ForexChief – Forex Brokers Review & Rating
ForexChief Ltd. (Company Number №14777) is licensed by the Vanuatu Financial Services Commission as a Dealer in Securities (Principal’s License) pursuant to Section 4, subsection (1) (a) of The Dealers in Securities (Licensing) Act [CAP. 70] as amended. The basic concept of the project is creation of a unique platform for online trading in currency contracts and precious metals on conditions of Margin Trading. The foundation of the project’s technological infrastructure is built on the STP/NDD model avoiding not only a conflict of interest between the company and the client, but also, in general, increasing service quality by means of narrow spreads and high speed trading order execution.
- Start year:2014
- Country of origin:Vanuatu
- Regulation:VFSC #14777
- Payment options:Bank Wire, VISA, MasterCard, AdvCash, Alipay, Bitcoin, FasaPay, Local Bank Transfers, Neteller, PerfectMoney, Qiwi, Skrill, UnionPay, WebMoney
- Minimum account size:$50
- Minimum lot size:0.01
- Leverage:from 1:1000
- Spreads:from 0 pips on EUR/USD
Regulation and License
Company name: ForexChief Ltd. Registration number:14777, License:Dealer in Securities (Principal’s License) issued by VFSC, Legal address:1276 Kumul Hwy, 1st Flr Govant Bldg, Port Vila, Vanuatu
As the basic platform, ForexChief offers MetaTrader 4/5 – the most popular trading platform for forex trading. Separately, institutional clients who offer broker services should pay attention to the STP-gate integrated into MetaTrader 4/5 that can connect liquidity through a regular trading account on MetaTrader 4/5 platform with minimum labor input.
The Company pays special attention to the technical stability of the trading servers and software that is provided to the client for trading operations. The technologies developed for liquidity aggregation as well as the system of their administration is based on cluster solutions, where a high level of reliability under abnormal loads can be maintained (especially where there is a large number of client orders coming to the trading server when economic news has been published).
The line of ForexChief account types has “cent” accounts (cent-MT4.DirectFX, cent-MT4.Classic+, cent-MT5.DirectFX and cent-MT5.Classic+), whose balance exceeds that of standard accounts hundredfold. This way, for instance, if a trader refills a cent account with USD 100, and that transfer is successfully completed, the amount of 10,000 (i.e. 100 times more) will be credited to the account, since USD cents is the account currency in this case. “Cent” accounts are an indispensable tool, both for beginners, whose experience does not allow them to invest significant capital, and for professionals, whose goals are fine tuning and testing trading robots in real market conditions. Also, this type of account provides an opportunity to have comprehensive testing in dealing with the company, and not risking a large deposit.
It is important to note that only client orders with the size from 1,000 units of the base currency, which corresponds to 0.01 of a lot on MT4.DirectFX, MT4.Classic+, MT5.DirectFX and MT5.Classic+ accounts, will be transmitted to counterparties. This way, for all orders whose size is below 1,000 units of the base currency, the Company acts as a dealer (the “second party” of the transaction).
Segregation of Client’s Funds
ForexChief uses the generally accepted mechanism of dividing a client’s and its own funds on bank accounts. The use of this model is not only the obligatory requirement set by financial regulators but is also an integral instrument for protection of investors from broker’s insolvency.
Under no circumstances can the Company use clients’ funds kept at special bank accounts for its operating activities. Moreover, in order to support unconditional solvency, ForexChief does not transfer clients’ funds to liquidity providers’ accounts, and uses its own funds to carry out counterparties’ margin requirements, when placing clients’ orders to the market.