How to open ForexChief’s Trading Account?
- Go to ForexChief’s Official Website;
- Click on “Open a Live account” button at the top of the page;
- Fill in the application form and submit online;
- Receive login credentials of your account from ForexChief;
- Log in to ForexChief’s client portal and make a deposit via any method you like;
- Log in to ForexChief’s trading platform and start trading.
With ForexChief, you can open a live and demo trading account in a few minutes.
During the account opening process, you may need to choose an account type and a platform to trade on.
For more information about ForexChief’s trading conditions, available tool and bonus promotions, go to ForexChief’s Official Website.
Comparison of ForexChief’s Trading Account Types
ForexChief mainly has 6 trading account types.
Each account type of ForexChief has different trading conditions to suit every investor’s needs.
See the table below for the comparison of ForexChief’s trading account types.
|Account Type||MT4 DirectFX||MT4 Classic+||pamm-MT4 DirectFX||pamm-MT4 Classic+||cent-MT4 DirectFX||cent-MT4 Classic+|
|Trading Platforms||MT4 and MT5||MT4 and MT5||MT4 and MT5||MT4 and MT5||MT4 and MT5||MT4 and MT5|
|Required Minimum Deposit||$50||$50||$100||$100||$50||$50|
|Account Currency||USD, CHF, GBP, EUR, JPY||USD, CHF, GBP, EUR, JPY||USD, EUR||USD, EUR||USD, CHF, GBP, EUR, JPY||USD, CHF, GBP, EUR, JPY|
|Execution Model||Market Execution||Market Execution||Market Execution||Market Execution||Market Execution||Market Execution|
|Minimum Spread||0.0 pips||0.3 pips||0.0 pips||0.3 pips||0.0 pips||0.3 pips|
|Trading Commission||$1.5 per lot||None||$1.5 per lot||None||$1.5 per lot||None|
|Contract Size||100,000 units||100,000 units||100,000 units||100,000 units||100,000 units||100,000 units|
|Stop Out Level||30%||30%||30%||30%||30%||30%|
|Tradable Markets||60+ Forex, Metals, Energy, Indexes, Crypto||60+ Forex, Metals, Energy, Indexes, Crypto||60+ Forex, Metals, Energy, Indexes, Crypto||60+ Forex, Metals, Energy, Indexes, Crypto||42 Forex, Metals||42 Forex, Metals|
|Minimum Trading Volume||0.01 lots||0.01 lots||0.01 lots||0.01 lots||0.01 lots||0.01 lots|
|Maximum Trading Volume||100 lots||100 lots||100 lots||100 lots||100 lots||100 lots|
|Maximum Number Of Simultaneous Orders||500||500||500||500||200||200|
|Maximum Simultaneous Trading Volume In Total||Unlimited||Unlimited||Unlimited||Unlimited||1000 lots||1000 lots|
|Use of EAs||Allowed||Allowed||Allowed||Allowed||Allowed||Allowed|
|Welcome Bonus $500||Available||Available||Unavailable||Unavailable||Unavailable||Unavailable|
|Islamic Swap Free Account||Available||Available||Unavailable||Unavailable||Unavailable||Unavailable|
For a full transaction, the commission is taken in double size (for opening and closing a position) at the time of opening a transaction.
If there are active trading credits on the account, then the forced closing of positions can occur in two cases: if the margin level reaches the specified value, or the amount of funds on the account becomes less than the amount of active credits.
Trade server time corresponds to Eastern European Time (EET). EET = UTC + 2 (summer time = UTC + 3).
Types of ForexChief’s Trading Platforms
Along with the account types you have seen above, you also need to choose a trading platform to use for trading Forex and CFDs.
There are various types of trading platforms available for traders of ForexChief as below.
- ForexChief MetaTrader 5
- MetaTrader 5 platform for a stationary personal computer running Windows 7 and higher. Features: A new generation of the MetaTrader platform, the MQL5 programming language, the Code Base, a strategy tester, an application store, a wide range of DMA / STP tools
- ForexChief MT5 for iPhone and iPad
- MetaTrader 5 mobile platform for iPhone, iPad and iPod Touch with iOS operating system. Features: all types of orders from the desktop version of MT5, one-click trading directly from the chart, requires a minimum of resources, optimal consumption of network traffic, additional services and MT5 services.
