A Complete Analysis of FXChoice Broker Review 2024: Fees, Commission, Pros, Cons & Account Types

Broker FX Choice began in 2010. It has remained successful in the volatile financial markets for the last ten years. This shows their commitment and ability to bounce back from challenges. Start trading!

FXChoice broker reviews

FXChoice has been around since 2010 and is a popular online broker for Forex and CFD trading. Belize’s Financial Services Commission regulates it. Is FXChoice trustworthy?

It offers various trading account types and tools with good spreads, customer service, and trading platforms, making it a reliable choice.

Key Features

Account Currency: USD, EUR, GBP, AUD, CAD, Gold, Bitcoin, BitcoinCash, Litecoin, Ethereum, and XRP
Minimum Deposit: USD 10
Leverage: Up to 1:1000
Spread: From 0.0 pips (Pro account), 0.5 pips (Classic), and 1.5 pips (Optimum).
Instruments: cryptocurrencies, CFDs on stock, commodities, metals, and energies.
Margin Call / Stop Out: 25/15%

FXChoice regulation

Is FXChoice a regulated broker? This broker is well-known and regulated by the Financial Services Commission (FSC) with license number 000067/501.

The security of the client’s funds is their highest priority; they are being held in segregated bank accounts and provide negative balance protection.

Is FXChoice regulated in the USA?

FXChoice USA does not follow US regulations and does not work with clients living in the USA.

The website clearly states they are not regulated by regulatory bodies like the Commodity Futures Trading Commission (CFTC).

CFTC RED List: The CFTC includes FXChoice on its “RED List”. This implies that FXChoice doesn’t fulfill the requirements to operate in the US.

FXChoice account types

Feature	Classic Account	Optimum Account	Pro Account
Minimum Deposit	USD 100	USD 10	USD 100
Spreads (starting from)	0.5 pips	1.5 pips	0 pips
Minimum Lot Size	0.01 lots	0.01 lots	0.01 lots
FXChoice commissions	USD 3.5 per side	Up to USD 2 per side	Up to USD 2 per side
Rebate	N/A	Up to USD 2 per side	Up to USD 2 per side
Leverage	Up to 1:200	Up to 1:1000	Up to 1:200
Margin on Hedge Positions	50%	50%	50%
Execution Model	NDD, Market	NDD, Market	NDD, Market
Margin Call / Stop Out	25/15	25/15	25/15
Forex CFDs	36 currency pairs	36 currency pairs	36 currency pairs
More CFDs	N/A	Indices, Metals & Energies, Crypto, Shares	Indices, Metals & Energies, Crypto, Shares
EAs Permitted	Yes	Yes	Yes

FXChoice gives alternatives for Islamic swap-free, MAM accounts. However, PAMM and Cent are not offered.

FXChoice demo account

You can open Classic MT4, Pro MT4, and Pro MT5 demo accounts with sensible buying and selling situations and customizable virtual funds.

Note that paper buying and selling profiles expire after 90 days of inaction however may be stored open with everyday use. Contact customer service in case you want help resetting an expired demo account.

FXChoice assets & markets

FXChoice offers CFD trading in four sectors:

Commodities – Predict commodities like gold, silver, crude, or US Brent oil
Indices – Trade on six leading global indices, including US30 and UK100
Forex – Trade on 36 popular currency pairs, such as EUR/USD and GBP/USD
Equities - Over 50 shares such as Tesla and Apple
Digital Currencies - Engage in trading Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH)

Copy Trading – FXChoice leads Myfxbook AutoTrade for automated copy trading.

FXChoice does not provide binary alternatives or get the right of entry to NASDAQ, USDTRY, or platinum.

Classic account holders can choose from a total of 28 currency pairs, while Pro account holders can choose from a total of 38.

FXChoice forex broker review

Trade 36 forex pairs with spreads starting at 0 pips, including the EUR/USD pair. With a $10 minimum deposit, it provides more forex brokers leverage than the majority of its competitors, and also round-the-clock customer service.

