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xChief

Vanuatu|5-10 years| Benchmark D|
Regulated in Vanuatu|Retail Forex License|MT4/5 full license|Medium potential risk|Offshore Regulatory|

https://www.xchief.com/

Website

Rating Index

Benchmark

Benchmark

D

Average transaction speed (ms)

1013.5 Poor

MT4/5

Full License

ForexChief-Classic

Ireland
MT4
13

Influence

B

Influence index NO.1

Iraq 5.04

Benchmark

Speed:D

Slippage:D

Cost:D

Disconnected:AA

Rollover:C

MT4/5 Identification

MT4/5 Identification

Full License

13
Server Name
ForexChief-Classic MT4
Server Location Ireland

Influence

Influence

B

Influence index NO.1

Iraq 5.04

Surpassed 28.13% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

info@xchief.com
https://www.xchief.com/
Office No.3, CNM Building, 1st floor, Port Vila, Vanuatu
https://www.facebook.com/xchief.global.com

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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WikiFX Risk Alerts
Previous Detection : 2024-03-28
  • The Vanuatu VFSC regulation with license number: 14777 is an offshore regulation. Please be aware of the risk!

WikiFX Verification

xChief · Benchmark
Average transaction speed(ms)
1013.5 Poor
The highest transaction speed(ms)
62 Great
The highest speed of opening positions(ms)
62
The highest speed of closing position(ms)
186 Good
The lowest speed of opening positions(ms)
1984 Poor
The lowest speed of closing position(ms)
1985 Poor
Ranking: 132 / 133
Test user 342
Orders 7,668
Ocuppied margin $2,363,576 USD
Data Source WikiFX Data provide
Updated: 2024-03-27 01:03:SS

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Sources

xChief · Company Summary

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

xChief Review Summary in 10 Points
Founded 2014
Registered Country/Region Vanuatu
Regulation VFSA (Offshore regulatory)
Market Instruments Forex, Metals, Commodities, Indexes, Stocks, Crypto
Demo Account Available
Leverage 1:1000
EUR/USD Spread From 0 pips
Trading Platforms MT4, MT5, xChief App
Minimum deposit $10
Customer Support Live chat, phone, email

What is xChief ?

xChief (formerly ForexChief) is an online Forex and CFD trading broker that offers multiple assets for trading online via the MetaTrader4/5 platforms. Founded in 2014, its head office is in Vanuatu while other representative offices are in Singapore and Nigeria. xChief Ltd is incorporated in the Republic of Vanuatu. It is authorized and regulated by the Vanuatu Financial Services Commission (VFSC), with offshore regulatory license number 14777.

ForexChief's home page

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

xChief has several notable pros and cons. On the positive side, the broker offers a wide range of trading instruments, multiple account types, and user-friendly MetaTrader platforms. They also prioritize the safety of client funds with segregation and negative balance protection. Additionally, their transparent and competitive spreads, along with various deposit and withdrawal options, add to their appeal.

However, it's important to consider the cons, including the fact that xChief is unregulated, which may raise concerns about investor protection. The reports of withdrawal issues and slippage should also be taken into account.

Pros Cons
• Wide range of trading instruments •Offshore regulation
• Multiple account types • Reports of withdrawal issues and slippage
• Demo accounts and Islamic accounts available • Limited educational resources and trading tools
• Transparent and competitive spreads
• MT4/5 supported
• Copy trading
• Multiple deposit and withdrawal options

xChief Alternative Brokers

    There are many alternative broker s to xChief depending on the specific needs and preferences of the trader. Some popular options include:

    • TigerWit - offers innovative trading technology and social trading features, making it a suitable choice for traders looking for a unique trading experience.

    • Trading - provides a comprehensive range of trading instruments, competitive pricing, and reliable trading platforms, making it a recommended choice for traders of all levels.

    • TrioMarkets - offers a wide selection of trading instruments, advanced trading tools, and strong customer support, making it a recommended broker for traders seeking a professional trading environment.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is xChief Safe or Scam?

xChief's unregulated status and offshore regulatory license from the Vanuatu Financial Services Commission (VFSC, License No. 14777) raise concerns regarding the level of protection and oversight offered to clients. While the broker claims to provide negative balance protection and segregation of client funds, the absence of regulation by reputable financial authorities may increase the risk associated with trading with xChief. Traders should exercise caution and carefully evaluate the broker's reputation, trading conditions, and client feedback before deciding to invest with them.

