FXChoice Review

Review Sections

• Investor Protection & Regulations
• Tradable Products
• Account Opening
• Deposit & Withdrawals options
• Web & Desktop Trading Platforms
• Mobile Trading Platforms
• Trading Features
• Commissions & Spreads
• Bonus & Promotions
• Customer Support
• Research
• Trader Education
• Trading Experience
• FAQ
• Conclusion

FXChoice Video Review

Investor Protection & Regulations

“FXChoice Limited is regulated offshore by the International Financial Services Commission (Belize).”

FXChoice Limited is regulated offshore by the International Financial Services Commission (Belize), as shown on the regulator’s register below:

The broker does offer a no debit balance guarantee which means if losses become too large, some or all positions will be closed out at the best available price before the account becomes negative. However, this may not be the case in extraordinary circumstances and the account can still slip into negative territory. Further, the broker does separate client funds from company funds.

Tradable Products

“FXChoice offers clients the ability to trade on more than 100+ financial CFDs covering Forex, Commodities, Shares, Indices and Cryptocurrencies.”

FXChoice offers clients the ability to trade on more than 100+ financial CFDs covering Forex, Commodities, Shares, Indices and Cryptocurrencies. Below is a list of just some of the available markets for trading:

* Details regarding the available assets are taken from the FXChoice website and trading platform and are correct at the time of this review. You can find a more detailed list here.

Trading costs such as spreads and overnight funding (swap) rates vary depending on the account type opened and instrument being traded and are covered further down this review.

Account Opening

“FXChoice offers clients two main account types called Classic and Pro as well as demo and Islamic (swap-free) accounts.”

FXChoice offers clients two main account types called Classic and Pro as well as demo and Islamic (swap-free) accounts. The main features of each account are summarised in the below table:

Corporate accounts can also be opened under a legal or registered company.

Users can open a new account in just four steps which are described below:

1. Register: Name, email, password and contact number.
2. Account Type: Select live or demo account, account currency, leverage and password.
3. Verify Identity: Submit proof of identity (ID or passport) and residence address.
4. Platform: Download MetaTrader 4 or MetaTrader 5 and fund account.

The backoffice client portal is shown below:

FXChoice does not accept clients from the following restricted countries: Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, Syrian Arab Republic, The United States of America, American Samoa, Guam, Northern Mariana Islands, Puerto Rico, U.S. Virgin Islands.

Deposit & Withdrawals Options

“FXChoice offers clients the ability to deposit and withdraw funds using a variety of methods including debit/credit card, bank wire, Skrill, Neteller, Perfect Money and more. The broker also accepts various cryptocurrencies such as Bitcoin, Ethereum, Tether, Litecoin and Ripple.”

FXChoice offers clients the ability to deposit and withdraw funds using a variety of methods including debit/credit card, bank wire, Skrill, Neteller, Perfect Money and more. Deposits are fee-free using AirTM, Epay, VLoad, Bitcoin, and Wire Transfer. There is a deposit fee when using credit/debit card, Skrill, Neteller, and Perfect Money. There may be charges by the payment provider. Withdrawals via wire incur a 0.25% (minimum 125 EUR) fee, 1% via Skrill, 0.5% via Perfect Money, and there are no fees via Neteller.

The broker does also accept various cryptocurrencies including Bitcoin, Ethereum, Tether, Litecoin and Ripple. Deposits and withdrawals are fee-free using these methods but the payment system does charge.

All deposits are processed immediately excluding bank wire which can take up to 5 working days and withdrawals are processed within 24 hours excluding during the weekends.

Clients can deposit and withdraw funds through the backoffice client portal.

Web & Desktop Trading Platforms

“FXChoice offers clients the ability to trade on the globally recognised MetaTrader 4 and MetaTrader 5 platforms for Windows, MAC and Web.”

FXChoice offers clients the ability to trade on the globally recognised MetaTrader 4 and MetaTrader 5 platforms for Windows, MAC and Web. The platform features are highlighted below:

FXChoice MetaTrader 4 Web

• Trade on multiple asset classes.
• Real-time quotes in Market Watch.
• Customisable price charts.
• No download – Cross Browser Compatibility.

FXChoice MetaTrader 5 Web

• Advanced charting.
• One-click trading.
• Clean & User-Friendly Interface.
• No download – Cross Browser Compatibility.

FXChoice MetaTrader 4

• 9 timeframes
• 30 technical indicators.
• Expert Advisors.
• Downloadable for MacOS.

