FXChoice Forex Trade Platform and Broker Review

FXChoice Forex Trade Platform and Broker Review

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FXChoice Broker Review

FXChoice is an amazing and popular online broker which was established in 2010 in Belize. FXChoice’s main objective is to facilitate the trade in a variety of leveraged forex and CFD financial instruments.

FXChoice has between 10 to 100 employees and its only offices are based in the City of Belize.

Is FXChoice Regulated?

Yes, FXChoice is regulated by the International Financial Services Commission of Belize (IFSC) according to the official FXChoice website. 

Is FXChoice Regulated in the United States?

No, FXChoice is not regulated in Virginia or any other US state. 

Is FXChoice Regulated in Europe?

Yes, according to the official website, FXChoice is not regulated in Europe.

Is FXChoice regulated in a Tier-1 Jurisdiction?

Tier-1 Jurisdiction offers brokers with the necessary license to offer financial services in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

According to the official FXChoice website, FXChoice is not regulated in Tier-1 jurisdiction.

Is FXChoice regulated in Tier-2 Jurisdiction?

Tier-2 Jurisdiction grants brokers such as FXChoice with the license to offer financial services and operate in the British Virgin Islands, Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

According to the official website, FXChoice is regulated in Tier-2 jurisdiction.

What are the Platforms and Tools for Forex Trading in FXChoice?

FXChoice offers forex traders two of the most powerful and more widely used trading platforms in the industry namely MetaTrader 4 and MetaTrader 5 to use.

  1. FXChoice MetaTrader 4 offers Forex traders with rapid market execution in addition to competitive conditions and interbank liquidity. MetaTrader 4 is the perfect platform for international forex traders as it offers them a user-friendly interface, chart analysis tools, powerful charting capabilities, and in-depth analysis.
  2. FXChoice MetaTrader 5 is the successor to the already successful and popular MetaTrader 4, offering forex traders additional features and a more robust suite of functions and features. When used in conjunction with FXChoice, forex traders are offered additional indicators, EA compatibility, and the option of using netting and hedging.

Does FXChoice Have a News Blog for Forex News?

No, FXChoice does not have a news blog for forex news as according to the official website.

Does FXChoice Have a Traders Dashboard?

No, FXChoice does not have a forex traders Dashboard as per the official FXChoice website.

Does FXChoice Have an Educational Section?

No, FXChoice does not have an educational section as per the official website.

Is FXChoice Legit?

Yes, FXChoice is a legit Forex Broker and Trade Platform that is regulated by the IFSC in Belize.

Is FXChoice Safe?

Yes, FXChoice is a reliable and safe Forex Trade platform that is regulated and authorized by the International Financial Services Commission (IFSC) in Belize.

FXChoice keeps client funds in segregated accounts with top-tier banks, separate from the broker’s own operational funds. These funds cannot be used for any purpose other than trading activities and must be withdrawable by clients at any given time.

Is FXChoice a Good Broker?

Yes. According to a Forex Suggest review, FXChoice is a good broker for security, online support, and cryptocurrencies, but not for trading speed.

  1. FXChoice ensures that client data, information, and all transactions are encrypted by using SSL and other stringent security protocols.
  2. FXChoice offers online support by providing a live chat option on its official website.
  3. In terms of cryptocurrencies, FXChoice offers the trade in Bitcoin, Litecoin, and Ethereum through contracts for difference (CFDs).

What is the Offering of Investment in FXChoice?

Offerings of FXChoice can be found below.

Feature FXChoice
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  No

Does FXChoice have Nasdaq?

Nasdaq is the stock exchange that tracks the top technology stocks of tech giants in the United States.

FXChoice offers the trade on Nasdaq by offering index CFDs as according to the official website.

What are the Awards of FXChoice?

According to official sources and forex trading platforms, FXChoice does not have any awards listed from its year of inception to date.

How to Use FXChoice for Forex trading?

To use FXChoice, a forex trader should have the necessities below:

  1. Forex traders must be 18 years or older.
  2. Forex traders must have a valid ID and proof of their address of residence.
  3. Forex traders must be able to afford the minimum deposit of $100.

Once a forex trader meets the conditions above, they can register a forex trading account to use the services of FXChoice.

How to open a Forex trader account with FXChoice?

To open a Forex Trading account with FXChoice, a trader should follow the steps below.

