Forex Chief claims to be owned and operated by ForexChief Ltd, a Vanuatu-based firm regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14745.
We checked the broker's statement and found that the company named ForexChief Ltd is in the licensed list. However, VFSC is a popular offshore regulator among forex brokers as capital (or bond) requirements are relatively small. A Forex license covering the online activities of a brokerage is issued in 2-3 months, which is indeed extremely fast. Moreover, there is no income tax, capital gains tax and inheritance tax in the country. So VFSC-regulated brokers are actually not under as strong regulation as FCA, ASIC and NFA regulated brokers.
If you would like to know more details about this broker, please check our full Forex Chief review.
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