FX Choice was founded in 2010 and headquartered in Belize. FXChoice Ltd., an offshore company, owns it. Despite not being among the biggest names in the industry, FX Choice has made a name for itself in a decade of providing trading services. The broker also has qualities that set it apart from other brokers in its field.
Note: FX Choice does not accept clients based in the following countries: Belize, North Korea, Italy, and Spain.
FX Choice Regulation and Security
The IFSC regulates FX Choice in Belize. Since this is the only regulatory body where FX Choice is licensed, it is safe to say that it lacks that aspect. The broker can benefit from acquiring regulations from other jurisdictions to fulfill its role as a global broker.
However, it is also important to know that FX Choice is in good standing with the IFSC in Belize, which can counter several doubts about its security.
As part of FX Choice regulations, the broker has its own risk management team that watches over all processes happening within the brokerage. This team guarantees full transparency in their operations, especially with transactions between broker and client, and ensures strict compliance with the standards of its regulator.
FX Choice Platforms and Tools
FX Choice has often been defined as “MetaTrader-only broker,” as it does not offer its own trading platform. However, it does have both MetaTrader4 and MetaTrader5. The use of both platforms usually varies with different brokers, as each one provides a certain functionality in its offer of MT4 and MT5 to their clients. These functionalities usually based on the broker’s standards in trading, like in the aspects of spreads, commissions, etc.
When it comes to tools, clients can freely use Charting with 51 indicators and 31 drawing tools in total. The broker also offers Copy Trading and the functions of Trailing Stop. These features prove that FX Choice stays on par with its contenders.
To give the clients a quick overview of the two platforms, refer below:
- MetaTrader4 – this platform was developed first and usually focuses on foreign exchange trading, as well as CFDs trading. It does a great job of offering quality trading services through numerous tools and features. It remains as the most reputable forex trading platform, especially that the spreads in MT4 solely reflect the movement of prices in the market. In other platforms, clients may find that spreads are fixed, among other factors.
- MetaTrader5 – serves as an “extension” of the MT4 platform, or rather a complement to the former platform. The MT5 extends the trading abilities of MT4 as it provides trading with stocks, futures, and even forex trading instruments. It is designed to give the opportunity to trade with a larger range of assets other than what is already offered by MT4.
FX Choice Account Types
FX Choice has two main options for opening an account with them: Classic and Pro. The two can be opened either as a corporate or an individual account.
- Classic Account – in this first type of account, commissions are already included in the spreads to provide convenience to the client. The FX Choice minimum deposit is $100 with access to non-dealing desk trading and maximum leverage of 1:200. It provides the opportunity to trade 38 currency pairs and spot metals, such as gold and silver. Spreads start at 0.5 pips.
- Pro Account – in the second account type, spreads and commissions are separate. Spreads are tighter compared to the first account as it directly reflects the market’s price movement. It charges a commission of $3.5 per notional amount of $100,000 but has the same FX Choice minimum deposit of $100. This type of account offers a wider range of assets to trade. Spreads can go as low as 0 pip.
Aside from all these, FX Choice also offers a demo account so clients can experience trading with this broker risk-free. This gives clients the opportunities to review the various features and offers of FX Choice. The demo account usually expires after 90 days of not logging in to it.
FX Choice Deposit Methods and Withdrawal Processes
FX Choice deposit methods are available in two ways: bank transfer and credit card. Deposits are processed immediately. FX Choice follows the standard procedure of bank processes as another measure to ensure the security of their client’s data and funds.
When it comes to FX Choice withdrawals, these are processed within 24 hours, so clients do not need to worry about their funds reflecting late on their accounts. FX Choice uses secure payment methods as another way to protect their clients’ FX Choice logins.
FX Choice Educational Materials
FX Choice offers quite a range of educational and research materials. It has an economic calendar, a great source of daily market and forex news, and a Virtual Private Server for MT4 and MT5 traders. It also provides Myfxbook Autotrade, which is specific to copy trading.
Overall, FX Choice has a reasonable range of research and educational content. However, it lacks many aspects of it. Most of the educational materials found on the broker’s website are focused on background or support to the broker’s processes and other matters related to this. What the broker lacks are research materials that prioritize information on the general market, foreign exchange, and even AutoChartist.
All factors stated above point to the conclusion that FX Choice can do better by adding more substantial materials to its research aspect as another way to lift its reputation in the industry.
Conclusion: FX Choice Review
If you are a trader that focuses on the functionality of MetaTrader platforms, then FX Choice is right for you. The advantage of trading with FX Choice is that the broker puts all its effort into its MT4 and MT5 platforms. Some FX Choice reviews that have been done have stated that FX Choice scams traders, but no evidence has surfaced to prove these allegations.