Review FXChoice
myfxchoice.com Founded in 2010 Headquarters in Belize Open Demo Account Open Live Account BEGIN item ContentsPros and ConsRegulationAccount TypesTrading PlatformsAssetsEducationRefer and EarnCustomer ServiceConclusion
FXChoice has been in the online broker industry for some time, with the company being founded in 2010. Over the years they have become known as a solid choice for traders of all types thanks to the quality of the service and trading product.
The broker has also been honored with a number of prestigious industry awards, most of which were in response to their world-class customer service team.
FXChoice is best known for their forex offerings, with over 38 different pairs available, spanning majors, minors, and exotics. They also have a selection of CFDs that clients can take advantage of as well. These include commodities like gold and crude oil, as well as the emerging cryptocurrency asset class.
We will see in the following review whether FXChoice might just be the choice for you.
FXChoice Pros and Cons
Pros
Licensed by IFSC in BelizeCommission-free trading availableBoth MetaTrader 4 and MetaTrader 5 available
Cons
IFSC regulation is not considered tier-1Limited educational materials
Broker Regulation
FXChoice is located in Belize and is licensed and regulated by their International Finances Services Commission under license number 000067/164. The broker remains in good standing with the regulator since its inception in 2010.
It is true that the IFSC in Belize is not considered a tier 1 regulatory authority, however they do appear to operate in a professional manner. FXChoice might be aided by regulation from a more respected organization.
Besides the regulatory oversight, FXChoice does everything possible to protect client capital. They use segregated accounts for all client funds, which means there is no mixing of your capital with the operating capital of the broker.
The broker also has systems in place to ensure that client accounts never go negative, and if by some chance they do the broker offers its own negative balance protection to ensure clients are not required to pay for an account that’s gone negative.
Account types
Traders will find just two account types at FXChoice – a Classic account and a Pro account. Both come with a minimum deposit requirement of $100 and leverage that goes up to 1:200. Aside from those similarities there are some key differences between the two.
The Classic account is a no commission account with larger spreads, while the Pro account has the tightest spreads possible, but charges a commission of $3.50 per a notional amount of $100,000 traded. These two accounts give traders the ability to customize their trading expenses to meet their needs. As an example, the Pro account is better suited to those who use automated trading methods.
Traders will also be happy to know that FXChoice does offer a demo account that can be used to test the trading platform, or to develop new trading strategies. The unfortunate news about the demo account is it expires after 90 days when not used, although it can easily be extended beyond 90 days by continuing to use it and can even be topped up by the user through the back-office profile.
Traders will also find that FXChoice has Islamic accounts that are Sharia compliant.
One good bit of news is that FXChoice offers a variety of deposit/withdrawal methods including cryptocurrencies. That means the $100 minimum could be met by depositing certain cryptocurrencies. One could deposit Bitcoin/Ethereum/Litecoin/Thether/Ripple to a USD-based or a crypto-based account and trade with it.
Multi-Account Management (MAM) Account
In addition to the basic account types there’s also the Multi-Account Management (MAM) account, that’s available to experienced traders with a track record of success and their own clients. With a MAM account you are able to trade on behalf of your clients, collecting an incentive fee based on the performance. All MAM accounts are by approval only, and you must apply for and be approved to trade a MAM account. You will be expected to provide evidence of profitability and that you can bring clients to FXChoice in order to gain approval.
Pips+ Loyalty Programme
Every client, whether using a Classic or Pro account, is automatically entered into the Pips+ Loyalty Programme. There are five tiers to the programme and each successive tier offers additional benefits in the form of savings on trading costs.
Those on Classic accounts receive a rebate on their spreads, which can go as high as $20 per $1 million traded. The Pro account holders receive lowered commissions, and if you reach tier 1 the commission is just $15 per $1 million traded, which is less than half the usual commission rate, providing a substantial savings for active traders.
Trading Platforms
The trading platforms offered at FXChoice are all MetaTrader based. Both the desktop MetaTrader 4 and MetaTrader 5 are offered, but the broker also has the web-version of MetaTrader as its WebTrader, and the mobile version of MetaTrader as its mobile platform. The only downside is that the MetaTrader Expert Advisors are only compatible with the desktop version of MetaTrader 5, which means traders who plan on using EA’s must also choose MetaTrader 5.
