FXChoice can be a great broker for new traders. They offer tight spreads, a simple account opening process, and educational resources to help you learn the ropes. In this review, we’ll share everything on FXChoice so you can decide if they’re the right broker for you. So, keep reading and learning about this platform.
Overview of FXChoice
FXChoice is an online broker founded in 2010 that offers forex and CFD trading. As a regulated broker, FXChoice provides a safe environment for traders to access the currency market.
It is regulated by the IFSC in Belize and registered with several European regulators. They keep client funds in segregated accounts and use SSL encryption for data security.
With FXChoice, you can trade over 45 currency pairs, precious metals like gold and silver, energies such as crude oil and natural gas, global stock indices, and cryptocurrencies.
Regulation and Security of FXChoice
FXChoice is regulated by the Financial Services Commission (FSC) in Mauritius. This means your funds and personal information are protected. FXChoice adheres to strict anti-money laundering policies and employs strong security measures like two-factor authentication to keep your account safe.
FXChoice also participates in the Investor Compensation Fund which covers clients up to $20,000 per person in the event FXChoice can’t fulfill their financial obligations. So you can trade with confidence knowing your money and data are in good hands.
What You Can Trade on FXChoice?
FXChoice offers a variety of tradable assets to suit any trader’s needs. You have access to over 180 currency pairs, precious metals, commodities, stocks, and crypto CFDs.
Currency Pairs
Trade major, minor, and exotic FX pairs with tight spreads and no commissions. FXChoice offers USD, EUR, GBP, JPY, AUD, CAD, CHF, NZD, MXN, TRY, ZAR and RUB-based pairs.
Precious Metals
Go long or short on gold, silver, platinum, or palladium. Metal CFDs are a popular hedge against market volatility.
Commodities
Diversify your portfolio with CFDs on commodities like oil, natural gas, corn, wheat, cocoa, and coffee. Commodities often move independently of traditional asset classes like stocks and bonds.
Stocks
Get exposure to global stocks like Facebook, Google, Apple, Amazon, Netflix, Baidu, Alibaba, and more – all from your FXChoice trading account.
Cryptocurrencies
Ride the crypto wave with CFDs on Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. Cryptocurrency CFDs provide a way to speculate on price movements without owning the underlying asset.
Fees of FXChoice
When it comes to fees, FXChoice keeps things simple. The minimum deposit to get started is just $100. You can fund your account through credit/debit cards, bank wire transfers, Skrill, Neteller, Bitcoin, and more. Most deposit methods are instant and free of charge.
FXChoice doesn’t charge any commissions on trades. They make money through the spread, which is the difference between the buy and sell price. Spreads are variable and start from 0.6 pips. FXChoice regularly runs promotions offering spread rebates for active traders.
Withdrawals are processed within 1 business day and are free of charge. You can withdraw funds through the same methods used to deposit. FXChoice doesn’t impose any withdrawal limits.
FXChoice Customer Support
FXChoice offers 24/5 customer support via live chat, email, and telephone. Their live chat support is available on their website during market hours and typically responds within minutes. For more complex issues, you can email their support team or call them on the phone. FXChoice aims to respond to all email inquiries within 24 hours.
Alternatives to FXChoice Brokers
If FXChoice doesn’t seem like the right fit, consider some comparable brokers. Oanda and Forex.com are reputable options regulated in several major jurisdictions.
They offer similar tradeable assets and account types as FXChoice. Another choice is Pepperstone, an Australian broker with strong regulation and security. They provide ultra-fast trade execution and a wide range of CFDs in addition to forex.
Is FXChoice Legit or a Scam?
FXChoice is a legitimate forex broker, not a scam. They are regulated in Belize and hold client funds in segregated accounts. You can feel confident trading with them, as they’ve been in business for over a decade.
However, be aware of the risks of trading forex in general, as it is volatile and complex. Do your research, start with a demo account, and never risk more than you can afford to lose.
Pros and Cons of FXChoice
When considering FXChoice as your broker, weigh the pros and cons.
Pros:
- Low fees. FXChoice has no commissions on trades and low spreads. The minimum deposit is only $100.
- Regulated and secure. FXChoice is regulated in Belize and uses industry-standard security. Your funds and data will be safe.
- Many assets. You can trade forex, crypto, stocks, indices, commodities and more. Lots of options!
Cons:
- Limited support. Support is only available during market hours via live chat, email, and phone. No 24/7 support.
- Basic platforms. The platforms are fairly basic. If you want advanced tools, FXChoice may not suit you.
Final Thought
FXChoice offers a lot for traders looking to dive into the world of forex and CFD trading with competitive fees, a wide range of trading instruments, and strong security.
While the platform itself could use some modernizing, their customer support is there when you need them. Overall, FXChoice seems like a solid choice for new and experienced traders alike looking for an affordable and reputable broker.
