FXChoice

Is FXChoice scam or legit? What are FXchoice licenses? FXchoice minimum deposits… Can you open FXchoice demo account? Is customer service friendly and helpful?
5.3/10 (Expert Score)
Product is rated as #49 in category Forex Brokers

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.

FX Choice Ltd is a company established in Belize under Registration No. 105,968 and has its registered address at Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize.

The broker’s website is offering services in many languages from all over the world including English, Chinese, Thai and Portuguese, Spanish, and French.

5.5Expert Score
Good

I reviewed FXChoice based on the following criteria.

TRUST
5
COMMISSIONS AND FEES
4.5
CUSTOMER SERVICE
5.5
PLATFORM & TOOLS
6.5
PRODUCT PORTFOLIO
5
PROS
  • Regulated by FSC of Belize
  • MT4 ,MT5 platforms
CONS
  • Account types are limited

Low spreads and multiple trading instruments are presented for trading with maximum leverage of 1:200 and fxchoice minimum deposit of $100 which is quite reasonable considering that’s the average rate of the forex markets anyway.

No commissions are added for funding methods where the transactions process instantly.

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 thorough information in this FXchoice broker review.

They have many social media accounts like Facebook, Twitter, YouTube and Instagram. But they aren’t very active except their Facebook account.

Regulations

FX Choice Regulations and Investor Protection

When it comes to regulation, we all know it’s one of the most crucial points to look for when choosing a forex broker to trade and invest with. Considering how global and widespread the forex market is, also being the most fluid market in the world, it’s quite easy to have scams and frauds occur in such a huge sea of financial opportunities.

And this is where the role of the financial regulators comes, to make sure they’re tracking and controlling the activities of a certain broker to ensure the safety of funds and protection against scams, fraud, or financial crisis if happened to the broker itself.

And so these financial organizations keep ever-updating rules and regulation the broker must adhere to in order not only to get the license but also to maintain it. It might be a matter of reliability and reputation to forex brokers as its the main factor traders consider whether to trade with a certain broker or not.

These rules generally include the protection of funds by keeping clients’ accounts in segregated funds away from the operating funds of the broker itself, along with the necessity of providing a minimum net capital which normally isn’t less than $1.000.000 to prove the broker’s ability to handle the transactions.

fx choice broker is duly authorized by the Financial Services Commission of Belize (FSC), under License No. 000067/301. This proves the reliability of the broker being monitored by a big name in the financial market which is the FSC.

Account Types

Account Types and Spreads In FX Choice

FXChoice provides 2 main account to their clients with some differences between the 2 accounts that we’ll state below.

The first account is the classic account which has a fxchoice minimum deposit of $100 with spreads of 0.5 pips. There is no commission applied to this type of account yet there s a Rebate added up to $2 per side for the amount of $100.000

While the second account type is the pro account with the same fxchoice minimum deposit of $100 however the spreads here go to as low as 0 pips. While there is a commission added in this type of account of around $3.5 per side for the amount of $100.000, however, if your trading volume is high, i.e in the case of expert traders, the commission using this account might decrease to reach $1.5 per side. There is no rebate added to the pro account.

You can trade with a 50% margin level, 36 currency pairs, and indices, metals, energies, crypto, and shares in both account types. With maximum leverage in both accounts of 1:200.

The option for a demo account is possible to be opened on both the classic and the pro accounts where you can trade or test your knowledge or try out new strategies all in a virtual form without risking your funds before getting to know the market well. From there, and after practice you can proceed with opening a real account.

The classic and the pro account both are presented on the MT4 trading platform while the pro account only can be opened on the MT5 trading platform which represents a higher update of the MT4.

Trading Platforms

Trading Platforms

The broker supports many platforms, such as Meta Trader 4, Meta Trader 5, Mobile Trading, and WebTerminal Meta Trader. Meta Trader is often abbreviated as MT. Both MT4 and MT5 are developed by the company called MetaQuotes which is focused on the financial markets and industry. MT4 and MT5 were designed for individual traders who wish to trade in the forex market.

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.

Mt4 is the most used, most popular, and award-winning platform in the forex market. The chart analysis tools and display along with expert advisors’ computability with instant and future trade placement made the platform one of the most favorable to the trades, beginners or professionals.

Although MT5 is next version of MT4, it’s not quite popular as its predecessor.

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.

You can trade on all devices including windows or Mac for PC and android or IOS for Mobile Phones. All you need to do is download the program on the required device and then you’ll be able to trade anywhere anytime.

Customer Service

FX Choice Customer Service

The headquarters is stated clearly on the FX Choice website where you can even view their location on google maps if you’d like.

A 24/5 customer service that has won some awards from 2019-2021. With the option to get in touch with the support team if multiple ways whether that is through their customer service number or via a live chat, a callback or even sending an email for any needed queries.

Funding Methods

FX Choice Funding and Withdrawal Methods

Even though the account types are not as variable as one might wish for, the funding methods with FXChoice are quite impressive. the variability of the methods whether it’s for deposit or withdrawal is quite a blessing, especially for trades with limited sources to fund their accounts.

With the great options available for choice for deposit and withdrawal, all you’ll need to do is to choose the easiest way for you and make your transactions instantly.

