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CloseFX Choice Review
FXChoice offers a large number of Contracts for Difference (CFD), but very limited Forex pairs.
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Active CFD traders want a platform that can handle a high number of trades reliably. How many trades does a platform need to facilitate each day in order to gain your trust?
Even though the broker is only regulated by International Financial Services Commission (Belize). FX Choice states that it processes a trade every four seconds — all day, every day. That adds up to around 15,000 trades per day. Now that is a lot of trades!
What makes the platform so popular? The answer might actually surprise you.
Let’s jump into it.
Fast Facts
- Demo Account: Yes (2 available: standard or professional)
- Account Minimum: $100 (or equivalent)
- Regulation: International Financial Services Commission (Belize)
- Best For: Experienced, active traders
- Asset Coverage: Forex CFDs, crypto CFDs, indices CFDs, commodity CFDs
Ratings
- Commissions & Fees: 6.5/10
- Investment Selection: 6/10
- Account Options & Features: 5/10
- Usability: 6/10
- Educational Resources: 6/10
- Customer Service: 5/10
- Overall: 6/10
Investor warning: FX Choice offers Forex, spread bets and CFDs, which are leveraged products. They may not be suitable for you as they carry a high degree of risk to your capital and you can lose more than your initial investment. You should ensure you understand all of the risks.
What is FXChoice? 🤔
FX Choice has been open for business since 2010. With more than a decade in what many consider to be the most volatile financial marketplace on the planet, that is some serious staying power.
They have a number of low-level customer service awards under their belt from a company no one’s really ever heard of. And their website boasts positive reviews from various social platforms. Unfortunately, the majority of existing FX Choice reviews read like the reviewer simply went to their website and wrote down everything it says.
We aim to do much better with this FX Choice review. Should you give FX Choice a chance to earn your business? After you read this review you will have the information you need to make that decision.
Overview and Summary 📙
The FX Choice website states that the company is “the trader’s wise choice.”
While this is an admirable statement, we have found it surprisingly difficult to support through fact.
For starters, it is nearly impossible to locate the names of the company’s founders let alone details about the growth and development of FX Choice. These are aspects that are typically rather easy to ferret out for a bona fide forex online brokerage.
This does not mean that FX Choice is not a bona fide online brokerage. Actually, it is. Or at least it seems to be.
What we can verify is that FX Choice actually has been in business since August 2010. And that is about all we can verify.
All that to say, if you are hungry for information about the online brokerage you work with, you will stay hungry by choosing FX Choice. But then again, as long as they have the instruments you want to trade and you are making bank, perhaps this kind of information is overrated.
Pros
- Active traders are eligible for special perks including free VPS and reduced commissions via the Pips+ Programme.
- A Sharia-compliant Islamic account is offered.
- Maximum available leverage is 1:200 which is respectable, if risky.
- Hedging (Pro accounts only), scalping and automated (robot) trading is permitted.
- The website is translated into eight languages.
- Minimum deposit of $100 (or equivalent) to fund a live trading account is reasonable.
- Supports both MetaTrader 4 and MetaTrader 5, which are highly regarded, industry-standard platforms.
Cons
- Despite welcoming US traders, FX Choice is NOT regulated to do business in the United States.
- Only regulatory oversight comes from an entity in Belize which is not even listed by name as a Tier III (aka lower trust) regulatory entity.
- Lacking customer service
- Research resources are extremely limited.
- No education resources.
- High commission of $7 (or equivalent) for ECN accounts per 1.0 lots.
- High fees for some deposit and withdrawal methods.
Is FX Choice Regulated? 🛡
Yes, as mentioned above, FX Choice is regulated…at least technically. Being regulated by an entity in Belize is not the same as being regulated by a Tier 1 powerhouse. But at least they have some sort of regulation.
Range of Offerings 📃
FX Choice offers a very limited array of asset classes and investment instruments as follows:
- ☑️ Forex CFDs: 38 forex currency pairs.
- ☑️ Cryptocurrency CFDS include Bitcoin, Ethereum, Litecoin and Ripple.
- ☑️ Index CFDs: 6 instruments including USTECHindex, US500index, US30index, UK100index, JAPANindex, DE30Index.
- ☑️ Commodity CFDs: 2 metals (XAUUSD, XAGUSD), 2 energy (WTICrude, BrentCrud).
FX Choice Compared
N/A
N/A
N/A
N/A
$0
38
105
N/A
0.6
N/A
0.6
$0
$10,000
105
182
Average spread EUR/USD standard
N/A
N/A
0.6
All-in cost EUR/USD - active
N/A
N/A
0.6
Minimum initial deposit
$0
$10,000
Total currency pairs
38
105
182
Demo account?
