Table of Contents
FXChoice Review 2023
- Easy To Use?
- Time Needed
- Good user interface
- Easy to add new live and demo accounts
- Low trading fees and spreads
- Good range of CFD trading instruments are available
- Poor selection of deposit and withdrawal options
- Not much by way of training resources for new traders
Welcome to my FXChoice review. I’ve been using this broker for many years, so in this post, I will share my personal experience of using them.
Important: As a long-standing customer, I was able to secure a special deposit bonus for referrals. If you choose to open an account with FXChoice after reading this review then be sure to do so using the link below to receive a 50% deposit bonus!
What is FXChoice?
FXChoice is an online multi-asset forex broker that provides forex trading services for customers around the world.
FXChoice provides flexible products, different account types, and a straightforward platform that can benefit first-time and expert traders alike.
NOTE: FXChoice no longer accepts clients from the USA. If you’re looking for a reliable broker in the USA then check out our LQDfx review.
I have used FX Choice in my own trading for quite some time now. I find their platform easy to use, their support is very good, and I’ve made some nice trading profits. The deposit and withdrawal options are a little bit limited, although they are adding new ones all the time.
What Does The FXChoice Platform Do?
FXChoice offers a wide range of trading instruments and various CFD markets including Forex, precious metals (like gold and silver), indices, and even cryptocurrencies (such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP).
Here is a detailed breakdown of the markets available with FXChoice;
The major forex pairs are of course available (EUR/USD, USD/JPY, GBP/USD, and USD/CHF) as well as a wide range of other pairs. In fact, there are 36 currency pairs available covering all major currencies including USD, EUR, GBP, JPY, CHF, AUD, CAD, NSD and more.
Here is a snapshot of the trading pairs available.
Cryptocurrency trading is now available through the FXChoice trading platform, although options are quite limited. The crypto pairs available to trade are;
If you’re keen to find a CFD trading platform for cryptocurrency then maybe check out our IGIndex review, although professional trader accounts are needed.
FXChoice covers the major indices for those that want to trade CFDs. The options available here are;
- German Index
- Japan Index
- US 30 Index (DOW)
- US 500 Index (S&P)
- USTech Index (NASDAQ)
- UK 100 Index (FTSE)
Here is the full list as well as the tight spreads they offer;
Commodities trading is very popular, especially for automated trading and EAs. FXChoice has got you covered here with a range of important commodities futures available to trade;
- Gold (spot)
- Silver (spot)
- Crude oil
- Brent oil
Here is the commodities CFDs market overview and the tight spreads;
Stocks & Shares
Whilst FXChoice is not a stockbroker, they do offer futures CFDs for several international stocks on a range of financial markets from the UK, USA, and Europe. These include some of the most well-known stocks in the world, such as Apple, Amazon, and Microsoft.
Here is a sample of the stocks available and the spread;
FXChoice Headquarters And Regulations
FXChoice holds customer funds in various segregated bank accounts. Segregated accounts are not part of their account and cannot be used for any other purpose.
FXChoice employs an internal risk management team that monitors risks and other operations to guarantee compliance. It also offers negative balance protection – however, it’s important to know that it is not on a per-account basis, which means that if someone has two accounts and one account has a negative balance but the other doesn’t, funds can be taken from the second account to off-set the negative balance.
Here is an interesting review video of FXChoice;
>> Join FXChoice Today. Click Here To Get Started <<
How Many Customers Do They Have?
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 American clients. It does not allow users coming from Afghanistan, American Samoa, Belize, EU/EEA, Guam, Indonesia, Iran, Iraq, North Korea, Northern Mariana Islands, Puerto Rico, Russia, Sudan, Syrian Arab Republic, United States and the US. Virgin Islands.
FXChoice Account Types
FXChoice has two account types available: the Classic account and the Pro account.
The Classic 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 for any of the two FX Choice account types as individual or corporate users. FXChoice offers around 40 fiat currency pairs, as well as precious metals, stocks, and major indices.
You’ll also enjoy competitive variable FXChoice spreads, and the pips depend on the account type. The average spread is 1.2 pip.
MAM or Multi-Account Management Account is for professional traders and money managers with their respective client base and who want to indirectly trade their client funds.
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.
FXChoice also offers free demo accounts for those that want to practice and improve their skills. These accounts can be opened on both MT4 and MT5 web trader accounts.
If you just want to get some trading experience, FXChoice gives you a chance to sign up for a demo trading account. Contrary to many other brokers, who make it necessary to contact them to extend your demo account after a specific period, FXChoice demo accounts don’t expire unless you don’t log in in 90 days. You can open up to 20 demo accounts, but if you contact customer support, they will most likely be able to increase the number.