All different types of cryptocurrencies are available for funding. Not just that, you get to have a 15% bonus too when using cryptocurrencies for deposits or withdrawals. Examples of the available cryptos are bitcoin, bitcoin cash, Litecoin, USD coin, Ethereum, Tether, XRP, and more.

There is always the option for credit and debit cards which, as we all know, are a must, whether that is Visa or MasterCard.

E-wallets are also present for funding including Skrill, NETELLER, FasaPay, Perfect Money, PaySafeCard, AstroPay, Poli, Payredeem, and more. With options like AstroPay, Airtm, Skrill, and Epay, there are 0 commission fees on them.

Most of the funding options work for both deposit and withdrawal, so you won’t have to worry about that issue so much.

Trading Instruments

FX Choice Trading Instruments

You can trade with Forex, CFDs, Cryptocurrencies, Indices, Commodities, and Shares.

The forex trading with FX Choice Includes Major, minor and exotic pairs. With leverage of a maximum of 1:200. Cryptocurrencies are also available for trade including bitcoin, Litecoin and Ethereum with spread that reaches 0.1 pips.

Indices like DE30INDEX, JAPANINDEX, US30INDEX, UK100INDEX, and more are also available for trade. In addition, trading indices is seen as a good way for a trader to mitigate risk, because indices spread the risk across the market, rather than having all of your eggs in one basket.

Commodities like Metals and energies are also present that include, including Gold, West Texas Intermediate Crude Oil and Non-expiring WTI Crude Oil (WTICRUDE), and Brent Crude Oil and Non-expiring Brent Crude Oil. Which are all considered great tools for speculating on commodities during economic crises.

Shares of the biggest companies and organizations of the world are also tradable including Apple, Amazon, Microsoft and more.

Bonus & Promotions

FX Choice Bonus & Promotions

FX Choice is having fixed bonuses and promotions offered which makes a great advantage for both the broker and the trader in which, it makes the broker gain favorability with the trader and make the trader gain more profits when meeting the terms and winning the bonuses.

Make sure to read all terms and conditions of each bonus beforehand to make sure you satisfy all terms and that you’re eligible for any of the bonuses.

These bonuses are 3 main promotions:

  1. 65% Bonus on Crypto Deposits
  2. 50% Welcome Bonus
  3. $250 Friend Referral

65% Bonus on Crypto Deposits

When using cryptos for deposits on real accounts, you get, pretty much the prefect start to your account where you can get 65% extra bonus on your deposit. You’ll need to meet the criteria of the bonus and if you do then you guaranteed a top up with 65%.

These cineraria include making deposits in any type of crypto deposit. The bonus can reach up to $10.000 per month, and there are no commissions or conversion fees on using cryptos too.

50% Welcome Bonus

This type of bonus is considered one of the most famous yet most favorable types of bonus in the forex market. The amount of the bonus can vary according to different brokers but here, with FX Choice, you can get up to a 50% welcome bonus when you deposit your new real account within a week of after the verification that is to be done on your newly opened account.

If you were an EA user, you can get a free VPS service with that bonus too. This bonus is available on non-crypto deposits and it can reach up to $10.000 per month.

$250 Friend Referral

Imagine talking about your trading experience and drawing in your friend to join the same broker so you can all trade together so it would be a fun trade plus gaining a bonus on top of all that.

That is exactly the case with the FX Choice referral program. You can get $25 for every $100 deposit our friends make on their accounts. Where your referral gets to have a 15% deposit bonus too. You can even elevate your status on the broker’s platform to an affiliate one if you got 5 referrals to join FX Choice.

Conclusion

Conclusion

The question ‘Is FX Choice reliable?’ Well, I don’t have a short answer to the question. The broker isn’t regulated by a major watchdog. Yet, the FSC of Belize is still a regulating authority that has provided its license to FX Choice. So at the end of the day it’s a regulated broker.

However, the feedbacks from customers are quite good. So it’s up to your definition of trust. If you only trust the foundations that regulate the market. The broker maybe not be for you. If you trust customer feedback, you can also trust the firm.

The minimum deposit requirement isn’t high as it falls within the average of the industry. FXChoice has maximum leverage offered of 1:200 and low spreads along with 2 different account types and an option for a demo account.

Also in this fxchoice review, we’ve reviewed the platforms offered which are the forex market’s most famous MT4 and MT5, along with the multiple trading instruments offered for trading to offer versatility to the trading accounts of the investors. The instruments didn’t seem quite enough considering the unlimited amounts of instruments offered by other brokers in the market.

3 fixed bonuses are present which are great for a flying start of your real account with fxchoice and a great variety of funding options.

Their customer service is adequate considering their award and feedback from the clients.

So all in all, I am more positive than negative. But it doesn’t mean that the broker is perfect.

Valentin Cote

Valentin Cote

I am Valentin Cote, the author and owner of this personal blog. I compare and review forex brokers in my website. I am in the trading industry since 2009 and still learning. I also write useful articles for newbies about forex and investment. I love playing online games and Forex :)

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Who Am I?

Hello to everyone. Forexbrokerslab is my personal blog where I compare reliable forex brokers. I’ve been in forex trading since 2009 and I’m still learning. I have traded with the most popular forex brokers, including the most unknown ones in any regulation and many different account types. So I think I have enough knowledge to compare brokers. You can learn about forex brokers by reviewing my blog.

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