US Traders always wish to trade with a suitable forex broker. The country has strict regulations in forex trading. As a result, the majority of online forex brokers do not accept US clients because they can not meet the regulatory requirements of the US authorities. High leverage and CFD trading are restricted in the USA. However, many forex traders still opt for trading CFDs with high leverage. That is why many traders settle for offshore forex brokers.
xChief is an online offshore forex broker that is not authorized or regulated by any authority anywhere; so it is not under any obligation to abide by the rules guiding US-regulated brokers. In this blog post, we will explore whether xChief accepts US clients, its Pros and cons, and why US traders choose brokers like xChief and more.
Does xChief Accept Clients?
Yes, xChief accepts US Clients. Being an unregulated online forex broker, the broker has the flexibility to onboard clients from various locations worldwide, including the USA. Therefore, US traders are able to register for an account and trade forex and CFD trading with xChief.
xChief Overview
- Founded Year: 2014
- Founder: ForexChief Ltd
- Headquarters: Fomboni, Comoros
- Minimum Deposit: $0, (Min deposits vary based on account types)
- Maximum Leverage: 1:1000
- Regulations: None (Unregulated Offshore Broker)
- Trading platform: MT4, MT5, Web Terminal, Mobile Trading
- Account Types: Cent, Classic+, DirectFX, prime
- Payment Options: Bank Wire Transfer (Credit/Debit Card, SEPA, Swift, Local Bank Transfer), Crypto/Binance/Coinbase, Perfect Money
- US Clients: Accepted
Why Do US Citizens Use Offshore Brokers Like xChief?
Below are some of the reasons why a US trader will choose to trade with xChief
CFD trading:
Contracts for differences (CFDs) are financial contracts between a broker and a trader which allows the trader to take positions on the broker’s platform and speculate on the price direction of underlying financial assets without ownership. For example, with CFDs, a trader can make money by predicting the price direction of a company’s stock market shares without owning the company shares. Unfortunately, the regulators officially prohibited US traders from trading CFDs. However, xChief gives US traders opportunities to trade CFDs from stocks, indices, and commodities.
High leverage:
Leverage is a tool that multiplies a trader’s market exposure in relation to his deposit. US traders are mandated to restrict forex leverage to 1:50 but xChief offers up to 1: 1000. This means that with a deposit of $500; you can open positions worth 500000. With higher leverage, there is a higher chance of making more profits provided that the market moves in favor of your position.
Low trading capital:
With xChief, US traders can start trading with $1 but US-regulated brokers demand a higher minimum deposit. Also, the trading fees and commissions are much lower with xChief than with the US-regulated brokers. Perhaps, because obtaining and maintaining a US forex broker license is very expensive.
Tax:
The United States has stringent tax laws which are almost impossible to evade. Forex traders are required to pay taxes on their profits. Trading with unregulated brokers like xChief makes it easier to pay reduced taxes especially if BTC is used to fund and withdraw from the trading account.
Pros and Cons of xChief for US Trader
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
Which countries are restricted on xChief
As xChief is an unregulated offshore forex broker. It can onboard clients from anywhere in the world. However, due to business decisions or third-party restrictions, the broker does not accept clients from the following countries.
Afghanistan, Botswana, Burma(Myanmar), Democratic Republic of Congo, Crimea, Cuba, Ethiopia, Iran, Iraq, Japan, Libya, North Korea, Pakistan, Republic of the Congo, Russian Federation, Somalia, Spain, Sudan, Syria, Trinidad and Tobago, Tunisia, Yemen, Zimbabwe.
Frequently Asked Questions (FAQs)
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.
Is xChief Regulated in the USA?
No. xChief is not regulated in the USA. It is an unauthorized offshore forex broker.
Does xChief have any office in the USA?
No, xChief does not have an office in the USA. As per their website, the broker is located in Comoros
Where is xChief Located?
xChief is located at 1257 Bonovo Road, Fomboni, Comoros. However, on their website, we find three business locations of the broker.
- Vanuatu, Port Vila: 1st Floor, CNM Building, Port Vila, Vanuatu
- Representative Office: 2 Venture Dr, #24-01 Vision Exchange, Singapore, 608526
- Representative Office: Suite 319 Rock of Ages Mall Jabi, Abuja, Nigeria
Can Americans use xChief?
Yes, American traders can use xChief. However, traders should take care while trading with unregulated forex broker
Final Thoughts :
xChief is a forex broker that offers online forex and CFD trading services. The broker gives access to trade with a wide range of trading instruments including Forex, Metals, Commodities, Indices, Crypto, and Stock CFDs. However, like other forex and CFD brokers, xChief offers only derivatives The broker allows almost all trading styles including scalping, hedging, copy trading, and news trading.
xChief allows US clients to enjoy forex trading services on their own terms. If you like high leverage, xChief offers leverage up to 1:1000. Traders are allowed to use any strategies including scalping, hedging, news trading, and so on. Unlike US-regulated brokers, xChief offers CFD trading. The broker uses MT4, and MT5 as its trading platforms. Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital. Moreover, trading with offshore forex brokers puts your funds at higher risks