Market Instruments

xChief provides a diverse range of over 150 trading instruments, enabling traders to access various financial markets. The broker offers a wide selection of Forex currency pairs, allowing traders to engage in currency trading across major, minor, and exotic pairs. Additionally, xChief offers trading opportunities in precious metals like gold and silver, which are popular for their perceived value and safe-haven status. Traders can also explore the commodities market, including energies like crude oil and natural gas, as well as agricultural products like wheat and corn.

Furthermore, xChief provides access to a range of global stock indices, enabling traders to speculate on the performance of leading stock markets worldwide. Lastly, the broker offers exposure to the rapidly growing cryptocurrency market, allowing traders to trade popular digital currencies such as Bitcoin, Ethereum, and Litecoin. With this extensive selection of trading instruments, xChief aims to cater to the diverse needs and preferences of traders.

Accounts

xChief offers a variety of trading accounts to suit the needs of different traders. The MT4/5.DirectFX and MT4/5.Classic+ accounts are designed for standard trading, providing access to a wide range of trading instruments. These accounts have a minimum deposit requirement of $10, making them accessible to traders with different budget sizes.

For those interested in PAMM (Percentage Allocation Management Module) trading, xChief offers pamm-MT4/5.DirectFX and pamm-MT4/5.Classic+ accounts, which allow investors to allocate their funds to experienced traders for potential profits.

Additionally, xChief provides cent-MT4/5.DirectFX and cent-MT4/5.Classic+ accounts for traders who prefer to trade with smaller volumes, as these accounts are denominated in cents instead of dollars.

Account Type MT4/5.DirectFX MT4/5.Classic+ pamm-MT4/5.DirectFX pamm-MT4/5.Classic+ cent-MT4/5.DirectFX cent-MT4/5.Classic+
Minimum Deposit $10 (or equivalent)
Account Currency USD/CHF/GBP/EUR/JPY USD/EUR USD/CHF/GBP/EUR/JPY
Size of 1 lot (Forex) 100 000
Stop Out 30%
Min Order Size (lots) 0.01 (increment - 0.01)
Welcome bonus $500 Available No
Swap-free

Demo accounts are available for traders to practice their strategies and familiarize themselves with the trading platform without risking real money. xChief also offers Islamic/Swap-free accounts for clients who follow Islamic principles and wish to trade without incurring interest charges. With this wide range of account types, xChief aims to cater to the diverse preferences and trading styles of its clients.

Leverage

xChief offers leverage of up to 1:1000, which provides traders with the opportunity to amplify their trading positions and potentially increase their profit potential. With high leverage, traders can control larger positions with a smaller amount of capital, allowing for greater flexibility and potential returns. However, it's important to note that while leverage can enhance profits, it also magnifies losses, so proper risk management is crucial when trading with high leverage.

Spreads & Commissions

xChief offers competitive spreads and commissions to its traders. The spread for DirectFX accounts is floating from 0 pips, which means traders can benefit from tight spreads on their trades. For Classic+ accounts, the spread is floating from 0.3 pips, still providing traders with favorable trading conditions. It's important to note that spreads may vary depending on market conditions and the specific trading instrument.

As for commissions, xChief provides detailed information on its website. Commissions are charged based on the account type and vary accordingly. More deails can be founded in the table below.

Account Type MT4/5.DirectFX MT4/5.Classic+ pamm-MT4/5.DirectFX pamm-MT4/5.Classic+ cent-MT4/5.DirectFX cent-MT4/5.Classic+
Spread Floating from 0 pips Floating from 0.3 pips Floating from 0 pips Floating from 0.3 pips Floating from 0 pips Floating from 0.3 pips
Commission Forex, Metals, Commodities, Indexes - $15 per MioStocks, Crypto - 0.1% Forex, Metals, Commodities, Indexes - freeStocks, Crypto - 0.1% Forex, Metals, Commodities, Indexes - $15 per MioStocks, Crypto - 0.1% Forex, Metals, Commodities, Indexes - freeStocks, Crypto - 0.1% Forex, Metals - $15 per Mio Forex, Metals - free

By offering competitive spreads and transparent commission structures, xChief aims to provide its clients with cost-effective trading solutions and enhance their overall trading experience.

