Compare FX Choice vs Forex.com
What is FX Choice? What is Forex.com?
FX Choice is an online forex broker that offers trading services in forex, CFDs, commodities, indices, and cryptocurrencies. FX Choice was established in 2008 and is headquartered in Belize.
Forex.com is also an online forex broker that offers trading services in forex, CFDs, stocks, metals, futures, and options. Forex.com was established in 2001 and is headquartered in the US.
FX Choice vs Forex.com Regulation Comparison
FX Choice is regulated by the International Financial Services Commission (IFSC) of Belize, which is a relatively low-tier regulator that does not offer much protection to clients.
Forex.com is regulated by multiple high-tier regulators, such as the Financial Conduct Authority (FCA) of the UK, the Australian Securities and Investments Commission (ASIC), the Cayman Islands Monetary Authority (CIMA), and the Investment Industry Regulatory Organization of Canada (IIROC). These regulators offer more protection to clients, such as deposit insurance and segregation of funds.
FX Choice vs Forex.com Trading Assets Comparison
FX Choice offers trading in 36 currency pairs, 4 metals, 2 energies, 14 indices, and 5 cryptocurrencies. Forex.com offers trading in 91 currency pairs, 10 metals, 6 energies, 15 indices, 5 cryptocurrencies, and over 4,000 stocks and ETFs. Forex.com also offers trading in futures and options through its affiliate FuturesOnline.
FX Choice vs Forex.com Trading Fees Comparison
FX Choice charges variable spreads and commissions depending on the account type. The average spread for the EUR/USD pair on the Standard account is 1.4 pips with no commission, while on the Pro account it is 0.5 pips with a commission of $7 per lot round turn. FX Choice also charges swap fees for overnight positions and withdrawal fees for some payment methods.
Forex.com charges variable spreads and commissions depending on the account type and the instrument traded. The average spread for the EUR/USD pair on the Standard account is 0.8 pips with no commission, while on the DMA account it is 0.2 pips with a commission of $60 per million traded. Forex.com also charges swap fees for overnight positions and inactivity fees for dormant accounts.
FX Choice vs Forex.com Account Types Comparison
FX Choice offers two types of accounts: Standard and Pro. The minimum deposit for both accounts is $100 and the maximum leverage is 1:200. The Standard account has higher spreads but no commissions, while the Pro account has lower spreads but commissions. Both accounts have access to MT4 and MT5 platforms and various trading tools.
Forex.com offers three types of accounts: Standard, Commission, and DMA. The minimum deposit for all accounts is $100 and the maximum leverage varies depending on the instrument traded. The Standard account has higher spreads but no commissions, while the Commission account has lower spreads but commissions. The DMA account has access to direct market access (DMA) execution with raw spreads and commissions. All accounts have access to MT4 and MT5 platforms and various trading tools.
FX Choice vs Forex.com Deposit Options Comparison
FX Choice offers various deposit and withdrawal options, such as bank transfer, credit/debit card, Skrill, Neteller, FasaPay, PaySafeCard, ePay.bg, Perfect Money, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Tether, XRP, and AstroPay Card. Some of these methods may incur fees depending on the amount and currency involved.
Forex.com also offers various deposit and withdrawal options, such as bank transfer, credit/debit card, PayPal, Skrill (UK only), Neteller (UK only), UnionPay (China only), BPay (Australia only), FastPay (Australia only), BPAY (Australia only), POLi (Australia only), EFT (Canada only), Interac Online (Canada only), Wire Transfer (US only), ACH Transfer (US only), Check (US only). Most of these methods are free of charge except for bank transfer and wire transfer which may incur fees from intermediary banks.
FX Choice vs Forex.com Trading Platforms Comparison
FX Choice offers two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both platforms are available as desktop applications, web browsers, or mobile apps. Both platforms support multiple order types, charting tools, indicators, expert advisors (EAs), backtesting features, and market news. MT5 has some additional features such as more timeframes, more order types, more indicators, an economic calendar, a depth of market view, and a built-in email service.
