Overall, FXChoice can be summarised as a well-established Forex Broker that offers access to competitive trading conditions and transparency.  FXChoice has a client-centric approach and a trust score of 50 out of 99.          

FXChoice Review – Analysis of Brokers’ Main Features

 

1. ☑️ Overview
2. ☑️ Detailed Summary
3. ☑️ Safety and Security
4. ☑️ Account Types
5. ☑️ How To Open an Account
6. ☑️ Trading Platforms and Software
7. ☑️ Fees, Spreads, and, Commissions
8. ☑️ Leverage and Margin
9. ☑️ Which Markets can You Trade?
10. ☑️ Deposit and Withdrawals
11. ☑️ Educational Resources
12. ☑️ Pros and Cons
13. ☑️ In Conclusion
14. ☑️ Frequently Asked Questions

   

Overview

  FXChoice, a Belize-based broker, has been a global player since 2010, offering competitive trading conditions and transparency. The company, regulated by the International Financial Services Commission, caters to traders worldwide with a wide range of assets, including currency pairings, commodities, indices, and cryptocurrencies. Its platform, MetaTrader 4, offers analytical tools and customizable interfaces, while MetaTrader 5 offers a more intuitive experience. FXChoice’s client-centric approach includes offering instructional materials for novice and seasoned traders, providing timely and professional customer support, and protecting sensitive customer information through industry-standard security procedures. The broker’s commitment to transparency and customer satisfaction has earned it industry recognition.    

Detailed Summary

     

Safety and Security

  FXChoice, regulated by the International Financial Services Commission in Belize, has implemented robust security measures to safeguard clients’ assets and personal information. Client funds are kept in separate accounts, SSL encryption is used for data transfer, and two-factor authentication is provided for additional security. FXChoice also participates in the Investor Compensation Fund, offering coverage up to $20,000 per individual in case of financial difficulties.    

Account Types

   

MT4 Optimum Account

  FXChoice’s MT4 Optimum account is a low-cost, entry-level forex trading option with a minimum deposit of $10. It offers typical EUR/USD spreads at 1.5 pips and no additional fees. The account also offers micro lot trading at 0.01 lots, providing risk control. Its non-dealing desk (NDD) account offers a maximum leverage of 1:200 and hedged position margins of 50%, making it ideal for beginners or those seeking basic spread-only charges.    

MT4/5 Pro Account

  FXChoice’s MT4/5 Pro account is designed for experienced traders seeking narrower spreads and direct market liquidity. With a higher initial deposit of 100 USD, it offers spreads starting at 0.0 pips on EUR/USD at 3.5 USD per side per standard lot. High-volume traders can benefit from lower commissions. The account allows trading in micro amounts, offers NDD and market execution, and has a maximum leverage of 1:200 and a 50% margin limit for hedged positions.    

MT4 Classic Account

  The MT4 Classic account is a simple trading option for advanced traders, offering low spreads on EUR/USD, micro lot trading, and leverage up to 1:200. It requires a minimum deposit of $100 and offers NDD, market execution, and a 50% margin on hedged transactions. This account is a balanced option for upgrading from the Optimum account without incurring Pro account fees.    

Demo Account

  FXChoice’s Demo account offers a risk-free training environment for traders, replicating real-market situations without requiring actual capital. Preloaded with virtual funds, it is useful for novices and experienced traders to test tactics. The trial account matches the trading circumstances of actual accounts and is operational for 90 days, providing a free platform for continuous learning.    

Islamic Account

  FXChoice offers the Islamic Account, a swap-free option that follows Sharia law, primarily for Muslim traders who cannot engage in interest-earning transactions. This account, a subset of Classic or Pro accounts, offers similar trading conditions without swap costs. However, overnight positions are charged a predetermined commission. To request this option, traders must create a live account.    

