Editor’s Verdict
Overview
Review
Headquarters | Belize |
|---|---|
Year Established | 2010 |
Execution Type(s) | Market Maker, No Dealing Desk |
Minimum Deposit | $100 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5 |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
FXChoice, founded in 2010, is an online Forex broker operating out of Belize. The company won the 2020 LiveHelpNow Challenge for maintaining the best customer service. FXChoice states that providing traders with a technological edge remains paramount and, to that end, offers the MT4/MT5 trading platforms. On its homepage, it notes spreads as low as 0.1 pips and maximum leverage of 1:200. A loyalty program exists, lowering the final trading costs. FXChoice mentions a no dealing desk (NDD) execution model, and it offers a 15% bonus for Bitcoin deposits, which is both unique and interesting.
Regulation and Security
On its website, FXChoice notes its registration number with the International Financial Services Commission (IFSC) of Belize, its sole regulator. The IFSC emerged as a primary choice for brokers seeking a competitive, regulatory environment. The broker also lists its rating with FPA.
FXChoice maintains IFSC regulation.
Fees
Traders have a choice of the commission-free Classic account or the commission-based Pro alternative. The EUR/USD carries a minimum mark-up of 1.4 pips in the former, or $14 per 1.0 lot. The latter account shows a 0.6 pips spread or $6.00, but a commission of $8.20 applies for a total cost of $14.20, making it more expensive than the commission-free account. FXChoice lists swap rates on leveraged overnight positions in its FAQ section under Rollover Policy. It also passes corporate actions on to clients. Internal withdrawal fees may apply on top of third-party charges. All costs can be found on the website. The overall pricing environment remains within competitve.
MT4/MT5 traders can easily access swap rates from their platform by following these steps:
1. Right-click on the desired symbol in the Market Watch window and select Symbols.
2. Select the desired currency and then click on Properties located on the right side.
3. Scroll down until you see Swap Long and Swap Short.
FXChoice maintains its cost structure on its website.
Swap rates on leveraged overnight positions apply.
All corporate actions, which FXChoice forwards to clients, are listed.
Traders may face internal withdrawal costs, depending on the payment processor.
What Can I Trade?
Forex traders have 36 currency pairs from which to choose. Three cryptocurrency pairs, six commodities, six index CFDs, and 55 equity CFDs complete the list. The total asset selection of 106 is sufficient for new traders to get acquainted with trading.
Account Types
Clients may choose between the Classic and the Pro account. The former is commission-free, and the latter commission-based. FXChoice offers better trading conditions in the Classic version, where costs remain lower. Traders also get a volume-based rebate program, which is also superior in the Classic version versus Pro. The minimum deposit is $100 and the maximum leverage is 1:200 for both account options. Besides the pricing environment, all other account features remain identical. FXChoice offers minimum spreads, between 0.0 pips and 0.5 pips.
The Classic account at FXChoice maintains a competitive trading environment.
Trading Platforms
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |
FXChoice provides clients with the MT4/MT5 trading platforms. They are available as a desktop client, a webtrader, and a mobile app. Both trading platforms support extensive upgrades, especially MT4, where more than 20,000 EAs and custom indicators exist to really boost a trader's performance.
Clients have access to the MT4/MT5 trading platforms.
Unique Features
Traders who want to engage in social trading have two options at FXChoice. MQL5 Signals, embedded within the MT4/MT5 trading platforms, and Myfxbook Autotrade represent two industry leaders in the social trading scene. FXChoice also offers VPS hosting for automated traders. It remains free of charge for clients with portfolios above $3,000. For traders failing to meet that threshold, a monthly cost of €40 applies.
MQL5 Signals is the copy trading service embedded within the MT4/MT5 trading platforms.
FXChoice also supports Myfxbook Autotrade.
VPS hosting is available free of charge for clients with portfolios above $3,000.
Research and Education
FXChoice offers a weekly live webinar, which is held each Monday and offers valuable insight.
FXChoice provides a weekly live webinar.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 24/5 |
Website Languages |          |
Customer support is another aspect where FXChoice truly shines, as evident by their winning of the 2020 LiveHelpNow Challenge. Clients have access to 24/5 assistance, most conveniently via live chat, and a callback option exists, along with a web form. The FAQ section answers most of the common questions, and FXChoice states it attempts to respond within 24 hours.
FXChoice maintains 24/5 customer support.
Per data on the website, FXChoice aims to respond to support tickets within 24 hours.
Bonuses and Promotions
As mentioned earlier, we were impressed during this FXChoice review to see that a 15% deposit bonus for Bitcoin deposits. While it is withdrawable, the conditions remain time-limited to 90 days.
The Pips+ Loyalty Programme provides a valid promotion. To qualify for the fourth tier, traders must have an account balance that exceeds $10,000, and trade a minimum of $10 million in volume, which equals approximately 50 standard lots. Terms and conditions apply to both the bonus and the promotion.
FXChoice grants a 15% deposit on Bitcoin deposits.
The loyalty program remains a valid promotion.
Opening an Account
A swift online application handles new accounts. New traders must submit their name and e-mail, together with a valid phone number. Since FXChoice remains a regulated broker, account verification is mandatory to comply with AML/KYC stipulations. A copy of the trader’s ID suffices to satisfy this step.
The online application process takes less than one minute to complete.
Only a copy of the trader’s ID is necessary to pass mandatory account verification.
Deposits and Withdrawals
FXChoice offers excellent banking options including bank wires, credit/debit cards, Skrill, Neteller, cryptocurrencies, FasaPay, Perfect Money, AstroPay, POLi, VLoad, SticPay, Airtm, AdvCash, and ePay as deposit and withdrawal methods. The minimum deposit is $100 and the processing times depend on the desired payment processor. The FAQ section notes potential internal withdrawal costs, while traders must also consider third-party charges. Credit/debit cards remain absent from withdrawal methods, but FXChoice suggests requesting withdrawals the same way traders made a deposit. Overall, FXChoice maintains an excellent choice of deposit and withdrawal methods.
Traders have numerous choices to make deposits.
FXChoice accepts credit card and debit card withdrawals in addition to the options listed below. As a matter of policy, the same method of funding must be used for deposits and withdrawals.
Summary
FXChoice is an award-winning broker that delivers a safe and secure trading experience. Traders have access to a sufficient asset selection. The loyalty program remains impressive. The MT4/MT5 trading platforms are available, and FXChoice provides weekly live webinars for traders to gain powerful insights. It is a regulated broker with a clean track record.