HotForex vs FXChoice Broker Comparison
Are you trying to figure out which is a better broker, HotForex or FXChoice? After rigorously testing both brokers and putting each through our accurate and extensive reviewing process, we have concluded that HotForex is the better of the two. HotForex offers 160 instruments, licenses from FSCA, FSA(SVG), and fair trading fees.
In the tables below, you can compare the features of HotForex and FXChoice side by side, to work out which suits your trading needs best. You can also carry on reading to find out why our experts ranked HotForex higher than FXChoice.
Does HotForex or FXChoice have lower trading costs and fees?
To compare the costs of trading at different brokers, our experts analyze both trading-specific fees, such as spreads, and non-trading fees, such as inactivity charges and payment costs.
To give an overall view of how cheap or expensive HotForex and FXChoice are, we first considered the common fees on Standard Accounts. At HotForex the average spread for the EUR/USD currency pair is 1 pips, whilst at FXChoice the spread is 1.4.
This shows that HotForex is the better option for low-cost forex trading.
When it comes to non-trading fees, HotForex charges for inactivity. FXChoice charges for deposit, withdrawal. With this in mind, HotForex has lower non-trading fees.
When our experts analyzed the specific costs of both brokers, we found that FXChoice is the better option.
*Based on Standard account type.
Which broker is safer, HotForex or FXChoice?
In order to decide how safe our top-rated brokers are, our experts look at a number of factors. This includes what licenses the broker holds and how reputable those licenses are. We also consider the history of the broker, as a long-standing broker is often more reliable and trustworthy than a newer one.
HotForex is regulated by FSCA, FSA(SVG) and offers client protection. FXChoice is regulated by IFSC and offers client protection.
Considering these two factors, and the general reputation and history of both brokers, we believe that HotForex is the safer broker.
How many trading instruments are available at HotForex and FXChoice?
HotForex provides traders with 160 instruments. This includes 50 currency pairs, 12 cryptocurrencies, and 944 stocks and shares. With HotForex, you can also trade CFDs.
In comparison, FXChoice boasts 50+ tradable instruments. FXChoice offers 36 currency pairs, 3 cryptocurrencies, and 0 stocks and shares. FXChoice also allows CFD trading.
As both brokers offer the same total number of instruments, both are great choice if you are wishing to diversify your trading portfolio.
Which broker offers the best trading platform, HotForex or FXChoice?
When our experts review a broker, they open their own accounts and place trades via the broker’s trading platform. This allows them to fully evaluate the quality of the platform, how easy it is to use and what features it offers.
HotForex provides you with the ability to trade via 3 trading platforms, and FXChoice has 3 trading platforms, too. Both brokers also offer research and trading tools, however HotForex has more.
Overall, our experts agree that HotForex boasts the better trading platform offering.
Which is better for beginners, HotForex or FXChoice?
To decide how well-suited a broker is for beginner traders, our experts look at what educational materials are available, how accessible the minimum deposit limits are, the range of account types and whether or not you can practice trading with a demo account first.
Considering this, our reviews show that HotForex is the better broker for beginner traders as it offers a larger range of educational tools and materials. HotForex also has a minimum deposit of $.