Below is a comparison table about spreads and commissions charged by different brokers:

Broker EUR/USD Spread Commissions
xChief 0.0 pips Variable
TigerWit 1.0 pips No
Trading 0.6 pips Variable
TrioMarkets 0.3 pips Variable

Please note that the information provided is based on the available data and may be subject to change. It is always recommended to verify the current spread and commission rates with the respective brokers before making any trading decisions.

Trading Platforms

xChief offers a wide range of trading platforms to cater to the diverse needs of its clients. One of the primary platforms provided is MetaTrader 5 (MT5), a powerful and advanced trading platform known for its comprehensive features and flexibility. Traders can access MT5 through various versions, including MT5 for Android, MT5 for iPhone and iPad, and MT5 WebTerminal, allowing them to trade on the go from their mobile devices or through a web browser.

MT5

Additionally, xChief also offers MetaTrader 4 (MT4), a popular and widely used platform known for its user-friendly interface and extensive charting capabilities. Traders can access MT4 through MT4 for Android, MT4 for iPhone and iPad, and take advantage of its features to execute trades efficiently. Moreover, xChief provides its own xChief App, offering a convenient and intuitive trading experience for clients.

MT4
MT4

With these robust and versatile trading platforms, xChief aims to empower traders with the necessary tools and technologies to make informed trading decisions and execute trades effectively.

See the trading platform comparison table below:

Broker Trading Platforms
xChief MetaTrader 4 (MT4)
TigerWit TigerWit WebTrader
Trading.com MetaTrader 4 (MT4)
TrioMarkets MetaTrader 4 (MT4), MetaTrader 5 (MT5), TrioMarkets WebTrader

Copy Trading

xChief offers a copy trading feature, which allows traders to automatically replicate the trades of experienced and successful traders in real-time. With copy trading, traders can benefit from the expertise of seasoned professionals without the need for extensive market knowledge or analysis. xChief's copy trading platform enables users to browse through a selection of skilled traders, evaluate their performance metrics, and choose to copy their trades with a simple click.

This feature is particularly beneficial for novice traders who can learn from experienced traders and potentially achieve similar trading results. It also saves time and effort as traders can rely on the expertise of others while still having control over their trading activities. xChief's copy trading feature provides a convenient and efficient way for traders to access profitable trading strategies and potentially enhance their trading performance.

Deposits & Withdrawals

In terms of deposit and withdrawal, like many good brokers, xChief provides a detailed form with important information about payment options, transfer currencies, fees, and transfer time. The feasible payment methods are Bank Wire Transfer, Local Transfer Solutions, Credit/Debit cards, and Electronic Payments including Skrill, Neteller, Advanced Cash, Perfect Money, and FasaPay.

The minimum deposit requirement is set at a competitive $10, allowing traders with different budgets to access the platform. The acceptable currencies include USD, EUR, GBP, CHF, and JPY, providing flexibility for traders from different regions.

xChief minimum deposit vs other brokers

xChief Most other
Minimum Deposit $10 $100

While Credit/Debit card deposits incur a 2% fee, Perfect Money deposits have a fee of 1.99%, and other deposit methods are fee-free. The processing times for deposits vary, with Bank Wire Transfer taking 1-2 business days, Local Transfer Solutions being processed within 24 hours, and Credit/Debit cards and Electronic Payments being instant.

Deposits
Deposits

Withdrawals from xChief generally take up to 1 business day, and withdrawal fees depend on the chosen method. Clients are encouraged to refer to the provided screenshot for specific information.

Withdrawals

Customer Service

xChief is committed to providing excellent customer service to its clients. Traders have access to multiple channels to reach out for support, including live chat, phone, and email. The availability of live chat ensures quick and real-time assistance, while phone support offers the convenience of direct communication. Additionally, clients can utilize email support for more detailed inquiries or requests. The broker values transparency and provides its company address openly, which adds to the trustworthiness of their operations.

Customer Service

Traders can also find answers to common questions through the readily available FAQs section, which offers self-help resources. Furthermore, xChief maintains a strong presence on various social networks such as Telegram, Twitter, Facebook, and Instagram. By following the broker on these platforms, traders can stay updated with the latest news, market insights, promotions, and engage with the xChief community.

