FXChoice Broker Review

Is FXChoice a scam?

FXChoice is regulated by the International Financial Services Commission (IFSC) of Belize, which is a government agency responsible for regulating financial services providers in Belize. While the IFSC is not as well-known or highly regarded as some other regulatory bodies such as the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC), it still sets certain standards and requirements that FXChoice must adhere to in order to maintain its license. This includes having a certain level of capitalization, maintaining separate client accounts, and complying with anti-money laundering (AML) and know-your-customer (KYC) regulations.

In terms of safety, FXChoice takes measures to protect its clients’ funds and personal information. Client funds are held in segregated accounts with reputable banks and are not used for any operational expenses of the company. FXChoice also uses advanced encryption technology to protect clients’ personal and financial data.

It’s worth noting that while FXChoice is regulated and takes measures to ensure safety, no broker can guarantee 100% safety or protection against losses. As with any investment, there is always a risk of losing money, and it’s important for traders to educate themselves and make informed decisions.

Best Forex Brokers Ranking

Rank	Broker	Open Account	Bonus	Platform	Minimum Deposit	ECN
1	Exness	Open Exness account	16$/lot	MT4, MT5, Exness, ...	1$	10$
2	IC Markets	Open IC Markets account	-	MT4, MT5, cTrader	200$	200$
3	XM	Open XM account	30$	MT4, MT5	5$	-
4	XTB	Open XTB account	2000$	MT4, xStation 5	1$	1$
5	FBS	Open FBS account	140$	MT4, MT5, FBS Trader	1$	1000$

FXChoice Trading Platforms

FXChoice offers two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are two of the most popular and widely used trading platforms in the industry.

MT4 is known for its user-friendly interface, customizable charting tools, and the ability to use automated trading strategies through the use of Expert Advisors (EAs). MT4 also offers a range of technical analysis tools and indicators, as well as the ability to trade directly from charts.

MT5 is the successor to MT4 and offers additional features such as a built-in economic calendar, more charting options, and the ability to trade not only forex and CFDs but also stocks and futures. MT5 also allows for more advanced trading strategies, including the use of multiple order types and hedging.

Both platforms are available for desktop, web, and mobile devices, allowing traders to access the markets from anywhere at any time. Additionally, FXChoice offers a free VPS (Virtual Private Server) service to clients who meet certain requirements, which allows for faster and more reliable trading execution.

Products FXChoice provides

FXChoice provides a range of products for trading, including:

Forex: FXChoice offers trading in over 40 currency pairs, including major pairs such as EUR/USD, USD/JPY, and GBP/USD, as well as minor and exotic pairs.
CFDs: FXChoice also offers trading in a range of CFDs, including indices, commodities, and metals such as gold and silver.
Cryptocurrencies: FXChoice provides trading in a selection of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple.
Stocks: With the MetaTrader 5 platform, FXChoice also offers trading in a selection of stocks from major exchanges such as the NYSE, NASDAQ, and LSE.
Futures: FXChoice offers trading in futures contracts for various assets such as oil, gas, and agricultural products.

It’s worth noting that trading in any of these products carries a risk of loss and requires knowledge, experience, and appropriate risk management.

FXChoice account types

FXChoice offers two types of trading accounts: the Classic Account and the Pro Account.

Classic Account: This account is suitable for beginners and traders who prefer to trade with fixed spreads. The minimum deposit requirement for the Classic Account is $100, and the maximum leverage is 1:200. The Classic Account offers access to all trading instruments, including forex, CFDs, and cryptocurrencies.
Pro Account: The Pro Account is designed for more experienced traders who prefer to trade with variable spreads and pay commissions. The minimum deposit requirement for the Pro Account is $100, and the maximum leverage is 1:200. The Pro Account offers lower spreads than the Classic Account and allows for more advanced trading strategies, such as scalping and hedging.

Both account types offer access to the same trading platforms (MT4 and MT5), as well as a range of trading tools and resources. FXChoice also offers a demo account, which allows traders to practice trading with virtual funds before trading with real money.

