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Contract reading

What xChief legally published, but does not want you to read

Every clause below is published by xChief itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: xChief Ltd

sole discretionhidden feewithdrawalsprofit voidingbonus lockdispute barrierforum waivermarketing gapconflict of interestdormancy

xChief Ltd sells in eleven languages and contracts only under the law of the Comoros. Bank withdrawals cost 1.95% with a $50 floor, while every deposit method is free. Its bonus and insurance pages take back every dollar of profit above the bonus itself. The Hindi and Persian pages advertise a $100 bonus that the same terms deny to India and Iran.

Back to xChief

Contract risk

Money at risk
8.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
12
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
29
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
13
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
11

How the 29 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical12
Warning14
Notice3

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

4 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical16In the contract. Jump to the clause this comes from.Bonus sold in Hindi and Persian, banned in India and IranCritical30Bonus requirement. Jump to the clause this comes from.Free $100 bonus: 30 lots first, then your profit is deletedCritical30%Profit at risk. Jump to the clause this comes from.Loss insurance keeps the profit you make with the payoutCritical1.95%Fee you were not shown. Jump to the clause this comes from.Free to pay in, 1.95% and a $50 floor to take out

What the documents say

29 clauses worth knowing about, worst first, each quoted from xChief's own files

01

xChief runs a full page in Hindi and another in Persian offering a free $100 bonus. The English terms for the same bonus exclude 16 countries, and the list starts with Afghanistan, India, Indonesia, Iran and Iraq.

Why this matters

You can register, verify your identity, install the app and only then find out that your country was never eligible. The Dari page, written for readers in Afghanistan, leaves Afghanistan out of the exclusion list that the English page includes.

Exhibit 1CriticalRarely seen16

The No-Deposit Bonus is not available in the following countries: Afghanistan, Algeria, India, Indonesia, Iran, Iraq, Malaysia, Nigeria, Pakistan, South Africa, Sri Lanka, Syria, Thailand, Uzbekistan, Vietnam, Yemen.
Clause Terms and Conditions in No-Deposit Bonus $100, terms and conditions
Read from the broker's site on Open the reference
Our own capture of xchief.com, taken on Sep 4, 2026The claim, on Opening line of the Hindi No-Deposit Bonus pageVisit this page on the broker's siteDownload the full size image file
Our own capture of xchief.com, taken on Sep 4, 2026What the contract says, clause Terms and ConditionsVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA must make sure a promotion is clear, fair and not misleading for the audience it is aimed at. This bonus is aimed, in their own languages, at readers its own terms exclude.

xChief is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingCountry exclusions are ordinary. Publishing a shorter exclusion list in the reader's own language than in English is not, and here the country dropped from the Dari list is Afghanistan itself.

02

You must trade 30 lots before the $100 bonus can come out, and $100 is all you may take. On the first $100 withdrawal xChief debits the whole profit you built with it.

Why this matters

xChief's own example is a $250 balance after 30 lots of EURUSD: you get $100 and the other $150 is removed. xChief also keeps the right to cancel the bonus and the profit at any time without giving you a reason.

Exhibit 2CriticalHarder than usual30

The maximum withdrawal amount after meeting turnover conditions is $100. When withdrawing $100 for the first time, the entire profit will be debited from the account.
Clause Terms and Conditions in No-Deposit Bonus $100, terms and conditions
Read from the broker's site on Open the reference
Our own capture of xchief.com, taken on Sep 4, 2026The claim, on Benefit 5 in the No-Deposit Bonus Benefits listVisit this page on the broker's siteDownload the full size image file
Our own capture of xchief.com, taken on Sep 4, 2026What the contract says, clause Terms and ConditionsVisit this page on the broker's siteDownload the full size image file

What it costsTrade the 30 lots and turn $100 into $250. You withdraw $100. The $150 you earned is removed from the account.

Our readingTurnover conditions on a no-deposit bonus are normal. Deleting the trader's profit rather than just the bonus credit is the harsh version.

  • Worse together with Exhibit 7The bonus page cancels profit without a reason and the client agreement lets xChief seize profit on suspicion alone, so two separate routes reach the same money.
03

The welcome bonus page promises profit is withdrawable without limits. Its own formula then subtracts the bonus and the deposit that earned it from what you may take out, and clearing the bonus needs 50,000 times its value in turnover.

Why this matters

Your own money is frozen while the bonus sits on the account. If your equity ever falls to the credit figure, xChief cancels the bonus and force closes every open position at that moment.

