FXChoice Limited is an online ECN broker that specialises in forex trading. The brand is popular around the world, attracting swing traders in the UK, Canada, South Africa, Iran, Nigeria and many other countries. Read this 2024 review to learn about FXChoice, including typical fees and spreads, deposit and withdrawal options, trading platforms and regulatory oversight.
What Is FXChoice?
FXChoice is a forex and CFD broker established in 2010. The company offers a range of assets including currency pairs, indices and commodities. The firm provides trading opportunities to both private and institutional customers.
FXChoice Ltd is regulated by the International Financial Services Commission (IFSC). Its headquarters are located in Belize, though the server location is St Louis, United States. The server time zone is GMT+2 in the winter and GMT+3 in the summer.
Markets
Customers can trade CFD instruments across a range of popular financial markets:
- Forex: 36 currency pairs with a selection of majors, minors and exotics
- Cryptocurrencies: CFDs on Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH)
- Indices: six of the most popular indices, including the NASDAQ 100 (NAS100) and the Dow Jones 30 (US30)
- Stocks: CFDs on the largest global shares such as Amazon, Facebook and Google
- Commodities: traders can speculate on gold, silver and oil price movements
Note, FXChoice does not offer binary options. Also, the broker recently changed liquidity providers for its CFD indices, which will affect contract sizes.
Trading Platforms
Traders can choose between the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. MT4 and MT5 are available to download for free from the broker’s website and are both compatible with Windows and Mac devices. Alternatively, the platforms are available as a web terminal (WebTrader).
MetaTrader 4
The MetaTrader platforms are some of the best on the market, offering quick and secure logins, as well as intuitive layouts. The solutions support a range of order types (four on MT4 and six on MT5) with Expert Advisors (EA) for automated trading. There is also an extensive list of technical indicators designed to improve market research and technical analysis, with MT5 now supporting hedging.
Mobile App
FXChoice customers can trade on the move using the official MetaTrader 4 and 5 mobile applications. Each app is available to download for free on iPhone (iOS) and Android (APK) devices. The mobile terminals offer a lot of the same capabilities as the desktop investment platforms, as well as added extras like the ability to set up price alerts via push notifications.
MT4 App
FXChoice Account Types
Traders have two choices when they sign up and open an account at FXChoice; the Classic Account or the Pro Account. The minimum deposit and minimum lot size are the same for each account, as are the verification steps. The main difference between the two is that the Pro Account offers tighter spreads and commissions of $3.50 per trade. FXChoice also offers an Islamic Account that does not feature swap fees, as well as MAM/PAMM accounts.
Note, customers can convert to a Corporate Account through the back office portal. Simply sign in with your login credentials, select Profile and then fill in the form to convert your account.
Demo Account
FXChoice clients can open a demo account before committing to a live trading account. This provides access to real-time trading conditions in a no-risk environment, with unlimited virtual funds. The free paper trading account is a great place to get used to the MetaTrader platforms and practise investing strategies.
The account will remain open for as long as needed, though it will expire after 90 days of inactivity. You can also reset the demo account from the members area.
Leverage
FXChoice offers users a maximum leverage rate of 1:200 on either account type. This means that an investor could put down $10 and trade with $2000. But while this can increase winnings, it also amplify losses.
Check the broker’s website for more information on margin call requirements.
Fees & Spreads
FXChoice is transparent when it comes to fees. Swap fees are charged on positions held overnight (unless trading with an Islamic Account), and there are no inactivity fees. The Classic Account does not charge a commission, while the Pro Account charges a commission of $3.50 per trade. Average spreads start from 0.5 pips on the Classic Account vs 0 pips on the Pro Account. An online pip calculator can be used to work out potential profits.
Looking at the spreads offered by FXChoice vs competitors like Oanda, HugosWay, Forex.com, TradersWay, IG and Kot4x, shows the firm is generally competitive. The Pro Account in particular offers very tight spreads.
Payments
Deposits
FXChoice offers a decent selection of deposit methods, including ePayments through wallets, PayPal, Skrill and Neteller. The minimum deposit is $100 and transactions can be made in a range of currencies such as USD, EUR, Bitcoin (BTC) and Ripple (XRP). Deposit charges differ, with some methods such as Skrill and EPay offering zero fees.
