FXChoice Review 2024
General Overview
FXChoice, founded in 2010 and based in Belize, provides a reliable trading environment through the MT4 and MT5 platforms. The broker offers access to 36 currency pairs, in addition to commodities, indices, cryptocurrencies, and equity CFDs, totaling 106 available assets. Traders can choose between a commission-free Classic account or a commission-based Pro account, featuring spreads as low as 0.1 pips and leverage up to 1:200. FXChoice also has a loyalty program and a 15% Bitcoin deposit bonus. With 24/5 customer support and various banking options, along with a Pips+ rebate program, FXChoice remains competitive in the market.
Trust & Safety
FXChoice is a credible and regulated broker, operating under the Financial Services Commission (FSC) with license number 000067/301. The broker adheres to strict regulatory standards, ensuring that client funds are kept in segregated accounts and providing negative balance protection. While FXChoice does not accept clients from the USA, it serves traders from numerous regions, including Canada and Nigeria. Additionally, it is registered with the International Financial Services Commission (IFSC) of Belize, a significant regulatory authority for brokers. These measures guarantee that FXChoice operates within a secure and compliant trading environment.
Fees
FXChoice offers two account types: the Classic account, which is commission-free, and the Pro account, which incurs commissions. For the Classic account, the spread for EUR/USD starts at 1.4 pips, equating to $14 per 1.0 lot. In contrast, the Pro account offers EUR/USD spreads beginning at 0.6 pips, with an added commission of $8.20 per lot, resulting in a total cost of $14.20. Average trading costs for GBP/USD are 1.9 pips ($19), while Gold costs approximately $0.39. FXChoice also applies swap rates for leveraged overnight positions, as detailed in the FAQ section. Withdrawal fees may apply based on the payment method, with all costs transparently displayed on their website.
Trading Platforms
FXChoice offers the widely used MT4 and MT5 trading platforms, available in desktop, web, and mobile app versions. These platforms cater to all traders, from novices to seasoned investors. MT4 supports over 20,000 Expert Advisors (EAs) and custom indicators, allowing extensive enhancements and performance improvements. MT5, the successor to MT4, features advanced capabilities such as market depth, additional technical indicators, faster execution, and more pending order types. Both platforms are compatible with Windows and Mac, and the web version allows traders to access their accounts without downloading software, facilitating flexibility for trading on the go.
FXChoice MetaTrader 4
MetaTrader 4 (MT4) is a highly adaptable and user-friendly platform, suitable for traders of all experience levels. It features a multilingual interface and a range of sophisticated charting tools, making it an excellent choice for those looking to implement various trading strategies. MT4 allows for rapid execution and provides interbank liquidity, ensuring smooth trading experiences. The platform offers multiple timeframes, four types of pending orders, and over 2,000 technical indicators and graphical tools. Furthermore, MT4 supports Expert Advisors (EAs) for automated trading and features a single-thread strategy tester to optimize your trading approach.
FXChoice MetaTrader 5
MetaTrader 5 (MT5) is the advanced successor to MT4, providing a more professional trading experience with enhanced functionalities. MT5 includes features such as market depth view, access to a broader range of tradable assets, additional technical indicators, and more timeframes. With quicker execution speeds and six types of pending orders, MT5 allows traders greater flexibility and precision in their trades. The spacious dashboard improves usability, making navigation simpler than in MT4. Both MT4 and MT5 are compatible with Windows and Mac PCs, ensuring seamless access to accounts on any device.
FXChoice MetaTrader WebTrader
The FXChoice MetaTrader WebTrader platform allows traders to trade from any location with an internet connection without the need to download software. This web-based version is accessible to both MT4 and MT5 users, providing nearly the same functionality as the desktop version. Traders can benefit from real-time quotes, customizable charts, nine timeframes, and basic analytical tools, all accessible through their browser. WebTrader supports one-click trading (exclusive to MT5), making it ideal for traders requiring fast execution. The user-friendly interface enables investors to trade efficiently while conserving time and disk space.
FXChoice Mobile Platform
FXChoice enhances mobile trading with its MT4 and MT5 mobile applications, available for both iPhone (iOS) and Android devices. These apps provide much of the same functionality as the desktop platforms, allowing traders to manage accounts, analyze markets, and execute trades on the go. Key features include interactive price charts and push notifications to keep traders updated on market movements. iPad users can display multiple charts in a single window for enhanced analysis. The apps can be downloaded from the App Store and Google Play, making mobile trading easily accessible.