Exhibit 3CriticalHarder than usual50000

If there is an active Welcome Bonus on the account, the sum of funds available for withdrawal will be limited and calculated with the formula:
Clause Terms and Conditions in Welcome Bonus up to $500, terms and conditions
Read from the broker's site on Open the reference
Our own capture of xchief.com, taken on Sep 4, 2026The claim, on Introductory paragraph of the Welcome Bonus pageVisit this page on the broker's siteDownload the full size image file
Our own capture of xchief.com, taken on Sep 4, 2026What the contract says, clause Terms and ConditionsVisit this page on the broker's siteDownload the full size image file
Our own capture of xchief.com, taken on Sep 4, 2026Welcome bonus locks your own deposit, not just the bonus (clause Terms and Conditions)Visit this page on the broker's siteDownload the full size image file

What it costsA $500 deposit earns a $500 bonus. At 50,000 times the bonus, that is $25,000,000 of turnover before the bonus can be withdrawn.

  • Worse together with Exhibit 2You may hold both bonuses at once on different accounts, so both sets of turnover rules can run against you at the same time.
04

Lose your deposit and xChief credits 30% of the loss back, up to $10,000. After you clear the turnover, only that payout can leave the account, and everything else above your own deposits is irrevocably deducted.

Why this matters

The credit is bait for turnover, not compensation. Trade a $600 payout into $2,000 and you keep $600, because the rest is taken back.

Exhibit 4CriticalRarely seen30%

After meeting the required trading turnover, only the insurance payout amount can be withdrawn. All other funds, except for the client’s own deposits, will be irrevocably deducted from the account.
Clause Terms and Conditions in Insurance 30% of Deposit, terms and conditions
Read from the broker's site on Open the reference
Our own capture of xchief.com, taken on Sep 4, 2026Loss insurance keeps the profit you make with the payout (clause Terms and Conditions)Visit this page on the broker's siteDownload the full size image file

What it costsxChief's own example: a $2,000 deposit is lost, $600 is credited, and 60 lots must be traded first. If those 60 lots leave $2,000 on the account, $600 is withdrawable and $1,400 is deducted.

Our readingIt is sold as insurance, which normally pays a settlement you own. Here the payout and every dollar it earns stay under the firm's control until the turnover is done, and the earnings never become yours.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Deposit $2,000You must pass identity checks and hold no other bonus or trading credit.Terms and Conditions
Deposit lostxChief credits 30% of the loss, capped at $10,000.Terms and Conditions
Before turnoverNothing can be withdrawn except your own deposits.Terms and Conditions
60 lots tradedThe payout becomes withdrawable and all other funds above your deposits are deducted.Terms and Conditions
05

Every deposit method on xChief's payments page costs 0%. Taking money out by bank transfer costs 1.95% with a minimum charge of $50 by SWIFT or 35 euros by SEPA, and the client agreement never mentions a withdrawal fee at all.

Why this matters

The minimum bites hardest on small payouts. On a $200 bank withdrawal the fee is $50, so a quarter of your money is gone.

Exhibit 5CriticalHarder than usual1.95%

1.95%, min $50 up to 5 business days USD
Clause Withdrawal, Bank Transfer SWIFT in Deposit and Withdrawal, methods, fees and processing times
Downloaded from the broker's site on Open the reference
Our own capture of xchief.com, taken on Sep 4, 2026Free to pay in, 1.95% and a $50 floor to take out (clause Withdrawal, Bank Transfer SWIFT)This capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

What it costsWithdraw $200 by SWIFT and 1.95% would be $3.90, but the $50 minimum applies. You receive $150, which is a 25% charge.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must tell a retail client the costs and charges of a service before they use it. Here clause 12.1 sends you to the website, and the website shows the withdrawal charge only after you switch away from the deposit view.

xChief is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 12The contract holds no fee schedule and clause 12.9 allows further fees, so the published table is both the only source and one xChief can change.
06

Stop trading and xChief takes a one off $20 maintenance fee, then $20 every month for as long as the account sits still. If your balance is under $20 the fee is simply whatever is left, so the account empties.

In plain words

Dormancy means an account left unused.

Why this matters

The trigger is written as six (3) consecutive months, so the contract does not tell you whether the clock is three months or six. The charge also applies to each account you hold, and clause 12.8 keeps it running after you end the agreement until you request a withdrawal and the balance reaches zero.

Exhibit 6CriticalHarder than usual$20

If your Account remains inactive for six (3) consecutive months, we reserve the right to charge a one-time maintenance fee of USD 20 (or currency equivalent), followed by a recurring monthly inactivity fee of USD 20 for as long as the Account remains inactive.
Clause 12.7 in Client Agreement xChief Ltd, p.10
Read from the broker's site on Archived copyOpen the reference

What it costsAn account left with $50 pays $20, then $20, then the last $10. After three monthly charges the balance is zero.

