FXChoice Review In Short
What we like
– Easy account setup
– Low minimum deposit
– Scalping, and EAs allowed
– Leverage up to 1000:1 (Optimum Account)
– Crypto deposits allowed
– Tight spreads
Room for improvement
– Lacking real stocks for long term investing
– Not available to US/European traders
– No dedicated trading app outside of MetaTrader
If we were conducting a short FXChoice review in a few words, I would say that this is a broker that is clearly aiming to provide great all around value. This is something that as usual starts with a free demo account, moving swiftly into a range of bonuses when you fund your account; then rewarding you when you are a trader with tight spreads, loyalty programs, and customer support that continues to give back. Each aspect of the value proposition that has been put together by FXChoice aims to deliver value to you as a user, and that is a great place to start.
The next aspect of focus is the flexibility that FXChoice offers across a range of areas. There is huge flexibility in the choice of deposit methods, trading styles that are supported, leverage ranges you can trade with, and assets you can trade.
An area that would want some attention in future periods to bring FXChoice even further forward is a dedicated trading app outside of MetaTrader (which is currently experiencing issues on the Apple store). You also have a gap in the number of cryptocurrencies available for trading, particularly considering the broker accepts more types of currencies as payment methods than they currently have for trading. We all have areas we can improve for the future, but for today this is a broker that competes in many areas really well.
The excellent service standard adhered to across the range of methods, and the general product offering FXChoice put together continues to keep this broker high on our list of places to trade. Unless you are in one of the restricted countries that you find below, FXChoice is definitely one for the shortlist, and with a no deposit bonus currently available, there has never been a better time to test them for yourself, risk free.
MINIMUM DEPOSIT : $10
INSTRUMENTS : 100+
SPREADS : From 0.0
LEVERAGE : Up To 1:1000
YEAR FOUNDED : 2010
FXChoice Restricted Countries
- American Samoa
- North Korea
- Northern Mariana Islands
- Puerto Rico
- United States
- US Virgin Islands
Fully Detailed FXChoice Review – Is FXChoice a legit choice?
The first thing to note within this FXChoice review is the nature of the broker itself and who can use them. This is a broker that has chosen not to target users from the USA, or Europe; but one that delivers a high quality targeted offering towards traders predominantly from Asia, Africa, the Caribbean, Latin America, and the UAE. These areas of the globe are continuing to grow from a trading perspective and it makes sense that FXChoice would be happy to stick with serving users that have come to be loyal traders over the years.
Having been incorporated way back in 2010, FXChoice has a history that is longer than many of its’ competitors. Typically you will see brokers operating in markets that they target having no oversight, so it is a positive for FXChoice when compared against others operating in similar markets that they have sought out regulation. To do this when mandated is not an indicator of a companies ethics, but to do so when it is not essential could be seen as the mark of a good broker.
With local offices in Belize, and St Vincent and the Grenadines, it will come of no surprise that regulation has been sought in these very same jurisdictions. FXChoice holds regulation with the FSC of Belize under licence number 000067/301, which whilst not being one of the main Tier 1 regulators, is one that provides governance, along with a framework that allows for more flexibility within an fx brokers’ operations. FXChoice uses some of this flexibility to deliver a wide range of additional benefits that otherwise may be out of scope.
Is FXChoice a good broker? Look at what their client reviews say
There continues to be no better barometer for the safety of a broker than its’ own clients experience over an extended period of time. This quite frankly is something that is very difficult for a reviewer as a new user of the platform to determine without looking elsewhere for experiences.
FXChoice is reviewed by its’ own traders across various other portals and it seems that by and large, users from across the globe are very happy with the broker and the experiences they have had.
Taking a look through FXChoice reviews on Trustpilot gives us a good sample of users from various countries, including many from South Africa, Malaysia, Nigeria, and Singapore who state they have been trading with the broker for quite the number of years, which gives us some really great insights into the potential pitfalls you might look for, and of course the areas of strength.
Holding a 3.9 total rating (50% of users review FXChoice the full 5 stars, and 81% total being 4 stars or more) is a really strong indication that the broker continues to look after its’ users long after they open a live account, and a plus in the trust column as far as we are concerned.
