XChief Broker Account Types

XChief broker offers five different account types, including the Cent account for beginners, Classic+ account for intermediate traders, DirectFX account for scalpers, xPrime account for professionals, and Islamic (Swap-Free) account for Muslim traders.

1. XChief Cent Account

The XChief Cent account is for beginner traders. So if you want to start with little money and warm up first, this account is exactly what you're looking for. In this account everything is calculated in cents, not dollars, so your risk is much lower.

Overall, you can start with $10 and experience the real feel of the market without worrying about big losses. 

Pros and cons of the ForexChief Cent account

With that same $10 you can try different strategies and see which one works. The 1:500 leverage also lets you open larger trades with little capital. 

In addition, the absence of commission is another plus that matters a lot to beginners. But I should say that the spreads are relatively higher than on the other accounts, and the number of trading instruments is limited.

Who should open a Cent account?

• Traders with less than 6 months of experience.
• People who want to test a new strategy.
• Those with capital of less than $100.
• Traders who want to understand market psychology.

2. Xchief Classic+ Account

The Classic+ account sits one step above the Cent account and is for traders who have moved past the beginner stage. This account starts with a minimum of $10 but offers more features.

In our view, this account strikes a good balance between cost and features, and here you have access to both MetaTrader 4 and 5, with MetaTrader 5 offering more advanced analytical tools. Spreads are also lower than on the Cent account, and you get access to more trading instruments such as cryptocurrencies..

Pros and cons of the xChief Classic+ account

1:1000 leverage is definitely a good figure and lets you open larger trades. But if you plan to scalp, the spreads aren't competitive and the DirectFX account is a better choice.

Who should open a Classic+ account?

• Traders with 6 months to 2 years of experience
• Those who want access to a variety of instruments.
• Traders who make medium- and long-term trades.
• Those with capital between $100 and $500.

3. xChief DirectFX account

The DirectFX account is where traders get more serious. This account starts with a minimum deposit of $50 and is designed for those who care about order execution speed and low spreads.

In reviewing this account, we found it is truly ideal for scalpers and day traders, because you connect directly to the market and orders are executed with minimal delay. Spreads start from 0.3 pips, which is a very good figure. You do have to pay a small commission, but overall costs are lower than on the Classic account.

Pros and cons of the Forexchief DirectFX account

If your strategy is based on scalping or short-term trading, this xChief account will serve you well. Spreads start from 0.3 pips, which matters a lot for high-volume trading, and fast order execution is another strength of this account. 

Who should open a DirectFX account?

• Scalpers whose trades last under 15 minutes.
• Day traders who make several trades a day.
• Traders with capital above $500

4. xChief xPrime account

The xPrime account is considered the top tier of xChief accounts and is designed for professional, high-volume traders. xPrime starts with a minimum deposit of $2000 and offers spreads from zero pips, which is quite rare and gives you the chance to trade at the lowest cost. 

Pros and cons of the xPrime account at Xchief broker

This account is for those who trade seriously and have solid capital. However, the higher Stop Out (50%) means the risk of a margin call comes sooner, which you need to watch out for.

Who should open an xPrime account?

• Traders with more than 2 years of experience
• People with high trading volume (over 10 lots per day)
• Those who also want to trade stocks
• Traders with capital above $2000

5. Xchief swap-free or Islamic account

The swap-free account, also known as the Islamic account, is a special option for Muslim traders in which no interest is charged at all.

Conditions for activating the swap-free or Islamic account 

• It can only be activated on MT5 accounts, including Classic+, DirectFX and xPrime.
• You must be from a country where Islam is the official religion.
• It only works for certain instruments, including major currency pairs, gold and silver.
• Carry trade strategies, i.e. profiting from interest rate differentials (Carry Trade), are strictly prohibited.

Key points about the Xchief Islamic account

• If you hold a position for more than 7 days, swap-free is automatically deactivated.
• The broker has the right to deactivate this service at any time without explanation.
• Swaps are calculated as usual for all other instruments.

 

Now let's go through different situations together and see which account is the right choice in each one. 

New to trading and don't know where to start?

You've just decided to enter the forex market. You have no experience at all, and you have some fears and worries in your mind. What if I make a mistake? What if I lose all my money? These worries are completely natural.

In this situation, the Cent account is the best option. Why? Because:

• Your real risk is much lower Because in this account you work with cents, not dollars, your 10 dollars equals 1000 cents, and if you lose 100 cents, you've only lost 1 dollar.
• You can try different strategies without worrying about how much each mistake will cost you.
• You learn market psychology: you experience fear, greed, patience and excitement, but with little money

Our advice is that if you have less than 6 months of experience, don't even think about the other accounts. Just put that 10 or 20 dollars in a Cent account and start learning. When you feel ready, then move on to a higher account.

Been trading for a few months and want to get more serious?

