FXCHOICE Review
3 (60%) 1 vote

Trading Accounts

Account type Minimum deposit Minimum trade size Maximum leverage Average Spread
Classic $100 0.01 1:200 1.2 pips on EUR/USD
Pro $100 0.01 1:200 0.5 pips on EUR/USD + $3.86 per lot (per side)

FX Choice provides its clients two types of accounts from which to choose: Pro and Classic. Higher spreads are offered with the Classic account and it is free of commissions while the ECN environment of the PRO account offers tighter spreads and is based on commissions. Also, desktop platform choices (MetaTrader 4 and 5) are only available on the Pro account.

Moreover, traders have the choice of opening Individual or Corporate Accounts.

The Company. Security of Funds

The broker FXChoice, is a specialist in CFD and Forex trading for fund managers, institutional investors, and private clients. With the bonus of about 10 years of Forex experience, the brokerage is dedicated to the provision of excellent services combined with unrivaled support for customers. FXChoice received the accolade for Exceptional Customer Service on 5 occasions in 2016 alone by LiveHelpNow.

With the help of two platforms for trade that are utterly robust, FXChoice allows about 40 currency pairs and numerous CFDs (precious metals, indices, energies, commodities) trade. The NDD technology permits the execution of about 15 000 digital daily transactions on FXChoice.

The headquarters of the company FXChoice Ltd behind the brand is in Belize with local regulation from the IFSC (International Financial Services Commission). Forex brokers are liberally controlled by IFSC. Its supervision directs attention towards the promotion of regulation and a code of conduct that is compulsory, as well as the procedure of licensing. Very little emphasis is placed on the checking for compliance, reporting, and continuous supervision.

Even in the absence of stringent regulations, FXChoice focuses specifically on security, keeping the funds of clients totally separate from corporate funds in segregated accounts. Moreover, positive price adjustment is practiced by this broker. This implies FXChoice gets to zero balances out, in situations where traders in extraordinary circumstances practically slip into balances of negative values.

Conditions for Trade

Initial Minimum Deposit

Different from many other forex brokers whose various account types have varied initial investments, the same amount $100 is demanded both for FXChoice Pro and Classic accounts. This initial minimum deposit is relatively low, considering the ECN environment.

However, other EU brokerages require less – Brokers Station, for example, which also holds licenses from both CySEC & FCA, demands $250.

Spread & Commission Averages

Several competitive spreads are offered by this broker in relation to the different account types. However, both account types have similar costs of trade which amount to 1.2 pips on EUR/USD averagely (Holders of ECN accounts are presented with 0.5 pips on EUR/USD average spreads which incur $7 for every lot round turn as commission). This clearly indicates the very attractive nature of FXChoice’s pricing.

Maximum Leverage limits

FXChoice clients are offered the industry average of 1:200 as their maximum leverage limit.

Platforms for Trade

Many different platforms for trade are supported by this broker: Myfxbook Autotrade and MetaTrader 4 and 5.

Accessibility to the forex, futures and options markets, CFDs (contracts for difference) are offered by both the MetaTrader 4 and 5, with the MT5 offering an additional stocks trade option. All the two platforms through EAs (Expert Advisors) allow computerized trade and both make use of MQL (Marketing Qualified Lead) programming languages. With these, alerts, tools for trade analysis, indicators that are customizable and advanced packages for charting are also offered.

In addition to the web based version of MT4 (Web terminal MetaTrader 4) offered with FXChoice, desktop and mobile app versions are also available.

The upgraded development of MT4 brought about the MT5, however, the previous technology is preferred by a majority brokers because the MT5 platform doesn’t support many accustomed MT4 EAs (Expert Advisors) and indicators. The MetaTrader 5 is slowly growing in popularity with the recently added hedging option and some enhancements have sparked some interest among brokers and traders. It is available on the platform of FXChoice as mobile apps and a PC version.

To supplement FXChoice’s MT4 and MT5 platforms, Myfxbook operates the additional Autotrade service which is an online and community forex automated tool for analysis that allows direct copying of any selected system into your MT4 account. This is possible without another software installation or extra charges.

Furthermore, qualification for free VPS hosting by traders is gotten by successfully maintaining a balance equal to or above $3000 with a minimum of 5 lots monthly.

Promotions

Once in a while, FXChoice awards special bonuses to clients as often provided by most forex brokers.

Payment Methods

A wide spectrum of methods of payment is supported by this broker: debit/credit cards and e-wallet systems of payment like Neteller, Skrill, Paysafecard, Perfect Money, Trustly, FasaPay and ePayments. Currency choices when opening accounts include USD, GBP, EUR, CAD, AUD, and Bitcoin.

Conclusion

Having an experience of over 10 years in the forex industry, FXChoice has won many awards with its reliability a key advantage even with the looser regulation. It provides competitive conditions for trade and fast execution on many different trading platforms. Concluding the above analysis are the advantages and disadvantages of FXChoice:

Average Rating:

One thought on “FX Choice Review”

  1. Trading platform is unreliable with a lot of delays and error messages.
    With high leverage that’s a recipe for wiping out your account, if you can’t be sure your trades will be executed.

    Don’t use it.

    2

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