FXChoice Forex Broker
Launched in 2010, FXChoice is a forex broker based in Belize, overseen by the Financial Services Commission (FSC). They provide access to a variety of markets, inclusive of cryptocurrencies, and use sought-after trading platforms such as MT4 and MT5. They’ve got LearnFx EAs, a Virtual Private Server (VPS), and a hook-up with Myfxbook’s AutoTrade.
Pros
- Availability of crypto deposits and withdrawals
- Hedging and scalping are allowed
- Tight spreads from 0.0 pips
Cons
- Weak regulatory
- Limited selection of assets
- Lack of research materials and analytics
FXChoice Review Summary
FXChoice is a reliable Forex Broker created in 2010 (located in Belize) and under the Financial Services Commission (FSC) regulation. Traders can access forex, stocks, commodities, indices, and cryptocurrencies among many trading instruments. The company provides segregated accounts and negative balance protection to ensure that their clients are safeguarded. A trader can open one of the three different accounts and make deposits in classic currencies and cryptocurrencies. The educational resources of this broker are basic, but their quality is excellent for new brokers. This broker can suit both newbies and advanced traders. Experienced people can appreciate many features, and newbies can enjoy a straightforward interface.
Supported Countries
FXChoice is a global broker that accepts traders from most countries of the world, such as Australia, Thailand, South Africa, Singapore, Hong Kong, India, UAE, Saudi Arabia, Kuwait, Luxembourg, Qatar and many others.
Nevertheless, residents originating from Afghanistan, American Samoa, Bahamas, Belarus, Belgium, Burundi, Canada, Central African Republic, Congo, Cuba, Egypt, Eritrea, Ethiopia, Guam, Guinea, Guyana, Iran, Iraq, Lebanon, Libya, Mali, Namibia, North Korea, Pakistan, Russian Federation, Serbia, Somalia, Sri Lanka, Sudan, Syrian Arab Republic, Tunisia, Turkey, Ukraine, United States, and some others cannot place orders with FXChoice.
FXChoice trading platforms
FXChoice offers two main trading platforms that can adapt to the changing needs of traders. MetaTrader 4 (MT4), which is well known and liked by many, is one of these.
MetaTrader 4 (MT4)
MetaTrader 4 allows the trade of various financial products using different timeframes and specific ways to enter orders. It’s easy to trade using MT4 because it has 30 technical indicators, 31 graphical objects, 9 timeframes, and other tools to help you analyze prices automatically. This software also lets you trade with an Expert Advisor (EA), which means programming some specific conditions under which trades should be made.
MetaTrader 5 (MT5)
MetaTrader 5 is better than MT4 in several ways: there are more order types, more technical (38) and graphical (44) indicators, and more timeframes (21). These extra capabilities make using MT5 smoother & easier, especially for professional traders.
If you’re only at the beginning of your way, you don’t need this big amount of indicators MT5 offers, because you will hardly use them properly. MT4 will be a good decision. But if you take into consideration all tiniest factors during trading – MT5 is definitely your choice.
Myfxbook’s AutoTrade Service
Myfxbook’s AutoTrade is smoothly connected to FXChoice. Myfxbook provides an innovative mirroring service called AutoTrade that allows clients to copy trades from professional traders operating within the platform. The procedure is simple: connect your funded live account with your Myfxbook profile and follow your preferred traders. After doing that, every trade made by these traders will appear in your account – so you can gain their experience without having to interfere manually.
There’s also an option for users who prefer web-trading interfaces: MetaTrader WebTrader can be accessed with any browser and device — no installation necessary. FXChoice customers can log into versions for both MT4 or MT5 accounts.The web-based platform has advantages like quick one-click transactions from anywhere with basic analysis tools available.
FXChoice Trading Account Types
FXChoice gives traders an option to choose from three types of live accounts: Classic account, Optimum account, and Pro account. These accounts are designed for various trading styles and preferences.
| Index | Classic account | Optimum account | Pro account |
| Account currency | USD, EUR, GBP, AUD, CAD, Gold. | USD, EUR, GBP, AUD, CAD, Gold. | USD, EUR, GBP, AUD, CAD, Gold. |
| Trading instruments | 36 currency pairsIndices, Metals & Energies, Crypto, Shares | 36 currency pairsIndices, Metals & Energies, Crypto, Shares | 36 currency pairsIndices, Metals & Energies, Crypto, Shares |
| Minimum deposit | $100 | $10 | $100 |
| Spread | From 0.5 pips | Floating from 1.5 pips | 0 |
| Maximum leverage | up to 1:200 | up to 1:1000 | up to 1:200 |
| Commission | No | No | $ 3.5 per side |
As we see, Classic account and Pro account have some common features. For example, you have to deposit at least $100 into either account & trade the same maximum leverage.
Classic account is good for all traders. There are no commission charges on this account type and the platform is easy to use. Pro account carries bigger risks because of additional commission. An Optimum account suits people who want to try trading with the lowest risk level and narrow range of opportunities.
FXChoice broker offers a Demo account as well. Among the conditions are: MT4 and MT5 trading platforms, limitless virtual dollars, availability of research information, no fees.
Tradable Assets on FXChoice
- Commodities including silver, gold, US crude oil, UK Brent oil, etc.
- Indices: FXChoice has CFDs on six major indexes that show how well the largest economies across the globe are doing. These indices include US30 as well as UK100.
- Forex: 36 different currency pairs are available. Majors like EUR/USD or GBP/USD plus some exotic ones.