Traders are also able to take advantage of virtual private servers for automated trading, the MetaTrader 5 signal service and MyFXBook copy trading.
Those who typically trade on the go will appreciate the addition of the MT4 and MT5 mobile apps, which synch seamlessly with the desktop versions of these apps.
Or choose the web-based version, which functions well from any modern browser. Traders get complete functionality with the web-based version and the mobile version, which means you can register for an account, make deposits and withdrawals and contact customer service whilst on the go.
Available Assets
Traders can take advantage of 5 asset classes and over 100 individual assets when trading with FXChoice. These include forex, cryptocurrencies, commodities, indices, and individual shares. While the assets offered are less than you might find at other brokers, they are broad enough to present the opportunity to diversify.
Currency pairs – There are 36 currency pairs that stretch from the major pairs, to minor pairs, to exotics. Leverage on forex is up to 1:200 and spreads are very competitive.
Commodities – The commodities on offer at FXChoice include gold, silver, and crude oil and the leverage here also goes up to 1:200 on metals, while oil leverage is 1:33.3. Crude traders have access to both the WTI and Brent contracts, and can trade either the front-month contract or a synthetic continuous contract.
Indices – Indices are great for diversifying your portfolio and at FXChoice you get access to 6 of the most popular global indices. These include the USTECHIndex, US30Index, and US500Index, also lets you invest based on sector. Enjoy leverage of up to 1:50.
Cryptocurrencies – The newest asset class of cryptocurrencies is also offered at FXChoice, and traders are able to choose between Bitcoin, Ethereum, and Litecoin trading. Leverage of cryptocurrencies can also go as high as 1:33.1 for Bitcoin and 1:10 for other cryptocurrencies.
Shares – Of course the broker does not overlook share trading and offers 55 of some of the top shares. Trade CFDs on Apple, Netflix, Tesla, and many more with leverage up to 1:5.
Education and Research
The educational offerings at FXChoice seem to focus most on beginners, and that is fair enough since more experienced traders likely already have their own educational platforms and sources. This makes the broker a good choice for beginners, who will be able to quickly expand their knowledge base through the educational offerings.
One of the areas where FXChoice shines is in videos that explain the use of the MetaTrader platforms. Since this is the primary tool for trading it is good to know that new traders will be able to get to know the platform intimately through the training videos, and even advanced traders might learn something new. The tutorial videos cover logging in to your account, placing various order types, placing pending orders, changing your password, generating trade reports, logging in on mobile, and installing additional copies of the platform on your computer.
Clients can also access the detailed FAQ section offered by FXChoice. Some of the information contained here is certainly considered as educational in nature, such as the section on Expert Advisors.
Finally, there is a weekly webinar put on every Monday where clients can learn about the upcoming week in markets from Trevor Neil, the former Global Head of Technical Analysis at Bloomberg, London.
Refer and Earn
FXChoice has a Refer and Earn program in place that allows any of its clients to earn a bit extra for their trading, simply by referring new clients to the broker. To make that even easier they offer a 15% deposit bonus to those new clients. As the referring client you earn $25 for each $100 deposited up to a maximum of $250. Referrals are required to trade 1 full lot ($200,000 turnover) before the reward is paid out. To reach the maximum $250 payout the referral needs to trade 10 full lots ($2 million).
After you have introduced five people and they each make a deposit, you can upgrade your status to that of an Affiliate, or you can continue their Refer-and-Earn plan.
Customer Service
FXChoice excels in customer service and has won numerous awards over the years for their excellent service levels. You can be sure that any questions will be quickly answered, and any issues will be quickly cleared.
Support is made available 24 hours a day Monday through Friday. Clients can contact support agents via telephone, online chat, through a ticketing system, or they can request a callback. Support is also available in a number of languages, including Russian and Chinese.
Phone: +52 5568268868
Webform: Contact Support
In Conclusion
It is true that FXChoice is not the largest online broker, nor do they have the widest selection of assets, but they do have a commitment to providing the best trading services, which is why they continue attracting clients 11 years after being established.
Traders can enjoy tight spreads, low commissions, and the choice between the two. While the number of individual assets available is smaller than other brokers, it is also large enough to provide most traders with plenty of diversity and opportunities. Overall this makes for a good trading environment for beginners and experienced traders.
It is quick enough to register, and with a demo account available it is easy enough to test the platform to see if it suits your own trading style and needs.
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