FX Choice Review

Unique Selling Points

1. Multiple deposit currencies and cryptocurrencies: FX Choice accepts a wide range of deposit currencies, including major fiat currencies and cryptocurrencies such as Bitcoin, Ethereum, XRP, Litecoin, and Tether. This allows clients greater flexibility in managing their funds.

2. Multiple Additional Services: FXChoice offers multiple services to make trading easy and simple for its clients. The MQL5 signal service allows beginners and experienced traders alike to delegate their trades to seasoned trading veterans who have honed their skills over time. Also, Myfxbook AutoTrade allows you the opportunity to subscribe to a selection of traders whose trades are automatically mirrored and copied to your trading account. FX Choice provides clients access to discounted VPS hosting, which can be useful for traders who employ Expert Advisors (EAs) or other automated trading strategies requiring a stable and reliable server connection. 

3. Promotions and Bonuses: FXChoice boosts traders in the Forex world with its exciting promotions and bonuses. The platform has a generous 65% bonus when you deposit funds using cryptocurrencies. A fantastic 50% welcome bonus is also on your initial deposit when you join FXChoice.

4. Tiered Affiliate program: FXChoice has a well-designed flexible and rewarding compensation plan. The volume-based model means traders earn a flat reward whenever their referred client closes a lot. The CPA model allows traders to start earning right from the moment their clients open a funded account and meet a certain volume requirement. Alternatively, the hybrid plan means traders are paid for introducing clients, just like under the CPA model, and also receive commissions so long as introduced clients continue to trade, just like under the volume-based model. 

Introduction

FXChoice, founded in 2010 and headquartered in Belize, has built a solid reputation as a reliable and trusted broker. With comprehensive regulation ensuring global client coverage, traders can rest assured that their investments are safe. FXChoice offers an intuitive, user-friendly, and professional trading environment, making it a preferred choice among traders seeking access to the Forex and CFDs market.

At FXChoice, you can expect competitive and transparent trading conditions that make a real difference. This Broker takes pride in its low spreads, fees, and swaps, allowing traders to maximize their profits. Combined with flexible high leverage, FXChoice caters to the needs of both new and experienced traders, ensuring a rewarding trading experience for all.

With over 100 trading instruments across five markets, FXChoice opens up a world of possibilities for traders. Not only can you access the Forex and CFD markets, but FXChoice also offers numerous crypto pairs for those looking to venture into the exciting realm of cryptocurrencies. 

This diverse range of trading options ensures that there is something for every trader's unique preferences and goals. In this FXChoice Broker review, we will examine the platform's services in-depth.

Supported Countries

The Broker's commitment to providing a user-friendly, professional trading environment has attracted a diverse clientele. FXChoice offers its services to clients from a wide range of countries, making it accessible to traders from various parts of the world. Accepted countries include Australia, Thailand, Canada, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, and Qatar.

However, due to regulatory restrictions and other considerations, there are some countries where FXChoice does not offer its services. FXChoice does not support clients from the following countries: Afghanistan, American Samoa, Belize, countries within the European Union (EU) and the European Economic Area (EEA), Guam, Iran, Iraq, North Korea, Northern Mariana Islands, Puerto Rico, Sudan, Syrian Arab Republic, United States, and the US Virgin Islands.

Customer Service Rating

FXChoice is known for its customer service, earning a solid Trustpilot rating. With a 3.9 out of a possible 5.0-star rating, the Broker demonstrates a commitment to addressing clients' needs and concerns. 

Many traders who took the time to review the platform on Trustpilot couldn't stop raving about the lightning-fast speed at which their queries were addressed. On top of that, the support team at FXChoice is not only quick to respond but also incredibly knowledgeable.

While most traders had a positive experience with FXChoice, some expressed concerns about the withdrawal process's transparency. Another aspect that reviewers couldn't help but praise was the platform's instant execution and those tight spreads across the board. Furthermore, there have been a few reports of technical glitches regarding closing positions on trades, resulting in unfortunate losses.

FX Choice Trading Platforms

FXChoice offers a selection of trading platforms designed to cater to its clients' diverse needs and preferences. The Broker provides both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, which are widely regarded as the industry standards for Forex and CFD trading:

• MetaTrader 4 (MT4): MT4 is a popular trading platform known for its user-friendly interface, advanced charting capabilities, and extensive technical indicators. It also supports using Expert Advisors (EAs), allowing traders to implement automated trading strategies. MT4 is suitable for beginner and experienced traders and provides a comprehensive range of tools and features for efficient trading.

• MetaTrader 5 (MT5): MT5 is an upgraded version of MT4 that offers additional features and improvements, such as more timeframes, advanced charting tools, an integrated economic calendar, and a wider range of technical indicators. Like MT4, MT5 supports using EAs for automated trading and also includes a built-in testing environment for developing and optimizing trading strategies.

