FXChoice Broker Review
Forex traders can also enjoy a complimentary live economic calendar, full functionality of MetaTrader 5 on Android and iOS devices, and dedicated customer support 24/5 for metals, CFDs and Forex trading. A generous friend referral bonuses also available with up to $250 for introduced friends. This broker won the Best Customer Service Challenge Award out of 10,000 companies in September 2016, a testament to the quality of the services provided.
FX Choice is primarily an ECN brokerage. Clients can enjoy competitive spreads across a wide range of financial instruments, including Forex pairs, and contracts for difference. With over 10 years of experience at the highest level, this brokerage has rapidly developed to become one of the leading providers of Forex trading services in the world. FX Choice now processes transactions every 4 seconds, with an estimated 15,000 transactions per day. When quizzed about the company’s success, the founders and management routinely attest to the ethical business practices they employ. Transparency, credibility, ease-of-use, and responsiveness are hallmarks of the FX Choice platform.
The company prides itself on providing clients with excellent customer support and service. The way this Forex brokerage differentiates itself from the competition is by focusing on its ethical business management. Multiple awards attest to the quality of the Forex broker’s services, including Exceptional Customer Service provided by LiveHelpNow on multiple occasions. This Forex broker makes lofty promises of attending to all trading-related concerns and resolving them no matter how seemingly insignificant they are. The company’s mission is to operate on the cutting edge of the tech arena by providing low spread Forex services to all traders in regulated countries.
There are multiple trading accounts available at FX Choice, including MetaTrader 4 classic accounts, and MetaTrader 5 pro accounts. The inclusion of a demo account allows clients to practice under real market conditions, sans the risk of real money trading.
MetaTrader 4 classic account offers the following benefits:
- Spreads from as low as 0.5 pips
- $100 minimum deposit required
- Energies, commodities, metals, indices in CFD format
- 28 currency pairs available including majors, minors and exotic pairs
- Leverage of 1:200 and margin level for hedge and lock positions at 50%
MetaTrader 4 is available in a classic account or a corporate classic account.
MetaTrader 5 professional accounts offer the following benefits:
- Spreads from as low as 0 pips
- A minimum deposit requirement of $100
- Maximum leverage of 1:200 and 50% margin level for hedge and lock positions
- 38 currency pairs available to traders including majors, minors and exotic pairs
- Energies, indices, commodities, and metals contracts for difference are available
The demo account is available for MT4 classic and MT4 professional accounts. It is also available for the MT5 pro account and all quotes are provided under real market conditions with $0 down.
Note: the MT4 Pro account as a commission of $3.50 per $100,000 per side
Trading Platform/ software
This Forex brokerage offers multiple software options vis-à-vis the trading platforms. These include MetaTrader 4, MetaTrader 5, and mobile trading options. With MetaTrader 4, Forex traders and CFD traders get to enjoy a powerful set of analytical tools and resources designed to automate trades and allow for maximum functionality. MetaTrader 5 is a rising star in the CFD and Forex arena. This trading platform is the next generation MT4 platform, and provides clients with additional market analysis, resources, and order types.
Mobile traders can enjoy the powerful mobile trading software which runs on iOS and Android devices. MetaTrader4 mobile and MetaTrader 5 mobile are readily available, on-site or through the App Store or Google Play Store. Clients can simply enter the telephone number and choose their preferred operating system (Android or iOS) and click the send button. A link will be sent direct your mobile device so that you can download the software.
Deposits and withdrawals are easily done at FX Choice. The minimum deposit is $100 or the equivalent in GBP, or EUR. Multiple currencies are currently supported (Canadian dollars, Australian dollars, British pounds, euros and US dollars), including cryptocurrency Bitcoin. The range of deposit options include these 16 methods: AstroPay, Rapid Pay, UnionPay, POLi, Qiwi, Trustly, ePayments, paysafecard, Perfect Money, Fasapay, MasterCard, Visa, wire transfer, Bitcoin, Skrill and Neteller. Withdrawal methods include 8 options: Fasapay, Perfect Money, ePayments, Qiwi, Bitcoin, NETELLER, Skrill, and Wire Transfer. All banking options are guaranteed safe and secure.
Markets are primarily divided into 3 main categories: Forex, CFDs, and precious metals.
Forex – Forex pairs include AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CAD/JPY, NZD/CAD, NZD/USD, USD/CHF, GBP/JPY, USD/SGD, USD/JPY and others. Real-time spreads are provided with a transparent cost structure.
CFDs – CFD trading includes a wide range of available options on MetaTrader 4 and MetaTrader 5. These include UK 100, US30, US 500, US Tech index, DXY, BTC/USD, WTI crude, Brent crude and others.
Precious metals – precious metals include XAG/USD, and XAU/USD.
Details of the bonus available at FX Choice are discussed under the bonus terms and conditions. The refer and earn program awards up to $250 on every friend that has been introduced to FX Choice. The referral link is provided in the backoffice under the refer and earn tab.
Traders can get in touch with customer support by completing the online ticket, or the telephone number. This includes name, email, subject, message, category and the nature of the query. Other support options include the knowledge base, social media sharing and information updates on Facebook, Twitter, Pinterest, G + and 195 other options. The knowledge base is akin to an FAQ section and it contains hundreds of articles. Customer support is highly responsive to trader queries, with rapid turnaround times.
Typical questions include the following: Do you accept US residents, what is the minimum lot size, Do you enforce NFA trading rules etc. Clients will find this to be particularly useful for Forex trading purposes. All manner of queries is included including accounts, trading platforms, taxes, withdrawals, automated trading, partnerships, trading services, trading conditions and execution rules, pips and programs, VPS etc.
A variety of safety measures is currently in place to protect clients from unauthorized access of their accounts. There is a significant reserve fund which is available to reimburse clients for losses suffered through unexpected shocks. Plus, client accounts are maintained in segregated accounts from FX Choice’s bank account. The company uses the most sophisticated security protocols and trading platforms/software with MetaTrader 4 and MetaTrader 5 to enhance the security of all operations. Client funds are segregated from corporate accounts, thereby ensuring the security of all deposits. An internal risk management department monitors management operations to guarantee compliance with regulatory standards. Safety protocols of further enhanced through IFSC licensing and regulation (IFSC/60/191/TS/17).
Ease of Use
Forex traders will have no problem using the trading platforms (MetaTrader 4 and MetaTrader 5) and the demo trading account. Everything is neatly laid out under categories, including range of markets, trading platforms, trading services, accounts, partnership, FAQs, company info and legal details. The live economic calendar provides real-time updates of market announcements around the world. Traders, expert advisors and partners can access relevant information in bullet point format for ease-of-use.
This fully regulated online broker offers a wide range of credible Forex trading services. Transparency, reliability, and attention to detail are hallmarks of FX Choice. Dozens of currency pairs, low spreads, and rapid executions of trades are assured.