FXChoice Review 2021
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|FXChoice Facts & Figures|
FXChoice is an offshore retail broker offering MT4 and MT5 platform downloads.
|Bonus||15% deposit bonus with Bitcoin payments|
|Instruments||Forex, CFDs, indices, commodities, cryptocurrencies|
|Payment Methods||ADVcash, Bitcoin Payments, FasaPay, Neteller, Paysafecard, Perfect Money, POLi, Skrill, Sticpay, Visa, Wire Transfer|
|Min. Trade||0.01 lots|
|Auto Trading||Yes (EAs)|
|USD, EUR, GBP, CAD, AUD|
|FXChoice offers leveraged CFD products on a breadth of financial markets.|
Trade three-dozen forex pairs, including the US Dollar and Euro.
FXChoice offers trading on leading crypto cross pairs with the US Dollar.
|Coins||BTC, LTC, ETH|
FXChoice is an ECN broker offering forex and CFD trading on the MetaTrader platforms, two live accounts and a demo solution. Our review of the website uncovers fees, promos, regulation, and more. We’ll help you decide if FXChoice is a good broker for your needs.
FXChoice Company Details
Established in 2010, FXChoice Limited is headquartered in Belize and regulated by the International Financial Services Commission (IFSC).
Over the last decade, the company has evolved as a leading ECN broker, providing forex and CFD trading to both private and institutional clients. FXChoice offers award-winning trading platforms and customer service, as well as additional analysis tools. The company’s substantial net worth demonstrates its success at meeting its clients needs.
Whether you’re a beginner or seasoned trader, MT4 is ideal for anyone looking for a tried and tested trading solution. The multi-lingual platform comes with plenty of sophisticated charting tools and customisable features that cater to various strategies. Traders can enjoy rapid execution and interbank liquidity with:
- Quick & easy login
- Multiple timeframes
- 4 pending order types
- Expert Advisors and single-thread strategy tester
- Over 50 technical indicators and graphical objects
As the successor to MT4, users benefit from a more professional experience with MT5 and additional capabilities, including Market Depth view, extra technical indicators and timeframes, plus 6 pending order types. The more spacious dashboard also makes the interface somewhat easier to use than its predecessor.
Both MT4 and MT5 are compatible with Windows and Mac PCs.
Available for both MT4 and MT5 users, the web terminal provides the convenience of trading anywhere with an internet connection, without the need for downloading any software. Traders can save time and disc space with virtually the same interface as the desktop version.
Available functions include one-click trading (MT5 only), real-time quotes, customisable charts, 9 time-frames, and basic analytical objects.
FXChoice covers CFD trading in four areas:
- Indices – 6 world-leading indices including US30 and NASDAQ
- Forex – 36 popular currency pairs including EURUSD and USDTRY
- Commodities – Speculate on gold, silver, or US Brent Oil
- Cryptocurrencies – Trade on Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH)
Note, the broker does not offer binary options.
Spreads are fairly competitive at FXChoice compared to similar brands such as FXTM, starting at around 0.6 pips for EURUSD in the Pro account. Note that Pro accounts are commission-based at $3.50 per side. The commission-free Classic account offers spreads at around 1.4 pips for EURUSD.
FXChoice is transparent with their contract specifications and provides a downloadable product guide detailing cost breakdowns, including swap fees.
Leverage ranges from 1:25 to 1:200 across both account types at FXChoice. These rates are fairly high and are not subject to the 1:30 cap found at most CySEC-regulated brokers. Details of margin requirements can be found in contract specifications and the product guide.
Mobile trading is made easy with the MT4 and MT5 mobile apps, compatible with both iOS and Android (APK) smart devices. The apps offer much of the same functionality as the desktop platforms, with added benefits such as push notifications and interactive price charts. iPad users can also display multiple charts in one window. To download, head to the App Store or Google Play.
FXChoice offers a good range of deposit methods, including bank wire, card payments, e-wallets, and cryptocurrencies including Ripple (XRP). Note that some methods are only be available in certain jurisdictions. The minimum deposit is 100 USD or currency equivalent, and accounts can be opened in USD, EUR, AUD, CAD, Bitcoin, and other cryptos.
Some processing fees may apply. These can be found in the deposits and withdrawals page, or within your Backoffice profile. Internal transfers can also be made from within the Backoffice.
Many of the same methods are available for withdrawals, which are processed within 24 hours from Monday to Friday. After processing, all epayment withdrawals are credited instantly whilst times for cryptocurrencies can take up to a couple of hours. Bank transfers can take up to 5 working days.
Some options also involve a fee; details of these can be found on the website.
You can open Classic MT4, Pro MT4, and Pro MT5 demo accounts. Users can access almost identical trading conditions in a no-risk environment, with a customisable amount of virtual funds to practice with.
Demo accounts expire after 90 days of inactivity, otherwise, they remain open for as long as needed.
FXChoice Welcome Bonuses
FXChoice offers a 15% bonus if you deposit in Bitcoin. Note that the percentage of the bonus may differ depending on the account type. Details are provided in the terms and conditions.
The forex broker also offers the Pips+ Loyalty programme, which all clients are automatically enrolled when they sign up for a Classic or Pro account. The programme consists of 5 tiers and awards higher rebates and lower commissions for active trading.