You've now been trading for 6 months or a year. You're familiar with the market and have learned a few strategies that work. 

The Classic Plus account is a sensible choice at this stage because it gives you more features without any extra costs:

• You have access to more than 70 trading instruments (currency pairs, gold, oil, indices and crypto)
• You pay no commission 
• 1:1000 leverage lets you open larger positions with less capital.

Are you a scalper or want to make very short-term trades?

In scalping every pip counts, and even a one-pip difference can make a big difference by the end of the day. The DirectFX account is built for this trading style, and we really recommend you don't even consider the other accounts. The three main reasons for this choice are:

• First, spreads start from 0.3 pips. When you make 15 trades a day, if you trade in the Classic Plus account with a 0.6-pip spread, you lose about 9 pips a day on spreads alone. But in DirectFX it's only 4.5 pips , a difference of 4.5 pips a day , and over a month this difference adds up to several hundred dollars.
• Second, order execution speed is outstanding. In scalping, if an order is executed with a delay, slippage occurs, which may sometimes work against you and sometimes in your favor. But if the broker has hidden spreads , you always enter at a worse price. This account is connected directly to the market and minimizes the chance of slippage and hidden spreads.
• Third, the commission works out cheaper overall than a high spread. Yes, you have to pay a commission, but when you do the math, you'll see that your profit is higher with a low spread.

Are you a professional trading high volumes?

In this situation, the xPrime account is the professionals' choice. 

• The first reason is the zero spread. Yes, zero! That means there's no price difference between buy and sell, and you only pay commission. When your trading volume is high, this zero spread can make a difference of several hundred dollars by the end of the month.
• The second reason is access to more than 150 instruments. In this account you can trade reputable stocks, which isn't possible in the other accounts. This variety lets you build a diversified portfolio and spread your risk. The range of currencies for deposits and withdrawals is also a plus.

The only thing is that the Stop Out in this account is 50%, not 30%. That means if your equity drops to half, your positions are closed. So you need more precise risk management.

Do you trade long-term and want to hold positions for several days?

In this case, for every night your position stays open, you pay swap, or overnight interest. You have two options: 

• If you're Muslim and don't want to deal with interest, you can activate the Islamic or swap-free account . You can activate this on all three account types: Classic+, DirectFX and xPrime. 
• If you're not Muslim and interest isn't an issue for you, the Classic Plus account is a good choice. Because it has no commission, and for long-term trading where your number of trades is low, you'll have lower costs.

Want to trade various instruments, not just forex?

Don't want to trade only forex and are interested in trading gold, oil, Bitcoin and indices too? In this case the Cent account, which only offers forex and metals, won't meet your needs.

If you have less than 2000 dollars in capital, the Classic Plus or DirectFX account is suitable. Both give access to more than 70 instruments, and they differ only in spread and commission:

• If you make a lot of trades per month (for example more than 50 trades), DirectFX with its lower spread is more profitable, because over the long run the total spreads add up to a significant amount.
• If you trade long-term and your positions stay open for several days or weeks, paying attention to swap is more important than spread and commission. In this case you should compare the overnight swap costs in both accounts.
• If you make frequent short-term trades (scalping or Day Trading), DirectFX is the better option because of its lower spread.

Conclusion

Choosing the right account at XChief depends on three main factors: your level of experience, your trading style and the capital you want to deposit. If you identify these three factors correctly, you won't be confused anymore. The Cent account is great for beginners and those with little capital, the Classic Plus account is for traders who want a variety of instruments, the DirectFX account is for scalpers and those who care about low spreads, and the xPrime account is for professionals who trade high volumes.

Frequently Asked Questions

Can I have more than one account with XChief?

Yes, you can hold several different accounts at the same time, and there is no limit on the number of accounts. Many traders keep one account for scalping and another for long-term trading.

If I open a Cent account, can I switch to another account later?

Yes, you can open a new account and start using it whenever you want. Changing account types at XChief is easy; you just need to create a new account.

Do I have to open a DirectFX account for scalping, or can I also scalp with a Classic+ account?

You can also scalp with a Classic+ account, but the higher spread will increase your costs. Overall, the DirectFX account, with spreads from 0.3 pips, is better for scalping.

How is the Islamic account different from regular accounts?

The Islamic account charges no swap or overnight interest and is designed for Muslim traders. You can activate it on all three account types, Classic+, DirectFX and xPrime, but it only works on MT5.

What is the minimum capital to start trading with XChief?

You need at least $10 for the Cent and Classic+ accounts, at least $50 for DirectFX and at least $2000 for xPrime. That said, we recommend starting with more capital so you can manage risk better.

If I want to trade stocks, which account should I open?

Only the xPrime account lets you trade stocks. This account gives access to more than 150 trading instruments, including well-known stocks, and its minimum deposit is $2000.