FX Choice Review and User Experiences 2020

Details

Broker	FX Choice
Website URL	https://www.fxchoice.com
Founded	2008
Headquarters	Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize
Support Types	Live chat, call back request by phone
Languages	English, German, Czech, Greek, Spanish, Arabic, Portuguese, Thai
Trading Platform	MetaTrader 4, MetaTrader 5, Myfxbook
Minimum 1st Deposit	$100
Minimum Account Size	$100
Minimum Trade Amount	0.01 lots
Maximum Trade Amount	none
Bonus	15% on first deposit
Payout	dependa on method, usually within 2 working days
Leverage	1:1 up to 1:200
Spread	variable spreads from a slow as 0.5 pips on EUR/USD
Free Demo Account	Open Demo
Regulated
Regulation	FX Choice Limited is authorised and regulated by the IFSC (Licence number: IFSC/60/191/TS/19)
Commissions
Commission Info	$7 per round-traded lot on ECN accounts
Account Types	Classic account, Pro account, Demo account
Deposit Methods	wire transfer, credit/debit card, Skrill, Neteller, FasaPay, Bitcoin, Perfect Money, ePayments, Trustly, Astropay and PaySafeCard
Withdrawal Methods	wire transfer, credit/debit card, Skrill, Neteller, FasaPay, Bitcoin, Perfect Money, ePayments, Trustly, Astropay and PaySafeCard
Trading Methods	Hedging, scalping, EA's, autotrade,social trading
Number of Assets	100+
Types of Assets	forex, CFDs, crypto, indices
Option Types	futures contracts
Trading Currency	Over 50 currency pairs including majors, minors, exotics and cryptos
Account Currency	USD, EUR, GBP, AUD, CAD and Bitcoin
US Traders Allowed
Mobile Trading
Tablet Trading
Overall Score	7.5

Full Review

In this must-read FXChoice review we are going to discuss all the pros and cons of trading at this USA clients accepting offshore broker.

FXChoice Company Information

FXChoice is an off-shore forex and CFD broker. This means clients, institutional investors and fund managers can open an account with them to trade, even whilst living in the US . They have over a decade of experience in the forex industry and they strive mainly for excellent customer service support. In 2016 alone FXChoice was awarded the Exceptional Customer Service accolade by LiveHelpNow 5 times.

FXChoice offers trading in over 40 forex pairs and various CFDs on indices, precious metals, commodities and energies trough two separate trading platforms. With their Non-Dealing-Desk or NDD business model FXChoice executes about 15,000 digital transactions a day.

As an offshore broker, FXChoice is based in Belize and regulated by the local International Financial Services Commission (IFSC). IFSC has very liberal control over forex brokers. It supervises the promulgation and regulation of finance related companies. They do the licensing process, compliance checking and reporting.

Although they don’t have to, FXChoice chooses to segregate their clients’ funds from theirs. Which is a noble thing to do. Furthermore FXChoice has positive price correction. This means that if any trader would accidently happen to go in negative balance territory, FXChoice will simply zero out these balances.

FXChoice Account Types

FXChoice offers its clients two types of accounts: Classic and Pro. The main difference is that the classic one is commission-free, with higher spreads and the Pro account is commission based and comes with tighter spreads due to the ECN trading environment. Only with the Pro account traders can choose between two different trading platforms: MetaTrader 4 and MetaTrader 5. Apart from that traders can choose to either open a Corporate account or Individual one.

FXChoice Spreads and Commissions

FXChoice charges very low variable spreads, which vary per account type and market situation. Trading fees on both offered accounts are the same, with an average spread of around 1.2 pips on EUR/USD. Please note that ECN account holders will pay significantly less spread (0.5 pips on EUR/USD on average) but have to pay a commission of $7 per round traded lot. FXChoice is therefore very in line with industry standards in their pricing.

The maximum leverage you can trade with at FXChoice is 1:200, which is fairly decent as you might not want to trade on the super high leverage of 1:400 or 1:500 offered by other brokers.

Learn more about leveraged trading in our extensive Margin Trading Guide:

Trading with leverage: Complete beginner guide

FXChoice Trading Platforms

FXChoice offers its clients trading on three different trading platforms: the famous MetaTrader 4 platform, MetaTrader 5 as well as social trading on Myfxbook AutoTrade.
Both MetaTrader 4 and MetaTrader 5 offer forex and CFD trading but MetaTrader 5 also offers options, futures markets and stocks. Both platforms are developed by the Russian company MetaQuotes and allow MQL programming to allow trading via Expert Advisors (EAs). Both platforms come with advanced charting packages, trading and analysis tools, alerts, signals and customizable indicators.

No clue which trading platform to use? Read our extensive guide:

MetaTrader 4 versus MetaTrader 5: What’s the Difference?

FXChoice’s MetaTrader 4 is available as dekstop version, mobile apps and web-based. The web-based version is called MetaTrader 4.

MetaTrader 5 was initially developped as a better version of MT4 but most brokers and traders still prefer MT4 over MT5. This is because many of MT4 indicators and Expert Advisors aren’t compatible with the MT5 platform. Nowadays MetaTrader 5 is getting more and more popular under traders and investors alike. MetaTrader 5 is also available both as desktop trader and mobile in app form.

Apart from just MetaTrader 4 and MetaTrader 5, traders can also use the AutoTrade service offered by FXChoice in combination with Myfxbook. This is a social forex community and online automated analytical tool, with which you can copy trades of any trader or system. The trades are then copied into your own FXChoice MetaTrader 4 account without any extra fees or commissions.

One nice extra perk for traders at FXChoice is that if they maintain a balance of higher than $3,000 monthly and trade at least 5 lots a month, they qualify for a free VPS service.

FXChoice Bonus and Promotions

Just like many other offshore brokers, FXChoice offers bonuses and promotions from time to time. For a limited time only we now have a special promotion together with FXChoice where if you sign up for a new account via our links or banners you get 15% bonus on your first deposit.

FXChoice Deposits and Withdrawals

Traders and soon-to-be traders can deposit and withdraw money to and from their FXChoice account in various ways. These payment method include bur are not limited to: wire transfer, credit/debit card, Skrill, Neteller, FasaPay, Bitcoin, Perfect Money, ePayments, Trustly, Astropay and PaySafeCard.
Traders and investors can fund their FXChoice accounts with USD, EUR, GBP, AUD, CAD and Bitcoin.

FXChoice Review Conclusion

Well, what can we say. FXChoice is what is is: an USA clients accepting offshore broker. If you’re living in the US and just want to trade outside of the tight regulations at a more liberal broker then look no further; FXChoice is the broker for you. We have had many questions and emails in the past of US traders looking for an offshore broker that allows US residents and we always had to tell them there were no reliable ones, until we found out and partnered with FXChoice.

As for other reasons to become a trader at FXChoice: competitive spreads, the fact that it’s a pure NDD brokerage firm, very low minimum deposit for ECN trading ($100), both MT4 and MT5 available, extra tools like live economic calendar, VPS and of course a nice 15% bonus on your first deposit.