How To Open an Account

  To register an account with FXChoice, follow these steps:  

• Visit the FXChoice website and look for the “Open Account” or “Register” button.
• Complete the Online Registration Form.
• You will receive a verification email with a link.
• Click on it to validate your email address and activate your account.
• Select a Trading Account.

  Fund your account.    

Can I register for an account from my country of residence?

Registration for an FXChoice account may be subject to regional restrictions; check their website or contact support for your country.  

What is the process for verifying a new account?

After completing the registration form, traders must provide evidence of identification and domicile to authenticate their new FXChoice account.      

Trading Platforms and Software

 

MetaTrader 4

  MetaTrader 4 is a user-friendly platform designed for Forex traders, offering real-time data feeds from worldwide markets, NDD execution methodology, automated trading using Expert Advisors (EAs), and 5th decimal pricing for more precise entry and exit points. It provides access to diverse markets, including currency pairs, commodities, and indices, with leverage options peaking at 1:200 and a minimum trading size of 0.01 lots. FXChoice’s MT4 platform maintains a margin call level of 25% and a stop-out level of 15%.    

MetaTrader 5

  MetaTrader 5 offers a wider range of trading options beyond forex, including derivatives, stocks, and indices. It offers powerful financial trading features, technical and fundamental analysis tools, and an innovative EA testing environment. MT5 offers additional order types, a wider range of indicators, and improved user experience. It also introduces new tradable instruments, 5^th decimal pricing, and leverage up to 1:200, demonstrating FXChoice’s commitment to providing a powerful trading platform.    

Are any web-based trading platforms on offer?

Yes, FXChoice provides a web-based trading alternative via the MetaTrader Web Terminal.  

How can I access trading platforms on my mobile device?

FXChoice’s MetaTrader platforms are available for download on iOS and Android smartphones.      

Fees, Spreads, and, Commissions

 

Spreads

  FXChoice offers adjustable spreads for various trading techniques, including the MT4 Classic account for basic trading expenses and the MT4/5 Pro account for strategy-driven traders. The MT4 Optimum Account charges a spread of 1.5 pips, while the classic account charges competitive spreads at 0.5 pips on popular currency pairings like EUR/USD, while the MT4/5 Pro account offers spreads at 0.0 pips.  

Commissions

  FXChoice charges commissions for the MT4/5 Pro account, focusing on transparency and value. The account charges 3.5 USD per side for a standard lot traded, providing direct access to institutional liquidity. For large-volume traders, FXChoice offers a scalable fee structure, reducing transaction costs and demonstrating their commitment to trading experts.  

Overnight Fees

  Overnight fees, varying per instrument, are charged for open positions after market closing. FXChoice’s policy outlines these fees, which are calculated using the current interest rates of the traded currencies. These rates are publicly displayed on trading platforms, enabling traders to anticipate fees associated with their positions in currency, commodities, and indices markets.  

Deposit and Withdrawal Fees

  FXChoice offers a seamless transactional experience with various deposit and withdrawal methods, ensuring accessibility and convenience. Deposits are often free, while withdrawals may incur costs depending on the method used. FXChoice maintains reasonable costs to promote cost-effective money management for traders.  

Inactivity Fees

  FXChoice offers a trader-friendly environment by not charging inactivity fees on dormant accounts. It allows traders to take a vacation without fear of incurring costs over time, demonstrating their commitment to long-term client relationships.  

Currency Conversion Fees

  FXChoice facilitates global trading transactions in multiple currencies, with USD as the base currency. However, currency conversion fees may apply for transferring funds between currencies. FXChoice aims to maintain competitive prices, minimizing the financial impact on traders managing their money between currencies.    

Leverage and Margin

  FXChoice allows traders to use leverage in their trading activities, which can increase earnings and losses. Leverage is a loan made by the broker to the trader, allowing them to hold a greater position with fewer funds. FXChoice holds collateral to cover the trader’s credit risk, with a margin requirement determined by the leverage given. A margin call strategy controls risk and prevents clients from going into negative balances. A margin call occurs when account equity falls below 25% of the margin necessary to retain open positions, advising the trader to take action. The stop-out level is set at 15% of the needed margin, ensuring traders do not lose more money than they have in their accounts and safeguarding them from debt to the broker.    

