Compare IQ Option vs ForexChief
What is IQ Option? What is ForexChief ?
IQ Option is an award-winning mobile trading platform that provides clients with an opportunity to trade 200+ assets, including currencies, indices, commodities, stocks, ETFs and cryptocurrencies. It has a free demo account, a minimum deposit of $20, and various tools for technical analysis, risk management, trading signals and community engagement.
ForexChief is a licensed online forex broker that offers trading on forex, metals, commodities, indices and stock CFDs. It has 8 account types, 5 account currencies, and tight spreads from 0 pips. It also has promotions and bonuses such as turnover rebates, trading credits and investment accounts.
IQ Option vs ForexChief Regulation Comparison
IQ Option is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 247/14. It also complies with the European Securities and Markets Authority (ESMA) rules and the Financial Conduct Authority (FCA) standards.
ForexChief is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities under license number 14777. It is also a member of the Financial Market Association (ACI) and the Financial Commission (FinaCom) as a Category A Broker.
IQ Option vs ForexChief Trading Assets Comparison
IQ Option offers trading on over 200 assets across different markets:
- Forex: over 50 major, minor and exotic currency pairs with efficient spreads
- Stocks: CFDs on stocks of leading companies and industry giants such as Apple, Tesla, Amazon, etc.
- Commodities: CFDs on hard or soft commodities such as gold, silver, oil, wheat, etc.
- Indices: CFDs on popular indices such as S&P 500, NASDAQ 100, FTSE 100, etc.
- ETFs: CFDs on exchange-traded funds that track the performance of a basket of assets
- Cryptocurrencies: CFDs on popular digital currencies such as Bitcoin, Ethereum, Ripple, etc.
ForexChief offers trading on over 150 instruments across different markets:
- Forex: over 50 major, minor and exotic currency pairs with tight spreads
- Metals: spot contracts on gold and silver with leverage up to 1:500
- Commodities: CFDs on hard commodities such as oil, gas and copper with leverage up to 1:100
- Indices: CFDs on global indices such as Dow Jones, DAX 30, Nikkei 225, etc. with leverage up to 1:100
- Stock CFDs: CFDs on shares of US companies such as Facebook, Google, Netflix, etc. with leverage up to 1:20
IQ Option vs ForexChief Trading Fees Comparison
IQ Option charges variable spreads depending on the market conditions and the asset traded. It also charges a swap fee for holding positions overnight and an inactivity fee for dormant accounts. It does not charge any commissions or deposit/withdrawal fees.
ForexChief charges variable or fixed spreads depending on the account type chosen by the trader. It also charges a swap fee for holding positions overnight and a commission fee for some account types based on the trading volume. It does not charge any deposit/withdrawal fees or inactivity fees.
IQ Option vs ForexChief Account Types Comparison
IQ Option offers 3 main account types for its clients:
- Demo account: a free practice account with $10,000 virtual funds that can be reloaded anytime
- Standard account: a real account with a minimum deposit of $20 and access to all trading assets and features
- VIP account: a premium account with a minimum deposit of $3,000 and additional benefits such as personal manager, higher profitability rates, exclusive webinars, etc.
ForexChief offers 8 account types for its clients:
- Cent account: a micro account with a minimum deposit of $1 and fixed spreads from 0.3 pips
- Cent-MT5 account: a micro account for MetaTrader 5 platform with a minimum deposit of $1 and fixed spreads from 0.3 pips
- Classic account: a standard account with a minimum deposit of $50 and variable spreads from 0.3 pips
- Classic-MT5 account: a standard account for MetaTrader 5 platform with a minimum deposit of $50 and variable spreads from 0.3 pips
- Direct account: an ECN account with a minimum deposit of $100 and variable spreads from 0 pips
- Direct-MT5 account: an ECN account for MetaTrader 5 platform with a minimum deposit of $100 and variable spreads from 0 pips
- Swap Free account: an Islamic account with a minimum deposit of $50 and fixed or variable spreads depending on the instrument
- Swap Free-MT5 account: an Islamic account for MetaTrader 5 platform with a minimum deposit of $50 and fixed or variable spreads depending on the instrument
IQ Option vs ForexChief Deposit Options Comparison
IQ Option supports various payment methods for depositing and withdrawing funds from its platform. These include:
- Credit/debit cards (Visa, Mastercard, Maestro)
- E-wallets (Skrill, Neteller, WebMoney, AdvCash, Perfect Money, etc.)
