FX Choice Reviews and Ratings:
| Website | https://en.myfxchoice.com/ |
| Live Chat | YES |
| Telephone | Call back option* |
| Broker Type | ECN |
| Regulations | Belize International Financial Services Commission (IFSC) |
| Min Deposit | $10.00 |
| Account Base Currency | USD, EUR, GBP, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, DOGE, USDC and XRP |
| Max Leverage | 1000:1 |
| Trading Platforms | Metatrader 4/5 |
| Markets | Forex & CFDs (precious metals, indices, stocks, commodities & cryptocurrencies) |
| Bonus Offered | Receive a 50% deposit bonus with this link |
| Funding Options | Wire transfer, Skrill, Neteller, Bitcoin, Bitcoin Cash, Fasapay, Perfect Money, Litecoin, Ethereum, Ripple, Tether, Paysafecard, Poli, VLOAD, SticPay, Airtm, ADVcash, Epay, AstroPay, Dogecoin |
- Islamic Accounts
- Demo Account
- Copy Trading
- Cryptocurrency Trading
- MT4 Platform
- MT5 Platform
- cTrader
- Free Education
- Mobile Trading
- Web Trading
- Scalping Allowed
- Hedging Allowed
FXChoice Review 2023
FXChoice Introduction
FXChoice is a Belize-based forex and CFD broker regulated by the International Financial Services Commission (IFSC). The company has been operating as a broker since 2010 and has grown to a broker executing over 150,000 transactions daily.
FXChoice offers clients the two most popular trading platforms, MetaTrader 4 and MetaTrader 5. The company positions itself as a straight-through processing (STP) broker and emphasizes the use of non-dealing desk (NDD) technology.
As an exclusively offshore regulated broker, FXChoice is one of the few brokers offering high leverage, PAMM accounts, bonuses and cryptocurrency instruments. A considerable advantage of FXChoice is the company provides numerous account funding methods, which let you deposit and withdraw using trusted payment processors.
This FXChoice review explores key areas that concern your decision to open an account with this forex broker.
FXChoice Trading Conditions Review
FXChoice offers different account types to suit certain traders. The company offers two distinct trading accounts, which are available as personal, corporate, Islamic and demo accounts.
FXChoice Trading Account Types
FXChoice offers two trading account types; they are called Classic and Pro. The main difference between the two account types is the fees.
FXChoice Classic Account
Spreads for the FXChoice Classic Account start at 0.5 pips but vary depending on market conditions and trading instrument. There is no commission charged when trading with the Classic Account. The Classic Account is only available on MetaTrader 4.
FXChoice Pro Account
Spreads for the FXChoice Pro Account start at 0 pips but vary depending on market conditions and trading instrument. Commissions when trading with the Pro Account are $35.00 per million US dollar notional value traded. So essentially, if you open and close 1 lot of USD/JPY, you’ll pay a $7.00 commission; however, if you open and close 1 lot of GBP/USD, supposing the GBP/USD rate is 1.4, you’ll pay a $9.80 commission. The Pro Account is available on MetaTrader 4 and MetaTrader 5.
Pips+ Loyalty Program
FXChoice offers a loyalty program called Pips+. The program offers either rebates or tiered commission discounts based on trading volume turnover over 30 days or account equity. With the Classic Account, you’ll earn rebates, and with the Pro Account, you’ll get discounted commissions. To reach the first tier of the Pips+ program, you need to either trade a $10 million notional volume (approximately 50 lots) or have account equity of $10,000.
FXChoice Leverage
The maximum leverage offered by FXChoice is 1:200 on forex pairs. However, leverage for other products varies. The maximum leverage for indices is 1:50; for Bitcoin and commodities, it’s 1:33; for the remaining cryptocurrencies, it’s 1:10.
Trading Instruments
FXChoice offers trading instruments from multiple asset classes:
- 36 currency pairs: EUR/USD, GBP/USD, USD/CHF, USD/JPY, EUR/CHF, EUR/GBP, EUR/JPY, GBP/CHF, GBP/JPY, AUD/USD, NZD/USD, USD/CAD, EUR/AUD, EUR/CAD, GBP/AUD, GBP/CAD, AUD/CHF, AUDJPY, CHF/JPY, CAD/CHF, CAD/JPY, NZD/CHF, NZD/JPY, AUD/CAD, AUD/NZD, NZD/CAD, EUR/NZD, GBP/NZD, EUR/NOK, EUR/ZAR, USD/MXN, USD/NOK, USD/RUB, USD/SEK, USD/SGD, USD/ZAR
- 6 index CFDs: NASDAQ100, S&P500, DOW30, FTSE100, DAX30, NIKKEI225
- 6 Commodity CFDs: XAU/USD, XAG/USD, WTI/USD (future & spot), XBR/USD (future & spot)
- 55 stock CFDs: Companies listed on the NYSE, NASDAQ, London Stock Exchange, Frankfurt Stock Exchange and Paris Stock Exchange.
