Compare Fortrade vs FX Choice
What is Fortrade? What is FX Choice?
Fortrade is a UK-based broker that provides online trading of currencies, indices, stocks and commodities. It was founded in 2013 and is regulated by the Financial Conduct Authority (FCA) . It offers a web-based platform, as well as MetaTrader 4 and mobile apps for trading .
FX Choice is a Belize-based broker that offers online trading of forex, crypto, indices, commodities and shares. It was established in 2010 and is regulated by the International Financial Services Commission (IFSC) of Belize . It offers MetaTrader 4 and MetaTrader 5 platforms, as well as mobile and web trading .
Fortrade vs FX Choice Regulation Comparison
Both brokers are regulated by reputable authorities in their respective jurisdictions. Fortrade is authorized by the FCA, which is one of the most stringent regulators in the world. It requires brokers to adhere to high standards of security, transparency and customer protection . FX Choice is licensed by the IFSC, which is a less strict regulator than the FCA, but still ensures that brokers comply with certain rules and regulations .
Both brokers also offer negative balance protection, which means that traders cannot lose more than their initial deposit. However, Fortrade also participates in the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 per client in case of broker insolvency . FX Choice does not have such a scheme, but it claims to segregate client funds from its own and use reputable banks for custody.
Fortrade vs FX Choice Trading Assets Comparison
Both brokers offer a wide range of trading instruments, including forex, crypto, indices, commodities and shares. However, there are some differences in the number and variety of assets available on each platform.
Fortrade offers over 300 CFDs on various markets, including 36 currency pairs, 7 cryptocurrencies, 19 indices, 4 commodities and over 250 stocks . FX Choice offers over 200 CFDs on different markets, including 40 currency pairs, 12 cryptocurrencies, 15 indices, 6 commodities and over 150 stocks .
Both brokers also offer some exotic and niche instruments, such as ETFs, bonds and futures on Fortrade , and metals, energies and options on FX Choice .
Fortrade vs FX Choice Trading Fees Comparison
Fortrade does not charge any commissions on its trades, but instead applies spreads and swaps to its CFDs. The spreads vary depending on the market and the account type, but they are generally low and fixed. For example, the spread for EUR/USD is 2 pips on the Classic account and 0.8 pips on the Pro account . The swaps are calculated based on the overnight interest rate differential between the two currencies involved in the trade .
FX Choice also does not charge any commissions on its trades, except for crypto CFDs, which have a commission of 0.25% per side. It also applies spreads and swaps to its CFDs, but the spreads are variable and depend on the market conditions and liquidity. For example, the average spread for EUR/USD is 0.5 pips on the Classic account and 0.1 pips on the Pro account . The swaps are also based on the overnight interest rate differential between the two currencies involved in the trade .
Fortrade vs FX Choice Account Types Comparison
Fortrade offers three types of accounts: Classic, Pro and Optimum. The Classic account is suitable for beginners and casual traders who want fixed spreads and no commissions. The minimum deposit for this account is $10 and the maximum leverage is 1:200 . The Pro account is suitable for experienced and professional traders who want lower spreads and faster execution. The minimum deposit for this account is $1000 and the maximum leverage is 1:200 . The Optimum account is suitable for traders who want high leverage and no commissions. The minimum deposit for this account is $10 and the maximum leverage is 1:1000 .
FX Choice offers two types of accounts: Classic and Pro. The Classic account is suitable for traders who prefer a simple trading environment with no commissions and variable spreads. The minimum deposit for this account is $10 and the maximum leverage is 1:200 . The Pro account is suitable for traders who prefer a more advanced trading environment with lower spreads and commissions. The minimum deposit for this account is $100 and the maximum leverage is 1:200.
Fortrade vs FX Choice Deposit Options Comparison
Fortrade accepts deposits and withdrawals via credit/debit cards, bank wire transfers, e-wallets (such as Skrill, Neteller, WebMoney, etc.) and cryptocurrencies (such as Bitcoin, Ethereum, etc.) . It does not charge any fees for deposits or withdrawals, except for bank wire transfers, which may incur some fees from the banks involved . The processing time for deposits is instant for most methods, except for bank wire transfers, which may take up to 5 business days. The processing time for withdrawals is up to 3 business days for most methods, except for bank wire transfers, which may take up to 10 business days .
FX Choice also accepts deposits and withdrawals via credit/debit cards, bank wire transfers, e-wallets (such as Skrill, Neteller, Perfect Money, etc.) and cryptocurrencies (such as Bitcoin, Litecoin, Ethereum, etc.) . It does not charge any fees for deposits or withdrawals, except for credit/debit cards, which have a fee of 3.5% for deposits and 1% for withdrawals . The processing time for deposits is instant for most methods, except for bank wire transfers, which may take up to 5 business days. The processing time for withdrawals is up to 24 hours for most methods, except for bank wire transfers, which may take up to 10 business days.
Fortrade vs FX Choice Trading Platforms Comparison
Fortrade offers three trading platforms: Fortrader, MetaTrader 4 and Mobile Fortrader. Fortrader is a web-based platform that can be accessed from any browser. It has a user-friendly interface and a range of features, such as charting tools, indicators, news feeds, economic calendar, etc. MetaTrader 4 is a downloadable platform that is widely used by traders around the world. It has a powerful functionality and a range of features, such as automated trading, custom indicators, expert advisors, etc. Mobile Fortrader is an app that can be installed on Android or iOS devices. It allows traders to access the market from anywhere and anytime. It has a simple interface and a range of features, such as live quotes, charts, orders, etc.
FX Choice also offers three trading platforms: MetaTrader 4, MetaTrader 5 and Mobile Trading. MetaTrader 4 is a downloadable platform that is widely used by traders around the world. It has a powerful functionality and a range of features, such as automated trading, custom indicators, expert advisors, etc. MetaTrader 5 is a newer version of MetaTrader 4 that has some additional features and improvements, such as more timeframes, more order types, more indicators, etc. Mobile Trading is an app that can be installed on Android or iOS devices. It allows traders to access the market from anywhere and anytime. It has a simple interface and a range of features, such as live quotes, charts, orders, etc.
Fortrade vs FX Choice Analytical Tools Comparison
Both brokers offer various analytical tools to their clients to help them make informed trading decisions. However, there are some differences in the quality and quantity of each tool.
Fortrade offers a number of analytical tools on its website and platforms, such as market analysis and free educational resources , daily market review and analysis , weekly overview of CFD movements , economic calendar , trading signals , technical analysis tools , etc.
FX Choice also offers some analytical tools on its website and platforms, such as market news and analysis , economic calendar , trading signals , technical analysis tools , etc.
Fortrade vs FX Choice. Which forex broker is better? Which forex broker should you choose?
Both Fortrade and FX Choice are reputable and reliable forex brokers that offer different features and services to their clients. However, the best broker for you may depend on your personal preferences, trading goals and strategies.
The best forex broker for you depends on your personal preferences, trading style, goals and needs. You can do more research, read reviews, try a demo account or even open a live account with both brokers to see which broker meets your expectations and requirements.
