FX Choice Broker Review
- Commissions & Fees
- Investment Offerings
- Trading Platforms
- Customer Service
- Education and Research
- Trustworthiness
3.6
Summary
FX Choice is a leading broker in the forex field. FX Choice houses many interesting choices that can appeal to any trader. Read our thorough review to learn all about FX Choice and if this broker fits your needs.
Pros
- Regulated at least in some form by the IFSC of Belize.
- Provision of VPS and copy-trading integration may be convenient and attractive to certain traders.
- A highly-competitive active trader program that offers substantial rewards for increased volumes of trading.
Cons
- The range of markets and trading products offered may be too narrow for some traders.
- Commissions and spreads seem to be on the high side.
- Relatively slow response from customer support.
FX Choice
FX Choice has been offering broker services to forex traders since 2010. Throughout this time, they have maintained their stability focused exclusively on Metatrader platforms. The broker is regulated in Belize by the International Financial Services Commission and currently carries out thousands of transactions daily for its large and growing user base.
The broker purports to be a true ECN style broker. This and a range of other features and offerings are points which we will delve deeper into through the course of our FX Choice broker review.
FX Choice Account Opening
Opening an account with FX Choice presents traders with two primary options. These options are a classic account or a pro account. These accounts are both largely similar in functionality. The only major difference being that a pro account allows direct access to the best rates, with the lowest spreads, whilst classic account types feature a slightly higher spread but offer commission-free trading.
There is also the possibility of registering corporate or MAM accounts. This requires pre-approval from the broker.
Minimum Deposit
The minimum deposit required from holders of either a classic or pro account is $100. This minimum deposit requirement from FX Choice is quite usual and expected from many forex brokers in the sector.
Availability And Ease Of Opening
Opening a demo account with FX Choice is a very simple process. Simply enter your name, email address, and telephone number prior to selecting your account option from the available types, and you are ready to begin trading on a practice basis. This takes less than 5 minutes and offers all types of trading platform experience, which are also available to live users.
Opening a real account with FX Choice can be completed with similar ease. This process includes the addition of ID and address verification, which can be completed through electronic uploading of the front, and back of your ID document such as passport or driver’s license. This must display the same address as is registered on your account to become verified.
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FX Choice Product Offerings
FX Choice offers a focused but diverse range of trading products and markets. This includes a total of 38 forex currency pairs comprised of both major and minor pairings and a total of 12 CFDs spread across indices, commodities, metals, and cryptocurrencies.
Although potentially seen as few market options, the broker still manages to provide all of the majorly traded CFDs, and this offering allows them to tailor precisely the products which they offer to their users.
FX Choice Commissions And Fees
The FX Choice Pro account charges commission at a minimum of $3.50 per 100,000 currency units traded. This varies depending upon the pairs which are traded and usually average out to around 0.5 – 0.8 pips per trade on major pairs. This often brings the pro account costs into line with the classic account offered by FX Choice, which operates on a commission-free basis with a marginally higher spread.
The broker also operates an active trader program called Pips+. This rewards traders who have deposited more than $10,000 with a progressively reducing commission on trades.
Non-Trading Fees
FX Choice does charge rollover fees. These vary depending on the currency pair and can be further noted in greater detail here. They do, however, offer a swap-free, Islamic account. This is an account which traders of the Muslim faith can apply for once they have registered with the broker.
There is no note of inactivity fees, though holders of demo accounts should log-in to their account within a 60-day period to avoid expiration. Traders should be aware there is also a $25 wire transfer withdrawal fee.
FX Choice Platforms And Tools
Like many other Forex brokers such as Swissquote and Oanda, FX Choice is wholly focused on providing the trading platforms of Metatrader to its users. This means traders with the broker can choose between MT4 and MT5 on desktop and mobile or the web-based versions of the platform.
Desktop Platform
The two desktop platforms provided by FX Choice are the well-known Metatrader 4 and Metatrader 5. Both of these platforms are highly-respected in the industry, and from the outset, it is quite clear that FX Choice has focused heavily on providing the most detailed experience possible with both of these platforms.
Whilst there is little difference in the offering of these trading platforms throughout brokers, they still perform at their functional best. This includes the provision of dozens of technical indicators and charting capabilities beyond many competitors in the industry.
In the case of both platforms, the visual appearance is rudimentary in nature, but functionality and efficiency of order execution are unparalleled. Both are controlled with great flexibility through the left side, lower, and upper toolbars, which provide for every movement, order, and signal a trader could require. This also includes a live news feed provided via FXWirePro. In addition to this, both platforms are set-up to integrate with one-click trading functionality, an economic calendar in the case of MT5, and MetaQuotes renowned EA and automated trading systems.
Being a broker dedicated to providing these platforms exclusively, as expected, FX Choice features a large amount of in-depth knowledge on all platforms, which they pass on to traders through their website.
Mobile Trading Platform
FX Choice mobile platform is also provided by MetaTrader and offers largely the same extensive range of indicators and professional tools to rival any competitor, along with an easy to navigate application layout, precise and professional trade execution, and access to the comprehensive Tradays economic calendar.
The Application is available on both iOS and Android, taking up little space, is highly user-friendly, and customizable for all of your trading preferences.
FX Choice Differentiators
A couple of components stand out to differentiate FX Choice from other brokers. Many companies of a similar stature and user base simply do not invest the time in becoming regulated at all. This is something that FX Choice realizes is important to traders and has thus ensured its regulation in Belize.
For traders seeking a dedicated Metatrader broker who has focused on crafting the most precise possible offerings aligned with those platforms, FX Choice is ideal. Besides being already established in the sector for a number of years, traders will also be encouraged by the Pips+ program and the opportunity to benefit from discounted commissions.
Finally, the implementation of Myfxbook’s AutoTrade capability is something to set the broker apart for those who wish to integrate their social and copy-trading portfolios with FX Choice.
Customer Service
FX Choice customer service options extend to phone, live chat via the broker’s website, and email. These standard options are available on a 24/5 basis, as with many competing brokers. For phone support, the company operates a callback service from their Belizean headquarters.
The website live chat appears to function as more of a ticketed email response system, and response times are generally a little slower through all methods than would be expected of a high-level broker. During market hours, however, the responses gathered were still within a few hours and provided the relevant information where required.
FX Choice Trustworthiness
This will be an area of undoubted importance for new and experienced traders alike when deciding on FX Choice as a broker. Primarily, when evaluating the trustworthiness of any broker, there are a few key factors to be considered. One of the first among these is industry experience. This is something which FX Choice certainly has. Eight years of experience in the industry positions the broker well as an authoritative source.
Furthermore, regulation always plays a vital role in building a trusted relationship and reputation. Although not regulated in one of the major world hubs when we consider trusted financial institutions. Belize, and the IFSC there, still represent a stringent financial regulator who exercises a degree of control and comprehensive oversight procedures.
The combination of these two factors alone should be enough to ease the mind of prospective traders in knowing that FX Choice is a trusted forex broker.
Conclusion: FX Choice
The number of years for which FX Choice has successfully engaged in the sector provides ample indication that they are a respected and quality broker. They focus on platforms in MT4 and MT5, which are some of the most well-known and heavily used in the industry. This focus alone will serve to ensure traders will always gravitate toward FX Choice.
The broker’s regulatory status, whilst it may not suit everyone, is still present, and they manage to offer competitive service with other brokers of similar stature. Additional elements, such as their active trader program, social trading integration, and provision of VPS to traders, serve only to strengthen their position and the fact the company knows and understands its users. These are the reasons why FX Choice is likely to be around the industry providing forex broker services for many years to come.
