The Forex industry is quite large and full of dozens of brokers looking to help you trade. A large number of brokers is a good thing for the traders, but it is also a good thing for scam artists and scam brokers looking to swindle new and experienced traders alike. Often times these traders have well hidden within the forest that the Forex industry is. So much so, that you cannot blame people for sometimes being caught in the scam. The lies are well constructed and dangerous. Which is why we exist — to help you see the lies and scams.
This time around we are offering you a ForexChief review. A scam made in a way that makes breaking it down more play than work. Check it out and then tell us yourself, is ForexChief legit or a legit scam?
A quick ForexChief review
While we are taking apart the ForexChief scam, we would like you to pay attention to how we do it. This will assist you in your attempts to identify similar signs in the future and help you avoid making the mistake of working with scam brokers.
The first thing to look at is the design of the website. The homepage, presented above, is an interesting example of how a scam might look. The look itself is not necessarily bad. What is bad is the fact that it is a copied look. If you have ever gone to the Financial Times website, you will notice how similar the two look. If not, we would like to tell you that they look very much alike. While certain designs are not owned by individuals or companies, it is important to consider that design theft can be a telling sign of a scam. These people usually don’t like to spend too much money on new designs, instead preferring to come up with cheaper copies. So, sign one that ForexChief is a scam — a stolen design.
Some more signs of ForexChief scam
But hey, you might say, bad design doesn’t mean the company is bad. It just means they didn’t want to spend too much money. You would definitely be justified in saying that. The next step is to look a little closer at the company itself. First, we check where the company is based. In the case of ForexChief, the area of origin is Vanuatu, a name that sounds almost like it could have come out of a fantasy game. It is a real place though. An island in Oceania to be exact and the company has a license to trade from the local Financial Services Commission. Which is a good thing, right?
Well, not really. The capital requirements on the island are about $2000. This means that all the company needs to have in terms of capital is $2000, which is barely enough to cover anything, much less a complaint launched by a client. If that still doesn’t sway you, then you should also think about the fact that the offshore nature of the company would make it almost impossible to launch a complaint against or sue. You know, since its probably not in the same legal jurisdiction as you are. That is another two points towards ForexChief scam theory.
So far, your trust for ForexChief should be at a minimum. Just in case it isn’t, go ahead and check out ForexChief reviews by their users.
ForexChief seems to offer several types of accounts, but in reality, it tries to push only one onto the user. The MT4 trading platform is what seems to be their preferred way of trading, which is something that seems extremely suspicious to us. First of all, because they seem so insistent on giving you this platform. It is just in our nature to be suspicious of insistent brokerage firms — you should be choosing where and how to trade, they shouldn’t be deciding for you. They should be educating you about your choices, which is something else we will touch upon in a second. Second of all because we do not entirely trust the MT4 platform they are offering, because we think there might be some kind of tinkering with the platform that might cause it to be more profitable for the broker. Second of all because we know for a fact that MetaTrader5 is the better trading platform, in every way. A broker that wants the best for their clients would offer the MT5, not the MT4.
The minimum deposit here is very low. Like 100 USD low, which is not a bad thing in of itself, but honestly, combined with the rest of the info, is just another tip about the dishonesty of ForexChief. It is a trick used to lure in beginners or low budget traders onto the platform, one that works more often than it should.
Something else that you will probably end up seeing on the website is a notice about a potential bonus. This is something that scam websites started offering after they realized they could have limitations on who gets them contained in fine print in the terms and conditions. The requirements for the ForexChief bonus are quite high and something very few people are capable of ever achieving. The problem is that it is impossible to achieve the ForexChief. You can see that in the Terms and Conditions they present.
The terms and conditions
The first thing you should note is that they require you to download a .PDF file to view all of their terms and conditions. The expectation of every brokerage firm is to allow clients to view the terms and conditions regardless of what type of software or hardware they are using. The fact that they are not allowing this seems just a bit strange to us.
Something you should always consider, especially when dealing with companies who will be taking your money, are the terms and conditions that these companies offer. If you do pay close attention you might find some details that will make it hard for you to justify giving them money. Taking a close look reveals that you would have to achieve a 10 million dollar turnover rate with the ForexChief scam, with them giving you a pretty interesting way of doing it below. While the idea of getting 225000 dollar turnover by trading one lot seems pretty fun and easy, you should not be deceived. Just think, achieving 260-pip trade is pretty hard, and doing so, successfully, forty times in a row is nearly impossible.
Another provision they have is also a good tip that this is a scam. They mention that they retain the right to refuse you the bonus for any platform reason, even because of the model of your phone. This is an annoying strategy that still gives them the ability to defend themselves, even if you fulfill the prior bonus requirements.
Finally, going back to something we mentioned earlier. The broker is supposed to have your best interests in mind and should be giving you the freedom of choice. To allow you to make the right choices they should be providing you with an education platform, just like the other major brokers. Of course, the ForexChief scam does not do this, simply because informing you is not within their interests. They do provide article references and a limited amount of general information regarding Forex trading and history, but nothing in depth that might be of use to a client.
Why is ForexChief scam still active?
So what gives the Forex Chief scam the juice to keep running? If it is so easy to figure out that the broker is not really out to help anybody out, people should be avoiding it like the plague, you would think. Though they do not. Well, scammers operate with a simple idea: to keep going, they need new victims. To attract new victims they need a reliable strategy to reel them in. In case of ForexChief the strategy is incredibly simple. The scam organization offers new clients a one hundred dollar bonus to sign up. Who could refuse this type of deal? You sign up, deposit 100 dollars and they give you 100 on top! Well, anybody who doesn’t want to lose the 100 dollars should realize that this is probably too good to be true. The father of modern economics says «No such thing as free lunch».
In the end
So, to summarize, we would like to suggest that you avoid ForexChief like the scam it is. They will try to lure you in through low costs, free money, bonus suggestions, but in the end, will end up simply ripping you off. Scammers like these ruin the reputation of the Forex industry and hurt honest brokers and traders alike. Which is why we do reviews like these, to protect you and the market.