- Stocks: More than 50 popular companies’ shares can be traded as CFDs on FXChoice’s platform
- Cryptocurrencies: You can trade these digital assets against regular currencies or other types of crypto coins/token.
By offering a diverse range of tradable assets across commodities, indices, forex, stocks, and cryptocurrencies, FXChoice provides its traders with the flexibility to explore different markets and diversify their investment portfolios according to their trading preferences and risk tolerance. If we compare this broker’s offer to other brokers, FXChoice definitely doesn’t provide us with the best choice. The number of currencies is pretty compatible, but the number of indices, commodities and stocks leaves much more to be desired.
Deposits
FXChoice offers a convenient and diversified range of deposit methods, making it accessible for traders to fund their accounts. The minimum deposit required is 100 or 10 USD (depending on your account) or its equivalent in other currencies, such as EUR, GBP, AUD, CAD or cryptos. When it comes to crypto, BTC (Bitcoin), BCH (Bitcoin Cash), LTC (Litecoin), ETH (Ethereum), XRP (Ripple), USDT (Tether), USDC (USD Coin), DOGE (Dogecoin), and BNB (Binance Coin) are available for both deposits and withdrawals.
Accounts can be opened in these currencies, providing flexibility for traders worldwide.
The broker supports various payment methods, including:
| Payment Method | Fees |
| Visa | Varies |
| Neteller | Varies |
| Skrill | 0% |
| FasaPay | Varies |
| Paysafecard | Varies |
| POLi | Varies |
| Sticpay | Varies |
| Perfect Money | Varies |
| SPEI | 0% |
| ADVcash | Varies |
| Boleto | 0% |
| Credit/Debit Card | Varies |
| Deposit Express | 0% |
| PayRedeem | Varies |
| Ethereum Payments | Varies |
| AstroPay | 0% |
| Airtm | 0% |
The broker also recommends you primarily deposit and withdraw funds in the same currency as the currency of your trading account to avoid any unexpected charges and fees.
Withdrawals
FXChoice provides a smooth and effective way for traders to withdraw their funds using different options. Withdrawals are processed within 24 hours on working days. If you use an e-payment method, your money will be available right away because they are processed instantly after FXChoice approval. Crypto withdrawals are also completed quickly, however, they may take up to two hours before the process is finished. Below is a table that shows which methods are available as well as how long it will take for you get your cash after requesting a withdrawal:
| Withdrawal Method | Processing Time |
| Visa | Within 24 hours |
| Neteller | Within 24 hours |
| Skrill | Within 24 hours |
| FasaPay | Within 24 hours |
| Bitcoin Payments | Within a couple of hours |
| Ethereum Payments | Within a couple of hours |
| AstroPay | Within 24 hours |
| Airtm | Within 24 hours |
This efficient withdrawal process enhances the overall user experience, ensuring timely access to funds for traders.
FXChoice trading education and training
FXChoice offers educational tools to traders to improve their skills and knowledge. In the broker’s “Research Centre,” traders can find a complete course about trading or select individual sections that interest them. These resources are meant to help traders learn more about trading strategies as well as ways to enhance their skills.
Another available resource is the “FXEducation Glossary,” which explains important terms used in forex trading. This is not the biggest research center, but it’s enough for a newbie to understand the main aspects.
Despite these educational pages, FXChoice lacks research information for advanced traders within their website. There is no economic calendar or even a blog with the latest event or trends in trading.
FXChoice License and Regulatory Compliance
FXChoice Limited is a brokerage firm regulated by the Financial Services Commission (FSC). They have license number 000067/301, which means they can provide forex trading services. Also, FXChoice keeps their own money separate from their customers’ money, so if something were to happen with FXChoice, this would not affect its clients (also known as “negative balance protection”).
Customer Support
FXChoice has established a customer help service that deals with any worries or questions from traders. Traders can contact customer support through email or live chat for immediate help that’s available 24/5. There is also a phone number, but most traders’ questions are easier to solve via written messages. The availability of customer support services in eight languages (English, German, Czech, Greek, Spanish, Italian, Portuguese, and Thai) is another great feature of this broker. Moreover, the broker’s website has an extended FAQ section that explains some questions and offers tips.
As for people’s opinion, Trustpilot users have given FXChoice a pretty good rating for its customer service. it scored 3.9 stars out of five. This rating demonstrates that most traders are happy with the services provided. Users praise the broker’s transparency, fast replies by customer support, and tight spreads, but there are also comments about long withdrawals, problems with account verification, and swap fees.
How to open a FXChoice account
- Visit the FXChoice website.
- Click on the “Sign Up” button at the top panel.
- Choose your language, fill in the required information.
- Choose the account type (Demo or live account).
- Complete additional information including type of your account, currency and leverage.
- Deposit fund and download the trading platform (MT4 or MT5).
- Start trading.
FAQ
How much is the FXChoice commission fee?
The commission fee at FXChoice varies based on the account type. For example, the Pro account may have a commission of $3.50 per side.
When is FXChoice Customer Support available?
The broker operates 24/5. On Saturdays, Sundays and some public holidays, it doesn’t work.
In which currencies can I open my account?
It is possible to open accounts in USD, EUR, GBP, CHF, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, USDC, Dogecoin and XRP.
What are the minimum deposits/withdrawals for cryptos?
Minimum crypto deposit depends on the currency and it is equivalent to USD minimum deposit (10 or 100 USD).
Does FXChoice broker offer mobile apps for trading?
Yes, mobile versions of MT4 and MT5 are available for downloading.