Previous deals have also included a free VPS promo code, so it’s worth checking the website for any future deals.
FXChoice Limited is a legit broker, authorised and regulated by the International Financial Services Commission (IFSC) of Belize under license number 000067/96. Traders should be aware that the IFSC is not regarded as a top-tier regulator and therefore might not offer the same protection as other bodies. Nonetheless, some level of regulation is still better than none.
The broker does ensure that all client funds are held in segregated bank accounts and also offers negative balance protection.
Note, FXChoice does not accept clients from the United States of America (USA). Clients from Canada to Nigeria can sign up for an account, however.
There are some useful trading services available, including a signals service plugin for MT4 and the Myfxbook AutoTrade service. There is also a selection of Expert Advisors for MT4 to download, including the GPSForexRobot for scalping, plus pip calculators.
The FAQ section is quite extensive and does cover technical information and video tutorials for MT4 and MT5. However, other popular brands like Forex.com and IG offer a more comprehensive range of educational tools and research.
Traders can choose between two live account types: the MT4 Classic account or the MT4/5 Pro account. Both accounts require a $100 minimum deposit and 0.01 minimum lot size. Account verification can be completed in a few steps from the broker’s website.
The main difference between the two accounts, aside from the availability of MT5, is the $3.5 commission and tighter spreads in the Pro account.
Islamic swap-free accounts and MAM accounts are also available at request. FXChoice does not offer PAMM or cent accounts.
Traders enjoy several benefits at FXChoice vs the likes of Oanda, Hugosway and Tradersway :
- Hedging allowed
- Social trading available
- FIFO rule not applicable
- Commission-free trading
- MT4 and MT5 downloads
- GPS robot 100k EA download
- Good selection of payment methods
Drawbacks of choosing FXChoice include:
- Some poor customer reviews in 2021
- Limited educational resources
- Stocks not offered
Server times can be found below and in the online product guide. All times are in the GMT+3 time zone.
- Cryptocurrencies – Monday to Friday 01:00 – 23:45
- Gold and silver – Monday to Friday 01:00 – 24:00
- Forex – Monday to Friday 00:00 – 24:00
- Indices – varies, see website
- Oil – varies, see website
Customer Support Ratings
There are several ways you can get help at FXChoice. We found that the live chat service was fast and helpful when tested.
- Submit a ticket via the online contact form to receive a response by email
- Telephone number – +501 227 27 32
- Request a callback
- Live chat
You can also keep up to date with events, news, and holiday hours announcements on the broker’s social media pages.
The customer support team are on-hand should you experience any withdrawal problems or have questions about server locations, epayments and copy trading. Note, the support team cannot provide guidance on taxes.
FXChoice Limited’s headquarters address is Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize.
FXChoice ensures that all client transactions are processed safely. All communication is encrypted using SSL technology and all passwords are encoded. Similarly, the MetaTrader platforms are both fully encrypted and allow users to apply two layers of authentication if they wish, including Google Authenticator.
FXChoice offers competitive spreads and decent leverage in both the Classic and Pro accounts. The choice of MetaTrader platforms and the additional trading tools cater to multiple strategies, making FXChoice a good broker for both beginners and experts. It would be nice to see a more diverse range of research to support traders looking to expand their knowledge though.
FXChoice accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use FXChoice from Afghanistan, Belize, Iraq, Italy, Korea, Spain, Sudan, Syria, United States, Guam, Northern Mariana Islands, Puerto Rico, Virgin Islands, U.S., United States Outlying Islands, American Samoa.
Alternatives to FXChoice
If you are looking for alternatives to FXChoice we have compiled a list of the top 5 brokers that are similar to FXChoice below. This list of brokers like FXChoice is in order of similarity and only includes companies that accept traders from your location.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- ZuluTrade – Zulutrade provide multiple automation and copy trading options across forex, indices, stocks, cryptocurrency and commodities markets
- Rockfort Markets – Rockfort Markets is a New Zealand broker with a competitive range of assets, trading platforms and market conditions.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
- Exinity – Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.
How do I register for a FXChoice account?
You can open an account by clicking ‘Register’ on the website and completing the online form. New clients can then download MT4 and MT5 and make a deposit.
Does FXChoice accept PayPal?
At the time of writing, FXChoice does not offer funding via PayPal. A host of other standard deposit and withdrawal methods are accepted, however.
Does FXChoice offer a VPS?
FXChoice does offer a Virtual Private Server (VPS) which is free after the first month if trading requirements are met. Users can benefit from fast delivery times, 2GB virtual RAM, a server location in Europe, and more.
Is FXChoice a regulated broker?
Yes – FXChoice Limited is regulated by the International Financial Services Commission (IFSC) of Belize.
How do I make an FXChoice deposit?
You can make a deposit via bank wire, card payments, e-wallets, and cryptocurrencies. All deposits can be made from within your Backoffice profile.
Is FXChoice a market maker?
Yes, FXChoice is a market maker. It’s quick and easy to sign up for an account from the broker’s homepage.
|FXChoice is an offshore retail broker offering MT4 and MT5 platform downloads.|
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