FXChoice trading fees

FXChoice charges fees for trading on their platforms. The specific fees depend on the account type and the trading instrument. Here is an overview of the fees charged by FXChoice:

Spreads: FXChoice charges spreads on forex and CFD trades. The spreads can be either fixed or variable, depending on the account type and trading instrument. The Classic Account charges fixed spreads, while the Pro Account charges variable spreads.
Commissions: The Pro Account charges commissions on forex and CFD trades. The commission rates vary depending on the trading instrument and the trading volume.
Swap Rates: FXChoice charges swap rates on trades that are held overnight. The swap rates can be either positive or negative, depending on the currency pair and the interest rate differential between the two currencies.
Deposit and Withdrawal Fees: FXChoice does not charge fees for deposits or withdrawals, but some payment methods may charge their own fees.

It’s important to note that trading fees can have a significant impact on trading profitability, so traders should carefully consider the fees when choosing a broker and a trading strategy.

FXChoice Funding and Withdrawal Options

FXChoice provides a range of funding and withdrawal options for its clients. Here is an overview of the deposit and withdrawal options, fees, and processing times:

Deposit Options:

Bank Wire Transfer: FXChoice accepts deposits via bank wire transfer. There are no deposit fees charged by FXChoice for this option, but your bank may charge its own fees.
Credit/Debit Cards: FXChoice accepts deposits via Visa and Mastercard credit/debit cards. The deposit fee is 2.5% of the deposit amount.
Electronic Payment Systems: FXChoice accepts deposits via electronic payment systems such as Skrill, Neteller, FasaPay, and Perfect Money. The deposit fee ranges from 0.5% to 3.5% of the deposit amount.

Withdrawal Options:

Bank Wire Transfer: FXChoice processes withdrawals via bank wire transfer. The withdrawal fee is $25 for international transfers and $15 for local transfers.
Credit/Debit Cards: FXChoice processes withdrawals via Visa and Mastercard credit/debit cards. The withdrawal fee is 3.5% of the withdrawal amount.
Electronic Payment Systems: FXChoice processes withdrawals via electronic payment systems such as Skrill, Neteller, FasaPay, and Perfect Money. The withdrawal fee ranges from 0.5% to 3.5% of the withdrawal amount.

Processing Times:

Bank Wire Transfer: Deposits and withdrawals via bank wire transfer can take between 3-5 business days to process.
Credit/Debit Cards: Deposits via credit/debit cards are processed instantly, while withdrawals can take between 2-7 business days to process.
Electronic Payment Systems: Deposits and withdrawals via electronic payment systems are usually processed instantly or within a few hours.

It’s important to note that some payment methods may have their own fees and processing times, so it’s recommended to check with the payment provider for more information.

FXChoice’ promotions

FXChoice offers various promotions and bonuses to its clients. However, it’s important to note that promotions and bonuses come with certain terms and conditions, so it’s essential to read and understand them before participating. Here are some of the promotions currently offered by FXChoice:

Welcome Bonus: FXChoice offers a 15% welcome bonus to new clients who deposit at least $100. The maximum bonus amount is $5,000, and the bonus can be used for trading purposes only.
Loyalty Program: FXChoice offers a loyalty program where clients can earn points for trading volume and redeem them for cash or other rewards.
Trading Competitions: FXChoice offers trading competitions with cash prizes for top-performing traders. The competitions usually last for a certain period, and the winners are determined based on their trading performance during that period.
Refer a Friend Program: FXChoice offers a refer-a-friend program where clients can earn a bonus for every friend they refer who opens an account and trades.

It’s important to note that promotions and bonuses come with certain terms and conditions, such as minimum trading volume requirements, trading restrictions, and expiration dates. Traders should carefully read and understand these terms before participating in any promotions or bonuses.

FXChoice customer support

FXChoice offers customer support via various channels to ensure that clients can get assistance with their questions and concerns. Here are the different customer support options provided by FXChoice:

Live Chat: FXChoice offers a live chat service that allows clients to chat with a support agent in real-time. This service is available 24/5, from Monday to Friday.
Email Support: Clients can also contact FXChoice via email, and the support team aims to respond to all queries within 24 hours.
Phone Support: FXChoice provides phone support to clients in multiple languages, including English, Spanish, Russian, and Chinese. Clients can find the relevant phone numbers on the FXChoice website.
Knowledge Base: FXChoice has a knowledge base section on its website that provides answers to frequently asked questions about trading, accounts, funding, and other topics.

Overall, FXChoice provides a range of customer support options, and their support team is known to be responsive and helpful. Clients can choose the support option that works best for them, depending on their preferences and the urgency of their issue.

