• Mon. Feb 26th, 2024

Forex Chief Review (forexchief.com) FRAUD EXPOSED – Forex Chief Scam Broker

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Byfraudulentbrokers.com

Jul 10, 2023
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Forex Chief (forexchief.com)
Conclusion
After you have done your evaluation of Forex Chief, you can conclude that this brokerage is up to no good and you should look for a different option.
Broker Rating
0.1

Forex Chief (forexchief.com) is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! ForexChief scam works by getting you to believe you can become rich by trading with them.

Forex Chief Review

Finding a professional and dependable brokerage may sound simple, but there are a lot of challenges you have to overcome to make it possible. This is due to the fact that there are thousands of companies offering their services and every single one of them seems to be a good one. But, this does not mean that they really are what they promise because there are plenty of scammers operating in the space.

Forex Chief

 


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You cannot come to a conclusion about any brokerage based on what they claim. Doing your own evaluation is a must because it can help you make a good decision. This Forex Chief review is aimed at helping you accomplish this goal.

There are numerous online brokers that claim to be decent companies and promise all the right features and tools you could imagine. You will be tempted to open an account with them, but you should bear in mind that scam platforms are also quite well-designed and it is not easy to tell them apart from the legitimate ones in just one glance. You need to evaluate a broker’s offerings carefully before deciding whether they are a good one or not.

This will help you assess if a company is capable of delivering everything it promises and if you should consider it for your trading journey. Taking the same approach in the case of Forex Chief is a good idea. It sounds like a reasonable and good broker on the surface; a host of trading instruments, competitive spreads, top trading platforms and generous leverage help make it an excellent package.

Forex Chief

 

You need to evaluate their offerings to know if they are truly good or not. Let’s check it out:

Licensing and regulation

When you decide to evaluate a broker, you should always begin with their licensing and regulation. Every expert will recommend that you only use the services of a licensed brokerage because it adds a layer of security. A license is only issued when a company has met certain requirements and it has to comply with rules and regulations. Also, its activities are also monitored, which also gives you reassurance because this ensures transparent services.

Every legitimate company will obtain a license, but you should always verify it to ensure they are telling the truth. After all, this is the internet and anyone can claim anything they want. The same seems to be the case with Forex Chief because its website indicates that it is based in the United Kingdom. While it does not specifically mention regulation, the fact that it is operating from the UK means that it should have a license from the regulatory body.

Brokers are not permitted to offer their services in the UK without the authorization of the Financial Conduct Authority (FCA), which is one of the top regulatory bodies in the world. However, when you search the name of Forex Chief in the online register of the FCA, you will not find it listed at all. As a matter of fact, things take a turn for the worse when you discover that the FCA has actually blacklisted the brokerage.

Indeed, you will find that a warning has been issued by the FCA about Forex Chief because it appears that the brokerage is operating illegally in the country. The warning states that Forex Chief does not have a license from the FCA and is providing its services to people without proper authorization, which means it cannot be trusted. This is certainly not the definition of a good broker.

Trading platform

The trading platform that an online brokerage provides is crucial for trading because without it, you cannot possibly execute any trades. Furthermore, it also provides the trading tools that are used for making decisions, so it is of the utmost importance. Therefore, it is understandable that every trader would want to have access to the top trading platform and this is exactly what Forex Chief promises.

But, as it turns out, it is easy to make promises, but fulfilling them is a completely different matter. The presentation on the Forex Chief website promises the MT4 and the MT5 trading platforms, but you will not find them anywhere. Instead, the platform that they do offer is a basic and primitive web trading platform that has nothing special to offer. This type of platforms are quite common amongst shady, low quality, or fraudulent brokers that have to keep up appearances.

Trading conditions

You should always evaluate the trading conditions an online brokerage is offering you, as they will affect your bottom line in the long run. This is another area where Forex Chief does not live up to the mark. They claim to offer competitive spreads, but they start at 3 pips, which is nowhere close to competitive. In fact, they are more than three times higher than what many other brokerages are offering.

They do live up to one promise; generous leverage. You will find that the ratios offered at Forex Chief are as high as 1:200 and this is also proof that the brokerage cannot operate legally from the UK. The FCA has limited the amount of leverage that can be offered to 1:30 for retail traders because leverage can be extremely dangerous, yet Forex Chief is offering significantly higher ratios.

Deposits

Evaluating the payment options for making deposits is also essential because you want to make your payments safely and quickly. You will find that Forex Chief only allows deposits via bank wire transfers and different cryptocurrencies. The problem with these methods is that none of them are eligible for a chargeback.

This means that if something were to go wrong and you wanted to get your money back, you would not be able to do so. Brokers like Forex Chief go to great lengths to not offer payment methods that allow a refund because their goal is to keep your money. Therefore, options like credit cards are not available here.

Conclusion

After you have done your evaluation of Forex Chief, you can conclude that this brokerage is up to no good and you should look for a different option.

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