FX Choice Forex Broker

Registered in Belize Regulated by FSC Year(s) of establishment 2-5 years Trading instruments Currency pairs, indices, commodities, metals, energy, cryptocurrencies, stocks Minimum Initial Deposit $10 Maximum Leverage 1:1000 Minimum spread 0.0 pips onwards Trading platform MT4, MT5, webtrader Deposit and withdrawal method cryptocurrencies, VISA, MasterCard, Perfectmoney, Skrill, Neteller, astropay and many other options Customer Service Email/phone number/address/live chat/call back Fraud Complaints Exposure Yes It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader. In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation. Pros and cons of FX Choice Pros: Multiple account types with varying minimum deposits and commissions to suit traders with different needs and preferences. The option to trade a wide range of financial instruments including Forex, metals, indices, cryptocurrencies, and shares. Multiple platform options including the popular MetaTrader 4 and 5, as well as a WebTrader platform. High leverage of up to 1:1000 for the Optimum account, providing the opportunity for potentially higher profits. A variety of deposit and withdrawal methods, including popular e-wallets and cryptocurrencies, with a 15% deposit bonus available. Comprehensive educational resources including autotrade, copy trading, and trading signals to help traders make informed decisions. Multilingual customer support available 24/5 via phone, email, live chat, and call back. Cons: Limited options for those who prefer a low minimum deposit or zero commission account. Pro account holders are charged a commission of USD 3.5 per side, which may be relatively high for some traders. Limited to only a few trading platforms, which may not suit traders who prefer other platforms. The maximum leverage available of up to 1:1000 for the Optimum account may be too high for some traders who prefer a lower level of risk. The customer support service does not offer 24/7 assistance. What type of broker is FX Choice？ Advantages Disadvantages FX Choice offers tight spreads and fast execution due to its Market Making model. As a counterparty to its clients' trades, FX Choice has a potential conflict of interest that may lead to decisions that are not in the best interest of its clients. FX Choice is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, FX Choice acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that FX Choice has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients. It is important for traders to be aware of this dynamic when trading with FX Choice or any other MM broker. General information and regulation of FX Choice With a history between 2 and 5 years, FX Choice is an online forex broker regulated by FSC and is dedicated to providing a series of common forex instruments. In the following article, we will analyze the characteristics of this broker in all its dimensions, providing you with easy and well-organized information. If you are interested, read on. Market instruments Advantages Disadvantages Wide range of trading markets including currency pairs, indices, commodities, metals, energy, cryptocurrencies, and stocks None found FX Choice offers a vast selection of tradable instruments, including forex, indices, commodities, metals, energy, cryptocurrencies, and stocks. This wide range of markets provides traders with numerous opportunities to diversify their trading portfolio and take advantage of different market conditions. For instance, traders can choose to trade the highly liquid forex market, take positions on the commodities market, or trade the popular cryptocurrency markets. Additionally, traders can access various indices, energy, and metal markets to take advantage of market opportunities. Overall, the broad range of trading instruments on FX Choice makes it a suitable broker for both new and experienced traders who want access to multiple markets. No disadvantages were found in this dimension. Spreads and commissions for trading with FX Choice Advantages Disadvantages Competitive spreads Pro account commission of USD 3.5 per side is relatively high No commission on Classic and Optimum accounts Optimum account has higher spreads compared to other accounts Rebates available on Pro account FX Choice offers competitive spreads on all its account types. The Classic account has spreads starting from 0.5 pips, while the Optimum account has spreads starting from 1.5 pips. The Pro account has spreads starting from 0 pips but charges a commission of USD 3.5 per side, which is relatively high compared to other brokers. However, rebates of up to USD 2 per side are available for high-volume traders on the Pro account. There are no commissions charged on the Classic and Optimum accounts, making them suitable for traders who do not want to pay additional fees. Overall, FX Choice's spreads are competitive and can be considered an advantage for traders. Trading accounts available