FXChoice Review 2023 – All Key Facts Of An Offshore Broker
As the broker that is in the markets since 2010, they operate under FX Choice Limited from Belize. They were building their reputation through the years.
Even though, they present themselves as with competitive and superior service we need to check that. With leverage up to 1:1000, welcoming bonuses and crypto transaction bonuses, there are too many bad signs already. Let’s see what else we discovered throughout our FXChoice review.
|Yes – ETH, LTC, USDT
|Types of Assets:
|Forex, Commodities, Indices, Shares, Cryptocurrencies
|Free Demo Account:
|Accepts US clients:
FXChoice – A Broker Under Regulation?
Although they hold a license issued by the FSC of Belize, it is quite a loose license. It belongs to the Tier 3 group and it’s far away from the most trusted ones.
Companies tend to earn as much credit and trust from clients. Mostly they try to have at least one Tier 1 license from ASIC, BaFin or FCA. Unfortunately, FXChoice broker has none of them.
Why Is Trading On a Licensed Broker’s Platform Preferable?
The importance comes from security. Licensed brokers have very strict rules. They should follow those, otherwise, they are paying huge penalties. In the end, they might even lose a license. On top of that, Tier 1 regulators provide very big compensation funds for worst-case scenarios.
FXChoice Available Online Trading Platform
Equally important as license and trading conditions are trading platforms. If you are using a non-trusted web trader you are losing your full potential.
That’s why the FXChoice broker has access to MT4/MT5. For an offshore company, this is a pleasant surprise.
Both are very well-established among traders. They provide a vast of TA tools, graphic objects, hedging and many more.
Besides that, you can integrate copy trading on both platforms. But a minor benefit of using MT5 is that it accepts multi currencies and multi threads.
For the ones that don’t prefer downloads, Web Trader is a good option. With web-trader clients are not losing on product quality. It is suitable for all the most common browsers. However, experienced traders prefer mobile trading over everything.
Is The Platform Available On Mobile Devices? – Mobile Trading
Both MT4 and MT5 are available for mobile devices. Whether it’s Android or iOS you can download it through the designated store. The major benefit is that you can trade wherever you are. If you are using copy trading and EAs, this is especially important.
What Traders Are Saying About FXChoice
Generally speaking, FXChoice reviews are questionable. From them, we can see that clients are complaining about their services. Therefore, you could expect potential issues. From 123 total reviews on Trustpilot, almost 15% are with 1-star marks.
FXChoice’s Trading Assets and Instruments
At the present time, FXChoice works in 5 major financial fields. They are covering the most important assets. Some of those are:
- Forex USD/JPY, GBP/AUD
- Commodities oil, gold
- Indices DJI, FTSE100
- Shares Apple, Microsoft
- Cryptocurrencies BTC, USDT
Important to realize is that for every asset you have specified rollover and you can expect additional fees.
FXChoice Broker’s Active Locations
It’s quite a long list of the countries where FXChoice says they don’t operate. However, from the research and FXChoice reviews, we found some countries where they operate. Mainly targeted areas are:
- United States
- South Africa
Some countries have their own rules for trading on FX and CFD markets, so check them before depositing.
What Are The Different FXChoice Account Types?
In fact, FXChoice trading company offers only 3 account types. They differ in various aspects. From spreads, margin calls and if they have commissions. Those are:
- Optimum $10
- Classic $100
- Pro $100
FXChoice Offers Islamic Accounts
Unfortunately, for Islamic believers, FXChoice doesn’t offer separate accounts. The main benefit is that it is by Shariah law. In general, that consists of swap-free accounts. The whole idea is that trading complies with some of their beliefs.
Can a Trader Use a Demo Account?
All features you can check with a demo account. Afterward to enter the market slowly with a $10 investment. After all, if you are satisfied you can invest more. But we suggest you find a broker with a compensation fund and a higher level of security.
Minimum Deposit and How Do I Withdraw?
As shown above, the minimum deposit is just $10. It can be done through various payment providers. However, fees might differ depending on which one you are using. As for withdrawals, you can request one through a designated part of a trading platform.
Payment Methods Available
There are multiple choices for funding options. To point out, for crypto transfers clients get bonuses of up to 50%. Here are some of the options:
- Cards – Visa/Master card
- Crypto transfers – BTC, USDT, BNC + more
- e-transfers – Skrill, Neteller + more
- Bank transfers
However, additional fees might occur with some of the payment methods.
FXChoice Referral Programmes
As promotional offers, they have multiple choices. Affiliate or referral are some of the choices. Moreover, you can access the Money Manager program which as well has certain benefits. Must be remembered that this broker is Tier 3 regulated, which allows them to have bonus structures.
Terms and Conditions for FXChoice – What You Should Know
Another key point is welcoming and a crypto transfer bonus. All EU Regulators and ESMA rules have banned bonuses. Therefore, for clients outside of Belize, bonuses shouldn’t be provided. The reason for the ban is tricks that brokers are often using with rollovers to prevent withdrawals.
Leverage, Spreads and Fees
After all, ESMA has as well limited leverage up to 1:30 for retail traders. Whereas FXChoice broker has leverage up to 1:1000. Given that spreads are from 0.0 pips, we need to give them credit for that. In this case, fees are clearly stated on the broker’s website and you can expect them for deposits and withdrawal
What Should I Do If I Have FXChoice Problem?
Firstly, contact their regulators. After all, let us know what is the issue. Secondly, if funds are issued you are in the right place. Since many traders in FXChoice reviews complained about those, our fund recovery team can help you. Free consultations are available. Book yours now!
What Is FXChoice?
It’s an offshore broker that offers FX and CFD trading services worldwide.
Is FXChoice a Regulated Broker?
Yes. However, the IFSC regulator from Belize is in a Tier 3 group of regulators, not so trusted among experienced traders.
Is FXChoice Available in the United States or the UK?
FXChoice offers its services to traders coming from both mentioned countries.
Does FXChoice Offer a Demo Account?
Yes. Besides live trading accounts, you can check all functionalities through a demo account first.