Compare ForexChief vs Fortrade
What is ForexChief? What is Fortrade?
ForexChief is a forex broker that was established in 2013 and is based in the UK. It offers a wide range of trading instruments, including currencies, stock CFDs, indices and commodities. It also provides trading platforms such as MetaTrader 4 and 5, mobile applications and a web trader. It is authorised and regulated by the Financial Conduct Authority (FCA) in the UK.
Fortrade is also a forex broker that was founded in 2013 and is headquartered in the UK. It specialises in the development of trading platforms that are technologically advanced and user-friendly. It offers more than 50 currencies, nearly 250 stock CFDs, as well as dozens of indices and commodities. It also has trading platforms such as Fortrader, MetaTrader 4 and mobile applications. It is authorised and regulated by the FCA in the UK.
ForexChief vs Fortrade Regulation Comparison
Both ForexChief and Fortrade are regulated by the FCA in the UK, which means they have to comply with strict rules and standards to protect their clients’ funds and interests. They also have to adhere to the Markets in Financial Instruments Directive (MiFID) II, which aims to enhance transparency and investor protection in the financial markets.
However, ForexChief and Fortrade also have different licenses and regulations in other jurisdictions where they operate or offer their services. For example:
- ForexChief has licenses from the Vanuatu Financial Services Commission (VFSC), the Financial Markets Authority (FMA) of New Zealand, the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the National Bank of the Republic of Belarus (NBRB), the Financial Services Commission of Mauritius (FSC) and the Investment Industry Regulatory Organization of Canada (IIROC).
- Fortrade has licenses from the IIROC, ASIC, CySEC, NBRB and FSC.
ForexChief vs Fortrade Trading Assets Comparison
| Asset Type | ForexChief | Fortrade |
|---|---|---|
| Currencies | More than 50 pairs | More than 50 pairs |
| Stock CFDs | Nearly 250 stocks | Nearly 250 stocks |
| Indices | More than 20 indices | More than 20 indices |
| Commodities | More than 10 commodities | More than 10 commodities |
| Metals | Gold, silver, platinum, palladium | Gold, silver, platinum, palladium |
| Energy Products | Oil, natural gas | Oil, natural gas |
| Agriculture Products | Corn, wheat, soybean, coffee, sugar | Corn, wheat, soybean, coffee, sugar |
| US Treasuries | Yes | No |
ForexChief vs Fortrade Trading Fees Comparison
Both ForexChief and Fortrade charge fees for their trading services. However, their fee structures may vary depending on the account type, trading platform, trading instrument and market conditions. Here are some of the fees that they charge:
- Spreads: Both brokers offer variable spreads that depend on the liquidity and volatility of the market. ForexChief claims to offer tight spreads from 0 pips for some currency pairs on its STP/ECN accounts. Fortrade does not specify its minimum spreads on its website but provides live quotes for its products.
- Commissions: ForexChief charges commissions for its STP/ECN accounts based on the trading volume. The commission rate ranges from $1.5 to $15 per standard lot depending on the account type. Fortrade does not charge commissions for its standard accounts but may charge commissions for its professional accounts depending on the product.
- Swap Rates: Both brokers charge swap rates for holding positions overnight based on the interest rate differential between the two currencies involved. The swap rates are updated daily on their websites.
- Other Fees: Both brokers may charge other fees such as withdrawal fees, conversion fees or inactivity fees depending on the payment method or account activity.
ForexChief vs Fortrade Account Types Comparison
Both ForexChief and Fortrade offer different account types for their clients to suit their trading preferences and needs. Here are some of the account types they offer:
- Standard Account: This is a basic account type that allows clients to trade with fixed or variable spreads and no commissions. ForexChief offers four standard account types: MT4.DirectFX, MT4.Classic+, Cent-MT4.DirectFX and Cent-MT4.Classic+. Fortrade offers one standard account type with a minimum deposit of $100.
- STP/ECN Account: This is an advanced account type that allows clients to trade with tight spreads and commissions. ForexChief offers two STP/ECN account types: MT4.STP and MT5.STP. Fortrade does not offer STP/ECN accounts on its website but may offer them for its professional clients upon request.
- Islamic Account: This is a special account type that complies with the Islamic Sharia law and does not charge swap rates for holding positions overnight. ForexChief offers Islamic accounts for all its account types except Cent accounts. Fortrade offers Islamic accounts for its standard accounts only.
- Demo Account: This is a free account type that allows clients to practice trading with virtual money and access all the features of the trading platforms. Both ForexChief and Fortrade offer unlimited demo accounts for their clients.
ForexChief vs Fortrade Deposit Options Comparison
Both ForexChief and Fortrade offer various deposit and withdrawal options for their clients to fund and withdraw money from their trading accounts. However, the availability, speed and cost of these options may vary depending on the country, currency and payment method. Here are some of the deposit and withdrawal options they offer:
- Bank Transfer: Both brokers accept bank transfers as a deposit and withdrawal option. However, bank transfers may take several days to process and may incur fees from the banks involved.
- Credit/Debit Card: Both brokers accept credit/debit cards as a deposit and withdrawal option. However, credit/debit cards may have limits on the amount and frequency of transactions and may incur fees from the card issuers.
