FXChoice Review

Min. Deposit: £100

 

ABOUT FXCHOICE

Since officially becoming active in Belize, 2010, FXChoice has successfully become a reputable and well-rounded electronic communication network (ECN) broker, offering traders worldwide excellent trading conditions and competitive trading costs. FXChoice members have access to trading multiple assets from an array of markets that include Currency Pairs, Cryptocurrency CFDs, Indices, Precious Metals, Stocks, Shares, and of course, Forex.

Since their inception in 2010, they have increasingly become globally popular and highly-rated. How popular? Well, studies show that every 4 seconds, FXChoice executes a trade and that totals up to about 15,000 per day. Despite this, they do not accept clients from Belize, Italy, Spain, Afghanistan, North Korea, Iraq, Syria, and Sudan.

They commit themselves to excellent customer service throughout not just in the form of a designated team, but they incorporate the ‘customer first’ ethic throughout their brokerage service. They welcome traders of any level with easy-to-use trading platforms and little hurdle to access, without neglecting the necessary characteristics for members to expand their trading portfolio.

Customer feedback has been ultimately quite positive, and it is of no surprise as their customer service has even won them awards.

 

FXCHOICE MARKETS REGULATIONS

Regulation has become a beacon for traders to identify trustworthy brokers, and FXChoice, being under FX Choice Limited, does not fall behind in this regard with their regulation from the International Finances Services Commission Belize (IFSCB).

Indeed, one cannot consider the IFSCB to be one of the more prestigious regulators around, and FXChoice would seemingly benefit from further regulations from more established regulatory authorities. Nevertheless, it’s clear to see that their operations are orderly and responsible, and the fact they’ve successfully facilitated millions of trades from contented customers only goes to reflect that.

Furthermore, they ensure to hold client funds in segregated accounts, away from their corporate accounts. This serves to ascertain FXChoice cannot use client funds for company expenses or any other objective.

FXChoice further protects customer interest through their internal risk management department, monitoring, and supervising management operations to ensure compliance with regulatory conditions.

The no debit balance guarantee is another safety mechanism that members may appreciate. It implies accounts will automatically close if the account balance encroaches on the negative. Overall, FXChoice offers a well-trusted, adequately-licensed, and safe trading environment.

PLATFORM AND TOOLS

As it concerns trading platforms, FXChoice offers clients the most popular and, for most, the best forex and CFD-trading platforms to trade on the go – MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both feature-rich platforms are accessible for desktop users (Windows/ Macintosh) and mobile (Android and IOS) users through the mobile application as well as the website.

MT4 conveniently suits traders of all levels, from novice to advanced traders, particularly because of its user-friendly interface and a wide selection of features needed by experts. Some of these features include an array of technical indicators for chart analysis, automated trading solutions via Expert Advisors (EAs), multiple and simultaneous chart time frames, and so much more.

MT5 is the newer version of the MT4, although it is hasn’t managed to build popularity comparable to its predecessor. Nevertheless, MT5 successfully builds on the positive points in the MT4 version. While there is not much difference in interface, MT5 offers more features, including depth of market display, extra order types, more technical indicators for analysis, and a testing environment for EAs, using real tick data. Of course, all devices supporting MT4 equally support MT5.

The Web Terminal option allows clients to trade straight from their FXChoice account through a supported browser. This subsequently saves time and the hassle of space from downloading software while providing clients with all the necessary tools and features.

FXChoice further aids clients with a good selection of third-party tools. For starters, the MQL5 Signals tool, built into the MetaTrader suite platform, is useful to copy trades of an array of signal providers, while the Myfxbook Autotrade Service allows clients to copy signals of published traders from the social trading site, Myfxbook. While users can choose the account’s trades they wish to shadow, they don’t choose the qualification condition; the FXChoice account must have funding of at least $1000. Other available tools include FXChoice VPS, Pips+Programme, Live Economic Calendar, among others.

FXCHOICE LATEST AWARDS

FXChoice has been chosen as recipients of several awards, but most of them center on their top-notch customer service. The LiveHelpNow challenge, which ranks the top 100 companies with exemplary customer service, can attest to FXChoice’s superiority when it comes to customer support service.

FXCHOICE EDUCATIONAL MATERIALS

The FAQ section answering the more common and basic questions about the platform and trading generally is just about the best FXChoice offers in terms of education. Besides this, there is only about a handful of dedicated educational content available on FXChoice.

Contact is available 24/7 via phone, e-mail, and mail and has a very quick response time.

FXCHOICE TRADING INFORMATION

The primary account types FXChoice offers clients include the Classic and the Pro account. Both options are similar in that they use a deposit limit of $100 (convenient for novice traders) and leverage about 200:1. Also, both offer maximum and minimum lot sizes of 0.01 and 1000 lots, respectively.

Nonetheless, there are some fundamental differences between them, the most recognized being the use of spread based commissions on Classic account trades, but Pro accounts charges commission up to $3.5 for every estimated $100,000 traded. Subsequently, pro accounts are more than likely to offer traders significantly tighter spreads than the Classic accounts. In any case, both types are usable on a demo version, perfect for novice traders to practice and develop.

Withdrawals and deposits are simplistic, and each method’s availability fundamentally depends on client location and transaction size. FXChoice majorly supports Bank transfers and e-wallets like Skrill and Neteller for transactions. FXChoice makes sure these localized payment methods are secure using encryption and, more specifically, Secure Socket Layer technology (SSL)

FXCHOICE CUSTOMER SERVICE

FXChoice boasts an award-winning customer service team that is multi-lingual and proficient. Clients who encounter problems while they make use of the platform or develop questions or complaints can easily access FXChoice’s global support team via live chat, email, or telephone. In the event that you are busy, they offer a callback feature for clients to reschedule communications to a more convenient time for them. Overall, customer reviews have been majorly positive, with most praising the politeness and responsive speed the support agents present.

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