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FXChoice Review

Minimum Deposit: $100 VISIT BROKER

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Investing Brokers

August 11, 2022

Based in Belize, FXChoice is a retail trading broker that opened its doors in 2010. The broker has since grown to become one of the leading ECN trading brokers, ensuring speedy trade executions at some of the best prices on the market without the intervention of a dealing desk. They offer their trading services to thousands of traders across the globe, allowing them to buy and sell CFDs on good range of asset classes including forex, cryptocurrencies, indices, metals, energies, and shares.

The broker’s clients are provided with the intuitive MT4 and MT5 trading platforms, which are available in desktop, web, and mobile versions. They also provide traders with the right resources, such as useful trading tools, educational materials, and a responsive client support team to ensure an enhanced trading experience. The minimum deposit required to start trading is $100 whilst there is also the option of a free demo account which can be a great way to practice trading online and to see if the broker can meet your needs.

FXChoice offers a reasonable selection of over 100 financial instruments across different asset classes. They provide traders with industry-leading trading platforms to help traders get the most out of their trades. From all corners of the globe, thousands of traders enjoy FXChoice favourable trading conditions, such as tight spreads from 0.1 pips, rapid market execution speeds, no conflict of interest through NDD technology, and competitive pricing. They offer various learning and trading tools as well as a responsive client support team. There is a choice of various trading account types, including Islamic and demo accounts. However, they could improve in terms of regulation and lack in terms of financial instruments when compared to some of the best brokers such as IG who have over 18,000 instruments for you to choose from.

FXChoice allows traders to buy and sell various financial instruments across different asset classes, including CFDs on forex, cryptocurrencies, indices, commodities (metals and energies) and shares. All of these Trading Products can be traded directly from the available trading platforms on all of your devices. I think they have enough variety in terms of forex trading, but you might want to consider another brokers such as RoboForex if you are looking to trade other asset classes as they have a greater selection with more than 12,000 instruments.

FXChoice Instruments Summary

Commission and Spread Fees

Just like most online retail brokers, FXChoice charges commission fees and spreads on clients’ trading accounts. The commission fees are small transaction fees that the broker charges on clients’ trades, while spreads are the difference between the buy and sell prices. They have a choice of versatile account types for you to choose from depending on whether you prefer tight spreads or zero commission fees.

FXChoice offers decent spreads starting from 0.5 pips on the Classic account and very tight spreads from just 0.0 pips on the Pro account. Commission fees are only available on the Pro account. Hence, the broker charges zero commission fees on the Classic account as they are already accounted for within a spread mark-up, while a very reasonable $3.5 per side commission is charged on the Pro account. Interestingly, high-volume traders on the Pro account are only charged a very low commission fee of $1.5. In other words, the more volume you trade, the higher your chances of paying lower commission fees.

Deposit and Withdrawal Fees

While FXChoice does not state any deposit or withdrawal fees, you may incur a transaction fee when you use certain payment methods. For example, when you withdraw through e-Wallets or a credit/debit card, your payment is automatically reduced by fees, and the net amount is then credited to your account. This is because FXChoice has to pay for the services provided by payment processors and pass this fee onto the client without charging any extra fees. However, you should check with your bank if they will charge any fees when using bank transfers.

Inactivity Fees

The broker does not charge any inactivity fees on dormant accounts. This is a huge plus as some brokers will often impose high fees for maintenance of accounts that have been left inactive for a prolonged period of time.

The broker allows traders to buy and sell the available financial asset using the popular MT4 and MT5 trading platforms. These trading platforms are available on multiple devices and offer the ease of trading all the available Trading Products.

MetaTrader 4

The MT4 platform is one of the most popular trading platforms in the forex and CFDs trading industry. It was launched in 2005 and has since grown to become the choicest trading platform among forex and CFD traders around the world.

The MT4 trading platform is freely available as a desktop application for Windows and Mac computers, web trader, and a mobile app that is compatible with Android and iOS devices and can be downloaded from the respective app stores. The web version of the MT4 runs directly on modern web browsers, such as Chrome, Safari, Edge, and Firefox, without needing to download or install any additional software. The mobile app is best suited for traders who wish to place trades and check trading positions while on the go as long as there is an internet connection. 