Owning an FXChoice demo account is also a good idea for professional traders who want to test a trading strategy before deploying it with real money.
What To Expect With FXChoice?
Here are critical features that you must take note of when trading online at FXChoice:
Account Sign Up And Verification
Sign up for an FXChoice trading 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.
Range Of Services
FXChoice offers one of the widest ranges of trading and investment services I’ve ever seen!
Most forex and CFD trading platforms will allow you to trade on MT4 or MT5, but the sheer number of additional integrations with FXChoice is very impressive.
Here are just a few of the additional services they offer;
Using one of their standard retail investor accounts, you can easily trade MQL5 signals.
This service is very popular and it’s a great addition to their range of services.
Myfxbook is one of the most popular websites for forex traders. When combined with a good quality forex broker, it can be very powerful!
Many use myfxbook for tracking their trading results, but you can also auto-trade and copy professional traders on myfxbook right into your FXChoixe trading account!
Expert Advisors (EAs)
This is where I first started with FXChoice. Their platform integrates well with trading bots and EA’s both with live trading and demo accounts.
I often test several bots at a time using their free demo accounts and this has helped me to avoid losing money rapidly as I test and refine bot settings. This option makes them perfect for active and passive trading alike.
I have tested Zulutrade extensively in the past (see my Zulutrade review) and although I didn’t have much success with it, this integration is still a useful one for those that like copy trading forex.
This partnership means that you can now connect your FXChoice account to Zulutrade and copy-trade their advanced traders with ease and benefit from a very wide range of trading strategies.
Always keep in mind however that even copying experienced traders it is still possible to lose money when trading. Your capital is at risk.
Pips & Loyalty Program
FXChoice offers a loyalty program for regular customers known as the FX Choice Pips Program. This program rewards clients with cashback of up to 2 pips per lot on their spreads for every trade they make. This means that clients will get more value from their trades and have a greater potential return on their investments. They also have a loyalty program for its clients that rewards them with discounts on spreads and commissions as well as exclusive promotions.
How To Get Started
Getting started with FXChoice is easy. You can open an account with a minimum deposit of $100, and you’ll be able to take advantage of their wide variety of trading platforms, including MetaTrader 4, MT5, cTrader, and more. FX Choice also provides access to over 300 instruments across various asset classes, such as forex, CFDs on stocks and indices, commodities, cryptocurrencies, and more. Simply open an account, fund it, download MT4, and away you go! You’ll be trading forex in no time!
Referral & Affiliate Program
FXChoice also offers a referral program for customers looking to earn extra income. Customers can refer friends and family to them, and if the referred person opens an account and trades with FXChoice, they will receive a commission of up to $400 per successful referral! FXChoice also has an affiliate program for experienced traders who are looking to increase their earnings. FXChoice affiliates can earn up to $600 per referred client.
Users log in to their online account at https://en.myfxchoice.com/ and use one of the three trading platforms, FX Choice MetaTrader 4, MetaTrader 5, or Web Terminal to study their options and to conduct trades. They may also use the FX Choice 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 make an initial deposit to your FX Choice account using different methods.
To withdraw the money you may use wire transfers, credit cards, 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.
TIP: If you deposit using cryptocurrency you can often get an additional deposit bonus of up to 15%!
The required minimum deposit is $100 and is needed to start trading. Keep in mind that deposit fees may be applicable. Go to their login page for more information.
Using leverage in trading involves borrowing money from a broker to open a larger position than your account balance would typically allow. This approach presents an opportunity for increased profits, but also comes with elevated risks.
Traders on FXChoice have the flexibility to choose from a range of leverage options, ranging from 1:1 to 1:200, depending on their trading strategy and risk appetite.
It’s important to keep in mind that while leverage can amplify gains, it can also result in amplified losses. Therefore, it’s crucial to use leverage cautiously and adopt effective risk management techniques to mitigate potential losses, especially in highly volatile trading conditions.
Fees on the FXChoice trading platform are minimal.
Commission fees are available for MAM accounts guaranteed. FXChoice forex broker fees may vary, and there may also be hidden fees (such as currency conversion fees).
Note: See my article “FXTM Review 2022 Is Forex Time A Good Broker?”
Trading Tools And Training
To help users make smart trades, tools like charts and graphs are available. Both beginner and advanced 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.
Users may reach FXChoice through MyFXChoice 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, excluding weekends. Just fill out a simple report form with your personal and account details and your message.
FXChoice ensures that all client transactions are safely and efficiently processed. They employ SSL technology encryption and password encoding, and all information they gather is not shared with any third-party company.
