FXChoice Broker Review
In 2010, FXChoice started operating as a reliable electronic communication network (ECN) broker. As a result, traders can perform excellent trading conditions on various assets using this broker platform for competitive fees. Commodities, stocks, metals, indices, forex or energy contracts, and CFDs fall under this category.
On average, FXChoice has almost 15,000 transactions per day and a trade every 4 seconds. As a result, traders who want to perform trading with tight spreads and low fees will find this platform excellent.
You can find our transparent FXChoice review below. Broker reviews are updated frequently!
We value your feedback: Rate this broker by leaving a comment and rating below this review.
Pros / Cons
- MetaTrader Web Terminal
- Low Spreads
- Free VPS
- Broker Verified
- No FSCA Regulation
- No ZAR Account Currency
- Demo Account Expires in 90 Days
To facilitate quick and easy transactions, a variety of funding methods are available. Regarding the trading platforms, FXChoice offers MetaTrader 4, MetaTrader 5, Web & Mobile for an everlasting trading experience.
FXChoice is part of FXChoice Limited, regulated by the Belize International Financial Services Commission (IFSC).
In FXChoice, client funds are held in segregated accounts, which are operated separately from company accounts. These accounts cannot be used for any other purpose in the future.
The internal risk management team monitors management operations to ensure they comply with regulatory policies.
FXChoice trading education
If you are a new user of FXChoice, you can review some FAQs or the facts related to how the broker works.
FXChoice does not offer any educational resources or dedicated tool resources on its website.
FXChoice provides friendly and professional 24/7 multilingual support by phone, online chat, or email.
FXChoice accepted countries
Few major countries accepted by FXChoice are:
- South Africa
- United Kingdom
- Saudi Arabia
- American Samoa
- Hong Kong
FXChoice trading tools
FXChoice offers a variety of third-party tools that a client can use for a smooth and hassle-free trading experience. Here are a few of the most popular trading tools:
1. MQL5 signals
MQL5 signals allow traders to copy the trades of other clients or signal providers. The signal tool can be used separately or in conjunction with your automated or manual trading systems.
2. FXChoice VPS
Additionally, FXChoice offers a VPS service, which enables clients to trade 24/7. For clients who want to run automated trading systems, this trading tool is highly recommended. If your trading account has a balance of $3000 or more, you can receive a free VPS.
MetaTrader 4 (MT4) is the world’s most popular trading platform, provided by FXChoice. MetaTrader 5 (MT5) provides more advanced trading features. To give new traders a better understanding of each platform, let’s examine:
MetaTrader 4 (MT4)
MT4 trading platform includes competitive trading conditions, fast execution speeds, interbank liquidity, and real-time price feeds.
The user-friendly interface and built-in tutorials of MT4 make it an excellent choice for beginners. Besides that, advanced traders can also access a variety of functions and technical indicators.
The best MT4 tools are multiple chart time frames, analysis charts, custom indicators, automated trading via EAs, and strategy templates.
MetaTrader 5 (MT5)
The MT5 trading platform is the latest version of MT4 with advanced features and new tools. It includes charts, time frames, indicators, and a powerful environment for testing EAs with real tick data.
Mobile traders can access both MT4 and MT5 platforms directly from their mobile devices for trading activities. Keep yourself up-to-date with the latest market conditions and manage your trading positions on your Android device.
Web Terminal (MT4 & MT5)
The web terminal also offers pending orders, placing markets, one-click trading, real-time quotes, nine chart time frames, customisable price charts, and so on.
Few browsers support Web Terminal, including Microsoft Edge, Safari, Google Chrome, Opera, Mozilla Firefox, and Internet Explorer.
The leverage ratio of FXChoice starts from 1:200 across all trading account types.
Besides the competitive pricing environment, FXChoice also offers minimum spreads between 0.0 pips and 0.5 pips. This is quite impressive!
With the classic account type, the spread starts from 0.5 pips and with no commission charged. And with the Pro account, the spread starts from as low as 0.0 pips.
The spread percentage will vary based on the asset you are trading on.
|Average spreads from||0.5 pips||0 pips|
|Commissions||No commission||$3.5 per side ($1.5 for high-volume traders), per 1 lot|
Average Standard Account Spreads on Majors
- EUR/USD: 0.5
- GBP/USD: 1.2
- USD/JPY: 0.8
- AUD/USD: 1.8
FXChoice trade sizes
For both the trading account types, the smallest trade size is 0.01 micro-lots! The maximum trade size on all assets is 1,000 lots. But this trade size is not followed on cryptocurrencies.
For the digital assets, the maximum trade size is at 5 lots. Therefore, as a beginner, you should start trading in micro-lots to earn high profits on your trading.
FXChoice accounts & fees
FXChoice is available with two main account options, i.e., classic and pro. However, you have to open a pro trading account to use the MT5 platform with all trading instruments.
MT4 Classic Account
The classic account is a commission-built one with spreads starting from 0.5 pips. Spreads are higher just because the account is commission-free.
MT4/5 Pro Account
For the MT4/5 Pro account, a trader has to pay a commission of $3.5 on top spreads. As a result, spreads are a bit tighter than the classic account, which starts from 0 pips.
In addition, the pro account is available with various trading instruments. The minimum deposit required for a pro account is 0 with a lot size of a minimum of 0.01. The leverage ratio is 1:200, in which scalping/hedging/EAs are also allowed.