- Bank wire transfer
- Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)
The minimum deposit amount is $20 and the minimum withdrawal amount is $10. There are no fees charged by IQ Option for any transactions. However, some payment providers may charge their own fees or commissions. The processing time varies depending on the payment method, but it usually takes up to 24 hours for e-wallets and cryptocurrencies, up to 9 days for cards, and up to 15 days for bank wire transfer.
ForexChief supports various payment methods for depositing and withdrawing funds from its platform. These include:
- Credit/debit cards (Visa, Mastercard)
- E-wallets (Skrill, Neteller, WebMoney, Perfect Money, FasaPay, etc.)
- Bank wire transfer
- Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)
The minimum deposit amount is $1 for cent accounts and $50 for other accounts. The minimum withdrawal amount is $10 for all accounts. There are no fees charged by ForexChief for any transactions. However, some payment providers may charge their own fees or commissions. The processing time varies depending on the payment method, but it usually takes up to 24 hours for e-wallets and cryptocurrencies, up to 3 days for cards, and up to 7 days for bank wire transfer.
IQ Option vs ForexChief Trading Platforms Comparison
IQ Option offers its own proprietary trading platform that is available on various devices and operating systems:
- Web platform: accessible via any browser without downloading or installing any software
- Desktop platform: downloadable for Windows and MacOS devices with enhanced features and performance
- Mobile platform: downloadable for Android and iOS devices with full functionality and convenience
The IQ Option platform has a clean and intuitive interface that allows traders to customize their charts, indicators, widgets, alerts, orders and settings according to their preferences. It also has a built-in news feed, economic calendar, market analysis and trading signals that help traders make informed decisions. Moreover, it has a social trading feature that enables traders to follow other successful traders or become signal providers themselves.
ForexChief offers the popular MetaTrader 4 and MetaTrader 5 trading platforms that are developed by MetaQuotes Software Corporation:
- Web platform: accessible via any browser without downloading or installing any software
- Desktop platform: downloadable for Windows and MacOS devices with advanced features and performance
- Mobile platform: downloadable for Android and iOS devices with full functionality and convenience
The MetaTrader 4 and MetaTrader 5 platforms have a user-friendly interface that allows traders to customize their charts, indicators, scripts, advisors and settings according to their preferences . They also have a built-in news feed, economic calendar, market analysis and trading signals that help traders make informed decisions . Moreover, they have a programming language MQL4/5 that enables traders to create their own trading robots and indicators with customized settings .
IQ Option vs ForexChief Analytical Tools Comparison
IQ Option provides various analytical tools for its clients to enhance their trading experience and performance . These include:
- Technical analysis: over 100 most widely-used technical indicators and widgets that help traders identify trends, patterns, support and resistance levels, entry and exit points, etc.
- Fundamental analysis: a news feed and an economic calendar that provide traders with the latest market news, events, data releases, forecasts, etc. that affect the price movements of the assets traded
- Trading signals: a service that allows traders to copy the trades of other successful traders or become signal providers themselves and sell their signals to an unlimited number of subscribers
- Risk management: features such as stop loss/take profit, negative balance protection and trailing stop that help traders manage their losses and profits at the levels they set
- Trading community: a feature that allows traders to join the massive IQ Option community, discuss trading ideas and opportunities, or simply follow other traders with features like trader sentiment and community live trades
ForexChief provides various analytical tools for its clients to enhance their trading experience and performance . These include:
- Technical analysis: over 50 most widely-used technical indicators and widgets that help traders identify trends, patterns, support and resistance levels, entry and exit points, etc.
- Fundamental analysis: an analytical reviews section that provides traders with the latest market news, events, data releases, forecasts, etc. that affect the price movements of the assets traded
- Trading signals: a service that allows traders to copy the trades of other successful traders or become signal providers themselves and sell their signals to an unlimited number of subscribers
- Risk management: features such as stop loss/take profit, margin call/stop out levels and swap rates that help traders manage their losses and profits at the levels they set
- Trading community: a feature that allows traders to join the ForexChief community, discuss trading ideas and opportunities, or simply follow other traders with features like trader sentiment and community live trades
IQ Option vs ForexChief . Which forex broker is better? Which forex broker should you choose?
Choosing the right broker depends on your personal preferences, trading goals, risk appetite, budget and level of experience. You can compare the features, benefits, and limitations of each broker and decide which broker is right for you. You can also research and read user reviews to better understand the quality and reputation of each broker. Ultimately, the best forex broker for you is the one that meets your needs and expectations.