>> Join FXChoice Today. Click Here To Get Started <<
Is There A Transaction Fee At FXChoice?
There is a fee to make a withdrawal or a deposit, but this is only a small fee. Trading fees are accounted for in the spread on each pair (see above for some examples of these fees).
What Are The Advantages Of Transacting With FXChoice?
Just like most online brokers, FXChoice has its pros and cons.
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 account types available, and a free demo account is also available.
- There are minimal fees for withdrawals and deposits.
- Has many deposit and withdrawal methods available.
- Trades can trade fiat currency, forex, options, and crypto, to name a few.
- Uses reliable MetaTrader 4 and 5, the most updated trading platforms.
- Is transparent and authorized/regulated
Some FXChoice disadvantages to consider
- You must understand all the risks for forex, spreads, and trading CFDs beforehand.
- Not enough learning material for first-time users.
- Has fees for deposits and withdrawals with certain types of deposits. This can be hard to swallow on top of the usual trading costs.
- You must have at least a $100 deposit to trade forex with them.
FXChoice does have some competitors in the forex market, such as FXCM, Oanda, and Plus500. However, FXChoice stands out from its peers by offering more features and benefits to its customers. FXChoice’s loyalty program offers up to 2 pips cashback per lot on spreads, while other brokers only offer up to 1 pip. FXChoice also offers a wide range of trading platforms, access to over 300 instruments, and an attractive referral program which makes it one of the best forex brokers available.
FXChoice Vs FXPrimus
FX Choice and FXPrimus are both well-known online forex brokers that offer a range of trading platforms, instruments, and services to their customers. FXChoice offers the MetaTrader 4 and 5 and cTrader platforms, while FXPrimus only offers MT4. FXChoice also has more than 300 instruments available for trading, while FXPrimus has just over 200. FXChoice also offers a loyalty program that rewards up to 2 pips of cashback per lot on spreads, while FXPrimus does not offer any such rewards. FXChoice also has attractive referral and affiliate programs that allow customers to earn additional income by referring friends and family or other associates.
Therefore, FXChoice appears to be a better choice for forex trading compared to FXPrimus. However, there are some exciting bonuses available with FXPrimus. To find out more visit our FXPRIMUS review.
FXChoice vs Hugosway
FXChoice and Hugosway are both online forex brokers with a wide range of offerings for their customers. fxChoice offers the MetaTrader 4 and 5, cTrader, and Web Trader platforms, while Hugosway only provides access to MT4. FXChoice also has more than 300 instruments available for trading compared to Hugosway’s 100+ instruments. FXChoice also offers a cashback loyalty program and attractive referral and affiliate programs which allow customers to earn additional income.
On the other hand, Hugosway has an educational center covering topics such as fundamental analysis, technical analysis, risk management, money management, and more. FXChoice does not offer any educational resources to its customers.
FXCHOICE vs FX Open
FXChoice and FXOpen are two online forex brokers that offer a variety of services to their customers. FX Choice offers the MetaTrader 4, 5, cTrader, and Web Trader platforms, while FXOpen only provides access to MT4. FXChoice has more than 300 instruments available for trading compared to FXOpen’s 200+ instruments. FXChoice also offers a cashback loyalty program and attractive referral and affiliate programs which allow customers to earn additional income.
On the other hand, FXOpen has an extensive educational center covering topics such as fundamental analysis, technical analysis, risk management, money management, and more.
FXChoice Vs Hotforex
Hotforex is another very popular forex trading broker. Although they have some interesting tools and resources available, we did not find a great deal of difference between them and FXChoice. Both brokers offer similar trading platforms and trading instruments with similar reputations from other online reviews.
ThinkMarkets is a multi-asset trading platform suitable for all levels of traders. It offers access to hundreds of instruments, low commissions and spreads, and advanced trading tools such as automated trading.
For more information visit our ThinkMarkets review page.
Ava Trade is a multi-asset trading platform with access to forex, stocks, indices, and many more. It offers low spreads, tight commissions, and free educational materials. AvaTrade also has an extensive customer support team available 24/7.
For a detailed look into Avatrade check out our Ava Trade review.
Online FXChoice Reviews
Many FX Choice reviews cite the wide range of trading instruments and platforms, as well as the loyalty program, referral programs, and affiliate programs. Their platform is highly rated for its ease of use, fast execution speeds, and reliable customer service. FXChoice also receives positive feedback from traders who have used their services in terms of spreads, fees, and deposits/withdrawals. Overall FXChoice is seen as a reliable broker that offers competitive trading tools.
Let’s explore some of the FXChoice reviews that are being posted online.
