Is FX Choice the right choice for traders ?
Did you know that there are over 1,000 brokers in the world ? That’s a lot of brokers to choose from. Among those brokers we can find great ones and some that are awful. But, how can we know if a broker is legit or not? To do that you’ll have to do a small research that considers regulation, customer reviews, years in the market and news about the broker.
Is FX Choice on the dark side? We believe not. The broker doesn’t have a great regulation but there is no serious ground to suspect that they scam their clients.
This article will help you to know more about this broker. Things like regulation, bonuses, account types and other valuable information.
About FX Choice Forex Broker
FX Choice it’s the trade name of FX Choice Limited. The company was founded in August 2010 and it’s currently under IFSC regulation.
The company isn’t well known in some parts of Europe or Latin America because it has focused more in the Asian market.
According to the company’s website. They offer ECN services which allows clients to trade with lower spreads. The company has almost 9 years in the market and in 2016 they won an award for Exceptional Customer Service from LiveHelpNow.
Company’s Regulation
The company has only one regulation since its foundation:
- Forex Choice Limited: It’s regulated by the IFSC
Products offered by FX Choice
The company offers the following products:
- Forex: It has 38 FX crosses to trade with.
- CFDs: FX Choice offers CFDs over different assets such as indexes, cryptocurrencies, energy and commodities. You have a total of 10 CFDs to trade with.
- Metals: You can invest in Silver & Gold.
Types of Accounts
FX Choice offers you 3 types of accounts to trade with. Each account has its own trading conditions. The specifics are here:
Demo Account
FX Choice allows you to open a zero-risk account also known as demo account. This account is used to simulate trades using fictional money that it’s given by the broker. You can trade as if you were in the real market but without having to risk any of your money.
This is like a free-account where you won’t benefit from winnings and you won’t be affected from losses. This type of account is usually used to test the market conditions provided by the broker, test your trading strategy or to practice if you are a new trader.
All you must do to get your demo account is register in FX Choice’s website and then download the MT4 platform.
Classic Account
This is a standard account that has the main characteristic that offers higher spreads than a Pro Account, but it doesn’t charge any commissions. Apart from that, the trading conditions are similar. This kind of account is good for those who start with low capital.
- You can deposit as few as US$100.
- EA’s are accepted.
- The minimum spread is 0.5 pip.
- Maximum leverage is 1:200.
- Minimum size of lots is 0.01.
- There are no commissions.
Pro Account
A Pro Account offers lower spreads than a classic account, but it also has commissions. This account is recommended for traders with higher capital or those who like to do scalping as this trading style requires low spreads.
- You can deposit as few as US$100.
- The minimum spread is 0 pip.
- Maximum leverage is 1:200.
- Minimum size of lots is 0.01.
- Commissions go from US$3.5 up to US$100,000.
Trading Platforms
FX Choice gives you the possibility to trade with MT4 & MT5. These are platforms that has been designed by the company MetaQuotes. MT4 is probably the most used trading platform worldwide, it has many years in the market and it’s present in almost every broker.
MT5 is a newer version of MT4. They are similar, but MT5 includes some great new features that can be of use.
You will be able to get links to download the MT4 or MT5 for PC or Mobile in FX Choice’s website.
Features of FX Choice
The best feature of FX Choice is that it offers a NDD execution. This means that the broker doesn’t have a dealing desk, so all trades go directly to the liquidity providers. This is great for traders because it means that order execution is faster and reflects the real prices of the market.
Another good feature offered by the broker is the MQL5 Signals. This is not a service created by the broker but it’s great that they offer this in their website as MQL5 is probably one of the biggest sites that offers trading signals to traders. If you are new or if you are looking to invest your money and you don’t want to trade yourself then this service is for you. You just pay a fee every month and you will be linked to any trading signal that you want.
If you are interested in EA’s or automatic trading systems, then you will like this broker. FX Choice has a section full of expert advisors. You can find up to 7 EAs from different developers that you can hire. You’ll have to get in contact with each developed by yourself but it’s cool that the broker makes things easier for you.
Education / Training
Unfortunately, FX Choice doesn’t offer any type of education to their clients. The only thing that it goes on that direction is the “Knowledge Base”. However, this is a place where you will find answers to more technical issues related to trading accounts or conditions.
We searched their whole website and we found nothing related to trading education. ( So you may refer Forex School for beginners section in our website for forex education )
Deposit / Withdrawal Methods
The broker offers different types of deposit/withdrawal methods to its clients. Some of those methods are the following:
- Bank Wire Transfer.
- Skrill.
- Neteller.
- Bitcoin.
- Litecoin.
- Ethereum.
- XRP.
- Debit/Credit card from Visa/Mastercard.
- Fasapay.
- Perfect Money.
Deposit are usually instant with most of the deposit methods, the only one that could take some time is the wire transfer which usually takes between 5 – 7 days.
If we talk about withdrawals, the broker assures that all requests are processed within 24 hours from Monday to Friday. Withdrawals with debit/credit cards usually take 48 hours to be processed but it could take up to 7 days until the money reaches your account. The same applies for Wire Transfers. However, withdrawals to eWallets are done instantly.
Customer Support
The company’s customer support usually takes up to 24 hours to reply. There are three ways in which you can contact FX Choice:
- Using the phones that are shown in their website.
- By LiveChat where you can get in contact with an agent in real time.
- By email.
Bonus offers and Loyalty Programmes at FX Choice
FX Choice doesn’t actively promote any type of bonus. However, you could ask for it when you open your real account. According to the terms given by the broker, you could only get a maximum of US$10,000 in bonuses in one-month period. ( Bonuses are only available to certain types of accounts )
