FxChoice Review 2023
FXChoice has been making waves in the forex industry since its establishment in 2010. With its promises of low spreads, high leverage, and a wide range of trading instruments, it has attracted the attention of traders worldwide. But is FXChoice really worth your investment? In this comprehensive review, we will delve deep into the features, offerings, and reputation of FXChoice to help you make an informed decision.
In This Review:
- Introduction:
- Regulation and Security:
- Fees and Spreads:
- Trading Instruments:
- Account Types:
- Trading Platforms:
- Unique Features:
- Research and Education:
- Customer Support:
- Bonuses and Promotions:
- Opening an Account:
- Deposits and Withdrawals:
- FxChoice Pros and Cons – In Detail
- Fxchoice FAQ’s
- Summary: Is FXChoice the Right Choice for You?
| 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 |
Introduction: Unraveling the Secrets of FXChoice
FXChoice, a forex broker based in Belize, has been operating since 2010. Over the years, it has gained a reputation for its commitment to providing traders with a technologically advanced trading environment. With its promise of low spreads, high leverage, and a wide range of trading instruments, FXChoice has attracted the attention of traders worldwide.
However, before diving into the world of FXChoice, it is essential to understand the key aspects that set this broker apart. In this review, we will explore the regulation and security measures put in place by FXChoice, analyze the fees and spreads associated with trading, delve into the available trading instruments, and examine the different account types offered by the broker. We will also take a closer look at the trading platforms provided, the unique features offered, the research and education resources available, the quality of customer support, the bonuses and promotions, and the account opening and deposit/withdrawal processes. By the end of this review, you will have a comprehensive understanding of FXChoice and be able to determine if it is the right choice for you.
Regulation and Security: Ensuring a Safe Trading Environment
One of the first factors to consider when choosing a forex broker is regulation and security. Traders want to ensure that their funds are safe and that the broker operates in a transparent and trustworthy manner.
FXChoice is regulated by the International Financial Services Commission (IFSC) of Belize. While Belize may not be considered a Tier 1 regulatory authority, the IFSC has established itself as a reputable regulatory body in the forex industry. FXChoice’s adherence to IFSC regulations ensures that the broker operates within the defined guidelines and provides a certain level of protection to its clients.
In terms of security, FXChoice takes the protection of client funds seriously. The broker keeps client funds segregated from its own funds, ensuring that in the event of any financial difficulties, clients’ funds are separate and can be returned to them. This segregation of funds provides an additional layer of security and gives traders peace of mind.
Overall, while FXChoice may not have the highest level of regulatory oversight, it does take steps to ensure a safe trading environment for its clients.
Fees and Spreads: Understanding the Cost of Trading
When it comes to trading, fees and spreads play a significant role in determining the profitability of trades. Traders want to minimize their costs and maximize their potential returns.
FXChoice offers two types of accounts: the Classic account and the Pro account. The Classic account is commission-free, while the Pro account charges a commission per lot traded. The choice between the two will depend on the trader’s trading style and preferences.
In terms of spreads, FXChoice claims to offer competitive spreads starting from as low as 0.1 pips. However, it is important to note that spreads can vary depending on market conditions and the specific trading instrument. Traders should carefully consider the spreads offered by FXChoice for the instruments they intend to trade.
It is also worth noting that FXChoice provides a volume-based rebate program for active traders. This program allows traders to earn rebates on their trading activity, effectively reducing their overall trading costs.
Overall, while the spreads offered by FXChoice are competitive, traders should carefully consider the costs associated with their chosen account type and trading instruments.
Trading Instruments: Exploring the Asset Selection
The range of trading instruments offered by a broker is another crucial factor to consider. Traders want access to a wide variety of assets to diversify their portfolios and take advantage of different market opportunities.
FXChoice offers a range of trading instruments across various asset classes. Forex traders will find 36 currency pairs available for trading, including major, minor, and exotic pairs. In addition to forex, FXChoice provides traders with three cryptocurrency pairs, including Bitcoin, Ethereum, and Litecoin. For those interested in commodities, FXChoice offers six commodities, including gold, silver, and oil. Traders can also access six index CFDs and 55 equity CFDs.
While the asset selection provided by FXChoice is relatively limited compared to some other brokers, it covers the most popular and commonly traded assets. Traders should assess their trading preferences and ensure that the available instruments align with their trading strategies.
Tradable Instruments Summary:
- 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
Account Types: Choosing the Right Fit
FXChoice offers two main account types: the Classic account and the Pro account. Each account type caters to different trading styles and preferences.
