FXChoice Review

Wanna see if FXChoice is a legit broker? Is it safe to trade? The spread is high or low? How to deposit or withdraw fund?

We provide answers to all the questions in this FXChoice Review.

We checked FXChoice licenses and regulation status, check if FXChoice scam or safe. Compared FXChoice fees like spread & commission from its live account to other 150 brokers. Also the time for deposit & withdrawal and many more findings in this Review.

FXChoice is Online Forex and CFD broker, established in 2008 that claims to be STP broker.

FXChoice is a solely offshore broker based in Belize and is not regulated the top-tier financial authorities.

FXChoice Highlights

🗺️ Regulated in	Belize
🛡️ Is FXChoice safe to trade	No
💵 EUR/USD spread	1.1 pip
🏦 Deposit	Credit Card, e-wallets, Cryptocurrency
💰 Minimum deposit	US$100
🏦 Withdrawal	Credit Card, e-wallets, Cryptocurrency
💻 Trading platform	MT4, MT5
💳 Trading markets	Forex, CFDs on Indices, Metals & Energies, Cryptocurrencies, Shares
📈 Number of product	86
📉 Live chat response	Quick speed.

Regulation

License and serious regulations are the keys to traders’ fund security. There are two factors to be checked, the licenses and how trader is protected if something goes wrong.

Is FXChoice legit

FXChoice is Belize based firm, which is registered according to local laws but is not seriously regulated or overseen, since Belize is an offshore zone with poor registration requirements.  

FXChoice Licenses and Regulatory status

Entity	Registered in	Regulator	License no.	Status
FX Choice Limited	Belize	International Financial Services Commission (IFSC)	000067/164	Registered no regulations

Is FXChoice safe

No, we do not mark FXChoice safe broker, because it is operating only offshore entity and has no strong regulatory audit, so is not considered safe.  

FXChoice Compensation Scheme

Entity	Compensation Amount	Negative Balance Protection
FX Choice Limited	No compensation	No

We do not recommend registering trading account with FXChoice due to lack of top-tier regulations

FXChoice regulations does not require providing negative balance protection, meaning your trades can go below zero.

Markets and Products

At FXChoice you can trade Forex and CFDs on Indices, Commodities, Metals, Shares and Cryptocurrencies.

There is no advanced range of trading assets, instrument range is rather basic.

Markets	Instruments
Forex	36
Indices	6
Commodities	6
Cryptocurrencies	3
Shares	55

Account types

FXChoice offers 2 Account Types Classic Account and Pro Account, differ in minimum balance, trading cost and can be opened in various account base currencies including Cryptocurrency.

Pro Account is separate for MT4 and MT5 platform.

Login

Login FXChoice is available for Backoffice login page, where you can get full control over your account.

	Classic	Pro
Minimum Deposit	100$	100$
Minimum Balance	–	–
Spreads From	0.5 pips	0.0 pips
Commissions	Zero Commissions	3.5$ per 100,000 traded

Fees and commissions

FXChoice Fees we rank as average, and high for some instruments.

The spread we collected for popular instruments from 6 markets and over 150 brokers

Markets	Instruments	Low	Average	High
Forex	EUR/USD	0.1-0.9	1-1.5	1.6 or higher
Indices	US 500	0.1-0.4	0.5-1.4	1.5 or higher
Commodities	Gold	0.1-0.4	0.5-2	2.1 or higher
Stocks	Tesla	0.1-0.5	0.6-1	1.1 or higher
ETFs	US Russell 2000	0.1-0.4	0.5-1.4	1.5 or higher
Cryptocurrencies	Bitcoin	0.1-0.5%	0.6-0.9%	1% or higher

Spreads

FXChoice trading costs and fees are different in each account type

Classic account is solely spread based and Pro Accounts for MT4 and MT5 platforms adds on commission charge to raw spread. Pro Account commission also starting from 7$ per round and depending on the instrument you trade.

