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FXChoice Review 2022 – Is This a Good Forex Broker?

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

In this post, I’m going to carry out an FXChoice Review to show you whether this is a good forex broker or not.

What is FXChoice?

FXChoice is an online multi-asset 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 accept clients from the USA. If you’re looking for a reliable broker in the USA then check out our LQDfx review.

I have used FXChoice 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 withdrawals options are a little bit limited, although they are adding new ones all the time.

Here are some of my live trading results from this broker;

My live account (using the GPS forex robot);

https://www.myfxbook.com/members/TradeWise1/gps-forex-live/7645955

This is a demo account I’ve been running for quite some time (also using GPS forex robot)

https://www.myfxbook.com/members/TradeWise1/trade-wise-gps-ea/6186094

What Does The FXChoice Platform Do?

FXChoice offers various markets including Forex, precious metals like gold and silver, CFDs, CAD, and cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP. 

FXChoice Review

FXChoice Headquarters And Regulations

FXChoice is headquartered in Belize. It’s a regulated broker, regulated by the International Financial Services Commission (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 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 insight review video of FXChoice;

>> Join FXChoice Today. Click Here To Get Started <<

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 American 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 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 accounts as an individual or a corporate user. FXChoice offers around 40 fiat pairs, precious metals as well as CFD trading. 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 want 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. 

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 accounts, but if you contact FXChoice, they will most likely be able to increase the number.

Owning an FXChoice demo account is also a good idea for traders with a bit more experience, who want to test a trading strategy.

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 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. 

Users log in to their online account at https://en.myfxchoice.com/ and use one of the three trading platforms, 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 FX Choice 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 on the FXChoice trading platform are minimal. Commission fees are available for MAM accounts guaranteed. Broker fees may vary, and there may also be hidden fees. 

See my article “FXTM Review 2022 Is Forex Time A Good Broker?”

FXChoice Review screenshot
  • 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.

  • 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, excluding weekends. Just fill out a simple report form with your personal and account details and your message.

  • Security

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 Fee To Transact At FXChoice?

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

See my post “Ava Trade Review 2022”

FXChoice Review graph

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 accounts available, and a trial/free live or a demo account is also available.
  • There are minimal fees for withdrawals and deposits.
  • 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 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. 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.

FXChoice – Frequently Asked Questions

Is FXChoice regulated?

Yes. As I already mentioned, FXChoice is regulated by the International Financial Services Commission.

Is FXChoice a market maker?

Yes, FXChoice is a market maker.

Does FXChoice offer an Islamic account?

Yes, FXChoice does offer this type of account.

What payment methods are available on FXChoice?

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.

Does FXChoice offer VPS?

Yes, FXChoice 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 backoffice 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.

Jon

I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.

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