- What Is FXChoice?
- Trading Services Offered
- Range of Markets Offered by FXChoice
- Pros and Cons
- Account Registration Process
- Types of FXChoice Accounts
- FXChoice Trading Platforms
- FXChoice Leverage
- Deposit & Withdrawal Options
- Referral Program
- Resources Offered by FXChoice
- Mobile App
- Security Measures
- Customer Support
FXChoice is a reliable electronic communication network (ECN) broker and was developed in 2010 to provide retail investors from different corners of the globe with effective trading conditions and competitive fee structure with a wide variety of markets such as commodities, stocks, indices, shares, cryptocurrency, metals, energies, forex and CFD trading.
|Product offered||Trading Platform, Forex Broker, Stocks, Cryptos|
|Minimum Initial Deposit||$100|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||Yes|
|Trading fees||Depends on Trading Account|
|Withdrawal fee||Depends on Payment Methods|
|Supported currencies||USD, EUR, GBP, AUD, CAD ,& More|
|Customer Support||Email, Phone, Live Chat, & FAQs|
FXChoice is a market maker that executes trades every 4 seconds with daily transaction volume totaling 15,000. The platform is constantly trying to improve the trading conditions by introducing new and advanced technology that ensures fast trade execution and tight spreads.
The platform is committed to providing a safe and secure trading environment and ethical trading practices with impressive customer service that gives customers a transparent and trustworthy trading experience. The platform is backed by NDD or non-dealing desk technology and hence, there are no major concerns about the security of the customer’s funds.
FXChoice is an award-winning broker that has won several awards for its multi-lingual and friendly customer support. This FXChoice review dives deeper into the Pros and Cons of the platform, trading platforms, account types, copy trade features, and many more.
What Is FXChoice?
FXChoice was developed in 2010 in Belize, Central America, and has been successfully operating for more than a decade, constantly upgrading the trading features on its platform. It has been a trustworthy and well-known broker catering to the trading needs of thousands of traders from across the world. It has collected multiple prestigious awards, and most of them are for its praiseworthy customer service quality.
FXChoice offers both Forex and CFD trading opportunities to traders all around the world. Traders can trade 36 distinct forex pairs, including the Russian Ruble, Norwegian Krone, and South African Rand. This allows clients to take full advantage of the emerging markets.
The platform 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.
Coming to FXChoice’s security and regulation, the platform is regulated by the International Finances Services Commission Belize (IFSC). Although IFSCB is not a reputed or prestigious regulator, experts think that the platform could gain other licenses by being regulated by IFSCB. You can also visit here to check list of regulated forex brokers.
The FXChoice security measures are excellent, too, as they do everything in their capacity to protect clients’ capital. The deposits are held safely by the platform in segregated accounts, and they are kept entirely separate from the corporate ones. So, there is no way that the platform can trade with clients’ funds or use them for the company’s expenses.
Features of FXChoice
As per the FXChoice review, the broker offers the following feature:-
The website offers news in a section labeled as Company News that offers insights into the crypto and forex markets.
FXChoice offers several indices for traders to diversify their portfolios. With instruments from the United Kingdom, the United States, Japan, and Germany, traders can select the indices with a worldwide impact.
The broker offers a wide range of trading tools, including MQL5 Signals, Myfxbook Autotrade Services, VPS, Live Economic Calendar, Pips+ Programme, and many more.
With the copy trading feature, the platform allows traders to automatically copy the trading strategy of professional traders.
The autochartist feature offers a Market Scanner that is supported on MT4 software using the Expert Advisor script. Traders can scan the markets for better trading opportunities as well as view time intervals and symbols on a single graph.
Trading Services Offered by FXChoice
As per the FXChoice review, it has more than 50 trading instruments, all in 6 asset classes, including cryptocurrencies CFDs, forex, commodity CFDs, and index CFDs. Commodity CFDs include energy and precious metals. However, note that CFD trading involves a high risk of losing, and around 75% of the retail investor accounts lose money when trading CFDs. While many traders may think these are limited offerings compared to other brokers, this FXChoice review will focus on various other opportunities that can diversify a trader’s portfolio.
FXChoice trading currency pairs give traders access to 36 different pairs, including the exotics, majors, and minors. Investors can enjoy the maximum trade leverage of 1:200 with a $4 trillion daily trade volume. Apart from access to trading currency pairs, the platform also offers competitive spreads and low trading fees.
