XChief (Formerly ForexChief) is a multi-asset online broker offering 100+ instruments on the MetaTrader 4 and MetaTrader 5 platforms—access STP direct-to-market execution with no interference. Our xChief broker review will cover account types, leverage, sign-up and login requirements, regulation, and more.
xChief Overview
Founded in 2014 under the name ForexChief, this brokerage operates from its headquarters in Singapore. It is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities and holds membership in the Financial Market Association.
Utilizing STP/NDD technology, ForexChief offers direct-to-market execution via global servers, with a key emphasis on ensuring the technical stability of its trading platforms and servers. This focus aims to provide a secure and reliable trading environment for all clients.
In addition to its Singapore headquarters, the company has offices in Indonesia and Nigeria. With eight account types and five base currency options, ForexChief caters to a diverse range of global investors.
Trading Platform
xChief clients have access to both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two industry-leading platforms that are available for free download on PC and Mac, or accessible via all major web browsers.
In our experience with xChief, we found MT4 to be the most user-friendly option, particularly suited for beginners and forex traders. This was consistent with previous evaluations of the ForexChief platforms.
On the other hand, MT5 caters to more advanced traders, offering additional features and tools. These include two extra order types, 12 additional charting timeframes, and faster performance, making it ideal for trading non-forex assets.
xChief Metatrader 4
- 9 timeframes
- Live news streams
- Customizable charts
- 4 pending order types
- Analysis of quote dynamics
- MQL4 programming language
- Access to expert advisors (EAs)
- 50+ built-in technical indicators
- Ability to overlay analytical objects
- User-friendly, multilingual interface
- Social trading with signal service
xChief MetaTrader 5
- 21 timeframes
- One-click trading
- Copy trading support
- Built-in virtual hosting
- 4 order execution modes
- Built-in economic calendar
- 80+ built-in technical indicators
- Set stop loss and take profit levels
- Enhanced order management capabilities
- Customizable charts, view up to 100 simultaneously
MetaTrader is available in 10+ languages.
Assets & Markets
xChief provides trading opportunities across more than 100 assets, which is on par with many competitors. However, leading brokers tend to offer a broader selection of instruments and more variety within asset classes.
Here’s a breakdown of what xChief offers:
- Metals: Trade on price movements of silver and gold
- Commodities: Speculate on crude oil and natural gas prices
- Forex: Access over 40 major, minor, and exotic currency pairs
- Indices: Trade leading global indices like the FTSE 100, DAX 40, Nasdaq, and S&P 500
- Cryptocurrencies: Trade 5 popular crypto/USD pairs, including Bitcoin, Ethereum, and Litecoin
- Stocks: Invest in shares of top companies such as Amazon, Apple, Microsoft, and eBay
Please note that access to certain assets may depend on the type of account you open.
xChief Fees
All xChief account types feature floating spreads, with Direct accounts starting from 0 pips and Classic+ accounts from 0.3 pips. During our experience with ForexChief, we received spreads of 0.9 pips on major forex pairs like EUR/USD, which is competitive in the market.
Most account types also incur commissions. For example, stocks and cryptocurrencies generally have a 0.1% commission fee. A detailed breakdown of these fees is available in the account types section below.
Leverage
xChief offers leverage that varies by account type, with rates as high as 1:1,000. Since the broker is not regulated by a European Union authority, it does not adhere to ESMA’s leverage caps.
Our review found that leverage rates and margin requirements differ depending on the trading instrument and account currency, with position volume being a key factor. Here are the details:
- Minor Forex Pairs: For position volumes between $0 and $200,000, maximum leverage is 1:1000 with a 0.1% floating margin. For volumes above $7,000,000, leverage is reduced to 1:25 with a 4% floating margin.
- CFD Commodities: For position volumes between $0 and $50,000, maximum leverage is 1:50 with a 2% floating margin. For position volumes exceeding $100,000, maximum leverage drops to 1:10 with a 10% floating margin.
- Major Forex Pairs: For position volumes between $0 and $500,000, maximum leverage is 1:1000 with a 0.1% floating margin. For volumes over $10,000,000, leverage decreases to 1:25 with a 4% floating margin.
Mobile Apps
MetaTrader 4 and MetaTrader 5 are available as free mobile apps, compatible with both iOS and Android (APK) devices.
With these mobile versions, you can access all the key trading features of the desktop platform, including advanced analytical tools and fully customizable charts, right from your portable device, allowing you to trade on the go.