Forex.com also offers two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both platforms are available as desktop applications or mobile apps. Both platforms support multiple order types, charting tools, indicators, expert advisors (EAs), backtesting features, and market news. MT5 has some additional features such as more timeframes, more order types, more indicators, an economic calendar, a depth of market view, and a built-in email service. Forex.com also offers its own proprietary platform called Advanced Trading Platform, which is available as a desktop application or a web browser. This platform has some exclusive features such as advanced charting tools, customizable trading strategies, integrated trading signals, performance analytics, and Reuters news feeds.
FX Choice vs Forex.com Analytical Tools Comparison
FX Choice offers various analytical tools to enhance the trading experience of its clients. Some of these tools are: Myfxbook AutoTrade, which is a social trading platform that allows clients to copy the trades of successful traders; VPS, which is a virtual private server that allows clients to run their EAs 24/7 without interruptions; TradingView, which is a web-based charting platform that offers advanced technical analysis and trading ideas; Economic Calendar, which is a tool that shows the upcoming economic events and their impact on the markets; and Forex Calculators, which are tools that help clients calculate various aspects of their trades, such as margin, pip value, swap, and profit.
Forex.com also offers various analytical tools to enhance the trading experience of its clients. Some of these tools are: Trading Central, which is a third-party provider of technical analysis, market commentary, and trading signals; Capitalise.ai, which is an automated trading platform that allows clients to create and execute trading strategies using natural language; TradingView, which is a web-based charting platform that offers advanced technical analysis and trading ideas; Economic Calendar, which is a tool that shows the upcoming economic events and their impact on the markets; and Forex Calculators, which are tools that help clients calculate various aspects of their trades, such as margin, pip value, swap, and profit.
FX Choice vs Forex.com. Which forex broker is better? Which forex broker should you choose?
Choosing a forex broker is an important decision that depends on various factors, such as your trading style, preferences, goals, and risk appetite. There is no definitive answer to which forex broker is better, as different brokers may suit different traders better. However, you can consider some of the following aspects to help you make your choice:
- Regulation: Forex.com has more reputable and stringent regulators than FX Choice, which means that Forex.com offers more protection and security to its clients. If you value the safety of your funds and the credibility of your broker, you may prefer Forex.com over FX Choice.
- Trading Assets: Forex.com has a wider range of trading assets than FX Choice, which means that Forex.com offers more opportunities and diversification to its clients. If you like to trade various instruments and markets, you may prefer Forex.com over FX Choice.
- Trading Fees: FX Choice and Forex.com have different fee structures depending on the account type and the instrument traded. You may need to compare the spreads and commissions for the specific instruments that you trade and see which broker offers more competitive pricing. You may also need to consider other fees, such as swap fees, withdrawal fees, and inactivity fees, that may affect your trading costs.
- Account Types: FX Choice and Forex.com have different account types that cater to different types of traders. You may need to compare the features and benefits of each account type and see which one suits your trading needs and preferences. For example, if you are a scalper or a high-frequency trader, you may prefer an account with lower spreads and commissions, such as the Pro account from FX Choice or the DMA account from Forex.com. If you are a beginner or a casual trader, you may prefer an account with no commissions and simpler execution, such as the Standard account from either broker.
- Deposit and Withdrawal Options: FX Choice and Forex.com have different deposit and withdrawal options that may affect your convenience and accessibility. You may need to check if the broker supports your preferred payment method and currency, and if there are any fees or limitations involved. For example, if you want to use cryptocurrencies or e-wallets to fund your account, you may prefer FX Choice over Forex.com, as Forex.com does not support these methods.
- Trading Platforms: FX Choice and Forex.com both offer MT4 and MT5 platforms, which are popular and reliable platforms for forex trading. However, Forex.com also offers its own proprietary platform called Advanced Trading Platform, which has some exclusive features that may enhance your trading experience. You may need to try out the platforms yourself and see which one you like better in terms of functionality, usability, and performance.
- Analytical Tools: FX Choice and Forex.com both offer various analytical tools that may help you with your trading decisions and strategies. You may need to explore the tools yourself and see which ones are more useful and relevant to your trading style and goals. For example, if you are interested in social trading or automated trading, you may prefer FX Choice over Forex.com, as FX Choice offers Myfxbook AutoTrade and VPS services. If you are interested in technical analysis or market commentary, you may prefer Forex.com over FX Choice, as Forex.com offers Trading Central and Capitalise.ai services.