FXChoice offers maximum leverage of 1:200 for energy CFDs that can be traded on only front-month contracts. Traders also get synthetic spot oils based on the front-month and next-month Futures contracts without any monthly expiration, and these include BrentSpot and WTISpot. So, the same trading instrument can be traded in 2 different ways but with the same broker.
Traders can trade precious metals on the platform with a maximum leverage of 1:200. Both XAG/USD and XAU/USD currency pairs are available that allow users to trade silver, gold, or both.
According to the FXChoice review, it provides adequate index CFDs for traders to diversify their portfolios. An index helps in spreading risk and reducing the time spent on trading. With trading instruments from the United Kingdom, Japan, Germany, and the United States, traders can select the indices that have a global impact.
As per the FXChoice broker review, it allows traders to explore the thrilling possibilities of cryptos that include Bitcoin, Ethereum, and Litecoin, and each of these can be traded against USD. Leverage on the cryptos can go up to 1:200.
This additional feature, known as Social Trading, is primarily available on the Myfxbook AutoTrade, which is offered for free and is extremely simple to use. All traders have to do is subscribe to professional traders, and their trades are automatically copied. This is the CopyTrading feature on FXChoice that requires the traders to maintain a $1,000 minimum deposit. AutoTrade also shows the top systems to help traders choose the most reliable traders to subscribe to and follow. They can view the most accurate statistics and make an informed decision. However, note as per the review, that this feature is not supported for clients residing in Iran, Israel, and the US.
Range of Markets Offered by FXChoice
As per the FXChoice review mainly covers CFDs in 4 distinct areas:-
With FXChoice, users get the top 6 world-best instruments, including NASDAQ, US30index, US500index, USTECHindex, DE30Index, and JAPANindex.
Get 38 popular forex pairs, including USD/TRY and EUR/USD.
Traders can also speculate on commodities like silver, gold, two metals including XAG/USD, XAU/USD, and two energy commodities like BrentCrud, WTICrude.
Trade with Bitcoin (BTC), Litecoin (LTC), Ethereum(ETH).
Is FXChoice Regulated?
The FXChoice brokerage firm is a subsidiary of FX Choice Ltd that is regulated and authorized by the International Financial Services Commission Belize (IFSC) under the license number 000067/96. This is the only offshore regulation, and investors may not get the same protection in case of insolvency or disputes as they would have if the online broker was regulated by a more reputable regulatory body in the country.
All that said, as per the FXChoice reviews, it maintains high security of client funds by keeping them in segregated accounts, separate from the company’s accounts, and hence, they can not be used for the company’s expenses. Moreover, the platform has an internal risk management team that monitors all the management operations that ensure compliance with the regulatory policies.
FXChoice does not have any debit balance guarantee or negative balance protection that implies that the trades will be closed automatically before the account balance turns negative. FXChoice is a legit crypto broker, but it does not allow traders from the United States of America.
FXChoice Reviews: Pros and Cons
|Scalping, expert advisors, and hedging allowed.||The demo account expires after 90 days.|
|Regulated by IFSC (International Financial Services Commission).||Does not offer a compensation scheme.|
|Keep client funds segregated.||Inadequate educational materials.|
|ECN (Electronic communication network) and NDD (Non-dealing desk).|
|Rapid execution speed, low spreads, and low fees.|
|Supports multiple languages.|
FXChoice Account Registration Process
Any user can open a trading account at FXChoice exchange, and the FXChoice login or account opening process is straightforward, but it may take some time to complete the process online. Follow the below steps:-
- The first step involves visiting the official website and filling in a digital application form to register on the trading platform. Once the form is filled in, traders need to verify their email ID.
- A verification link is sent by the exchange to the registered email address. On clicking the link, the email address is verified. Traders also need to submit copies of their relevant documentation, and this takes a few hours to complete.
- As soon as the documents get approved within 24 hours, traders can start trading, but they have to maintain a minimum deposit of $100 or 100 units of a chosen base currency. So, all in all, the account opening process at FXChoice is extremely accessible and easy.
