FX Choice Review 2024: What Makes the Platform Popular?

While this is certainly a disadvantage, it is only a minor one as FXChoice is unlikely to become insolvent, which is the only time that a compensation scheme would apply. Moreover, as FXChoice holds client funds in segregated accounts, this ensures that your funds are secure. Our review of FXChoice found the forex broker to be relatively safe thanks to regulation by IFSC. Whilst this is not considered to be a top-tier authority, the broker is also committed to risk management and has a strong history within the industry. This, paired with positive client reviews, means that you can still trust the broker to operative responsibly.

While FXChoice covers a broad range of assets, it does not offer binary options or access to certain instruments like NASDAQ, USDTRY, or platinum. Narrow market spreads are one of the main advantages of the fxchoice broker. Spreads on the most common currency pairs start from 0.0 pips, which is really favorable, especially if you trade actively or use strategies with frequent market entries. I work mainly with majors, and this approach cuts costs and improves overall trading results – the only thing missing is penny accounts.

Forex Broker Reviews

If you are a beginner, our review of the FXChoice Forex broker encourages you to start trading with MetaTrader 4. MT4 is compatible with FXChoice’s Expert Advisor systems and is multilingual. There are multiple displays for charts and analysis and you can place four different order types.

Metatrader 4 (MT

Yes, FXChoice offers a demo account stocked with virtual funds, allowing users to practice techniques and become acquainted with the trading platform without incurring any risk. FXChoice offers a seamless transactional experience with various deposit and withdrawal methods, ensuring accessibility and convenience. I dont like how regulators are starting to crack down on a lot of forex businesses but Fxchoice’s transparency is the best of the best. I am awaiting more options for deposits/withdrawals and will be back with them asap. I will unable to access my account due to FXChoice not following their own process. They wanted me to send personal information twice and it felt like a scam.

FXChoice also stands out with its range of additional trading tools, from Myfxbook AutoTrade to hand-picked Expert Advisors. This adds up to a broker that’s not only perfect for beginners but experienced traders too. To evaluate FXChoice’s trading fees, you’ll find that they operate using a spread-based system. The variable spreads can differ based on account types, and a low spread can enhance your trading outcomes.

How To Open an Account

Three cryptocurrency pairs, six commodities, six index CFDs, and 55 equity CFDs complete the list. The total asset selection of 106 is sufficient fx choice review for new traders to get acquainted with trading. Remember, successful trading requires continuous learning, disciplined risk management, and a solid trading plan.

• Learn more about commissions and spreads in our easy-to-read guide.
• Whilst FXChoice provides few proprietary tools, you’ll be satisfied with the range of indicators and signals available on the platforms, and the addition of Myfxbook’s AutoTrade.
• One unique exception is the CFDs guide they offer for download only via PDF.
• Pro accounts are available for use with MetaTrader 4 or MetaTrader 5 software.

Brief Look at FXChoice

Credit/debit cards remain absent from withdrawal methods, but FXChoice suggests requesting withdrawals the same way traders made a deposit. Overall, FXChoice maintains an excellent choice of deposit and withdrawal methods. For transparency, you can view all of the spreads and commissions on the pages dedicated to each asset. Interestingly, FXChoice lists the spreads in terms of USD (or the account currency) instead of pips.

• The Pro account, on the other hand, is designed for more experienced traders who require tighter spreads and lower trading costs.
• Thankfully, each pair of apps for both MetaTrader versions come highly rated by users and are likely to meet most traders’ basic mobile trading needs.
• This, paired with positive client reviews, means that you can still trust the broker to operative responsibly.
• Per data on the website, FXChoice aims to respond to support tickets within 24 hours.
• With streamlined features and customizable layouts, you will find it easy to access the tools you need without unnecessary distractions.

After completing the registration form, traders must provide evidence of identification and domicile to authenticate their new FXChoice account. Its platform, MetaTrader 4, offers analytical tools and customizable interfaces, while MetaTrader 5 offers a more intuitive experience. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.

Trading platforms often come with charting, research, and order processing tools too. To ensure that we only recommend high-quality brokers, our reviewers have tried and tested each of FXChoice’s trading platforms. MetaTrader 5 (MT5) is the advanced successor to MT4, offering a more professional trading experience with enhanced capabilities. MT5 includes features like market depth view, access to a broader range of tradable assets, additional technical indicators, and more timeframes. With faster execution speeds and 6 pending order types, MT5 provides traders with greater flexibility and precision in their trades.

The broker also supports a wide range of currencies, including USD, EUR, GBP, and CAD. FXChoice offers several enticing bonuses and promotions for traders. One notable promotion is the 15% deposit bonus for Bitcoin deposits, which is withdrawable but must be used within 90 days.

Deposit & Withdrawal

The broker prides itself on successfully keeping up with processing trades every four seconds and executing 15,000 digital transactions daily. FXChoice does not impose a limit on the number of positions you can open each day, but the broker does limit you to 300 open positions at once. It is also worth taking into account that IFSC regulations require monthly reports to be submitted which include details on unimpaired capital and trading volumes.

This process allows FXChoice to meet KYC (Know Your Customer) guidelines. KYC guidelines keep you safe and stop the broker from accidentally facilitating illegal practices, such as money laundering. See how FX Choice compares to the leading forex brokers by reading one of the reviews below. FX Choice does offer Myfxbook AutoTrade, a third-party mirroring service that can mitigate your trading risk to a certain degree. To this end, the website even points out that newbie traders can benefit from using a service like this as they learn and grow.