- Lot of clients and their reviews are mostly very good
- Accepts US clients
- Customer support very responsive and professional
- ECN broker
- Low minimum deposit
- Free VPS for eligible traders
This is our review for FXChoice. We have a unique methodology where we score the forex broker based on the ratings taken from 5 different review sites. This is the most comprehensive and fair scoring on the web. It ensures completely unbiased scoring and helps you find a legitimate trading partner. Open Account FXCHOICE
FXChoice is an ECN forex broker located in Belize that offers FX and CFD trading. They have been in business since August 2010.
Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize
21 Regent Street
BELIZE CITY, BELIZE, C.A.
It’s always a good idea to check if the information that brokers write on their website is true. A lot of the scam forex brokers claim to be officially registered with a regulatory body, but actually are not. Most of the larger regulators have a website with a public registry where you can do a background check on the company. The info provided on FXChoice website checks out and they are indeed regulated by the financial regulator of Belize. They are licensed as a service provider for trading in securities.
FXChoice has a simple, but neat looking website, with nothing overly flashy going on. This is not a neccessity, it often just slows the website down and gives users a bad experience.
Everything loads up quickly and there is a lot of information for everything you might want to know as a potential trader. They also run a live chat, so you can contact them in an instant if you want to.
I like that they also have a live economic calendar on their home page, because traders should be aware of these possible-market moving events either for trading or avoid them by closing positions that might be moved in the wrong direction by these events.
Here is an overview of the trading conditions that FXChoice markets provides.
|Classic Account||Pro Account|
|Min. account opening balance||$100 (wire transfer 500 USD/500 EUR/500 GBP/750 CAD)|
|Spreads||From 0.5 Pips||From 0.0 Pips|
|Commissions||No||$7 per lot (round turn)|
|Deposits and withdrawals||Bank wire Credit card Skrill Neteller Bitcoin Bitcoin Cash Litecoin Ethereum XRP|
|Execution||Market Execution||Market Execution|
|Trading instruments||Forex CFDs Commodities|
|Min. trade size||0.01 lots||0.01 lots|
|Account base currencies||USD, EUR, GBP, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP|
|Stop out level||15%||80%|
|Free VPS||Yes (min. $3000 deposit and 5 lots/month trade The minimum deposit is set at $100 for both account types (except for wire deposits, which is set at 500 USD / 500 EUR / 500 GBP / 750 CAD) which is low enough for most traders that don’t want to commit too much money with a broker they don’t know. Yet it is high enough that you can trade with small sizes and not worry about get margin called immediately.|
Maximum leverage is set to 1:200, which is more than enough to satisfy traders who want a high leverage, but lower than the 1:500 that many brokers are offering. Considering that the minimum deposit is set at $100, 1:200 leverage is definitely more suitable than 1:400 or 1:500.
The spreads are great for both account types and are up there with the industry standards set for ECN brokers with good liquidity providers.
Looking at the trading platforms, they offer Metatrader 4 and Metatrader 5 as their platforms, but ideally I would like to see them adding an additional option, such as cTrader.
There are plenty of options for deposits and withdrawals and all the clients should find a suitable method for themselves, including different supported cryptocurrency deposits and withdrawals.
As for the account base currencies there is a wide choice available and additionally you can choose 5 different cryptocurrencies as your account base currency.
There are no restrictions on the type of trading you can do, scalping, hedging and EAs are all allowed.
Classic account margin calls and stop-out levels are set at 25% and 15%, respectively. These are quite low and during market volatility might take your account actually into negative territory, considering they are so close to the 0% level. Hopefully they have negative balance protecion in place so the clients can’t lose more than they have deposited.
For Pro account these same levels are set at 100% and 80%, which are much more reasonable and offer you more protection from blowing up your account.
FXChoice does not offer any deposit bonuses, which personally I don’t mind, but some people do care about those.
Traders that deposit a minimum of $3000 and trade more than 5 lots per month are eligible for a free VPS, so that is a great added bonus.
FXChoice also runs a live chat, which nowadays is to be expected from decent ECN brokers. I have spoken to the live chat representatives a lot of times and they have been polite and knowledgeable. Their e-mail customer service is up to par and nothing negative to note there.
Overall, I have not have had any negative incidents relating to their customer service.
There are some negative reviews for FXChoice, but considering they have a huge customer base, there will always be customers who are not happy with the service. Furthermore, most of the negative reviews are related to some minor issues with deposit/withdrawal fees or problems with intermediary banks or something else. It does not seem to be a case if you get your withdrawal, but more like some technical issues.
Looking at the overall picture and reviews scores, they are still way above average. What I really like that they have responded very politely and professionally to all of the negative reviews/problems on the Forex Peace Army site. This gives bonus points to their customer service.
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