FX Choice Review
FX Choice Review
This FX Choice review explores a reputable broker with great customer service that is ideal for any type of trader.
FX Choice is a great option whether you want to focus on currencies or expand your trading to other assets. With 38 currency pairs to choose from, you have plenty of forex trading opportunities. The 14 other tradable assets available make for an excellent introduction to other types of trading instruments too.
This online forex broker is also an excellent choice for beginners thanks to the relatively low minimum deposit of $100 and the bonus on all Bitcoin deposits. You’ll be able to get a better feel for trading without risking as much of your own capital.
Continue reading our FX Choice review to discover more about this quality broker and its award-winning customer service.
- Multiple types of trading instruments
- Attractive bonus and loyalty program
- Quality trading platform
- Alternate revenue streams through referral and affiliate programs
- Award-winning customer service
- Limited educational materials
FX Choice was founded in August 2010 and is based in Belize. It is a reputable and transparent broker that services customers from all over the world, including the United States.
While not quite as diverse as other brokers, FX Choice provides plenty of trading opportunities as well as a quality trading experience.
Our FX Choice review team was especially pleased with the quality of the customer service. It’s clear that the awards the company has won for their customer support are well-deserved.
FX Choice regulation and licensing
FX Choice is regulated by the International Financial Services Commission of Belize under license number IFSC/60/191/TS/19.
Unfortunately, the IFSC is not considered a top-tier regulatory authority as they tend to be lenient. Our FX Choice review team feels this forex broker’s reputation would benefit from being licensed by a stricter regulatory body.
Despite limited regulatory oversight, FX Choice is still highly dedicated to ensuring you can trade in a reliable and safe environment. All customer funds are held in segregated accounts, which means your capital is protected should the company become insolvent. It also means that the company cannot trade or make purchases with your money.
FX Choice also monitors their management staff through an internal risk management department to ensure they are in full compliance with all their obligations.
This FX Choice 2019 review found that this online forex broker offers two types of accounts, both of which have been designed for traders who are focused on making a profit.
The Classic account uses non-dealing desk technology and offers tight spreads starting at 0.5 pips and fast execution. This account allows you to trade 28 currencies, along with the other tradable assets FX Choice offers. It’s a good option for any trader who doesn’t want to overthink fees as there are no commissions.
The Pro account is an excellent choice if your preferred trading style is scalping. It has much tighter spreads starting at 0 pips, yet you will pay a commission of $3.5 per lot. With the Pro account, you will be able to trade all 38 currency pairs FX Choice provides, along with the CFDs on indices, metals, energies, and cryptocurrencies.
Both accounts have a minimum deposit requirement of $100, offer leverage of up to 200:1, and allow automated trading with expert advisors.
Our FX Choice review team also found that demo versions of accounts are available. This is especially encouraging if you want to improve your scalping, as not many brokers offer a demo version of their tight-spread, commission-based accounts.
FX Choice also offers a special account for experienced traders with their own clients. The Multi-Account Management account allows you to manage multiple clients and their funds.
FX Choice trading costs
The trading fees at FX Choice are all in line with other excellent brokers. You can benefit from tight spreads and attractive commissions on both account types, as mentioned above.
FX Choice also offer all traders the chance to reduce their commissions cost. This is offered as part of the broker’s multi-tier loyalty program. Essentially, the more you trade, the more you can save on fees.
During our review of FX Choice, we found that the broker’s rollover policy and fees are comparable to most other brokers. Each currency pair has a different swap value, which can be found on the FX Choice website.
FX Choice won’t charge you directly for funding your account, however the broker does pass on the fees they pay to the payment processors. You may also be subject to some fees should you request a withdrawal that requires manual processing. For example, on wire transfers there is a 0.25% fee with a minimum charge of approximately $165 and a maximum of $1,110.
On Skrill withdrawals, you can expect to pay 1%, while FasaPay will incur a fee of 0.5% but not more than $5. Neteller is free, and Bitcoin withdrawals are only subject to the fees the payment system charges.
