MidasFX and XChief are two popular offshore forex and CFD brokers that offer online trading services to traders and investors worldwide. Both brokers accept U.S. clients and provide trading facilities with no FIFO rule, high leverage, low fees, and tight spreads without restrictions. Although these brokers offer similar services, each has its strengths and weaknesses.
In this article, we will compare and review MidasFX and XChief by exploring their trading conditions, instruments, minimum deposits, fees, features, and customer support. This comparison and research will help you determine which broker is better suited to your trading style and preferences.
MidasFX vs XChief: In a Nutshell
MidasFX
Founded in 2020, MidasFX is an online forex and CFD broker. It is an offshore forex broker that offers 100+ trading instruments including forex, metals, energies, stock indices, and cryptocurrencies to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of MidasFX is as high as 1:1000.
MidasFx Overview
- Founded In: 2020
- Headquarters: Saint Vincent and the Grenadines
- Minimum Deposit: $1
- Maximum Leverage: 1:1000
- Regulations: None
- Trading platform:MT4, MT5
- Account Types: Raw spread (ECN) and spread-only (STD) accounts on both MT4 and MT5.
- Payment Options: Steller, Instacoins, Ethereum, Litecoin, Bitcoin
- US Traders: Accepted
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.
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
MidasFX vs XChief: Side By Side Comparison
MidasFX vs xChief: Features
MidasFX
- Trading Instruments: Forex, Cryptos, Indices, Metals
- Trading Platforms: Mt4, MT5
- Minimum Deposit: $1
- Maximum Leverage: 1:1000
- Trading Fees: Commission $5 per 100k. Variable spreads from 0.0 pips. A rollover commission is applied on open positions overnight.
- Minimum Trade Size: 0.01 lot.
- Maximum Trade Size (Lot restriction per Ticket): 1000 Lots MT4 and 100 lots MT5
- Funding Currencies: USD/EUR/GBP/JPY/CAD
- Trading Style Allowed: All including Scalping, hedging, News trading, and EA Trading.
- PAMM/ MAM: Available
- Stop Out Level (retail): 40%
- Margin Call Level: 100%
- Negative balance Protection: Yes
- Investor Protection: No investor protection is Available.
- Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity.
- KYC Verification: Required
xChief
- Trading Instruments:Â Forex, Metals, Commodities, Indices, CFDs, Stock CFDs
- Trading Platforms:Â MT4 & MT5 & Mobile
- Minimum Deposit:Â Â $0
- Maximum Leverage:Â 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.Â
- Funding Currencies:Â 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.Â
- Maximum Volume per trade:Â 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.Â
- PAMM:Â Available .Â
- Stop Out Level (retail): 30%
- Margin Call Level:Â 50%Â
- Negative balance Protection: YesÂ
- Investor Protection:Â Â No investor protection is Availabl
MidasFX vs XChief: Pros and Cons
MidasFX Pros & Cons
- No Minimum Deposit- You may deposit as low as $1
- Allow Crypto CFD Trading
- Demo Accounts are Available
- Higher Leverage for US, and EU clients. Maximum leverage is as high as 1:1000
- Allow Scalping, EA Trading, and News Trading
- MidasFX Accepts Crypto Deposits
- Unregulated offshore forex broker
- Limited Deposit and Withdrawal Option
- No Managed Account Options
XChief Pros & Cons
- 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
- Offshore Broker with very limited information
- Limited Deposit and Withdrawal Option
- Unregulated Forex broker
Final Thoughts:
HeroFX and XChief are unregulated offshore forex and CFD brokers in the industry. They offer similar trading services; they both allow scalping, hedging, EA trading, and Copy trading EA. The minimum order size for both of them is 0.01
However, there are a few areas where you may find some differences. For example, HeroFX supports Desktop Terminal, WebTrader, Trading App trading platforms. On the other hand, XChief also supports the MetaTrader (MT4/MT5) trading platform. The minimum deposit for HeroFX is $20, whereas the minimum deposit for XChief is $0. Additionally, the maximum leverage for HeroFX is 500:1, while the maximum leverage for XChief is 1000:1.
Our score for HeroFX is 4.5, and for XChief, it is 3.5 So, If you are looking for a high-leverage offshore broker with Desktop Terminal, WebTrader, Trading App trading platform you may choose HeroFX. However, if you prefer use MT4/MT5, you may choose HeroFX
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
