FXChoice Review 2023 ️Pros and Cons Revealed

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After I make a research on the internet, everyone is exposing this fraud platform. No, it is currently not effectively regulated and you are advised to be aware of its potential risks. However, have you ever wondered or are you wondering which platform you should use? The article details the similarities and differences between the two and gives specific advice. In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. We wish you all the very best for the future and happy trading.

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I’ve been running my algorithm for two years in demo and it’s performing quite well. Smart investors always review a few different Forex brokers, before making a final decision. There are many licensed Forex / CFD brokers, and usually your country of residence determines which broker is the best for you, read more.

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Our FXChoice forex broker review team can confirm that this is a highly reputable broker that boasts regulation from IFSC. Having been in business since 2010, with FXChoice you can now trade forex, cryptocurrency CFDs, index CFDs, and commodity CFDs on MetaTrader 4 or MetaTrader 5. FXChoice also stands out with its range of additional trading tools, from Myfxbook AutoTrade to hand-picked Expert Advisors.

losing your money

For people trading for fun or as a hobby when they have the time, this does not matter a whole lot as chances are they will not be trading enough to get the discount. However, people who spend a lot of time and effort trading, especially those who use it as a primary source of income, will find this extremely beneficial. MetaTrader across various brokers is relatively the same, but there are some differences based on the trading spreads, execution, and tools. We always suggest our traders test a broker with a Demo account first. This way you can test the trading conditions of the broker and any type of strategy or Expert Advisors. Add in the Belize regulatory oversight and what you basically have is a recipe for high-risk trading.

FX Choice relies so heavily on its so-called Knowledge Base and frequently asked questions database that it could be easy to overlook how deeply unhelpful these tools actually are. As evidence of this, we submit the “common knowledge” web links, which frankly are anything but common knowledge to newbie traders in particular. As well, both platforms offer their own dedicated suite of apps.

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You have to decide if a good reputation is enough for you to trust a broker, or if you really would prefer tier-1 or at least tier-2 regulation. Keep in mind that MetaTrader platforms are developed by third part company called Meta Quotes. All the brokers, just like FX Choice pay yearly fees to provide the platform to their clients. FX Choice offers different programs to help traders earn more. The FX Choice referral program pays you a 15 percent bonus each time someone you refer opens and funds their account and begins trading. FXChoice support team keeps the Contact us, Callback, and Live Chat options right at the top of the webpage, making it accessible from all other web pages.

There even have an fx choice review available that is denominated in bitcoin, which is really wonderful, since your account will naturally grow as bitcoin price increases. The Android- and iOS-focused mobile trading platforms are also MT4-based. The trading platform selection is similarly practicality-focused. There aren’t many trading platforms supported, but those that are, are indeed great at what they are supposed to accomplish. We’re talking about MT4, MT5 (MT4’s natural evolutionary iteration), some mobile trading apps and an MT4 Web Terminal.

The https://traderoom.info/ also offers commodity CFDs, including crude oil, silver, and gold. This offers traders the ability to place their trades in the largest energy markets in the world and get the protection of precious metals in their portfolios. Based on our finds, FXChoice offers customized trading conditions and fees. The broker displays all of the spreads and commissions on the pages for each asset.

Do you have forex new bonus or promotion?

Our FXChoice reviewers were extremely pleased with the speed at which their queries were answered and found the staff to be well informed. 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.

Offshore regulated brokers have long been considered a disadvantage due to the perceived lack of stability and regulatory oversight. However, offshore regulated brokers are now considered advantageous as they can offer higher leverage than European and Australian brokers. If this happens, FXChoice will deduct funds from any other accounts you might have and then deduct funds from any deposits you make in the future. Bank wire transfer withdrawals are expensive – The minimum amount you can withdraw via bank wire transfer is 1,000 or equivalent. In addition, The FXChoice wire transfer withdrawal fee is 0.25%, with a minimum fee of €150 and a maximum fee of €1,000.

Now I’m trading on a demo account and when the time is right I will go for a live account. Another great thing about My Fx Choice is their customer service. The support team is responsive and knowledgeable, and they are always available to help with any questions or concerns you may have. Additionally, they offer a variety of funding and withdrawal options, which makes it easy to manage your account and get your money when you need it. To improve your skills, practice trading using the FXChoice Demo account.

It is known to have excellent service and support; LiveHelpNow has awarded it the Exceptional Customer Service award on multiple occasions. The important difference between the two is that the Classic account is commission-free and therefore offers higher spreads. From time to time FX Choice also offers new account bonuses. The best way to check what bonuses may be available is to visit the company news page or the new account page. There is also a webpage that offers details about how these periodic bonuses may work.

  • Traders may face internal withdrawal costs, depending on the payment processor.
  • You are made to feel welcome, with no question too big or small and a dedicated support team on hand to assist you in the best possible way.
  • Our reviewers found that FXChoice does not, however, accept traders from Italy, Spain, North Korea, or Belize.

There is a lack of educational material for beginners – Many brokers provide extensive educational materials for their customers. In the case of FXChoice, you’ll have to wait for one of their weekly webinars. Spreads for the FXChoice Classic Account start at 0.5 pips but vary depending on market conditions and trading instrument. There is no commission charged when trading with the Classic Account. This FXChoice review explores key areas that concern your decision to open an account with this forex broker.

Good broker that I can recommend

For advanced traders, there are educational resources too but they are limited. The online broker platform offers tutorial videos to ensure that the traders face no problems while placing trades or while exploring the MetaTrader 4 and 5 trading platform. The reason for this is that FXChoice has to make payments for the services rendered by a particular payment processor. This payment is passed onto the client but other than the processing fees or service charges, the broker platform does not charge any additional deposit fee. FXChoice CFD is generally used for short- and medium-term trading like the FXChoice intraday CFD trading. The CFDs offer access to fractional shares, short selling, and international markets.

Forex pairs, cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money. TopBrokers.com would like to remind you that the data contained in this website is not necessarily real-time nor accurate.

This is a huge advantage of choosing this broker, as bonuses for Forex traders can be hard to come by. Almost all deposits are processed immediately, although wire transfers can take up to 5 days to reach your account. The minimum deposit for all account types is $100 or the equivalent in another currency. If it is too much for you, then Fusion Markets have a $1 minimum deposit requirement. Some fees may be charged when using certain payment methods. Bank transfers may take a few business days to clear whilst some methods such as card payments can be instant.


FXChoice offers multi-account management solutions for experienced money managers. To qualify as a money manager, FXChoice requires that you provide evidence of your track record. If you’re approved, you can manage multiple trading accounts from one MT4 or MT5 account. MetaTrader 4 platform and the increasingly popular MetaTrader 5 application.