Trading fees – FXChoice spreads are highly competitive
FXChoice Spreads – Low (From 0.0)
Deposit/Withdrawal Fees – None
Minimum Deposit – $10 (Optimum Account), $100 (Classic/Pro)
This is one of the more important aspects of a broker that you will want to know, outside of the safety of operations, and the features of the platform. After all, how much it costs to trade with your chosen broker will have a significant impact on the net position of your account over time.
It is good to see then, that FXChoice spreads have been kept as low as you can find; ranging from 0.0 pips on the pro account up to 0.5 pips on the standard account. Either way you look at it, the spreads with FXChoice are very competitive, and are a sign that the broker is interested in bringing on board astute traders who are looking for good value.
Deposits and withdrawals with FXChoice are free of fees by the broker, although it is possible depending on the method of withdrawal that your own provider may apply charges. This can usually be avoided by using one of the many different options available.
FXChoice Minimum Deposit
The FXChoice minimum deposit is amongst the most affordable on the market, at just $10 for the Optimum Account, or $100 for Pro or Classic Accounts. Whilst you may want to deposit more than the approved minimum in order to ensure you can trade with adequate risk management, and to a specific trading plan more easily; the fact that FX Choice minimum deposit is affordable and inclusive means that many people are able begin trading at a lower level of capital risk. This is certainly a good thing.
As indicated above, all deposits can be made into the broker without them charging you a fee, although when it comes to withdrawals there are some aspects you will want to keep an eye on. Due to the vast range of payment methods on both deposit and withdrawals, I will be exploring this further in a dedicated payment methods segment of this FXChoice review.
FXChoice Trading Fees Summary
There are two ways to look at the trading fees and the overall value a broker is delivering. One side of a broker is the way they treat clients with offers when they are new, with the other more important aspect (in my view) being the way they treat existing clients. FXChoice is offering initial value by way of various deposit bonuses, and promotional offers that are designed to help entice users in.
Once users are with FXChoice, they continue to provide a strong value proposition with loyalty programs, and an extension of ongoing promotions. When you add to this the highly competitive spreads, overall it is clear to see that FXChoice is really pushing to compete strongly when it comes to trading fees, and they are doing this very well.
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FXChoice Trading Platforms – MT4, MT5
Web Trading – Yes
Number of Instruments – 100+
Scalping Allowed? Yes
Currency of accounts USD, EUR, GBP, AUD, CAD, mAU, BTC, BCH, LTC, ETH, XRP, USDT, USDC, DOGE
FXChoice offer trading platforms from the MetaTrader suite, with both MT4 and MT5 offerings being made available. If you have traded at all in the past, you will have come across these names, as they are synonymous with trading and particularly with forex brokers. There is a good reason for this, with MetaTrader delivering a reliable, feature filled platform.
When trading with FXChoice, you will do so via the MetaTrader platform, reducing the requirement to learn something entirely new. You can also install previously used expert advisors (EAs), or pick from the vast list of new ones. As we have already covered many of the benefits of MT4 and MT5 (they are good!), we will instead here look at the differences between MT4 and MT5 as offered by FXChoice.
As you can see from the comparison above, MT5 has additional features to MT4, but that comes with additional weight for the program installation itself. MT5 takes up some 3 times the amount of space as MT4, and to many, MT4 provides everything they need in a trading platform already. If you would like the extra bells and whistles offered by MT5, why not try it out either in a demo environment, or with some smaller trades to see if the added features help, or even hinder your progress.
All traders have personal preferences, and one is not better than the other, they are simply different. One thing you can be assured of with either FXChoice trading platform is reliability, and transparent conditions that are competitively priced.
Any FXChoice review would not be complete without taking a look at the range of instruments that are offered on the platform, and in most cases here, you will not be let down. We have already covered FXChoice spreads being competitively positioned across the board, and whilst the range of instruments is not quite as competitive as some others (no real stocks), there is ample opportunity for you to find assets to get your teeth into from a trading perspective.