• Mobile Trading: FXChoice offers mobile trading applications for MT4 and MT5, which are compatible with Android and iOS devices. The mobile apps allow traders to access their accounts, manage trades, and monitor the markets while on the go. The mobile trading apps offer similar functionality to the desktop versions, including charting, technical indicators, and order execution capabilities.

• Web Terminal for MT4 and MT5: The Web Terminal allows traders to access their trading accounts directly through a web browser without installing software. This provides a convenient alternative for those who prefer trading from different devices or locations. The Web Terminal includes essential trading features like real-time quotes, charting tools, and order execution capabilities.

Type of Trading Accounts on FX Choice

FXChoice offers three types of trading accounts to cater to the diverse needs of its clients. Each account type is designed to provide unique features and trading conditions, allowing traders to select the one that best suits their preferences and strategies.

• MetaTrader 4 Optimum 

The MetaTrader 4 Optimum account is perfect for traders who want to start with a small initial deposit and take advantage of higher leverage. 

The Optimum account has some fantastic features that you'll love. To begin with, you can get started with a minimum deposit of just USD 10! It's a fantastic opportunity for those looking to dip their toes into trading without breaking the bank. 

On top of that, you'll have access to leverage up to 1:1000 for Forex and metals, giving you that extra boost in your trading endeavors. And guess what? There are no commission charges! 

You can trade to your heart's content without worrying about additional fees. Plus, any Expert Advisors (EAs) allow you to implement your preferred trading strategies. With a margin level of 50%, this account offers competitive and transparent trading conditions, making it an ideal choice for traders seeking flexibility with lower initial capital requirements.

• MetaTrader 4 Classic account: 

The MetaTrader 4 Classic account is designed for traders who prefer commission-free trading, this account offers a stable and reliable trading environment. A minimum deposit of USD 100 strikes the right balance between accessibility and capital requirements. 

Leveraging up to 1:200 allows you to optimize your trading potential, while the absence of commission charges ensures you can trade without additional costs. Like the Optimum account, the Classic account welcomes any Expert Advisors (EAs) you prefer. It's all about giving you the flexibility and freedom to implement your trading strategies. 

With a margin level of 50%, this account caters to traders who prioritize a stable trading environment with reasonable leverage and capital requirements.

• MetaTrader 4/5 Pro 

This account is specifically tailored for experienced traders who demand optimal trading conditions. With direct market liquidity, tight spreads, and Non-Dealing-Desk technology, the Pro account offers a premium trading experience. 

A minimum deposit of USD 100 gets you started, and leverage up to 1:200 allows you to maximize your trading opportunities. Spreads from 0 pips ensure that you're getting the best prices, and just like the other accounts, any Expert Advisors (EAs) are permitted. 

With a margin level of 50%, this account type provides experienced traders with direct access to the world's largest banking institutions' liquidity.

Trading Denominations on FX Choice

FXChoice offers diverse trading denominations to accommodate the needs of traders from different countries and with varying preferences. The Broker supports trading in multiple currencies, including USD, EUR, GBP, AUD, and CAD.

Company Structure

FXChoice is a well-established Forex and CFD broker with a strong presence in the trading industry. The company is registered as FX Choice Limited in Belize, under Registration No. 000003992, and its registered address is at Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize.

As a No Dealing Desk (NDD) broker, FXChoice offers its clients highly competitive spreads for trading CFDs, ensuring a transparent and fair trading environment. With over a decade of experience as a trader and Broker, the company has rapidly evolved, executing hundreds of thousands of digital transactions daily. 

FXChoice is committed to staying at the forefront of technological advancements in the forex industry. This dedication to innovation is a key factor in the company's success and ability to compete in the market. FXChoice also prioritizes providing award-winning, friendly, and multilingual customer service, ensuring that clients from various regions receive the support they need. 

One of the most noteworthy achievements for FXChoice is being recognized as the Best Crypto Promotional Broker of 2022 by AllForex Promotion. The Broker was also honored with the Best Trading Experience award for 2022 and named the Best Global Forex Broker of 2022 by AllForexTrading Award.

FX Choice Licenses and Regulatory Compliance

FXChoice emphasizes maintaining a secure and compliant trading environment for its clients. As part of its commitment to regulatory compliance, the company is duly authorized and regulated by the Financial Services Commission of Belize (FSC), operating under License No. 000067/501.

FX Choice Customer Protection

To ensure the safety of customer funds and personal information, the Broker implements several measures to safeguard its clients' interests and maintain a high level of customer protection.

FXChoice holds clients' funds in segregated accounts, separate from the company's operational funds. This practice ensures that customer funds are not used for the Broker's operational expenses and are readily available for withdrawal or trading purposes. FXChoice employs advanced encryption technologies and security protocols to protect clients' personal and financial information during transactions.

