ForexChief broker review
In an industry filled with scammers, the process of elimination becomes quite cumbersome unless you know what to look for. Fortunately, once you identify the characteristics of a bad broker, it becomes easier to take them off your list and remain with only those that can be trusted. This ForexChief review will show you the characteristics of a scam broker that anyone can use to tell the bad eggs from the good. We found this particular scam broker to be very sophisticated, which is why they have survived for about four years. Nevertheless, that made the unraveling all the more exciting, like a puzzle coming apart. Due to their crafty nature, it will make for a very good example.
Why is ForexChief a scam?
The best signs to look for in a legitimate are usually the most obvious ones. When you first open the ForexChief website, the first thing you see is the website design, and it honestly doesn’t look very well done. Mostly it looks similar to the Financial Times website, so the design was probably copied by the designer. So far, the ForexChief website review is not favorable for the company.
However, not to judge a book by its cover, why not dig deeper into the actual company. Our ForexChief review found that the company is registered and based in Vanuatu and has a license from the country’s Financial Services Commission. While this may be partly redeeming, it shouldn’t inspire much confidence. One of the reasons ForexChief may have chosen to set up shop in Vanuatu is their minimum capital requirements of $2,000. That would not cover any compensation to their clients if there was a complaint launched. Besides, being based offshore makes it inadvisable because it is very difficult to seek legal recourse.
Are you still asking yourself, is ForexChief scam real? By now you should already have seen how this company cannot be trusted based on their company profile. For further proof, just check out what their other clients have to say about them and ask yourself if you would wish to be in the boat.
Why has the ForexChief scam been active for so long?
The most successful scammers are those that know how to reel in new prospects. Because they know their past clients will not come back, their only option is to recruit new victims. In the case of the ForexChief scam, this has been achieved through their seemingly lucrative bonus program. The company provides a $100 welcome bonus as soon as a new client creates a live account, even before they have provided identification documents. That alone should be suspicious, but many people are instantly blinded by the promise of free money. They get you by making this deposit very difficult to withdraw, forcing you to make a deposit of real money.
According to their Terms and Conditions, which most people overlook, you need to achieve a turnover of $10 million. Below that is what seems like an easy way to achieve this, showing you that you could achieve a turnover of $225,000 by trading one lot. However, to get this turnover, you would need to make a 260-pip trade that is quite difficult on its own, and repeat the same success rate over 40 times! Furthermore, they can turn you down for the bonus for any reason including the make of your mobile phone. After some research, this was actually what a lot of their clients complained about in their ForexChief reviews. Also please keep in mind that brokers need to have your best interest in mind. Which means that they should be providing you with numerous webinars and info-sessions so that you can learn as you trade, the way XM is doing it. However, ForexChief has disregarded this feature completely, leaving you to trade blindly and with no support in knowledge.
Therefore, the reason ForexChief have been so successful is through a bait-and-hook strategy. All the while being covered by their carefully crafted Terms and Conditions. Do not fall for such scams, but instead be very careful and make sure to read between the lines.
ForexChief Account types
As you can see in the chart of their Account variations, MT4 is basically in your face, the broker is trying to make you use it by any means it possibly can. This is most of the times very shady, because of the fact that customers will not have any type of variation for trading platforms. What’s even more disturbing is the fact that they also offer trading on MT5, a better version of MetaTrader yet they still urge you to use MT4. We do not recommend to adhering to a broker’s advice when it comes to trading platforms, because the most comfortable trading platforms need to be chosen by you, and you alone, not somebody else, therefore we suggest you check Plus500 out when looking for variations in trading software. Furthermore, we do not trust ForexChief MT4 for any potential tinkering with the software to make it more profitable for the broker.
It is not seen in the picture, but a bonus is also a feature you can be expecting on their website. Most of the scammers when they first found about the bonus, they didn’t really pay much attention to it, regarding the fact that it may cost them money to rip off their customers. But rules from more trustworthy brokers have changed their minds.
You see, real brokers also had the same feature for the bonus, but got rules that customers can’t withdraw that bonus unless they traded specific amount. So the scammers jumped on the opportunity and started offering bonuses left to right and center. So we urge you to believe that this ForexChief bonus is definitely a part of that scam.
The minimum deposit
The minimum deposit ForexChief is asking from its customers is $100. Looks very attractive, doesn’t it? other brokers looked so scary when they asked for $10,000 or more for your first deposit, forcing you to make a commitment and actually pay attention to the funds you will be trading with.
This is an old trick in the books of scamming that this ForexChief minimum deposit is a part of. Scammers offer their customers low firs or minimum deposits as to lure in new ones because they know for sure that the old ones will not be coming back.
Summary of the review
We think it doesn’t need to be mentioned that we are not very positive about ForexChief. As pretty much everyone else, we dislike scammers and the things they do to tar the reputation of the Forex market. This ForexChief review is here to help you avoid these types of scammers so that we can finally make an end to all of them, clean the market and have it more accessible and relevant to the community.