Launched in 2010, FXChoice is an online broker that is regulated and offers services to all traders worldwide. They offer powerful yet easy-to-use trading platforms for all levels of traders along with a wide variety of account types. FXChoice offers trading conditions including tight spreads from 0 pips, low commissions, fast trade execution speed, flexible leverage up to 1:200, award-winning 24/5 support awards and more.
Overview of FXChoice
Launched in 2010, FXChoice is an STP/ECN electronic communication network broker offering traders globally competitive fees and good trading conditions on a wide range of assets across multiple markets including Forex , Commodities, Cryptocurrencies, Stocks, Shares, Indices, Metals, Energy & CFDs.
FXChoice is always looking to further improve trading conditions by incorporating new technology to ensure tight spreads and fast execution.
They provide a safe and reliable trading environment with impeccable customer service to give their clients a reliable and transparent trading experience. This is supported by non-dealer (NDD) technology for no conflicts of interest and exclusive security of client funds.
|Trading platform for web, desktop and mobile||Only some languages are supported on web|
|Allows expert advisor EA||Demo account will expire after 90 days|
|Pips program + commission and discount|
FXChoice brand is part of FX Choice Limited, which is authorized and regulated by Belize International Financial Services Commission (IFSC). Only with this offshore regulation, clients may not get same protection in event of any dispute or insolvency as with a regulated broker. older.
That being said, FXChoice keeps client funds in separate accounts separate from their own corporate accounts and therefore cannot be used for any other purpose. There is an internal risk management team that oversees management activities to ensure that they comply with regulatory policies.
FXChoice has no debit balance guarantee, which means your trades will be automatically closed before your account balance becomes negative. Thus, if an unstable market condition affects investor’s balance, loss cannot be compensated.
Due to limited regulatory requirements in many countries, FXChoice can accept clients from most countries. However, they do not accept customers from Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, Syrian Arab Republic, Guam, Northern Mariana Islands, Puerto Rico, US Virgin Islands , several small islands and American Samoa.
Note, some of FXChoice broker product and service information mentioned by itigtrader in this FXChoice review may not be available to traders from countries, due to regulatory restrictions. .
FXChoice offers world’s most popular trading platform – MetaTrader 4 (MT4) and innovative MetaTrader 5 (MT5) platform with new features for more advanced trading. However, MT4 is still “point” of choice for many new and experienced investors due to popularity of this software.
MetaTrader 4 (MT4)
MT4 is developed by Russian company MetaQuotes and has won many awards. MT4 version of FXChoice combines platform’s 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 traders. It has a user-friendly interface and many built-in tutorials for beginners while having a great range of functions and technical indicators for more advanced traders.
MT4 tools include technical indicators for chart analysis, multiple charting timeframes, multiple order types, strategy templates, automated trading via expert advisors (EAs), indicators Customization and more.
MetaTrader 5 (MT5)
MT5 is not only a new version of MT4, but also a completely new platform with new features based on success of MT4. For those familiar with MT4, most important features are still there and a few more to enhance overall trading experience.
MT5 features include more order types, visible market depth, additional indicators, additional timeframes and professional EA testing environment with real tick data.
Web Terminal offered on FXChoice is available for both MT4 and MT5 platforms, allowing you to trade through your browser without downloading and installing any software.
Traders can trade directly from their FXChoice account in their preferred browser, saving time and hard drive space. You just need to log in to your account and start trading via web terminal.
Following functions are available in Web Terminal on FXChoice:
- All trading operations: placing markets and pending orders
- One-click trading (MT5 Web Terminal only)
- Real-time quotes displayed in Market Watch
- Fully customizable price chart
- 9 chart time frames
- Fundamental analysis objects: horizontal, vertical and trend lines, channels and Fibonacci lines
- Universal access to trading activity
- Support on Internet Explorer, Microsoft Edge, Mozilla Firefox, Google Chrome, Safari & Opera browsers.
As with many other brokers, FXChoice has many third-party tools that can help many clients. Some of these tools are automated and function to copy signals from other traders. It is imperative for you, yourself, to understand risks involved in trading and not to take past performance as a reference for future results.
MetaQuotes, developer of MetaTrader 4 & 5 platform, besides that they provide a unique trading signal service that allows clients to copy trades of other signal providers. If you have talent to be a good trader, you can also give your own trading signals through this service.
Signal service is integrated into MetaTrader platform and does not require installation of additional third-party software. Signals can be used as-is or in conjunction with your own manual and automated trading systems. There are many signal providers to choose from with weekly or monthly fees and trades copied directly to your platform.
This service allows you to copy signals of traders who already have accounts published on popular social trading site Myfxbook. You can browse their accounts, review their performance and evaluate their trading methodology before deciding to Follow. To be able to use Myfxbook service, your FXChoice account must have at least $1,000.
FXChoice provides customers with VPS (Virtual Private Server). VPS is your own stable supply of resources that allows you to run your trading platform 24/7. This will be very useful if you need to use an automatic indicator or a Forex Robot. VPS has ability to reduce latency by being closer to commercial server, which can speed up execution.
To receive FXChoice’s free VPS service, traders need to have a balance of 3,000 usd or more and trade at least 5 lots in each monthly payment cycle.
Account Type & Fee
FXChoice has 2 main account types, Classic account and Pro account.
MT4 Classic Account
This classic account commission is calculated in spreads, starting from 0.5 pips. This spread will usually be higher because account has no commission, but in return you do not pay commission.
- Minimum deposit requirement is 100 usd
- Minimum lot size 0.01- 1000 lots
- Lever up to 1:200
- Allows Hedging / Scalping / EAs.
This pro account will be charged an additional commission up to 7 usd for both trades. Spreads will tend to be smaller than on classic accounts and only start from 0 pips. If your strategy requires tight spreads, this could be account of your choice.
Another advantage of pro account is that it has a wider selection of instruments for you to trade.
- Minimum deposit requirement is 100 usd
- Minimum lot size 0.01-1000 lots
- Lever up to 1:200
- Enables Hedging / Scalping / EAs.
- MAM (Management Account)
FXChoice offers MAM services to experienced traders who have their own client base and wish to trade on their behalf. MAM account is an exclusive account that allows competent traders to manage money for an incentive fee that depends on performance of account. You can submit an application on website if you wish to apply for an FXChoice MAM account.
Customer Support Service
As of time itigtrader.com does this review, FXChoice supports 9 languages globally, sadly without Vietnamese, it will be difficult for investors if English language is still modest. In addition, they still support online chat, phone, and email.
Deposit & Withdrawal
If you are a Vietnamese trader, you will be quite disadvantaged because you do not have Internet Banking (only at time that we do this article). However, FXChoice has several different ways to deposit and withdraw funds. Minimum deposit for all account types is $100 or its equivalent in another currency.
Method you choose may depend on processing time. Quickly you can consider an online payment processor like Skrill or Neteller.
Certain fees may apply when using certain payment methods. Bank transfers can take several business days while some methods such as card payments can be done instantly.
At FXChoice, you can open an account in USD, EUR, GBP, CHF, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP. FXChoice uses advanced encryption technology to help ensure your privacy and security while transactions are being processed.