- ForexChief MT5 for Android
- MetaTrader 5 mobile platform for smartphones and tablets running Android OS. Features: interactive quote charts, all types of orders from the desktop version of the MT5 terminal, a trading history log, scaling of price charts – timeframes from M1 to MN1, special additional services and services.
- ForexChief MetaTrader 4
- MetaTrader 4 platform for a stationary personal computer running Windows 7 and higher. Features: intuitive interface, MQL4 programming language, wide range of indicators and analysis tools, Direct Market Access through MT4 Bridge technology.
- ForexChief MT4 for iPhone and iPad
- MetaTrader 4 mobile platform for iPhone, iPod Touch and iPad with iOS operating system. Features: a convenient and well-thought-out interface with a full set of functionalities provided for the stationary version of the platform.
- ForexChief MT4 for Android
- MetaTrader 4 mobile platform for smartphones and tablets running Android OS. Features: interactive quote charts, customizable Market Watch, trade history log, 30 technical indicators, user-friendly interface and minimal traffic consumption.
The download links of ForexChief’s trading platforms can be found in ForexChief’s Official Website.
ForexChief’s Order execution policy
When opening a trading account with an investment company, a trader should, first of all, familiarize himself with the Regulations for Trading Operations.
This document defines the rules for making transactions, I also establish the legal basis for resolving disputes arising between the client and the company.
Practice shows that only a small part of clients study the Regulations and the Client Agreement, which they accept in the form of a public offer when registering on the broker’s website.
Considering that these documents determine the general conditions for performing trading operations, it is sometimes difficult for even an experienced trader to imagine exactly how his order will be executed in a given market situation.
Aware of the need to describe the pitfalls that a trader will have to face, the company has developed an Order Execution Policy, which aims to warn clients about the most difficult aspects of transactions on trading accounts opened with ForexChief.
Slippage of stop orders (Buy Stop, Sell Stop, Stop Loss)
The most common question for beginners is why I placed a stop order at one price, and it was filled at another? The answer to this question lies in the very nature of a stop order.
First, a stop order is a condition upon which a market order is sent.
In fact, it means – “I want to buy/sell at the first available price (ie” at the market “), if such and such a price appears.” Secondly, market pricing implies the conclusion of transactions only with the consent of both parties – the seller and the buyer.
This means that it is impossible to execute a stop order at the price set by the client if there are no such prices on the market (i.e. no one is ready to buy or sell at this price).
Thus, in the event of a gap (“price gap”), a stop order can be executed only at the “gap price”, i.e. at the 1st affordable price.
The opposite logic applies to limit orders.
Limit orders can be executed at the client’s price, or at the best available price.
This means that when the limit order hits the gap, the broker will execute the order at the “gap price” (ie, at the 1st available price), which will bring the trader additional income in the form of “positive” slippage.
The speed of order execution during news time
On average, the speed of execution of client orders, from the moment they arrive at the trading server and until the confirmation is sent to the client, is 100 ms.
But, due to the over-the-counter nature of transactions, banks selling liquidity have the so-called last look condition, which gives them the right to “hold the order in processing until the market situation becomes clear.” This means that a trader who sends an order to open a position at the time of news publication may encounter a low order execution speed (the speed can be up to 3 seconds).
This does not mean that all such orders will be executed with a delay.
But such an opportunity exists, and the company encourages traders to incorporate such a risk into their trading system.
Forced closing of positions due to spread widening
Despite the fact that a trader may have a “locked” position on a trading account, i.e. the size of a short position for an instrument corresponds to the size of a long position, a Stop out can still occur on the account (forced closing of positions due to lack of funds).
As a rule, this situation is a consequence of widening the spread, which is significantly higher than the average at the time of the publication of economic news.