Set against a regulated standard: FCA (UK)

Firms licensed by the FCA must set out charges clearly enough for a retail client to work out what they will pay. This clause gives two different trigger periods in one sentence.

xChief is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Our readingDormancy fees are common. A fee that expands to swallow the entire remaining balance, per account, with the start date written two different ways in the same sentence, is not.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
3 or 6 months idleA one off maintenance fee of $20 is charged, on a trigger the clause states twice and differently.12.7
Every month afterA further $20 a month is taken for as long as the account stays idle.12.7
Balance under $20The fee equals whatever is left, so the balance reaches zero.12.7
6 or 12 months idlexChief may end the agreement immediately, again on a trigger written two ways.21.3.g
Coming backxChief may demand more paperwork before it restores access.7.7

xChief can undo a trade for any reason it likes

Clause 9.11 of the xChief client agreement cancels any transaction the firm considers contrary to your interests or its own, for any reason. Clause 16.9 lets it withhold or seize profit on suspicion of fraud. The insurance promotion deducts every dollar above the payout once the turnover is done, and calls the deduction irrevocable.

Discretion over your gains2 clauses flagged

If xChief suspects card fraud or any other fraudulent activity, clause 16.9 lets it block you, cancel your open positions and withhold or seize any profit you have made. The test is its own suspicion, at its sole discretion.

Why this matters

You do not have to be shown evidence, given notice or offered an appeal. Clause 16.12 adds the same power wherever xChief has reasonable grounds to suspect trading it calls abusive, and neither clause defines the term.

Exhibit 7CriticalHarder than usual

If we suspect debit/credit card fraud or any other fraudulent activity, we reserve the right, at our sole discretion and without limitation, to restrict or block your access to our trading platforms and Website, cancel any open positions or pending orders, and withhold or seize any profits generated, in accordance with clause 21.3.
Clause 16.9 in Client Agreement xChief Ltd, p.13
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must treat customers fairly and give reasons when they restrict an account. These clauses require neither reasons nor a route to challenge them.

xChief is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Clause 9.11 lets xChief cancel any transaction it considers contrary to your interests or ours, for any reason, at its sole discretion. Your own orders, under clause 8.10, are final and cannot be cancelled without its written consent.

Why this matters

A winning trade sits under a clause that names xChief's own interest as a ground for undoing it. The power runs one way: you can never reverse a trade, and it can reverse any of them.

Exhibit 8CriticalRarely seen

We reserve the right to cancel any transactions that we consider, at our sole discretion, to be contrary to your interests or ours, for any reason.
Clause 9.11 in Client Agreement xChief Ltd, p.8
Read from the broker's site on Archived copyOpen the reference

Our readingMost agreements limit trade cancellation to a manifest pricing error, a system fault or proven abuse. Naming the firm's own interest, followed by the words for any reason, leaves no test a client could ever fail to meet.

  • Same clause as Exhibit 7Clause 9.11 needs no suspicion at all, so it reaches further than the fraud clause it sits beside.

The offer changes when the language does

xChief publishes its bonus terms in Hindi, Persian and Dari, and the exclusion list gets two countries shorter in translation. The English terms bar 16 countries including India, Iran and Afghanistan, while pages in those languages advertise the $100 bonus. The advantages page also offers 1:1000 leverage that the risk notice caps at 1:500, and promises compensation for technical failures that clause 6.4 refuses.

Language arbitrage3 clauses flagged

xChief's advantages page says it compensates clients for money lost through technical failures on its own end. Clause 6.4 says the opposite: it is not liable for losses, financial or missed trading, when its systems go down for maintenance.

Why this matters

If a server restart closes a trade against you, the page you read before signing up promises money back and the contract you signed removes it. Clause 17.6 narrows any claim to proven misconduct by xChief.

Exhibit 11CriticalHarder than usual

During such maintenance windows, access to the Software may be temporarily interrupted. We shall not be liable for any resulting losses, including financial loss or lost trading opportunities.
Clause 6.4 in Client Agreement xChief Ltd, p.5
Read from the broker's site on Archived copyOpen the reference

The advantages page and the margin table both offer leverage up to 1:1000 on forex. The risk disclosure notice states that the maximum leverage offered by the firm is 1:500.

Why this matters

The document meant to tell you how much risk you are taking understates it by half. At 1:1000, the risk notice's own worked example of how fast leverage multiplies a small price move is out of date.

Exhibit 24WarningHarder than usual

The maximum leverage offered by the Firm is 1:500, subject to limitations that may apply to certain CFDs.
Clause 5.2 in Risk Disclosure Notice xChief Ltd, p.3
Read from the broker's site on Open the reference
Our own capture of xchief.com, taken on Sep 4, 2026The claim, on Platforms and Account Types section of the Why xChief pageThis capture shows the page the quotation was taken from. The words themselves are not marked in it, so please read the quotation above as the evidence.Visit this page on the broker's siteDownload the full size image file

The advantages page invites you to open more accounts and store money in transitory accounts, all without fees. The client agreement charges the $20 monthly inactivity fee separately on each idle account, and its glossary counts transitory accounts as accounts.

Why this matters

Parking money in a second account is presented as free and can quietly cost $20 a month. Three idle accounts mean three separate charges.

