Comparison of ForexChief’s trading account types and platforms

ForexChief

ForexChief is an STP broker authorized by the VFSC and offers online trading services to investors worldwide. The company’s foundation is built on innovation and customer support. ForexChief provides a well-structured trading environment that enables traders to invest in over 150 trading instruments, including forex, precious metals (gold and silver), commodities (crude oil and gas, including WTI and Brent), CFDs on indices (10 major stock indices), and stock CFDs (shares of prestigious brands worldwide). It operates as an STP-ECN broker, falling into the “no dealing desk” category. This feature allows traders to interact in the markets without intermediaries or price manipulation. The trading conditions are optimal, with low minimum deposits, variable spreads starting from 0.0 pips, and trading commissions starting from zero. The available platforms are among the best globally, including MT4 and MT5, both in desktop and mobile app versions.

To cater to every trader’s investment capabilities, the broker offers a wide range of account options. Regardless of experience level, risk appetite, or investment volume, every investor can find a suitable solution.

The available accounts include:

• Cent Account
• Classic+ Account
• DirectFX Account
• xPrime Account

Visit the official ForexChief website

Cent Account

The Cent account is ideal for beginner traders who want to get involved without risking too much capital. However, it’s not limited to beginners; even experienced traders can choose this account to take advantage of all available tools and functions without committing significant capital. This account does not require a minimum deposit, allowing each customer to decide when and how much to deposit based on their style. With limited maximum leverage, spreads starting from 0.9 pips, and the option to trade in micro lots, traders can manage their investments effectively with minimal risk.

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Classic+ Account

The Classic+ Account is designed to allow traders of all experience levels to start trading with the broker. With available tools, favorable conditions, zero trading commissions, and spreads starting from 0.6 pips, this account caters to the needs of most traders. It offers an extremely low initial deposit requirement and leverage of up to 1:1000, providing customers with the opportunity to trade effectively. The account also features STP-type order execution, enabling traders to interact in the markets without intermediaries, ensuring speed and convenience.

Open a Classic+ Account with ForexChief

DirectFX Account

Designed primarily for professional traders, the DirectFX account offers everything you need for high-performance trading. Through the use of available tools and services, clients can conduct accurate technical analyses and create precise trading strategies to achieve their objectives. With a wide range of contracts available (over 150) and maximum leverage of 1:1000, along with spreads among the lowest on the market (starting from 0.3 pips), these conditions are ideal for investors looking to maximize their experience and knowledge in the markets. As a no dealing desk ECN type account, it provides extremely fast and effective execution without intermediaries, a fundamental feature for professional traders who need to respond swiftly to market fluctuations.

Open a DirectFX Account with ForexChief

xPRIME Account

The xPRIME account is the right choice for traders with substantial investment volumes. Structured to facilitate the development of precise trading strategies, this account offers optimal trading conditions, such as spreads starting from zero, low trading commissions, no limit on open orders, ECN execution without intermediaries, and a wide range of available tools (over 150).

Open an xPRIME Account with ForexChief

Types of Accounts Compared

Every trader is different, and each of them interacts in the markets following their own style. Trading strategies, risk appetite, and level of experience are factors that determine investors’ choices. Forex Chief offers an account list compatible with any type of trader and allows its customers to choose the account that best suits their needs. In the following table, interested parties can compare in detail all the characteristics of each individual account and choose the one most suitable for their modus operandi.

It’s important to note that any commissions incurred are on each individual lot per side, charged to both parties at the time of opening the position. The commissions illustrated in the previous table refer to the expenses for trading Forex and metals. For the remaining instruments, traders can verify the trading costs by reading the contractual specifications.

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How to Open an Account with ForexChief

As mentioned earlier, traders have the opportunity to start investing by choosing the type of account that best suits their needs. The registration process is simple and quick and can be completed in a few minutes by entering the requested information in the appropriate spaces.

To register successfully, follow the next simple steps:

First Phase

To begin, the trader must visit the official website and click on the “Register” button located at the top right of the page. In the new window, you can start registering by entering the necessary information such as name, surname, citizenship, telephone number, and valid email. Accept the terms and conditions (we recommend reading them carefully) and click “continue.”

Email Verification Code

By clicking on “continue,” you will have access to a new page where you will need to enter the verification code sent to the email provided during the registration process. Enter the code and click “Continue.”

Choice of Account Type

Now the trader will need to choose the right account for their style and select the type of platform to use between MT5 and MT4, position accounting system, currency to use, and maximum leverage. Click on “Account open.” The registration was successful, and now the new customer will have to set a secure password and proceed with the verification process to activate the account finally.

Verify Personal Data

To activate their account, the new customer will need to complete a verification process to provide their real identity and country of origin. To do so, they must send a clear, color double-sided photo of a valid identification document (identity card, passport, driving license) and a photo of a document certifying their country of origin, such as a recent utility bill with the applicant’s address.

Deposit and Start Investing

If the result is suitable, the customer will be able to make the first deposit, request the welcome bonus, and start investing in a wide range of instruments on the selected platform (MT4 or MT5 on desktop, web, or mobile app).