Social / copy trading?
FX Choice Account Types 🗃
FX Choice has three account types: a demo account, a classic account, and a pro account. You can get a demo account for both the classic and the pro account. You can open either a classic account or a pro account as an individual trader or as a corporation.
Classic demo or live accounts are available for the MetaTrader 4 software only. Pro demo or live accounts are available for use with either MetaTrader 4 or MetaTrader 5.
Demo Account ⏳
You can open a demo account as an individual or as a corporation for either a classic (retail) account or a professional account. To get started, all you need is to enter your full name and email address, choose a password and then do a telephone confirmation for verification purposes. Then you are good to go.
Classic Account 👤
Classic accounts only work with the MetaTrader 4 software. It is a relatively simple process to open a classic (retail or pro) live account.
To open a classic corporate pro account, you will need to submit additional verification documentation and wait for approval. The website does not state how long the approval process will take. In fact, the website simply says it will take “some time” to verify your data.
What do you get with a classic account? You get quotes to the fifth decimal point, spreads starting at 0.5 pips, no commission, maximum leverage of 1:200, NDD market execution, market swap points and option to use EAs.
⚡ Quick tip: Pips can be confusing at first. We recommend that you read this simple guide to completely grasp what pip is and how it works.
Pro Account 🌟
Pro accounts are available for use with MetaTrader 4 or MetaTrader 5 software. Opening a classic (retail or pro) live account is once again a relatively simple and straightforward process.
To open a Pro corporate account with either MT4 or MT5, you once again run into the vagaries of the time it will take to verify the information you submit.
What do you get with a pro account? You get quotes to the fifth decimal point, pips starting at 0, $3.50 (or equivalent) commission per 100,000 (per side), market swap points, leverage of up to 1:200, NDD market execution and option to use EAs.
💡 Important note: If you’re not sure what leverage is, here’s a basic guide that should help you understand how leverage works in forex and how to make rational bets.
Deposits 💰
You can make deposits with each of the following with fees as specified:
| Payment Method | Fees/ Business Days/ Conditions |
|---|---|
| Bank/wire transfers | Limited availability, 3,000EUR minimum (or equivalent), instant processing but may take up to five business days to complete, only available in EUR, CAD, GBP, AUD |
| Skrill | Limited availability, fee applicable (but not specified), MasterCard may not be accepted.; processing is immediate |
| Neteller | Limited availability, fee applicable (but not specified), MasterCard may not be accepted; processing is immediate |
| Bitcoin | No FX Choice fees but processing fees from the payment system may apply; processing is automated |
| BitcoinCash | No FX Choice fees but there is a 0.5 percent processing fee from the payment system; processing is automated |
| Litecoin | No FX Choice fees but there is a 0.5 percent processing fee from the payment system; processing is automated |
| Ethereum | No FX Choice fees but there is a 0.5 percent processing fee from the payment system; processing is automated |
| Ripple | No FX Choice fees but there is a 0.5 percent processing fee from the payment system; processing is automated |
| Tether | No FX Choice fees but there is a 0.5 percent processing fee from the payment system; processing is automated |
| FasaPay | Deposits are subject to 0.5 percent processing fee (max amount $5); processing is immediate |
| Perfect Money | U.S. traders cannot use Perfect Money; 1.99 percent fee for unverified user and 0.5 percent fee for verified user |
| Paysafecard | USD, EUR and GBP are accepted; 10 percent fee with immediate processing |
| QIWI | Limited availability, 6 percent processing fee plus 1 percent conversion fee; processing is immediate |
| AstroPay | Limited availability; fee applicable (but not specified); instant processing |
| Poli | AUD only, Australian users only, fee applicable (but not specified); processing upon receipt of funds |
| VLoad | Limited availability, 6.5 percent fee, voucher purchase required, immediate processing for registered accounts |
| SticPay | Limited availability; fee applicable (but not specified); automated processing |
| AirTM | Limited availability, fee-free, automated processing |
| AdvCash | Limited availability, fee-free, automated processing |
Withdrawals 💳
Withdrawal charges and conditions are as follows:
| Withdrawal Method | Fees/ Business Days/ Conditions |
|---|---|
| Bank/wire transfers | Limited availability; 0.25 percent fee (150EUR minimum and 1000EUR maximum) plus possible additional fees; withdrawal minimum of 1000EUR; business day requests receive same-day processing or add 8.5 hours for business day after-hours requests |
| Skrill | 1 percent processing fee applies; same-day processing within business hours or add 8.5 hours for business day after-hours requests |