There are so many reasons why traders of all levels prefer the MT4 trading platform. It is packed with useful trading tools and enhanced trading functionalities, such as one-click trading, multiple timeframes, various technical indicators, and more. The platform is fully customizable and comes with an intuitive user interface, making it suitable for all levels of traders.

Other essential features of the MT4 include a plethora of implemented trading tools that enable quick and easy market analysis across multiple chart types and timeframes.

MT4 Platform Features

MetaTrader 5

In 2010, the MT5 trading platform was launched by MetaQuotes to succeed the already popular MT4 trading platform. The MT5 platform maintains all of the essential features of the MT4 and comes with even more extended features and capabilities, such as 21 timeframes, expert advisors, multiple timeframes, and more. The platform is designed to provide traders with an enhanced trading experience, thanks to its selection of advanced trading functionalities, such as faster processing times, the ability to hedge positions, advanced pending order functionality, and more tools and indicators.

The MT5 trading platform is available as a desktop application for Windows and Mac computers, WebTrader, and a mobile trading app that is designed for smartphone devices running on Android and iOS. I think that either of the MetaTrader platforms should be more than sufficient to meet the needs of most retail traders.

I would say that if you are looking to trade forex only, then MT4 will do the job. If you want to branch out into other markets and have complex trading strategies, then you may wish to edge more towards the superior platform in MT5. I think it is worth mentioning that you can also get both MetaTrader platforms along with the excellent cTrader platform through another top broker in Pepperstone.

MT5 Platform Features:

Myfxbook’s Autotrade

Myfxbook is a mirroring service by the trading community portal that allows you to mimic the trades of other traders. It functions as a social trading platform, allowing you to subscribe to your favourite traders so that when they make a trade, it will be automatically replicated on your account. This can be a good solution for those of you who do not have the experience or time to trade by yourself. However, there can be no guarantee on results and past performance is no indication of what will happen moving forward.

Platform features

FXChoice Platforms Summary

Tools

VPS Hosting

This advanced trading tool allows traders to run their trading platform and automated algorithmic strategies, including expert advisors 24 hours a day, seven days a week, on a virtual machine. It is designed to ensure zero downtimes in the trading process.

The FXChoice’s VPS is the perfect solution for EA users and, as it comes with MT4 preinstalled, making the most suitable for amateur traders who do not want to go through the stress of installing multiple pieces of software. FXChoice clients who have a $3,000 or more balance and trade at least five lots during each monthly billing cycle can claim a free VPS. The VPS comes with MetaTrader pre-installed. You can also get a free VPS from other brokers including IC Markets who also have fantastic trading conditions.

MQL5 Signals

The MQL5 signals are provided by MetaQuotes, the trading software company responsible for developing the MT4 and MT5 trading platforms. These signals aid traders to easily take clues from the trades of the other traders who are the signal providers. I think it can be a good way to help you learn from other traders’ success and mistakes, but I prefer to trade manually by myself as I find that to be the best way to improve as a trader over the long term. Some of the essential benefits of the MQL signals include the following:

Knowledge Base

The “Knowledge Base” section functions as the broker’s Trading Academy. It is replete with various trading guides, learning articles, and other essential educational materials to keep traders equipped with the necessary knowledge they need to have about the financial markets. I think there is plenty of helpful content to help bring you up to speed with the markets if you are new to trading online. It is always good to see a broker that cares about users and want to provide them with the right resources so that they can make informed trade decisions.

Live Webinars

Live webinars are common events that brokers organize from time to time. They are usually broadcast to the broker’s clients via the internet. During the live webinars, the host and other key speakers share PowerPoint presentations, videos, web pages, or other multimedia content with traders, irrespective of their locations. FXChoice’s live webinars are designed to help all levels of traders to grow their trading knowledge and become even better traders.

Live Economic Calendar

The live economic calendar is one of the essential research tools that are available at FXChoice. It provides traders with the schedule of future market events and their expected impacts on the financial markets. I think this is a very important tool and always like to make sure I check for any pending news releases before making any decisions on my positions. You can also get convenient access to a news calendar directly within the MT5 platform which makes it quicker and easier to keep track of the latest news events along with the impact that they have on the market.

