Compare FP Markets vs ForexChief
What is FP Markets? What is ForexChief ?
FP Markets is a global contract for differences (CFD) and online retail foreign exchange (Forex) broker established and regulated in Australia since 2005. It offers trading on various platforms such as MetaTrader 4, MetaTrader 5, IRESS and WebTrader, with access to over 10,000 instruments across forex, shares, indices, commodities, metals, bonds and futures.
ForexChief is a forex broker that provides online trading services on the MetaTrader 4 and MetaTrader 5 platforms. It is licensed by the Vanuatu Financial Services Commission (VFSC) as a dealer in securities. It offers trading on over 50 currency pairs, metals, commodities and indices CFDs, with tight spreads from 0 pips and leverage up to 1:1000.
FP Markets vs ForexChief Regulation Comparison
FP Markets is regulated by the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the European Securities and Markets Authority (ESMA). These are reputable regulatory bodies that impose strict rules and standards on forex brokers to ensure the protection of client funds, fair trading practices and compliance with anti-money laundering policies.
ForexChief is regulated by the VFSC, which is a relatively less known and less stringent regulator in the forex industry. The VFSC does not have a high level of oversight or supervision over forex brokers, and does not require them to adhere to any minimum capital requirements, segregation of client funds, compensation schemes or reporting standards.
FP Markets vs ForexChief Trading Assets Comparison
FP Markets offers a wider range of trading assets than ForexChief. FP Markets allows traders to access over 10,000 instruments across various markets, including forex, shares, indices, commodities, metals, bonds and futures. ForexChief only offers trading on over 50 currency pairs, metals, commodities and indices CFDs.
FP Markets vs ForexChief Trading Fees Comparison
FP Markets and ForexChief have different fee structures depending on the account type and platform chosen by the trader. FP Markets charges either spreads or commissions or both depending on the account type. ForexChief charges either spreads or commissions or both depending on the platform.
FP Markets offers four account types: Standard, Raw MT4/MT5, Raw IRESS and Platinum IRESS. The Standard account has no commission but higher spreads from 1.0 pips. The Raw MT4/MT5 account has lower spreads from 0.0 pips but a commission of $3 per lot per side. The Raw IRESS account has variable spreads from 0.0 pips but a commission of $3.5 per $100k traded. The Platinum IRESS account has variable spreads from 0.0 pips but a commission of $3 per $100k traded.
ForexChief offers two account types: MT4.DirectFX and MT4.Classic+. The MT4.DirectFX account has lower spreads from 0 pips but a commission of $15 per million USD traded. The MT4.Classic+ account has higher spreads from 0.3 pips but no commission.
Both brokers also charge swap fees for holding positions overnight, as well as deposit and withdrawal fees depending on the payment method used.
FP Markets vs ForexChief Account Types Comparison
FP Markets offers four account types: Standard, Raw MT4/MT5, Raw IRESS and Platinum IRESS. The minimum deposit for the Standard and Raw MT4/MT5 accounts is $100 AUD or equivalent. The minimum deposit for the Raw IRESS and Platinum IRESS accounts is $1,000 AUD or equivalent. The maximum leverage for all accounts is 1:500 for forex and metals, and varies for other instruments.
ForexChief offers two account types: MT4.DirectFX and MT4.Classic+. The minimum deposit for both accounts is $1 USD or equivalent. The maximum leverage for both accounts is 1:1000 for forex and metals, and 1:50 for other instruments.
Both brokers offer Islamic accounts that are compliant with Sharia law and do not charge swap fees. Both brokers also offer demo accounts that allow traders to practice trading with virtual funds.
