FXChoice Review
Leverage: 1:200
Regulation: FSC
Min. Deposit: $100
HQ: Belize
Platforms: MT4, MT5
Found in: 2010
Leverage: 1:200
Regulation: FSC
Min. Deposit: $100
HQ: Belize
Platforms: MT4, MT5
Found in: 2010
FXChoice is a Forex and CFD Broker previously operated and regulated in Australia, that also has years of experience in the market and it has gained the traders’ trust. The company has been in the Forex business since 2010, yet FXChoice for now headquarters in Belize. The broker offers traders from all corners of the world a savvy, friendly, and intuitive space to access the forex and CFDs market.
Yet, the broker gained global acquisition since operating for over ten years in the world of trading. The broker offers competitive and transparent conditions and provides a reliable trading environment.
FXChoice is a reliable broker due to its long years of operation and solid position. The broker specializes in Forex and CFD trading with a good choice of instruments with good conditions in our opinion. FXChoice provides low fees and swaps and offers high leverage trading. Another advantage is the broker’s quality customer support and sufficient educational resources.
On the downside, the broker mainly focuses on FX and CFD trading only and customer support is available only 24/5. The biggest disadvantage is regulation, the broker doesn’t have any serious license, so make sure to conduct thorough research before making any final decision.
Advantage | Disadvantage |
---|---|
Good reputation and years of operation | No top-tier regulation, operates only through offshore enetities |
Worldwide coverage with international trading | Only FX and CFD trading |
Good Instrument Choice | No 24/7 support |
Good Educational Resources | |
Low Fees and Swaps | |
Good referral and loyalty programs |
🏢 Headquarters | Belize |
🗺️ Regulation | IFSC (Belize) |
🖥 Platforms | MT4, MT5 |
📉 Instruments | Forex, Crypto, Indices, Commodities, Shares |
💰 EUR/USD Spread | 1.2 pip |
🎮 Demo Account | Available |
💳 Minimum deposit | $100 |
💰 Base currencies | Several currencies |
📚 Education | Learning materials and fundamental analysis |
☎ Customer Support | 24/5 |
Overall, based on our research and expert opinion, we consider FXChoice a good broker for active and passive trading suitable for professional traders. The broker displays good conditions for FX and CFD trading with low fees and advanced technology.
Ranking | FXChoice | Plus500 | IFC Markets |
---|---|---|---|
Our Ranking | ⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
Advantage | Insturments | Regulation | Low Deposit |
However, there are some obvious disadvantages that we couldn’t help but notice. The biggest disadvantage is its lack of serious regulation, despite its good conditions and safe transactions. Also, for some account types, it may charge a commission for trading. So it is good to check out other brokers as well. See our list of alternative brokers below:
FXChoice’s constant strive to provide the best offerings and conditions for their clients hasn’t gone unnoticed. The broker has received numerous awards and good reviews from their clients for their good conditions also excellent support and eagerness to help which is very important in terms of safety.
No, FXChoice is not a scam, it has long established itself as a reliable broker with long years of operation and excellent trading conditions. However, the broker is not operating under any serious licenses for now.
See our conclusion on FXChoice Reliability:
FXChoice Strong Points | FXChoice Weak Points |
---|---|
Good Reputation | Offshore Regulation |
Customer Protection Provided | No Top-Tier regulation |
Long Years of Operaiton |
FXChoice allows Indian traders to open accounts and trade. However, FXChoice has no mention of complying with any Indian regulators on its website. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.
No, FXChoice is not regulated in South Africa. However, South African clients can get exposure to the broker’s offering by registering via its international entity.
FXChoice is not legal in the USA and is not available for American traders. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for FXChoice, you are only permitted to trade with the U.S-regulated platforms.
Here is the full list of the countries, the broker does not accept: Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, Syrian Arab Republic, Guam, Northern Mariana Islands, Puerto Rico, U.S. Virgin Islands, United States Minor Outlying Islands, American Samoa.
FXChoice offers funds segregation. This means client funds are strictly separated from the company ones. The broker is regularly audited and reported on required terms, which means there is a sustainable level of transparency.
Leverage is a powerful and useful tool that might magnify your income. One of the peculiarities that Forex trading is popular for is its leverage opportunity. This means, with initially small capital you have the potential to gain quite good exposure to the markets.
Leverage levels largely depend on the instrument you trade, the asset category, and the amount traded. To get the exact levels we recommend checking conditions through a trading platform.
Based on what we found, FXChoice offers two main account types– Classic and Pro. The main difference between the account types is that the Classic accounts incorporate the commission within the spread. This simplifies the trader’s trading costs. On the other hand, Pro accounts have the most competitive and tightest spreads. However, the commission is not included.
Pros | Cons |
---|---|
Fast Account Opening | Commissions charged for Pro Account |
Various Accounts offered | No Islamic account |
Demo Account available | |
NDD Execution type |
Yes, FXChoice allows traders to practice strategies and become familiar with the platform with their demo account option. The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience before trading with real funds and facing actual risk.
Traders may test their trading strategies and become familiar with the trading platform at their own pace. The demo account expires after 90 days if the user doesn’t log in.
FXChoice offers a wide range of CFD instruments covering such major markets as forex, cryptocurrencies, indices, shares, and commodities.
