Detailed Forexchief review – features, bonuses, withdrawal policy and more
Forexchief was founded in 2016 and is operating on the market for three years already. It is not a very long time but is sure enough for the broker to establish itself and get a loyal audience. However, there is not much information about the brokerage or Forexchief reviews made by its customers which is not a good sign. Can broker with three years of experience be a scam? There are some features of the broker that makes us think so. First things first, the brokerage is registered and authorized offshore, by the Financial Services Commission of Vanuatu. The broker offers the minimum deposit as low as 100 USD. It also has bonus offerings that might look good on the website but comes with the requirements that make it nearly impossible to withdraw any money. Hence, it is possible to assume that these bonuses are part of the Forexchief scam. Let’s go through all of these features and see if the broker is truly a fraud or legit broker you can trade with.
When a trader hears about the new brokerage the first thing he might do is to check its website and see what does the broker offer to its customers. When you first enter Forexchief.com you might get an impression that it is not really a website of the brokerage. It looks somewhat sketchy with the navy pinkish colour and green elements which makes you think you are on some amateur health blog. Forexchief.com review overall ended up to be a big disappointment. Contentwise there is nothing much to see. The broker tries to create an illusion that the website is loaded with content but once you start reading you will see that there is nothing much to be read. The broker claims to provide education to its customers, but there is barely 10 short articles that can be found anywhere else on the internet. FAQ section, which is always loaded with the questions on legit brokers website has only five basic questions. The technical side of the website is not very well made as well, it takes too much time for the pages to load and the navigation does not make it easy for the visitor to find needed information. Normally legit brokers invest much into the website for a very logical reason, it is the platform where the customers get in touch the broker, where they find out what the broker offers and where they create their account. Seeing that the broker has not invested much into the website is pointing out at the Forexchief fraud. The scam brokers do not need to invest much into the website as they need to change it sooner all later when their scam is revealed.
Is Forexchief legit?
Regulation is the most important part of the brokerage. It prevents them from wrongdoing and creates a safe environment for the traders. When a broker is regulated by the local financial authority it means they are part of the compensation fund and in case the traders lose the money due to the broker, they will be reimbursed. The customers of Forexcheif, unfortunately, do not have that safety. The broker is regulated by the Financial Service Commission of Vanuatu. FSC Vanuatu is an offshore regulator that does not have a very good reputation among the regulatory bodies of the world. Can Forexchief be trusted just because it is at least regulated? It is always better to have a broker that has a license by the regulator of your country, otherwise, you are not protected at all. Moreover, it is too easy and cheap to get a license in Vanuatu. The broker needs to have only 2000 USD to get the license, this is why the scam brokers choose it.
Forexchief Minimum deposit
You can create your account with Forexchief and fund only 100 USD. It looks very convenient compared to some other brokers that require a minimum deposit of 250 USD. It might be considered that the broker offers a low minimum deposit to encourage beginner or low budget traders to trade. On the other hand, it can also be part of Forexchief scam. Especially if we consider the high leverage the broker offers to the customers, which is up to 1:400.
Forexchief offers several types of accounts both for MT4 and MT5: Direct FX, Classic+, Cent-MT4/MT5. Direct FX and Cent MT4/MT5. Classic+;
The account types look legit, the broker provides the information about what are the features of each of them. What makes us suspicious about the accounts is that the broker clearly pushes the traders to open MT4 accounts. For example, all the bonus offerings are eligible only for MT4 accounts. Normally, the broker should not urge you to create a specific account, especially when it comes to choosing the platform, it is up to you to decide which one is better for you. Moreover, considering that MT5 is a better/updated version of MT$ it is shady that Forexchief broker is trying to make traders open MT4 accounts.
Forexchief bonus offerings
There are many traders who choose the brokers based on the bonus offerings they have for their customers. Surely, it is nice to have an opportunity to receive free money from the broker or increase your initial deposit with a deposit bonus. Therefore, many legit brokers who can afford suggesting bonuses offer them, this tactic is used almost all of the scam brokers to lure their customers. Forexchief welcome bonus looks suspicious from the very beginning simply because they offer 100 USD free bonus. Why is it suspicious? Here’s why: Not many brokers can offer welcome bonuses, most of them have this option if they have had a good income during the period of time and can afford giving free money for every single trader that will create an account with them. Some brokers have a welcome bonus all year around but the amount of it is significantly lower – 30 or 50 USD. Let’s be honest here, Forechief is not one of the best brokers who can be proud of the large base of the customers and it is under question mark if Forexchief bonus is actual or part of the fraud.
There is not much information about the withdrawal policy of Forexchief. The broker only discloses the time the withdrawal processing takes and commission that varies based on the payment methods. However, there is information about the Forexchief bonus withdrawal and it is not very good. A trader who will apply for the welcome bonus will receive 100 USD on his trading account. After that, he needs to reach a turnover of no less than 10,000,000 USD. The broker shows the example of how this turnover can be achieved and it simply does not make sense. In order to reach the turnover, the trader needs to make 260 pip trade, it already sounds hard not to mention that this trade must be repeated successfully over 40 times! Now let’s say someone somehow managed to get this turnover, he will only be eligible to withdraw 100 USD from his profits!
Is Forexchief scam broker?
It is not even under the question if the broker is legit or if the Forexchief scam is real. The website of the broker is sketchy and most of the space there is occupied by the information about the bonuses. As it seems the broker depends on these bonuses to lure customers into creating an account and depositing money. Forexchief withdrawal requirements make it impossible to withdraw the money but even if someone will meet the requirements he will only be able to withdraw a small portion of the profit. There is no possibility to confront the broker or get the lost money back since the broker is licensed by the FSC Vanuatu. These make us confident to confirm that the broker is a scam.