Compare ForexChief vs FXOpen
What is ForexChief? What is FXOpen?
ForexChief is a Forex broker that offers trading on various financial instruments, such as currency pairs, cryptocurrencies, stocks, indices, metals and commodities. It operates on an ECN/STP model, which means it provides direct access to the interbank liquidity pool and does not interfere with the execution of orders. ForexChief also offers promotions, bonuses, turnover rebates, investment accounts and an affiliate program.
FXOpen is a Forex broker that also offers trading on various financial instruments, such as currency pairs, cryptocurrencies, stocks, indices, metals and commodities. It operates on an ECN/STP model as well, but also has a crypto account that uses a different commission structure. FXOpen also offers demo accounts, Islamic accounts, bonuses and an affiliate program.
ForexChief vs FXOpen Regulation Comparison
ForexChief is licensed by the Vanuatu Financial Services Commission (VFSC) as a dealer in securities and is a member of the Financial Market Association (FMA).
FXOpen is registered in Nevis and is a member of the Financial Commission (FinaCom), an independent dispute resolution organization.
ForexChief vs FXOpen Trading Assets Comparison
Both ForexChief and FXOpen offer a wide range of trading assets, including 50+ currency pairs, 25+ cryptocurrency CFDs, shares CFDs, index CFDs, spot metals CFDs and commodity CFDs. However, there may be some differences in the availability and specifications of certain instruments depending on the account type and platform.
ForexChief vs FXOpen Trading Fees Comparison
ForexChief and FXOpen both charge commissions on their ECN accounts, which vary depending on the trading volume and instrument. ForexChief charges commissions from 1.5 units per lot (USD/EUR/GBP/CHF), while FXOpen charges commissions from 15 units per million (USD/EUR/GBP/AUD). Both brokers also have floating spreads that depend on the market conditions and liquidity providers.
On their STP accounts, both brokers do not charge commissions but have wider spreads than their ECN accounts. On their crypto accounts, FXOpen charges a commission of 0.5% of the trade volume round turn, while ForexChief does not have a separate crypto account.
Both brokers also have other fees such as swap rates, margin call and stop out levels that may affect the trading costs.
ForexChief vs FXOpen Account Types Comparison
| Account Type | Minimum Deposit | Maximum Leverage | Minimum Lot Size | Scalping/HFT Allowed |
|---|---|---|---|---|
| ForexChief ECN | $100 | 1:500 | 0.01 | Yes |
| ForexChief STP | $10 | 1:500 | 0.01 | Yes |
| ForexChief Islamic | $100 | 1:500 | 0.01 | Yes |
| ForexChief Micro | $1 | 1:500 | 0.01 microlots | No |
| FXOpen ECN | $100 | 1:500 | 0.01 | Yes |
| FXOpen STP | $10 | 1:500 | 0.01 | Yes |
| FXOpen Crypto | $10 | 1:3 | 0.01 | Yes |
ForexChief vs FXOpen Deposit Options Comparison
Both ForexChief and FXOpen offer various deposit and withdrawal options for their clients, such as bank transfers, credit/debit cards, e-wallets and cryptocurrencies. However, there may be some differences in the processing time, fees and limits depending on the method chosen.
ForexChief vs FXOpen Trading Platforms Comparison
ForexChief and FXOpen both support MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are popular and user-friendly trading platforms that allow traders to use various tools for technical analysis, trading signals and automated trading. Both brokers also have mobile versions of MT4 and MT5 for Android and iOS devices.
In addition, ForexChief has a proprietary ForexChief App that allows clients to access their personal area, deposit and withdraw funds, verify their data, get bonuses and credits and contact the helpdesk. FXOpen also has a proprietary TickTrader platform that offers advanced charting, trading and analysis features.
ForexChief vs FXOpen Analytical Tools Comparison
Both ForexChief and FXOpen provide their clients with various analytical tools to help them make informed trading decisions, such as analytical reviews, economic articles, currency charts, interest rates, trader’s calculator and library. However, the quality and quantity of these tools may vary depending on the source and frequency of updates.
ForexChief vs FXOpen. Which forex broker is better? Which forex broker should you choose?
Choosing the right broker depends on your personal preferences, trading goals and risk appetite. Both ForexChief and FXOpen have their own advantages and disadvantages. You should compare them carefully and decide which one suits you better. You can also try out their demo account to test their platform and services before opening a real account.