  1. Forex traders can visit the official FXChoice website and select “Register” from the homepage.
  2. Forex traders can follow the instructions provided onscreen to complete the process and select “Open Live Account”.
  3. Forex traders can complete the online application and log into their Back Office and select “verify your profile” in the orange banner.
  4. Forex traders can upload a copy of their ID and proof of residence to verify their profile and start trading.

What are the Forex Trader Account Types with FXChoice?

Forex Trading Platform and Financial Asset Management Institution FXChoice have 4 account types offered based on the trading needs and objectives of forex traders.

FXChoice Account Types are listed below. 

  1. Demo Account

  2. Islamic Account

  3. Classic Account

  4. Pro Account

 

  • Demo Account

FXChoice offers forex traders the option for a free demo account that can be used either as a practice account, a way to test trading strategies and to test out FXChoice’s offering.

  • Islamic Account

FXChoice offers Muslim forex traders the option for a swap-free account, exempting them from interest generated by overnight fees.

  • Classic Account

The FXChoice Classic Account is the standard account offered to a variety of forex traders from beginners to experienced forex traders. The features of the Classic Account are as follows:

  • Minimum deposit of $100.
  • Floating spreads start from 0.5 pips.
  • Micro Lot trading from 0.01 lots.
  • Cash rebates up to $2 per side per nominal amount of $100,000.
  • Commission-free charges.
  • Leverage of up to 1:200 on forex and metals.
  • Margin level of 50% for hedged/locked positions.
  • NDD and Market trade execution.
  • Margin call of 25% and stop-out of 15%.
  • Access to 36 forex pairs.
  • The ability to use expert advisors.

 

  • Pro Account

The FXChoice Pro Account offers professional forex traders with the best possible conditions. The features of the Pro Account are:

  • Minimum deposit of $100.
  • Floating spreads start from 0.0 pips.
  • Micro Lot trading from 0.01 lots.
  • Commission charges of $3.5 per side, per nominal amount of $100,000 with commissions of $1.5 charged for high-volume forex traders.
  • Leverage of up to 1:200 on forex and metals.
  • Margin level of 50% for hedged/locked positions.
  • NDD and Market trade execution.
  • Margin call of 25% and stop-out of 15%.
  • Access to 36 forex pairs.
  • The ability to use expert advisors.

How to Withdraw Money from FXChoice?

To withdraw money from FXChoice, the following should be done:

  • Forex traders can visit the official FXChoice website and log into their Backoffice on the website.
  • Forex traders can select the option to withdraw funds and follow the onscreen instructions.
  • Forex traders can select their withdrawal method, amount to withdraw, and currency and proceed to submit their request to FXChoice customer support.
  • Forex traders must ensure that the account to which they are withdrawing is in the same name as they registered.
  • Forex traders must note that FXChoice cannot be held liable for any delays in the processes with regards to withdrawals.

How many days do deposits take with FXChoice?

This will depend on the deposit method that forex traders use with FXChoice. Some methods may be instantaneous whereas others, such as bank transfers, may take a few days.

What are the costs and fees with FXChoice?

There are four types of costs with FXChoice namely spreads, swap or overnight fees, commissions, margin requirements.

The spread is the difference between the bid/ask price which is indicated in pips. Pips are the smallest increment with which a price can move either up or down. Swap or overnight fees are either credited/debited to/from the trading account depending on whether the trader holds a long/short position open for longer after the trading day has closed.

Commissions are charged as a flat rate either per side, per lot, per round turn, or according to the trading volume of the trade. Margin requirements are the payment that FXChoice requires at the start for the trade that is taken as collateral for the trade.

What are the Trading Fees with FXChoice?

The Forex Trading Fees with FXChoice are below. 

The FXChoice Classic Account:

  1. Spreads: Floating spreads from 0.5 pips.
  2. Commissions: None
  3. Swap fees: Long swap of -3.1185 pips and short swap of 1.292 pips on EUR/USD.
  4. Margin Requirements: 50% in hedged/locked positions and a margin call of 25%.

The FXChoice Pro Account:

  1. Spreads: Floating spreads from 0 pips.
  2. Commissions: $3.5 per side and $1.5 per side for high-volume forex traders.
  3. Swap fees: Long swap of -3.1185 pips and short swap of 1.292 pips on EUR/USD.
  4. Margin Requirements: 50% in hedged/locked positions and a margin call of 25%.

What is the minimum deposit in FXChoice?

According to the official FChoice website, the recommended minimum initial amount is $100.

What are the contract specifications in FXChoice?