FP Markets vs ForexChief Deposit Options Comparison
| Option | FP Markets | ForexChief |
|---|---|---|
| Credit/Debit Card | Visa, Mastercard, UnionPay | Visa, Mastercard |
| Bank Wire Transfer | Yes | Yes |
| E-Wallet | Neteller, Skrill, PayPal, FasaPay, Poli, BPay, PayTrust88, Ngan Luong | Neteller, Skrill, Perfect Money, Bitcoin |
| Local Payment Method | Dragonpay (Philippines), OnlineNaira (Nigeria), Help2Pay (Thailand), Vietnam Online Banking (Vietnam) | Local Bank Transfer (Indonesia, Malaysia, Thailand, Vietnam), Ngan Luong (Vietnam) |
FP Markets vs ForexChief Trading Platforms Comparison
FP Markets and ForexChief offer different trading platforms for traders to access the markets and execute their trades. FP Markets offers MetaTrader 4, MetaTrader 5, IRESS and WebTrader platforms. ForexChief only offers MetaTrader 4 and MetaTrader 5 platforms.
- MetaTrader 4 and MetaTrader 5 are the most popular trading platforms in the forex industry. They have a user-friendly interface, a wide range of technical analysis tools, trading signals, automated trading robots, custom indicators and scripts. They also have mobile versions for iOS and Android devices, as well as web-based versions that can be accessed from any browser.
- IRESS is a web-based platform that is designed for professional traders who trade shares, indices, commodities and futures. It has advanced charting features, market depth analysis, news feeds, alerts and notifications. It also has a mobile version for iOS devices.
- WebTrader is a web-based platform that is compatible with MetaTrader 4 and MetaTrader 5 accounts. It has a simple and intuitive interface, basic charting tools, one-click trading and market sentiment indicators. It can be accessed from any browser without downloading any software.
FP Markets vs ForexChief Analytical Tools Comparison
FP Markets and ForexChief provide various analytical tools for traders to enhance their trading performance and decision making. FP Markets offers more analytical tools than ForexChief.
FP Markets provides traders with access to:
- Economic calendar: A tool that displays the dates and times of important economic events and indicators that may affect the market movements.
- Trading signals: A service that allows traders to copy the trades of successful traders or sell their own signals to other traders.
- Trader’s calculator: A tool that helps traders calculate the margin, profit/loss, swap fees and pip value of their trades.
- Library: A collection of educational articles and videos that cover various topics related to forex trading such as history, basics, strategies, indicators and more.
- VPS service: A service that allows traders to run their trading robots or expert advisors on a remote server without interruption.
ForexChief provides traders with access to:
- Analytical reviews: A section that contains daily market analysis and forecasts from professional analysts.
- Economic articles: A section that contains articles on various economic topics such as inflation, interest rates, GDP and more.
- Currency charts: A tool that displays the live exchange rates of various currency pairs in different time frames.
- Interest rates: A table that shows the current interest rates of various central banks around the world.
- Trader’s calculator: A tool that helps traders calculate the margin, profit/loss, swap fees and pip value of their trades.
- Library: A collection of educational articles and videos that cover various topics related to forex trading such as history, basics, strategies, indicators and more.
FP Markets vs ForexChief . Which forex broker is better? Which forex broker should you choose?
Different forex brokers may suit different traders depending on their preferences, goals and strategies. However, you can refer to some of the following ideas:
FP Markets may be a better choice for you if:
- You value regulation and security of your funds, as FP Markets is regulated by reputable authorities such as ASIC, CySEC and ESMA.
- You want to trade a wide range of instruments across various markets, as FP Markets offers over 10,000 instruments including forex, shares, indices, commodities, metals, bonds and futures.
- You want to use advanced trading platforms such as IRESS and WebTrader, or access trading signals and VPS service on MetaTrader 4 and MetaTrader 5.
ForexChief may be a better choice for you if:
- You are looking for low-cost trading, as ForexChief offers tight spreads from 0 pips and low commissions on some account types and platforms.
- You want to trade with high leverage, as ForexChief offers leverage up to 1:1000 on forex and metals.
- You want to use local payment methods such as local bank transfer or Ngan Luong in some Asian countries.
In the end, the best way to decide which forex broker is better for you is to experiment for yourself. You can open a demo account with both brokers and test their platforms, fees, assets and services. You can also read online reviews and ratings from other traders who have experience with both brokers. This way, you can make an informed decision based on your own needs and preferences.