Maximum FXChoice leverage

The maximum leverage available is 1:200. This range you can increase or decrease leverage starts from a minimum of 1:10 the maximum leverage for indexes, products, and cryptocurrencies: is DE30 Index: 1:50.

FXChoice trading hours

The online product guide and the table below provide server times. The GMT+3 time zones are used for all times.

How to deposit money into FXChoice?

Methods of FXChoice deposit:

Access your back-office profile to make a deposit.
Select ‘Deposit Express’ under the ‘Deposit’ tab.
To finish the transaction, adhere to the instructions displayed on the screen.
They will credit the net amount received (after deducting charges based on the amounts received) to your live trading account.

FXChoice minimum deposit

Minimum deposit
Classic Account	USD 100
Optimum Account	USD 10
Pro Account	USD 100

How to withdraw money from FXChoice?

The process of FXChoice withdrawal are as follows:

Enter your back-office profile and log in.
Select ‘EPAY’ from the ‘Withdrawal’ section.
After completing the form, click “Send request.”
An email will be sent to your email address with a confirmation link.
Click the link to confirm the withdrawal.

FXChoice fees

Deposit methods, fees, and processing time

Deposits	Payment Method	Fees	Processing Time
Bank/wire transfers	Limited availability; 3,000EUR minimum	Instant processing (up to 5 business days)	Only available in EUR, CAD, GBP, AUD
Skrill	Limited availability	Fee applicable (not specified)	Immediate processing
Neteller	Limited availability	Fee applicable (not specified)	Immediate processing
Bitcoin	No FX Choice fees	Automated processing	Processing fees from the payment system may apply
BitcoinCash, Litecoin, Ethereum, Ripple, Tether	No FX Choice fees	Automated processing	0.5% processing fee from a payment system
FasaPay	0.5% fee (max $5)	Immediate processing	-
Perfect Money	U.S. traders cannot use	1.99% fee (unverified), 0.5% fee (verified)	-
Paysafecard	10% fee	Immediate processing	USD, EUR, GBP accepted
QIWI	Limited availability	6% processing fee, 1% conversion fee	Immediate processing
AstroPay	Limited availability	Fee applicable (not specified)	Immediate processing
Poli	AUD only, Australian users	Fee applicable (not specified)	Processing upon receipt of funds
VLoad	Limited availability	6.5% fee	Immediate processing for registered accounts
SticPay	Limited availability	Fee applicable (not specified)	Automated processing
AirTM, AdvCash	Limited availability	Fee-free	Automated processing

Withdrawal methods, fees, and processing time

Withdrawals	Withdrawal Method	Fees	Processing Time
Bank/wire transfers	Limited availability Withdrawal min 1000EUR	0.25% fee (min 150EUR, max 1000EUR)	Same-day processing or 8.5 hours after-hours
Skrill	1% processing fee	Same-day processing or 8.5 hours after-hours	-
Neteller	Free to use	Same-day processing or 8.5 hours after-hours	-
Bitcoin	Unspecified mining fee	1-3 business days processing	30-120 minutes for funds transfer
BitcoinCash	0.0002 BCH fee	1 business day processing	30-120 minutes for funds transfer
Litecoin	0.02 LTC fee	1-3 business days processing	Add 30-120 minutes post-processing
Ethereum	0.005 ETH fee	1-3 business days processing	Add 0.5 hours before the fund's transfer
Ripple	3.0001 XRP fee	1-3 business days processing	8.5 hours after-hours
Tether	Free to use	1-3 business days processing	8.5 hours after-hours
FasaPay, Perfect Money	0.5% fee	Same-day processing or 8.5 hours after-hours	-
VLoad	3.5% fee	Same-day processing or 8.5 hours after-hours	-
SticPay, AirTM, AdvCash	Free to use	Same-day processing or 8.5 hours after-hours	-

Trading platforms

FXChoice gives a versatile buying and selling experience with the popular MetaTrader systems.