FXChoice Educational Resources

FXChoice provides educational resources for traders of all levels to help them improve their trading skills and knowledge. Here are some of the educational resources offered by FXChoice:

Trading Guides: FXChoice offers a range of trading guides on various topics, including forex trading, trading strategies, technical analysis, and risk management. These guides are available for free on the FXChoice website.
Video Tutorials: FXChoice provides video tutorials that cover various aspects of trading, such as how to use trading platforms, trading strategies, and technical analysis. These tutorials are available on the FXChoice YouTube channel.
Webinars: FXChoice hosts regular webinars that cover a range of topics related to trading. These webinars are conducted by experienced traders and analysts and are designed to provide valuable insights and tips to traders.
Market Analysis: FXChoice provides regular market analysis reports that cover various financial markets, including forex, commodities, and indices. These reports provide traders with insights into market trends, news, and events that may affect their trading.
Economic Calendar: FXChoice offers an economic calendar on its website that provides a schedule of upcoming economic events, such as central bank meetings, interest rate announcements, and economic data releases. This calendar is useful for traders who want to stay informed about important market events.

Overall, FXChoice provides a range of educational resources that are designed to help traders improve their trading skills and knowledge. These resources are available for free to all clients and can be accessed via the FXChoice website or social media channels.

Pros and cons of FXChoice

Pros:

Regulated Broker: FXChoice is regulated by the International Financial Services Commission (IFSC) in Belize, which provides clients with some level of protection and ensures that the broker operates in accordance with regulatory standards.
Multiple Trading Platforms: FXChoice offers multiple trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader, which gives clients a choice of platform to suit their trading style and preferences.
Range of Trading Products: FXChoice offers a range of trading products, including forex, commodities, indices, and cryptocurrencies, providing clients with a diversified trading portfolio.
Low Minimum Deposit: FXChoice has a low minimum deposit requirement of $100 for the Classic account, making it accessible to traders with a small budget.
Competitive Spreads: FXChoice offers competitive spreads and commissions, making it an attractive choice for traders who are looking for a broker with low trading costs.
Educational Resources: FXChoice provides a range of educational resources, including trading guides, video tutorials, webinars, and market analysis reports, to help traders improve their trading skills and knowledge.

Cons:

Limited Account Types: FXChoice only offers three account types, which may not be suitable for traders who require more customized account features.
Limited Funding Options: While FXChoice offers several funding options, including bank transfer, credit/debit cards, and e-wallets, some popular payment methods like PayPal and cryptocurrencies are not supported.
Limited Customer Support Hours: FXChoice’s live chat service is only available from Monday to Friday, which may be inconvenient for traders who require support outside of these hours.
No US Clients: FXChoice does not accept clients from the United States due to regulatory restrictions, which may limit its appeal to traders based in the US.
Inactivity Fee: FXChoice charges an inactivity fee of $35 per month for accounts that have been inactive for 90 days or more, which may be a disadvantage for traders who are not active.

Overall, FXChoice is a regulated broker that offers a range of trading products, educational resources, and multiple trading platforms. However, its limited account types, funding options, and customer support hours may not suit all traders.

Frequently asked questions about FXChoice

Is FXChoice a regulated broker?

Yes, FXChoice is a regulated broker. It is regulated by the International Financial Services Commission (IFSC) in Belize.

What trading platforms does FXChoice offer?

FXChoice offers several trading platforms, including MetaTrader 4, MetaTrader 5, and the mobile trading platform cTrader.

What products can I trade with FXChoice?

FXChoice offers trading in forex, commodities, indices, and cryptocurrencies.

What are the account types offered by FXChoice?

FXChoice offers three account types: Classic, Pro, and VIP. Each account type has different features and requirements.

What are the funding options available with FXChoice?

FXChoice offers several funding options, including bank transfer, credit/debit cards, and e-wallets such as Neteller, Skrill, and Perfect Money.

What are the trading fees and commissions with FXChoice?

FXChoice charges competitive trading fees and commissions that vary depending on the account type and trading instrument. Traders can find the relevant fees and commissions on the FXChoice website.

Does FXChoice offer educational resources?

Yes, FXChoice offers educational resources such as trading guides, video tutorials, webinars, and market analysis reports to help traders improve their trading skills and knowledge.