Fxchoice is an online brokerage company trading in Forex and CFDs for private clients, fund managers, and institutional investors. Fxchoice was founded in 2010 by a company called Fxchoice Limited with its headquarter in Belize. The company is regulated by the local International Financial Services Commission (IFSC). IFSC mandate is to supervise all forex brokers, to ensure that all code of conducts is followed and giving them trading licenses
Fxchoice offers trading in 40 currency pairs and various CFDs on commodities, indices, energies and precious metals such as Gold and silver.
The broker boasts of giving excellent services to its customers and customer support. Fxchoice was awarded the Exceptional Customer Service accolade in 2016 by LiveHelpNow on five different occasions.
The broker keeps all clients funds in a segregated trust account separate from their corporate account. This is to ensure that there is security and to gain trust from the investors. In addition, Fxchoice practices positive price correction where they simply Zeros investors account balances where there is a negative balance as a result of extraordinary circumstances.
It is good to be careful when looking for a broker to invest in order not to fall into scammers. From the above, it is clear that Fxchoice is genuine and trustworthy.
Fxchoice can execute approximately 15000 digital transactions in a day due to their NDD technology.
The broker provides multiple of trading platform including Meta Trader 4, Meta Trader 5, Myfxbook Autotrade and mobile trading options. Fxchoice also offers a full binary trading system.
MT4 and MT5 offer access to the CFDs, Forex, and future markets. The two platforms use MQL programming language thus allowing Automated trading via Expert Advisors, analysis tool, signals, advanced charting, trading, alerts, and ability to customize to ones need.
MT4 is popular in among many traders because of its features. Traders like it because they can have it set up exactly the way they want it. In this broker, MT4 is available as a desktop version, a web-based version called Web terminal MT4, and mobile apps.
MT5 is a newer version of MT4, but still, many brokers prefer the good old MT4 because some of MT4 Expert Advisors and indicators are not supported in the MT5 platform. It will take time before MT5 is popular with traders and brokers however its slowly gaining popularity since hedging option was added and some enhancement made. MT5 is available as PC version and mobile apps.
Trading accounts options and the conditions
Fxchoice provides its clients with a choice of two accounts namely, Classic and Pro. Classic account is commission free and offers higher spreads than Pro which provides tighter spreads due to ECN environment and is commission based. It also provides its clients with a choice of MT4 or MT5 platforms.
Traders of Fxchoice have an option to choose either Corporate or Individual accounts.
Fxchoice demands an initial investment of $100 from both accounts which in low initial investment for ECN environment.
Deposits and Withdraws
With Fxchoice you have a numerous banking options from Wire transfer, MasterCard, Visa, Neteller, Fasapay, Pay Safe Card, Bitcoin, Perfect Money, ePayment, Astropay, and POLi.
Traders can open their account in EUR, USD, AUD, GBP, CAD, and Bitcoin. Traders are advised to make deposits in the currency they plan to keep in their accounts to avoid currency conversion fee.
Spreads Leverage and Commission
Fxchoice provides competitive variable spreads. The variables spreads vary by the type of account, but the trading cost is the same. The average spreads on a Classic account is 1.2 pips on EUR/USD while on a Pro account is 0.5 pips on USD/EUR with a commission of $7 per lot round.
The pro account provides 51 Forex pairs while classic offers 28. The margin call/stop on Pro account is 100/80 while on a classic is 25/15.
Fxchoice offers a maximum leverage of 1:200.
For any inquiries, you can reach them on myfxchoice.com or chat with them online.
Fxchoice offers its clients with unique bonuses from time to time ranging from 10%-20%. However, the bonus can’t exceed $5000. Clients can’t withdraw the bonuses before meeting the rollover requirement.
Advantages of Fxchoice
- Traders can trade in both MT4 and MT5 giving them liberty to choose what platform they desire.
- Fxchoice offers competitive spreads.
- Unlike other forex brokers, Fxchoice initial deposit is same for the two accounts and low for ECN environment.
- The broker offers an extra tool like live economic calendar and Virtual Private Server (VPS). VPS is available for traders who keep a monthly of $3000 or more or at least five lots per month. VPS grants you extra protection when trading forex.
- Fxchoice can execute around 15000 digital transactions in a day.
Disadvantages of Fxchoice
- Fxchoice enjoys liberal regulation.
Fxchoice is a reliable award winning NDD broker despite its liberal regulation and keeps all client funds in a segregated trust account. It has an experience of more than a decade in the forex industry. It offers its clients with various trading platforms, different banking options, and competitive trading conditions.