You might think from the name that FXChoice is primarily a forex broker, when in actual fact there are a range of other instruments tradeable as CFDs in various asset classes. You can trade with leverage on various major individual stocks from US, UK, and European exchanges, alongside the indices themselves. In addition to this, FXChoice offer commodities, 3 major cryptocurrencies (BTC/ETH/LTC) and the expected wide range of forex pairs with a leverage up to a maximum of 1:1000.
The vast majority of successful traders tend to focus on a few instruments, and focus in on understanding them as well as humanly possible. It should come of no surpirse then that you do not necessarily need to find the broker with the most instruments, but those that have the ones you want to focus on, with the conditions to make trading them worthwhile.
FXChoice Mobile App
Trading on the move is made easy with FXChoice by virtue of the evergreen MetaTrader. Whilst this is an app that will deliver everything that MetaTrader is well known for, there are a few issues that have been seen recently with the app accessibility on the Apple iOS store. This is no fault of FXChoice, or any of the other many brokers that offer MetaTrader platforms to its’ users but nevertheless, it does make access that bit more complicated if you are an iPhone user.
Not having a dedicated FXChoice mobile app to use is unfortunate, but with many brokers being impacted by this issue, is likely something that will be looked into further the next time FXChoice review their offering with the creation of proprietary, or branded trading apps becoming more common place.
Copy Trading Platforms Integrated With FXChoice
We will wrap up the FXChoice review from a trading platform perspective by taking a look at the other services that have been integrated within the trading platform to provide an all around improved trading experience. Copy trading has been a growing trend over recent years, with more traders wanting to take advantage of a wider array of expertise than they may have personally. There are brokers that offer their own copy trading platforms with a limited number of users to follow, and then there are brokers who integrate multiple services from external providers that allow users to take advantage of other plug and play solutions. FXChoice is one from that second pool of brokers.
Copy trading with FXChoice can be accessed both via MyFxbook’s autotrade, along with ZuluTrade’s copytrading service. Both of these systems have their pros and cons, but having variety can only be a good thing. From a personal perspective, we have been more impressed with the offering from ZuluTrade than that of MyFxbook, but this is a personal preference rather than a slight on either. It is worth taking a look at both if you are seriously considering copy trading via your FXChoice account, and seeing which option is more appropriate for your own plan.
FXChoice Trading Platform Summary
All in all, the trading experience with FXChoice has proven to be one that ticks many boxes, with a solid choice of MetaTrader options ably supported by copy trading platforms. There is flexibility to trade the way you want, with a variety of different trading styles accepted with FXChoice that are not allowed elsewhere, including scalping and hedging strategies. One often overlooked point of consideration with both scalping and hedging strategies from new traders is the importance of the trading conditions, and as has already been alluded to, FXChoice spreads are competitive to a point to make either of these strategies viable (in the right hands of course).
Whilst you will not be able to trade on mobile as a new iOS user at this time due to MetaTrader’s issues, you can still continue to trade on the Web portal, or directly on the downloaded trading platform across a variety of trading instruments. Unless you are looking to trade more exotic cryptocurrencies, or real stocks, you will likely find yourself happy with the more than 100 instruments offered for trading by FXChoice.
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Crypto Deposits/Withdrawals – Yes
The choice made available by your broker to access your account, and the speed of deposit and withdrawal continue to remain important for novice and serious traders alike. The topic of deposits and withdrawals for most brokers are one of the most commented on in broker reviews across various platforms, and so we will see how FXChoice stack up in this regard.
There are quite the variety of payment methods offered by FXChoice; including traditional methods such as debit cards, through to various digital wallets and a whole host of cryptocurrencies. This is an area that rather stands out for FXChoice, as many brokers even 20 years after Bitcoin’s introduction still do not allow deposits or withdrawals to be made from crypto wallets. It continues to feel as though this will be a standard in the future, but for now, this is a an advantage if you are considering a broker that accepts cryptocurrency deposits.
When you get in to the digital wallets space, you will find the industry prevalent names such as Neteller and Skrill, alongside FasaPay, AstroPay, Perfect Money, and Poli.
