FXChoice Review

Minimum Deposit: $100 VISIT BROKER
Forex, spread bets and CFDs are leveraged products. They may not be suitable for you as they carry a high degree of risk to your capital and you can lose more than your initial investment. You should ensure you understand all of the risks.

FXChoice Review

Summary

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 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 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.

8.4Expert Score
FXChoice Rating

FXChoice have a wide range of investing products and services that caters to a broad spectrum of traders. From all corners of the globe, thousands of traders have already benefited from the brokers superior trading conditions and rock-solid service.

Investment Products
8
Commissions and Fees
9
Platforms and Tools
8
Research and Education
8
Deposit and Withdrawal
9

FXChoice Review

Pros and Cons

FXChoice offers a generous 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.

Positives
  • Advanced trading platforms including MT4 and MT5
  • Favourable trading conditions: low spreads, low fees, and rapid trade execution speeds
  • Tight spreads from 0.1 pips
  • Permits all trading styles — hedging, scalping, and expert advisors
  • A good selection of secure payment methods
  • Electronic communication network (ECN)
  • No dealing desk intervention and conflict of interest
  • Free VPS
  • CFDs in Forex, Cryptos, Indices, and Spot Metals
  • Competent and friendly client support 24/5
  • Social trading
  • Various useful trading tools
  • Islamic and demo accounts
  • Cryptocurrency funding and trading
  • No inactivity fees
Negatives
  • Limited educational materials
  • Demo accounts are only available for 90 days
  • Minimum $100 deposit

FXChoice Review

Investment Products

FXChoice allows traders to buy and sell various financial instruments across different asset classes, including forex, cryptocurrencies, indices, metals, energies, shares, and CFDs. All these investment products can be traded directly from the available trading platforms. So, traders can choose from the available financial instruments and get started with a minimum deposit of $100.

FXChoice Instruments Summary

Instruments FXChoice
Forex
Stocks
Indices
Commodities
Cryptos
Optionsx
Bondsx
ETFs
CFDs
FXChoice Instruments

FXChoice Review

Commission and Fees

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.

FXChoice offers tight spreads starting from 0.5 pips on the Classic account and 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, while $3.5 per side is available on the Pro account. Interestingly, high-volume traders on the Pro account are only charged a commission fee of $1.5. In other words, the more volume you trade, the higher your chances of paying lower commission fees.

FeeClassic AccountPRO Account
Commission (per standard lot per side)$0.0$3.5 ($1.5 for high volume traders)
Spreads from0.50.0
FXChoice 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.

FXChoice Pips Plus Loyalty Programme
FXChoice Pips Plus Loyalty Programme

FXChoice Review

Platforms and Tools

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

MetaTrader 4

The MT4 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.

The MT4 trading platform is 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.

Platform features

  • Available in desktop, web, and mobile versions
  • Support for one-click trading
  • Multiple charts
  • Support for hedging, scalping, and other trading styles
  • Technical analysis on the charts with hundreds of indicators
  • Nine different timeframes.
  • Thirty inbuilt indicators and analytical tools.
  • Alert notifications
  • Trade automation using expert advisors
  • Allows strategy back testing
  • Built-in MQL4 programming interface for creating custom indicators, scripts, expert advisors
  • Live quotes
  • Drawing tools
  • View live account balances and order history.
  • Set push alert notifications.
FXChoice MT4
FXChoice MT4

MetaTrader 5

In 2010, the MT5 trading platform was launched by MetaQuotes to succeed the already popular MT4 trading platform. The MT5 has 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 app that is designed for smartphone devices running on Android and iOS.

MT5 Platform features:

  • Allows trade automation via expert advisors
  • Features 21 timeframes
  • Scalping allowed
  • Hedging allowed
  • Depth of market
  • Multi-currency
  • Multi-threaded
  • Real ticks
  • Over 38 built-in technical indicators
  • Offers built-in trading tools
  • Enhanced trade processing speeds
  • Available for desktop, web, and mobile platforms
FXChoice MT5
FXChoice MT5

Myfxbook’s Autotrade

Myfxbook is a mirroring service by the trading community portal that allows you to mimic the trades of other, more established 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.

Platform features

  • No joining fee
  • It does not require the download or installation of additional software
  • All copy trading is fully automated
  • Displays only the best systems
  • Time-saving
  • Shows only real and accurate statistics to avoid misleading performance reports
MyFxBook AutoTrade
MyFxBook AutoTrade

FXChoice Platforms Summary

Platform FXChoice
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTraderx
Proprietaryx
Desktop
Web
Mobile
Social Trading
Other (MyFxbook’s Autotrade)
FXChoice Platforms

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.