- E-Wallets: Both brokers accept e-wallets such as Skrill, Neteller, WebMoney, Perfect Money, FasaPay, Qiwi, Payeer, AdvCash and others as a deposit and withdrawal option. However, e-wallets may have different processing times and fees depending on the service provider.
- Cryptocurrencies: ForexChief accepts cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash and others as a deposit and withdrawal option. However, cryptocurrencies may have volatile exchange rates and network fees depending on the market conditions. Fortrade does not accept cryptocurrencies as a deposit and withdrawal option on its website
ForexChief vs Fortrade Trading Platforms Comparison
Both ForexChief and Fortrade offer various trading platforms for their clients to access the financial markets and execute their trading orders. However, their trading platforms may have different features, functionalities and compatibility. Here are some of the trading platforms they offer:
- MetaTrader 4: This is a popular trading platform that supports multiple languages, charting tools, indicators, advisors, scripts and signals. It also has its own programming language MQL4 that allows traders to create customised trading robots and indicators. Both ForexChief and Fortrade offer MetaTrader 4 for desktop computers, Android devices and iOS devices.
- MetaTrader 5: This is an upgraded version of MetaTrader 4 that supports more instruments, timeframes, order types, execution modes, market depth and economic calendar. It also has its own programming language MQL5 that allows traders to create more advanced trading robots and indicators. ForexChief offers MetaTrader 5 for desktop computers, Android devices and iOS devices. Fortrade does not offer MetaTrader 5 on its website but may offer it for its professional clients upon request.
- Fortrader: This is a proprietary trading platform developed by Fortrade that is designed to be simple-to-use, fast and reliable. It supports multiple languages, charting tools, indicators, alerts and news feed. It also has a copy trading feature that allows traders to follow and copy the trades of other successful traders. Fortrade offers Fortrader for desktop computers, web browsers, Android devices and iOS devices. ForexChief does not offer Fortrader on its website.
- ForexChief App: This is a mobile application developed by ForexChief that allows traders to access their personal area, manage their accounts, deposit and withdraw funds, contact support and access promotions from their smartphones or tablets. It supports multiple languages and currencies. ForexChief offers ForexChief App for Android devices and iOS devices. Fortrade does not offer ForexChief App on its website.
ForexChief vs Fortrade Analytical Tools Comparison
Both ForexChief and Fortrade offer various analytical tools for their clients to enhance their trading performance and decision making. However, their analytical tools may have different sources, features and accessibility. Here are some of the analytical tools they offer:
- Economic Calendar: Both brokers provide an economic calendar that shows the upcoming economic events, indicators and forecasts that may affect the market movements. The economic calendar can help traders plan their trading strategies and manage their risks accordingly .
- Market News and Analysis: Both brokers provide market news and analysis that cover the latest trends, developments and opinions in the financial markets. The market news and analysis can help traders stay updated and informed about the market conditions and opportunities .
- Technical Analysis: Both brokers provide technical analysis that uses charts, indicators, patterns and signals to analyse the price movements and predict the future direction of the market. The technical analysis can help traders identify entry and exit points, support and resistance levels, trends and trading signals .
- Trading Central: Fortrade provides Trading Central, a leading provider of technical analysis tools that integrates with its trading platforms. Trading Central offers a range of services such as chart analysis, indicators, strategies, signals, alerts and reports that are based on the expertise of professional analysts. Trading Central can help traders improve their trading skills, confidence and results. ForexChief does not provide Trading Central on its website.
- Library: ForexChief provides a library of educational materials that cover various topics such as the history of forex, trader’s first steps, forex trading strategies, trading indicators, schedule of trading sessions and more. The library can help traders learn the basics and advanced aspects of forex trading. Fortrade does not provide a library on its website.
ForexChief vs Fortrade. Which forex broker is better? Which forex broker should you choose?
There is no definitive answer as to which forex broker is better or which one you should choose. It depends on your personal preference, trading goals, risk appetite, budget and experience. However, you can compare some advantages and disadvantages of ForexChief and Fortrade and make your own decision. Here are some points to consider:
- ForexChief has more licenses and regulations than Fortrade in different jurisdictions, which may indicate a higher level of trustworthiness and security for its clients.
- ForexChief offers cryptocurrencies as a deposit and withdrawal option, which may appeal to some traders who prefer to use digital currencies for their transactions.
- ForexChief offers MetaTrader 5, which is an upgraded version of MetaTrader 4 that supports more instruments, timeframes, order types and execution modes. It also has a more advanced programming language MQL5 that allows traders to create more complex trading robots and indicators.
- Fortrade offers Trading Central, which is a leading provider of technical analysis tools that integrates with its trading platforms. Trading Central offers a range of services such as chart analysis, indicators, strategies, signals, alerts and reports that are based on the expertise of professional analysts.
- Fortrade offers Fortrader, which is a proprietary trading platform developed by Fortrade that is designed to be simple-to-use, fast and reliable. It also has a copy trading feature that allows traders to follow and copy the trades of other successful traders.
- Fortrade offers US Treasuries as a trading instrument, which may interest some traders who want to diversify their portfolio with government bonds.
Ultimately, the choice of forex broker is up to you. You should do your own research and due diligence before opening an account with any broker. You should also test their trading platforms and services with a demo account before risking your real money.