Metatrader 4 (MT4)

Suitable for novices and skilled buyers
Multilingual platform with advanced charting tools and customizable functions
Quick and clean login
Multiple timeframes, four pending order sorts
Expert Advisors and single-thread approach testers
Over 2000 technical signs and graphical items

Metatrader 5 (MT5)

Successor to MT4, presenting a greater professional revel in
Market depth view; get entry to more tradable assets
More technical indicators, timeframes, and faster execution speeds
Six pending order types
Spacious dashboard for less complicated navigation
Compatible with Windows and Mac PCs

Metatrader web trader

FXChoice mobile app

MT4 and MT5 mobile apps for easy buying and selling on iOS and Android gadgets
Comparable functionality to computer structures
Additional advantages consist of push notifications and interactive rate charts
IPad users can display a couple of charts in a single window
Download from the App Store or Google Play

Research and Education

FX Choice has limited educational resources, offering a downloadable PDF guide on CFDs.
However, its research, news, and education offerings are less comprehensive compared to competitors.
The Myfxbook AutoTrade tool has a $1,000 minimum investment and is not accessible to beginners or investors from America, Iran, or Israel due to regulatory restrictions.
Expert Advisors (EA) robot trading lacks substantial educational material, with only dated video tutorials from 2015.

FXChoice customer service

Conclusion

Is FXChoice a good broker? Yes, they provide demo accounts, many third-party tools, and good leverage in both the Classic and Pro accounts. The option of MetaTrader systems caters to strategies, making FXChoice a terrific broking for each novice and expert.

Investors would benefit from having a wider range of research tools to help them learn more. These tools would complement the existing resources available. This would enhance their ability to make informed decisions. Additionally, it would be beneficial to have access to a variety of tools for different types of investments.

Pro Tip

To fully gauge the suitability of FXChoice brokers for your investment needs, consider exploring their capabilities in global markets. Enhancing your trading experience involves engaging with trusted forex brokers. With offerings that span CFDs, FX, stocks, and cryptocurrencies, staying well-informed about the markets is crucial. This approach enables you to make more knowledgeable choices, leveraging the full potential of your investment endeavors.

Frequently Asked Questions

1. Is FXChoice fake or a scam?

We can choose the classic and professional ECN accounts at this brokerage, benefiting from narrow market spreads. The regulated broker holds a license from FSC, a regulatory body known for its strict rules.

2. How do I open an FXChoice account?

Quick Guide to Signing Up & Trading:

Use our sign-up link to register for a live account.
Fill in the registration form, taking just a few minutes.
Verify your profile by logging into the back office.
Deposit a minimum of $100 into your FXChoice account using accepted payment options.
Download MT4 or MT5 or use the WebTrader.
Open the trading platform, identify opportunities, and enter a long or short position.

3. What type of broker is FXChoice?

Mainly focused on NDD brokers but offering some of the most competitive spreads in the market for trading CFDs.

4. How long does it take to withdraw money from FX Choice?

After receiving the withdrawal requests they might take process 1-3 days of business hours. Bitcoin withdrawals take 30 minutes to 2 hours, while electronic system withdrawals take 1 minute to 24 hours. It can take up to 5 business days for money to be transferred to a bank account.

5. Which trading platforms are supported by FXChoice?

6. What are the advantages of trading with FXChoice?

Variety of order types for all trading styles
True NDD/DMA environment
Scalping allowed
Hedging allowed
The FIFO rule is not applicable
Various deposit and withdrawal options
Maximum fund security

7. What is the overall rating for FXChoice?

The overall rating is3.5 out of 5

8. What is the commission for FXChoice?

The commission charged a negative figure under 'Commission' in trade history
Classic Account	-
Optimum Account	-
Pro Account	USD 3.5 per side (USD 1.5 for high-volume traders, see Pips+), per

9. Does FXChoice work in the USA?

FXChoice does not accept clients from the USA. The customers are from Canada, and Nigeria is welcome to open an account.

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