FXChoice review: Is it a legit or scam forex broker?
Especially when it comes to leverage amounts types of products offered. To avoid any unexpected charges and fees, we recommend that you primarily deposit and withdraw funds into and out of your account in the same currency as the currency of your trading account. However, once you have made your first deposit, you can deposit any amount, depending on the payment method. Some methods, such as e-wallets, do not impose a minimum deposit, essentially meaning you can deposit just one dollar to your account.
- Coming to FXChoice’s security and regulation, the platform is regulated by the Financial Services Commission of Belize .
- The pro account charges an additional commission up to $3.5 on top of the spreads which come from direct market liquidity provided by some of the largest banking institutions in the world.
- I have always received excellent customer support from them and never had an issue with my account.
- It contains many analytical tools and enables you to stay on top of things, even when traveling.
The fact that it uses MT4 and MT5 is a huge plus and when using the trading screens, the prices updated seamlessly. The customer support is second to none, and the knowledge base can really give users an edge. We also love the economic calendar which provides you with up to date news and events about important global economic changes that could cause price fluctuations. MetaTrader 4 and MetaTrader 5 available – FXChoice only offers two trading platforms, MetaTrader 4 and MetaTrader 5. For some traders, that might seem like little choice of trading platforms.
Can you withdraw money from FXChoice?
Most of the funding options work for both deposit and withdrawal, so you won’t have to worry about that issue so much. With the great options available for choice for deposit and withdrawal, all you’ll need to do is to choose the easiest way for you and make your transactions instantly. You can trade on all devices including windows or Mac for PC and android or IOS for Mobile Phones. All you need to do is download the program on the required device and then you’ll be able to trade anywhere anytime. Even so, FXChoice still ranks high as a reputable broker with a worthwhile product offering. Between 74-89% of retail investor accounts lose money when trading CFDs.
MetaTrader 4 platform and the increasingly popular MetaTrader 5 application. The company offers both trading platforms on desktop, web and mobile. If you’re depositing to your FXChoice account via wire transfer, you should know the supported currencies are EUR, GBP and CAD. The minimum deposit is €3,000 or equivalent, and there is no upper limit on deposits.
Hank001, a user from the United States, mentions that although the welcome bonus at FX Choice is not that big as with other brokers, he has had a good trading experience. He also says that the platform is easy to use, contacting the support is easy, and there are no troubles with withdrawals. 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.
There are also several great bonuses and promotions available including the Pips+ Loyalty programme, Referral programmes and deposit bonuses for both beginner and advanced traders to take part in. Clients can also benefit from various bonuses and promotions such as the Pips+ Loyalty programme fxchoice review and Referral programmes, a 25% early verification bonus and a 15% Bitcoin deposit bonus. The broker also offers multilingual customer support 24/5 via phone, email and live chat. There is also a ‘Knowledge Base’ section that provides questions and answers across a variety of topics.
Bonus on Crypto Deposits
So since I was able to get a better understanding of the withdrawals, I felt it was appropriate to update my review rating. No negative balance protection – FXChoice does not have negative balance protection, meaning if your account goes negative, your account balance can become negative due to rapid volatility. If this happens, FXChoice will deduct funds from any other accounts you might have and then deduct funds from any deposits you make in the future. Spreads for the FXChoice Pro Account start at 0 pips but vary depending on market conditions and trading instrument.
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.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. MT5 is the bigger, younger brother of MT4, offering enhanced analytical tools. Fund your account using one of the mentioned methods with no commission.
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. 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.
Spreads for the FXChoice Classic Account start at 0.5 pips but vary depending on market conditions and trading instrument. There is no commission charged when trading with the Classic Account. This FXChoice review explores key areas that concern your decision to open an account with this forex broker. FXChoice is a Belize-based forex and CFD broker regulated by the International Financial Services Commission . The company has been operating as a broker since 2010 and has grown to a broker executing over 150,000 transactions daily. When reviewing Forex broker, the first thing that investors look for is a valid brokers license.
