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FX Choice Review

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FX Choice is a CFD Forex broker regulated and located in Belize. They’ve been around since 2010, so they could be considered to be an established brokerage. Some of the more identifying qualities about FX Choice have to do with the different account types and platforms they offer, but will that be enough to for them to make the cut among others? Take a look at our review so that you can decide for yourself.

Account Types

FX Choice offers two different account types – Classic and Pro. Regardless of which account you choose, you’ll need to deposit $100, which is typical, to get started trading. Both accounts offer the same leverages, many of the same assets, and lot sizes. Of course, there are some key differences. First, you’ll find that ten more currency pairs are offered with a Pro account. Another big difference is that with a classic account, you will not be charged a commission, but you will have to deal with wider spreads, which start at 0.5 pips. With the Pro account, you will pay commission, but the spreads couldn’t be better, starting at 0 pips. Finally, there is a pretty big difference between the Margin Call/Stop Out levels for both accounts. More on that later.

Classic:

Minimum Deposit: $100

Spreads: starting from 0.5 pips

Commission: None

Pro:

Minimum Deposit: $100

Spreads: starting at 0 pips

Commission: $3.5 per notional amount (per side) of $100,000

Usually, in order to benefit from a better account type, you’d be expected to deposit a large amount of cash, which just isn’t feasible for many of us. That’s why it’s great to see that you would be able to benefit from either type of account by depositing a reasonable amount of money. What it really comes down to is whether you’d rather pay commission, or deal with wider spreads. When creating an account, you will need to have some sort of proof of identity, like a driver’s license or passport for verification. Fortunately, the verification process is straightforward and you shouldn’t have to wait long to be verified and get to trading.

Platforms

One thing that you won’t often find elsewhere is the ability to choose between the Metatrader 4 or the Metatrader 5 platforms. This broker offers both, so you can choose which is better based on your personal preferences. MT4 is by far the most popular trading platform, offering Auto trading systems, analytical tools, and a great selection of assets.  There truly is a reason that MT4 is still being chosen by traders, even with MT5 being offered. On the other hand, MT5 is a completely new platform that builds on successful features of its predecessor. Traders will find more indicators, charting tools, netting and hedging options, stop-limit orders, and etc. Below, you will find some of the highlights for each platform.

MT4:

  • Fibonacci retracement tools work more precisely than on MT5
  • Offers many of the same functions as MT5
  • Auto Trading Tools
  • Offers a great selection of assets

MT5:

  • More pending order types, technical indicators, graphical objects, and time frames.
  • Depth of market
  • Economic Calendar
  • Embedded MQL5.community chat

Do note that you will only have the ability to choose MT5 if you’re operating a Pro account, since MT4 is the only option for a Classic account. For trading on the go, you can also download either platform directly through the app store or Google Play. If you’re not interested in downloading the software, or perhaps if you’re trading from a Mac, Webtrader is also available so that you can trade directly from your browser without downloading any software. Whatever way you choose to access the platform, it’s great to see both MT4 and MT5 being offered and accessible among a variety of devices.

Leverage

The maximum leverage allowed on both Classic and Pro accounts is 1:200. If you’re a beginner, keep in mind that most prefer to use a leverage of 1:100, so it shouldn’t really affect you negatively. However, if you have a preference for trading with a higher leverage, this could be one of the drawbacks to investing with this broker. The lowest available leverage is 1:25, which is the same across both account types. Margin Call/Stop Out levels are 25/15 on Classic accounts, and 100/80 on Pro accounts.

Trade Sizes

Trade sizes are the same regardless of which type of account you choose. The smallest trade size allowed is 0.01 lots, while the maximum is 1,000 lots, or 5 lots for cryptocurrencies. These specifications are the most commonly offered lot sizes among Forex brokers, so FX Choice is offering average trade sizes here, which should be satisfactory for most traders.

Trading Costs

FX choice only applies commission to PRO accounts, so you can avoid paying the commission charge by operating a Classic account. However, the spread is much better on PRO accounts, so the actual costs for each account type would be similar. Swap fees are also applicable, so if you often leave trades open overnight, you would definitely want to visit https://en.myfxchoice.com/faq/rollover-policy/ in order to check out the Rollover Policy related to swaps.

Assets

FX choice offers currency pairs, indices, metals, commodities, energies, and cryptocurrencies. There are 28 tradable currency pairs on the Classic account, while 38 are actually offered for Pro accounts. Both accounts offer the ability to trade gold or silver, which is a plus if you’re interested in trading spot metals. So the offering isn’t outstanding, but there is a better selection available if you’re working with a PRO account. You would be able to find a larger selection of tradable assets elsewhere, but there is still enough of a variety to satisfy many traders.