Should you encounter any deposit problems, or need help learning how to deposit at FXChoice, visit the FAQ page or contact the customer support team. Internal transfers can be made via the back office portal.
Withdrawals
Withdrawals can be made using almost all the same methods as deposits, including Bitcoin. Typically, payments are processed within 24 hours, though bank transfers can take up to five working days. Should you encounter a withdrawal problem, or if it is not working, contact support via telephone, email or live chat.
Remember, withdrawals could be subject to taxes depending on your location’s legal requirements.
FXChoice Regulation
FXChoice is a relatively safe and legitimate broker, authorised and regulated by the International Financial Services Commission (IFSC) of Belize. However, this is not a top-tier agency, meaning the firm may not be held to the same standards as other brokerages. Clients may have limited legal protection if they experience issues with the brand.
Security
All personal information and data is protected at FXChoice. Communication is encrypted using SSL technology and passwords are encoded. The broker also offers negative balance protection and ensures that all client funds are held in segregated bank accounts. In addition, the MetaTrader platforms offer two factor authentication (2FA) at the login stage.
Additional Features
FXChoice offers a host of additional tools that can improve the trading experience:
- Trading Bots: clients can use Expert Advisors (EA) that are available to download on the MT4 and MT5 platforms, such as the GPS Robot 100k. Reviews and 2024 performance statistics can be found online on sites like Reddit
- Education: a dedicated education page designed to teach traders the basics of forex trading and key terminology
- Referral Program: customers can become an affiliate and earn commission through the referral program
- News Section: a dedicated news section on the website highlights any company updates or promotions
- Copy Trading: FXChoice provides a copy trading service through ZuluTrade
- Analysis: investors can view interactive charts provided by TradingView
- Signals: users can sign up for trading signals provided by MyFxBook
Promotions
FXChoice offers a 15% deposit welcome bonus for payments using cryptocurrencies. However, the broker does not offer a no deposit bonus. In the past, promotions have included a free VPS promo code. Check the website to see upcoming deals. Also read bonus terms and conditions before signing up.
Pros
Benefits of trading with FXChoice include:
- Multiple payment methods
- Positive withdrawal reviews
- Excellent copy trading ratings
- Commission-free account
- MetaTrader platforms
- Credit card deposits
- Hedging allowed
- APIs
Cons
Drawbacks of opening an account with FXChoice include:
- $100 minimum deposit
- Limited research tools
- No reliable regulatory oversight
Trading Hours
Forex assets can be traded during standard forex trading sessions from 22:00 (GMT) Sunday to 22:00 (GMT) Friday. Cryptocurrencies can be traded 24/7, meaning weekend trading is permitted. Other assets trade during the hours of their respective markets. Holiday hours may change, so check the broker’s website for the latest details.
Customer Service
FXChoice offers several ways to contact the customer support team:
- Submit a ticket online and receive a response by email
- Live chat logo on the FXChoice website
- Phone number: +501 227 27 32
Head to the official website for the company’s headquarters address.
FXChoice Verdict
FXChoice is a popular forex and CFD broker. The firm offers tight spreads, a commission-free account and high leverage. The brand also provides a reasonable selection of assets that can be traded on user-friendly platforms. Whether you are a beginner or an experienced swing trader, FXChoice offers a great overall package.
FAQ
Is FXChoice A Regulated Broker In The US?
FXChoice is not regulated in the US. This means it is not legal to trade from this country, so USA traders are not accepted. Instead, the company holds a license with the International Financial Services Commission (IFSC) of Belize.
Is FXChoice Available And Regulated In Canada?
FXChoice is not regulated in Canada. However, the broker does accept clients from this country. You can register for an account on the broker’s homepage.
Is FXChoice A Good Broker For The UK?
Yes, FXChoice is a good broker for UK residents. The firm offers an impressive range of products with tight spreads and has positive reviews on Trustpilot.
Is FXChoice An ECN Broker?
Yes, FXChoice is an ECN broker. This means that it gives direct access to equity and currency markets and can offer competitive rates.
Is FXChoice A Market Maker?
Yes, FXChoice is a market maker which means they provide liquidity. In return for the risk of holding assets, market makers usually profit from the bid-ask spread.