News

The news section is replete with information on the latest happenings in the financial markets. They are updated regularly, and they help keep traders aware of the events in the financial markets. Again, this is another very useful resource which can help you keep up to date with the latest market movements.

FAQ

The broker provides traders with an FAQ section, which is located at the top right corner of the broker’s website. The FAQ section contains a well-detailed list of traders’ most common questions and their corresponding answers. It covers a good range of topics including General Information, Trading Accounts, Deposits & Withdrawals, MetaTrader Platform, and Trading.

FXChoice Research and Education Summary

The broker allows traders to deposit and withdraw funds to and from their trading accounts using a great variety of payment methods. The minimum deposit for all account types is $100 or the equivalent in another currency. If this is out of your current budget, then you might want to consider TD365 instead as they let you get started with just $1.

Before making your deposit or withdrawals, you should ensure that your trading account is denominated in any of the following base currencies: USD, EUR, GBP, CHF, AUD, CAD, Gold, Bitcoin, Ethereum, and more. This will help to prevent you from paying any currency conversion fees.

The next step is to log into your secure client portal and click on the “Funds” tab, select either “deposit” or “withdrawal,” and choose your preferred payment method from the list of payment options: bank transfers, credit/debit cards, cryptocurrency, and various e-wallets.

The time taken to process transactions may vary, depending on the payment method in use — bank transfers may take a few business days to clear, while some methods such as card payments can be instant. Some fees may be charged when using certain payment methods.

Interestingly, the broker uses advanced encryption technology to help guarantee your privacy and security when transactions are being processed. Hence, all communication data is encrypted using SSL technology (Secure Socket Layer).

FXChoice Funding Summary

FXChoice is regulated by the International Financial Services Commission of Belize (IFSC). This is an offshore regulation, and as such, it may not provide clients with the same protection in the event of any disputes or insolvency as they would with a broker who is regulated by a more established regulatory authority like ASIC or the FCA.

However, the broker implements various security features to ensure the overall security of clients’ funds. For example, FXChoice states that clients’ funds are held in segregated accounts that are separate from their company accounts and can therefore not be used for any other purpose.

An internal risk management team monitors the management operations to ensure that they comply with regulatory policies. If you would rather trade with a broker that has top-tier regulation, then Forex.com are one of the most well-regulated brokers that you will find.

FXChoice Regulation Summary

FXChoice Safety

Although the broker lacks top-tier regulation, they have several security measures to ensure that all transactions are carried out safely, securely, and reliably.

First, the broker makes use of advanced encryption technology that guarantees clients’ privacy and security. All communication is encrypted using SSL technology (Secure Socket Layer). Passwords are encoded, and the broker strongly recommends you keep your password secret. FXChoice assures traders that all their personal information is completely confidential: the broker will not share your information with any third parties.

In addition, the broker states that clients’ funds are held in segregated accounts that are separate from their company accounts and can therefore not be used for any other purpose.

Moreover, an internal risk management team monitors management operations to ensure that they comply with regulatory policies.

FXChoice provides traders with a multilingual client support team, who are polite and prompt in response. The support team is available 24 hours a day 5 days a week, and can be contacted through the following contact channels: email, telephone, and live chat.

Over the years, the broker has won the best customer service challenge award from the LiveHelpNow Challenge, which ranks the top 100 providers of superior customer service. However, I think they could improve by providing support 24/7 like competitors such as Hugo’s Way do.

Putting it all together, FXChoice is an established online trading broker that has been providing a good range of trading products and service since 2010. They are authorized and regulated in Belize, offering very competitive trading conditions such as tight spreads, rapid trade execution speeds, low fees, and other favourable trading conditions to clients across the globe. The broker provides you with convenient market access via the user-friendly yet powerful MT4 and MT5 trading platforms, which are available in desktop, web, and mobile versions. Various useful trading tools, educational resources, and a knowledgeable client support team are available to assist you with you day trading activities. You can choose from a variety of account types depending on your trading strategy and fund your account using a good selection of payment methods. However, I feel they could improve in terms of non-FX instruments and would like to see them offer support on weekends. Overall, if you do not mind the lack of top-tier regulation, I think they are certainly a broker worth considering.

FXChoice Review

Minimum Deposit: $100

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