Types of FXChoice Accounts
For every trading style, FXChoice mainly has three account types – demo account, classic account, and pro account. The FXChoice demo account is available for both account types – classic and pro. Traders can open any one of the two accounts- classic and pro – as a corporation or an individual trader. Live account or classic demo account is supported on the MetaTrader 4 (MT4) software only. However, the Live account or pro demo account is available for both MetaTrader 4 (MT4) as well as MetaTrader 5 (MT5) software. Let’s hop on to the account types in the following segment –
MetaTrader 4 Classic Account
As per the FXChoice review, it has classic account offers commission that is built into spreads that start at 0.5 pips. Spreads are likely to be higher as the classic account is absolutely commission-free. However, this helps in simplifying the calculation of trading costs. Traders using the classic account need to maintain a minimum deposit of $100 and with a minimum and a maximum lot size of 0.01 to 1000 lots. The maximum leverage goes up to 1:200, and hedging, EAs, and scalping are also allowed in the classic account type.
MT4 and MT5 Pro Account
The pro account was created for professional and high-volume traders, and it boasts a substantially broader range of tradeable tools for advanced clients. The pro accounts are bundled with an extra commission of up to $3.5 over and above the spreads that come directly from the market liquidity provided by a few of the largest financial institutions in the world. Spreads are most likely to be considerably tighter compared to the spreads on the classic account. Here, the spread starts from 0 pips, so if the trader’s strategy needs tighter spreads, this is the ideal account for them. Additionally, traders using the pro account need to maintain a minimum deposit of $100, and the minimum and maximum lot size range from 0.01 and 1000 lots. The maximum leverage goes up to 1:200, and hedging, EAs, and scalping are allowed in the pro account type as well.
MAM or Multi-Account Management Account
FXChoice offers a multi-account management account or MAM for experienced and advanced traders who already have their client-based and want to carry out trading on their behalf. The MAM account is essentially a proprietary account that allows competent investors to handle their funds for an incentive fee that is based on the performance of the account. Traders can also submit their applications on the official FXChoice website if they want to apply for a MAM account.
This FXChoice Broker Review strongly suggests traders take full advantage of a demo account that is supported on both the classic and pro account types. Compared to other brokers that need the traders to get in touch with for extending the demo account, the FXChoice trading platform automatically sets the demo accounts in such a way so that they do not expire unless the traders fail to log in for 90 days. So, investors can keep using their demo accounts for an indefinite time. This is an excellent feature as it helps particularly for strategy testing.
FXChoice offers 20 impressive open demo accounts, and the more the traders contact the broker, the more demo accounts they can open. In this way, they can use each demo account for a distinct strategy that they prefer. Traders can also add virtual funds to their demo accounts whenever they wish to, thereby continuing using the demo account.
Another unique type of account is the Islamic account and both the classic and pro accounts can be converted to Islamic accounts that are swap-free at FXChoice. To open an Islamic account, a client needs to open an account and go to the Profile section. By clicking on the Islamic accounts tab and following the easy instructions, they can submit the request and start using the account within seconds.
As per the FXChoice review, Islamic accounts charge a commission fee as it lacks swap charges. In case of a positive swap, the commission fee is zero. In case of negative swaps, the commission fee charged is 75% of the relevant swaps. Though these fees are minimal, it may be disappointing to certain traders as these accounts may still be unsuitable for certain Muslim traders.
FXChoice Trading Platforms
What makes FXChoice brokers one of the best trading platforms in the world are the unique trading platforms it offers to all kinds of traders. The broker platform offers MetaTrader 4 (MT4), MetaTrader (MT5), both having advanced trading features for both beginners and advanced traders.
MetaTrader 4 (MT4) Trading Platform
MetaTrader 4 was created by a Russian company known as MetaQuotes and it has won several awards. The MT4 FXChoice version combines the standard features with the real-time price feeds gathered from the global markets, competitive conditions, interbank liquidity, and fast execution speeds.
MetaTrader 4 is suitable for all kinds of traders, and it comes with several in-built tutorials for new traders and a beginner-friendly interface while having a wide variety of technical functions and indicators for professional and more advanced traders.
MetaTrader 4 trading platform is beginner-friendly, and it is compatible with the platform’s Expert Advisor systems. It is also compatible with Mac and Windows desktop versions along with iPhone, iPad, and Android mobile operating systems.
MetaTrader 4 offers 30 technical indicators, nine timeframes, 31 graphical objects, and a single-thread strategy tester. The trading platform is multi-lingual as the customer service is offered in multiple languages, and it also includes technical indicators for analysis and charts, several time frames for charts, automated trading systems through Expert Advisors (EAs), multiple order types, custom indicators, and strategy templates.
