FXChoice is a licensed and regulated broker (IFSC/60/191/TS/17) that offers forex and CFDs trading. Besides regulated trading environment, this broker also offers one of the most popular forex trading platforms – Metatrader 5, mobile trading, demo account and plentiful of educational articles about different aspects of trading. What we found very interesting is that traders can make a deposit and withdrawal in bitcoin as well.
Considering the regulated status and many popular features, we decided to write an FXChoice review that you can read in the article that follows.
FXChoice offers two real trading accounts and one demo account.
FXChoice Classic Account
FXChoice Classic account is the traditional MT4 account available with the minimum deposit in the amount of $100. It is important to understand how this account has a corporate version as well. Classic account offers quotes to the fifth decimal and tight spreads from 0.5 pips. There is also a minimum lot requirement at 0.01 lots. There is no maximum lot size or commissions you have to pay.
Maximum leverage available with this account type is 1:200, margin call at 25/15 and you can trade 28 currency pairs as underlying assets. There are also two spot metals available (gold and silver) as CFDs are included as well.
FXChoice Pro Account
Pro Account also has a $100 minimum deposit requirement, but also offers even tighter spreads starting at 0 pips. There is also a fee in the amount of $3.5 per notional amount of $100,000. Minimum lot size is 0.01 and margin level is 50%, while leverage goes up to 1:200. There are NDD and Market executions offered, as well as margin call at 100/80. Besides CFDs, there are also 38 currency pairs offered.
The main differences between these accounts is that Pro account is available on MT5 as well as on MT4. Also, Pro account offers tighter spreads, but also has fees involved. Traders also get more ssets to trade with which is always a positive characteristic.
FXChoice Demo Account
Demo Account is the third account type and requires a special registration. You can register for a demo via special button available on the homepage. Demo account is available for both Classic and Pro accounts which is amazing, as you can test your trading skills in the exactly the same trading conditions as the ones in which your real trading will occur. However, the demo is available only on the MT4 version of the platform.
This broker is also offering some bonuses. All bonus terms and conditions are found in a special bonus policy. Bear in mind how not all traders and all account types are eligible for bonuses. There is also something called Pips+ program that gives loyal traders to reduce their trading costs. It is available only to traders with Pro account, but you can always ask to open a new account in case you are interested in this account. The main benefit of this program are lower fees.
Trading Software & Assets
FXChoice offers several trading platforms. You will find:
- Mobile app
Metatrader4 is one of the most user-friendly platforms around. You have to download it (free of charge) and install to the computer you will be using for trading. It offers plentiful of languages, chart tools, indicators etc, and is a long time favorite among traders from all over the world.
MT5 also requires downloads and installation. Also, it offers even more indicators and displays market depth. It supports traditional hedging and netting options. All links for downloads are available on broker’s website.
Both Metatrader platforms are available for Mac computers as well. Make sure to download the right version before you start installing it.
FXChoice supports mobile trading. All you need to do is go and visit the app store and search for FXChoice app. The app is fully equipped for mobile trading and allows you to follow trades directly from your pocket. You can choose between MT4 and MT5 app and even ask for a download link to be sent directly to your mobile phone.
WebTrader is essentially the browser version of the Metatrader platforms, and you can trade both MT4 and MT5. Make sure to click the right button when trading to access the right version. WebTrader is definitely more convenient than regular Metatrader version as it allows you to trade from multiple devices, and not only the device that has the trading software installed. WebTrader can be used in following browsers:
- Internet Explorer 11
- Microsoft Edge 12
- Mozilla Firefox 34
- Google Chrome 43
- Safari 8
- Opera 32
- MQL5 Signals
FXChoice also offers special signals generated by market experts. These signals are built directly into the trading Metatrader4 platform, but traders still have to do a registration with MQL5 Signals and follow the already determined procedure for it to work properly. Bear in mind that these signals are subscription based, and are not traditional forex trading signals for automated trading.
This feature allows you to copy trades by your favorite traders without paying any additional fees or having to install anything. The trades are copied directly to your trading account without much fuss. Still, you will have to connect your trading account with your Myfxbook’s AutoTrade account in order to have properly working interface.
We strongly recommend spending some time researching these features as free signals and auto trading can highly affect your trading – whether in a positive or a negative way, so make sure to understand what service you are using prior to trading.
Traders who want to trade with FXChoice might be surprised that the ways of reaching customer support are somewhat different. You will find all communication options in the upper right corner of the website.
- Livechat – opens a live chat window where you must fill out the form before reaching out to an agent
- Callback – opens a window where you can ask customer support to call you back
- Contact us – gives you access to an online form
The website is available in several languages like English, German, Spanish and more. Simply click the flag and choose the language you prefer. You can also use FAQ section and different educational materials to take your trading to the next level. While this broker does not offer an educational section, you can still find out everything you need to know about different services, platforms and other aspects of trading with this broker.
Banking & Company Information
FXChoice offers traders several interesting depositing and withdrawing methods. Minimum deposit is $100, while minimum withdrawal has not been set or mentioned anywhere on the website. Bear in mind that not all methods listed below are available in all countries. Once you click at a certain transfer method on their website, you will find out more information whether it is supported in your country or not.
Deposit methods are:
- Wire transfer
- Perfect Money
- PaySafe Card
- Rapid Pay
- Union Pay
Withdrawals can be done via:
- Wire transfer
- Perfect Money
FXChoice doesn’t charge any fees, but they are warning that the payment service provider can charge you an additional fee. FXChoice Limited is regulated by the IFSC (License number: IFSC/60/191/TS/17)