Independent Review - FXChoice
FXChoice is an online forex and CFD broker located in Belize that has been providing its services since 2010. It operates globally under the regulation of the Belize International Financial Services Commission. They provide traders with access to various markets through their CFDs and the powerful MetaTrader platforms. All levels of traders are welcome, and the broker has a number of convenient banking options available. Traders will enjoy tight spreads and low commissions as well s rapid execution speeds, with leverage up to 1:200 and award-winning customer service support.
Let us dig into the details of FXChoice.
With operations stretching back to 2010, FXChoice is a true electronic communications network (ECN) broker that has competitive trading fees and excellent trading conditions across a number of asset classes including forex, commodities, cryptocurrencies, shares, and indices.
The broker is very active, with over 15,000 daily transactions occurring through their trading platform. With a focus on the trader they are constantly leveraging the latest technologies to improve the trading conditions for their clients.
FXChoice is committed to the most ethical business practices, and strives to provide the best trading environment possible. They also have a heavy emphasis on customer service, proven by the numerous awards achieved over the years. This is backed up by a no-dealing desk approach that avoids any conflict of interest and provides traders with excellent fund security.
Every client is made to feel welcome with FXChoice, no matter if they are beginners or advanced traders with years of experience. Online reviews of the broker are overwhelmingly positive, and support is available in a number of languages.
FXChoice is a brand of FX Choice Limited and is licensed and regulated by the International Financial Services Commission of Belize under license number 000067/164. While this is considered as a second tier offshore regulatory authority, FXChoice has remained in good standing since its inception in 2010, and the broker offers every client protection possible.
That includes segregating client accounts from operational capital, and providing internal risk management to ensure that operations are always in compliance with regulatory policies. In addition the broker has instituted its own negative balance protection to protect clients from any negative balance situations. In situations where a client account goes negative despite their protections they will zero the account balance to protect the client.
There are two account types offered by FXChoice. These are the Classic account, which uses the MetaTrader 4 platform, and the Pro account which uses the MetaTrader 4 or 5 platforms. Both have $100 minimum deposit requirements, and both offer leverage of up to 1:200.
The MT4 classic account features no commissions and spreads that start at 0.5 pips. Spreads in this account tend to be a bit higher, but that is offset by the lack of commissions. Hedging and scalping is allowed as is the use of Expert Advisors.
The Pro account allows for the use of either MetaTrader 4 or MetaTrader 5 and has a commission of $3.50 per notional value of $100,000 in trades. Spreads are much tighter, starting at 0 pips, as this account benefits from direct market liquidity provided by some of the world’s largest financial institutions. Traders who use scalping or automated trading strategies can benefit the most from the pro account.
Both accounts have access to demo accounts to test the trading conditions, and both account types are also available as Sharia-compliant Islamic accounts.
Multi-Account Management (MAM) Account
Experienced traders with their own client base can take advantage of the Multi-Account Management (MAMM) account type. This allows the trader to manage funds for others for an incentive fee. You must apply and be approved for the MAM account. You will be expected to provide evidence of profitability and that you can bring clients to FXChoice in order to gain approval.
Pips+ Loyalty Programme
Every client, whether using a Classic or Pro account, is automatically entered into the Pips+ Loyalty Programme. There are five tiers to the programme and each successive tier offers additional benefits in the form of savings on trading costs.
Those on Classic accounts receive a rebate on their spreads, which can go as high as $20 per $1 million traded. The Pro account holders receive lowered commissions, and if you reach tier 1 the commission is just $15 per $1 million traded, which is less than half the usual commission rate, providing a substantial savings for active traders.
The broker makes a number of asset types available for traders, and offers over 100 individual assets in the form of CFDs.
Forex – The foren market is the world’s largest market, so it’s no surprise that there are 36 different pairs available to trade here. These range from the largest major pairs to the smallest exotic pairs. There’s something for every currency trader.
Cryptocurrencies – In addition to the traditional forex currencies, FXChoice also offers the new cryptocurrency markets too its clients. Take advantage of trading cryptocurrency CFDs, which feature leverage that unavailable when trading these assets directly.
Commodities – The commodity markets remain some of the most popular due to their tendency to trend strongly. At FXChoice traders can gain access to the popular gold and silver markets through CFDs, as well as crude oil markets in both front-month or continuous contracts.
