something that is so common among offshore Forex brokers.
The bonuses and promotion which they offer their traders are just a mere trap to get victims into financial problems.
That is why a serious broker often has very limited opportunities for bonuses, and promotions are rear to come by.
I’d like to say that ForexChief cannot guarantee safety of your money because they are technically not regulated or licensed by a reputabe organization.
This is also the basis for many complaints because unregulated brokers tend to cause conflicts between them and their clients.
Therefore, rather than waste time fighting battles of how to claim your money back, I advice that you sign up with a properly regulated broker who has a solid reputation. To trade with these brokers, I advice you guys to explore these options.