Reviews on FXChoice from Forex Peace Army are generally positive. The broker has been praised for its wide range of trading instruments and platforms, as well as the loyalty program, referral programs, and affiliate programs. FXChoice also receives good feedback from traders in terms of spreads, fees, and deposits/withdrawals.
With rave reviews from its customers on Trustpilot, FXChoice is a leading online forex broker. Not only does it offer a wide range of trading instruments and platforms but also loyalty programs, referrals, and affiliate plans too! Traders are especially pleased with how quickly their orders execute as well as the exceptionally competitive spreads, fees, and deposits/withdrawals – all backed by reliable customer service representatives. It’s no surprise that traders highly rate FXChoice for the quality of services provided overall.
Conclusion- Is FXChoice A Good Broker?
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. Visit www.myfxchoice.com
Frequently Asked Questions
Yes. FX Choice is regulated by the Belize Financial Services Commission (FSC). This makes them an offshore forex broker and as such, they are not regulated in any major financial jurisdiction such as USA, UK, or Europe.
Yes, FX Choice is a market maker. Due to their size, they are one of the largest forex brokers in the world with transaction volume totaling 150,000 daily.
Yes, FXChoice does offer this type of account. Both the Classic and Pro trading accounts can be converted to Islamic accounts. Simply contact their support to request this.
For more information on this topic contact customer service through their website.
FX Choice does not accept clients residing in the USA. If you are based in the USA then can find other suitable forex and CFD brokers such as LQDFX.
The available payment methods can differ depending on the country you’re from, but the most common ones include debit/credit cards, cryptocurrencies, bank transfers, and e-wallets such as Neteller or Skrill.
Yes! You can get up to 50% deposit bonus with FXChoice. Simply CLICK HERE to register an account with this amazing offer!
The best forex broker for you will depend on your trading style and goals. However, fxChoice is a popular choice amongst traders due to its wide range of platforms and instruments, competitive spreads, fees and deposits/withdrawals as well as loyalty programs, referrals and affiliate plans.
FXChoice aims to process all withdrawals within 24 hours. However, some payment methods will take longer than others, depending on the payment provider. Its advised to check the withdrawal time for the method you intend to use before instructing your withdrawal.
Yes, FX Choice does offer a virtual private server. The cost of it is 40 euros per month. To sign up for the service, you need to have a funded active account.
If you do, just go to your back office profile, click on “Services”, choose VPS, complete the form and submit it.
Someone from FXChoice’s team will get in touch and set it up for you.
FXChoice uses both MT4 and MT5 web traders as their trading platform.
They also have a web terminal metatrader. Follow these links to download the software you would like to use;
Yes, it is possible to auto-trade with FX Choice. Automated trading with EA’s is very popular, especially for commodities and forex CFD trading.
FX Choice allows both automated trading and expert advisors (EAs) also known as bots. I have run trading bots on their platform many times and find it to be very helpful, especially for testing strategies on demo accounts.
FXChoice allows small deposits and demo accounts (no deposit required). The minimum amount required for live trading accounts is $100, or the equivalent in other fiat currencies.
One of the most common questions is “are they a legit broker or a scam?”
The reason this is such a common question is that trading futures CFDs in any market is very high risk. Therefore, the chances of investment losses are quite high. In many cases, retail investors suffer losses and blame the broker for this.
The simple answer to this question is that yes, they are a legit broker and not a scam broker. However, keep in mind the high-risk nature of trading these derivatives as the majority of people who trade lose money.
This is a question I get asked a lot! They are certainly a broker I have used extensively over the last few years. This makes them one of my favourite brokers and I have always been able to withdraw profits easily.
However, due to some of the negatives I’ve highlighted in this FXChoice review, there are one or 2 brokers I prefer, such as LQDFX and FXPrimus.
Withdrawals are normally very fast, although it does depend on the type of withdrawal you request.
I normally withdraw using their cryptocurrency option as I find this the fastest.
If depositing in crypto you often get a deposit bonus of up to 15% too!
It’s important to understand how long this forex and CFD trading platform has been in existence as it shows their sustainability. Some brokers are not around for long and this is a problem, especially if it causes investors to lose money.
FXChoice was founded in 2010 so it has a long track record of providing investment services to its users.
Warning: The forex market can be very volatile in certain trading conditions and losses can quickly occur even if trading with a stop loss (due to slippage). Between 74-89% of retail investor accounts lose money when trading CFDs. Although FXChoice does offer some negative balance protection you should be very cautious when trading volatile assets in the stock, commodities, and forex market. This review of FXChoice does not constitute investment advice. Please see the full disclaimer in the footer.