FXChoice is an ECN broker that provides a demo account, two live accounts, and the ability to trade forex and CFDs on the MetaTrader platforms. In this 2022 FXChoice review, we look at a variety of topics, including costs, promotions, pros and cons, and more. Find out if opening an FXChoice account is something our experts advise.
FXChoice Review: All About MyFXChoice.Com Broker
Due to the fact that FXChoice has been operating in this market for many years, the traders have built confidence in the company. Since 2010, the company has operated in the Forex market. The broker provides traders from all over the world with an environment that is knowledgeable, welcoming, and easy to navigate so that they may access the FX and CFDs market.
The FXChoice company is based in Belize. However, because it has been active in the field of trading for more than ten years, the broker has amassed a global clientele. The broker provides a trading environment that is dependable, in addition to offering conditions that are both competitive and transparent.
FXChoice Pros and Cons
FXChoice is an international financial services provider that specializes in foreign exchange (Forex) and contracts for differences (CFD) trading for private clients, institutional investors, and fund managers alike and it can all be traded on MetaTrader 4 or MetaTrader 5 with FXChoice. The platform offers maximum leverage of 1:200.
Due to the fact that the broker is based in Belize, we strongly recommend that you perform your own independent investigation before deciding whether or not to sign up for an account with them.
Is FXChoice Broker Regulated?
FXChoice was founded in Belize, where it is supervised by the International Financial Services Commission (IFSC). The latter is a well-known example of an offshore jurisdiction, where a license to engage in Forex trading can be obtained quickly and easily. Of course, this drew a lot of brokers and also dishonest enthusiasts, which gave Forex trading and brokerage a bad name.
Recently, Belizean regulations have upgraded their requirements for larger capitalization and higher standards for brokerage businesses. In light of these most recent developments, it is safe to say that FXChoice may be trusted.
FXChoice provides fund segregation. This ensures that the funds belonging to the customers and those belonging to the corporation are kept completely separate. There is an ongoing level of transparency because the broker is routinely audited and compelled to report on terms.
But not all offshore brokers are safe so you need to be extra careful when dealing with them.
Here are some examples of fraudulent offshore brokers:
- SagaTrade: Because SagaTrade is an unlicensed broker, your funds are not safe with them.
- TriumphFX: Because they lack a license, you should avoid investing with this shady broker.
- Kiplar: Your money is not safe with them because they are not a licensed brokerage.
FXChoice Available Accounts
Classic and Pro are the two primary account types that may be opened with FXChoice. The key distinction between the two types of accounts is that Classic accounts include the commission in the spread. The trader’s transaction fees are simplified as a result. However, the spreads on Pro accounts are the tightest and most competitive. The commission is excluded, though.
There is also the option of opening a demo account. Traders have the opportunity to test out different trading techniques and get used to the FXChoice platform through the use of the firm’s demo account. The Demo Account is offered to traders to provide them a glimpse of the broker’s trading platform and to allow them the chance to trade under simulated real trading conditions.
This provides the trader the opportunity to gain further experience before engaging in trading with real money and taking on serious risks. Traders are free to go at their own pace while testing their trading methods and learning the ins and outs of the trading platform. If the user doesn’t log in within 90 days, the demo account expires.
Deposit and Withdrawal Procedure
FXChoice provides a wide range of payment options. Any time the trader makes a request, the money is made available. Additionally, customers are allowed to select any form of payment that is available at the place where they transact and is convenient for them.
Money transfers are made simpler and more accessible by FXChoice, which offers a variety of other options in addition to the most widely used ones.
Consequently, the following platforms are available as payment choices. However, you should constantly confirm which are accessible in your nation:
- Wire transfers
- Credit and debit cards
- E-payments such as EPay, Perfect Money, Skrill, and Neteller
- Bitcoin and Bitcoin Cash
The minimal deposit with FXChoice is $100. Additionally, FXChoice pays the fees associated with wire transfers and card deposits. However, the payment service providers have the right to impose any applicable fees in accordance with the client’s place of residence and the regulations that are in force there.
The same deposit and withdrawal methods are both available at FXChoice for money transfers. The trader should use the same currency for their deposits and withdrawals into and out of their trading account, as this is the recommendation made by the broker. In this manner, customers won’t be subject to any unanticipated costs.
FXChoice Trading Platforms Available
Strong chemistry is offered by the combination of the trading platforms or software that you will utilize for the actual trading performance itself. Customers can choose between the well-liked and respected MT4 and MT5 platforms. This is an excellent option because it provides access to all the features and functions necessary for successful trading.
The MetaTrader4 and MetaTrader5 trading platforms are the industry standards for any kind of trading, including copy trading, robot trading, and auto trading.
FXChoice provides mobile applications for MetaTrader 4 (MT4) and MetaTrader 5 (MT5). You can trade in the forex, contract for difference, and commodity markets using the most widely used trading platform in the world, MT4. You can keep up with things even when you’re traveling thanks to its extensive analytical toolset.
The most recent MetaTrader platform is MT5. It is not just the obvious successor to the well-known MT4 platform, but it is also an entirely new platform that provides improved trading capabilities, such as additional order types and displays for market depth.
Trading Instruments Offered at FXChoice
Depending on the entity holding the customer account and the client’s country of residence, several trading instruments may be available. The trading platforms you choose to use may also affect the trading instruments that FX Choice offers.
With FX Choice, you may trade a huge selection of instruments—over 117 instruments, to be exact.
If you’re searching for a Forex broker to trade currency pairs on the international Forex markets, FXChoice may be the right broker for you.
FXChoice Offers Bonuses and Promotions
For deposits that meet specific requirements, FXChoice gives traders a sizable incentive. Given how difficult it can be to find bonuses for Forex traders, this is a significant benefit of using this broker.
FXChoice also offers a referral program. Existing traders have the opportunity to earn a one-time welcome bonus and up to $250 for each new customer who registers and makes a deposit using their referral link. In addition, the new customer will receive a bonus of their own.
Overall, the broker has been around for more than ten years, and many traders have used it for many years, so it would be worth looking into if the trader is willing to work with an offshore broker. Due to the fact that FXChoice only has an offshore license, it lacks further regulation. Before deciding to join with the broker, we advise clients to conduct their own investigation.