FXChoice MetaTrader 5

• 21 timeframes.
• Depth of market available.
• 38 technical indicators.
• Downloadable for MacOS.

A screenshot of the FXChoice MetaTrader 5 desktop platform for PC is shown below and is covered in more detail in the video review.

Mobile Trading Platforms

“FXChoice offers clients the ability to access mobile trading on the go from the MetaTrader 4 and MetaTrader 5 Mobile Apps for Android and iOS systems.”

FXChoice offers clients the ability to access mobile trading on the go from the MetaTrader 4 and MetaTrader 5 mobile apps for Android and iOS systems which can be downloaded from the Google PlayStore or Apple AppStore respectively.

The FXChoice mobile trading app provides a range of different features including:

• Multiple asset classes.
• Real-time pricing and interactive charts.
• Live trading on the go.
• Free professional charting tools.

The FXChoice mobile trading apps are covered in more detail in the video review.

Trading Features

“FXChoice offers clients access to MyFXBook AutoTrade, a mirror-trading service as well as Virtual Private Server (VPS) access for low latency trading with superior execution speeds.”

FXChoice offers clients access to additional trading features such as MyFXBook AutoTrade which is an automated mirror-trading service that allows clients to automatically copy the trades of a selection of traders via the MyFXBook portal. This service is completely free and there is no additional software needed.

Clients with a balance of at least $3,000 and trade a minimum of 5 lots per month can access a Virtual Private Server (VPS) free of charge. A VPS offers a low-latency trading environment, superior execution and 24/7 uptime which is ideal for automated strategies. Further, clients can access the MetaTrader marketplace to access thousands of additional trading tools and strategies.

Commissions & Spreads

“Trading costs with FXChoice vary, depending on account type and the market traded. The Classic account is commission-free with slightly larger spreads whereas the Pro account is commission-based but with lower spreads.”

Trading costs with FXChoice vary, depending on account type and the market traded. The Classic account is commission-free with slightly larger spreads whereas the Pro account is commission-based but with lower spreads.

The below table shows the trading costs for each account type:

For Non-Islamic accounts, overnight funding or ‘swap’ fees are charged on positions that remain open overnight (22:00) GMT. If positions are being held over the weekend a three-day ‘swap’ charge will be charged on Wednesdays.

The broker also does not charge any inactivity account fees.

Bonus & Promotions

“As FXChoice is based offshore there are various bonuses and promotions such as the Pips+ Loyalty programme and Referral programmes, a 25% early verification bonus and a 15% Bitcoin deposit bonus.”

As FXChoice is based offshore there are various bonuses and promotions such as the Pips+ Loyalty programme which features a tier-based system whereby clients who invest greater equity or trade higher volumes can benefit through rebates or a discount on commissions depending on their account type.

Classic accounts are eligible for a rebate whereas Pro accounts can receive commission discounts, as shown in the below table:

 

There are also a variety of referral programmes available which include:

• Refer and Earn: Earn up to $250 for every client referred to FXChoice through a referral link. Each referral will also receive a one-time 15% deposit bonus.
• Affiliate: Clients can join three different compensation models – Volume-based, CPA and Hybrid. Under each of these models, the client’s role is to bring others to trade with FXChoice and in return, they will be compensated. The more clients referred the higher the earning potential. Before clients can apply to be an Affiliate they will need to introduce at least five funded clients through the Refer-and-Earn programme.
• Money Manager: Clients who have a history of being profitable can open a Money Manager account to manage the funds of their clients. They will also be provided with a unique referral link to allow others to join.

Clients who fund their newly opened account within 7 days can also benefit from a 25% bonus on top of their original deposit up to a maximum bonus of 5,000 USD. Clients who deposit using Bitcoin can also benefit from a 15% bonus with no deposit or conversion fees. Both bonuses are withdrawal but only after the minimum trading volume has been met.

Customer Support

“FXChoice offers multilingual customer support 24/5 via phone, email and live chat. There is also a ‘Knowledge Base’ section that provides questions and answers across a variety of topics.”

FXChoice offers multilingual (English, Spanish, Thai, Farsi, Russian, Mandarin, German, Filipino, Bahasa Indonesia, French, Greek, Czech) customer support 24/5 via phone, email and live chat. There is also a ‘Knowledge Base’ section that provides questions and answers across a variety of topics including Accounts, Trading Platforms, Withdrawals/Deposits, Trading Services and more.