- 3 cryptocurrency CFDs: BTC/USD, LTC/USD, ETH/USD
FXChoice Deposits & Withdrawals
FXChoice offers numerous account funding methods, which is highly convenient. The drawback is the company imposes high fees on some payment methods. Before depositing, we recommend checking the fees clearly to ensure you avoid any surprises.
FXChoice Minimum Deposit
The minimum first-time deposit with FXChoice is $100. However, once you have made your first deposit, you can deposit any amount, depending on the payment method. Some methods, such as e-wallets, do not impose a minimum deposit, essentially meaning you can deposit just one dollar to your account.
FXChoice Account Funding Methods
FXChoice offers a variety of account funding methods. The available options include wire transfers, various e-wallets and several well-known cryptocurrencies. The minimum deposit and withdrawal amounts vary depending on the payment method, as do any applicable fees. Each payment method is only available in certain countries and supports specific currencies.
Here is an overview of FXChoice deposit & withdrawal methods:
Wire transfer
If you’re depositing to your FXChoice account via wire transfer, you should know the supported currencies are EUR, GBP and CAD. FXChoice uses Unicredit Bulbank, based in Bulgaria. The minimum deposit is €3,000 or equivalent, and there is no upper limit on deposits. The minimum you can withdraw via bank transfer is €1,000. While deposits are free, the withdrawal fee is substantial. The FXChoice wire transfer withdrawal fee is 0.25%, with a minimum fee of €150 and a maximum fee of €1,000.
E-wallets
FXChoice offers numerous e-wallet and alternative payment methods to deposit or withdraw funds from your trading account. Considering the range of methods, a wide range of currencies are supported, but keep in mind that if you deposit currency that differs from your account base currency, a conversion will be necessary and will incur fees. The available methods include Skrill, Neteller, VLOAD, ADVcash and more. Deposits using e-wallets and alternative payment methods are typically instant. However, withdrawals can take longer since they need to be approved internally. Most of these payment methods have very low transaction limits, typically below $10. The costs to use supported e-wallets and alternative payments methods vary significantly. For example, VLOAD costs 6.5% for deposits, whereas Perfect Money only charges 0.5% for verified accounts. Similarly, withdrawal fees vary dramatically.
Credit & Debit Card
FXChoice supports deposits with your Visa or Mastercard debit or credit card. However, withdrawals are not supported. If you’re depositing via card payment, be prepared for withdrawing your funds via one of the other supported payment methods. There is a fee to deposit using a card, which varies by region.
Cryptocurrencies
You can deposit and withdraw from your FXChoice trading account using various cryptocurrencies and stablecoins. The options include Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP and Tether. Deposits using cryptocurrencies incur a 0.5% processing fee, and withdrawals are subject to network or miner fees, depending on the underlying network.
FXChoice Regulations
The International Financial Services Commission regulates FXChoice in Belize. In recent years, offshore jurisdictions, such as Belize, have enhanced their requirements and oversight to be as stringent as other regulatory authorities, like Australia’s ASIC, Canada’s IIROC and Europe’s ESMA. Many traders are beginning to see offshore forex brokers as a more attractive option since they do not restrict leverage, incentives, cryptocurrencies and other features.
FXChoice Features
Trading Platforms
FXChoice offers two trading platforms, the well known MetaTrader 4 platform and the increasingly popular MetaTrader 5 application. The company offers both trading platforms on desktop, web and mobile.
Trading Education
Although FXChoice doesn’t offer extensive forex trading courses as many other brokers do, the company provides weekly live webinars on Mondays. If you register with FXChoice, you can expect market news coverage, an economic calendar and plenty of instructional articles by trading gurus that will help you develop your strategy.
MAM Account
FXChoice offers multi-account management solutions for experienced money managers. To qualify as a money manager, FXChoice requires that you provide evidence of your track record. If you’re approved, you can manage multiple trading accounts from one MT4 or MT5 account.
Customer Service
FXChoice maintains a well-developed knowledge base on its website. The company also offers prompt and professional multilingual support via live chat 24-hours per day, five days a week. FXChoice also offers support via email and provides a callback service.
FXChoice Frequently Asked Questions
Does FXChoice accept Canadian clients?
Yes. FXChoice accepts Canadian residents and citizens as clients. If you’re comparing forex brokers accepting Canadian’s as customers, visit our best forex broker for Canadians guide.
Is FXChoice affected by ESMA leverage restrictions?
No. FXChoice is regulated by IFSC in Belize. ESMA, which stands for European Securities and Markets Authority, only impacts brokers licensed in the European Union.
