FX Choice Forex Broker Review 2017

Trading Accounts

Account type Minimum deposit Minimum trade size Maximum leverage Average Spread Classic $100 0.01 1:200 1.2 pips on EUR/USDPro $100 0.01 1:200 0.5 pips on EUR/USD + $3.86 per lot (per side)
There are two types of accounts provided to clients of FX Choice: Classic and Pro. The Pro account which is a commission-based account provides tighter spreads particularly because of the ECN environment while the Classic account provides higher spreads because it is commission-based. However, it should be noted that only the Pro account offers users the choice of a desktop platform which could either be MetaTrader 4 or MetaTrader 5.In addition, traders also have a choice on what type of account to open – Individual or Corporate accounts
About the CompanyWith almost a decade of experience, FXChoice – a broker firm specialized in CFD and Forex trading for private clients, fund managers and institutional investors aims to provide top-notch services and customer support. This is supported by the fact that FXChoice received the LiveHelpNow award for Exceptional Customer Service five times in 2016 alone.FXChoice gives users the possibility of trading in about 40 currency pairs in addition to varied CFDs (on precious metals, indices, energies, commodities) using two solidly built trading platforms. Because of their use of NDD technology, this broker can boast of executing at least 15,000 digital transactions per day.Headquartered in Belize, FXChoice Ltd which is regulated by the local International Financial Services Commission (IFSC) is the company behind the brand of this broker.With liberal control over Forex brokers, the IFSC focuses its supervision on promoting regulation, an obligatory code of conduct in addition to the licensing process. Other issues such as reporting, compliance-checking and on-going supervision carry less emphasis.Even with laxed regulation rules, FXChoice values the security of client’s funds which is why funds are kept in segregated accounts which are separate from corporate accounts.In addition, FXChoice also practices positive price correction. By using this method, FXChoice zeroes out traders’ accounts balances if for some extraordinary reason, the balances of these accounts become negative.
Trading ConditionsMinimum Initial Investment RequirementFXChoice differentiates itself from other most Forex brokers by demanding $100 from each account holder regardless of the type of account. This is not only low as compared to other minimum initial deposits for ECN environment but also sets them apart from other most forex brokers where each account type has a different initial deposit.
Average Spreads & CommissionsAlso, FXChoice’s average variable spreads are competitive and depend on the account type. With similar trading costs which can sum up to an average of 1.2 pips on EUR/USD on both accounts, FXChoice’s prices is reasonably attractive. It should be noted however that the average spread for ECN account holders is around 0.5 pips on EUR/USD with a commission per lot round turn of $7.
Maximum LeverageFXChoice offers a maximum leverage level of 1:200 its clients, the average maximum leverage level for the industry. Trading PlatformsFXChoice also supports a variety of trading platforms: Myfxbook Autotrade, MetaTrader 4, and MetaTrader 5. While both the MetaTrader 4 and the MetaTrader 5 offer traders access to the forex, options and futures markets and contracts for difference (CFDs), the MetaTrader 5 offers traders an additional option for trading in stocks. Both the MT4 and MT5 platforms allow automated trading through the use of Expert Advisors (EAs) and use MQL programming languages. In addition, they offer tools for trading and analysis, advanced charting packages, signals, alerts and customizable indicators. MT4 can be accessed via desktop program or mobile app. It also has a web version called the Web Terminal MT4 While the MT5 was developed as an upgrade to the MT4, most brokers prefer using the MT4 due to the fact that MT5 doesn’t support a majority of MT4’s indicators and Expert Advisors (EA). Lately, however, the popularity of the MT5 among traders and brokers is increasing, due to the introduction of a hedging option. Also, a number of enhancements were made to the MT5. FXChoice gives users a chance to use the MT5 platform on PC or mobile devices.FXChoice also offers Myfxbook’s Autotrade service. Autotrade is a social forex community and online automated analytical tool which gives users the possibility of copying trades from any system selected by the user, into his/her FXChoice MT4 account, without incurring any additional charges or fees, or additional software.Traders with a monthly balance of at least $3,000 for at least 5 lots per month automatically qualify for free VPS
PromotionsFXChoice like most forex brokers offers its clients special bonuses from time to time.
Methods of PaymentFXChoice supports a variety of payment methods such as credit/debit card, wire transfer, electronic wallets such as Bitcoin, Neteller, Skrill, Perfect Money, FasaPay, ePayments, PaySafe Card and Trustly.Also, currencies such as USD, EUR, AUD, GBP, CAD and Bitcoin can be used to create accounts. ConclusionEven with the laxed regulation, with over 10 years of experience in the forex industry, FXChoice is still regarded as a trustworthy award-winning NDD broker. This broker offers its clients competitive trading conditions on various platforms and fast market execution. To conclude, some of the Pros & Cons of FXChoice are:

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