Spreads

On the classic account, commission is already built into the spread, which simplifies the calculation of trading costs. Spreads start at 0.5 pips, which is pretty good, especially for a basic account. When it comes to PRO accounts, spreads are separate from commission, which makes them much tighter. In fact, sometimes spreads can start as low as 0 pips.

Minimum Deposit

On all accounts, the minimum deposit amount is 100 USD, or the equivalent in your base currency. This is the standard minimum across most other brokers, so it’s not surprising to see this amount. On a negative note, there are brokers that would accept smaller deposits, but you’re not likely to be able to do much with a smaller deposit in your trading account. The up side is that FX Choice does not require you to make a large deposit in order to open a Pro account, which is something that you should expect if you’re trying to open one of the better accounts with another broker. With no pressure to make a large deposit, everyone can benefit from the reasonable deposit minimums.

Deposit Methods & Costs

FX Choice offers a broad selection of funding methods, including Bank Wire, Bitcoin/Bitcoin Cash, Skrill, Neteller, Litecoin, Ethereum, XRP(Ripple), Tether, FasaPay, Perfect Money, PaySafeCard via Skrill, ePayments, Trustly (Via Skrill), Qiwi, AstroPay, POLi, UPayCard, and Vload. Unfortunately, you may have noticed that credit/debit cards are missing from this list. Deposits are subject to fees, which are explained in detail for each specific method below.

Bank Wire: Wire transfers usually take up to 5 working days to be received and credited. While FX Choice does not charge fees, you could deal with fees based on your bank and intermediary fees. If you want to know for sure, check with your bank before making a transfer. You will need to deposit 3,000 USD or equivalent.

Bitcoin/Bitcoin Cash: Processing is automated. BCH transactions are subject to a 0.5 % fee.

Skrill: Processing is immediate. Check in the Backoffice for more info on fees.

 Neteller: Processing is immediate. Check in the Backoffice for more info on fees.

Litecoin: Processing is immediate. LTC transactions are subject to a 0.5 % fee.

Ethereum: Processing is automated. ETH transactions are subject to a 0.5 % fee.

 XRP(Ripple): Processing is automated. XRP transactions are subject to a 0.5 % fee.

Tether: Processing is automated. USDT transactions are subject to a 0.5 % fee.

Trustly: Processing depends upon receipt of funds.

AstroPay: Processing is instantaneous. Check in the Backoffice for more info on fees.

 POLi: Processing is immediate. Subject to a 0.5% service fee.

PaySafeCard: Processing is immediate. A 10% fee of the total amount transferred will be charged.

ePayments: Processing is immediate. Deposits are subject to a 1% fee.

Qiwi: Processing is immediate. Deposits are subject to a 6% fee (+ 1% conversion charges)

UPayCard: Processing is immediate with a registered account. Deposits are subject to a 2.9% fee.

Vload: Processing is immediate with a registered account. Deposits are subject to a 6.5% fee.

You also may have noticed that the deposit minimum for bank wire is 3,000 USD, which is quite high. Fortunately, there are plenty of alternatives to choose from with lower minimums. Note that if you used a MasterCard to fund your account with Skrill or Neteller, you will not be able to use either method to fund your FX Choice account. Third party deposits are also not accepted, so make sure that your account is in your own name to avoid any hang-ups with funding. Certain methods are not available for all countries, so you will definitely need to take a look to make sure your preferred method is available for your location.

Withdrawal Methods & Costs

Most of the deposit methods are also available for withdrawals, with the exception of PaySafeCard, Trustly, QIWI, AstroPay, and POLi. While two of the methods are fee free, you will have to pay varying fees to withdraw using the majority of available methods. Below, you can find more specific information on the fees for each specific method.

Bank Wire: 0.25%; Minimum fee amount: EUR 150; maximum fee amount: EUR 1,000. Minimum withdrawal amount is 1,000 USD or equivalent.

Skrill: 1% fee

Neteller: free

Bitcoin/Bitcoin Cash: BCH transactions are subject to approximate fee of 0.0002 BCH.

LiteCoin: LTC transactions are subject to approximate fee of 0.02 LTC (20,000 Litecoin Photon).

Ethereum: approximate fee of 0.005 ETH

XRP (Ripple): approximate fee of 0.00001 XRP.

Tether: Withdrawal fee will be calculated dynamically (approx. 0,0004 BTC Gas\TX fee)

FasaPay: For each transaction you will be charged 0.5% but no less than $0.01. The maximum transaction fee is $5.00.

