FX Choice is an online broker that offers its clients to trade CFDs for Foreign Exchange (Forex), commodities, indices, and cryptocurrencies. FX Choice (initially known as MyFXChoice) was founded and established in August 2010 in Belize with a prime focus on competitive trading conditions for its clients. While FX Choice isn’t as large or as diverse as other online brokers, it is a popular choice among novice traders for its streamlined and easy-to-use services. FX Choice currently serves over 10,000 clients globally and has garnered numerous positive user reviews. In addition, FX Choice has won several industry awards for the quality of its customer support services.
Despite all that, rumors are spreading online that places the reputation of FX Choice in question. While there are yet to be any solid claims of an FX Choice scam, we will look into the matter in this FX Choice review.
Here, we will review the structure of the broker’s services and the overall performance of its trading platforms. Later on, we will then determine if FX Choice is a scam or, at the very least, if it follows industry regulation.
FX Choice’ Services and Offerings
FX Choice’s services are operational under several languages including English, German, Czech, Greek, Spanish, Farsi, Portuguese, and Thai. While the broker is able to provide services globally, they are unable to serve clients residing in Italy, Spain, North Korea, and Belize.
• Instruments
In terms of trading instruments, FX Choice has more than 50 offerings consisting of currency pairs and CFDs. However, Forex pairs are limited to major currency pairs, and cross and exotic pairs are not offered.
With Contract for Differences (CFDs), FX Choice offers its clients investment opportunities in Indices as well as Commodities and Spot metals such as gold and silver.
Recently, FX Choice broadened its cryptocurrency listings, allowing clients to trade CFDs in Bitcoin, Litecoin, and Ethereum.
• Account Types and Bonuses
Keeping in line with providing a streamlined trading experience, FX Choice has limited its account types to just two. These account types are the Classic Account and the Pro Account.
The FX Choice minimum deposit that is required for both accounts is one of the lowest compared to most brokers, charging only $100.
Leverage levels are standard, and trades can be made with a maximum of 1:200 in leverage.
The Classic account is most recommended for those who are new to trading. It allows traders to trade with over 28 currencies pairs as well as the mentioned CFDs above. The account’s lack of commissions can make the experience much smoother for new traders as they do not have to worry over fees. In addition, the Classic account offers tight spreads that can go as low as 0.5 pips.
The Pro Account is most suited for traders who prefer the scalping strategy. The Pro Account allows traders to invest in all of its 38 currency pairs and 12 CFDs. It also has much tighter spreads that can start from 0 pips onward. There are commissions in the Pro Account, however, and can charge around $3.5 per lot.
One of the cheaper ways of trying out the platforms’ performance is opting for a demo account through the FX Choice login page. This can also allow traders to practice trading in a simulated, risk-free environment.
On a side note, FX Choice also offers an Islamic account for clients who are living in Islamic regions and are practicing Sharia Law.
FX Choice also provides signup bonuses for those new to the site as well as a ‘Friend Scheme.’ The latter bonus is basically a referral program where clients can refer the broker to a friend through the use of a special link in order to claim bonuses. The ‘Friend Scheme’ allows clients to earn up to $250 in bonuses per person.
• Trading Platforms
FX Choice’s trading platforms only utilize MetaTrader as a base to conduct its trading. MetaTrader is part of a series of software developed by the MetaQuotes Software Corporation. Their popular trading software is MetaTrader4 (MT4) and MetaTrader5 (MT5), which are used by FX Choice.
FX Choice’s MetaTrader4, MetaTrader5, and its web-based platforms are industry standard and only come with a little modification from the part of the broker. This means that the platforms’ tools, features, and interface are functional, albeit basic.
FX Choice’s MetaTrader platforms can be accessed on personal computers and laptops connected to the internet. FX Choice also offers a mobile trading app for iOS and Android for traders who are always on the go.
• Fees and Payment Options
When signing up with FX Choice, deposit methods include wire transfer, Skrill, Neteller, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP, Tether, FasaPay, Perfect Money, PaySafeCard, Qiwi, AstroPay, POLi, and VLOAD.
The FX Choice withdrawal methods can also be done with the services mentioned above.
Almost all deposits and withdrawals are processed immediately. The longest processing time for some would only stretch to 24 hours.
However, methods via wire transfers or credit cards can take up to 5 days to process.
Is FX Choice safe?
While there are several factors that put your funds at risk when trading with online brokers, it is important to make sure that the broker in question has licenses regulated by a reputable financial entity. This would guarantee that the broker is following industry standards and would, therefore, have the clients’ best interest at priority.
FX Choice regulation is under the International Financial Services Commission (IFSC). The IFSC is a decently reputable financial hub though many may find it lacking. However, with almost 20 years of dedicated service, many of FX Choice’s clients no longer mind it, having established trust with the online broker. While there are no signs of fraudulent behavior, a lack of diverse client services can be a reason why some would report an FX Choice scam.
Conclusion
FX Choice is a great option for newcomers to trading with its simple trading features and a fairly limited amount of offerings. However, this may not be recommended for seasoned traders as the structure of FX Choice’s services can be restricting and unable to cater to more advanced trading strategies. In addition, the lack of cross and exotic pairs in its Forex offerings can be disappointing for traders looking to build a varied portfolio.
While a financial entity regulates FX Choice, it is unfortunately not enough to attract new clients. The broker could benefit a lot if they were to obtain regulatory licenses from other major financial hubs to guarantee the safety of its clients’ funds.