FX Choice payment methods
Our FX Choice reviewers were pleased to see the multitude of payment methods this online broker offers. We tested some of these and found that they worked as advertised.
At FX Choice, you can fund your account via wire transfer, Bitcoin, Skrill, Neteller, Qiwi, Litecoin, Ethereum, major credit cards, and many more. However, some payment methods are not available in certain countries.
Deposits via credit card and most e-wallet services are processed immediately, while wire transfers are processed within 5 days. FX Choice generally processes withdrawals within 24 hours, however this period does not include the time it takes the third-party payment processor to credit your account.
With a bank transfer, for example, it can take up to 5 days for the money to reach your account. On the other hand, e-wallet services like Skrill and Neteller will credit your account instantly.
FX Choice trading bonuses
FX Choice offers clients an attractive bonus on deposits that meet certain conditions. This not only gives you the chance to familiarize yourself with FX Choice, without risking your own money, but it also allows you to make a higher profit, as you have more capital to trade with.
Our FX Choice review team also discovered that the broker offers a valuable referral program to all of its traders. The Refer-and-Earn Plan awards you a commission for every person who opens an account and makes a deposit via your referral link. The person you referred will, in turn, receive a one-time welcome bonus on their first deposit.
FX Choice also takes care of its loyal customers through a loyalty program for Pro account holders. The program has multiple tiers based on trading volume. Each tier offers increasing discounts on trading commissions.
FX Choice trading platforms
This FX Choice review found that this forex broker offers the two best trading platforms available on the market today, namely MetaTrader 4 and MetaTrader 5. This further proves FX Choice’s dedication to ensuring that traders have the best experience possible.
FX Choice also offers a few tools to make trading easier, such as a VPS for stable trading. They also provide a live economic calendar to ensure that you have all the information you need to trade successfully. The calendar is only available to traders with live accounts.
This online forex broker also offers full integration with Myfxbook AutoTrade, which allows you to copy the trades of more experienced traders. This is perfect for novice traders who wish to make a profit immediately.
The FX Choice website is well-designed and easy to navigate. Available in 8 languages, including English, Spanish, and Greek, the information is organized logically and intuitively. Registering for an account is also straightforward and quick.
The FX Choice website is completely mobile-optimized and responsive. From your smartphone or tablet, you can access your account dashboard, make deposits and withdrawals, use trading tools and contact customer support.
In terms of trading, FX Choice traders can use both the MetaTrader 4 and MetaTrader 5 mobile apps for iOS and Android. This means you can make trades with ease, no matter where you are. If you’d rather not download an app, you can always trade via your mobile phone’s web browser.
Education and training
When conducting our review of FX Choice, we were disappointed to find that this online forex broker doesn’t offer any form of educational materials. This is a huge oversight, yet new traders can still access the economic calendar and can benefit from the broker’s copy trading program.
FX Choice customer support
When we conduct broker reviews, one of the first things we test is the customer support. This is a valuable indicator of the broker’s quality, and a company that offers poor support is not one that we want to recommend.
After conducting our review of FX Choice, we are happy to say that we were incredibly pleased with their customer support team. The staff were quick to respond and more than helpful. They efficiently resolved our issues, no matter the channel we used to contact them.
FX Choice’s support is available in multiple languages via live chat, email or callback service. The live chat service is available 24/7, whilst all emails and callback requests will be answered within 24 hours. We were impressed to see that this broker also responds to customer issues on other online platforms, even if they haven’t been contacted directly.
FX Choice – Our verdict
Our FX Choice review has found that this is a capable broker which goes above and beyond to provide a great overall trading experience.
Competitive spreads, reasonable commissions, and excellent trading platforms are just some of the things which make FX Choice perfect for all types of traders. Whilst we were disappointed by the lack of educational resources, the easy to use site and low minimum deposit limits mean that this site is still a great home for beginner traders.
All traders can also benefit from loyalty and referral programs, as well as generous bonuses. These, however, are just the icing on the cake of an already first-rate product.
Sign up for an FX Choice account today to start benefiting from a skilled and reputable broker.