FAQs

With their comprehensive customer service options and active social media presence, xChief aims to ensure that clients receive the necessary support and stay well-informed throughout their trading journey.

Pros Cons
• Live chat support • No 24/7 customer support
• Multilingual support
• FAQ section available for self-help
• Social media presence

Note: These pros and cons are subjective and may vary depending on the individual's experience with xChief's customer service.

User Exposure on WikiFX

On our website, you can see that some reports of unable to withdraw and severe slippage. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

User Exposure on WikiFX

Conclusion

In conclusion, xChief offers a diverse range of trading instruments, competitive spreads, and multiple account types to cater to different trading preferences. They prioritize the safety of client funds through segregation and negative balance protection. The availability of popular MetaTrader platforms enhances the trading experience.

Frequently Asked Questions (FAQs)

Q 1: Is xChief regulated?
A 1: Yes. Their Vanuatu Financial Services Commission (VFSC, License No. 14777) license is offshore regulatory.
Q 2: Does xChief offer demo accounts?
A 2: Yes.
Q 3: Does xChief offer the industry leading MT4 & MT5?
A 3: Yes. It supports T4, MT5, and xChief App.
Q 4: What is the minimum deposit for xChief?
A 4: The minimum initial deposit to open an account is $10 or equivalent.
Q 5: Is xChief a good broker for beginners?
A 5: No. Though it advertises well, it lacks valid regulation.

News

 WikiFX Broker Assessment Series | Is xChief Legit or a scam?

News WikiFX Broker Assessment Series | Is xChief Legit or a scam?

2024-03-18 19:09

xChief (formerly known as Forex Chief) is a forex broker located in Mwali, regulated by Reg.number HY00923433 the Mwali International Services Authority (MISA). xChief, It was founded in 2014.

WikiFX
2024-03-18 19:09
News
 WikiFX Broker Assessment Series | Is xChief Legit or a scam?
Changes to the trading schedule on November 23-24, 2023

NewsChanges to the trading schedule on November 23-24, 2023

2023-11-27 14:10

Forexcheif broker wishes to inform traders that trading schedule alterations will be implemented on November 23-24, 2023, in observance of the Thanksgiving holiday in the United States. The broker is therefore requesting their users to kindly take this information into account while conducting your transactions.

WikiFX
2023-11-27 14:10
News
Changes to the trading schedule on November 23-24, 2023
WikiFX report: Ex-Japan Forex Chief Sees Kuroda Standing Firm Despite Weak Yen

NewsWikiFX report: Ex-Japan Forex Chief Sees Kuroda Standing Firm Despite Weak Yen

2022-04-19 15:51

Bank of Japan Governor Haruhiko Kuroda won’t change his ultra-low interest rate policy in the coming quarters, even though he’ll come under political pressure to do so over the weak yen, according to one of the country’s former chief currency officials.

WikiFX
2022-04-19 15:51
News
WikiFX report: Ex-Japan Forex Chief Sees Kuroda Standing Firm Despite Weak Yen
30+ Reasons to Choose ForexChief

News30+ Reasons to Choose ForexChief

2021-12-15 18:31

ForexChief have been providing services for 7 years! ForexChief started its activity in 2014 and is a well-known brand now.