This means that on accounts with a floating spread, a trader has the opportunity to make deals with a very low spread, but the flip side of the coin is an unpredictable expansion of the spread, the value of which cannot be determined in advance.
Get ForexChief’s Trading Credits
Trade credit is additional leverage that allows you to increase your trading position and, as a result, your potential profit. But we must not forget that with an increase in the size of a position due to additional funds, the size of potential financial losses that await a trader in the event of an unsuccessful change in quotes also increases.
If there are active trading credits on the account, then the forced closing of positions can occur in two cases: if the margin level reaches 30% or the amount of funds on the account becomes less than the amount of active credits.
The trader should be fully aware of the risks involved in using trading credits.
ForexChief’s Financial guarantees against technical failures
It is no secret that forex brokers are often faced with technical failures, the causes of which can depend on many factors.
Considering that Forex itself is a difficult market for generating stable income, the probability of incurring losses associated with technical risks is unacceptable for a trader.
ForexChief is one of the few that provides its clients with guarantees of the safety of funds in the event of technical failures on trading servers.
At the same time, it does not matter whether it was a failure in the communication channels of the data center where the trade server is located, or technical problems on the counterparty’s side, or any other.
Each case is considered individually, but as a general rule, the company does not shift responsibility to its technology providers or liquidity providers but acts as the sole responsible person before the client.
Ultimately, ForexChief strives to insulate the trader from all negative factors that can affect their trading.
But, despite the fanatical attention to software and hardware, the company cannot guarantee the absence of technical failures on its trading servers or on the side of counterparties due to the very nature of information technology but can guarantee each client who has suffered losses due to such failures compensation commensurate with his losses.
Segregation of client funds
ForexChief uses a standard mechanism for separating client and own funds in bank accounts.
The use of this model is not only a mandatory requirement of financial regulators but also acts as an integral tool for protecting investors from the insolvency of a broker.
The company under no circumstances can use for operational activities the funds of customers, which are kept in special bank accounts.
Moreover, in order to maintain unconditional solvency, client funds are not transferred to the accounts of liquidity providers.
The Company uses its own financial resources as collateral on the accounts of counterparties, thereby guaranteeing the safety of clients’ funds in the process of placing orders on the market.
Among other things, the company does not store client funds deposited through electronic currencies in the wallets of payment systems.
In order to ensure investment security, funds deposited in this way are transferred to segregated bank accounts, which avoids their loss in the event of bankruptcy of an electronic payment system.
ForexChief as a liquidity aggregator
The need to design its own high-tech architecture for liquidity aggregation is dictated not only by the shortcomings of the technologies offered on the market but also by the desire to exclude from the STP / NDD agency model the risks associated with the concentration of the company’s entire trading turnover with one liquidity provider.
It is no secret that the high level of decentralization of the foreign exchange market allows the largest market makers to use various algorithms to customize feeds, which in turn forces brokers who earn money from reselling liquidity to create their own technologies for automatically finding the best prices to provide them to the end consumer.
Since the launch of the liquidity aggregator, ForexChief has been continuously working on its development.
The modular structure of the system allows not only to connect liquidity from ECN platforms, banks, large market makers and institutional brokers into a single stream but also to bring the quality of execution of trade orders to a fundamentally new level.
Ultimately, it is the technological equipment in the field of liquidity aggregation provided by a wide range of providers that forms the competitive advantages of a forex broker.
Thus, innovative developments significantly expand the capabilities of the agency scheme and allow the company to offer traders a high speed of order execution, tight spreads, low slippage and a small percentage of rejected orders.
Taking into account trading credits that can be used as a margin for transactions, as well as favorable conditions of the bonus program, ForexChief clients have the opportunity to significantly improve their trading results.
Combined with a transparent client order execution policy that assumes equally positive and negative slippage, the aggregator model is an integral part of the company’s business logic and allows it to compete with leading providers in the forex market.
Ultimately, the development of STP / NDD technology by integrating aggregator modules with the MetaTrader 4 platform creates the prerequisites not only for improving trading conditions, but also allows generating a comfortable environment for a trader in a systematic way.