What is the secret of successful trading on the foreign exchange market? It is a very complex question that has an endless number of answers. Each currency market professional is immediately ready to name several reasons that lead to positive results on their trading account; however, it is important to remember that profitability of any strategy, not least of all, depends on the trading operations of the foreign exchange broker selected. ForexChief offers its clients a line of products that consider the interests of a trader group. Narrow spreads, the availability of "cent" accounts, bonuses and additional services will be equally useful, both for beginners and professionals.
Types of accounts
MT4.DirectFX. This is the main account type in the line of ForexChief trading accounts designed for experienced traders. The distinctive features of this account are narrow spreads without "markups" and a broker fee, whose amount is calculated as based on the transaction volume at the rate of $20 for USD 1 mln. Orders are executed in "Market Execution" mode, while the speed of execution of client's orders on the Company's trading server is, on average, 100 msec (under regular market conditions).
MT4.Classic+. This is a classic account type with a "floating" spread that has no transaction fee. Client's orders are executed in "Market Execution" mode, while the standard speed of trading order execution on the server is in the range of 100-150 msec (under regular market conditions). These accounts will be especially relevant for traders, whose trading system is not designed for commission costs and models profitability is based on the size of spreads.
cent-MT4.DirectFX. This is a "cent" account, whose balance span exceeds that standard hundredfold. Otherwise, this account type is completely identical to the MT4.DirectFX accounts. It is suitable, both for beginners who are not ready to risk large capitals, and for professional traders, whose goal is optimization of their trading system with the use of real monetary funds. Also, these accounts will be suitable for those clients who want to test MT4.DirectFX on its "cent" counterpart.
cent-MT4.Classic+. This is a "cent" account that is different from MT4.Classic+ only by its balance span. Otherwise, those account types are identical. As it’s an intermediary stage between a demo-account and a real standard account, the cent-MT4.Classic+ allows users to make a comfortable transition from "virtual" trading to operation with real money.
Order execution policy
Trading conditions set for each account type are not the only criterion for development and fine-tuning of a trading system. The quality of order execution is an important dealing element that affects the profitability of currency transactions, which implies not only the speed of client order processing on the trading server, but also the depth of slippages that a trader may encounter in the period of high volatility on the market. In order to protect the client from unforeseen consequences that arise in the process of trading, ForexChief has developed the order execution policy, which was designed to notify traders of the most difficult aspects in dealing, including: slippage of stop-orders, speed of order execution at the moment economic news is published, forced closing of hedge positions in case of spread widening, as well as potential risks when using trading credits.