in FX Choice Demo Account: FX Choice provides a demo account that allows you to try out the financial markets without the risk of losing money. Live account: FX Choice offers three account types: Classic, Optimum, and Pro Accounts. The Classic Account has a minimum deposit of USD 100 and offers tight spreads starting from 0.5 pips. The Optimum Account, on the other hand, requires a minimum deposit of only USD 10 but has wider spreads starting from 1.5 pips. The Pro Account has a minimum deposit of USD 100 and offers the tightest spreads starting from 0 pips. However, it comes with a relatively high commission fee of USD 3.5 per side. All account types allow for a minimum lot size of 0.01 lots, and the leverage for forex and metals trading ranges from 1:200 to 1:1000. Moreover, the accounts support different markets, including forex, indices, metals and energies, cryptocurrencies, and stocks, among others. Classic Account Optimum Account Pro Account Minimum deposit USD 100 USD 10 USD 100 Tight spreads starting from 0.5 pips 1.5 pips 0 pips Minimum lot size 0.01 lots 0.01 lots 0.01 lots Commission charged Negative figure under ‘Commission’ in trade history No No USD 3.5 per side (USD 1.5 for high-volume traders, see Pips+), per notional amount of USD 100,000 Rebate added Above-zero figure under ‘Commission’ in trade history Up to USD 2 per side, per notional amount of USD 100,000. See Pips+. Up to USD 2 per side, per notional amount of USD 100,000. See Pips+. No Leverage Forex, metals — up to 1:200; more markets. Forex, metals — up to 1:1000; more markets. Forex, metals — up to 1:200; more markets. Margin level for hedge/lock positions 50% 50% 50% Execution NDD, Market NDD, Market NDD, Market Margin call / Stop out 25/15 25/15 25/15 Forex CFDs 36 currency pairs 36 currency pairs 36 currency pairs More CFDs Indices, Metals & Energies, Crypto, Shares Indices, Metals & Energies, Crypto, Shares Indices, Metals & Energies, Crypto, Shares Trading platform(s) that FX Choice offers Advantages Disadvantages MetaTrader 4 (MT4) platform available No proprietary platform MetaTrader 5 (MT5) platform available No cTrader platform available WebTrader platform available FX Choice offers three popular trading platforms to its clients: MT4, MT5, and WebTrader. The MetaTrader platforms are well-known for their advanced charting capabilities and algorithmic trading options, making them ideal for both novice and experienced traders. The WebTrader platform is a browser-based platform that allows traders to access their accounts from anywhere without the need for downloading any software. However, FX Choice does not have its own proprietary platform, which may be a disadvantage for traders who prefer a more customized trading experience. Additionally, the absence of the cTrader platform may be a drawback for traders who prefer this platform for its advanced charting and order execution features. Overall, the availability of the popular MetaTrader platforms and a browser-based WebTrader platform provides traders with flexibility and accessibility to trade from various devices. Maximum leverage of FX Choice Advantages Disadvantages Allows for higher potential profits with smaller initial investment Higher leverage increases risk of large losses Greater flexibility in trading strategies and positions Can lead to overtrading and poor risk management Enables traders to access larger markets with limited capital Inexperienced traders may be tempted to use high leverage without understanding the risks Can increase trading volume and potential returns Market volatility can quickly wipe out an account with high leverage FX Choice offers maximum leverage of up to 1:1000 for Optimum account and 1:200 for Classic and Pro account, which allows traders to open larger positions with a smaller amount of capital. This can be advantageous for traders who have a good understanding of risk management and use leverage wisely to maximize their trading opportunities. However, high leverage can also lead to large losses if traders do not use it responsibly. It is important for traders to understand the risks involved and have a solid trading plan in place when using high leverage. Additionally, traders should always consider the market conditions and volatility before using high leverage in their trades. Deposit and Withdrawal: methods and fees Advantages Disadvantages Multiple deposit and withdrawal options Some deposit/withdrawal methods may not be available in certain countries 15% deposit bonus available Withdrawal fees may apply Cryptocurrency deposits and withdrawals available Bonus terms and conditions may apply Fast processing time for most payment methods FX Choice offers clients a wide range of deposit and withdrawal options, including cryptocurrencies, Visa, Mastercard, Skrill, Neteller, and many more. The 15% deposit bonus is also an attractive feature for new clients. However, some payment methods may not be available in certain