FXChoice Review

Launched in 2010, FXChoice is a Belize regulated online broker accepting clients worldwide. They offer some competitive trading conditions such as flexible leverage, accounts and trading platforms for all levels of trader.

FXChoice Review, Pros & Cons
  • Pips+ Programme
  • No debit balance guarantee
  • Free VPS
  • Commission free accounts
  • Electronic communication network (ECN)
  • Non-dealing desk (NDD)
  • Multiple funding options
  • Limited non-FX CFDs
  • No fixed spread accounts
  • Limited educational materials
  • Only regulated in Belize

In this detailed FXChoice review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.

FXChoice Overview

Launched in 2010, FXChoice is a true electronic communication network (ECN) broker that offers traders across the globe competitive fees and good trading conditions on multiple assets across a wide range of markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs.

FXChoice execute a trade every 4 seconds on average with daily transaction totalling over 15,000. They are always looking to further improve trading conditions by incorporating new technology to ensure tight spreads and fast execution.

They are committed to providing ethical business practices, a safe and reliable trading environment with excellent customer service to give clients a trusted and transparent trading experience. This is backed by non-dealing desk (NDD) technology so no conflict of interest and dedicated security for client’s funds.

FXChoice have won awards for their friendly and multi-lingual customer service. Clients are made to feel welcome, with no question too big or small and a dedicated support team on hand to assist you in the best possible way. Online reviews are very positive overall with good feedback from multiple respected sources.

FXChoice Feedback

FXChoice Feedback

FXChoice Regulation

The FXChoice brand is part of FX Choice Limited who are authorised and regulated by the International Financial Services Commission of Belize (IFSC). With only this offshore regulation, clients may not have the same protection in the event of any disputes or insolvency as they would with a broker who is regulated by a more established regulatory authority.

That being said, FXChoice hold client funds in segregated accounts that are separate from their own company accounts and can therefore not be used for any other purpose.

There is an internal risk management team who monitors management operations to ensure that they comply with regulatory policies.

They have a no debit balance guarantee which means that your trades will automatically be closed before your account balance becomes negative. Should this safety mechanism not work due to extraordinary circumstances, they claim to zero your account balance.

FXChoice Countries

Due to offshore regulations, FXChoice are able to accept clients from most countries. They do not accept clients from Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, Syrian Arab Republic, Guam, Northern Mariana Islands, Puerto Rico, U.S. Virgin Islands, United States Minor Outlying Islands and American Samoa.

Some FXChoice broker features and products mentioned within this FXChoice review may not be available to traders from specific countries due to legal restrictions.

FXChoice Platforms

FXChoice offer the worlds most popular trading platform – MetaTrader 4 (MT4). They also offer MetaTrader 5 (MT5) which has new features for more advanced trading. Most brokers are still offering MT4 whereas MT5 has not yet reached the same level of popularity as its predecessor.

FXChoice MetaTrader 4 & 5 Compared

FXChoice MetaTrader 4 & 5 Compared

MetaTrader 4 (MT4)

MT4 was developed by Russian company MetaQuotes and has won multiple awards. The FXChoice version of MT4 combines the platforms standard features with real-time price feeds from global markets, fast execution speeds, competitive conditions and interbank liquidity.

MT4 is suitable for all levels of trader. It has a user-friendly interface and multiple built in tutorials for beginners whilst having a great range of technical indicators and functions for the more advanced traders.

MT4 tools include technical indicators for analysing charts, multiple chart time frames, multiple order types, strategy templates, automated trading via expert advisors (EAs), custom indicators and much more.

The FXChoice website includes videos with useful tips on how to use MT4. MT4 is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).

FXChoice MetaTrader 4 (MT4)

FXChoice MetaTrader 4 (MT4)

MetaTrader 5 (MT5)

MT5 is not just a new version of MT4, but rather a completely new platform with new features that build upon the success of MT4. For those familiar with MT4, the most important features are still there with a few more to enhance the overall trading experience.

MT5 features include more order types, depth of market display, additional indicators, additional time frames and a powerful EA testing environment with real tick data.

MT5 is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).

FXChoice MetaTrader 5 (MT5)

FXChoice MetaTrader 5 (MT5)

MetaTrader Mobile

FXChoice offer both MT4 & MT5 platforms for mobile trading which is useful for those who need to trade on the go whilst away from their computer. You can access the platforms on your Android or iOS device to follow the markets and manage your positions. The MetaTrader apps are available free to download from the relevant app store.

Web Terminal (MT4 & MT5)

The Web Terminal, available for both MT4 and MT5 users, allows you to trade via a browser without the need for downloading and installing any software.

Users can trade directly from their FXChoice account in their preferred browser, saving time and hard drive space. You simply log in to your account and start trading via the web terminal.