MetaTrader 5 (MT5) Trading Platform
MetaTrader 5 trading platform is not only just an updated version of MetaTrader 4, but it is an entirely new platform that comes with unique and additional trading features that are developed based on the success of MT4. Traders who have traded on the MT4 trading platform can still enjoy the same features on MT5 with a slightly enhanced overall trading experience.
MetaTrader 5 trading platform includes additional order types, extra market indicators, additional depth of market display, and a robust Expert Advisor testing environment with the real-tick data.
This platform is developed mainly for seasoned investors as it provides advanced trading features. FXChoice has MetaTrader 5 Pro or MetaTrader 5 Pro Hedged accounts coupled with MetaTrader 5. The only difference between these two account types is that the latter allows traders to open hedged positions similar to MT4.
Traders trading on the MT5 platform get to enjoy additional indicators that are not available on MT4. They can also add Stop Loss orders and view market depths. The charting tools are more professional with support for conventional netting and hedging options, compatible with Expert Advisors.
Moreover, the MT5 platform features 44 graphical objects, 38 technical indicators, and 21 built-on timeframes. It also features an economic calendar coupled with an embedded community chat. The strategy tester is both multi-currency and multithreaded with real-tick data. Similar to MT4, MT5 is also compatible with all kinds of devices, including Windows, Mac, iOS, and Android devices, or as a Web Terminal that includes one-clicking trading to the features of MT5.
MetaTrader 4/5 Mobile
FXChoice forex broker offers both MetaTrader 4 and 5 mobile trading platforms for traders who wish to trade on the go. Traders can access the FXChoice platform on their iOS and Android devices to trade, manage their positions, and follow the market even while they are away from their computer system. The MT 4/5 mobile apps can be downloaded for free from any relevant apps store like PlayStore or AppStore.
Web Terminal for both MT4 and MT5
The web terminal trading platform is available for both MetaTrader 4 and MetaTrader 5, and it allows traders to trade through their browsers without downloading or installing the FXChoice brokers’ software on any device.
All users have to do is go to the FXChoice website, log in to the FXChoice account from their choice of browser, and start trading through the web terminal. The interface on the web platform is quite similar to the desktop version, and hence, it is simple to use. The web terminal supports the following features:-
- All kinds of trading operations, including placing market orders and pending orders.
- One-click trading is supported only on MetaTrader 5 Web Terminal.
- Real-time quotes are displayed on the Market Watch.
- Fully customization of price charts.
- Nine different chart timeframes.
- Standard analytical objects like the trend, horizontal and vertical lines, Fibonacci lines, and channels.
- Universal accessibility to trading activities.
- Compatible with Internet Explorer, Opera, Safari, Google Chrome, Mozilla Firefox, and Microsoft Edge.
Coming to the FXChoice leverages, traders must be aware of the different leverages they get on different trading platforms. FXChoice offers CFD that are leveraged almost 10 times. Hence, if a client with a 10,000-dollar position but only a 1,000-dollar tied up to the tenth value on the account, this means a small amount of money is handling a bigger financial position. This is the leverage. The leverages amplify both the gains and losses while trading.
FXChoice CFD is generally used for short- and medium-term trading like the FXChoice intraday CFD trading. Though there is high risk as CFDs are independent of the financial markets, CFD trades are more flexible compared to the traditional market trades where the traders can own the underlying assets. The CFDs offer access to fractional shares, short selling, and international markets. Professional traders can use CFDs for hedging too. It is important to keep in mind that CFDs are complicated instruments and hence, they come with high risks and uncertainties of losing funds rapidly because of leverage.
The maximum leverage at the FXChoice trading platform is 1:200 that enables traders to open trade positions larger than they could have without it. For instance, if a user has $1,000 worth of capital with 1:200 leverage and he decides to borrow $200 per dollar from the broker, he will get $200,000 for trading.
FXChoice offers average to competitive trading fees. The fee structure of this broker is transparent and traders can view all the commissions and spreads on every page dedicated to a particular asset. The platform lists the spreads in relation to USD or the preferred currency, instead of the regular pips. The popular forex broker also offers a distinct column with the pips in terms of USD. This listing method may take some time for professional traders to get a hang of it.
The commissions are applied only to those who own a Pro account and on specific assets. The commission fee varies based on the specific instrument and the type of asset. In general, the commissions can be calculated as $3.5 per side or per notional amount of $100,000. Commission fees are charged only precious metals and forex.
