Launched in 2010, FXChoice is a regulated online broker accepting clients worldwide. They provide powerful yet easy to use trading platforms for all levels of trader along with various accounts types and convenient funding options. FXChoice offer very competitive trading conditions including tight spreads from 0 pips, low commission fees, rapid trade execution speeds, flexible leverage up to 1:200, award-winning 24/5 support and much more.
FXChoice Review, Pros & Cons
- User-friendly trading platforms for web, desktop & mobile
- Low spreads, low fees & rapid trade execution speeds
- Hedging, scalping & expert advisors (EAs) allowed
- Good choice of quick & easy funding options
- Commission free accounts
- Electronic communication network (ECN)
- Non-dealing desk (NDD)
- Pips+ Programme for reduced commission & rebates
- No debit balance guarantee
- Free VPS
- Minimum $100 deposit
- Limited educational materials
- Demo accounts expire after 90 days
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.
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.
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.
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 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.
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).
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 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 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.
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.
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 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.
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.
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.
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.
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.
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.
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).
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.
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 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.
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.
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 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 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.
What is the FXChoice minimum deposit?
The initial minimum deposit for all FXChoice accounts is $100 or the equivalent in another currency. Accounts can be opened in USD, EUR, GBP, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP.
This is a very reasonable minimum deposit requirement when compared to some brokers who require $500 or even thousands to open a trading account. It will allow you to trial the brokers products and services to see if they are suitable for your specific needs before committing a more substantial investment.
How do I deposit money into FXChoice?
FXChoice have an excellent choice of quick and convenient methods for making a deposit into your trading account. You can choose between bank wire transfer, credit/debit cards, cryptocurrency or from wide range of e-Wallets including Skrill, Neteller, UnionPay, Perfect Money, Trustly, Qiwi and more. Whatever your needs, there is a deposit method to suit everyone.
To avoid any unexpected charges and fees, FXChoice recommend that you primarily deposit and withdraw funds into and out of your account in the same currency as the currency of your trading account.
Keep in mind that the availability of deposit and withdrawal methods varies from one country to another. Some of the funding methods may not be available in your particular country.
Within any 30-day period you can deposit a maximum of $10,000 by card. You can do this in as many small deposits as you want (3 transactions per day), but the maximum is $10,000 in the 30-day period (which starts from your first deposit).
What are the FXChoice deposit fees?
If you are depositing funds by one of the e-Wallets or a credit/debit card, your payment is automatically reduced by the amount of fees and net amount is then credited to your account. This is because FXChoice have to pay for the services provided by payment processors and pass this fee onto the client. However, they do not charge anything extra.
How do I withdraw money from FXChoice?
FXChoice have a good selection of withdrawal methods which includes bank wire transfer, credit/debit card, cryptocurrency and e-Wallets such as Skrill, Neteller, FasaPay, Sticpay, VLoad, Perfect Money and more.
You can make a withdrawal request from your FXChoice client area. Once a withdrawal request has been created in the system, the broker will contact you to confirm that you submitted this request, before they process it.
All withdrawal requests are processed within 24 hours from Monday through Friday. Once your withdrawal request has been processed by the broker, the time it takes to reach your account depends on the withdrawal method being used. Bank transfer and card payments may take a few business days to clear whereas e-Wallet withdrawals are usually instantaneous.
What are the FXChoice withdrawal fees?
As with making deposits, you may incur a transaction fee if withdrawing funds via e-Wallets or a credit/debit card. If using bank transfer, you will need to check with your bank if they will charge any fees.
What is the FXChoice commission fee?
The FXChoice commission fee depends on the account type that you choose. The standard accounts do not charge a commission fee as it is included within the spreads. The pro accounts on the other hand have tighter spreads but a small commission fee is charged per trade.
The calculation of the FXChoice ECN commission fee is based upon the volume in USD. All trades on pro accounts are subject to a commission of $3.5 per notional trading amount of $100,000. In other words, the total amount of commission for a round-turn lot will be $7.
It is important to note that the FXChoice Pips+ programme can save you commission fees if you are a high-volume trader. Under the classic account, the more you trade, the more rebate you receive (works like a spread refund). On the pro account, the more you trade, the lower commission you pay (as low as $1.5).
Any positions held at the end of the trading day may be subject to a ‘financing charge’ which is shown on an FXChoice account as ‘rollover’. The daily interest debit or credit amounts based on the total face value of the position.
Are there any FXChoice inactivity fees?
FXChoice do not charge an inactivity fee. Some brokers will deduct funds from your trading account if you do not access or use it for a sustained period of time.
What are the FXChoice account types?
Whatever your trading style, FXChoice offer a range of accounts to suit your trading needs. All account types can be opened as either individual or corporate accounts and can also be traded in demo mode to help improve your trading skills before opening a real account and trading using real money.
- MT4 Classic accounts: This account type simplifies the calculation of trading costs by including the commission within the spread. This means the spreads have a small mark-up but there is no commission fee
- MT4/5 Pro accounts: The pro account spread and commission are charged separately. These accounts have intermarket spreads which tend to be tighter than the classic account spreads, starting from just 0 pips. There is a small commission fee of $7 per lot, per round turn. This fee can be significantly reduced via the brokers Pip+ program that rewards high-volume traders
The type of account that you choose can depend on your trading strategy. The pro accounts may be preferable if your strategy is dependent on tight spreads. Those who use long term trading strategies may not be so concerned about tighter spreads and would rather not pay the commission fee. An additional distinguishing feature of the pro accounts is that they boast a significantly wider selection of tradable instruments.
