FXChoice

Editor's Score
Pros
  • Mobile trading platform to allow smartphone trading
  • Excellent referral and affiliate programs
  • Ability to trade Forex, CFD’s and Precious Metals
Cons
  • Is not regulated by one of the stricter regulators like FCA, ASIC or CySEC
  • Offers only 40 currency pairs to trade
Min Deposit
$100
Max Leverage
1:200
Mini Account
Platforms
  • MT4
  • MT5
Withdrawal Options
  • Skrill
  • Neteller
  • Bitcoin
  • Wire Transfer
  • Visa

Review

Introduction

FXChoice is an established online broker who has been operating since 2008. In this time, FXChoice have developed their platform to provide an excellent trading experience for their customers. This platform offers trading services to a global market and is available in 8 different languages – English, German, Czech, Greek, Spanish, Italian, Portuguese and Thai.

They are based In Belize and are licensed and regulated by the IFCS. Furthermore, FXChoice is a true ECN broker and offers customers extremely competitive spreads for both Forex markets and CFDs. At current capacity they manage and execute over 15,000 digital transactions per day. In the following review, we analyze FXChoice as a trading platform so that you can decide if you should choose them as your primary broker or not. We look aspects such as customer service, account types, payments and trading conditions.

Trading Conditions

FXChoice offers fantastic trading conditions due to their tight spreads and low commission. As you will see below, their classic account type has zero commission, and their pro account only has marginal commission levels. Spreads start from 0.5 pips. Moreover, minimum and maximum lot sizes are 0.01 to unlimited respectively. The maximum leverage is 1:200, and the margin level for hedge/lock positions is 50%. Finally, the margin call and margin stop levels are 100 and 80 respectively for the pro account, and 25 and 15 for the classic account.

Products

FXChoice offers a standard range of products and primarily deals in the facilitation of Forex trading. Aside from Forex, they also offer CFD shares and Precious Metal trading. The precious metal indexes are limited to gold and silver however it is possible to trade oil through CFDs. The following are the different lucrative broker products currently offered by FXChoice:

Forex

  • 28 currency pairs for classic account
  • 38 currency pairs for classic account

CFD Shares

  • US Tech Index
  • US 500 Index
  • US 30 Index
  • UK 100 Index
  • Japan Index
  • DXY
  • DE30 Index
  • BTC / USD
  • WTICrude
  • BrentCrud

Precious Metals

  • Gold
  • Silver

Regulation

FXChoice operates in Belize, Central America and is fully licensed and regulated by the IFCS (International Financial Services Commission). Their current license number is IFSC/60/191/TS/18. The IFCS is a recognized commission that oversees many financial organizations to ensure fair and transparent trading. FXChoice have been in operation since 2010 for 8 years.

Platforms

FXChoice provides a lucrative platform selection for traders. They operate two of the most well-known and popular platforms – MetaTrader 4 or MT4, and MetaTrader 5 or MT5. Both MT4 and MT5 can accommodate any level of financial trader, from beginner through to experts. There is little different between the two platforms – MT5 is simply better suited for trading financial assets as opposed to Forex.

MetaTrader platforms are renowned for their speed and flexibility. Both MT4 and MT5 are available on Windows, Android, Mac OS and iOS devices. The platform can be configured to meet your needs and you can easily rearrange the layout and display. Furthermore, you can make use of a myriad of charts and analysis tools to improve your trading experience. Even the order process and generating trade reports are easy to complete too.

Mobile Trading

FXChoice fully supports mobile trading. They do not have their own mobile software, but users can download the MetaTrader mobile apps. Through their website it is possible to download both MetaTrader 4 Mobile and MetaTrader 5 Mobile for iOS and Android devices. Both of these applications have fantastic reviews and allow you to trade efficiently from your smartphone or tablet.

Pricing

FXChoice operates several different account types – the commission percentage varies depending on which account you choose. Their classic account for example features zero commission. Alternatively, their pro account has a commission level of $3.5 per notional amount (per side) of $100,000. FX Choice also offers a Pips+ program which is essentially a loyalty reward program. There is five tiers and each one reduces the amount of commission you pay on pro accounts.

Deposits & Withdrawals

FXChoice facilitate payments with a wide variety of accepted methods. There is a minimum deposit value of $100.00 . There is variable withdrawal fees depending on which method is selected. For example, withdrawals using Skrill are subject to a 1% fee. The following is a full list of all accepted payment methods through FXChoice:


MasterCard

  • Visa
  • Wire Transfers
  • Skrill
  • Neteller
  • ePayments
  • Trustly
  • Qiwi
  • AstroPay
  • Rapid Pay
  • Union Pay
  • POLi
  • UPayCard
  • Bitcoin
  • Bitcoin Cash
  • Litecoin
  • Ethereum
  • XRP
  • Fasapay
  • Perfect Money
  • PaySafeCard

Customer Support

If you want to get in touch with customer support then you have several different options available. Firstly, you can us the live chat function. Simply click on the chat button and a pop up window opens – you can then talk to a customer service rep as soon as you have entered your contact details. Alternatively there is a client support line too, and a phone line for general queries. There is also a callback function which some may find useful. Aside from the above contact methods, FXChoice are also active on social media. You can get in touch and follow them on Facebook, Twitter, YouTube and Instagram.

Research & Education

FXChoice has a plethora of information to educate their traders. They provide traders with useful information and FAQs. Moreover, their YouTube channel contains a selection of different tutorial videos that help users use their trading platform.

Noteworthy Points

FXChoice has a great choice of accounts to choose from that are ideal for all levels of trader skill. If you simply want to try your hand and get used to the platform, you can always create a demo account. In addition to this, their leverages are on par with market standards and the commission levels on the pro account are favourable too. Moreover, the fact that they offer MT4, MT5, mobile apps, and a web only based platform gives customers fantastic flexibility.

Conclusion

After analyzing the FXChoice platform and creating a demo account we can conclude that it is a high quality trading operation. The fact that it uses MT4 and MT5 is a huge plus and when using the trading screens, the prices updated seamlessly. The customer support is second to none, and the knowledge base can really give users an edge. We also love the economic calendar which provides you with up to date news and events about important global economic changes that could cause price fluctuations.

Comparison

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