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

Our Review Method

• Our Financial Experts at 55Brokers with over 10 years experience in Forex Trading check trading offerings, fees, platforms, verified regulations, contacted customer service and placed traders to see trading conditions and give expert opinion about FXChoice

What Is FXChoice?

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 Pros and Cons

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. 

Overall FXChoice Ranking

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.

• FXChoice Overall Ranking is 7 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.

FXChoice Alternative Brokers

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:

• Plus500 – Broker with Excellent Regulation
• IFC Market – Broker for Low Deposit Trading
• Capital.com – Best Broker with No Commission

Awards

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.

Is FXChoice safe or scam?

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.

• In fact, FXChoice takes its origin in 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.

See our conclusion on FXChoice Reliability:

• Our Ranked FXChoice Safety Score is 6.7 out 0f 10 for good service over the years of operation and quite a good reputation. However, the broker is not licensed by top-tier authorities, yet it has long established itself and proved its transparency and safety. 

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.

Is FXChoice regulated in South Africa?

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.

Is FXChoice regulated in US?

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.

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.

FXChoice Leverage

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.

• Since FXChoice Leverage operates under the Belize entity, it allows its clients high leverage up to 1:200 across all account types

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.

• 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.

Account Types

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.

Does FXChoice Have a Demo account?

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. 

Trading Instruments

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.

• FXChoice Instrument Score is 7.2  out 0f 10 for a good trading instrument proposal overall. However, the proposal is limited to FX and CDFs only, while other regulated brokers offer much wider opportunities also including Stocks, Futures while being fully regulated.

FXChoice Fees

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.

• FXChoice Fees are ranked with an overall rating of 6.8 out of 10 based on our testing and compared to over 500 other brokers. The broker charges some fees including deposit/withdrawal, swaps, and overnight fees, though they are relatively low.

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).

• FXChoice Spreads are ranked low/average with an overall rating of 7 out of 10 based on our testing comparison to other brokers. We rank it lower since, for the Pro Account, the broker charges high commissions, however, for the Classic Account, commissions are included in spreads, and overall spreads are in line with the industry standard.

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.  

• FXChoice Deposits and Withdrawals we ranked Average with an overall rating of 7.7 out of 10.  We found multiple funding options offered with low fees providing good conditions overall. Also, the minimum trading deposit is in line with the standards

Here are some good and negative points for FXChoice funding methods found:

Deposit Methods

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:

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

What is 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

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.

• FXChoice Platform is ranked Good with an overall rating of 8.7 out of 10 compared to over 500 other brokers. We find broker’s choice of industry-standard platforms like MT4 and MT5 a big deal

Trading Platform Comparison to Other Brokers:

Apps

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.

FXChoice Customer Support

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.

• Customer Support in FXChoice we rank Good with an overall rating of 8 out of 10 based on our testing. We found the customer team responsive and professional, it provides multilingual and omnichannel support making it even more accessible for clients worldwide. The main point is that it is not available on weekends

See our find and Ranking of FXChoice Customer Service Quality:

Education

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.

• FXChoice Education ranked with an overall rating of 7.8 out of 10 based on our findings, the broker offers a good selection of trading education with guides for different markets, and also it offers a glossary of trading terms

FXChoice Review Conclusion

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:

• Professional Traders
• Forex and CFD Traders
• Traders who prefer MT4 or MT5 platform
• EAs running
• Copy Trading
• Scalping / Hedging Startegies
• MultipleTrading Strategies Variety
• VPS Tools