ForexChief

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Broker ForexChief – review of the company, search for reviews, scam algorithm and ways to get your money back

The project positions itself as a platform for trading with STP and NDD technologies. In reality, the trickster is not able to take positions to liquidity providers and the real market.

With wide leverage and the current range of instruments, all xChief has to offer is dealing. That is, orders will be executed exclusively internally due to counter transactions of traders and the swindler’s own capital.

Status	SCAM
Year of foundation	2014
Affiliate program	Yes
Regulation and jurisdiction	MISA
Website	forexchief.com
Contacts	Side: – City: – Address: – Phone: —

Pros

Russian version of the site
Low entry threshold

Cons

Offshore license
Non-market quotes
Draining deposits

Trading Platform	MT4, MT5
Types of accounts	Cent, Classic+, DirectFX, xPrime
Currency	USD, EUR, GBP, JPY, CHF
Deposit/withdrawal	International and local bank transfers, cards, EPS, cryptocurrencies
Min Deposit	$0
Leverage	1:1000
PAMM	Copying trades
Spread	Up 0 pips
Financial Instruments	Currency pairs, metals, commodities, CFD indices, cryptocurrencies, stocks
Order execution	Market
Trading Features	“Kitchen” has been removed from the offshore since 2014
Bonus	Yes

xChief Help

The history of the formation of the ForexChief company is based on the information presented on their official website. ForexChief Ltd. registered under number HY00923433. The company operates under the International Brokerage and Clearing House License, which was issued by the Financial Services Commission M.I.S.A. (Mwali International Services Authority) in accordance with the International Companies Act 2006.

The main mission of the organization is to provide high-quality and affordable Forex services to both individuals and legal entities, using modern technologies in the field of online trading. Particular attention is paid to working with institutional clients seeking to provide their traders with the best trading conditions. ForexChief is aimed primarily at experienced traders, the company also offers services for beginners, including “cent” accounts, which allow you to reduce investment risks while getting acquainted with real trading.

The broker is actively working to connect additional providers, search for new solutions and develop improvements for liquidity aggregation technology. Particular attention is paid to B2B cooperation and selling your liquidity on the basis of the created high-tech infrastructure.

At the same time, information about specific persons leading the project is not presented on the site. Allegedly, the license was obtained from an offshore authority, which is how registration was actually completed. In this case, it is important to remember that this is not a strict jurisdiction. At the time of writing the review, the company was hiding behind a MISA regulatory license issued in 2023. The Central Bank of the Russian Federation blacklisted the broker two years ago as soon as the first signs of an illegal professional participant appeared.

Terms of cooperation with xChief

The official ForexChief website presents the following types of trading accounts, each of which has its own characteristics and conditions:

CENT. Dealing technology: Market Maker. There is no minimum deposit. Account currency: USD, EUR. Leverage up to 1:500. Trading instruments: 35+ (Currency, Metals). Spread: from 0.9 points. Stop Out level: 30%. Commission: No. Maximum open orders: 200;
Classic+. Dealing technology: STP. Minimum deposit is $10. Account currency: USD, EUR. Leverage up to 1:1000. Trading instruments: 50+ (Currency, Metals). Spread: from 0.6 points. Stop Out level: 30%. Commission: No. Maximum open orders: 500. Already available:PAMM, trade credits, Welcome bonus $500, No Deposit Bonus $100;
DirectFX. Dealing technology: STP/ECN. Minimum deposit is $50. Account currency: USD, EUR and GBP. Leverage up to 1:1000. Trading instruments: 150+ (Currency, Metals). Spread: from 0.3 points. Stop Out level: 30%. Commission: $2.5 / €2.5 / £2.5 for 1 lot one way. Maximum open orders: 1000. Already available: PAMM, trade credits, Welcome bonus $500, No Deposit Bonus $100;
xPRIME. ECN dealing technology. Minimum deposit is $2000. Account currency: USD, EUR and GBP, CHF, JPY. Leverage up to 1:1000. Trading instruments: 150+ (Currency, Metals). Spread: from 0 points. Stop Out level: 30%. Commission: $3 / €3 / £3 / ₣3 / ¥500 for 1 lot one way. Maximum open orders: 1000. Already available: PAMM, trade credits, Welcome bonus $500, No Deposit Bonus $100.

Now regarding the nuances, please note that the ForexChief review showed that the company does not inform about the conditions for working out bonuses. There are no words at all regarding the nuances of working out incentives, but they are 100%. It is also strange that the leverage is from 1:500, which automatically violates the prescribed norms and nuances.

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Expert opinion

Eugene Rudenko

ForexChief is a forex broker registered in Vanuatu, a country with a low level of financial regulation. The main disadvantages of the service include the lack of a license from the Central Bank of Russia, which makes its activities on the territory of the Russian Federation illegal. In addition, the company offers attractive bonus programs, but they require a large volume of transactions to be processed. A high leverage level of up to 1:1000 increases risks for investors. It is quite natural that the best solution would be not to open a Forex Chief personal account.

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xChief reviews

Please note that comments appeared about the project quite a long time ago. So we have experienced scammers who know how to act competently. In most cases, complaints from clients boil down to the lack of withdrawal of money.

Managers either ignore messages or feed them promises that the withdrawal of money is about to happen. But this moment does not come and the trader’s profile may even be demolished.

It happens that a company allows you to withdraw money, but a small amount and if you are sure of replenishing your account.

In most cases, users spend weeks trying to get approval for withdrawal, but never achieve their goal.

Remember that you can get money back from scammers. It’s just that, as practice shows, only a few launch a chargeback and see it through to completion. Just for consultation write to us. A forced transaction is truly a unique chance to get your money back.

ForexChief fraud algorithm

Below we invite you to familiarize yourself with the divorce scheme used by the organization:

complete control of the terminal due to the fact that the organization’s activities are not controlled by anyone. Of course, this allows you to draw quotes without any problems and make sure that trades are made in the negative at the moment when it is profitable for the broker;
attractive, no dubious bonus programs. ForexChief offers bonus programs that can be tempting, but require a large volume of trades to be processed, which can be overwhelming for traders. In addition, the company does not even disclose the working conditions;
offering leverage of up to 1:1000 increases risks for investors and does not meet the standards of real market trading. It also indicates the lack of a license from reliable auditors;
lack of withdrawal of money, blocking of the profile or ignoring messages received from clients.

Let’s just say that the company operates on the basis of a fairly common algorithm. The organization did not create something unique and special. On the other hand, why, when the scheme is working.

Signs of divorce xChief

We bring to your attention a list of signs of fraud that were discovered during the analysis process:

ForexChief is registered in Vanuatu, a country with a low level of financial regulation. We forget about transparent trading conditions. The platform is completely under the control of scammers;
bonus policy and affiliate program, without detailing the conditions for their processing. ForexChief offers attractive bonus programs such as a 100% bonus on your first deposit up to $500. These bonuses can be used for trading, but require a certain volume of transactions to be completed, which can be difficult to achieve;
high level of leverage up to 1:1000, which can be risky for traders and does not meet the standards of real market trading;
increased spreads and unreasonably high gaps, which may indicate manipulation by the broker;
no license from the Central Bank of the Russian Federation, and blacklisting as an illegal participant in the financial market;
Negative reviews about the company predominate online, which may indicate customer dissatisfaction with the broker’s services.

As you can see, ForexChief does not plan to provide legal services. Although the developers insist on the reliability and prospects of cooperation.

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FAQ

How do customer reviews of xChief affect the company's rating?

Customer reviews are one of the main criteria that influences the placement of a broker in the ranking of the best companies. You can see all reviews about xChief on the company profile page.

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