Exhibit 25WarningHarder than usual$20

Account: Refers to the trading account(s) and/or transitory (as applicable), each identified by a unique number assigned to a Client, used for trading financial instruments via the xChief trading platform(s).
Clause Schedule A, Account in Client Agreement xChief Ltd, p.16
Read from the broker's site on Archived copyOpen the reference
  • Same clause as Exhibit 6The invitation to open more accounts and the per account fee rest on the same definition of Account.

No deadline binds xChief to pay you

The xChief client agreement sets no period for paying a withdrawal, calls the published times estimates only, and states it cannot guarantee processing times. Clause 19.2 allows withdrawals to be suspended during what it calls a Specific Event, and abnormal market volatility is on that list. Money must return by the route it arrived, and a different route can be refused.

Exit conditions2 clauses flagged

Clause 19.2 lists what xChief may do during what it calls a Specific Event, and suspending withdrawals or rejecting withdrawal requests is on the list. The same clause 19.1 counts abnormal market conditions such as extreme volatility as one of those events.

Why this matters

The moment you most want your money out is the moment this clause switches on. xChief can also widen your spreads, turn fixed spreads into floating ones and close your open positions while it holds the payout.

Exhibit 9CriticalHarder than usual

Suspend withdrawals or reject withdrawal requests;
Clause 19.2.f in Client Agreement xChief Ltd, p.14
Read from the broker's site on Archived copyOpen the reference

Our readingForce majeure powers are standard. Listing withdrawal suspension among them, with market volatility as a trigger, moves an ordinary clause well into the firm's favour.

  • Worse together with Exhibit 10No clause anywhere sets a deadline for paying a withdrawal, so a suspension has no outer limit to run against.

Nothing in the agreement says how long xChief has to pay a withdrawal. Clause 11.19 calls the times on its website estimates only, and clause 11.10 says it cannot guarantee processing times at all.

Why this matters

With no clock in the contract, a delayed payout never becomes a breach. Money must also go back the way it arrived, and asking for a different route can get the request rejected.

Exhibit 10WarningHarder than usual

While indicative processing times are published on our Website, these are estimates only and may be subject to delays, particularly where additional documentation is required.
Clause 11.19 in Client Agreement xChief Ltd, p.10
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC are expected to return retail client money promptly on request. This agreement sets no period at all.

xChief is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Liquidation can start at a 50% margin level

xChief reserves the right to begin closing positions at a margin level of 50%, while its account types page shows a 30% stop out. Leverage falls automatically as equity grows, which the risk notice warns can itself cause a stop out. The execution policy also treats identical strategies across multiple accounts as suspected abuse, which is what the copy trading service does by design.

Control of your positions4 clauses flagged

The execution policy lets xChief start closing your positions once your margin level falls to 50%, beginning with the biggest loser. Automatic close out follows at 30%, which is the only stop out level the account types page shows for three of its four accounts.

Why this matters

Your trade can be closed while it still has margin left to breathe, and the loss becomes real at that moment. The policy calls this a right xChief reserves, so nothing obliges it to wait for 30%.

Exhibit 20CriticalHarder than usual50%

Where the Margin Level falls to 50% or below, the Company reserves the right to initiate liquidation of positions, beginning with the position reflecting the highest loss in absolute terms.
Clause 4.3 in Order Execution Policy xChief Ltd, p.4
Read from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Margin level 50%xChief may begin closing positions, starting with the largest loss.4.3
Margin level 30%The platform closes positions automatically until the level rises above 30%.4.3

Clause 7.2 lets xChief act on instructions from any person who has your access codes, as if you had given them, with no further check. Clause 7.3 leaves the loss with you unless the breach was xChief's gross negligence.

Why this matters

If someone reaches your account, the trades they place are yours and the money they lose is yours. xChief owes you no verification step before acting.

Exhibit 21WarningHarder than usual

Furthermore, we may act upon any instructions received from an individual who is in possession of your Access Codes, as if such instructions were issued by you, without the need for additional confirmation or inquiry.
Clause 7.2 in Client Agreement xChief Ltd, p.5
Read from the broker's site on Archived copyOpen the reference

xChief sells copy trading and PAMM accounts, where many accounts run the same strategy by design. Its execution policy names the use of identical strategies across multiple accounts as a suspected abusive practice that lets it reject or modify any order without notice.

Why this matters

The product you were sold matches the description of behaviour the policy treats as suspicious. Clause 10.3 adds that where abuse is detected xChief may close accounts, cancel trades and recover losses.

Exhibit 22WarningRarely seen

xChief reserves the right to execute, reject, or modify any order at its sole discretion without prior notice to the Client, including in cases of exceptional market volatility, illiquidity or price-feed disruptions, significant order size relative to market depth, or suspected abusive trading practices such as latency arbitrage or the use of identical strategies across multiple accounts.
Clause 3.5 in Order Execution Policy xChief Ltd, p.3
Read from the broker's site on Open the reference

Our readingA single document set that both markets automated copying and lists copied strategies among abusive practices leaves the client on both sides of the same rule.