Feature FXChoice
Forex Trading Yes
CFDs 50+
Forex Pairs 36
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 3
Social Trading  No

Does FXChoice have promotional offers?

No, FXChoice does not have promotional offers as per the official FXChoice website.

The official FXChoice website does not indicate any past, current, or future promotions.

Does FXChoice have a welcome bonus?

No, FXChoice does not have a welcome bonus.

A welcome bonus is an incentive that is offered by brokers to new forex traders who register a new trading account. This bonus is paid out as trading credit into the account of the trader and can be used towards trading activities.

Does FXChoice have a deposit bonus?

No, FXChoice does not have a deposit bonus.

A deposit bonus is an incentive offered by brokers to forex traders as a percentage that they can gain back on their deposits. This is paid out as trading credit into the trading account and can be used on trades.

Is there a commission-free trade bonus in FXChoice?

No, FXChoice does not offer forex traders a commission-free trade bonus.  

Is there a VIP bonus in FXChoice?

No, FXChoice does not offer forex traders a VIP bonus.

Can you start trading with no money at FXChoice?

No, you cannot start trading with no money at FXChoice. To start trading, forex traders must deposit a minimum of $100 into their trading account.

How does leverage work with FXChoice?

Leverage is a tool that FXChoice offers traders, allowing them to open much larger positions despite the initial deposit that they made into their trade. Even though leverage is useful, and it can maximize the potential profits of forex traders, it can expose forex traders to more risks and lead to significant losses that may exceed the trader’s initial deposit.

With FXChoice, traders are offered leverage up to 1:200.

Where are the headquarters of FXChoice?

FXChoice is headquartered in the City of Belize.

Who is FXChoice’s CEO?

According to the official support agent of FXChoice, this information cannot be provided to outside sources. There is no additional official source that can confirm this information.

What are the social media accounts of FXChoice?

Forex traders can follow FXChoice on the following social media accounts:

  • Facebook
  • Twitter
  • YouTube
  • Instagram

How many employees do work for FXChoice?

There is no official source that provides this information, however, according to the business size of the broker, there are between 10 and 100 employees working for FXChoice.

What are the opinions about FXChoice?

FXChoice is a well-known and trusted broker that offers comprehensive solutions. FXChoice is not a popular broker as a result of its trading speeds that are lacking, with numerous other brokers that offer exceptional trading execution speeds in comparison.

What are FXChoice Contests?

FXChoice does not run any contests.

The official FXChoice website does not indicate any past, present, or future contests. 

Does FXChoice have online support?

Yes, FXChoice provides forex traders with multilingual online support which is given through the live chat function on the website. Online support can be contacted 24 hours a day, 5 days a week.

Does FXChoice offer demo accounts for Forex trading?

Yes, FXChoice offers a free demo account for all new forex traders. The demo account can be opened with the following steps:

  1. Forex traders can visit FXChoice's official website and hover over the “Accounts” tab to select “demo account” from the dropdown.
  2. Forex traders can overview the FXChoice Classic and Pro account and decide which account type they want to demo. forex traders should note that they can only demo MetaTrader 5 when they select a Pro Account.
  3. Once forex traders have made their selection, they can complete a short application form requesting their Full Name, Email, and a user-selected password.
  4. Next, forex traders must provide their country of residence and their mobile number to receive a verification code that they must enter before they can proceed.
  5. Forex traders will be notified that they have registered for the Back Office and they can proceed with Demo Account registration by selecting the relevant banner.

Does FXChoice have a mobile app for Forex trading?

No, FXChoice does not have a mobile app for forex trading. Instead, FXChoice makes use of MetaTrader 4 and MetaTrader 5’s mobile trading capabilities to offer forex traders mobile forex trading.

In conjunction with these trading platforms, forex traders are offered access to global financial markets from anywhere in the world, in the palm of the trader’s hand. With mobile trading through FXChoice, forex traders can make use of trading opportunities as they happen by setting up alerts.

Does FXChoice publish an economic calendar?

FXChoice does not publish an economic calendar on the official website. 

An economic calendar is a useful tool that is crucial for forex traders as it provides them with upcoming announcements as well as releases. These events can affect financial markets, prices of financial instruments, and the trading activities of many forex traders.

What is the communication information of FXChoice?

FXChoice has one main telephone number and one main business address.

FXChoice can be reached telephonically on +52 556 826 8868.

FXChoice’s main business address is Corner Hutson and Eyre Street, Blake Building, Suite 302, Belize City, Belize.