The Classic account is a commission-free account that offers variable spreads starting from 0.5 pips. It is designed for traders who prefer to trade without paying commissions. The Classic account allows traders to trade all available instruments, including forex, cryptocurrencies, commodities, indices, and equities. This account type is suitable for both beginner and experienced traders.
On the other hand, the Pro account is a commission-based account that offers spreads starting from 0 pips. Traders using the Pro account pay a commission of $3.50 per 100,000 traded per side. The Pro account is designed for more active and experienced traders who prioritize tight spreads and are willing to pay a commission for better trading conditions.
Both account types offer leverage of up to 1:200, allowing traders to amplify their trading positions. Traders should carefully consider their trading style, preferences, and the associated costs when choosing between the Classic and Pro accounts.
Fxchoice newest account type is their Optimum Account. The account features leverage up to 1:1000, no commissions, tight spreads starting around 1.5 pips.
Account type Summary:
- FXChoice Classic Account
- FXChoice Pro Account
- FXChoice Optimum Account
Trading Platforms: Empowering Traders with Cutting-Edge Technology
FXChoice provides traders with access to the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. These platforms are widely recognized in the forex industry for their advanced features, user-friendly interfaces, and extensive customization options.
The MT4 platform is known for its stability, reliability, and wide range of technical analysis tools. It offers a user-friendly interface that caters to both beginner and experienced traders. Traders can access a wide range of order types, execute trades with one click, and utilize automated trading strategies through Expert Advisors (EAs).
The newer MT5 platform builds upon the features of MT4 and offers additional functionalities. It provides an improved user interface, enhanced charting capabilities, and a built-in economic calendar. Traders can also access more advanced order types and utilize more sophisticated trading strategies.
Both platforms are available for desktop download, web trading, and mobile trading, allowing traders to access the markets anytime, anywhere. FXChoice also offers VPS hosting for traders who want to run automated trading strategies without interruption.
Unique Features: Setting FXChoice Apart
FXChoice offers several unique features that set it apart from other forex brokers. One notable feature is the availability of MAM (Multi-Account Management) accounts. This feature allows experienced traders to manage multiple accounts simultaneously, making it ideal for money managers or traders who want to diversify their investments.
FXChoice also offers the Myfxbook AutoTrade service, which allows traders to automatically copy the trades of successful traders. This feature is beneficial for beginner traders who want to learn from experienced traders or for busy traders who want to passively participate in the markets.
Additionally, FXChoice provides a referral program that rewards traders for referring new clients. Traders can earn a 15% bonus for each referral who opens and funds an account. The referral program offers an opportunity for traders to earn additional income by sharing their positive experience with FXChoice.
Research and Education: Enhancing Traders' Knowledge
FXChoice offers a range of research and education resources to help traders enhance their knowledge and improve their trading skills. The broker provides daily market analysis, economic calendars, and news updates to keep traders informed about market trends and events that may impact their trading decisions.
For traders who prefer a more interactive learning experience, FXChoice offers webinars and video tutorials covering various topics, including trading strategies, technical analysis, and risk management. These educational resources are designed to cater to traders of all levels, from beginners to advanced traders.
Additionally, FXChoice provides a comprehensive FAQ section and a glossary of trading terms to help traders understand the intricacies of forex trading. The broker also offers demo accounts for traders to practice their trading strategies without risking real money.
Customer Support: Providing Assistance Around the Clock
FXChoice prides itself on its customer service and has received recognition for its commitment to providing excellent support. The broker won the 2020 LiveHelpNow Challenge for maintaining the best customer service.
Traders can reach the FXChoice customer support team 24/5 via email and live chat. The broker also offers callback requests, allowing traders to request a call from the support team at their convenience. While the website states that requests take approximately 24 hours to process, traders have reported longer response times in some cases.
The FXChoice website also features a comprehensive FAQ section that covers various topics, including account management, deposits and withdrawals, and trading platforms. Traders can find answers to common questions without the need to contact customer support
Bonuses and Promotions: Maximizing Trading Opportunities
FXChoice offers various bonuses and promotions to enhance traders’ trading experience.
The broker also offers periodic bonuses and promotions, which are announced on the website and via email. These bonuses may include deposit bonuses, trading rebates, or other incentives to reward traders for their loyalty and activity.
Traders should carefully review the terms and conditions of any bonuses or promotions offered by FXChoice to ensure they understand the requirements and restrictions associated with them
Current bonuses are :
- Get a 50% Welcome Bonus
- Get a 65% Bonus on Crypto Deposits
Opening an Account: A Hassle-Free Process
Opening an account with FXChoice is a relatively straightforward process. Traders can start by visiting the FXChoice website and clicking on the “Open Account” button. They will then be directed to a registration form where they need to provide their personal information, including their name, email address, and country of residence.