  • Worse together with Exhibit 7One clause defines the suspicion and another lets profit be seized once it exists.

xChief's margin page cuts your leverage automatically once your equity passes each band. The risk notice warns that changing the leverage on a trading account can directly affect open positions and lead to a stop out.

Why this matters

A profitable run can raise the margin your open trades need, without you doing anything. Clause 9.8 lets xChief change margin requirements and leverage with no prior notice.

Exhibit 23WarningStandard wording

Any modifications to the leverage level of a trading account may directly affect open positions and lead to a stop-out.
Clause 5.4 in Risk Disclosure Notice xChief Ltd, p.3
Read from the broker's site on Open the reference

One Comoros company, and no fund behind it

You contract with xChief Ltd of Moheli, Comoros, licence T2023379 from the Mwali International Services Authority. Client money is pooled in omnibus accounts, and if the bank holding it fails the risk notice puts the loss on you with no recourse against xChief. No compensation scheme is named in any of the seven documents.

Who holds your money2 clauses flagged

Client money sits pooled in omnibus accounts at outside banks. If one of those banks defaults and the money cannot be recovered, the risk notice puts the loss on you and says you have no recourse against xChief.

Why this matters

Segregation separates your money from the firm's, and it does not protect you from the bank. No compensation scheme is named in any document, so there is no fund behind that loss.

Exhibit 15CriticalHarder than usual

In the event of a default or insolvency of the institution holding Client Money, where Client Money is partially or entirely unrecoverable, any resulting loss shall be borne by the Client and not by the Firm. In such an event, the Client shall have no recourse against the Firm for restitution.
Clause 8.3 in Risk Disclosure Notice xChief Ltd, p.4
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA belong to a compensation scheme that pays retail clients up to a set limit when the firm fails, and CySEC firms belong to an investor compensation fund. No such scheme is named anywhere in these documents.

xChief is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The homepage calls xChief a fully regulated broker and the advantages page says the group holds several licences in several countries. The agreement gives you one company, xChief Ltd of Moheli in the Comoros, under one licence numbered T2023379.

Why this matters

Whatever other companies exist in the group, the contract is with the Comoros one, and clause 2.5 makes it the whole of your relationship. Any protection attached to another licence is not attached to you.

Exhibit 16NoticeStandard wording

The company’s registered address is Bonovo Road, Fomboni, Island of Moheli, Comoros Union.
Clause 1.2 in Client Agreement xChief Ltd, p.3
Read from the broker's site on Archived copyOpen the reference

Paying in is free, taking out costs 1.95%

xChief charges 1.95% with a $50 minimum on bank withdrawals, and 0% on every deposit method. Neither figure appears in the client agreement, whose costs section names no amount except the $20 inactivity fee and reserves the right to add more. The price you trade at also carries a mark-up whose size is published nowhere.

Cost disclosure3 clauses flagged

The costs section of the client agreement names no amount for anything. Clause 12.9 goes further and lets xChief charge extra fees if you pay money in and take it out without trading.

Why this matters

You cannot work out what a deposit, a withdrawal or a dormant month costs from the document you agree to. Clause 12.3 also allows charges to change, and where markets move unexpectedly you may be told at or after the event.

Exhibit 12WarningHarder than usual

Certain payment methods may incur transaction fees. If you deposit or withdraw funds without engaging in trading activity, we reserve the right to charge additional fees. A list of such fees is available on our Website.
Clause 12.9 in Client Agreement xChief Ltd, p.10
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client the costs and charges of a service before they trade. Here the only figure in the whole costs section is the $20 inactivity fee.

xChief is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Activating the Islamic swap-free option means agreeing that xChief may switch it off at any time without explanation and charge the full swap cost for any position on the account. Holding a position open for more than 7 days is enough to lose the status.

Why this matters

Charges you were told you would not pay can be applied backwards across your positions. The reason is not owed to you, and the page carrying this condition is not among xChief's legal documents.

Exhibit 13WarningHarder than usual7 days

By activating the swap-free option, the Client agrees that the company has the right to disable it at any time without explanation and charge the full swap cost for any position on the account.
Clause Swap-free conditions in Islamic Swap-Free Trading Account conditions
Read from the broker's site on Open the reference

Our readingBrokers commonly withdraw swap-free status from carry traders. Charging the full swap cost on any position, with no explanation given, is the aggressive form of it.

Every CFD price on the platform includes a mark-up that xChief adds to the raw spread it receives from its liquidity providers. The size of that mark-up is not stated in any of the seven legal documents.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

It is a cost you pay on entry and exit without ever seeing it as a charge. The account types page advertises spreads from 0 pips, and the mark-up sits inside whatever spread you actually get.

