When creating a brokerage company, its owners use the concept of a universal broker that carries out trading operations and provides services in the sphere of financial transactions on the expanses of the world virtual exchange network. Broker company ForexChief operates on the STP/NDD system, using an automated system for processing all transactions opened by investors. On the one hand, it works for traders, but on the other, if broker is dishonest, it can make fake deals to make users lose their money. In this scheme of work on international interbank trading, the broker is not a party to the transaction, but only acts as an intermediary and can take a rather big commission.
- Company Uses Trading terminals MetaTrader 4 and MetaTrader 5;
- Deposit currency: US dollar; Swiss pound; British pound; EURO; Japanese yen; Russian ruble;
- The minimum number of currency units to start trading is 1 US dollar;
- Spreads are absent;
- Bonus when you open a deposit of 20 US dollars.
Too small minimal number of currency, bonus and absence of spreads are tricks, used by dishonest brokers to attract their clients.
ForexChief is said, to have the license of Dealer in Securities issued by the VFSC commission. This cannot be a reliable license. The license could be from CySEC in Cyprus, ASIC in Australia or the FCA in the United Kingdom. Any other licensing companies are not able to give a real license to brokers, that is why ForexChief has no license.
Some scam brokers make their own training program for new traders. Very often such training leads only to lose your money because broker gets to profit from every unsuccessful deal. ForexChief has its own training courses. All the information about it is in the library block. You can find out:
- History of Forex;
- The first steps of the trader;
- Articles about trading;
- Forex trading strategies;
- Trading indicators;
- Schedule of trading sessions.
Most of this information is useless or even harmful for traders. No one will teach you, how to make huge profits. The purpose of all educational courses of ForexChief is to teach you, how to lose your money at their broker.
ForexChief is an average all-around partner for trading on Forex Stock. Trading conditions are average. There is a so-called “Welcome bonus” in the amount of one hundred US dollars. The amount goes to the account when the deposit is opened, and the client can work on the stock exchange immediately, without submitting documents for verification. This action is definitely a brilliant move, and it brought them a lot of customers. The trust index of the company is very small. Its assessment of trust on rating sites does not reach three points out of five. This is a bad indicator. Do not use brokers like ForexChief for bonuses, promotions and lack of commission. Each broker earns on spreads and commissions. If the company offers minimal spreads and no commission, think about what the broker earns money on? The client’s deposit remains in the scheme. And in order to collect the money of the trader, the ForexChief have many tools and methods.