countries and withdrawal fees may apply. It's also important to note that bonus terms and conditions may apply. In general, FX Choice aims to process payments quickly, which is a positive aspect for clients looking for a fast and efficient payment system. Educational resources in FX Choice Advantages Disadvantages A wide range of educational resources including market signals, autotrade, copy trading, VPS, news, trading signals, and EA Limited educational materials for beginners Access to professional trading tools Some resources may require additional fees or commissions Customizable tools to meet individual needs and preferences Opportunity to learn from experienced traders FX Choice offers a variety of educational resources that cater to the needs of traders at different levels of experience. The platform provides a range of professional trading tools that traders can use to improve their skills and knowledge. The educational resources available include market signals, autotrade, copy trading, VPS, news, trading signals, and EA. These resources are customizable, allowing traders to tailor them to their individual needs and preferences. Additionally, traders can learn from experienced traders by using the platform's copy trading features. While FX Choice offers a wide range of educational resources, there may be limited materials for beginners, and some resources may require additional fees or commissions. Overall, the platform offers a strong set of educational resources for traders looking to improve their trading skills and knowledge. Customer service of FX Choice Advantages Disadvantages 24/5 customer service available No 24/7 customer service available Support in multiple languages No local phone numbers for some countries Various contact methods available No physical office for some regions Quick response time through live chat and phone Limited information on the website about customer service protocols Call back service available FX Choice offers 24/5 customer service to its clients, providing support in multiple languages through various channels such as email, phone, live chat and call back service. The quick response time through live chat and phone is an advantage, ensuring that clients can get their issues resolved promptly. However, the lack of 24/7 customer service and local phone numbers for some countries could be a disadvantage for clients in those regions. While FX Choice has a physical office, it may not be accessible to some clients. The website could also provide more information about the customer service protocols in place to manage clients' issues. Overall, FX Choice's customer care dimension provides a good level of support to its clients. Conclusion FX Choice is a well-established online trading platform that provides a wide range of trading instruments, including forex, CFDs, and cryptocurrencies. The platform offers multiple account types, educational resources, and 24/5 customer support in various languages. It also provides various deposit and withdrawal options, making it easy for traders to manage their funds. One of the most significant advantages of FX Choice is the availability of the MetaTrader platform, which is a popular and user-friendly platform used by many traders worldwide. While there are some disadvantages, such as the limited availability of some services, FX Choice remains a reputable and reliable platform for both beginner and experienced traders looking to trade various financial instruments. Overall, with its comprehensive trading features, customer support, and user-friendly platform, FX Choice is an attractive choice for traders looking for a reliable online trading platform. Frequently asked questions about FX Choice Question: What is FX Choice？ Answer: FX Choice is an online forex and CFD broker that offers trading services to retail and institutional clients. Question: What types of accounts does FX Choice offer？ Answer: FX Choice offers three types of accounts: Classic, Optimum, and Pro. Question: What is the minimum deposit to open an account with FX Choice？ Answer: The minimum deposit to open a Classic account is USD 100, while the minimum deposit for an Optimum account is USD 10, and for a Pro account, it is USD 100. Question: What is the maximum leverage offered by FX Choice？ Answer: FX Choice offers leverage up to 1:1000 for Optimum account and 1:200 for Classic and Pro accounts. Question: What trading platforms are available at FX Choice？ Answer: FX Choice offers the popular trading platforms MT4, MT5, and WebTrader. Question: What are the deposit and withdrawal methods available at FX Choice？ Answer: FX Choice offers various deposit and withdrawal methods, including credit cards, e-wallets, bank transfers, and cryptocurrencies. Question: Does FX Choice offer educational resources for traders？ Answer: Yes, FX Choice provides educational resources such as market signals, autotrade, copy trading, VPS, news, trading signals, and EA.