Once the registration form is completed, traders will need to verify their email address by clicking on the verification link sent to their email. After email verification, traders can proceed to complete the account application by providing additional information, such as their address and phone number.
FXChoice may require additional verification documents, such as proof of identity and proof of address, to comply with regulatory requirements. Traders should ensure that they have the necessary documents ready to expedite the account verification process.
Deposits and Withdrawals: Ensuring Smooth Transactions
FXChoice offers a variety of deposit and withdrawal methods to cater to the needs of traders worldwide. Traders can fund their accounts using bank wire transfers, credit/debit cards, and various e-wallets, including Neteller, Skrill, and FasaPay. The availability of deposit and withdrawal methods may vary depending on the trader’s country of residence.
The minimum deposit required to open an account with FXChoice is $10 or the equivalent in other currencies. The broker does not charge any deposit fees, but traders should be aware that their payment provider may impose transaction fees.
For withdrawals, traders can use the same methods as for deposits. FXChoice strives to process withdrawal requests promptly, but the processing time may vary depending on the chosen withdrawal method. Traders should also note that there may be withdrawal fees imposed by the payment provider.
Funding methods listed below:
Wire transfer, Skrill, Neteller, Bitcoin, Bitcoin Cash, Fasapay, Perfect Money, Litecoin, Ethereum, Ripple, Tether, Paysafecard, Poli, VLOAD, SticPay, Airtm, ADVcash, Epay, AstroPay, Dogecoin
Deposit, Withdrawal and Bonus Chart
| Method | Bonus | Deposit | Withdrawal |
| Bitcoin | Bonus 15% | Y | Y |
| Bitcoin Cash | Bonus 15% | Y | Y |
| Litecoin | Bonus 15% | Y | Y |
| USD Coin | Bonus 15% | Y | Y |
| Ethereum | Bonus 15% | Y | Y |
| Tether | Bonus 15% | Y | Y |
| XRP (Ripple) | Bonus 15% | Y | Y |
| Binance Coin | Bonus 15% | Y | Y |
| Dogecoin (DOGE) | Bonus 15% | Y | Y |
| Visa | Y | Refunds only | |
| Mastercard | Y | Refunds only | |
| Airtm | 0% Fee | Y | Y |
| Skrill | 0% Fee | Y | Y |
| NETELLER | Y | Y | |
| Perfect Money | Y | Y | |
| PaySafeCard | Y | Y | |
| Astropay | 0% Fee | Y | Y |
| Poli | Y | Y | |
| Payredeem | Y | Y | |
| SPEI® | 0% Fee | Y | Y |
| Deposit Express | 0% Fee | Y | Y |
| Boleto | 0% Fee | Y | Y |
| OXXO | 0% Fee | Y | Y |
| Todito | 0% Fee | Y | Y |
| Pix | 0% Fee | Y | Y |
| Loterias Caixa | 0% Fee | Y | Y |
| Sticpay | Y | Y | |
| Payop | Y | Refunds only | |
| Advсash | Y | Y | |
| PromptPay | Y | Y | |
| Epay | 0% Fee | Y | Y |
| FasaPay | Y | Y |
FxChoice Pros and Cons - In Detail
FxChoice is a forex and CFD broker that offers trading services to individual traders and institutional clients. Like any broker, FxChoice has its own set of pros and cons. Let’s explore them in detail.
Pros:
- Security and Regulation: FxChoice is regulated by the International Financial Services Commission (IFSC) of Belize. This regulatory oversight provides a certain level of security and protection to clients’ funds.
- Multiple Trading Platforms: FxChoice offers traders a choice of trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are widely regarded as reliable and user-friendly, providing access to a wide range of trading tools and indicators.
- Competitive Spreads: FxChoice offers competitive spreads on various currency pairs, commodities, and indices, making it attractive for traders who value tight spreads. This can help reduce trading costs and increase profitability.
- Range of Tradable Instruments: FxChoice provides traders with a wide range of tradable instruments, including forex, commodities, indices, and cryptocurrencies. This allows traders to diversify their portfolios and explore different market opportunities.
- Flexible Account Types: FxChoice offers multiple account types to suit different trading styles and preferences. These include Classic, Pro, and VIP accounts, each with varying features and trading conditions.
- Customer Support: FxChoice has a responsive customer support team that is available 24/5 via email, live chat, and phone. They are known for their prompt and helpful assistance, which is crucial for traders, especially during times of technical difficulties or account-related queries.