Indices – Indices give easy diversification, and FXChoice has CFDs on six of the largest global indices.
Shares – The global share markets include some of the world’s largest and most powerful companies, and at FXChoice clients are able to choose from over 50 of the world’s best known and most traded shares.
Rather than spending time and money developing a proprietary trading platform FXChoice has taken the decision to use the world-class MetaTrader family of trading platforms. Traders can choose from the classic MetaTrader 4 platform or the upgraded MetaTrader 5 platform. Both are available as desktop applications, web-based platforms, or mobile applications. The MetaTrader family of trading platforms have all the features and powerful analysis tools needed to become successful in the financial markets.
The MetaTrader 4 platform is included with the Classic account type at FXChoice. It is multi-lingual and includes 30 technical indicators, 31 graphical objects, and nine timeframes. MT4 also offers a single-thread strategy tester.
MetaTrader 5 is available for Pro account holders, and experienced traders will appreciate the advanced features that come with the MT5 platform.
MT5 has more indicators than MT4 and also adds Stop Limit orders and the ability to view market depth. You will still find professional charting tools, support for traditional hedging and netting options, compatibility with Expert Advisors, and multilingual support.
MetaTrader 5 features 38 technical indicators, 44 graphical objects, and 21 timeframes built-in. It also has an economic calendar integrated and an embedded MQL5.community chat. The strategy tester in MT5 is both multithreaded and multicurrency with real ticks.
Refer and Earn
FXChoice has a Refer and Earn program in place that allows any of its clients to earn a bit extra for their trading, simply by referring new clients to the broker. To make that even easier they offer a 15% deposit bonus to those new clients. As the referring client you earn $25 for each $100 deposited up to a maximum of $250. Referrals are required to trade 1 full lot ($200,000 turnover) before the reward is paid out. To reach the maximum $250 payout the referral needs to trade 10 full lots ($2 million).
After you have introduced five people and they each make a deposit, you can upgrade your status to that of an Affiliate, or you can continue their Refer-and-Earn plan.
FXChoice includes a number of banking options to make things as easy and convenient as possible for its clients. This includes bank transfers, credit and debit cards, and the popular electronic wallet services such as Neteller and Skrill. Please note that the availability of deposit and withdrawal methods is dependent on the client jurisdiction.
Note also that while the broker does not charge any fees on deposits and withdrawals, some of the payment processors will charge fees. This is mostly true for the electronic wallet options. Also note that bank transfer are processed the same day by FXChoice, but can take up to 5 business days to be processed by the banks themselves and the broker has no control over this.
Accounts can be opened in USD, EUR, GBP, CHF, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP. So, one could deposit crypto (to a crypto- or fiat-currency account) and trade crypto, shares, FX, indices and commodities on the same platform. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
FXChoice use advanced encryption technology to help guarantee your privacy and security when transactions are being processed. All communication data is encrypted using SSL technology.
Multi-lingual support is offered Monday through Friday, 24 hours a day. The customer service staff can be contacted through online chat, by telephone, through the ticketing system, or clients can request a callback to save on long-distance charges.
The customer service team has won multiple awards over the years, which highlights the broker’s commitment to excellent customer service.
Phone: +52 5568268868
Webform: Contact Support
As an established broker with an excellent reputation and strong customer service team FXChoice is a good choice for beginners and advanced traders. The broker may have regulation in a jurisdiction that is not considered ideal, but it operates as if it were regulated by a tier-1 body.
Clients can enjoy tight spreads, low commissions, and fast executions. All the major asset types are represented, and plenty of trading opportunities are on offer. It is also useful that the broker offers leverage on several popular cryptocurrencies.
With the powerful MetaTrader 4 and 5 trading platforms available any trader will be able to fully analyze the markets and find the best entry and exit points for each trade. And the small $100 minimum deposit will make it easier to begin trading whatever your financial situation.
And let us not forget that clients get access to the potentially lucrative Refer and Earn programme, and the Affiliate program.
Overall this is a recommended broker based on all the above features and characteristics.
No Dealing Desk
15% bonus on BTC deposits 25% if deposited within 7 days of verification
25% if deposited within 7 days of verification
Instruments / Contracts