Is FXChoice a market maker broker?
FXChoice labels itself as an ECN broker. So, therefore, they are not a market maker broker.
Does FXChoice accept US clients?
No. FXChoice is not authorised to provide services in the United States. The company previously allowed US residents to open trading accounts in the past, but not anymore. However, FXChoice is one of the few offshore forex brokers that used to accept US clients. Be sure to check out our most updated list of Forex Brokers Accepting US Clients.
FXChoice Youtube Reviews 2023
Listed below, we have found the best YouTube reviews for FXChoice in 2022. So don’t just base your decision on our review. Instead, check out other FXChoice reviews and hear what these YouTubers are saying.
These FXChoice reviews on Youtube are a great way to learn more about the broker and make your decision.
What other sites are saying about FXChoice
FXChoice Forex Peace Army Review
Forex Peace Army rating for FX Choice is: 3.921/5 with over 296+ reviews
FXChoice Trustpilot Review
FX Choice Trustpilot Ratings is: 3.1/5 with over 23+ reviews
FXChoice Pros and Cons 2023
Although we’ve written extensively on this broker in our complete review and analysis of FXChoice, this pros and cons article offers some quick facts and considerations to help you determine if FXChoice is the forex broker for you.
FXChoice is a broker that isn’t widely known in the forex trading community, unlike other forex trading brands such as IC Markets, Pepperstone or XM. Even so, FXChoice still ranks high as a reputable broker with a worthwhile product offering.
Choosing the right forex broker for you can be tough. Not every trader has the same demands, and there are so many brokers out there, and it can be hard to tell them apart. Choosing the right broker is an important decision as you need to be careful where you will deposit your money. You also need to consider if they will offer the best trading conditions, tools and support that help you succeed.
In this FXChoice pros and cons guide, we offer a section of advantages, disadvantages and a list of points that may be advantages or disadvantages depending on your perspective.
FXChoice advantages:
- True ECN brokerage model – FXChoice offers some of the most competitive spreads in the market for trading forex and CFDs.
- High level of customer satisfaction – FXChoice ranks high in customer satisfaction ratings. The company has one of the highest satisfaction ratings on the popular Forex Peace Army website.
- FXChoice offers bonuses – Forex brokers offering bonuses is a rarity these days. The company offers a competitive bonus to new customers. The bonus provided us up to 15% on your first deposit to a maximum amount of $5,000. Check the terms and conditions before proceeding.
- A wide range of funding methods – FXChoice offers numerous deposit and withdrawal methods such as Bitcoin, Bitcoin Cash, wire transfer, Skrill, Neteller, Fasapay, Perfect Money, ePayments and Qiwi.
- Low barrier to entry – The minimum deposit to start trading with FXChoice is just $100. Subsequent deposits can be even lower.
- Pips+ loyalty program rewards active traders – If you’re an active trader, you might be interested in the FXChoice Pips+ loyalty program. The program offers either rebates or tiered commission discounts based on trading volume turnover over 30 days or account equity.
FXChoice disadvantages:
- Fewer trading instruments than other brokers – FXChoice has a lack of trading instruments compared to other brokers. Although the main asset classes are covered, there are only 36 currency pairs, while most brokers offer sixty or more. There are just 55 stock CFDs, while most brokers offer thousands.
- There is a lack of educational material for beginners – Many brokers provide extensive educational materials for their customers. In the case of FXChoice, you’ll have to wait for one of their weekly webinars.
- Bank wire transfer withdrawals are expensive – The minimum amount you can withdraw via bank wire transfer is 1,000 or equivalent. In addition, The FXChoice wire transfer withdrawal fee is 0.25%, with a minimum fee of €150 and a maximum fee of €1,000.
- No negative balance protection – FXChoice does not have negative balance protection, meaning if your account goes negative, your account balance can become negative due to rapid volatility. If this happens, FXChoice will deduct funds from any other accounts you might have and then deduct funds from any deposits you make in the future.
FXChoice neutralities:
In this section, you’ll find a list of points that may be advantages or disadvantages depending on your perspective.
- Offshore regulation – FXChoice is regulated in Belize. Offshore regulated brokers have long been considered a disadvantage due to the perceived lack of stability and regulatory oversight. However, offshore regulated brokers are now considered advantageous as they can offer higher leverage than European and Australian brokers.
- The maximum leverage is 1:200 – To some traders, 1:200 might seem a lot. To others, it might not seem enough.
- MetaTrader 4 and MetaTrader 5 available – FXChoice only offers two trading platforms, MetaTrader 4 and MetaTrader 5. For some traders, that might seem like little choice of trading platforms. However, that might be more than enough for most traders, considering they’re the two most popular trading platforms.
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