Multi-Account Management (MAM) Account
MAM account service is for experienced traders who already have their client base and want to trade independently.
To apply for the MAM account, a user has to first apply to the FXChoice website. MAM accounts act like a proprietary account in which a competent trader will smoothly manage all their funds at an incentive fee.
The main features of classic and pro trading accounts are discussed below:
|Average spreads||0.5 pips||0 pips|
|Commissions||No commissions||$3.5 per side|
|Rebate||Up to $2 per side||No rebate|
|Leverage||Up to 1:200||Up to 1:200|
FXChoice deposit & withdrawal
FXChoice offers a variety of withdrawal and deposit methods that are quick and easy to use. The minimum deposit for all account types is $100, or the equivalent in another currency.
Each funding method has a different processing time. Depending on the method you select, the processing time is approximately 5-6 business days.
Neteller and Skrill are the two best online payment methods for quick, hassle-free payments. However, selecting the method carefully is essential since few funding options are available to only a few countries.
If you use a specific payment method, you will be charged a small fee. The bank transfer method takes a long time to process, but card payments are made instantly.
FXChoice offers trading accounts in the following currencies: CAD, EUR, AUD, USD, CHF, GBP, XRP, Bitcoin Cash, Gold, Bitcoin, Ethereum, and Litecoin.
FXChoice uses advanced encryption technology to protect the security and privacy of your transactions. Transaction communication data is fully encrypted using SSL technology (Secure Socket Layer).
FXChoice account opening
It is straightforward and quick to open a trading account with FXChoice. First, visit the official website and fill the online application by providing the email address for verification.
As identification proof, you also have to submit your passport scanned copy along with residential address copy or utility bills. Once the account is approved, you can make a reasonable deposit of $100 and start trading.
FXChoice bonus & promotions
FXChoice is available with numerous bonuses and promotions, including the Pips+ Loyalty program. In addition, it’s a tier-based system where clients can invest or trade higher volumes to earn some discount offers.
Through the Pips+ Loyalty program, clients can take benefits through discounts or rebates on commissions based on their account type.
Classic accounts are eligible for the rebate, and pro accounts can receive discount commissions.
A variety of referral programmes are also available, which are:
Refer and earn
A client can earn $250 for each client who is referred to FXChoice through a referral link. In addition, every single referral will also gain a one-time 15% deposit bonus.
Clients are free to join three models of compensation, i.e., CPA, Volume-based, and Hybrid. In these models, a trader has to bring other clients on this platform, and as a benefit, they get compensation.
As many clients will be referred, a trader can earn high potential profits on their trading. Before any client applies for the affiliate, they have to introduce a minimum of 5 funded clients through the Refer-and-Earn programme.
Any client who already has a massive history of making profits with FXChoice can open a Money Manager Account for handling all their clients’ funds. To let others join the account, a unique referral link is also provided.
Note: Once you open a new trading account, start using it within 7 days to get a 25% bonus on your original deposit. In addition, clients who deposit Bitcoin in their account can also benefit from a 15% bonus with no conversion or deposit fees.
Both the bonuses can be easily withdrawn but only after it reaches the minimum trading volume.
FXChoice demo account
A user can deposit a considerable amount of virtual funds on a demo account to start their practising session.
After 90 days of inactivity, a demo account will expire.
FXChoice trading hours
FXChoice schedule for trading hours are:
- Cryptocurrencies – Monday till Friday 01:00 – 23:45
- Gold and silver – Monday till Friday 01:00 – 24:00
- Forex – Monday till Friday 00:00 – 24:00
- Indices – Varies
- Oil – Varies
To summarise the discussion, FXChoice acts as a transparent and well-established online broker regulated in Belize. This broker is top-rated due to low fees, tight spreads, fast trade execution speeds, and flexible leverage across the globe.
Being a user-friendly trading platform and having a minimum deposit, we highly recommend this broker for beginners and advanced traders.
Thinking of Trading with FXChoice?
Which countries are not accepted by FXChoice?
The few significant countries that FXChoice do not accept: Italy, Iraq, Guam, Afghanistan, North Korea, Belize, American Samoa, Sudan, Spain, Puerto Rico, Northern Mariana Islands, U.S. Virgin Islands, and the United States Minor Outlying Islands.
Which FXChoice supports trading instruments?
A variety of trading instruments are supported by FXChoice, including indices, energies, metals, commodities, shares, stocks, forex, and cryptocurrencies.
How can you open a live account with FXChoice?
Visit the broker’s official website and click the “register” option to fill a short application option. Then, follow all the instructions carefully and complete the account opening process.
Are traders allowed to scalp, hedge, or use expert advisors with FXChoice?
FXChoice does not have any restrictions on hedging and scalping. The traders can use EAs trading environment at any point of their trading.
What is the FXChoice deposit fee?
As you deposit your funds through a debit/credit card or from an e-wallet, the payment is eventually deducted as a funding fee by the intermediaries, and the net amount is credited straight into your account. Other than that, the broker does not charge any extra fee.
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Heinrich is a forex and CFD enthusiast with a passion for writing good informative quality content. He strives to showcase the best forex brokers in Africa. Join him on his Journey!
Content Writer | Market Analyst
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