Exhibit 14NoticeStandard wording

Prices of CFDs include a mark-up, consisting of (i) raw spreads received from liquidity providers, and (ii) an additional mark-up applied by the Firm, where applicable.
Clause 4.1 in Risk Disclosure Notice xChief Ltd, p.3
Read from the broker's site on Open the reference

The last stop is the registry that issued the licence

xChief answers a formal complaint within 14 calendar days, and the only escalation named is the Mwali International Services Authority in the Comoros. No independent ombudsman can order a payment and no compensation fund is named in any document. Clause 18.1 also makes you cover xChief's costs and reputational damage arising from a breach.

If it goes wrong2 clauses flagged

xChief answers a formal complaint within 14 calendar days. If you disagree with that answer, the only step left is the Mwali International Services Authority, the registrar that issued the licence.

Why this matters

There is no independent adjudicator who can order xChief to pay you, and no compensation fund behind a decision. Every complaint has to go by email to one address from your registered address.

Exhibit 17WarningStandard wording14 days

Upon receipt, xChief will investigate the complaint and provide a formal response, including the outcome or decision, within 14 calendar days.
Clause 3.6 in Complaints Handling Procedure xChief Ltd, p.2
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA answer to the Financial Ombudsman Service, whose decisions bind the firm, and CySEC firms answer to a financial ombudsman as well. Here the escalation route is the licensing registry itself.

xChief is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Clause 18.1 makes you pay xChief in full, on demand, for liabilities, damages and costs arising from a breach by you or from enforcing the agreement. The list of damages includes reputational damage.

Why this matters

A dispute can cost you more than the balance in the account. Meanwhile clause 17.5 rules out xChief paying you for lost profits or lost trading opportunities.

Exhibit 18WarningHarder than usual

You agree to indemnify us, on demand and in full, against all liabilities, damages (including reputational), expenses, penalties, interest, professional costs, and losses (direct or indirect) incurred as a result of:
Clause 18.1 in Client Agreement xChief Ltd, p.13
Read from the broker's site on Archived copyOpen the reference

Comoros law, Comoros courts, English text prevails

The xChief client agreement is governed by the law of the Union of the Comoros and gives its courts exclusive jurisdiction. The site sells in eleven languages, and clause 15.2 says the English version prevails over all of them. xChief may hand your contract to another party, and you may transfer nothing.

Where you would sue1 clause flagged

The agreement is governed by the law of the Union of the Comoros, and its courts have exclusive jurisdiction over any dispute. xChief markets in eleven languages, including Persian, Arabic, Hindi, Bengali and Chinese.

Why this matters

Suing over a refused withdrawal means bringing a case on an island in the Indian Ocean, under a law you cannot read in your own language. Clause 23.1 also lets xChief hand your contract to another party while you may not transfer anything.

Exhibit 19WarningStandard wording

Any dispute, controversy, or claim arising out of or in connection with this Agreement, including any question regarding its existence, validity, interpretation, performance, breach, or termination, shall be subject to the exclusive jurisdiction of the competent courts of the Union of the Comoros, and the Parties hereby irrevocably submit to the jurisdiction of such courts.
Clause 22.2 in Client Agreement xChief Ltd, p.15
Read from the broker's site on Archived copyOpen the reference

Our readingOffshore governing law is normal for a Comoros licensed firm. The distance from where the clients are is what makes it worth knowing.

Credit reference searches, at random, at any time

Clause 5.1 lets xChief check your creditworthiness through credit reference agencies and private databases, randomly, at any point in the relationship. Clause 11.13 lets it delay or reject a deposit or withdrawal while it asks for more documents. The Privacy Policy that clause 2.4 makes part of the agreement is not published anywhere on the site.

Checks on you2 clauses flagged

xChief may run checks through credit reference agencies and public or private databases to assess your creditworthiness, randomly or for its own reasons, at any point in the relationship. Clause 11.13 lets it delay or reject a deposit or withdrawal while it asks for more documents.

Why this matters

A withdrawal can trigger a fresh review months after your account was approved. Refusing to hand over what is asked for can end the relationship under clause 5.1.

Exhibit 28WarningHarder than usual

In some instances, either randomly or based on specific reasons, we may conduct additional checks using third-party data providers, including credit reference agencies and public or private databases, to assess your creditworthiness. Such enquiries may occur at any point during the business relationship.
Clause 5.1 in Client Agreement xChief Ltd, p.4
Read from the broker's site on Archived copyOpen the reference

Our readingIdentity checks are required of every broker. Credit reference searches on a trading client, run randomly and repeatedly, go beyond what the money laundering rules ask for.

Clause 2.4 makes the Privacy Policy part of your agreement, and clause 14.8 says your data rights are set out in it. The legal documents page lists seven files and no privacy policy, and we could not find one anywhere on the site.

Why this matters

You agree to a document about your own data that you cannot read. There is also no anti-money laundering policy published, though the partnership agreement requires partners to follow it.