The web platform’s interface is similar to the award-winning desktop version and is therefore just as easy to use. The following functions are available in the Web Terminal:

  • All trading operations: placing market and pending orders
  • One-click trading (MT5 Web Terminal only)
  • Real-time quotes displayed in the Market Watch
  • Fully customisable price charts
  • 9 chart time frames
  • Basic analytical objects: horizontal, vertical and trend line, channels and Fibonacci lines
  • Universal access to trading activity

Web terminal is supported on the following browsers, Internet Explorer, Microsoft Edge, Mozilla Firefox, Google Chrome, Safari & Opera.

FXChoice Web Terminal (MT4 & MT5)

FXChoice Web Terminal (MT4 & MT5)

#1 Best Trading Broker Award 2021

AvaTrade is an award-winning trading broker that is regulated in 6 jurisdictions offering 1250+ instruments across multiple markets & trading platforms for web, desktop & mobile devices. They have low fees, tight spreads & rapid trade execution speeds.

Terms & conditions apply
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FXChoice Trading Tools

FXChoice have a variety of third-party tools that can be used by clients looking for flexibility and assistance with their trading activities. Some of these tools are automated and will copy signals from other traders. It is imperative that you understand the risks involved with trading and do not take historical performance as a reference for future results.

MQL5 Signals

MetaQuotes, the developers of the MetaTrader 4 & 5 platforms, offer a unique trading signal service which allows clients to copy the trades of other signal providers. You may also offer your own trading signals through this service.

The signal service is built into the MetaTrader platforms and requires no additional third-party software installation. Signals can be used as they are or alongside your own manual and automated trading systems. There is a large base of signal providers to choose from for a weekly or monthly fee and trades are copied directly to your platform.

The FXChoice website contains an easy to follow and well explained tutorial video showing how to subscribe to the signals.

FXChoice MQL5 Signals

FXChoice MQL5 Signals

Myfxbook Autotrade Service

This service allows you to copy signals of traders who have their accounts published on the popular social trading website Myfxbook. You can browse through the different accounts, review performances and choose to mirror the trades of any account without any additional software required. In order to be able to use the Myfxbook service, your FXChoice account must be funded with at least $1,000.

FXChoice MyFxBook AutoTrade

FXChoice MyFxBook AutoTrade

FXChoice VPS

FXChoice offer clients their very own VPS (Virtual Private Server). A VPS is your own dedicated source of stable power and resources that allows you to run your trading platform 24/7. This can be useful if it is not possible to have your computer on all the time and you wish to run an automated system. It is also useful for potentially reducing latency by using a VPS located nearer the trade servers, which can increase execution speeds.

FXChoice clients who have a balance of $3,000 or more and trade at least 5 lots during each monthly billing cycle can claim a free VPS. The VPS comes with MetaTrader pre-installed.

FXChoice VPS

FXChoice VPS

Live Economic Calendar

The economic calendar keeps you up to date with the latest market news events that are taking place. You can set the calendar to your own time zone and indicate your country and sector preferences to only see news relevant to you. Using the news calendar can help with fundamental analysis and making informed trading decisions. The service is free to clients and available from within the FXChoice back office.

FXChoice Economic Calendar

FXChoice Economic Calendar

Pips+ Programme

The Pips+ programme is a way for active traders to reduce their trading costs. The programme consists of five tiers and all MT4 & MT5 Pro account holders are automatically enrolled.

FXChoice Pips Plus Loyalty Programme

FXChoice Pips Plus Loyalty Programme

As you work your way up the tiers, the trading commissions decrease. To upgrade through the tiers, clients can increase trading volume or deposit more equity.

FXChoice Pips+ Programme

FXChoice Pips+ Programme

FXChoice Education

Whilst there are some FAQs covering general questions and some basic market and platform questions, FXChoice do not currently have a dedicated educational section on their website. Should you wish to learn more about trading, website such as babypips.com and forexfactory.com are popular amongst the trading community.

FXChoice Instruments

There are a wide variety of Forex & CFDs available to trade, catering for all different types of trader.

Forex CFDs Specifications

The Forex market is the world’s largest financial market, with over $4 trillion passing through it every day. This large volume brings about liquidity and flexibility for a trader’s strategy. There are over 35+ major, minor and exotic FX currency pairs to trade through FXChoice. This includes the popular EURUSD, GBPUSD, USDCHF & USDJPY currency crosses.

FXChoice Forex CFDs Specifications

FXChoice Forex CFDs Specifications

Crypto CFDs Specifications

Cryptos are online currencies based on complex mathematical algorithms that have continued to increase in popularity over recent years. Trading Crypto CFDs allow an investor to speculate on them without actually directly owning them. As they are decentralised, Cryptos are independent from government interference. FXChoice offer some of the most popular Cryptos, including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH).