Trading instruments may vary based on the country of residence, additionally, the trading instruments offered by FX Choice may vary depending on the trading platform you choose to trade with.
Based on our finds, FXChoice offers customized trading conditions and fees. The broker displays all of the spreads and commissions on the pages for each asset. The broker may charge some additional fees, including overnight fees, swap fees, etc. Additionally, traders might face currency conversion fees, in case they need to convert currencies.
Fees | FXChoice Fees | Axiory Fees | ETFinance Fees |
---|---|---|---|
Deposit Fee | Yes | No | No |
Withdrawal Fee | Yes | No | No |
Inactivity Fee | No | No | Yes |
Fee ranking | Average | Low/ Average | High |
FXChoice pricing differs, as each account offers different conditions. It mainly depends on the account type. As for Classic accounts, the commission is included in the spread. For Pro accounts the picture is different (USD 3.5 per side, USD 1.5 for high-volume traders).
Asset/ Pair | FXChoice Spread | Axiory Spread | ETFinance Spread |
---|---|---|---|
EUR USD Spread | 1.4 | 1.2 | 0.7 |
Crude Oil WTI Spread | 1.0 | 4 | 3 |
The initial minimum deposit is 100 USD for the broker’s Classic account. FXChoice offers many different payment methods. The money is available any moment the trader requests it. Also, clients are free to choose any payment method that is convenient for them and is available at the location they trade from.
Here are some good and negative points for FXChoice funding methods found:
FXChoice Advantage | FXChoice Disadvantage |
---|---|
Fast digital deposits, including Bitcoin Deposit and Cards | Methods may vary based on your country of residence |
Very low first deposit requirement | |
Various Methods Available |
FXChoice uses the most common methods, but also, offers other diverse methods, thus making money transfers easier and more accessible.
Thus, the payment options include the following providers. However, always verify which ones are available in your country:
FXChoice minimum deposit is $100. Also, FXChoice covers fees for deposits via Cards and Wire transfers. However, the payment providers can charge possible fees according to the client’s country of origin and applicable laws by other providers.
Yes, it is possible to withdraw money from FXChoice and use the same withdrawal methods as the deposit ones. The broker recommends depositing and withdrawing funds into and out of the account in the same currency as the currency of the trading account. This way, clients will avoid any unexpected charges.
FXChoice clients have a choice between popular and well-regarded MT4 and MT5 platforms. In fact, this is a perfect choice, as traders will be able to find the right tools and features to conduct their trades. MetaTrader4 and MetaTrader5 are the golden standards for any trader, including auto trading, copy trading, and robot traders.
Trading Platform Comparison to Other Brokers:
Platforms | FXChoice Platforms | Pepperstone | IFC Markets |
---|---|---|---|
MT4 | Yes | Yes | Yes |
MT5 | Yes | Yes | Yes |
cTrader | No | Yes | No |
Own Platform | No | Yes | Yes |
Mobile App | Yes | Yes | Yes |
FXChoice offers MT4 and MT5 available on mobile devices as well. MT4 allows you to trade in Forex, CFD, and commodity markets. It contains many analytical tools and enables you to stay on top of things, even when traveling. Both iOS and Android users can download their respective MT4 mobile versions.
MT5 is MetaTrader’s newest platform. It is not only the logical successor to the world-famous MT4 but a whole new platform offering enhanced trading abilities such as new order types and market depth displays. Both iOS and Android users can download their respective MT5 mobile versions.
Customer support is an essential part of the broker’s offerings. We actually find that FXChoice customer support is at a good level. FXChoice multilingual customer service team provides 24/5 dedicated assistance to all the customers through live chat, phone line, and email.
See our find and Ranking of FXChoice Customer Service Quality:
Pros | Cons |
---|---|
Quick and relevant responses | No 24/7 support |
Multilingual Support | |
Live Chat available |
We found that FXChoice supports its beginner traders through great education, which includes a course on how to navigate the market, focusing mainly on the practical part. The section also includes the Forex glossary, advanced analyses, and other valuable materials.
Besides, FXChoice also offers a Demo account with virtual funds allowing its traders to test-trade and gain knowledge on different trading strategies.
Our experience with the broker was positive overall, the broker is present in the business for over a decade and many traders have been operating with it for years, so it may be worth consideration in case the trader is willing to trade with an offshore-based broker. The downside of FXChoice is its lack of regulation, as FXChoice has only an offshore license. We recommend the clients run their own research before making a final decision to sign with the broker.
Due to the technical solutions and professional and popular MT4 and MT5 platforms, the trading performance is good quality. Besides, beginner traders will find education and great technical analysis developed by professionals. What we also liked is that the broker shows a very good variety of generous programs like different referral and loyalty programs which is a great plus to the company’s record.
Based on Our findings and Financial Expert Opinion FXChocie is Good for:
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I have a different version about FXChoice.They have been showing excellent professionalism and transactions with respect to withdrawal was more easier than deposits some years ago.I believe with technological advancement FXChoice must have really improved their procedures for deposits & withdrawals.
Best offshore forex broker I’ve tried so far.The spread is somewhat higher but aside from that it’s quite a reliable and consistent trading experience.
Actually they do accept US traders. I’ve used them plenty of times.
There are scammers! You have Michael Rosado, which was very active in SparenFX’s scam in Panama. He is also related to many other scams.
I would like to download MT5 trading platform and open a demo account.
Peter