The Pips+ Loyalty program on the pro accounts results in low commission refunds and in this way, the trading costs are reduced. The commissions for pro accounts vary based on the tiers:-
- Tier 1 – $15
- Tier 2 – $20
- Tier 3 – $25
- Tier 4 – $30
- Tier 5 – $35
All these tiers have the same requirements as in the case of classic accounts but with the additional tier 5 which is known as the default tier. Additionally, the rollover fees apply depending on the trading instrument and asset class. For Islamic accounts owned by Muslim traders, there are no rollover fees.
Overnight or Financing Fees
The best thing about FXChoice is that it does not take overnight swap fees. Here are a few sample rates that are stated in the pippets (= 1/10 pip)
- EUR/USD: 1.045 swap short, -2.646 swap long.
- GBP/USD: 0.0665 swap short, -0.42 swap long.
- USD/CHF: -3.43415 swap short, 1.29062 swap long.
Many forex brokers deduct funds from the trading accounts as compensation for the account maintenance, if they are not accessed or used for a considerable period. However, the FXChoice trading platform does not charge an inactivity fee. Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.
Traders who deposit money through their debit or credit card or any one of the e-wallets like Skrill, Neteller, Perfect Money, Qiwi, Trustly, Union Pay, and many more, the payment is reduced automatically by the number of deposit fees and then the net amount is credited to the trading account. 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.
Traders are also charged with withdrawal fees if money is withdrawn via credit or debit cards or e-wallets. Withdrawals made through bank or wire transfer may also apply withdrawal fees depending on the banking company.
Deposit & Withdrawal Options
FXChoice offers multiple ways of making deposits and withdrawals and the processes are flexible and easy. As discussed earlier, the brokers’ minimum deposit for any account type is $100 or it’s equivalent in other currencies. The method chosen will determine the time taken for the process of deposit/withdrawals to complete. Certain methods are country-specific and for quicker payment methods, Skrill, Neteller, Perfect Money, etc. payment methods must be chosen.
Some commissions or fees may be applied while using specific payment methods such as bank transfers. Any deposit or withdrawal made through a bank or wire transfer may take a few business days to complete the payment process while other methods like card payments, may be instant. Traders can also open accounts by depositing in the following fiat and cryptocurrencies:-
- Bitcoin Cash
- Ripple’s XRP
These currency options are advantageous since currency conversion fees are not charged while using the account in the clients’ currency. Usually, this conversion fee is charged based on the base currency, the receiving currency, and the payment provider. Click here for more information on its fee layout.
FXChoice Referral Program
FXChoice is one of the most popular trading platforms that provide different programs and bonuses to allow investors to earn more. The referral program at FXChoice gives about a 15 percent bonus every time a trader who refers to another opens an account and starts trading. The brokers’ trader who refers may also land up earning $250 or its equivalent, based on the trading volume.
With 5 referrals in the pocket, traders can sign up to become an affiliate or a money manager on the FXChoice platform with multiple earning modes. Experienced traders can also apply for a MAM or Multi-Account Management account and be eligible to handle other’s accounts. In addition, there are new account bonuses too. New users can visit the company page to get more details about how the periodic bonuses apply.
Resources Offered by FXChoice
Most of the training and education on FXChoice focuses on the new traders who have just started their crypto trading journey. The resources are available both in written and video format. 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.
Though the brokers’ platform does not provide any educational PDF in the conventional sense, the broker offers a wide FAQ section too for both MT4 and MT5 trading platforms. The FAQ section is bundled with educational topics like Common Knowledge and Expert Advisors 101 sections. More informative materials are available with the Knowledge Base that have articles on a wide range of trading topics including general questions, services, technical support, trading platforms, deposits and withdrawals, taxes, trading conditions, automated trading, partnerships, VPS, Pips+ program, trading conditions, execution venues and many more.
FXChoice Mobile App
Mobile trading at FXChoice is supported on both the MT4 and MT5 mobile trading apps, and it is compatible with all smart devices. The brokers’ apps provide almost all the functionalities provided in the desktop version but with added benefits like interactive price charts and push notifications. Traders trading from iPad can also get multiple display charts in a single window.
FXChoice MT4 Mobile App
MT4 Apple or iOS app has a 4.8 rating out of 5 and in general, tens of thousands of users love this mobile app version. MT4 Google Play or Android app has a 4.6 rating out of 5, with more than half-million ratings in the 4 to 5-star range.