The Broker is committed to providing its clients with risk management tools and resources to help them make informed trading decisions and manage their exposure to market risks. These tools include stop-loss orders, margin call alerts, and educational materials on trading strategies and risk management best practices.

Customer Support

FXChoice provides responsive and multilingual customer support to address any concerns or issues clients face during their trading journey. The Broker's dedicated support team can assist with account-related inquiries, technical issues, and trading-related questions, ensuring that clients receive the help they need when needed. 

Traders can contact the support team of FXChoice via the Live Chat option provided on the website. Alternatively, you can reach support via email or telephone (+52 556 826 8868).

Trading Information

Although FXChoice offers competitive rates, they might be slightly higher than other brands. On the Classic Account, spreads start at 0.5 pips, and there's no commission charged. 

There are even tighter spreads on the Pro account, starting from zero pips. However, there is a commission of $3.50. It's important to note that the minimum trade size at FXChoice is 0.01 lots. 

Trading hours are from Monday to Friday but vary for each instrument. To start with FXChoice, you'll need a minimum deposit of $100 or the equivalent amount in your preferred currency. 

One thing worth mentioning is that FXChoice provides a downloadable product guide outlining all the contract specifications and breaking down the costs, including swap fees. This level of transparency ensures that you clearly understand the expenses associated with your trades.

Trading Instruments

FXChoice has a decent array of trading instruments, providing traders with diverse options to explore and capitalize on. Instruments available include:

• Commodities

• Indices 

• Forex 

• Stocks 

• Cryptocurrencies

FX Choice Leverage

FXChoice offers flexible leverage options for its clients, allowing them to maximize their trading potential and capitalize on market opportunities. With leverage up to 1:1000, traders can control larger positions with less capital, increasing their potential profits or losses.

Deposits and Withdrawals

FX Choice is aware of the potential challenges associated with depositing and withdrawing funds, which can cause significant inconvenience for traders. Therefore, they have compiled extensive transaction options to cater to your specific requirements.

Deposits

FXChoice provides a good selection of deposit methods, ensuring you can choose the one that suits you best. Whether you prefer the ease of card payments, the speed of e-wallets, or even the rising popularity of cryptocurrencies like Bitcoin (BTC) and Ripple (XRP), FXChoice has got you covered.

However, it's important to note that certain deposit methods may be available only in specific jurisdictions. So, always check the availability of deposit methods in your jurisdiction to ensure a smooth deposit process.

Withdrawal

FXChoice offers a range of withdrawal methods, ensuring flexibility and convenience when accessing your funds. With a quick processing time of 24 hours, you can expect your withdrawal requests to be handled promptly. 

E-payment withdrawals are credited instantly, while cryptocurrency withdrawals may take longer, usually a couple of hours. Remember to check for any applicable fees based on your chosen withdrawal method. 

FX Choice Education and Training

FXChoice is limited in terms of client education. The Broker lacks any clear direction to its educational resources on its website. 

However, they provide clients with various tools and resources designed to keep clients informed and help them make well-informed trading decisions. These include:

• Market News

• Research Terminal

• Calendars

• Trading Signals

• FX Education Glossary

FAQs

Is FX Choice a Scam?

FXChoice has been operating in the forex market since 2010 and has built a solid reputation as a trusted and reliable trading partner. FXChoice is regulated by the Financial Services Commission of Belize (FSC), ensuring that the company adheres to strict regulatory guidelines, maintains financial stability, and operates transparently. 

FXChoice employs robust security measures to protect clients' funds and personal information, demonstrating its commitment to providing a safe and secure trading environment. However, the platform is not regulated by a tier-one regulatory body.

How do I open an FXChoice trading account?

Opening a trading account with FXChoice is a straightforward process. To get started, follow these steps:

• Visit the FXChoice website and click on the "Open Account" button.

• Fill out the registration form with your personal information, such as your name, email address, and phone number.

• Choose your desired account type (MetaTrader 4 Optimum, MetaTrader 4 Classic, or MetaTrader 4/5 Pro) and the trading platform (MetaTrader 4 or MetaTrader 5).

• Select your preferred account currency and provide any additional information as required.

• Complete the registration process by agreeing to the terms and conditions, and submit your application.

• Once your application is approved, you will receive an email with your account details and further instructions on verifying your account.

Conclusion

FXChoice has established itself as a reliable and reputable broker in the Forex and CFD market since its inception in 2010. With a strong focus on providing a secure, transparent, and user-friendly trading environment, the Broker caters to the needs of traders with various skill levels and preferences.

FXChoice presents a compelling option for those looking to enter or expand their presence in the forex and CFD markets. FXChoice's competitive trading conditions, flexible leverage options, and diverse range of assets make it an attractive choice for traders seeking a comprehensive trading experience. 

Moreover, the Broker's commitment to client education and support and adherence to regulatory guidelines further solidifies its position as a trustworthy and dependable trading partner.