FXChoice Crypto CFDs Specifications

FXChoice Crypto CFDs Specifications

Indices CFDs Specifications

Index CFDs are often seen as a way to diversify a portfolio because rather than investing in one company, you are investing in multiple companies throughout a specific market sector. FXChoice offer index CFDs on USTECHIndex, US500Index, US30Index, UK100Index, JAPANIndex, DXY, DE30Index.

FXChoice Index CFDs Specifications

FXChoice Index CFDs Specifications

Commodity CFDs Specifications

Commodity CFDs allow you to speculate on a commodity such as precious metals (gold, silver), energies (oil, gas), without actually having to own the underlying asset. These are often considered as safe havens and included as part of a diversified portfolio.

FXChoice Commodity CFDs Specifications

FXChoice Commodity CFDs Specifications

FXChoice Accounts & Fees

FXChoice have two main account types, the classic and the pro. If you wish to use MT5 and have all trading instruments, you will need to open a pro account.

MT4 Classic Account

The classic account has commission built into the spreads, which start from 0.5 pips. Spreads will tend to be higher due to the account being commission free, but this can help simplify calculating trading costs. Minimum deposit required is $100, minimum lot size 0.01, maximum lot size 1000 lots, leverage up to 1:200, hedging/scalping/EAs allowed.

MT4/5 Pro Account

The pro account charges an additional commission up to $3.5 on top of the spreads which come from direct market liquidity provided by some of the largest banking institutions in the world. Spreads will tend to be significantly tighter than on the classic account and start from just 0 pips. If your strategy requires tight spreads this may be your account of choice.

Another distinguishing feature of the pro account is that they boast a significantly wider selection of tradable instruments. Minimum deposit required is $100, minimum lot size 0.01, maximum lot size 1000 lots, leverage up to 1:200, hedging/scalping/EAs allowed.

Multi-Account Management (MAM) Account

FXChoice offer a MAM service to experienced traders who have their own client base and wish to trade on their behalf. A MAM account is a propriety account that enables competent traders to manage funds for an incentive fee that is dependant on the account’s performance. You can submit the application on the website if you wish to apply for an FXChoice MAM account.

FXChoice Multi-Account Management (MAM) Account

FXChoice Multi-Account Management (MAM) Account

As broker fees can vary and change, there may be additional fees that are not listed in this FXChoice review. It is imperative to ensure that you check and understand all of the latest information before you open a FXChoice broker account for online trading.

FXChoice Support

Competent and friendly multi-lingual global support is available 24 hours a day 5 days a week via online chat, telephone and email.

FXChoice won the best customer service challenge award from the LiveHelpNow Challenge which ranks the top 100 providers of superior customer service. These rankings are data-driven, based on metrics provided daily to client dashboards. Measured against 12 unique values, Challenge winners are amongst some of the best customer service providers in their field. The achievement reflects the professionalism, skill, care and constant endeavour to provide better customer service. This is what defines companies who rank among the top 100 in a global field of more than 10,000 businesses.

FXChoice Award Winning Customer Service

FXChoice Award Winning Customer Service

FXChoice Deposit & Withdrawal

FXChoice have several different ways to make deposits and withdrawals, focused on making it as easy and flexible as possible. The minimum deposit for all account types is $100 or the equivalent in another currency.

The method you choose may depend on how long it takes to process. If you want something quick then you may consider an online payment processor such as Skrill or Neteller. Please note that some methods may only be available to specific countries.

Some fees may be charged when using certain payment methods. Bank transfers may take a few business days to clear whilst some methods such as card payments can be instant.

Accounts can be opened in USD, EUR, GBP, CHF, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP. 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 (Secure Socket Layer).

FXChoice Deposits & Withdrawals

FXChoice Deposits & Withdrawals

FXChoice Account Opening

Opening an account with FXChoice is a quick and easy process. You simply complete the short online form and verify your email address. Following on from that you will need to submit some form of identification such as a passport scan and proof of residential address such as a utility bill. Once your account has been approved, you can make a deposit and commence trading.

FXChoice Account Registration Form

FXChoice Account Registration Form

FXChoice Summary

FXChoice is a flexible and transparent online broker that despite only being authorised and regulated in Belize, still offer competitive trading conditions with reasonable fees to clients across the globe, excluding some countries. The minimum deposit, leverage and trading platforms offered make them accessible to all levels of traders.

Forex, spread bets and CFDs are leveraged products. They may not be suitable for you as they carry a high degree of risk to your capital and you can lose more than your initial investment. You should ensure you understand all of the risks.

Min $100 Deposit

Launched in 2010, FXChoice is a Belize regulated online broker that offers flexible leverage, various accounts and trading platforms suitable for all levels of trader.