There is one thing to look out for when you are withdrawing funds from FXChoice, namely that certain withdrawal methods can only be used to withdraw amounts up to the amount you have deposited from it. Any amounts over and above what you have deposited (profits), would need to be withdrawn via an alternative source. This is the case with Visa, and Mastercard withdrawals, as well as those to Payop.
It is not a problem, just as long as you have ore than one way of receiving funds back from the broker. Usually withdrawals with FXChoice are processed on the same day as the request is made(assuming it is within working hours), otherwise these will be processed on the following working day.
As there are also always some differences in the payment methods accepted by brokers depending on where in the world you are based, it is usually a good idea to message customer support if you have any questions, and to be sure you are covered.
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FXChoice Demo Account
Demo Platforms Available – MT4, MT5
Time Limited – Available Indefinitely
There are a full range of FXChoice demo accounts available, allowing you to test the classic, or pro accounts on MT4 and MT5 platforms. The process is made very user friendly, with a few basic pieces of information required alongside basic telephone verification. All in all, this should not take longer than a minute or two.
The FXChoice demo account is available indefinitely, meaning that it does not switch off after a limited time as we see with some others. It is always important to us that users are given complete flexibility with how they use demo accounts, as these are the practice grounds for the makings of successful traders. You can continue to test your trading strategies in a demo environment with FXChoice even after you have a real account funded alongside, and you can set up multiple accounts simultaneously in which to test a variety of strategies if you are an avid tester.
If you are have got this far and would like to see more about the FXChoice demo account, feel free to check it out here.
Account Types – Newly Added Optimum Account Brings 1:1000 Leverage To FXChoice
There are three main types of accounts offered by FXChoice, namely the new Optimum account, to supplement the Pro, and Classic varieties. Each of the account types is operational under a vast number of different base currencies to suit your preference. You will have the choice of USD, EUR, GBP, AUD, CAD, and various cryptocurrencies in which to base your account which is a great positive in comparison to the often limited USD accounts. Innovation is certainly flourishing here, as something rather unique with the broker is that you can also choose to denominate your account in Gold.
You can see below a table outlining some of the key differences between the three account types.
|FXChoice Account Types||Optimum||Pro||Classic|
|Minimum Lot Size||0.01||0.01||0.01|
|Trade Commision||0||$3.5 per standarad lot||0|
|Rebate||Up to $2 per standard lot||0||Up to $2 per standard lot|
The range of account types offered by FXChoice feels appropriate, with each having a specific purpose and doing its’ respective job well. The main differentiators between the three accounts are the type of fee model you would prefer for your trading (either commission, or spreads), the trading platform you wish to use, and the leverage you would like to trade with. If you are adamant that you would prefer to trade on MT5, you will need the Pro account, and if you prefer to trade with commission rather than spreads you will want the same. The opposite is true for alternative viewpoints.
Not a huge amount more to add here, apart from the fact that either way, you will be taking advantage of a NDD technology, as FXChoice operate as a fully non dealing desk broker. This helps to avoid conflicts on the operational side.
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There are a couple of pretty great FXChoice bonuses that can help kick start your trading account balance right from the get go. Whilst we do not rate the bonuses that a broker provides by virtue of the fact that not all are able to offer them; those that do undoubtedly have something else to give customers a head start and should be carefully considered.
- 65% deposit bonus on crypto deposits. This particular FXChoice bonus allows you to receive an extra 65% in your trading account on any crypto deposits you make (up to a maximum bonus amount of $10,000 per month).
- 50% first deposit welcome bonus. Get 50% added to your first deposit once your account is verified up to a maximum of $10,000.
- $30 FREE no deposit bonus.
You will want to take a look through the standard terms & conditions as usual, but the deposit bonuses above are made of up to 3 component parts that when added together equal the total highlighted. The component parts of the largest 65% deposit bonus is made up of (i)15% deposit bonus on all crypto deposits, (ii) 25% welcome bonus, (iii) 25% all deposit bonus (on fiat and crypto). If you are taking the 50% deposit bonus, it is the component parts of (ii), and (iii).
