ForexChief brokers. Everything you need to know
ForexChief is one of the brokers you can choose online when you want to become a trader. With trading, it is essential to make sure that you are choosing the right broker. Otherwise, you are going to end up just losing money and not have the chance of becoming a successful trader.
In order to be able to know if a broker is recommended, is to get all the information about the broker. This is why all these mentioned information about ForexChief is so essential. This is to show you that this might not be the best broker to use.
ForexChief is offshore brokers and situated in Vanuatu. It is unclear what type of brokers they are because of a lack of information about cryptocurrencies that they are trading with. Not sure if they are forex and CFD brokers.
They have a valid physical address, a couple of telephone numbers and a valid email address. However, this doesn’t mean that they are legit and that you can use them without any problems. Many traders think that this is the only thing that you should look for. This isn’t the truth.
Are they registered and regulated?
This is one of the most important things to look for. Are they registered and regulated as brokers? Especially if they are registered and regulated as international brokers?
No, they aren’t registered at all. And, they aren’t regulated as well. This means that they don’t have any rules and regulations that they need to follow and there isn’t anyone making sure that they are legit. Making it really dangerous to use them as brokers. Because they are offshore brokers, this is putting them at higher risk to be used.
Account and minimum required deposit info
ForexChief is basically offering traders two different account options. You can choose the one that will suit your trading needs best. There are some benefits and problems with each of these accounts, so you should be careful about the account that you are choosing.
Even, if they don’t have a minimum required deposit, it is still recommended that you don’t deposit a huge amount of money into their accounts. This is because of the high risk of an offshore broker and an unregulated broker.
The platform that they are using
The good news is that they are using the MT4 platform. For those that don’t know MT4 is one of the best trading platforms on the market to use for trading. This is the platform that most traders prefer and that most have experience with.
However, the downside is that this is the only platform that can be used. There are some traders that are looking for other platforms, and this isn’t an option with ForexChief.
Welcome bonus no trading information
This is the one thing why many traders are registering with ForexChief. They offer a welcome bonus to those traders that are registering with them for the first time. This is a $20 no deposit bonus that you will get when you register with them. However, there is a catch. You can’t withdraw these funds until you have trade and made $1,000,000. This is ridiculously high.
And, besides this high term for withdrawing the no deposit bonus, there aren’t any other trading information available. Making it impossible to know for sure that you will be able to reach the required amount before you can withdraw the no deposit bonus.
Terms and conditions not standard
Something that is bothering us is the terms and conditions of ForexChief. This isn’t standard terms and conditions for trading. Putting every trader that is using ForexChief for trading at risk of losing more money than making money.
It is essential to use brokers that have the standard terms and conditions of trading. And, because they aren’t regulated, they don’t need to use the standard terms and conditions.
Regulators are warning against ForexChief
The most important thing to consider before you are registering with ForexChief and starting to trade with them. Regulators are warning traders about using ForexChief as a broker. There are many reasons why these brokers aren’t recommended by regulators. The most essential reason is that they aren’t registered as international brokers and they aren’t regulated.
You can’t make use of a broker that isn’t regulated and registered. And, this is why you should make sure that you take what regulators are saying and recommending about a broker seriously.
ForexChief is brokers that aren’t registered and that aren’t regulated. There are many irregularities about these brokers that are making it risky to use. So, it is important to reconsider, if you think about using them as brokers. You should rather use brokers that are recommended, registered and regulated. That aren’t offshore brokers and that comes highly recommended. Now you know that ForexChief isn’t the best brokers to use.