After submitting a question through the live chat we were connected to an agent who answered our question within 4 minutes, as shown below:

Contact Information:

• Address: Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize.
• Email: backoffice@myfxchoice.com
• Phone: +52 556 826 8868
• Social Media:
  • Facebook
  • Twitter
  • Instagram:
    • English
    • Spanish
    • Affiliate
  • YouTube

Research

“FXChoice offers market research through Live Market Analysis Webinars.”

FXChoice offers market research through Live Market Analysis Webinars. The webinars are streamed every Monday from 9 am London time and cover everything from news, technical patterns, currency markets themes and a Q&A session where clients can ask the host questions.

Trader Education

“FXChoice offers limited educational material, however, there are questions covered in the Knowledge Base section which beginners may find beneficial.”

FXChoice does not offer much educational material, however, there are questions covered in the Knowledge Base section which beginners may find beneficial such as ‘What is leverage?’ and ‘What is Ripple (XRP)?’

The broker’s YouTube channel also has several videos about MetaTrader 4 such as ‘Placing Market Orders in MT4’ and ‘Generating Trade Reports in MT4’.

Trading Experience

“FXChoice provides a great all-around service to clients allowing them to access over 100+ markets covering Forex, Commodities, Shares, Indices and Cryptocurrencies, all through the globally popular MetaTrader 4 and MetaTrader 5 platforms.”

From our observations, FXChoice provides a great all-around service to clients allowing them to access over 100+ markets in Forex Commodities, Shares, Indices and Cryptocurrencies, all of which can be accessed through the globally popular MetaTrader 4 and MetaTrader 5 platforms for Windows, MacOS and Web.

Clients have the selection to open a Classic account that is commission-free but has slightly larger spreads or a Pro account that is commission-based but with lower spreads. There are also several great bonuses and promotions available including the Pips+ Loyalty programme, Referral programmes and deposit bonuses for both beginner and advanced traders to take part in.

Multilingual client support is also available 24/5 and when contacted the agents were both responsive and helpful.

FAQ

Is FXChoice regulated?

FXChoice Limited is an investment firm based in Belize and is regulated offshore by the International Financial Services Commission (Belize).

Where is FXChoice based?

Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize.

How does FXChoice make money?

FXChoice makes money mainly through commissions, spreads and swaps on certain asset classes.

How do I deposit in FXChoice account?

Funds can be deposited into a trading account via debit/credit card, bank wire, Skrill, Neteller, Perfect Money, Bitcoin, Litecoin, Ripple and more.

What is the min. deposit for FXChoice?

The minimum deposit is $100.

How do I withdraw money from FXChoice?

Withdrawals can be made via debit/credit card, bank wire, Skrill, Neteller, Perfect Money, Bitcoin, Litecoin, Ripple and more.

What is the max leverage in FXChoice?

1:200.

How do I open an account with FXChoice?

An account can be opened at the click of a button on the FXChoice website and can be done in just a few steps.

Does FXChoice use MetaTrader?

Yes, MetaTrader 4 and MetaTrader 5.

Conclusion

“FXChoice Limited is regulated by the IFSC of Belize and offers clients access to trade on more than 100+ instruments covering Forex, Commodities, Shares, Indices and Cryptocurrencies through the popular MetaTrader 4 and MetaTrader 5 platforms.”

FXChoice Limited was founded in 2010 and is regulated by the International Financial Services Commission (Belize) and offers clients access to trade on more than 100+ markets covering Forex, Commodities, Shares, Indices and Cryptocurrencies, all through the globally popular MetaTrader 4 and MetaTrader 5 platforms for Windows, MAC, web and mobile.

Clients can choose from two account types called Classic and Pro. The Classic account offers commission-free trading with slightly larger spreads whereas the Pro account is commission-based but has lower spreads. Overall, trading costs are competitive across both accounts and clients can further benefit through rebates and commission discounts if they trade enough volume. Islamic and demo accounts are also available.

Deposits are fee-free across a range of popular payment methods including Debit/Credit Card, Bank Wire, Skrill, Neteller, Perfect Money and more. The broker does also accept various cryptocurrencies including Bitcoin, Ethereum, Tether, Litecoin and Ripple.

Clients can also benefit from various bonuses and promotions such as the Pips+ Loyalty programme and Referral programmes, a 25% early verification bonus and a 15% Bitcoin deposit bonus. The broker also offers multilingual customer support 24/5 via phone, email and live chat. There is also a ‘Knowledge Base’ section that provides questions and answers across a variety of topics.

• Commission-free trading available
• 100+ markets to trade on.
• Bonuses and Promotions available.
• MetaTrader 4 and MetaTrader 5 platform available.