Exhibit 29NoticeHarder than usual

Details of our data processing practices, including your rights as a data subject, are provided in our Privacy Policy, available on our Website.
Clause 14.8 in Client Agreement xChief Ltd, p.11
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK)

Firms handling personal data under the European rules must make their privacy notice available to the people whose data it is. This one is referenced but not published.

xChief is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

xChief prices the trade and takes the other side of it

xChief is the sole counterparty and the sole execution venue for every order, and may act as a market maker. Its conflicts policy states that it neither receives nor provides inducements, while the partnership agreement pays introducers up to 8% of the money flowing in and out of the clients they bring. Both documents are published on the same page.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Who is on the other side2 clauses flagged

Every trade you place is against xChief itself, priced by xChief, on the only venue it recognises. The risk notice adds that it may act as a market maker about client trades.

Why this matters

Your loss is its gain on the same contract, and there is no outside price to check a fill against. It is disclosed clearly in the policies and is never mentioned in the marketing.

Exhibit 26WarningStandard wording

While we may transmit orders for execution to third-party liquidity providers, xChief remains the sole counterparty to Client trades. Accordingly, we are the sole execution venue for the purposes of this Policy.
Clause 9.1 in Order Execution Policy xChief Ltd, p.6
Read from the broker's site on Open the reference

Our readingActing as principal is ordinary for a retail CFD firm. Being the sole execution venue as well removes any external reference for the price you got.

The conflicts of interest policy says xChief neither receives nor provides any fee, commission or non-monetary benefit for services to clients unless it improves the service. The partnership agreement pays introducers up to 8% of the monthly money in and out of their clients' accounts.

In plain words

Remuneration means payments it receives.

Why this matters

The person who recommended xChief to you can earn a share of what you deposit and do not withdraw. Payment also stops for positions closed within three minutes, which shapes the advice you get about holding trades.

Exhibit 27WarningHarder than usual8%

The Company neither receives nor provides any fee, commission, or non-monetary benefit in connection with the provision of investment or ancillary services to clients, unless such benefit demonstrably enhances the quality of the relevant service delivered to the client.
Clause 3.19 in Conflicts of Interest Policy xChief Ltd, p.4
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose inducements paid to third parties for client introductions before the client invests. This policy states that none are paid.

xChief is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

A page written in Hindi offers a bonus that the English terms deny to India.

Said in public, in Hindi

नो डिपाजिट बोनस – $100 मुफ्त बोनस xChief द्वारा संचालित।

Word for word in English: No Deposit Bonus, a $100 free bonus run by xChief.

Opening line of the Hindi No-Deposit Bonus page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of xchief.com

In the contract · clause Terms and Conditions

The No-Deposit Bonus is not available in the following countries: Afghanistan, Algeria, India, Indonesia, Iran, Iraq, Malaysia, Nigeria, Pakistan, South Africa, Sri Lanka, Syria, Thailand, Uzbekistan, Vietnam, Yemen.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of xchief.com

02

The Persian page offers the bonus to readers in a country its own English terms exclude.

Said in public, in Persian

بونوس رایگان 100 دلاری: در ایکس چیف شما می‌توانید پس از ثبت نام و بدون نیاز به شارژ حساب خود، بونوس رایگان 100 دلاری را دریافت کنید.

Word for word in English: Free $100 bonus: at xChief you can receive a free $100 bonus after registration, without needing to fund your account.

Opening paragraph of the Persian No-Deposit Bonus page

In the contract · clause Terms and Conditions

The No-Deposit Bonus is not available in the following countries: Afghanistan, Algeria, India, Indonesia, Iran, Iraq, Malaysia, Nigeria, Pakistan, South Africa, Sri Lanka, Syria, Thailand, Uzbekistan, Vietnam, Yemen.

03

The Dari page for Afghan readers leaves Afghanistan out of the exclusion list the English page prints.

Said in public, in Persian

بونس بدون واریز در کشورهای ذیل در دسترس نیست: الجزایر، هند، اندونیزیا، ایران، عراق، مالیزیا، پاکستان، افریقای جنوبی، سریلانکا، سوریه، تایلند، ازبکستان، ویتنام، یمن.

Word for word in English: The no-deposit bonus is not available in the following countries: Algeria, India, Indonesia, Iran, Iraq, Malaysia, Pakistan, South Africa, Sri Lanka, Syria, Thailand, Uzbekistan, Vietnam, Yemen.

Exclusion list on the Dari version of the No-Deposit Bonus page, which omits Afghanistan and Nigeria

In the contract · clause Terms and Conditions

The No-Deposit Bonus is not available in the following countries: Afghanistan, Algeria, India, Indonesia, Iran, Iraq, Malaysia, Nigeria, Pakistan, South Africa, Sri Lanka, Syria, Thailand, Uzbekistan, Vietnam, Yemen.

04

No restrictions on the benefits list, and the terms below take every dollar of profit above $100.

Said in public, in English

Withdraw $100 with no restrictions after meeting the required turnover.

