Table of Contents
With this review of FXCHOICE we want to find out if FXChoice is one of the world best Forex Brokers? We conducted an in-depth review in August 2019 to find out the answer and bring it to you!
FX Choice Limited was established in 2010 and is headquartered in Belize City, Belize.
It is a pure NDD (no dealing desk) broker that provides tight spreads in a stable, safe and secure environment.
Over the years, the company has received awards for multiple services, including their great customer service offering.
|💻 Trading Platform||MetaTrader|
|🏢 Head Office||Nigeria|
|⭐ Reviews||7.88 - 299 Reviews Trust Pilot|
|↔ Maximum Leverage||1000:1|
|🖥 Execution Servers||Amsterdam, Frankfurt, Hong Kong|
|📡 Broker Type||ECN|
|💰 Negative Protection||No|
|📊 Trading Options||Forex, CFDs, Crypto|
SECURITY, MARGINS AND TECHNOLOGY
SECURITY AT FX CHOICE
- Licensed & regulated by IFSC
- Security of client funds
- No dealing-desk intervention
FX Choice Limited is regulated and authorised by the IFSC (International Financial Services Commission), which guarantees a solid regulatory framework.
The company focuses on the security of client funds in particular with a mission to provide a safe and reliable trading environment.
The in-house Risk Management department ensures compliance in every area of the business and thoroughly monitors every type of operation.
CHARGES AND MARGINS AT FX CHOICE
- Spread mark-up or
- Forex spreads from 0.0 pips
- Up to 200:1 leverage
As is true for all brokers, clients pay either a spread or commission on every non-share CFD.
Our FXChoice review shows that the online broker doesn’t offer the widest range of available markets, but its trading conditions and environment are great.
As an example, this broker offers ultra-low spreads, starting from 0.0 on Forex pairs.
Clients can choose from 10 stock CFDs, including the USTECH Index, Wall Street 30, UK 100, Germany 30 and WTI Crude Oil. As an example, the margin per contract starts from 2,214.90 on WTI Crude Oil.
- Solid trade execution
- MT4 & MT5 platforms
- Myfxbook AutoTrade
With FXChoice, traders can select from two of the most popular trading platforms available on the market: MetaTrader4 (MT4) and its younger brother, MetaTrader5 (MT5).
Both platforms are available on almost any device, be it desktop computers, Android or iOS (mobile trading), and can be utilized with both the Classic and Pro account types.
Fans of copy trading can take advantage of the popular Myfxbook AutoTrade platform, an online automated analytical tool that allows users to connect to the first-ever large social and copy trading community.
MetaQuotes provides a unique service called Trading Signals, which allows clients to shadow the trades of seasoned trading veterans (Signal Providers). This service can easily be installed into an MT4 account and works very well alongside other EAs or a trader’s own trading strategy. This service is especially beneficial to clients who are new to trading.
FXChoice also offers a free VPS (Virtual Private Server) to any client who has an account balance of $3,000 or more.
Execution of Speed Comparison
CUSTOMER SERVICE, TRADING OPTIONS AND SPECIAL FEATURES
CUSTOMER SERVICE AND CLIENTS SUPPORT
- 24/5 customer support
- 2 account type options
- Benefits for high volume traders
- Free VPS available
FXChoice offers award-winning 24/5 customer service with a team of customer success managers that can be contacted via Live Chat and telephone.
FXChoice offers two different trading accounts with different benefits. The best fit depends on what you, as a trader, are looking for. If you are rather new to Forex trading, you might want to get started with the Classic Account that features $0 commission and spreads from 0.5 pips. Or perhaps you might be interested in ultra-low spreads from 0.0 pips on their ECN-type Pro Account which comes with commissions of $3.50 per traded lot. Both account types require a minimum deposit of just $100 and maximum leverage can be set up to 200:1.
High volume or institutional traders are also very welcome and can benefit from FXChoice’s “Pips+ for Pro accounts” offered on both MT4 and MT5. This program allows highly active traders to reduce their trading costs.
The program consists of five tiers, and all FXChoice Pro account holders are automatically enrolled. Clients can upgrade their status and decrease their commission costs in two ways: by increasing the overall turnover volume or by depositing larger amounts in equity. Below is a quick overview of the five tiers:
In our FX Choice broker review we were able to test the broker's trading environmet and available platforms and markets with a free demo account.
Available deposit methods and withdrawal methods include:
- credit cards and debit cards (Mastercard and Visa)
- eWallets (epayments) such as Skrill, Neteller, QIWI, fasaPay, AstroPay, Perfect Money
- Cryptocurrency deposits: Bitcoin, Litecoin, Ethereum, XRP and Tether
- Bank wire transfers
Please note, that the availability of the above deposit and withdrawal methods varies from one country to another. Some of these methods may not be available in your particular country. Please consult with the FX Choice support team via myfxchoice.com.
Trading accounts can be opened in USD, EUR, GBP, CHF, CAD, AUD, Gold, Bitcoin, BitcoinCash, Litecoin, Ethereum and XRP.
FOREX AND OTHER TRADING OPTIONS AT FX CHOICE
- 68 currency pairs
- 2 precious metals
- 10 indices CFDs
- 3 cryptocurrencies
FXChoice offers ultra-low spreads, starting from 0.0 Pips on the Pro account option. The Classic account comes with starting spreads from 0.5 Pips. Maximum leverage can be set as high as 200:1 and the minimum deposit size is $100 for both account types.
There are up to 38 tradable Forex pairs with a Pro account (versus 28 with a Classic account) as well as 2 spot metals, stock indices, metals, commodities and energies CFDs.
Next to available digital assets for deposits and withdrawals, currently three cryptos can also be traded against the US dollar: Bitcoin, Ethereum and Litecoin.
SPECIAL FEATURES OF FX CHOICE
- MT4, MT5 & Myfxbook AutoTrade Platforms
- Fast execution speeds
- Tight spreads starting from 0.0 pips
- NDD & STP
FXChoice offers ultra-tight spreads starting from 0.0 Pips (on a Pro Account).
Clients benefit from a strictly NDD (no dealing desk) broker.
Decent leverage of up to 200:1 is available in a safe and stable trading environment.
MT4 and MT5 trading platforms are available.
Myfxbook AutoTrade is available for traders who wish to connect to a social trading network and use copy-trading strategies directly with their FXChoice account.
MetaQuote trading Signals are available on MT4.
FXChoice allows most trading styles, such as Expert Advisors (EAs), scalping and hedging.
Pro accounts offer lowered commissions for high volume traders or large equity accounts.
Max Leverage Comparison
FXChoice overall offers a very professional trade environment and a great customer service presence. Decent leverage and a good selection of trading instruments are available. Institutional and high volume traders await excellent benefits and extra features worth checking out!