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.
What is FXChoice
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.
|🗺️ Regulated in||Belize|
|🛡️ Is FXChoice safe to trade||No|
|💵 EUR/USD spread||1.1 pip|
|🏦 Deposit||Credit Card, e-wallets, Cryptocurrency|
|💰 Minimum deposit||US$100|
|🏦 Withdrawal||Credit Card, e-wallets, Cryptocurrency|
|💻 Trading platform||MT4, MT5|
|💳 Trading markets||Forex, CFDs on Indices, Metals & Energies, Cryptocurrencies, Shares|
|📈 Number of product||86|
|📉 Live chat response||Quick speed.|
License and serious regulations are the keys to traders’ fund security. There are two factors to be checked, the licenses and how trader is protected if something goes wrong.
Is FXChoice legit
FXChoice is Belize based firm, which is registered according to local laws but is not seriously regulated or overseen, since Belize is an offshore zone with poor registration requirements.
FXChoice Licenses and Regulatory status
|Entity||Registered in||Regulator||License no.||Status|
|FX Choice Limited||Belize||International Financial Services Commission (IFSC)||000067/164||Registered no regulations|
Is FXChoice safe
No, we do not mark FXChoice safe broker, because it is operating only offshore entity and has no strong regulatory audit, so is not considered safe.
FXChoice Compensation Scheme
|Entity||Compensation Amount||Negative Balance Protection|
|FX Choice Limited||No compensation||No|
We do not recommend registering trading account with FXChoice due to lack of top-tier regulations
FXChoice regulations does not require providing negative balance protection, meaning your trades can go below zero.
Markets and Products
At FXChoice you can trade Forex and CFDs on Indices, Commodities, Metals, Shares and Cryptocurrencies.
There is no advanced range of trading assets, instrument range is rather basic.
FXChoice offers 2 Account Types Classic Account and Pro Account, differ in minimum balance, trading cost and can be opened in various account base currencies including Cryptocurrency.
Pro Account is separate for MT4 and MT5 platform.
Login FXChoice is available for Backoffice login page, where you can get full control over your account.
|Spreads From||0.5 pips||0.0 pips|
|Commissions||Zero Commissions||3.5$ 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
|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|
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|
|ETFs||US Russell2000||Not available||0.5-1.4|
FXChoice has low non-trading fees. Deposits and withdrawals are free of charge, but third party fees will be on traders side.
FXChoice trading conditions are good. You can deploy any strategy including scalping and hedging.
|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$.
FXChoice offers leverage ratios up to 1:500 depending on the account type and instrument you trade.
FXChoice claims it has no deposit fees, but it may add on correspondent fees.
You can use many methods including Credit or Debit cards, e-wallets and Cryptocurrencies, but most safe method Bank Wire is not supported.
|Deposit Method||Funding Time||Fee|
|Credit Card||Within 30 min||Free|
|Vload, ADVCash, EPAY||Instant||Free|
The Minimum deposit amount is 100$ for both Classic and Pro Accounts.
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$|
FXChoice offers various bonuses including deposit bonus and refere a friend program.
FXChoice has various platforms including popular MT4 and MT5, plus myfxbook for autotrading.
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
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.
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
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
- 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.|
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.
We do not recommend FXChoice due to lack of top-tier and serious regulations. It is better to select another broker like XM or similar.
Author of this review
By Jimmy O'Brien
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.
I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets, and adding value wherever I can.