Which Markets Can You Trade?

  FXChoice offers the following trading instruments and products:  

• 36 currency pairings, including major, minor, and exotic pairs.
• 3 cryptocurrencies
• 6 worldwide indexes
• 6 commodities

  With over 50 shares accessible for trading, traders may take bets on the performance of certain firms.    

What range of Forex pairs are on offer?

FXChoice provides various Forex pairings, including major, minor, and exotic currencies.  

Are index CFDs available for trading?

Yes, traders can access a variety of global index CFDs via FXChoice’s trading platform.      

Deposit and Withdrawals

    Here is an overview of how to deposit to FXChoice via the most popular Deposit Options:  

Bank Wire

  Log into your FXChoice Back Office profile.  

• Navigate to the “Deposit” area and choose “Bank Wire” from the available options.
• Fill out the deposit form with the needed banking and transaction information.
• Check the banking information supplied by FXChoice for the wire transfer.
• Use the FXChoice banking details supplied to initiate a wire transfer from your bank.

  Confirm the transaction and wait for the funds to be credited.  

Credit or Debit Card

  View your FXChoice Back Office profile.  

• Click on the “Deposit” tab and select either “Credit” or “Debit Card.”
• Enter the amount you want to deposit and provide your card information.
• Your bank may require you to complete extra security verifications.

  Confirm that the deposit.  

Cryptocurrency Wallets

  Log in to your FXChoice Back Office.  

• Navigate to the “Deposit” area and choose your preferred cryptocurrency.
• Input the amount you want to deposit.
• FXChoice will create a unique wallet address for your deposit.

  Confirm the deposit.  

e-wallets or Payment Gateways

  Log into your FXChoice Back Office.  

• Select “Deposit” and select your chosen e-wallet or payment gateway.
• Enter the amount you wish to deposit.
• You will be taken to the e-wallet or payment gateway portal.

  Confirm payment information and finish the transaction.       Here is an overview of how to make a Withdrawal from FXChoice via the most popular Withdrawal Options:  

Bank Wire

  Log into the FXChoice Back Office.  

• Go to the “Withdrawal” section and choose “Bank Wire.”
• Complete the withdrawal request form with your banking information and the amount you wish to withdraw.

  Submit the request and wait for FXChoice to complete it.  

Credit or Debit Cards

  Log in to your FXChoice Back Office.  

• Go to “Withdrawal” and choose “Credit” or “Debit Card.”
• Fill out the withdrawal form with the amount and the card you used to deposit.

  Submit a withdrawal request.  

Cryptocurrency Wallets

  Access the FXChoice Back Office.  

• Choose “Withdrawal,” then choose the coin you want to withdraw.
• Enter the withdrawal amount and the address of your external cryptocurrency wallet.

  Confirm the withdrawal information.  

e-wallets or Payment Gateways

  Log in to your FXChoice Back Office.  

• Choose “Withdrawal” and your preferred e-wallet or payment gateway provider.
• Specify the withdrawal amount and any relevant e-wallet information.

  Confirm and submit the withdrawal request.    

Educational Resources

  The Forex Trading Guide is a thorough course with eight chapters. These chapters cover various subjects, from the fundamentals of forex trading to advanced trading techniques and tactics. Furthermore, FXChoice provides an FXEducation glossary, a comprehensive tool for traders to understand common terminology in forex and trading, covering fundamental principles like leverage, margin, carry trade, convergence and divergence, and chart patterns.    

Pros and Cons

         

In Conclusion

  In our experience, FXChoice is a leading online trading platform for forex and CFD trading, offering a secure environment for traders of all skill levels. Its wide range of tradable assets, low spreads, and user-friendly interface cater to various trading methods and preferences.