Forex Chief Review
Today, you will be reading a detailed review of Forex Chief, one of the online brokers that gets a lot of heat from online reviewers. Well, when you look at the website of the broker, you realize that it has just about everything to offer that others brokers do. So, what it is that pulls this broker under the shade? You will find out as you read on. First things first, you have to know that this review is not at all an attempt to call the broker a scam. Just because there is one thing not so good about a broker does not mean it is a scam.
So, let’s get into the details to know the reality of Forex Chief.
All That Sounds Great with Forex Chief
First, let’s talk about all that’s good about this broker. As mentioned earlier, it is not an attempt to malign the broker in any way. However, it is definitely a way to get the attention of the broker toward its weaknesses so it can improve. So, the first thing you have to admire about the broker is that it has a variety of accounts for its traders. You can choose from four different account types. Secondly, you will also like the fact that the broker is regulated. That’s the first thing you have to know about any broker before you sign up with it.
When it comes to trading platforms, the broker provides you with a large number of options. You have two different trading platforms to choose from, and you can use them on just about any device that you own. Furthermore, you do not even have to pay any commissions when you transfer funds to your account, which is not the case with even the best brokers on the internet. However, there is something really wrong with this broker. Let’s get into it.
All That Sounds Bad about Forex Chief
Why So Many Accounts?
So, you must be wondering how we could hold a broker accountable for something that we just admired i.e. the many account types. Well, the problem is that the broker has designed these account types in the worst possible manner. When you are on the accounts page on the website, you will be scratching your head out of curiosity as to what makes these accounts different from each other. In fact, you will be wondering why a certain account is better or worse than the other account. The chances are that you will stay confused for a long time before you can finally reach a decision.
So, as mentioned above, there are four different accounts types for you to choose from. The trading platforms available to you regardless of the account you pick are the same. Furthermore, you can open any account you want and you will only have to deposit $50 in your account. Well, if the initial deposit is out of the way, there must be something else that would convince you to pick one account over the other, right? Unfortunately, you will run out of your reasoning fuel when trying to figure out why you should go with one account and not the other.
If you look at the leverage information available on the accounts page, you will notice that 1:1000 is the constant and permanent leverage that you will get when you sign up with this broker. Yes, it remains the same whether you go with MT4.DirectFX account or the cent-MT4.Classic+ account. So, you must be getting some benefit when it comes to stop out? No, there is no difference in this particular aspect of the trading account either. In short, you will be hard pressed to find any differences in these accounts. And that’s why, it seems useless that the broker designed four different account types in the first place.
No Special Attention to Education
While you will find a lot of great stuff on the website of the broker, you will not find anything in terms of training. It seems surprising that a broker in 2020 does not talk about any training or education for traders on its website. Just about any broker on the internet now has a huge repository of training material designed to help new traders learn the art of trading. This training material consists of a lot of different formats. For example, you can learn through eBooks if reading books makes more sense to you. On the other hand, these brokers also have videos that can train you within hours on various trading strategies.
In fact, some online brokers are able to win traders from other brokers only because of the training material they have. For example, a lot of brokers have started to offer webinars for training purposes. However, you do not see anything coming from Forex Chief related to that or any form of education.
Bonus Seems Difficult to Get To
Sometimes, online brokers make things too obvious for their traders. That’s what Forex Chief has done as well. With its welcome bonus, which is not available with every account type, there are quite a few terms and conditions associated. You will be surprised to know that while you can withdraw the profits you make on your trade, the funds you get in the form of bonus are not that easy to get your hand on to. You will have to generate thousands, in fact, hundreds of thousands of dollars as a required turnover before you can get the bonus. Perhaps, you might not even remember the bonus by that time.
Again, this is not to say that Forex Chief is the worst broker out there or a scam. It is nearly impossible for a broker to be a scam when it has provided its registration and regulation information right on the website. The broker is doing its best to provide its traders with what should matter to them the most. However, there is a lot of improvement required in a lot of areas, and the broker should pay attention to them before it is too late.