Firstrade vs ForexChief | Which is best 2024 (2024)

4

Firstrade is #63 in our broker rankings.

3.3

ForexChief is #48 in our CFD broker rankings.

Traders from UK accepted

Traders from UK accepted

Firstrade is a US-headquartered discount broker-dealer with authorization from the SEC. The company is also a member of FINRA/SIPC. With welcome bonuses, powerful tools and apps, plus commission-free trading, Firstrade Securities is a popular online brokerage. It is also quick and easy to open a new account.

ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.

Customer Reviews

4.7

Comment by Reviewer "We recommend Firstrade for beginner investors looking to trade US stocks with no commissions. There is a wealth of free education plus premium-quality research and trading ideas from Morningstar, Briefing.com, Zacks and Benzinga." "ForexChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback." Pros Cons Awards Instruments Stocks, ETFs, Options, Mutual Funds, Bonds, Cryptos, Fixed CFDs, Forex, Metals, Commodities, Stocks, Indices Demo Account No Yes Minimum Deposit $0 $10 Trading Platforms Payment Methods Minimum Trade $1 0.01 Lots Regulator SEC, FINRA VFSC Margin Trading Yes Yes Margin Rate 4.50% 0.1% STP Account No Yes ECN Account No No DMA Account No No MAM Account No No PAMM Account No Yes LAMM Account No No Demat Account No No AI / Machine Learning No No Robo Advisor No No Negative Balance Protection No No Market Maker Yes No P2P Trading No No Spot Trading No Yes Mobile Apps iOS & Android iOS & Android Auto Trading Expert Advisors (EAs) on MetaTrader Copy Trading No Yes Copy Trading Platform Clients can follow copy trading signals on the MetaTrader platform. Alternatively, signal providers can generate extra income by selling their positions. You can start copy trading in a few easy steps. Social Trading No No Trade Signals Yes VPS Hosting No No Tournaments No No Demo Competitions No No Ethical Investing No No Custodial Account Yes No Guaranteed Stop Loss No No Inactivity Fee $0 Islamic Account No Yes Account Currencies Stock Exchanges Commodities CFD Trading CFD trading not offered You can trade a competitive range of CFDs encompassing crypto, indices, energies and metals, with very high leverage up to 1:1000. ECN pricing is available, with spreads from 0.0 pips and low commissions from $2.50. A Cent account is also available for those on a smaller budget. Leverage 1:1000 FTSE Spread 70 GBPUSD Spread 0.9 Oil Spread 12 Stocks Spread $0 per trade 50 Forex Trading Forex trading not offered ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs. Trading takes place on the leading MT4 and MT5 platforms, which offer dozens of in-built technical tools for short-term forex strategies. GBPUSD Spread 0.9 EURUSD Spread 0.4 EURGBP Spread 0.9 Assets 40 Cryptocurrency Take positions on dozens of leading cryptocurrencies with low fees and 24/7 investing. Traders need just $1 to start speculating on popular tokens like Bitcoin. Clients can also buy cryptos instantly in a few straightforward steps. ForexChief’s range of 5 cryptocurrencies paired with USD is smaller than most competitors. In addition, the average BTCUSD spread of 30 pips is not the cheapest. That said, the broker does offer some useful crypto trading guides for beginners. Spread Variable Variable Coins Crypto Lending No No Crypto Mining No No Crypto Staking No No Auto Market Maker No No

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