FXChoice Trade Review
FX Choice Limited was established in 2010 as a MetaTrader only Forex broker. It is headquartered in Belize, and it enjoys the support of key private clients, fund managers, and institutional investors in the global forex market. The brokerage purports to be a true ECN (Electronic Communications Network) broker. It offers both MetaTrader 4 and the MetaTrader 5 platforms; both developed by the MetaQuotes Software Corporation. Fx Choice is under the aegis of the strict IFSC (International Financial Services Commissions). It focuses on offering traders tight spreads in a safe, regulated, and reliable trading environment.
In terms of diversity of investment products, FX Choice provides 50 products including CFDs on Bitcoin, 2 metals, 2 energy contracts, and seven indices. The brand supports both web-based trading and mobile trading on both Android and iOS devices. Its tools, such as Myfxbook Autorade, MQL5 Trading Signals, ExpertAdvisors, and VPS, allows users to automate trading so that they can take advantage of profitable opportunities even when they are away from their screens.
Seeing as the enterprise is a global broker, its website is available in Spanish, Germany, Arabic, Portuguese, and Italian. However, 61% of FXChoice’s visitors are from the US, UK, and Canada, where it is popular among traders for its impressive customer support and safety. The company’s customer support representatives are available to help the clients on a 24/5 basis via phone calls, live chats, and emails.
FX Choice offers two types of accounts to its clients; Classic and Pro accounts. A classic account is commission-free and offers high spreads. Conversely, a Pro account is commission based and offers tighter spreads. It offers a swap-free Islamic account, exclusively for traders from the Muslim faith.
Commission and Fees
FXChoice Pro account charges a minimum commission of $3.50 per 100,000 currency units traded. This varies depending on the pairs traded but usually averages between 0.5 and 0.8 pips per trade.
The maximum leverage on FX Choice is 1:1200. The minimum deposit limit for the classic account is capped at $100. The brand does not charge an account inactivity fee, but holders of demo accounts are required to log into their accounts at least once every 60 days to avoid expiration.
Trust, Security, and Safety
As aforementioned, FX Choice headquarters are situated in Belize, which is a country in the eastern coast of Central America. It is regulated by the local International Financial Services and Commission. The commission has liberal control over mandatory code of conduct of the broker and vital processes such as licensing. Despite the deficiency of strict regulations, the company places extra focus on upholding the security of their clients.
- MQL5 Trading signals – It is a unique service which provides Trading Signals that allow traders to shadow the trades of signal providers.
- ExtpertAdvisrors – This service enables automatic trading through the MT4 platform.
- Myfxbook Autotrade – Myfxbook allows traders to copy the trades of other investors automatically. All you need to do to get the services is to link your live account to your Myfxbook profile and subscribe to your favorite traders, and that way, their trades will automatically be replicated in your account.
- Virtula Private Server – VPS is a service that allows traders to run automated algorithmic strategies on a virtual machine any time they want.
- Live Economic Calendar – This feature helps users to get an up-to-date and trustworthy economic calendar that is available within their FXChoice BackOffice.
The brokerage supports several trading platforms; Meta Trader4, Meta Trader5, mobile trading, and Web-based trading. The MT4 provides access to the forex CFDs, options, and futures. On the other hand, MT5 offers stock trading. Both of these platforms use MQL programming languages and allow automated trading. What is more, it provides advanced alerts, signals, customised indicators, charting packages, and trade analysis tools.
The MT4 platform is available in the desktop version, mobile app version, and in a web-based version called Web terminal MT4. Over the years, MT4 has been the go-to platform through MT5 was developed as an upgrade to MT4, but many brokers did not advance to MT5 because its indicators could not support Expert Advisors. The MT5 is increasingly gaining popularity among both traders and brokers because of its excellent hedging option.
What is most appealing about the two platforms is that they both support the Autortrade service operated by Myfxbook. The software integrates social forex community and other online analytical tools making hands-off trading.
Opening an Account
The first step of opening an account requires the investor to choose between two options; Pro or Classic account. While pro allows direct access to the best rates and lowest spreads, a classic account features slightly higher spreads and commissions. Nonetheless, the minimum deposit for either account is $100.
For beginners, there is an option of opening a demo account where you just put in your email and telephone number and start practising. The demo account allows access to all types of the trading platform available for live users. This way, you can practice your trading without experiencing real losses. For a real account, a trader is required to provide an Identification Card and proof of residence. The details on the identity card should match your address for your account to be verified. Once that is complete, you can start trading.
Deposits and Withdrawal Options
For withdrawals and deposits, the company supports a wide range of options such as Bank wire transfers, e-wallet such as FasaPay, Perfect Money, Trustly, MasterCard, Cryptocurrency, Skrill, AstroPay, among others.
The fact that FXChoice has been on the market for 10+ years without major security and safety concerns places it among the most reliable brands for traders from across the world. The MT4 and MT5 platforms it uses is well-known in the industry. This focus alone has ensured that traders gravitate towards them. Features such as social trading integration and active trade programs have made the company suitable for all traders- experts and beginners alike. Conclusively, the brokerage offers fast market execution and competitive trading conditions on a variety of platforms.
Is this your final decision?
We suggest you visit one of the most popular trading platforms instead!
- Exceptional customer service.
- A highly competitive active investor program that offers subtle rewards for increased trading.
- VPS and copy-trading services.
- Scalping and hedging allowed.
- Low minimum deposit
- Traders who keep a monthly balance of $3,000 or more for at least five months each month are given free VPS.
- The range of trading products and markets are too narrow.
- Commissions and spreads are too high.
- Liberal regulations.
7 Binary Options review: FXChoice: 3 stars