Benefit 5 in the No-Deposit Bonus Benefits list

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of xchief.com

In the contract · clause Terms and Conditions

The maximum withdrawal amount after meeting turnover conditions is $100. When withdrawing $100 for the first time, the entire profit will be debited from the account.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of xchief.com

05

Profit is promised without limits, then the withdrawal formula subtracts your own deposit as well as the bonus.

Said in public, in English

Any profits you make are withdrawable at your leisure and without limitations.

Introductory paragraph of the Welcome Bonus page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of xchief.com

In the contract · clause Terms and Conditions

Available for withdrawal = Free Margin - Welcome Bonus - Deposit amount for which Welcome Bonus has been given

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of xchief.com

06

Compensation for its own technical failures is promised in the marketing and disclaimed in clause 6.4.

Said in public, in English

We offer advanced solutions to help clients control and minimize trading losses while safeguarding against negative balances. Additionally, we provide compensation for financial losses incurred due to technical failures on our end.

Security section of the Why xChief page

In the contract · clause 6.4

During such maintenance windows, access to the Software may be temporarily interrupted. We shall not be liable for any resulting losses, including financial loss or lost trading opportunities.

07

The marketing offers double the maximum leverage the risk disclosure notice states.

Said in public, in English

Trade with a maximum leverage of up to 1:1000.

Platforms and Account Types section of the Why xChief page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of xchief.com

In the contract · clause 5.2

The maximum leverage offered by the Firm is 1:500, subject to limitations that may apply to certain CFDs.

08

Withdrawals are advertised as instant and the contract guarantees no processing time at all.

Said in public, in English

Instant electronic deposit and withdrawal options such as: Crypto (Tether, Bitcoin, Ethereum, Litecoin, etc.), Perfect Money, etc.

Deposit and Withdrawal section of the Why xChief page

In the contract · clause 11.10

While we take all reasonable measures to ensure timely transfers, we cannot guarantee processing times and accept no liability for delays or losses resulting from incomplete or inaccurate information provided by you.

09

Segregation is sold as protection while the risk notice leaves the loss with you if the bank fails.

Said in public, in English

Furthermore, we segregate client and broker funds to enhance client protection.

Security section of the Why xChief page

In the contract · clause 8.3

In the event of a default or insolvency of the institution holding Client Money, where Client Money is partially or entirely unrecoverable, any resulting loss shall be borne by the Client and not by the Firm. In such an event, the Client shall have no recourse against the Firm for restitution.

10

Holding funds in extra accounts is advertised as free and charged at $20 a month per account once idle.

Said in public, in English

securely store funds in Transitory Accounts in USD or EUR, all without fees.

Platforms and Account Types section of the Why xChief page

In the contract · clause 12.7

The inactivity fee applies separately to each inactive Account. Where an Account balance is less than USD 20 (or currency equivalent), the fee charged will equal the remaining balance.

11

The deposit view shows 0% on every method while the withdrawal view charges 1.95% with a $50 floor.

Said in public, in English

Crypto

Deposit tab, where every listed method shows 0%

In the contract · clause Withdrawal, Bank Transfer SWIFT

1.95%, min $50 up to 5 business days USD

The documents this reading is based on

13 files, all published by xChief. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording xChief publishes.

How this reading was done

Every clause above was read out of a document xChief publishes itself

This reading was published on .

Documents
11 of 13downloaded from the broker's site, and 11 read in full
Pages opened
45pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Languages
EN vs FA vs HIthe language it advertises in, against the language it contracts in

Who the contract is with

xChief Ltd

You contract with xChief Ltd, registered at Bonovo Road, Fomboni, Island of Moheli, Comoros Union, registration number HY00923433. Clause 1.2 names one licence, from the Mwali International Services Authority, number T2023379. The marketing says the group holds several licences in several countries, but the agreement gives you this one Comoros company and clause 2.5 makes it the whole deal. Clause 3.2 adds that xChief is the direct counterparty to every trade you place.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

xChief gives negative balance protection to every client, retail and professional, and promises to credit the account back to zero after a gap. Clause 2.7 lets you walk away within 14 days and get your money back if you have not traded. The welcome bonus can be cancelled from the client area, and only the bonus is taken back, not your profit. All seven legal PDFs are public, readable and carry a version date, which many brokers do not manage. The complaints procedure sets no deadline on you and promises an answer in 14 calendar days.

No earlier version of any of these documents is available, so this is a first reading with nothing to compare against. The Privacy Policy that clause 2.4 makes part of the agreement is not on xChief's legal documents page, and we could not find it anywhere on the site. The deposit and withdrawal fee list changes with the country chosen on the page, and we read the list served for the United Arab Emirates. We did not read the Persian version of the partnership agreement. The bonus, insurance and swap-free terms exist only as web pages, so xChief can rewrite them at any time without a trace.

How to check any of this yourself

Every quote above links to the xChief file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document xChief publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge xChief on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Sep 4, 2026.

If you represent xChief and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on xChief. Whether its licence is real and current is a separate check on the broker profile.

Back to the xChief profile