FXChoice Review 2020 – Is This a Good Forex Broker?

  • Easy To Use?
  • Cost
  • Profitability
  • Time Needed
4.6

FXChoice (https://en.myfxchoice.com/) is a very popular, highly-rated online electronic communication network. It is an online broker that accepts worldwide members, even residents from the USA. FXChoice provides flexible products, different accounts, and a straightforward platform that can benefit first-time and expert traders.  

FXChoice trades using Forex, precious metals like gold and silver, CFDs, CAD, and cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP. 

FXChoice Headquarters And Regulations

FXChoice is headquartered in Belize. It is a regulated body by the IFSC, a governing body that’s flexible in regulating forex brokers. It has also received different awards for its transparency. FXChoice holds customer funds in various segregated accounts that are not part of their account and cannot be used for any other purpose. 

FXChoice employs an internal management team that monitors risks and other operations to guarantee compliance. There are no debit balance guarantees; therefore, your account will be automatically closed if your balance is negative. 

Here is an insight review video of FXChoice;

How Many Customers Do They Have And From Where? 

The number of FXChoice users is unknown. Because it is widely recognized worldwide, it may have more customers than other regular online brokerage companies. But despite its worldwide popularity, FXChoice does not accept Canadian clients. It does not allow users coming from Belize, Afghanistan, Italy, Iraq, Spain, North Korea, Syria, and Sudan.

What Are The Types Of FXChoice Accounts?

FXChoice has two accounts available: Classic and the Pro account. The Classic FXChoice account is commission-free and has higher spreads. Meanwhile, the Pro account comes with ECN and charges minimal commission fees and has tighter spreads.

Clients can sign up any of the two accounts as an individual or a corporate user. FXChoice offers around 40 fiat pairs, precious metals as well as CFDs. You’ll also enjoy competitive variable spreads, and the pips depend on the account type. The average is 1.2 pip. 

MAM or Multi-Account Management Account is for experienced users with their respective client base and who wants to trade for their customers. This type of account is classified as a proprietary account and allows experienced traders to manage customer funds for an incentive. If you want to use a MAM account, you need to submit an application on the FXChoice website. 

What To Expect With FXChoice?

Here are critical features that you must take note when trading at FXChoice:

  • Account Sign Up And Verification

Sign up for an FXChoice account through their official website https://en.myfxchoice.com/. It only takes three steps: registration where you input your personal information, a telephone confirmation, and final registration requirements. 

  • Trading Platforms

Users log in to their online account at https://en.myfxchoice.com/ and use MetaTrader 4, MetaTrader 5, or Web Terminal to study their options and to conduct trades. They may also use the FXChoice mobile app that’s available on Android or iPhone. This app uses MetaTrader Mobile.

  • Supported Cryptocurrencies And Pairs

FXChoice accepts base currencies like USD, AUD, EUR, CAD, and GBP. It also trades cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, XRP, and Litecoin. 

  • Deposits And Withdrawals

You can deposit your FXChoice account using different methods. You may use wire transfer, credit card, and cryptocurrencies like Bitcoin, Litecoin, Ethereum, and Ripple. You may also pay through Perfect Money, PasaPay, VLoad, Neteller, Skrill, ePayments, UnionPay, Trustly, PaySafeCard, UPayCard, and AstroPay, among others. A minimum deposit of $100 is needed to start trading.

  • Fees

Fees are minimal. Commission fees are available for MAM accounts guaranteed. Broker fees may vary, and there may also be hidden fees. 

  • Tools And Training

To help users make smart trades, tools like charts and graphs are available. Beginner traders also have access to a variety of instructional content, articles, and market reviews. You’ll also get updated news and an economic calendar to help you manage your trades more efficiently. 

  • Customer Support

Users may reach FXChoice through Live Chat and by Call Back. Another way is by submitting a ticket to their support team. FXChoice customer support agents will contact you in a matter of a day, but excluding weekends. Just fill out a simple report form with your personal and account details and your message.

  • Security

FXChoice ensures that all transactions are safely and efficiently processed. They employ SSL technology encryption, password encoding, and all information they gather are not shared with any third party company. 

Is There A Fee To Transact At FXChoice?

There is a fee to make a withdrawal or a deposit, but this is only a small fee. 

What Are The Advantages Of Transacting With FXChoice?

The following are good reasons to trade with FXChoice:

  • A Bonus is issued for every customer and is applied to a deposit when it is applicable.
  • There are different accounts available, and a trial/free live or a demo account is also available.
  • There are minimal fees for withdrawals and deposits.
  • Accepts US customers
  • Has many deposit and withdrawal methods available. 
  • Will trade fiat currency, forex, options, and crypto, to name a few.
  • Uses reliable MetaTrader 4 and 5, the most updated platforms.
  • Is transparent and authorized/regulated

Some FXChoice disadvantages to consider

  • You must understand all the risks for forex, spreads, and CFDs beforehand.
  • Not enough learning material for first-time users.
  • Has fees for deposits and withdrawals. May be minimum fees but still are fees. 
  • You must have at least a $100 deposit to start trading.

Conclusion

FXChoice is a popular, versatile, and transparent broker that operates online.  It offers competitive fees and supports all types of transactions. It trades all over the world, but it has many blacklisted countries. But all-in-all, it is a reliable, efficient, and safe trading platform to use online. We recommend FXChoice. 

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