Payment Methods
Deposits
xChief does not charge fees for deposit payments, except for certain electronic methods. However, third-party bank charges or currency exchange fees may still apply.
The minimum deposit across all account types is $10 or the equivalent in other currencies, making it ideal for beginners with a smaller budget. Base currencies vary depending on the account and include USD, EUR, CHF, GBP, and JPY.
Available funding methods depend on your location and include:
- Bank Wire Transfer: Processing takes 1–2 business days.
- Debit/Credit Cards & UnionPay: Instant processing.
- Electronic Payments: Skrill, Neteller, WebMoney (0.8% fee), and Perfect Money (1.99% fee).
- Cryptocurrency: Supports 8 digital currencies, including BTC and ETH, with processing after 3 confirmations.
- Local Transfer Solutions: Options include Malaysia online banking and Mexico local transfers, with instant processing.
Withdrawals
Withdrawals must be returned to the original payment method used. Fees and processing times vary depending on the method:
- Cryptocurrency: 1-day processing with no fees.
- Bank Wire Transfer: This takes 2 business days with no charges.
- Local Transfer Solutions: Processing time ranges from 2 to 7 business days, with no fees.
- Credit/Debit Cards: Processing takes 2 to 7 days, with a minimum 2% commission and a $5 fee.
- Electronic Payments: Skrill: 1-day processing with a 1% fee, Neteller: 1 business day transfer with a 1.9% commission and $1 fee, WebMoney: 0.8% commission, and Perfect Money: 0.5% commission.
Please note that verification of personal details is required for credit/debit card and bank transfer withdrawals.
Demo Account Review
xChief provides a demo account on both the MT4 and MT5 platforms, allowing users to practice trading, explore platform features, and test strategies without any financial risk. While the exact details regarding virtual funds and the account’s duration are not specified, the demo account offers a risk-free environment for beginners and experienced traders alike.
Opening a demo account is quick and easy, requiring only a simple online registration form.
Deals & Promotions
xChief offers a range of bonus and incentive programs, including welcome deposit bonuses of up to $500 and no deposit bonuses of $100, depending on the trader’s location. However, these bonuses are typically available for trading purposes only and cannot be withdrawn until certain conditions are met. It’s important to review the terms and conditions before opting in.
Additionally, xChief provides trading credits, which are termless and interest-free funds used as equity for forex trades. Clients can receive trading credits with each deposit into a live account, covering up to 70% of the initial deposit.
The broker also occasionally offers promotions such as free VPS services, branded merchandise, souvenirs, and enhanced account or trading support. To view the current offers, visit the ‘Promotions and Bonuses’ section after signing up.
Regulation & Licensing
xChief is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities. While this regulation provides some oversight, it is not as stringent or reputable as regulators like the FCA, which offer more robust client protection. The VFSC allows for relatively quick and simple company setups but with limited safeguards for traders.
Despite this, xChief does adhere to important practices such as segregating client funds and offering protection against technical issues.
However, traders should be aware that accessing compensation through brokers not licensed within their local jurisdiction may be more challenging. The exact levels of compensation are unclear, and each case is reviewed individually.
Additional Features
It’s encouraging to see that xChief offers a variety of analytical tools on its website. The broker provides a comprehensive library of trading resources, including investment articles with up-to-date tips, forex trading strategies, guides on using technical indicators, and a complete trading session schedule for global stock exchanges.
These analytical tools feature live currency charts, economic calculators, and updates on interest rate changes by country. Best of all, they are accessible without the need to open a trading account. However, some of the content appears outdated and could benefit from updates.
A particularly useful feature for aspiring investors is copy trading, available via signals integrated into the MetaTrader platform. Successful traders can even sell their signals to earn additional income.
Additionally, xChief publishes updates on interest rate changes across major regions, which can be accessed for free on the xChief website.
Account Types
xChief offers a variety of trading account types, including Direct, Classic, and Cent accounts. The minimum deposit requirement for all accounts is $10 or the equivalent in other currencies.
Base currencies differ depending on the account type and include USD, EUR, CHF, GBP, and JPY, providing flexibility for traders across different regions.
MetaTrader 4
All MT4 accounts on xChief offer market execution, hedging, scalping, a 30% stop-out level, a minimum order size of 0.01 lots, maximum leverage of 1:1,000, and support for expert advisors (EAs).
