- Website: www.myfxchoice.com
- Support: +52 558 526 80 32
- Office address:
- Corner Hutson & Eyre Street
- Blake Building, Suite 302
- Belize City, Belize
FXChoice Broker Review
In our review of FXChoice, we discovered a well-rounded Forex and CFD broker, which offered currency pairs, commodities, indices, and crypto CFD markets. The broker was founded in 2010 and is also sometimes known as myfxchoice.
FXChoice is suitable for all types of traders, whether you’re a beginner or already experienced. This is because whilst they have a low barrier to entry, they also provide you with a chance to expand your trading portfolio. They also utilize industry-leading trading platforms and are well regulated and reputable.
Our expert review team found that FXChoice is the best broker for those who wish to access increased leverage. This is due to the fact that they are regulated in Belize. Continue reading to discover more about the broker, and how to pick up a generous new trader bonus.
Discover a broker with over a decade of experience
FXChoice was founded in Belize, in 2010. Since then, they have become a well-known and trusted broker for thousands of traders globally. The fact that they have been successfully operating for well over a decade shows that they are committed to offering a quality trading product.
FXChoice has also collected several prestigious awards within the industry, many of which are centered around their excellent customer support services.
FXChoice offers both Forex and CFD trading opportunities to clients all over the world, including the US. You can trade 38 different currency pairs, including exotic markets such as South African Rand, Russian Ruble, and Norwegian Krona. This allows you to take advantage of emerging markets.
Commodity CFDs are available as well, including gold, silver, and crude oil. This gives you the ability to place trades in the world’s largest energy markets and gain the protection of precious metals in your portfolio.
Our reviewers found that FXChoice does not, however, accept traders from Italy, Spain, North Korea, or Belize.
Trusted regulation in Belize
FXChoice is regulated by the International Finances Services Commission Belize and the broker has been in good standing with the Commission since its inception.
Whilst the IFSCB isn’t considered to be one of the most prestigious regulators in the world, and our experts think that FXChoice could benefit from gaining further licenses, it’s clear that they do operate in a responsible manner.
Beyond having facilitated millions of trades for satisfied traders, they also do everything they can to protect your capital. All clients’ funds are held in segregated accounts, completely separate from the broker’s corporate accounts. This means that there’s no way that FXChoice can trade with your funds, nor can they use them for any company expenses.
Our reviewers also found that FXChoice has its own internal risk management department, which thoroughly monitors every decision and operation the management makes. This ensures that the broker is always in complete compliance with its regulator.
Choose from three different account types
FXChoice offers two primary account types, a Classic account, and a Pro account. Both of these have a minimum deposit limit of $100 and offer leverage up to 200:1, but there are some important differences between the two.
The Classic account trades the usual spread based commissions, while the Pro account charges $3.50 per notional amount of $100,000 traded. Our FXChoice review team feels this gives you the ability to customize trading costs for your specific needs. For example, the Pro account is much better suited to traders who prefer scalping and using robots.
Our team also found that FXChoice offers demo versions of both account types, which allow you to practice your trading free of charge. This is a major benefit of choosing FXChoice, as most brokers don’t offer demo versions of their commission-based accounts.
Benefit from competitive trading costs
Most trading costs at FXChoice are included in the spread or the commissions mentioned previously. That being said you also need to look into rollover fees, which change depending on the market that you are trading. That information is freely available on the website, and for the most part, looks to be a rather standard – neither overly expensive nor cheap in comparison to competitors.
The cost involved in depositing money into your account can vary drastically. For example, if you deposit via wire transfer, there’s a minimum deposit of €3000. While this is not an actual cost, our FXChoice review experts felt it could be somewhat prohibitive to smaller traders.
Trades may also incur costs depending on which method they use to withdraw from their accounts. Wire transfers come with a 0.25% fee, and a minimum charge of $165, for example. E-wallets have much lower costs, and some methods are completely free of fees. Choose your payment method carefully and decide which is the best option for you.