Tradable Instruments
FXChoice offers a diverse array of tradable instruments across various asset classes. Forex traders can choose from 36 currency pairs, including popular options like EUR/USD and GBP/USD. The platform also provides 3 cryptocurrency pairs—Bitcoin, Litecoin, and Ethereum—as well as 6 commodities, including gold, silver, and crude oil. Additionally, FXChoice offers 6 index CFDs and 55 equity CFDs on leading companies such as Tesla and Apple. The total asset selection of 106 is suitable for new traders beginning their journey in the markets. Trading hours for these instruments vary, with most markets operating from Monday to Friday. Although FXChoice covers a wide range of assets, it does not provide binary options or access to certain instruments like NASDAQ, USDTRY, or platinum.
Account Types
FXChoice offers three primary account types: Classic, Pro, and Optimum. The Classic account is commission-free, featuring spreads starting at 0.5 pips and a minimum deposit requirement of $100. The Pro account, which also has a $100 minimum deposit, presents tighter spreads beginning at 0.0 pips but includes a commission of $3.5 per lot. The Optimum account caters to traders with lower deposits, requiring just $10 to open, and offers spreads from 1.5 pips with leverage up to 1:1000. Islamic, MAM, and corporate accounts can be requested as well. FXChoice does not provide PAMM or cent accounts. For more details on account types, visit the account types page.
Classic Account
The FXChoice Classic Account is a commission-free choice aimed at traders looking for low-cost trading conditions. With a minimum deposit of $100, the Classic account provides spreads starting from 0.5 pips and leverage up to 1:200. It features a margin call at 25% and a stop-out level at 15%. Traders benefit from No Dealing Desk (NDD) market execution, making it a solid option for advanced traders. Additionally, the Classic account supports micro-lot trading and offers a 50% margin on hedged transactions. It also includes a volume-based rebate program, making it a cost-effective choice for those transitioning from the Optimum account.
Pro Account
The FXChoice Pro Account is a commission-based option tailored for traders seeking tighter spreads and access to institutional liquidity. With a minimum deposit of $100, this account features spreads starting from 0.0 pips but charges a $3.5 commission per lot traded on each side. The maximum leverage available is 1:200, and the Pro account accommodates micro-lot trading with a minimum lot size of 0.01. This account is well-suited for traders employing strategy-driven approaches who require low spreads and clear pricing. Islamic, MAM, and corporate account options can be requested, offering flexibility for professional and high-volume traders
Optimum Account
The FXChoice Optimum Account is a low-cost, entry-level trading option with a minimum deposit of just $10, making it accessible for beginner traders. Spreads start at 1.5 pips, and the account allows for leverage up to 1:1000, providing significant market exposure. It supports micro-lot trading with a minimum lot size of 0.01, allowing for better risk management. The Optimum account utilizes a No Dealing Desk (NDD) execution model, ensuring quick order execution. This account is perfect for those looking for straightforward trading conditions without additional fees, offering an uncomplicated option for traders interested in exploring the forex market.
Customer Support
FXChoice excels in customer support, highlighted by its success in the 2020 LiveHelpNow Challenge. Clients can access assistance 24/5 through live chat, a callback option, and a web form for inquiries. The broker aims to respond to queries within 24 hours, ensuring prompt help. A detailed FAQ section is also available for common questions. FXChoice’s client-focused approach includes providing professional support and educational resources for traders at all experience levels. Headquartered in Belize and regulated by the Financial Services Commission (FSC), FXChoice prioritizes customer service, making it a reliable choice for forex and CFD traders. For more information, visit the customer support page.
Allowed Countries
FXChoice imposes restrictions on clients from several countries due to regulatory and compliance requirements. Traders from Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, and the Syrian Arab Republic are not permitted to open accounts with the broker. Additionally, FXChoice does not accept clients from the United States and its territories, including Guam, Northern Mariana Islands, Puerto Rico, and the US Virgin Islands. These restrictions are enforced to ensure compliance with international regulations and standards. Traders from other eligible countries can sign up for an account with FXChoice without restrictions.
Education
FXChoice offers a comprehensive educational platform suitable for traders of all experience levels. A weekly live webinar takes place every Monday, providing valuable insights into trading strategies and market trends
Education
FXChoice provides several attractive bonuses and promotions for traders. One notable promotion is the 15% deposit bonus for Bitcoin deposits, which is withdrawable but must be utilized within 90 days. Additionally, the broker offers a Pips+ Loyalty Program, which automatically enrolls traders upon signing up for a Classic or Pro account. This loyalty program consists of five tiers, offering higher rebates and lower commissions for active traders. To qualify for the fourth tier, traders need to maintain a balance exceeding $10,000 and trade at least $10 million in volume. FXChoice also occasionally introduces other bonuses, including a 50% welcome deposit bonus.
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