XChief Review: Features, Pros, Cons, and More 2024!

XChief is a forex and CFD broker that provides online trading services globally. It is an offshore forex broker located in Fomboni, Comoros. The broker offers Forex, Metals, Commodities, Indices, CFDs, Stock CFDs. Being an unregulated forex broker enables XChief to offer high leverage and unrestricted trading, which are often restricted in many regulated markets. However, the lack of regulation also exposes traders to potential risks. Despite this, many traders opt for XChief due to its competitive trading condition, high leverage, and lower minimum deposit. 

In this content, we will analyze and review XChief, exploring its features, pros, and cons. We will also answer the most common questions people ask about XChief. By reading this review, you will gain a better understanding of whether XChief is the right broker for your trading needs and preferences.

What is XChief?

Founded in 2020, xChief is an online forex and CFD broker. It is an offshore forex broker that offers Forex, Metals, Commodities, Indices CFDs, Crypto CFDs, and Stock CFDs, for your personal investment and trading options. The broker allows all trading styles including scalping, hedging, news trading, etc. The broker also offers passive investment programmes like PAMM, MAM. The maximum leverage of xChief is as high as 1:1000. 

Key Features:

• Trading Instruments: Forex, Metals, Commodities, Indices, CFDs, Stock CFDs
• Trading Platforms: MT4 & MT5 & Mobile
• Minimum Deposit:  $0
• Maximum Leverage: 1000:1
• Trading Fees: Trading fees (spreads and commissions) depend on account types. The minimum spread is 0.3 pips for the DirectFX account, $3 per lot for the xPRIME account.
• Minimum Trade Size: 0.01 lot. 
• Funding Currencies: USD,EUR,GBP
• Maximum Number of Positions ( At a time): 200 for MT4, MT5 Live account, 100 for MT4, MT5, demo accounts, 2000 for Ctrader trading account. 
• Maximum Volume per trade: The maximum volume per trade ranges from 50 to 250 lots, depending on the platform type and tradable assets. For Shares CFDs, the maximum volume is 1000 shares in total
• Trading Style Allowed: All including Scalping, hedging, News trading,  and EA Trading. 
• PAMM:  Available . 
• Stop Out Level (retail): 30%
• Margin Call Level: 50% 
• Negative balance Protection: Yes 
• Investor Protection:  No investor protection is Available. 

Pros and Cons

Pros:

• No Minimum Deposit – You can start trading from as low as $1
• Allow Crypto CFD Trading 
• Demo Accounts are Available 
• The Maximum leverage is as high as 1:1000
• Allow Scalping, EA Trading, and News Trading 
• xChief Accepts Crypto Deposits
• Offers MT4, MT5, Mobile trader, and Webrader trading platform
• Bank Transfer, Crypto Deposits, Binance Pay etc 

Cons:

• Offshore Broker with very limited information
• Limited Deposit and Withdrawal Option 
• Unregulated Forex broker  

Our Ratings for XChief:

Review and Reputation on Public Domains:

Public review sites like Trustpilot and Forex Peace Army have become important sources of information about brokers. Many traders share their real-life trading experiences on these platforms. However, there are also many fake or paid reviews on these platforms, and sometimes competitors leave negative reviews. This makes it challenging to find genuine reviews. By carefully reading the content and context of the reviews, you can often discern their authenticity. Do not blindly rely on these reviews; instead, use them as part of your overall broker research process

XChief Ratings and Reviews from Trustpilot:

XChief has earned a rating of 3.4 out of 5 on Trustpilot. These high ratings indicate customer satisfaction and trust. After carefully examining the reviews, we found that most of them are genuine, provided by real users sharing their real-life trading experiences.

XChief Ratings and Reviews from Forex Peace Army:

XChief has achieved an average rating of 3.9 out of 5 on Forex Peace Army (FPA). We’ve observed numerous brokers on FPA, and most brokers tend to have lower ratings. Several reasons might contribute to this. There is a complaint that FPA does not approve all positive reviews and only approves negative ones for the sake of their business. To understand the real reviews, traders should focus on the content of the reviews. Typically, fake, paid, or competitor reviews are generic. While you should consider these reviews as part of your research process, you shouldn’t make decisions based solely on them. For instance, if you encounter any user complaints, you might discuss them with the broker to verify if such issues exist. Additionally, you should review the broker’s policy and terms of service.

Frequently Asked Questions

Is XChief a Legit Broker?

XChief is considered a good offshore forex broker and is registered in Fomboni, Comoros. The broker offers a variety of trading instruments, including Forex, Metals, Commodities, Indices, CFDs, Stock CFDs. However, the broker is not regulated or authorized by any regulatory authority. Due to this lack of regulation and the absence of available financial information, we do not recommend trading with XChief.

Is XChief regulated?

No, XChief is not a regulated broker. It is an unregulated offshore forex broker which offers restriction-free trading facilities. 

Does XChief Offer CFD Trading?

Yes, XChief offers CFD trading. CFD is a form of derivative trading that allows traders to speculate on the price movements of various financial instruments such as stocks, commodities, indices, and currencies, without actually owning the underlying asset. XChief provides a variety of trading CFD instruments including Forex, Metals, Commodities, Indices, CFDs, Stock CFDs.

Where is XChief Located?

XChief is located in Fomboni, Comoros. Comoros is the home of many offshore forex brokers. 

Does XChief require KYC Verification?

Yes, XChief requires KYC (Know Your Customer) verification. This process involves verifying the identity of its clients to comply with brokers’ requirements and ensure the security of the trading environment. Typically, this includes providing identification documents such as a passport or driver’s license, and proof of address, such as a utility bill or bank statement

Does XChief payout?

Yes, XChief does payout to its clients. Traders can withdraw their funds from XChief using cryptocurrencies only. Payouts are processed within 24 hours. Once processed, it can take 1-6 hours, or as soon as there are 3-6 confirmations on the blockchain before the funds will be available in your crypto wallet

Is XChief an ECN broker?

Yes, XChief is an ECN forex broker. The broker offers the XPrime as ECN Accounts. 

What is the minimum deposit for XChief?

The minimum deposit for XChief is $0. 

Conclusion:

XChief is an offshore forex and CFD broker that offers online trading services to traders and investors worldwide. The broker provides a wide range of trading instruments, including Forex, Metals, Commodities, Indices, CFDs, Stock CFDs. The broker’s spreads start from as low as 0.0 pips. XChief offers high leverage (as high as 1:1000 ) and a low minimum deposit (as low as $0). The restriction-free trading facilities, such as CFD trading, lower minimum deposit, and higher leverage, make XChief a good choice for many traders.

However, the broker is not regulated by any regulatory authorities. Therefore, do your research and ensure you are comfortable with this. We only recommend brokers regulated by the relevant financial authorities.