Fx Choice Broker Review 2020: Reviewing a broker is significantly important before opening an account with them. If they happen to be fraudsters, then your money, efforts, and time will be lost. And, who wants it to happen? Thus, here we are with another review! In this article, we would do the FX choice broker review. We would get into every detail and shall finally rate it. We have listed their features, pros, and then cons. At last, there is a final review rating too!
About Fx Choice Review 2020
FX Choice is 2010, Belize based, electronic communication network broker which offers traders an excellent opportunity to buy and sell financial assets. You can choose among different assets and trade with their several trading platforms with the help of tools.
Moreover, FX choice is a popular online trading broker and executes a trade every four seconds. On average, the daily transaction count of FX choice is 15000+. They have won many awards and recognition for their excellent customer service too and wish to take it to the next level.
Some of its general attributes are a minimum deposit of $100, high leverage facility with the ratio 1:200. It also supports the newly launched fx choice Broker Review MT 5 platform along with MT 4, which is rare for a small broker. Read the full FX choice review to get all the features in detail.
Features of FX Choice Broker
Types of Accounts: There are two types of accounts available for clients in FX choice, i.e. classic and pro. The difference between them is as follows:
The classic account is suitable for new users because there is no commission charge. But, the spread charges are slightly higher than the pro account. Moreover, the minimum deposit is $100, the minimum and maximum lots are 0.01 & 1000 lots, respectively.
Further, this fx choice account type also allows scalping and hedging on leverage. The maximum permitted leverage is 1:200.
Pro Account: The pro account comes with its advantages. One would get more number of financial assets and instruments for trading in this type. Further, the spread charges are very tight and low in this type, but there is a fixed commission too, which makes it almost equal to the Classic account fee.
Moreover, all other services and attributes like lot sizes, deposit amount, leverage, scalping, etc. are the same as the classic one. But one good advantage is the availability of fx choice MT 5 in pro type.
So, these were the accounts for users who want to trade. But, there is another fx choice account type too, i.e. Multi-Management Account Type (MAM).
FX choice offers its professional customers this unique account type which is not accessible for everyone. It is like a proprietory account in which you trade your clients under their name, and in exchange, they will incentivize you. The payment depends upon your performance, and one can easily apply for it if he wishes.
Deposit and Withdrawal Options
FX Choice stands right in this aspect. There are many methods available for depositing and withdrawing your money. However, withdrawal rules and regulations are different from country to country.
The supported methods include Perfect Money, Pay Safe Card, perfect money, wire transfer, Skrill, Neteller, FasaPay, Stic Pay, Airtm, ADVcash, v-Load, and Astro Pay. Moreover, payment through cryptocurrencies like Bitcoins, Litcoin, Tether, Ripple, Ethereum, etc. is also available for clients.
A broker’s customer support is one of the most important aspects because it measures the broker’s authenticity towards its clients. FX Choice has an excellent customer support team for their users. The consumer service works 24/5 to handle all the queries and complains.
One can contact FX choice by live chat on their website, or by email and phone. Further, the support team is multi-lingual and very polite in resolving the issues.
Also, they won the award for the best responsive team from Live Help Now.
Pros with FX Choice Broker
Easy Account Opening:
Opening an account with FX choice is a very smooth and fast process. You just need to go to their online portal, click on sign up, enter all your details, upload the required documents, verify your email, and upload a photo. After that, your work is complete, and they shall do the rest. You can trade once they approve your account.
Platforms & Compatibility:
FX choice is one of the pioneers in offering the right trading platforms to their customers. While most of the brokers are still stuck with Meta Trader 4, FX choice offers it’s pro account users the benefit of using Meta Trader 5.
Both of these platforms are available on their website as well as on the mobile application.
Moreover, their website is also mobile optimized so that you don’t need to miss any updates. These platforms help you in placing market orders, seeing real-time quotes, custom price chart patterns, etc. One would also be able to access nine chart time frames simultaneously.
Bonus & Perks:
We discovered that FX choice was one of that brokers that provides several value-added benefits. Firstly, one would get a welcome bonus of 15% as a welcome. Second, there’s a referral program for everybody where for every successful refer to any other person; you will get balance reward. And, as a welcome, your friend will also get the 15% discount.
Further, if you happen to be loyal to them, then you’ll be rewarded with several discounts. But, the loyalty program is only for Pro account users, and the discount amount depends upon your trading volume too.
There are several varieties of tools available for traders use on their website. However, these all are third party tools and automatic, and will sometimes show signals from other traders.
But it must not stop you from making the right decisions. Anybody looking for trading assistance and some flexibility can use them. Some of the tools are MQL5 Signals, My FxBook Autotrade service, FX choice broker VPS, economic calendars, and pips+ programme.
Cons with FX choice
There is a minimal range of financial instruments available for trading with FX choice. The assets are the gist of trading, and more assets create the opportunity of more gains.
The only instruments they have are CFD and Forex. Also, not many currency pairs are available in that too. So far, they have only 38 currency pairs and 12 CFD options, available for trading.
Currently, FX choice doesn’t have any kind of educational portal or materials available on their website. It is quite disappointing as it helps novice traders to get insight into trading better.
However, there are other sections on their page from which you can learn, such as news, reviews, and economic calendars. Moreover, there’s a FAQ page for clients too where they can get the answers for some of the most common questions.
While most of the top brokers do not charge anything for trading on their website, FX choice has a commission-based system for their pro account users. Apart from it, their spread charges are in line or above most other competitors.
Further, there is a charge on withdrawals too. A 0.25% fee on every wire transfer with the maximum limit of the cost is $1110. Also, there are different fees for every withdrawal method, like 1% on Skrill and 0.5% on FasaPay.
Even though the FX choice broker regulates under the International Financial Service Commission (IFSC) Belize with license number (IFSC/60/191/TS/19), it can be trusted to an extent only. The reason is that the IFSC board of Belize is a Tier 3 regulator and has not established itself.
However, the track record of regulatory services of FX choice is clean and clear yet, and they look to follow this less rigid regulatory financial body still.
Many clients from whom we took testimonials and reviews about FX choice complained that the information on their website is complicated, inappropriate, or wrong. Firstly, the spread charges mentioned are not at all available when executing a trade; it automatically increases. Secondly, their no negative balance policy fails to work many times. Many people reported that their balance went negative when trading.
It is also doubtful that they manipulate the prices in their favour to benefit from their clients.
So, it was all about the online trading platform FX choice broker. Before starting trade with them, make sure to read all the advantages and disadvantages carefully. Also, do not forget to read our final FX choice broker review below!
Final FX Choice Review
- Overall Rating – 4/10;
- Regulations – 3/10;
- Service – 6/10
- Information & Data Authenticity – 2/10;
- Charges – 3/10;
- Offerings (Platforms, Assets, Tools) – 6/10
Is FX choice Scam?
FX choice is undoubtedly ahead of many traders who are working with no regulations and authority. But, no license from Tier 1 or Tier 2 financial bodies creates a vacuum in the level of trust. Moreover, the trading assets are minimal in comparison to the needs of a typical trader. However, the platforms and tools portal is quite impressive.
Further, their good long history should also not be undervalued, and their continuous effort in providing the best customer experience through good support team must be appreciated.
In total, the possibility of FX choice being a scam is very less, and their transparent and flexible service is the evidence. But, it still needs a lot of improvements to become a top broker.
Now the choice is in your hands; we got you the matter to decide!
At last, if there’s anything you think we left then feel very free to let us know about it!
Be the first to leave a review.