WikiFX
2021-12-15 18:31
News
30+ Reasons to Choose ForexChief

User Reviews

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Monesko
0-3months
I have been cooperating with xChief for a whole year now, having opened my first account and everything has been going quite smoothly during this time. Besides, I actively participate in the affiliate programme and contests, sometimes I manage to take advantage of various bonus promotions. In general, xChief is not a bad broker.
2024-03-27 19:57
Reply
0
0
PastoreFX
0-3months
Beware of this broker! In 10 years of trading, never encountered such a fraudulent broker even remotely! Market prices are manipulated exorbitantly and hardly ever correspond to the real market prices! Sometimes up to 8-10 pips for the broker's advantage without any reason! Positions in the negative are automatically closed by the broker to maximize losses! Deposits without verification and trading are allowed but only via crypto, complying with all regulations! Withdrawals are systematically canceled and not processed! Once deposited, the money is gone forever!
2024-02-28 16:57
1
0
0
PolTrader
0-3months
I've been a loyal customer for years, and without a doubt, they stand out as the best. Having tried numerous brokers, I can confidently say I've never encountered any issues with them. Their executions are top-notch, and deposits and withdrawals are almost instant. I've earned significant profits with them, and I haven't faced a single problem along the way.
2024-02-13 20:42
Reply
0
0
FX4748739020
more than one year
it is just like a Luxry Resturant that you can not see its kitchen they have Huge delay on order executions by using VDP Plugin also having hidden spreads on indexes to prevent profits Stay away
2024-02-13 16:18
Reply
0
0
Korban
0-3months
After spotting Forexchief on a forum where a trader showcased their impeccable trades, I decided to give it a shot. Since then, it's been nothing but satisfaction. Easy transactions, solid support, and consistent profits. In sum, I am satisfied with this company
2024-02-07 01:16
Reply
0
0
Mia8311
0-3months
ForexChief – a trading platform that stands out! What hooked me initially was the modest $10 entry point, making it incredibly accessible for newcomers. The convenience of their well-designed app has made my trading experience flexible and hassle-free. The adrenaline junkies will appreciate the sky-high 1:1000 leverage, adding an extra layer of excitement to the game. However, it's crucial to remember the fine balance between risk and reward. Assess your risk appetite diligently, and with the right strategy, this platform offers an exciting journey for traders of all levels.
2024-02-02 00:49
Reply
0
0
Homel
0-3months
My work with xChief has been predominantly positive. Deposits/withdrawals are made quickly. The terminal works stably. There was no need to contact support.
2024-01-08 18:08
Reply
0
0
JeepLee
more than one year
Hello guys! I've recently been dabbling in the numerous trading waters offered by ForexChief. Their platform comes equipped with the MT4 and MT5, which definitely adds a feel of familiarity. But what stood out for me was the variety of market instruments - metals, commodities, crypto, and more! It certainly adds a dynamic feel to the trading journey. Just a heads-up though, their regulation comes from an offshore body, so careful navigation is advised. At the end of the day, remember to enjoy the waves but also respect the currents. Safe trading!
2023-12-04 14:03
Reply
0
0
sicong
more than one year
Just came across a platform that I found interesting - ForexChief. The fact that you can start with just $10 caught my eye - you don't come across accessibility like that every day. Plus, they've got a great app to make trading more flexible and convenient for us folks always on-the-go. The thrill-seekers among us will appreciate the adrenaline rush that comes with a high leverage of 1:1000 too. But remember, high risk can mean high rewards or high losses, so assess your risk appetite and trade wisely!
2023-12-01 12:14
Reply
0
0
Hsotude
6-12months
A very reliable broker. One of my friends recommended me to use this broker. It's already 5 months I am trading in Forexchief and everything is okay. Lots of bonuses, low spreads and a great 244/7 support.
2023-05-30 20:20
Reply
0
0
噯緈緈
more than one year
I've been trading in forexchief for about two months, and for now everything is OK. However, I see some exposures on wikifx... is forex chief a scam? should I withdrawal all my money to avoid possible scams??
2023-02-16 10:07
1
0
0
Romane19
more than one year
thanks you
2023-01-10 05:05
Reply
1
1
AsimBinNazim
more than one year
i wish i could give it -5 stars. cheapest broker ever. blewed my account. there was $500 bonus in it but as soone as my equity went, it closed all the trades and deducted the bonus. what is tye purpose of that bonus if it will not save you in floating?
2022-12-15 03:24
1
0
0
青云-御剑
more than one year
I have always had a good impression of them, but I don’t know why now they changed so much. They seem to be quite different from the past. The slippage is very serious and the withdrawal is very slow.
2022-11-23 17:29
1
0
0
Hà Lực
more than one year
Trading conditions on this platform seems quite attractive… but when I tested its demo account, the spreads on the eur/usd pairs as high as 4 pips, I just cannot accept such high spreads, and I’ll choose another alternative.
2022-11-23 14:20
1
0
0
™妖♠孽 
more than one year
From the beginning things were normal, because the trading was normal, there were no serious slippages, the speed of withdrawals was reasonable... But recently the situation has changed!! Serious and negative slippage started to emerge, and withdrawals are a long time coming.
2022-11-21 09:30
1
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