One of the main advantages of EA’s are that they can analyse the markets and manage trades for you whilst you go about your day. FXChoice have a good variety of third-party tools that can be used if you are looking for flexibility and assistance with your trading activities. The MT4/MT5 platforms should have enough tools for most traders, not to mention you can get thousands of free and paid add-ons for them.
Macbook users can access global markets with our MetaTrader 4 for macOS. There is a lack of educational material for beginners – Many brokers provide extensive educational materials for their customers. In the case of FXChoice, you’ll have to wait for one of their weekly webinars.
The team at MyChargeBack – a specialist group dedicated to helping consumers recover funds lost online – is available 24/7 and has helped consumers all over the world recoup millions of dollars. https://forex-reviews.org/ is an online trading broker owned by FX Choice Limited and located at Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize. The commission fee varies based on the specific instrument and the type of asset. You say that our crypto withdrawals are difficult to get out with long delays – this cannot possibly be true. Our crypto withdrawals are normally processed the same day, unless the request is made late in the evening, especially on a Friday .
Index CFDs are often seen as a way to diversify a portfolio because rather than investing in one company, you are investing in multiple companies throughout a specific market sector. FXChoice offer index CFDs on USTECHIndex, US500Index, US30Index, UK100Index, JAPANIndex, DXY, DE30Index. Open an account today and claim your 65% Deposit bonus with no fees. The Web Terminal, available for both MT4 and MT5 users, allows you to trade via a browser without the need for downloading additional software.
Mt4 is the most used, most popular, and award-winning platform in the forex market. MT4 is by far the most popular trading platform in forex trading industry with its some of advantageous features. For example it’s quite user-friendly and you can probably use it with your native language. Trading platforms – They only offer 3 trading platforms, Metatrader 4/5 and webtrader. Pips+ loyalty program rewards active traders – If you’re an active trader, you might be interested in the FXChoice Pips+ loyalty program. The program offers either rebates or tiered commission discounts based on trading volume turnover over 30 days or account equity.
Traders can use these educational resources alongside a free to use demo trading account. The FXChoice mobile trading apps are covered in more detail in the video review. The latter is known as offshore jurisdiction with a relatively easy way to obtain a Forex trading license. This of course attracted numerous brokers and also unscrupulous enthusiasts as well which made the reputation of Forex trading and brokerage run like a scam. Finally, the last part of checking the broker’s trustworthiness is looking at the user reviews. You can find those which state that FX Choice is a scam and those which contradict this statement.
Does FXChoice charge an inactivity fee?
The broker offers Islamic accounts to clients following the Muslim faith. Over the years, the broker has won the best customer service challenge award from the LiveHelpNow Challenge, which ranks the top 100 providers of superior customer service. However, I think they could improve by providing support 24/7 like competitors such as Hugo’s Way do. In addition, the broker states that clients’ funds are held in segregated accounts that are separate from their company accounts and can therefore not be used for any other purpose. The broker provides traders with an FAQ section, which is located at the top right corner of the broker’s website. The FAQ section contains a well-detailed list of traders’ most common questions and their corresponding answers.
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. Our spreads and commissions are very competitive, and we believe they offer excellent value to our clients. Also, don’t forget that our clients can lower their fees by climbing the Pips+ loyalty programme. MetaTrader platforms are renowned for their speed and flexibility. Both MT4 and MT5 are available on Windows, Android, Mac OS and iOS devices.
The Classic account offers commission-free trading with slightly larger spreads whereas the Pro account is commission-based but has lower spreads. Overall, trading costs are competitive across both accounts and clients can further benefit through rebates and commission discounts if they trade enough volume. Fx choice provides demo accounts for the convenience of new traders.
FXChoice have a good range of trading products and services that caters to a broad spectrum of traders. From all corners of the globe, thousands of traders have already benefited from the brokers superior trading conditions and excellent cutomer service. The broker recommends depositing and withdrawing funds into and out of the account in the same currency as the currency of the trading account. After analyzing the FXChoice platform and creating a demo account we can conclude that it is a high quality trading operation.