FXChoice Review

1. What is FXChoice?
2. FXChoice Pros and Cons
3. Is FXChoice regulated?
4. Leverage
5. Account Types
6. Fees
7. Spreads
8. Deposit & Withdrawal
9. Trading Platform
10. Customer Support
11. Education
12. Conclusion

What Is FXChoice?

FXChoice has years of experience in the market and it has gained the traders’ trust. The company has been in the Forex business since 2010. The broker offers traders from all corners of the world a savvy, friendly, and intuitive space to access the forex and CFDs market. 

FXChoice headquarters in Belize. 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 Pros and Cons

FXChoice is specializing in Forex and CFD trading for private clients, as well as institutional investors and fund managers alike. FXChoice’s offering includes trading in forex, cryptocurrency CFDs, index CFDs, and commodity CFDs on MetaTrader 4 or MetaTrader 5. The maximum leverage available on the platform is 1:200.

On the downside, the broker is located in Belize, thus we advise to conduct your own research before making the final decision to sign with it. 

Is FXChoice regulated?

In fact, FXChoice takes its origin from Belize and is regulated by the local International Financial Services Commission (IFSC). The latter is known as offshore jurisdiction with a relatively easy way to obtain a Forex trading license. This of course attracted numerous brokers and also unscrupulous enthusiasts as well which made the reputation of Forex trading and brokerage run like a scam.

However, lately, Belize regulation has updated its policy and requires higher capitalization and standards for brokerage business while the company will be asked to deposit a capitalization of $100,000 at the beginning of the application process. So in light of recent developments, the broker can be trusted.

How are you protected?

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

Leverage is a powerful and useful tool that might magnify your income. One of the peculiarities 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.

Anyway, traders shouldn’t forget about risks, too. With its great opportunities, leverage also increases risks in parallel. This is why leading world authorities tend to restrict the use of high leverage. However,  there are still brokers offering high leverage, which is alluring in itself. FXChoice is one of the brokers that still offers relatively high leverage.

Leverage levels also 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.

Account Types

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.

Demo Account

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 in India

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.

FXChoice in the USA

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. 

Fees

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.

Spreads

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).

Deposit & Withdrawal

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.  

Deposit Methods

FXChoice uses the most common methods, also, it offers other diverse methods, thus making money transfer easier and more accessible.

Thus, the payment options include the following providers. However, always  verify which ones are available in your country:

• Credit and Debit Card
• Wire Transfer
• Bitcoin, Bitcoin Cash
• E-payments – EPay, Perfect Money, Skrill, Neteller, etc. 

FXChoice minimum deposit

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.

Can you withdraw money from FXChoice?

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.

Trading Platform

The trading platforms or the software which you will use for the trading performance itself offer a powerful combination. 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 traders, including auto trading, copy trading, and robot traders.

Apps

FXChoice offers MT4 and MT5 mobile apps (See the MetaTrader 5 brokers‘ list and reviews). As the most popular trading platform in the world, 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 here.

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 here.

Customer Support

Customer support is an essential part of the broker’s offerings. Actually, 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.

Education

FXChoice supports its beginner traders through great education, which includes a course on how to navigate in 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.

Conclusion

Overall, the broker is over a decade in the business 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.