Account Details:
- MT4 Direct FX and MT4 Classic+
- 150+ available contracts
- Swap-free account option available
- Floating spreads from 0 pips
- Maximum order size: 100 lots
- Commissions (MT4 Classic+):
- CFD indices: Free
- Stocks CFDs: 0.1%
- Crypto CFDs: 0.10%
- Commissions (Direct FX):
- CFD indices: $15 per million
- Stocks CFDs: 0.1%
- Crypto CFDs: 0.10%
- Cent MT4 Direct FX
- 40+ available contracts
- Floating spreads from 0 pips
- Maximum order size: 100 lots
- Commissions:
- FX spot and metals CFDs: $15 per million
- Cent MT4 Classic+
- 40+ available contracts
- Floating spreads from 0.3 pips
- Maximum order size: 100 lots
- Commissions:
- FX spot and metals CFDs: Free
PAMM Accounts:
PAMM versions of the Direct FX and Classic+ accounts are also available. These follow the same conditions as the standard accounts but with a few differences:
- Base currencies are limited to USD and EUR
- No trading credits, turnover rebates, welcome bonuses, or swap-free options are available.
MetaTrader 5
All accounts on xChief offer market execution orders, hedging or netting, a 30% stop-out level, a minimum order size of 0.01 lots, maximum leverage of 1:400, and a maximum order size of 100 lots.
Account Details:
- MT5 Direct FX
- 60+ available contracts
- Floating spreads from 0 pips
- Swap-free account option is available
- Commissions: $15 per million
- MT5 Classic+
- No commissions
- 60+ available contracts
- Swap-free account option is available
- Floating spreads from 0.3 pips
- Cent MT5 Direct FX
- 42 available contracts
- Commissions: $15 per million
- Floating spreads from 0 pips
- Cent MT5 Classic+
- 42 available contracts
- Commissions: $15 per million
- Floating spreads from 0.3 pips
Customer Support
xChief offers on-hand, multilingual customer support available 24/7:
- Live chat: icon in the bottom right-hand corner of each webpage
- Telephone:+65 3159 3652 (Singapore) or +234 903 079 5364 (Nigeria)
- Email: [email protected]
Working times vary for the international helpdesk. Telephone customer support is provided in English, Arabic, Spanish, French, Italian, Portuguese, Hindi, Russian and Chinese.
There is also a comprehensive FAQ section on the broker’s website.
Bottom Line
xChief offers competitive trading opportunities for traders of all skill levels on the well-established MT4 and MT5 platforms. The trading conditions and pricing structure are appealing, featuring tight spreads and low commissions.
Additionally, the broker provides access to a decent range of markets, supports PAMM accounts, and offers high leverage rates. However, it’s worth noting that the requirements for financial incentives can be quite demanding, and the regulatory oversight is not as reputable as some other authorities. With the recent rebranding from ForexChief, there may be potential for further regulatory improvements, so it’s worth keeping an eye on future developments.
We hope this xChief Review will help you make an informed decision whether it’s your preferred broker or not.
Top 3 Alternatives to xChief
Here’s a comparison of xChief with three similar brokers that accept traders from your location:
1. Vantage Markets
Founded in 2009, Vantage Markets provides access to over 1,000 short-term CFD products for more than 900,000 clients. Traders can enjoy Forex CFDs with spreads starting from 0.0 pips on the RAW account, available through TradingView, MT4, or MT5. Vantage is regulated by ASIC, ensuring that client funds are kept segregated. Additionally, copy traders will benefit from a variety of social trading tools offered by the broker.
2. AvaTrade
AvaTrade is a prominent forex and CFD broker established in 2006, and regulated in nine jurisdictions. With over 400,000 users, the broker processes more than 2 million trades each month. AvaTrade offers multiple trading platforms, including MT4, MT5, and its proprietary WebTrader. Traders can access over 1,250 financial instruments, including CFDs, AvaOptions, and AvaFutures. The firm also provides a comprehensive education center and multilingual customer support, making it a solid choice for traders of all levels.
3. Exness
Exness is a global forex and CFD broker founded in 2008, known for its user-friendly trading platform and competitive spreads. It offers a variety of trading instruments, including currencies, commodities, and cryptocurrencies, catering to both beginner and experienced traders. Regulated by multiple financial authorities, Exness emphasizes transparency and customer support, making it a popular choice in the online trading space. Additionally, Exness has a strong reputation for reliable customer support and multiple regulatory licenses, ensuring a secure trading environment.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
