Minimum Deposit: $100
Maximum Leverage: 1:200
My Score: 5.6
Are you excited to learn about another broker? This time I will make you familiar with FXChoice broker.
The company is based in, a small Central American country, Belize. FX Choice Limited is the company behind FXChoice brand. The broker has active for almost a decade, they founded in 2010. You can some basic information about the broker in this infographic i prepared for you.
Is FXChoice scam or legit? What are FXchoice licenses? FXchoice minimum deposits… Can you open FXchoice demo account? Is customer service friendly and helpful? I tried to provide a thoroughly information in this FXchoice broker review.
61% Percent of visitors come from The United States, The United Kingdom and Canada, respectively. With United States alone makes up slightly more than half of its visitors. The website gets approximately 90k visitors monthly.
They have many social media accounts like Facebook, Twitter, YouTube and Instagram. But they aren’t very active except their Facebook account.
Regulations and Investor Protection
The firm is regulated by IFSC (International Financial Services Commission). The firm has license from the regulator with license number of IFSC/60/191/TS/18. But I want to remind you this type regulation isn’t comprehensive as FCA or CySEC can provide. It’s called liberal regulation.
Account Types and Spreads
When it comes to account types, you have two options, i.e. Classic and Pro.
Minimum deposit requirement is $100 for both type of accounts. The leverage ratio is also same for both account. In classic account spreads start from 0.5 pips, however you don’t pay any commission. In pro account spreads are lower, start from 0 pips, but you pay $3.5 commission $100,000. You can open accounts in 5 different currencies, Gold or 5 different cryptocurrencies.
The broker supports many platforms, such as Meta Trader 4, Meta Trader 5, Mobile Trading, WebTerminal Meta Trader. Meta Trader is often abbreviated as MT. So I am going to continue with calling it so. MT4 is by far the most popular trading platform in forex trading industry with its some of advantageous features. For example it’s quite user-friendly and you can probably use it with your native language. Although MT5 is next version of MT4, it’s not quite popular as its predecessor.
Both trading platforms made by MetaQuotes software but now let’s compare MT4 vs MT5 to help you decide between them. There are six pending order types in MT5 while four ones in MT4. When it comes to ‘Depth of Market’, Only MT5 provides it. MT5 is also advantageous with its 38 technical indicators while MT4 only has 30. There are 44 graphical objects in MT5 while 31 ones in MT4. Hedging is available for both of trading platforms. For more detailed comparison check this table below
Trading shouldn’t stop, you can use MT4 and MT5 with your mobile device or you can make trading operations using their web terminal with your browser without installing anything to your computer.
Their website service with German, Czech, Greek, Spanish, Persian, Portuguese and Thai beside English.
They provide instant messages for 24-hours of a day during the five days of week.
You can contact with customer service employees by mail or livechat. Also, they can even call you back if you want to.
Funding and Withdrawal Methods
You can use Bank Wire or e-wallet such as Skrill, NETELLER, epayments, FasaPay, Perfect Money, PaySafeCard, Trustly, Qiwi, AstroPay, Rapid Pay, UnionPay, POLi, UPayCard or debit/credit cards such as VISA, MasterCard or cryptocurrencies such as bitcoin, bitcoin cash, Litecoin, Ethereum, XRP.
You can trade with Forex, CFDs or XAG/USD or XAU/USD. As you know, XAG represents silver and XAU represents gold.
Bonus & Promotions
FX Choice Refer-and-Earn Plan
You can gain maximum $250 with this program. After sending a link to your friend, he/she needs to open an account. But still you won’t get paid until his/her turnover reach $250,000. Then you will get paid $25 for every 1 full lot ($250,000) until your total reward reach $250. After you bring five customers to broker, you can join affiliate program if they all deposit money to their accounts.
You can join one of three plans below depending on your position.
You will be granted by trading volume created by your customers that you referred. This particular plan can be useful if you think that your friends are big players. However the details of the plan varies depending on whether you have Classic or Pro account. If you have a Classic account, you are subject to progressive spread sharing plan. However if you have a Pro account you are on progressive spread sharing program.
If you think that volume-based plan isn’t for you. The broker offers you $25 for every $100 deposits. You can gain up to $1,000 with this plan.
If you can’t decide between Volume-based plan and CPA. The hybrid plan is exactly for you. In the plan, you will get paid for bringing customers and get also money if they continue their trading.
In my opinion, the most important factor of a broker is reliability. When it comes to question ‘Is FX Choice reliable?’ Well, I don’t have short answer for the question. The broker isn’t regulated by a major watchdog. However, the feedbacks from customers are quite good. So it’s up to your defining of trust. If you only trust the foundations who regulate the market. The broker may be not for you. If you trust customer feedbacks, you can also trust the firm.
Minimum deposit requirement isn’t high. In fact we can even dare to say it’s low. Because recently, it’s not hard to find brokers that ask the money of 10 or even 20 times more money of what FXChoice asks. Leverage ratio is also good.
Their trading platforms are quite satisfying. Some brokers provide their own in-house platforms. Yes, it can be useful but it’s not a requirement for me. But, their trading instruments didn’t seem enough to me. You can trade with various exotic currencies and commodities at other brokers.
Their customer service is adequate considering their award and feedbacks of the clients.
So all in all, I am more positive than negative. But it doesn’t mean that the broker is perfect.
Commissions and fees6.0/10
Platform & Tools8.0/10
- Customer Service
- Low Minimum Deposit
- Relatively High Leverage
- Liberal Regulation
- Trading Instruments are Inadequate