| Neteller | Free to use; same-day processing within business hours or add 8.5 hours for business day after-hours requests |
| Bitcoin | Unspecified mining fee applies for best results; business day requests process within 1-3 business days; 30 to 120 minutes for funds transfer to complete. - BitcoinCash: 0.0002 BCH fee applies; takes 1 business day for processing; 30 to 120 minutes for funds transfer to complete |
| Litecoin | 0.02 LTC (20,000 Litecoin Photon) fee per transaction request; business hours requests process within 1-3 business days; add 30 to 120 minutes post-processing for funds to transfer |
| Ethereum | 0.005 ETH fee per transaction request; 1-3 business days processing time for requests during business hours plus add 0.5 hours before funds transfer |
| Ripple | 3.0001 XRP fee per transaction request; 1-3 business days processing time for requests during business hours plus add 8.5 hours for business day after-hours requests |
| Tether | Free to use; 1-3 business days processing time for requests during business hours plus add 8.5 hours for business day after-hours requests |
| FasaPay | 0.5 percent fee (not less than $0.01) applies; same-day processing within business hours or add 8.5 hours for business day after-hours requests |
| Perfect Money | 0.5 percent fee applies; same-day processing within business hours or add 8.5 hours for business day after-hours requests |
| VLOAD | 3.5 percent fee applies; same-day processing within business hours or add 8.5 hours for business day after-hours requests |
| SticPay | Free to use; same-day processing within business hours or add 8.5 hours for business day after-hours requests |
| AirTM | Free to use; same-day processing within business hours or add 8.5 hours for business day after-hours requests |
| AdvCash | Free to use; same-day processing within business hours or add 8.5 hours for business day after-hours requests |
FX Choice Fees 💸
Rollover fees and commissions apply based on the asset class and trading instrument. For Muslim traders, the Islamic account avoids these fees. The FX Choice website gives no details about whether there is an inactivity fee charged and, if so, what time period constitutes an inactivity period.
Trading Platforms 🖥
FX Choice is a MetaTrader brokerage. Only MetaTrader 4 and MetaTrader 5 are available for use through FX Choice.
You can choose from desktop, web (online) or mobile apps. EA (Expert Advisors) are permitted with both platforms. As well, both platforms offer their own dedicated suite of apps.
FX Choice App 📱
FX Choice does not offer their own in-house app. Rather, this broker relies completely on the MetaTrader suite of apps for versions 4 and 5 for iOS/Apple and Android/Google Play.
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.
- ☑️ MT4 iOS/Apple app: 4.8 (out of 5 stars) Overall, users into the tens of thousands seem to love this app.
- ☑️ MT4 Android/Google Play app: 4.6 (out of 4 stars) With the vast majority of the nearly half-million ratings in the four to five star range, it is clear there is a lot to love about this app.
- ☑️ MT5 iOS/Apple app: 4.7 (out of 5 stars) The new MetaTrader 5 app is garnering high reviews overall from users.
- ☑️ MT5 Android/Google Play app: 4.5 (out of 5 stars) MetaTrader 5’s new mobile app is enjoying very positive reviews thus far.
📝 Side note: If you’re looking for some other alternatives, here’s a list of some of the best apps for forex trading.
Research, News and Education 📰
Even if all else remained equal (and it doesn’t) when comparing FX Choice to other similar online forex brokerage providers, FX Choice’s lack of research, news and education offerings would stand out like a sore thumb from the pack.
Research and News 🔍
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.
The typical risk warning (posted at the footer of the FX Choice website in its typical location) is also notably sparse. The website simply states “you should ensure you understand all the risks” yet does little to provide any true illumination.
Myfxbook Auto Trade Tool 🔧
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.
However, Myfxbook, unfortunately, has imposed a $1,000 (or equivalent) minimum account funding requirement, which may move it out of the range of beginning traders. Even more, unfortunately, Myfxbook will not work for traders from the United States, Iran or Israel as per current regulatory restrictions.
Expert Advisors Trade Tool 🤖
FX Choice also offers the Expert Advisors (EA) robot (automated) trading tool, which works through a succession of if/then trading rules that execute automatically as market conditions shift. These tools are best used with a VPS setup to avoid costly outages or lag time. Here again, there is little if any actual education about the use of EAs outside of a short and deeply outdated (2015) video tutorial.
Education 👨🏫
My FX Choice takes a unique position on trader education – which basically means they don’t offer much if any education. One unique exception is the CFDs guide they offer for download only via PDF. This guide covers all four CFDs offered on the site – forex, cryptocurrency, indices and commodities.
🤓 Would you like to start trading forex but you don’t know what to begin with? Start your forex journey by learning the basics of forex trading.