FXChoice bonuses are withdrawable along with your deposit once you reach a standard trading volume, which is 50% of the value amount you receive in $’s, migrated into lots. In essence, a $250 bonus would have 125 standard lots traded as a standard requirement for withdrawal, where a $2000 bonus would carry 1000 lots in trading volume. Any deposit being added to your account certainly bonus helps you to reach those trading volumes over time, but it is important not to overtrade to push those limits too soon. Trade within your plan, and use any bonus in a smart way to amplify your results and provide adequate margin rather than by purely increasing position sizes.
FXChoice no deposit bonus?
The newly launches $30 no deposit bonus is a really great way to get your account started with FXChoice in a real environment, but without the risk of using your own capital.
We often people downplay the importance of demo accounts because they don’t give you the feelings you may experience when you are trading with real money, but the no deposit bonus counters that perfectly, and still allows you to feel your way in to the FXChoice platform.
You will likely want to add some of your own funds in time to make your risk management and trading plan work in a meaningful way, but it is a great offer that we are sure many people will be taking advantage of. These types of offers are quite uncommon and usually limited in nature due to the demand spikes created.
Pips+ Loyalty Programme
The FXChoice loyalty program, known as Pips+ is a way in which you can earn volume based reqards for your general trading activity. As we know, brokers make money from the spreads or commissions charged per trade, but the Pips+ loyalty program is the way FXChoice gives back, and reduces costs for loyal traders on the platform.
There are 5 tiers to the programme depending on how active you are, and whilst you will have to trade quite some volume in order to reach the top tier, it is far from impossible for active traders. Once you do reach this level, you can receive $20 rebate for every $1million in trading volume; working out to $2 per lot as a rebate. In order to reach this level, you will need to trade 100 standard lots over the preceding 30 days. If you are trading these volumes anyway, 100 lots would earn you some $200 in rebates for your loyalty at this tier.
Email – [email protected]
Telephone – +52 556 826 8868
Address – Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize
Web address for live chat – FXChoice contact
Hours of availability – 24 hours a day, 5 days per week
Throughout our FXChoice review, we are looking for areas that the broker can stand out from the crowd, as well as where they may fall short. Customer support is one of those areas for any broker, or business for that matter, where they can either choose to invest in ensuring that users are happy, and supported on the platform in a timely fashion; or leave users to their own devices. From that investment, if it is done well, the broker will get a satisfied client that is likely happy to act as an advocate for the business.
FXChoice has seemingly chosen to take this aspect very seriously, and delivers customer support 24 hours a day, 5 days a week. That should mean that whenever you need to speak to someone at FXChoice whilst markets are open for trading, you will be able to reach them. This is an admirable approach that will satisfy the vast majority of users. So the hours of operation can not be in question, but what about the quality of the support, and the ways in which you can reach the broker?
Award Winning Customer Support
From a quality standpoint, FXChoice has been awarded LiveHelpNow’s exception customer service award for 3 years running, which is a positive thatspeaks beyond the experience we have had with the broker. Testing the contact form resulted in a timely response, with our query being dealt with a professional and courteous manner. This is something that you should expect as an absolute minimum, but is not always the case.
When you are considering how to reach FXChoice, you have the usual options available of email, telephone, and live chat, which is plenty. There are some brands who have gone on to add social communication, and mobile instant messaging support that FXChoice do not have; but by and large those deliver something quite similar to what you will get from live chat.
It is also worth noting that FXChoice reviews on Trustpilot and others, the broker does respond to all messages both positive and negative. This is a good sign to show that regardless of the situation, the broker will be there looking to ensure users are satsfied, and queries are resolved.
FXEducation – An added bonus for customers
Customer support does not start and end with complaints, but runs through how a broker is supporting its customers. In the world of trading, particularly if you are new to the markets, you will want support with your trading from an educational standpoint. This means that if a broker really cares about your success, they will provide educational resources, and client account managers where appropriate.
It is nice to see then that FXChoice have a dedicated FXEducation area on their website that gives a pretty solid overview of the basics you would want to know when first getting started with forex trading. Whilst this area is not huge in comparison to some other major names in the industry, the commitment to deliver these resources is again an investment in client satisfaction and should be applauded nonetheless.
All around, FXChoice appears to be committed to delivering a service that leaves customers satisfied and supported throughout the entirety of their trading.