FXChoice Review 2022 Pros and Cons Disclosed
I use the apps all of the time to check my positions from the sofa, bed or whilst travelling around. It is great to be able to take the markets with you in your pocket. The FXChoice brand is part of FX Choice Limited who are authorised and regulated by the Financial Services Commission of Belize . With this offshore regulation, clients may not have the same protection in the event of any disputes or insolvency as they would with a broker who is regulated by a top-tier regulator. However, it doesn’t really bother me and I appreciate that it means the broker can provide certain products and services that a brokerage firm under another regulator may not be able to.
If you would rather trade with a broker that has top-tier regulation, then Forex.com are one of the most well-regulated brokers that you will find. FXChoice is regulated by the International Financial Services Commission of Belize . I would say that if you are looking to trade forex only, then MT4 will do the job.
It does not matter what kind of strategy you use for your trades. With FX Choice, any strategy can be profitable due to the low spreads and commissions. Which withdrawal options are aloud, are there minimum amounts, fees etc. FX Choice only offers a small range of tradeable instruments. If they have the instruments you want to use, this will not be a problem, but if they do not, this is not the broker for you. The fact that mobile trading is an option with this broker is a benefit, but it is not the best mobile trading option out there.
Our FXChoice review team feels this gives you the ability to customize trading costs for your specific needs. For example, the Pro account is much better suited to traders who prefer scalping and using robots. Beyond having facilitated millions of trades for satisfied traders, they also do everything they can to protect your capital.
Withdrawal of money is possible at any time from your fx choice account. It’s possible to withdraw up sums to the sum of your account balance, keeping aside the margin fx choice review used. 1 thing to keep in mind is that you don’t necessarily need to have any cash on your accounts. The first sort of charges to look out for are trading charges.
FX Choice Commissions And Fees
In our review of FXChoice, we discovered a well-rounded Forex and CFD broker, which offered currency pairs, commodities, indices, and crypto CFD markets. The broker was founded in 2010 and is also sometimes known as myfxchoice. These partners do not control the content on the page beyond providing us with datapoints to ensure that the information in our database is accurate.
- Especially when it comes to leverage amounts types of products offered.
- You simply log in to your account and start trading via the web terminal.
- The commission fee varies based on the specific instrument and the type of asset.
- However, FX Choice is still considered high risk by many people in the field because of the lack of outside regulation.
- One of the biggest advantages of using FXChoice is its excellent customer support services.
- You can submit the application on the website if you wish to apply for the MAM account.
The main difference between the account types is that the Classic accounts incorporate the commission within the spread. On the other hand, Pro accounts have the most competitive and tightest spreads. https://forexbroker-listing.com/ The “Knowledge Base” section functions as the broker’s Trading Academy. I think there is plenty of helpful content to help bring you up to speed with the markets if you are new to trading online.
How do I contact FXChoice customer support?
No, the terms and conditions of fx choice don’t condone scalping. It is a trading technique which is not allowed on the broker’s platform. You can refer to fx choice’s terms and conditions to see more about its own policies. This can look to be a small number, but over the entire year, it adds to a substantial amount of gains.
Fx choice admits the significance of having a quick order execution. A quick execution enables users to exchange without fretting about slippage safely. This fx choice review page contains information about investing with fx choice. It is intended for educational purposes only and should never be considered financial advice.
With FXChoice, users get the top 6 world-best instruments, including NASDAQ, US30index, US500index, USTECHindex, DE30Index, and JAPANindex. Coming to FXChoice’s security and regulation, the platform is regulated by the Financial Services Commission of Belize . Although FSC is not a reputed or prestigious regulator, experts think that the platform could gain other licenses by being regulated by FSC. Read our detailed FXChoice review and find out who is this offshore broker. Provision of VPS and copy-trading integration may be convenient and attractive to certain traders. Leverage is a powerful and useful tool that might magnify your income.