We test Classic account spreads and fount Forex spreads average compared to the industry benchmarks, Commodities and Shares spreads are high.

Markets	Instruments	Classic Spread	Other brokers’ avg spread
Forex	EUR/USD	1.3	1-1.5
Indices	US S&P500	1.3	0.5-1.4
Commodities	Gold	3.7	0.5-2
Stocks	Tesla	6.4	0.6-1
ETFs	US Russell2000	Not available	0.5-1.4
Cryptocurrencies	Bitcoin	111.21	0.6-0.9%

Other Fees

FXChoice has low non-trading fees. Deposits and withdrawals are free of charge, but third party fees will be on traders side.

Trading Conditions

FXChoice trading conditions are good. You can deploy any strategy including scalping and hedging.  

Trading Conditions	Yes/No
Hedging Allowed	Yes
Scalping Allowed	Yes
Change Leverage Allowed	Yes

Hedging and scalping – both are supported with no limits on keeping positions open.

Expert Advisors (EAs) are available and VPS is provided for free for balances over 3k$.

Leverage

FXChoice offers leverage ratios up to 1:500 depending on the account type and instrument you trade.

Deposit

FXChoice claims it has no deposit fees, but it may add on correspondent fees.

You can use many methods including Credit or Debit cards, e-wallets and Cryptocurrencies, but most safe method Bank Wire is not supported.

Deposit Method	Funding Time	Fee
Credit Card	Within 30 min	Free
Skrill, Neteller	Instant	Free
Cryptocurrencies	Instant	Free
Fasapay, STICPAY	Instant	Free
Vload, ADVCash, EPAY	Instant	Free

Minimum Deposit

The Minimum deposit amount is 100$ for both Classic and Pro Accounts.

Withdrawal

FXChoice is not clear whether it adds fees for withdrawals or not, it is mentioned payment provider fees may be subject to the trader. 

Funds can be withdrawn using the same methods as deposits, whereFXChoice claims withdrawal processing within 2 days.

Withdrawal Method	Withdrawal Time	Fee
Credit Card	up to 10 business days	0$
Skrill, Neteller	2 business days	0$
Cryptocurrencies	2 business days	0$
fasapay	2 business days	0$
vload	2 business days	0$

Bonus

FXChoice offers various bonuses including deposit bonus and refere a friend program.

Trading Platform

FXChoice has various platforms including popular MT4 and MT5, plus myfxbook for autotrading.

MT4

FXChoice MT4 available on good range of languages and can be accessed by any device via Desktop Apple and Windows, Web and Apps for Android and iOS.

Research and Tools

FXChoice research tools are limited, mainly inbuilt in platforms.

It is negative side there is no third party research materials, fundamental data or deep research. You can access autotrading and MQL5 signals.

FXChoice Research tools available via:

• FXChoice trading platform
• Trading services section on website

Education

FXChoice education content is not deep enough for beginners or good learning.

There are some tutorials, video tutorials, FAQ section and webinars held by the FXChoice. But there is no detailed learning content, Fundamental Analysis and education courses.

Demo

Free Demo account gives access to virtual funds and available for all clients of FXChoice.

At FXChoice you can learn though:

• Demo account
• Educational videos
• Webinars

Customer Service

Customer service ranked good, FAQ section answers many questions and you can contact customer support via Live Chat or submit a ticket.

FXChoice Customer Support is 24/5 in various languages via:

• Telephone and Contact Form
• Email
• Live Chat

FXChoice Live Chat response is on average speed. We got relevant answer.

Question Asked	We asked about learning materials
Time of Reply	We connect to Live Chat within some minutes.
Quality of Reply	The answer was rather basic.

Conclusion

FXChoice is not a safe broker to trade due to lack of serious regulations.

FXChoice is solely offshore broker so there is no necessary overseeing over the broker operation. The trading proposal they offer is also rather basic, with nothing very much attractive, apart from selection between the platform.