Compare NordFX vs ForexChief
What is NordFX? What is ForexChief?
NordFX is an international broker that offers forex, metals, cryptocurrencies, indices, stocks and commodities trading. It was founded in 2008 and is regulated by CySEC, VFSC and SEBI. It has over 1.5 million clients from 190 countries and supports 14 languages.
ForexChief is a forex broker that also offers metals, commodities, indices and stock CFDs trading. It was established in 2014 and is regulated by VFSC and ASIC. It has over 500,000 clients from 130 countries and supports 15 languages.
NordFX vs ForexChief Regulation Comparison
Both brokers are regulated by the Vanuatu Financial Services Commission (VFSC), which is a reputable offshore regulator that requires brokers to maintain a minimum capital of $50,000, segregate client funds, submit regular reports and undergo audits.
NordFX has an additional regulation by the Cyprus Securities and Exchange Commission (CySEC), which is a well-known regulator in the European Union that imposes strict rules on brokers, such as keeping a minimum capital of €730,000, participating in a compensation scheme, applying leverage limits and following the MiFID II directive.
NordFX also has a license from the Securities and Exchange Board of India (SEBI), which is the main regulator for the Indian securities market. SEBI requires brokers to register with it, follow its guidelines and codes of conduct, and protect the interests of investors.
ForexChief has an additional regulation by the Australian Securities and Investments Commission (ASIC), which is one of the most respected regulators in the world that enforces high standards of financial services, such as maintaining a minimum capital of AUD 1 million, segregating client funds, providing negative balance protection and complying with the ASIC Act.
NordFX vs ForexChief Trading Assets Comparison
Both brokers offer a wide range of trading instruments, including forex, metals, commodities, indices and stock CFDs. However, NordFX has an edge over ForexChief in terms of cryptocurrency trading, as it offers more than 30 crypto pairs, while ForexChief only offers 4.
NordFX also has more forex pairs than ForexChief, with over 60 currency pairs available, compared to ForexChief’s 40 pairs. On the other hand, ForexChief has more stock CFDs than NordFX, with over 400 stocks from various markets, while NordFX only offers about 70 stocks from the US market.
NordFX vs ForexChief Trading Fees Comparison
Both brokers have competitive trading fees, but they differ in their pricing models and account types. NordFX offers four types of accounts: Fix (fixed spreads from 2 pips), Pro (variable spreads from 0.9 pips), Zero (commission-based spreads from 0 pips) and Stock (commission-based spreads from $0.01 per share). The minimum deposit for all accounts is $10, except for the Stock account which requires $100.
ForexChief offers two types of accounts: Classic (fixed spreads from 2 pips) and Cent (variable spreads from 0.3 pips). The minimum deposit for both accounts is $1. ForexChief also offers two types of bonuses: Welcome Bonus ($500 no-deposit bonus) and Trading Credits (up to 70% of the deposit amount).
NordFX vs ForexChief Account Types Comparison
NordFX offers four types of accounts: Fix, Pro, Zero and Stock. All accounts have a maximum leverage of 1:1000 (except for crypto pairs which have a leverage of 1:10) and support both MetaTrader 4 and MetaTrader 5 platforms. The minimum lot size for all accounts is 0.01 lot (except for crypto pairs which have a minimum lot size of 0.01 BTC or equivalent).
ForexChief offers two types of accounts: Classic and Cent. Both accounts have a maximum leverage of 1:1000 (except for stock CFDs which have a leverage of 1:20) and support both MetaTrader 4 and MetaTrader 5 platforms. The minimum lot size for both accounts is 0.01 lot.
NordFX vs ForexChief Deposit Options Comparison
Both brokers offer various deposit and withdrawal options, such as bank wire transfer, credit/debit cards, e-wallets (Skrill, Neteller, WebMoney etc.), cryptocurrencies (Bitcoin, Ethereum, Tether etc.) and local payment methods (Perfect Money, FasaPay, Ngan Luong etc.). However, NordFX has more options than ForexChief, as it also accepts QIWI, PayToday, Payza and Dragonpay.
Both brokers do not charge any fees for deposits and withdrawals, except for bank wire transfers which may incur some fees from the banks. The processing time for deposits and withdrawals varies depending on the method, but generally it is instant or within 24 hours for most options.
NordFX vs ForexChief Trading Platforms Comparison
Both brokers support the popular MetaTrader 4 and MetaTrader 5 platforms, which are widely used by traders around the world for their advanced features, such as multiple order types, technical indicators, charting tools, automated trading, market news and signals. Both platforms are available as desktop applications, web terminals and mobile apps for iOS and Android devices.
NordFX also offers its own mobile app for the personal area, which allows clients to access their accounts, deposit and withdraw funds, open new accounts, contact support and get bonuses and credits. ForexChief does not have a similar app.
NordFX vs ForexChief Analytical Tools Comparison
Both brokers provide various analytical tools for their clients, such as economic calendars, market news, trading signals, interest rates, currency charts and trader’s calculators. However, NordFX has more tools than ForexChief, as it also offers analytical reviews, economic articles, trading strategies, trading indicators and a library of educational materials. ForexChief does not have these features.
NordFX vs ForexChief . Which forex broker is better? Which forex broker should you choose?
I cannot tell you which forex broker is better or which one you should choose, as that depends on your personal preferences, trading goals and risk appetite. However, you can weigh the pros and cons of each broker and decide which broker is best for you. Here are some factors you may want to consider:
- Regulation: If you value security and protection, you may prefer NordFX, as it has more reputable regulators than ForexChief. However, if you are comfortable with offshore brokers, you may not mind ForexChief’s regulation.
- Trading assets: If you are interested in trading cryptocurrencies or more forex pairs, you may prefer NordFX, as it has more options than ForexChief. However, if you want to trade more stock CFDs or other instruments, you may prefer ForexChief’s offerings.
- Trading fees: If you are looking for low-cost trading, you may prefer ForexChief’s Cent account, which has variable spreads from 0.3 pips and no commissions. However, if you want to trade commission-free with fixed spreads, you may prefer NordFX’s Fix account, which has fixed spreads from 2 pips.
- Account types: If you want to have more choices of account types, you may prefer NordFX, as it offers four types of accounts with different features and requirements. However, if you want to start trading with a very low minimum deposit, you may prefer ForexChief’s accounts, which only require $1.
- Deposit and withdrawal options: If you want to have more flexibility and convenience in funding and withdrawing your money, you may prefer NordFX, as it has more payment methods than ForexChief. However, both brokers offer fast and free transactions for most options.
- Trading platforms: If you are familiar with and satisfied with the MetaTrader 4 and MetaTrader 5 platforms, you may not have a preference between the two brokers, as they both support these platforms. However, if you want to have a mobile app for your personal area, you may prefer NordFX’s app.
- Analytical tools: If you want to have more access to market analysis, trading education and research materials, you may prefer NordFX, as it has more tools than ForexChief. However, both brokers provide some basic tools for their clients.
Ultimately, the choice is yours. You can also try opening demo accounts with both brokers and test their services before making a final decision.