Use secure localized payment methods
At FXChoice you can deposit and withdraw via wire transfer, Skrill, Neteller, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP, Tether, FasaPay, Perfect Money, PaySafeCard, Qiwi, AstroPay, POLi, and VLOAD. The availability of each method depends on your country and the size of your transaction.
Almost all deposits are processed immediately, although wire transfers can take up to 5 days to reach your account. Similarly, withdrawals are processed by FXChoice within 24 hours, but this does not include the time it takes for your preferred payment method to credit your account.
Refer a friend and collect a generous bonus
FXChoice offers traders a generous bonus, on deposits that meet certain conditions. This is a huge advantage of choosing this broker, as bonuses for Forex traders can be hard to come by.
Our review team found that the broker also boasts a refer a friend scheme. Existing traders can earn up to $250 for each person who registers and deposits using their link and the new client will also be rewarded with a one-time welcome bonus.
Make trades with ease using award-winning platforms
Our FXChoice reviewers found that the broker’s website is very intuitive and is offered in eight different languages, including English, Dutch, and Czech. Most of the information that you need can be found quickly and easily and registering for an account is also straightforward.
At FXChoice, you can choose between three trading platforms: MetaTrader 4, MetaTrader 5, and the web-based version of Metatrader. All of these platforms allow you to use EAs and copy trading software.
The broker also supplies all clients with a handful of useful trading tools. These include an economic calendar and virtual private servers for steady trading.
Excellent Mobile Trading Compatibility
With FXChoice, you can use the MetaTrader 4 and 5 mobile applications to trade wherever you are. These are available to both iOS and Android users and are largely considered to be the best mobile trading platforms in the industry.
The website itself functions well from within your mobile browser. You will have complete functionality, which means you can register for an account, make deposits and withdrawals and contact customer service whilst on the go.
An Abundance of Forex Signals to Follow
When we create a broker review, we always look at what education materials are provided. Sadly, our reviewers came back empty-handed at FXChoice.
The broker does not offer any form of training or guides, which is a huge oversight in our eyes. However, FXChoice does allow you to follow trading signals. These are provided by MetaQuotes and they can be used to shadow the trades of professionals.
Reliable Customer Support
One of the biggest advantages of using FXChoice is its excellent customer support services. Should you encounter an issue when using the broker, or simply have a question, you can find help almost instantly.
Our FXChoice review team noted that the broker has an extensive FAQ section, which is both easy to understand and thorough. You can also contact customer service agents via live chat, email, and telephone. Alternatively, you can request a callback at a time that suits you.
All support services are available during market hours, in English, Spanish, Thai, Chinese, Persian, and Russian. Our FXChoice reviewers were extremely pleased with the speed at which their queries were answered and found the staff to be well informed.
Summary of our FXChoice Review
Whilst FXChoice isn’t the largest Forex broker around, their clear commitment to offering a well-rounded trading experience should be celebrated. It’s no wonder they have attracted so many loyal traders in their years of operating.
Our reviewers also found that the relatively small spreads, low commission rates, and excellent bonuses make FXChoice a great place to trade. When paired with the fact that the broker offers a diverse range of markets, including CFDs, this adds up to an environment suitable for both beginner and veteran traders.
The registration process is efficient and minimal, which allows you to get involved straight away. What’re you waiting for? Sign up now to try it for yourself.
Is FXChoice a regulated broker?
Yes. FXChoice is regulated in Belize by the IFSC.
What account types does FXChoice offer?
Beyond the demo account, FXChoice offers both a standard account, known as a Classic account and a professional account.
Does FXChoice offer a bonus?
FXChoice offers a welcome bonus on deposits that meet certain conditions. They also offer a refferal bonus and the ability to become either an affiliate or a money manager. This gives you a variety of ways to leverage your returns at FXChoice.
What is the minimum deposit at FXChoice?
The minimum deposit at FXChoice is just $100. This allows you as a trader to gain access to several of the world’s largest markets with a very minimal amount of starting capital. This is one of the most appealing aspects of using FXChoice.
Is FXChoice secure?
FXChoice is completely secure. Not only is the broker regulated, but they also have various systems in place to protect your funds. These include segregated client accounts and an internal risk management program.