FX Choice Review
FX Choice was founded in 2010 and although being a licensed broker, the negative FX Choice reviews show that the platform is not reliable for trading, some even outright calling it a scam.
FX Choice was reportedly licensed by the International Financial Services Commission of Belize and provided brokerage services for active and passive trading on the markets. The brokerage was popular but then soon got hit with thousands of negative FX Choice broker reviews, especially from traders in the Western hemisphere due to their poor business strategies and high requirements for global employees.
Over the past ten years, the company evolved as an ECN broker and offered forex and CFD trading to institutional and private clients. The brokerage implemented a non-dealing desk market model with a daily trading volume of up to 150,000. The FX Choice review found online showed that the brokerage had poor customer service and not-so-favorable deposit bonuses which is why it got negative press recently.
FX Choice Trading Platforms
MetaTrader 4 is a good option whether you are a beginner or an experienced investor and it is great for traders that are looking for a tested solution. The platform comes with charting tools and other customizable features that can help you create various strategies. The FX Choice limited review found that the traders appreciated the fast execution and the interbank liquidity with different timeframes, pending order types, easy log-ins, and graphical objects.
MetaTrader 5 is a successor to MT4 and the users like it because it offers a more professional experience and also more capabilities like an in-depth view, access to more tradeable assets, technical indicators, faster execution times, and more. Both of these platforms are compatible with MAC Pcs and Windows.
Our FX Choice broker review found that the web terminal offered trading anywhere in the world without having to download any software but investors said that the loading time was slow and oftentimes it was unable to connect.
Some of the other available functions included one-click trading, customizable charts, and other basic analytical objects.
Spreads, Commission, Leverage
Fees and spreads are higher on FX Choice compared to other platforms. The spreads start at 0.5 pips on their Classic account which has zero commission, while the Pro Accounts offers spreads from zero pips with a commission of $3.50 per side. This can decline to $1.50 per slide or $100,000 via the loyalty program.
The FX Choice reviews point to the leverage range on the broker that starts from 1:25 to 1:200 on both account types on the platform. The rates are high and aren’t subject to the 1:30 cap that can be seen at other regulated brokers.
There is an opportunity for mobile trading which is simply due to the implementation of MT4 and MT5 apps that are both compatible with iPhone and Android devices. The apps offer as simple functionality as the desktop platforms with a little bit more benefits like push notifications and price charts. The iPad users can also see the various charts in one window.
FX Choice offers a few deposit methods such as e-wallets, cryptos, card payments, Bitcoin, Ripple, and more but some methods are available only in certain jurisdictions.
The minimum deposit is 100 USD or other currency equivalents which can be opened in EUR, AUD, USD, CAD, and BGP. The processing charges could apply on some trades but some payment methods have 0%. these can be found on the withdrawals and deposits page.
The FX Choice withdrawal review shows that most of the methods that can be found on other platforms are available here and the withdrawals are processed in 24 hours timeframe, 5 days a week. After processing, the e-payment withdrawals are credited right away while the crypto timeline can take up to a few hours. Some options involve a fee.
Also, you can open demo accounts on this platform and users can access the same identical trading conditions with customizable amounts of funds to practice with. Our FX Choice broker review found that paper trading profiles are going to expire after 90 days of being inactive but in other cases, they remain open for as long as needed.
FX Choice Bonuses & Promotions
FX Choice offers bonuses as well doing BTC deposits or with any other available cryptos. There’s a 50% welcome deposit bonus available but the percentage of the bonus could differ depending on the account type. The broker also offers a loyalty program where all clients are automatically enrolled in the Classic or Pro account. The program also offers low commissions for active trading.
According to the online FX Choice reviews, it seems that being regulated doesn’t do much for this broker. With so many negative reviews and comments, it is a wonder how this platform exists still.
Technically, you can read on their website that they are an authorized and regulated broker with the note that they don’t accept clients from the USA. Clients from Canada and Nigeria can sign up.
FX Choice Brokerage Features
There are a few trading services available like the MyFXBook Autotrade tool and there’s a selection of Expert advisors for the Metatrader 4 platform to download.
The trading signals service is available as well which helps investors shadow the positions of experienced traders. Furthermore, FX Choice partnered with ZuluTrade to start offering copy-trading solutions and a VPS is also available for the investors.
FX Choice Broker Account Types
Traders are able to choose between MT4 Classic Account or MT4/5 Pro accounts.
Both of the accounts require a $100 minimum deposit with a 0.01 minimum lot size and the verification of the accounts can be completed in a few steps from the website. The main difference between these two accounts is the commission and the tight spreads in the Pro Account.
- Is FX Choice Legit?
The many negative reviews online show that this platform can’t be trusted. Users often complain about fund withdrawal as most said their funds were unable to be taken out of the platform. Also, users complain they receive notifications that they debited their amounts without their knowledge and say that they don’t recommend working with the broker.
- Is FX Choice regulated?
According to their webpage, the brokerage is regulated by the Financial Services Commission of Belize.
- Does FX Choice offer VPS?
FX Choice offers a virtual private server that is free for accounts that have a balance above $3000 and for users that trade five lots in each billing cycle. The users can benefit from faster delivery times of 2GB of RAM as well.
FX Choice was founded in 2010 as a licensed broker, but the negative FXChoice reviews show that the platform is not reliable for trading. some even outright call it a scam. FXChoice was reportedly licensed by the International Financial Services Commission of Belize and provided brokerage services for active and passive trading on the markets. The brokerage was popular but then soon got hit with thousands of negative FX Choice broker reviews, especially from traders in the Western hemisphere due to their poor business strategies and high requirements for global employees.
- VPS Available
- Comission-Free Trading
- MT4 and MT5 Available
- Poor Customer Reviews
- No Tradingview plug-in
- Limited selection of commodities
Beware of Scam!
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