Even if the brokerage is regulated, it is best to avoid it if the regulator happens to be outside your jurisdiction. There are a lot of brokers out there operating under fake company names or that have other fraudulent operations. A little bit of preliminary research can go a long way in protecting you and your finances. You’ll get 15% of the sum that you’re going to deposit into your account for the very first time.
The platform is multi-lingual, available in English, German, Czech, Greek, Spanish, Portuguese, Thai, and Farsi. On the platform itself, clients have available chart analysis tools, instant, and future trade execution. The platform is available for Windows, Mac, iOS, and Android. Please note, that the availability of the above deposit and withdrawal methods varies from one country to another.
This prevents people from losing more money than what they originally plan to trade. Extra tools are always as a benefit, as they are above and beyond what is required for you to be able to trade. The platform is fairly basic, so you are limited in how much you can do from your phone. However, we would suggest you take a look at our Trading courses, and get more professional education which will lower the chance of losing money on the market. There are not as many restrictions and requirements as required by a tier-1 jurisdiction, but it still offers decent protection. Examples of tier-2 jurisdictions are the China Banking Regulatory Commission, the Israel Securities Authority, and the Securities and Exchange Commission.
The only difference between these two account types is that the latter allows traders to open hedged positions similar to MT4. MetaTrader 4 offers 30 technical indicators, nine timeframes, 31 graphical objects, and a single-thread strategy tester. 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. Yes, it is possible to withdraw money from FXChoice and use the same withdrawal methods as the deposit ones.
Mobile Trading Platform
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. The broker’s regulatory status, whilst it may not suit everyone, is still present, and they manage to offer competitive service with other brokers of similar stature. These are the reasons why FX Choice is likely to be around the industry providing forex broker services for many years to come.
The web version of the platform is also very good as it can run in any web browser on any device, whilst always being up to date. You can access your account seamlessly across all versions of the platform. Between 74-89% of retail investor accounts lose money when trading CFDs with this provider. The commission is the important module of “Forex Trading” because we all know that a lot of brokers don’t charge any fee from the beginner’s account. Apart from that, by providing a fantastic user experience along with advanced chart tools and a HUGELY customized mobile app it states a bold commitment.
Fx choice provides demo accounts for the convenience of new traders. You can use this feature to build your faith in the system as well as yourself and your trading strategies. For other trading platforms, the inactivity fee depends upon the type of account you’ve selected. The inactivity fee is exposed to a lot of conditions and needs to be disclosed clearly by the broker beforehand.
All the brokers, just like FX Choice pay yearly fees to provide the platform to their clients. FXChoice offers both Forex and CFD trading opportunities to clients all over the world, including the US. You can trade 38 different currency pairs, including exotic markets such as South African Rand, Russian Ruble, and Norwegian Krona.
I am also confident as they hold client funds in segregated accounts that are separate from their own company accounts and can therefore not be used for any other purpose. There is an internal risk management team who monitors management operations to ensure that they comply with regulatory policies. Any referrals to 3rd parties may have computational rewards. The first step to protecting yourself from fraudulent parties online is to do thorough due diligence on the companies and entities that you are planning to send the funds to. In all probability, there have been other users who have already used the same service, and have expressed their opinions and feedback online on various forums. All clients’ funds are held in segregated accounts, absolutely separate from our corporate accounts.
One of the peculiarities Forex trading is popular for is its leverage opportunity. This means, with initially small capital you have the potential to gain quite good exposure to the markets. The online application process takes less than one minute to complete. Customer support is another aspect where FXChoice truly shines, as evident by their winning of the 2020 LiveHelpNow Challenge. Clients have access to 24/5 assistance, most conveniently via live chat, and a callback option exists, along with a web form.
But, you can’t get more than a $5000 bonus, and even you can’t withdraw the bonus amount as well. Additionally, the client can be rewarded with the amount of $10,000 a month regardless of “How much money they deposit in the account.” Let’s now move towards the customer service of “FX Choice Broker” and see what they have to offer us with their customer services.