FXChoice MT5 Mobile App
MT5 Apple or iOS app has a 4.7 rating out of 5 and the new MT5 app is gathering the highest number of customer reviews. MT5 Google Play or Android app has a 4.5 rating out of 5 and the users of this new mobile application are pouring in their positive reviews for the app.
FXChoice Security Measures
FXChoice is fully regulated by IFSC, International Finances Services Commission Belize and this itself is a potential security measure. The platform also makes in the list of brokers of the worlds’ top forex. It also keeps its client’s money separated in institutions and away from the company’s funds. This is another crucial security indicator. The brokers’ platform also has a reliable risk management department that regularly monitors management operations to ensure that the platform complies with the regulatory obligations.
Note that traders from the United States can also trade on this platform even though they are not regulated in the US. FXChoice is operating as a No Dealing Desk (NDD) offshore forex broker, headquartered in Belize. According to experts, this does not necessarily reduce the level of security of the funds.
Moreover, the broker platform ensures that all client transactions are safely processed. The communication and transactions are fully encrypted by using a Secure Socket Layer (SSL) technology whereas the client passwords are fully encoded. The same level of security measures is applied to the MetaTrader platforms and the traders can also apply the 2-factor authentication that also includes the Google Authenticator.
FXChoice Customer Support
This FXChoice review confirms that this forex broker offers excellent customer service. The support team can be contacted when the markets are open. They can also be reached through several channels. The Live Chat option, however, is the quickest one, in which the support team responds to customer queries and withdrawal problems in seconds. Clients can get in touch with the FXChoice support team in the methods mentioned below:-
- Live Chat.
- Request a callback.
- Contact form through email.
- Customer support – +52 558 526 80 32.
- General queries – +501 227 27 32.
- Address – Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize
FXChoice support team, however, keeps the Contact us, Callback, and Live Chat options right at the top of the webpage, making it accessible from all other web pages. Note that in 2016, the forex broker received its first accolade of LiveHelpNow’s Exceptional Customer Service, not just once, but five times in a row. And it became one of the Top 100 Companies of LiveHelpNow in 2018, making FXChoice forex broker one of the best options in this cryptocurrency industry.
FXChoice Review: Conclusion
To conclude this FXChoice review, we can say that FXChoice broker is one of the best, award-winning platforms offering extremely competitive trading conditions that include low commission fees, tight spreads, above-par customer service, quick trade execution speeds, and flexible leverage. It is a market maker, functioning under the regulation of the IFSC, and offers full protection of its client’s money. There are multiple funding options as well as withdrawal methods available on the platform, thereby allowing more traders to be able to trade on the platform.
Is FXChoice a Good Broker?
Yes, FX Choice Limited is a great option for a forex trading broker since it has an excellent record for offering Spread Betting, Forex trading, and Share Dealing. It has been successfully functioning in this industry for the past 13 years and is regulated by the International Finances Services Commission Belize. Moreover, the deposit and withdrawal processes are simple and usually take about 2 to 3 days to process.
Is FXChoice Regulated in South Africa?
Yes, FXChoice is regulated in South Africa by the IFSC Belize, with the registration number being 105,968 and license number – IFSC/60/191/TS/19.
Is FXChoice a US Broker?
No, FXChoice is not a US broker and it is not regulated in the United States of America.
Is My Money Safe with FXChoice?
Note that deposits maintained by traders are kept in segregated bank accounts. For additional security, the platform uses tier-1 banks that measure the banks’ strength and health. Additionally, FXChoice needs to submit every data on trading volumes and unimpaired capital to be under the regulation of IFSC Belize. It also needs a customer complaints process to hold the license. So, all in all, customer’s money is kept safe with FXChoice.
What Is the Minimum Deposit for FXChoice?
The FXChoice minimum deposit is $100 or it is equivalent in any other currency. The supported currencies on the platform are USD, EUR, AUD, CAD, GBP, Bitcoin(BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin(LTC), and XRP. The initial minimum funding is quite reasonable compared to other forex brokers that require at least $500 to maintain a trading account.
How Long Does It Take to Withdraw from FXChoice?
The withdrawal requests that are made during business hours are usually processed on that same business day. And the withdrawn funds may take up to 5 business days to reach the bank account of the FXChoice traders.
Note – FXChoice Reviews are not to be considered as an endorsement or investment advice of any kind. Clients are requested to seek financial advice from experts before making trading decisions on digital platforms.