Cons:
- Limited Regulatory Protection: While FxChoice is regulated by the IFSC, the regulatory framework in Belize may not offer the same level of protection as more established regulatory authorities like the Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC).
- Limited Educational Resources: Compared to some other brokers, FxChoice’s educational resources may be relatively limited. Traders who rely heavily on educational materials and tutorials may find this aspect lacking.
- Inactivity Fee: FxChoice charges an inactivity fee if an account is dormant for a certain period. This fee can be a disadvantage for traders who don’t trade frequently or have long periods of inactivity.
- No Negative Balance Protection: FxChoice does not provide negative balance protection, which means traders can potentially lose more than their initial investment in volatile market conditions.
- Limited Payment Options: FxChoice offers a limited range of payment options for deposits and withdrawals. While they support popular methods like bank transfers, credit/debit cards, and e-wallets, some traders may prefer a wider choice of payment providers.
- Restricted Access for Certain Countries: FxChoice restricts access to its services for residents of certain countries, including the United States. This limitation may be a drawback for traders from these regions.
It’s important to consider these pros and cons, along with your own trading preferences and requirements, when choosing a broker like FxChoice.
Fxchoice FAQ's
Here are some frequently asked questions (FAQs) about FXChoice:
- What is FXChoice?
FXChoice is an online forex and CFD trading platform that offers access to a wide range of financial markets. It provides traders with the opportunity to trade various currency pairs, commodities, indices, and cryptocurrencies. - How do I open an account with FXChoice?
To open an account with FXChoice, you need to visit their website and click on the “Open Account” button. You will then be guided through a registration process where you need to provide some personal information and agree to the terms and conditions. - What types of accounts does FXChoice offer?
FXChoice offers different types of trading accounts to cater to the needs of different traders. They provide Classic, Pro, and VIP accounts, each with its own set of features and trading conditions. - What trading platforms does FXChoice offer?
FXChoice offers the widely popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. These platforms are known for their user-friendly interface, advanced charting tools, and a wide range of indicators and trading tools. - Is FXChoice regulated?
Yes, FXChoice is a regulated broker. It is licensed and regulated by the International Financial Services Commission (IFSC) of Belize. This regulatory body ensures that the broker operates in accordance with international financial standards and provides a safe trading environment for its clients. - What are the deposit and withdrawal options available?
FXChoice provides various deposit and withdrawal options, including bank wire transfer, credit/debit cards, and popular e-wallets like Skrill, Neteller, and Bitcoin. The availability of these options may vary depending on your country of residence. - What is the minimum deposit requirement?
The minimum deposit requirement for FXChoice depends on the type of account you choose. For the Classic account, the minimum deposit is $10, for the Pro account, it is $500, and for the VIP account, it is $25,000. - Does FXChoice offer demo accounts?
Yes, FXChoice provides free demo accounts that allow traders to practice their trading strategies and explore the platform’s features without risking real money. Demo accounts are a great way to get familiar with the platform before trading with real funds. - Does FXChoice offer customer support?
Yes, FXChoice offers customer support services to assist traders with any queries or issues they may have. You can reach their support team through email, live chat, or phone, and they are available 24/5 to provide assistance. 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.
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.
Please note that the information provided here is for informational purposes only and may be subject to change. It is always recommended to visit the official FXChoice website for the most up-to-date and accurate information.
Summary: Is FXChoice the Right Choice for You?
In conclusion, our FXChoice review discovers that they offers a comprehensive trading experience with its wide range of trading instruments, competitive spreads, and technologically advanced trading platforms. The broker’s commitment to providing a safe and secure trading environment, coupled with its excellent customer service, sets it apart from other forex brokers.
However, FXChoice may not be suitable for all traders. The limited asset selection and the relatively low level of regulatory oversight may be a concern for some traders. Additionally, the availability of certain features, such as VPS hosting and Myfxbook AutoTrade, may be subject to specific conditions and restrictions.
Ultimately, the decision of whether FXChoice is the right choice for you depends on your individual trading preferences and requirements. We recommend carefully considering the features, offerings, and reputation of our FXChoice review before making a final decision.
Disclaimer: The information provided in this review is for informational purposes only and should not be considered as financial advice. Trading forex and other financial instruments carries a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results.
About This Review
Author: Stephen Masters – is a serial entrepreneur and international businessman, with a love for teaching the ways of wise investment. Stephen has worked in several countries in the fields of services marketing, strategic planning, trade, advertising, data science, and commodities. In his free time, he enjoys finding a city’s best taco truck, learning foreign languages, and backpacking.
Reviewed and edited by: Mark Prosz
Sources of information and credits for this post include: https://www.fxchoice.com/
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