MQL5 Signals

The MQL5 signals are provided by MetaQuotes, the Russian software company responsible for developing the MT4 and MT5 trading platforms. These signals aid traders to easily take clues from the trades of the seasoned traders — the signal providers. Some of the essential benefits of the MQL signals include the following:

  • The signals are built directly into your FXChoice MT4 platform
  • No need to download any third-party software
  • Best suited for novice forex traders
  • The signals can work smoothly with other expert advisors
  • Allows you to automatically copy signals to your MT4 trading platform
  • A large base of seasoned signal providers
MQL5 Signals
MQL5 Signals

FXChoice Review

Research and Education

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.

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.

FXChoice Economic Calendar
FXChoice Economic Calendar

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.

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 the following topics:  General Information, Trading Accounts, Deposits & Withdrawals, MetaTrader Platform, and Trading.

FXChoice Research and Education Summary

Resources FXChoice
Market Analysis
Guides
Videos
Webinars
Autochartistx
Trading Centralx
Economic Calendar
Other (VPS Hosting, MQL5 Signals, News, FAQs)
FXChoice Resources

FXChoice Review

Deposit and Withdrawal

The broker allows traders to deposit and withdraw funds to and from their trading accounts using various payment methods. The minimum deposit for all account types is $100 or the equivalent in another currency.

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, Bitcoin Cash, Litecoin, Ethereum, and XRP. 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

Payment MethodDepositWithdrawal
Wire Transfer
Credit/debit Card
Electronic Wallets
Cryptos
FXChoice Funding Options

FXChoice Review

Regulation and Safety

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 management operations to ensure that they comply with regulatory policies.

FXChoice Regulation Summary

Regulator FXChoice
ASIC (Australia)x
IIROC (Canada)x
CySEC (Cyprus)x
SFC (Hong Kong)x
JFSA (Japan)x
MAS (Singapore)x
FINMA (Switzerland)x
FCA (UK)x
CFTC (USA)x
Other (IFSC)
FXChoice Regulators

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 Review

Client Support

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.

FXChoice Review

Conclusion

Putting it all together, FXChoice is an online trading broker that has been operating since 2010. They are authorized and regulated in Belize, offering 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 traders with the 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 traders.

Everything that you find on InvestingBrokers.com is based on information and data that is readily available from each broker that we have reviewed. We combine our 15+ years of industry experience with research, analysis and user feedback. This enables us to give an impartial and reliable broker rating. You can read more about our broker review process here.

FXChoice Review

FAQs

When was FXChoice founded?

FXChoice was launched in 2010.

Where is FXChoice located?

FXChoice is headquartered in Belize.

Is FXChoice regulated?

FXChoice is regulated by the International Financial Services Commission of Belize (IFSC).

What trading instruments does FXChoice offer?

FXChoice allows traders to buy and sell various financial instruments across different asset classes, including forex, cryptocurrencies, indices, metals, energies, shares, and CFDs.

What is FXChoice’s minimum deposit?

The FXChoice minimum deposit is $10.

What investing platforms does FXChoice offer?

FXChoice provides traders with the MT4 and MT5 trading platforms.

What is FXChoice’s commission fee?

While there are no commission fees on the Classic account, a commission fee of $3.5 per side is charged on the Pro account.

Does FXChoice charge an inactivity fee?

FXChoice does not charge an inactivity fee.

What are FXChoice’s spreads?

The broker offers tight spreads as low as 0.0 pips.

What funding options does FXChoice offer?

FXChoice offers the following payment methods: bank transfer, credit cards, cryptocurrency, and e-wallets.

Does FXChoice offer demo trading?

Yes. FXChoice offers a demo account for practice purposes.

Does FXChoice offer Islamic accounts?

Yes. The broker offers Islamic accounts to clients following the Muslim faith.

How do I contact FXChoice customer support?

The broker’s client support team is available 24/5 and can be reached via telephone, email, and live chat.
FXChoice Review
FXChoice Review
Minimum Deposit: $100
Richard Montana

Richard Montana

Richard has spent many years researching, testing, comparing and reviewing brokers. He has an extensive knowledge when it comes to understanding what to look for in a broker for trading and investing online.

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