FXChoice Fees and Commissions 2024: How Much Does Trading Cost?
FXChoice Fees and Charges Overview
FXChoice offers a clear and straightforward fee system. For the Classic account, there are no commission charges; instead, traders pay through spreads starting at 1.4 pips for EUR/USD. The Pro account, however, offers tighter spreads beginning at 0.6 pips, but it comes with a commission of $8.20 per lot traded. In addition to these trading fees, FXChoice also charges swap fees on leveraged positions held overnight, which vary depending on the asset or currency pair being traded. Traders should also be aware of potential withdrawal fees depending on the payment method they choose. Some methods, such as Airtm, are free of charge, while others may incur additional fees. You can find a detailed breakdown of all charges on FXChoice’s website.
FXChoice Trading Fees
FXChoice offers two main account types, each with its own fee structure:
Classic Account
The Classic account is a commission-free option, where the cost is built into the spreads. For major currency pairs like EUR/USD, spreads start at 1.4 pips, making it an ideal choice for traders who want to avoid commission fees.
Pro Account
The Pro account offers much tighter spreads, starting from 0.6 pips, but traders are charged a $8.20 commission per lot. This means the total trading cost for EUR/USD comes out to $14.20 per lot, including both spread and commission fees.
In addition, FXChoice applies swap fees for positions held overnight. These fees vary by asset class and currency pair, and are based on the interest rate differentials between the currencies involved.
| Account Type | Spreads | Commission | Total Cost per Lot (EUR/USD) |
|---|---|---|---|
| Classic Account | From 1.4 pips | None | Spread only |
| Pro Account | From 0.6 pips | $8.20 per lot | $14.20 |
FXChoice Non-Trading Fees
Alongside trading fees, there are several non-trading fees to be aware of:
Inactivity Fees
FXChoice charges a $50 monthly inactivity fee if your account remains inactive for more than six months. To avoid this fee, ensure that you log into your account and make trades regularly.
Withdrawal Fees
While deposit fees are waived for most payment methods, certain withdrawal methods may incur charges. For example, Skrill withdrawals come with a 1% fee, while Perfect Money charges 0.5%. Bank wire transfers typically cost around 30 GBP. Processing times for withdrawals can vary depending on the method but generally take 1-3 business days. For more detailed information on deposits and withdrawals, visit the FXChoice Withdrawals page.
Deposit Fees
Most deposit methods, including Skrill, Neteller, Perfect Money, and Airtm, are free of charge. However, some methods, such as FasaPay, may incur a 0.5% deposit fee. Deposits over $500 via bank wire transfer are also free.
| Fee Type | Method | Cost |
|---|---|---|
| Inactivity Fee | After 6 months inactivity | $50 per month |
| Withdrawal Fee | Skrill | 1% |
| Perfect Money | 0.5% | |
| Bank Wire | 30 GBP | |
| Deposit Fee | Skrill, Neteller, Airtm | Free |
| FasaPay | 0.5% |
FXChoice Swap and Overnight Fees
For traders holding leveraged positions overnight, FXChoice charges swap fees. These fees are determined based on the interest rate differential between the currencies or assets involved in the trade. Swap rates can be either positive or negative, depending on the direction of the trade and the assets being traded. For instance, currency pairs like NZD/USD or AUD/CHF may have varying swap rates due to differing interest rates. If you’re looking for swap-free Islamic accounts, FXChoice does not offer them by default. However, eligible clients can request a swap-free account if needed.
FAQs
Does FXChoice charge deposit fees?
FXChoice does not charge deposit fees for most methods, including Skrill, Neteller, and Airtm. However, certain payment options like FasaPay may incur a 0.5% fee. It’s important to check the fee schedule in your Backoffice to avoid unexpected costs.
What are FXChoice’s withdrawal fees?
Withdrawal fees at FXChoice vary depending on the method used. Skrill charges a 1% fee, while Airtm is fee-free. Bank wire transfers typically incur a fee of $30. The fees and processing times for each payment method can be reviewed in your Backoffice.
Are there any inactivity fees with FXChoice?
Yes, FXChoice charges an inactivity fee of $50 per month if your account remains inactive for six months or longer. To avoid this fee, ensure regular trading activity or log in periodically to keep your account active.
Does FXChoice charge swap fees?
Yes, FXChoice applies swap fees on leveraged positions held overnight. These fees depend on the currency pair and the interest rate differential between the currencies involved. Swap rates can be either positive or negative and vary depending on market conditions.
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