Customer Support ☎
FX Choice operates 24 hours per day, five days per week. Posted hours are Sunday at 00:00 to Friday at 23:00. Callback requests are open during these times and take approximately 24 hours to process.
Email and live chat is available 24/5. Support tickets can also be placed by email and the website states that requests take approximately 24 hours to process, although traders report it can take much longer, if ever, to receive a reply.
😕 Do you still not fully understand how commissions and spreads work? Learn more about commissions and spreads in our easy-to-read guide.
Final Thoughts 💭
FX Choice is a company shrouded in mystery. Who founded FX Choice? Who knows. What is the FX Choice company history?
Good luck finding this information online. Even the FX Choice website is glaringly vague on the finer points of how the company managed to achieve what it states is “breakneck speed” development.
What does all this add up to? Red flags, unfortunately.
Add in the Belize regulatory oversight and what you basically have is a recipe for high-risk trading. This is not to say that you should not trade with FX Choice or that you cannot make money trading through FX Choice. All we are saying is that, if you like some (or a lot) of accountability and regulatory oversight with your forex trading, you may want to look elsewhere.
If things like accountability and regulatory oversight do not matter so long as the opportunity for profits exists, then, by all means, give FX Choice a try and let us know how it goes.
FX Choice: FAQs
-
Is FX Choice Regulated?
Yes. FX Choice (under FX Choice Limited) has regulation through the International Financial Services Commission (Belize).
-
What Account Types Can You Get with FX Choice?
FX Choice offers a free demo account plus a standard account and a professional account.
-
Does FX Choice Offer Any Bonuses?
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. You can also earn up to $250 (or equivalent) depending on trading volume.
Once you have five referrals under your belt, you can sign up to become an FX Choice affiliate with several earning modes.
Experienced traders can apply to open a MAM (Multi-Account Management) account and become eligible to manage the accounts of other traders.
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.
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What is the Minimum Deposit at FX Choice?
At this time, you can fund either a standard or professional account with an initial deposit of $100 (or equivalent).
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What is the “No Debit Balance Guarantee?”
This intriguing guarantee is well hidden inside the FX Choice website in the frequently asked questions. The rather cryptic website explanation of this guarantee states only that FX Choice is not going to “send collection agents after you” or “engage in any legal actions to recover our money.”
Rather, if your losses “become too large” (their words, not ours), FX Choice will at their discretion close some of your positions at the best-available pricing before your account goes into a negative position.
Laughably, the explanation goes on to say that this action may not always “work as intended” and that under “extraordinary circumstances” your account may “slip into negative territory.” If this transpires, the website states “we will simply zero out your account balance” and “you can never owe us money.”
For what it may be worth. You may find this reassuring…or not. We simply felt it was worth mentioning here.
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Is FX Choice Secure?
The presence of regulatory oversight through IFSC is an indication of potential security. FX Choice also holds client funds in institutions that are segregated from the company’s own funds, which is another important security indicator.
While FX Choice states they will accept United States traders, they are not currently regulated in the United States. Rather, they are operating as an offshore NDD (no dealing desk) broker with headquarters in Belize. Word to the wise: this doesn’t necessarily detract from the security of your funds, but it isn’t a gold star either.
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Can I Sign Up to Trade with FX Choice?
FX Choice accepts traders who are not from these countries: Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, Syrian Arab Republic.
Notably, FX Choice is one of only a handful of forex brokers that will accept traders from the United States.
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What Are FX Choice’s Operating Hours?
FX Choice has posted office hours on their website of 24 hours per day, five days per week. Posted market hours are Sunday at 00:00 to Friday at 23:00. Posted server hours (summer only) are GMT+2 or GMT+3.
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Does FX Choice Offer VPS?
Yes. VPS is free for traders who maintain at least $3,000USD (or equivalent) trading balance and trade at least five lots per month. Otherwise, the cost of monthly VPS service is €40 (or equivalent).
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Where Does FX Choice’s Liquidity Come From?
The FX Choice website offers absolutely no information about their liquidity source(s).
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What is the Average FX Choice Order Latency?
The FX Choice website states that VPS customers (which do not represent the bulk of traders) receive order latency of 7ms. This is a competitive speed, but not for VPS.
The website further specifies that execution of orders (short position) will execute at the ask price and (long position) at the bid price…but…slippage may occur and may be either positive or negative.
-
What is the Average for FX Choice Spreads?
Using forex currency pair spreads as a benchmark, the FX Choice website shows spreads on average of 0.01 to 1.16 for 38 currency pairs.
FX Choice and the Competition
See how FX Choice compares to the leading forex brokers by reading one of the reviews below.
All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid.
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