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 with over a decade in the market, building a solid reputation as a trusted across the industry. The company has been in the Forex business since 2010 and is headquartered in Belize with multi-jurisdictional regulation to ensure more encompassing coverage for its clients. FXChoice provides traders from all corners of the world with a savvy, friendly, and intuitive space to access the Forex and CFDs market.  

The broker offers very competitive and transparent conditions with a reliable trading environment and award-winning customer service. Low spreads, fees, and swaps, coupled with flexible high leverage, make FXChoice an excellent go-to broker for traders.

FXChoice clients can trade over 100 instruments spread across five markets, including many crypto pairs. The company also boasts several attractive partnership programs, ranging from its most basic program that pays cash for referrals, to the more advanced ‘Affiliate Programme’ with diverse compensation plans to suit every need. Money Managers can also take advantage of the company’s MAM account, offering superb compensation to top traders with a client base.

FXChoice Pros and Cons

FXChoice is a reliable broker due to its long years of operation and solid position. Here are the advantages we found about the broker:

• $10 Minimum Deposit – FXChoice has a very low minimum deposit, which is great for those wanting to test-drive the broker’s conditions without breaking the bank.
• Customer Service – this broker has won many awards for its customer care. They truly place their client’s needs at the center of everything they do.
• Reliable trading environment – we note that this broker has near-instant market order execution, so you’ll never be left hanging for a trade to be filled.
• Flexible leverage – the newest account type at FXChoice is the Optimum, boasting flexible leverage up to 1:1000. We feel this is more than enough for retail and professional traders.
• Maximum fund security – FXChoice’s multi-jurisdictional regulation ensures client fund segregation, so traders can have peace of mind that their funds are safe.
• Deposit & withdrawals – this is often a painful topic for traders, but FXChoice have a wide selection of options, many of which are free to use.

On the downside, the broker mainly focuses on FX and CFD trading and customer support is available only 24/5. Also, 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

As a company with a strong reputation for customer care, FXChoice hasn’t gone unnoticed in the Forex world. The broker has received numerous awards, particularly for its Customer Service, but also in other fields; we also note the company has strong reviews from their clients, citing great conditions, excellent support and a wide selection of instruments.

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.

• Without a doubt, FXChoice is a safe home for your trading. The company has been in business for over 10 years and has only become more reliable as the company matures, so we’re confident that you’ll be able to focus on your trading at FXChoice, and not have to worry constantly about your broker’s credibility.
• The broker is regulated by the FSC of Belize and the FSA of Saint Vincent and the Grenadines. The multi-jurisdictional regulation allows FX Choice more flexibility in providing its clients with coverage. We note that the broker is obliged to keep client funds in segregated accounts and comply with strict regulatory protocols, including AML. The broker is regularly audited and reported on required terms, which means there is a sustainable level of transparency.
• Although FXChoice’s services are available worldwide, there are a few countries that the broker cannot accept clients from, including Afghanistan, American Samoa, Belize, EU/EEA, Guam, Iran, Iraq, North Korea, Northern Mariana Islands, Puerto Rico, Sudan, Syrian Arab Republic, United States and the US. Virgin Islands.

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.

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.

We’ll get more into account types lower down this review, but here it’s worth pointing out that not all FXChoice’s account types have the same leverage allowance.

• The Classic and Pro accounts have a very respectable maximum leverage of 1:200, which most traders will find adequate.
• However, the new Optimum account allows traders a flexible leverage of up to 1:1000. We’re not sure who needs more leverage than that, but it would probably be a small minority.
• 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 three main account types– Classic, Pro and the new Optimum. The fundamental difference between the account types is that the Classic and Optimum accounts incorporate the commission within the spread. This simplifies the trader’s trading costs, and is standard practice across the industry.

On the other hand, Pro accounts have the most competitive and tightest spreads, but the commission is not included. As the name suggests, this account is more common for professional traders who are always looking for the very narrowest spreads.

However, the commission on this account is very reasonable, and can be brought to as low as $1.50 per round lot with their Pips+ loyalty programme. As we mentioned earlier, the Classic and Pro have a maximum leverage of 1:200, whereas the Optimum account really pushes the boundaries with up to 1:1000 leverage.

Does FXChoice Have a Demo account?

As you’d expect with a global broker like FXChoice, Demo accounts are freely available and are an excellent way to test-drive the company’s trading conditions. The accounts are available on all FX Choice account types and platforms, so you can see which best suits your needs.

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 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.

Trading Instruments

FXChoice offers a wide range of CFD instruments covering five major markets: Forex, Crypto, Indices, Commodities and Shares. We note that there are over 100 different assets to trade at the company, including all the most popular. We think it is unlikely FXChoice will not offer your chosen trading instrument.

• 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

Our analysis shows that FXChoice has very competitive, tight spreads. As we previously stated, the spreads differ depending on the account type. The Classic and Optimum accounts have the spread built in, but they are not the same. The Classic account has spreads starting at just 0.5 pips, but the Optimum account starts at 1.5 pips.

The higher spreads on the Optimum account are more than offset by the low minimum deposit and outstanding maximum leverage of 1:1000. The Pro account has the lowest spreads, starting from 0 pips, but doesn’t include the commission (which is $3.50 per lot, or just $1.50 per lot for high-volume traders using the Pips+ loyalty programme).

• FXChoice Spreads are ranked 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 $10 on the broker’s Optimum account. There is no minimum withdrawal amount.

FXChoice offers a wide variety of payment methods that should satisfy most needs. Crypto deposits are currently very attractive at FXChoice, with up to 65% bonuses paid to new clients depositing crypto, or up to 50% for those depositing traditional fiat currencies. These bonuses are only available for the first 7 days of joining the company, so get in there quickly if you plan on depositing.

• 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 $10. 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. These platforms cover all bases that a client needs to conduct their trades. MetaTrader4 and MetaTrader5 are the golden standards for any trader, including auto trading, copy trading, and Expert Advisors.

Both the MT4 and MT5 platforms are available on Windows and Mac, and mobile traders can get their preferred platform in their pockets with the corresponding app in the iOS and Play stores.

The Web Terminal, available for both MT4 and MT5 users, allows users trade from their favorite browser without the need to download additional software.

• 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:

FXChoice Customer Support

This is where the company really shines. Our research shows that FXChoice’s multi-lingual customer service is consistently awarded for its customer care. Client reviews speak about the promptness, accuracy and knowledge of FXChoice’s customer service staff and we have to say that we agree. The service is offered via live chat, email (tickets) or a callback and operates 24/5 (weekends off).

• 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 24/7.

See our find and Ranking of FXChoice Customer Service Quality:

Education

We found an education hub on the company’s site called FXEducation. The hub contains an
8-chapter educational course for traders of all levels. As you’d expect, the first chapters are designed to give a trading introduction and a solid foundation to build on.

There are useful ‘How to’ guides for opening a trade, and simple charting explanations. Later chapters take things to a much more advanced level, explaining complicated charting patterns, fundamental analysis and technical indicators to mention just a few things. Surely any trader will find something useful in the course. Also, it is a huge advantage that the course is open, so users are free to start the course wherever they like. The hub also contains a useful glossary of common forex terms – crucial for beginner traders.

• 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. 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.

We found their customer service top-notch, trading conditions exemplary, variety of instruments wide, and focus on technology pleasing. Their additional focus on educating their clients comes as a real bonus and shows how much they value their clients.

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