Perfect Money: 0.5% fee

ePayments: free

UPayCard: 0.9% fee

Vload:3.5% fee

So, Neteller and ePayments are the only options which carry no fees whatsoever. Some of the other options offer relatively low fees, but bank wire is the exception once again, where the fees can climb higher due to the wire fee incurred from both the broker, and from your own bank. Otherwise, there are still a variety of methods, including cryptocurrencies that can be used to withdraw.

Withdrawal Processing & Wait Time

Most withdrawal requests made during business hours are typically processed that same day and available quickly. Bank wires, on the other hand, can take up to 5 working days to land in your account. Once a Bitcoin or Bitcoin Cash withdrawal has been processed, it can take 30 minutes to a few hours for the funds to reach you. For the remaining cryptocurrencies, withdrawals are usually processed within 1-3 days and can take 30 minutes to a couple of hours to reach you. Overall, FX Choice seems to have pretty fast processing times and you’ll be able to access your cash quickly when withdrawing profits.

Bonuses & Promotions

FX Choice has a pretty straightforward referral program available for those that want to earn some extra cash. Here’s how it works: First, you’ll need to grab your referral link from the Backoffice of your account. As the website suggests, it can be helpful to share the link on social media to reach a wider audience. After that, all you have to do is sit back and wait for your clients to open and fund their accounts using your link. For every $100 that your client deposits, you’ll earn $25, up to a maximum of $250 per client. The cherry on top is that your clients get rewarded too – they get a one-time 15% deposit bonus just for signing up using your referral link. There’s no reason not to take advantage of this offer, after all, who wouldn’t want free money?

Educational & Trading Tools

FX Choice does have a Knowledge Base on their website to help new users navigate through the broker account creation process, and which also helps to answer some basic questions on MetaTrader platform use, margin calculation, etc., however, most content is primarily broker support. Those who are new to trading and require more extensive education will need to do their own research off-site for any needed training tutorials.

A  variety of trading services can be accessed directly from the website, including signals, Autotrade, Expert Advisors, VPS, an economic calendar, and Pips + for Pro accounts. Pips + is a program that was launched by FX Choice in order to provide a way for their most active traders to reduce the commission they pay over time, and it is definitely worth taking a look at. So, FX choice could offer more for inexperienced traders, but they do offer helpful tools and services.

Customer Service

Getting in touch with a support agent is possible by submitting a ticket, accessing LiveChat, phone, or filling out a call back request. Clients can get in touch with support 24 hours a day through LiveChat, which is available five days a week, Monday through Friday. LiveChat is optimal for more urgent matters, as you’ll immediately be connected with a support agent. Multilingual support is available when requesting a call back- help can be had in English, Spanish, Italian, Farsi, Mandarin and Thai. You can expect a phone call within 24 from the time you make your request. Should you wish to speak with support staff immediately, refer to the numbers below to place a call. Otherwise, you can fill out some information about your inquiry and submit a ticket. Regardless of which method of contact you choose, you can expect support to be in touch quickly. The following phone numbers are provided:

Client support: +52 558 526 80 32

General queries: + 501 227 27 32

Demo Account

When opening a demo account, you can choose accounts that mimic those that are offered for real accounts. This includes Pro & Classic accounts on MT4, or Pro & Pro Hedged accounts on MT5. Having the ability to choose an account that mimics all of the real accounts that are offered can be helpful when making a decision as to which account type best suits one’s personal needs. You can also choose a leverage of 1:25, 1:50, 1:100, and 1:200, as with real accounts. To open a demo account, you’ll need to fill in a few basic details – name, phone number, email, and country. After verifying your phone number, the website will let you know you’ve successfully opened a Backoffice profile, and you’ll be able to create a demo account from there.

Countries Accepted

Those located in the US and Canada will have no problem signing up for an account through FX Choice, which is noteworthy, considering that some have been having trouble finding a stable trading home as of late. Unfortunately, you won’t have the option if you’re located in Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, or the Syrian Arab Republic.

Conclusion

While we loved the many deposit and withdrawal methods, most of which are made available quickly, we felt that Bank Wire was an exception, due to steep deposit and withdrawal minimums. We also wish that credit/debit cards would be included in the list. Further drawbacks? The leverage could be a bit higher, but certainly wasn’t a deal breaker for us. Now, on to the positives. FX Choice provides access to both MT4 and MT5, so you can choose to stick with the classic, or with its successor.

FX Choice doesn’t put any pressure to make large deposits like most other brokers, so you can benefit from either account without forking over a lot of cash. The referral bonus also provides an opportunity to make some big bucks, as long as you can find people that are willing to sign up and deposit using your link. They even get rewarded too. Finally, traders can benefit from some of the super tight spreads that are offered. The takeaway? There are a few drawbacks to this broker, but there are also a lot of positives, which makes this broker worth serious consideration.

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