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Available Platforms

ForexChief allows customers to interact in the markets through some of the best software available: MT4 and MT5. These latest-generation platforms integrate technologically advanced tools and functions for optimal trading performance. They are intuitive, easy to use, compatible with any trading style, and allow traders of any experience level to maximize their trading abilities.

MT4

Undoubtedly, one of the most popular and widely used online trading platforms in the world. MetaTrader 4 is an intuitive, easy-to-use software that enables the use of a wide range of latest-generation tools and services, precise market trend analysis, and the programming of robots with the MQL4 trading language for automated trading.

Excellent Order List

Through the platform, the trader can create effective strategies using various types of orders, including market orders, stop orders, and limit orders. To proceed with any transaction, in addition to using the dedicated window, the customer can send orders directly from the charts. This feature simplifies and speeds up the process and significantly increases earning potential. Furthermore, thanks to the OneClickTrading function, the customer can execute any operation with a single click of the mouse.

Professional Technical Analysis

Accurate analysis is the key to success. MetaTrader 4 offers traders more than 40 indicators that can be used for detailed analysis and precise determination of market trends. Furthermore, as a fully customizable platform, MT4 allows customers to program indicators according to their own style.

Simple and Compatible

The software has a simple structure and offers an intuitive interface that is compatible with any level of experience. Each customer can view and use any available function or tool with extreme ease: detailed information, simple installation and configuration, excellent analytical capabilities, news feed, integrated service for trading signals, and much more. If the trader deems it necessary, they can customize functions, graphs, and other tools to tailor the platform to their needs.

MT4 is available on any existing device and operating system. Each trader will be able to choose the version they want, including desktop, web, and mobile apps for Android and iOS.

• Compatible with any level of experience, the platform allows for simple use by both expert and beginner traders.
• Social trading and signal services are available, allowing you to interact with other traders and share information useful for achieving your goals.
• A wide range of customizable technical analysis tools is available.
• The possibility to use Expert Advisors and robot trading with the MQL4 language for automatic trading.
• A totally free library of indicators, consultants, and scripts.
• MQL4 programming language allows you to create indicators and robots compatible with your own style.
• Integrated economic and financial news.
• A mobile version is available so you can have full control of your operations and account anytime, anywhere.
• Secure data encryption.

Invest on the MT4 platform with ForexChief

MT5

The updated version of the older MT4, the MT5 multi-asset platform offers high performance for professional trading. The fully customizable software, in addition to integrating MT4 functions and tools, allows you to access a wide range of financial information and news, the latest generation analytical and technical tools, and additional services.

Available Markets

Multi-asset platform that allows you to trade on a wide range of markets, including Forex currencies, spot metals, CFDs on shares, and commodities. Furthermore, it is also available in «one-stop» mode.

One-Click Trading Integrated

An indispensable service for reacting in time to market changes, it allows you to carry out any operation with a single click. The customer will be able to perform their work through the market overview window and easily view all the information on the selected instrument: price, spread, swap, bid/ask, high/low.

Professional Order Execution

The platform offers four distinct order execution modes: instant execution, market execution, on-demand execution, Exchange, and 2 types of pending orders. In addition to ordinary opening positions, MT5 allows customers to open BuyStopLimit and SellStopLimit orders through direct interactive management from the price list, providing more flexible investment solutions.

Time Periods

A total of 21 different time periods are available, ranging from one minute to a month, including non-standard ones. This feature allows for the creation of excellent trading strategies and a thorough analysis of the results obtained.

Integrated Economic Calendar

Knowing events capable of moving the markets is essential, and MT5 allows you to view the precise timing of each press release, with the importance of the event highlighted by the color of the indicator.

Social Trading

The service allows customers to share their knowledge and copy the operations of expert traders, reaping the same benefits. Among the large list of free trading signals, the customer will be able to choose the ones most compatible with their needs. Inexperienced traders can follow a useful training course to understand how to choose and verify the characteristics of the signals, how to sign up, and evaluate the quality of the strategies.

Technologically Advanced Tools and Services

MT5 includes indicators, scripts, robots, utilities, and much more among the available tools and services. With MT5, the trader will be able to use over 38 technical indicators and 44 free analytical tools. If deemed necessary, the customer will be able to both create and purchase the requested instrument in the dedicated store. With extreme ease, the customer will be able to access the store, choose the tool, and test it before purchasing.

Integrated Virtual Hosting

To optimize the functioning of robots and trading signals, MT5 offers VPS servers, free for the first 24 hours of Forex hosting.

MT5 is fully compatible with any device and operating system, available in desktop, web, and mobile app versions on any iOS and Android device.

Invest on the MT5 platform with ForexChief

Posted by Maria Sanchez

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Maria is an expert of financial markets, bringing all the information from English to Spanish for a better understanding of the online traders. She is also a day trader with experience in developing trading strategies that generate profit while minimizing risk and working under high pressured environment. While being a portfolio manager by herself, she focuses on marketing and consultancy of financial and Insurance products.