Is there an FXChoice demo account?
Yes, there is the option for you to open an FXChoice demo account which can provide a great way for you to practice trading online whilst familiarising yourself with the brokers platforms and trading conditions.
In order to offer you the best possible demo testing environment, FXChoice offer demo versions of all the available account types. If you don’t login to your demo account for 90 days it will expire. You can add funds to it from any time from your client back office.
Demo accounts are free to create (up to 20) although they do not take into account the emotions which can occur when trading on a real account such as fear, anger and greed.
What are the FXChoice spreads?
If you are looking to trade with FXChoice, then you will need to pay the spread. The spread is the difference between the bid (buy) and ask (sell) prices of a certain asset. Spreads are a common way in which trading brokers charge fees.
FXChoice have tight spreads starting from just 0 pips on the pro accounts and 0.5 pips on the classic accounts. They do not quote a negative spread and offer some of the most competitive spreads in the industry.
As FXChoice are a variable spread broker, the spread will greatly depend on the prevailing market conditions and liquidity provided by the banks. When FX markets become volatile and/or thin (less liquid), variable spread tends to widen.
What is the FXChoice leverage?
FXChoice maximum leverage is 1:200. Leverage allows you to open a trade position larger than you would have been able to without it. Whilst this may seem like a tempting proposition as it gives the opportunity for potentially larger profits, it can also significantly increase overall risk exposure.
For example, if you have capital of $1,000 with 1:200 leverage and decide to borrow $200 for every dollar from your broker, you will have $200,000 to trade with.
What are the FXChoice margin & stop-out levels?
A Margin Call is literally a warning received in your MT4 trading platform to notify you that your account has slipped past a certain percent of the required margin and there is not enough equity (unused balance + floating profits – floating losses) on the account to support your open positions any further.
A stop out level is also a certain required margin level in percent, at which the MT4 trading platform will start to automatically close trading positions (starting from the least profitable position and until the margin level requirement is met) in order to prevent further losses into negative territory – below $0.
These requirements differ by account type. If you are a holder of the classic MT4 account, you will receive a margin call at 25% and will be stopped out at 15%.
What this means is that when your equity falls to 25% of the margin required to hold your position, you will receive a warning that your position will be highlighted red in your MetaTrader4 platform.
If the market continues to move against you and your equity eventually falls further below to 15% of the required margin, you will be stopped out of your position. To prevent that from happening you have to either think about closing some of your positions or adding more funds to increase your equity.
Do FXChoice allow hedging, scalping & expert advisors?
FXChoice have no restrictions on scalping or hedging. They allow clients to use any expert advisors (EAs) and actually have a special environment for EA trading.
Is there an FXChoice Islamic account?
Yes, there are FXChoice Islamic accounts which are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith. If you are from a Muslim country, you can request an Islamic account by simply logging into your Backoffice profile, going to the Profile section, select Islamic account and submit your request for a swap-free account. The broker operates Islamic accounts on both of the MT4 and MT5 platforms.
What are the FXChoice trading instruments?
FXChoice have a good selection of CFD instruments across various markets including forex, stocks, shares, cryptocurrencies, indices, metals, energies and commodities.
How do I open an FXChoice live account?
If you wish to open an FXChoice account, you will need to complete a short application form which you can find on the brokers website by clicking the “register” button. Then follow the onscreen instructions to complete the process.
How do I verify my FXChoice account?
As a regulated broker, FXChoice are required to establish the identity of all live account holders by requesting them to provide supporting documentation. All online applications must be complimented with a colour copy of your ID/Passport.
Once you have opened an FXChoice account, you will need to upload documents to complete the verification process before you can make a deposit and start trading. After all your documents have been submitted, your account is usually verified within 24hrs, excluding weekends.
What is the FXChoice trading platform?
The FXChoice trading platforms are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These are amongst the most popular trading platforms in the world, allowing you to trade in Forex, CFD and commodity markets. They are user-friendly, contain many analytical tools for in-depth market analysis and enable you to trade with automated trading systems.
Where can I download the FXChoice platform?
You can download the platforms from within your client area on the FXChoice website after you have created an account. You can choose the platform relevant for your account; MT4 accounts will not work on MT5 and vice versa.
There is also the Web Platform, available for both MT4 and MT5 users, which runs in the web browser and doesn’t require any downloads.
The MetaTrader apps can be downloaded from the relevant app stores and brokers website for clients who would like to trade from their mobile devices.
Where is FXChoice located?
FXChoice is based in Belize.
Is FXChoice regulated?
Yes, FX Choice Limited is authorised and regulated by the IFSC (Licence number: 000067/164). The International Financial Services Commission is the Belize government agency responsible for financial regulation. It is responsible for regulating all financial market participants, exchanges and the setting and enforcing of financial regulations.
What countries do FXChoice accept?
FXChoice accept clients from all countries, except 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, American Samoa.
Is FXChoice a scam?
No, FXChoice is not a scam. They have been providing online trading services since 2010 and are regulated by the IFSC.
How can I contact FXChoice support?
You can contact the FXChoice multilingual customer service team via telephone, call back request, live chat or email.
FXChoice is an established and transparent online broker that is authorised and regulated in Belize, offering competitive trading conditions such as tight spreads, rapid trade execution speeds, low fees and flexible leverage to clients across the globe. The brokers minimum deposit, user-friendly trading platforms and range of payment options 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.