FXChoice Review 2024

Regulations: FSC

Instruments: Forex, Commodities, Indices, Cryptocurrencies, Equity CFDs

FXChoice offers three main account types: Classic, Pro, and Optimum. The Classic account is commission-free, with spreads starting from 0.5 pips and a minimum deposit of $100. The Pro account, also with a $100 minimum deposit, offers tighter spreads starting from 0.0 pips but includes a commission of $3.5 per lot. The Optimum account is geared towards traders with smaller deposits, requiring just $10 to open, with spreads from 1.5 pips and leverage up to 1:1000. Islamic, MAM, and corporate accounts are available upon request. FXChoice does not offer PAMM or cent accounts.

Classic Account

The FXChoice Classic Account is a commission-free option designed for traders seeking low-cost trading conditions. With a minimum deposit of $100, the Classic account offers spreads starting from 0.5 pips and leverage up to 1:200. This account features a margin call at 25% and stop-out level at 15%. Traders benefit from No Dealing Desk (NDD) market execution, making it a great option for advanced traders. Additionally, the Classic account supports micro-lot trading and offers a 50% margin on hedged transactions. It also includes a volume-based rebate program, making it a cost-effective choice for traders looking to upgrade from the Optimum account.

Pro Account

The FXChoice Pro Account is a commission-based option designed for traders seeking tighter spreads and access to institutional liquidity. With a minimum deposit of $100, this account offers spreads starting from 0.0 pips, but charges a $3.5 commission per lot traded per side. The maximum leverage available is 1:200, and the Pro account supports micro-lot trading with a minimum lot size of 0.01. The Pro account is ideal for traders using strategy-driven approaches who require low spreads and transparent pricing. Islamic, MAM, and corporate account options are also available upon request, offering flexibility for professional and large-volume traders.

Optimum Account

The FXChoice Optimum Account is a low-cost, entry-level trading option with a minimum deposit of just $10, making it accessible to beginner traders. Spreads start at 1.5 pips, and the account offers leverage up to 1:1000, providing significant market exposure. It supports micro-lot trading with a minimum lot size of 0.01, allowing for better risk control. The Optimum account operates with a No Dealing Desk (NDD) execution model, ensuring fast order execution. This account is ideal for those seeking basic trading conditions without additional fees, offering a straightforward option for traders looking to explore the forex market.

FXChoice provides a wide range of deposit and withdrawal options to suit different traders' preferences. Accepted methods include bank wires, credit/debit cards, Skrill, Neteller, FasaPay, Perfect Money, AstroPay, POLi, VLoad, SticPay, Airtm, AdvCash, and cryptocurrencies like Bitcoin and Ripple. The minimum deposit is $100, and processing times depend on the payment processor. Withdrawals are generally processed within 24 hours during weekdays, with e-payment options being credited instantly, while cryptocurrency withdrawals may take up to a few hours. Credit/debit card withdrawals are not available, but FXChoice recommends using the same method for both deposits and withdrawals. Processing fees may apply, and withdrawal times for wire transfers can take up to 5 business days. Internal transfers can be made within the back office, and details on any applicable fees are provided in the cashier portal.

FXChoice offers two account types: the commission-free Classic account and the commission-based Pro account. For the Classic account, the spread for EUR/USD starts at 1.4 pips, which equates to $14 per 1.0 lot. On the Pro account, spreads for EUR/USD begin at 0.6 pips, with an additional commission of $8.20 per lot, bringing the total cost to $14.20. Average trading costs for GBP/USD are 1.9 pips ($19), and for Gold, it’s $0.39. FXChoice also applies swap rates on leveraged overnight positions, as detailed in its FAQ section. Withdrawal fees may apply, depending on the payment method used, and all costs are transparently listed on their website.

FXChoice offers several enticing bonuses and promotions for traders. One notable promotion is the 15% deposit bonus for Bitcoin deposits, which is withdrawable but must be used within 90 days. Additionally, the broker offers a Pips+ Loyalty Program, where traders are automatically enrolled when they sign up for a Classic or Pro account. The loyalty program consists of five tiers, with higher rebates and lower commissions for active traders. To qualify for the fourth tier, traders need a balance exceeding $10,000 and must trade at least $10 million in volume. FXChoice also occasionally offers other bonuses, including a 50% welcome deposit bonus.

FXChoice offers a robust educational platform for traders of all experience levels. A weekly live webinar is held every Monday, providing valuable insights into trading strategies and market trends. The broker's extensive FAQ section answers common queries and helps traders get familiar with the platform. For beginner traders, FXChoice's Knowledge Base contains 202 educational articles and a comprehensive Forex Trading Guide, which covers topics ranging from the basics of forex trading to advanced techniques. Additionally, the FXEducation glossary is a helpful tool for understanding key trading terms like leverage, margin, and chart patterns, ensuring that traders have a strong educational foundation.

FXChoice imposes restrictions on clients from several countries due to regulatory and compliance reasons. Traders from Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, and the Syrian Arab Republic are not permitted to open accounts with the broker. Additionally, FXChoice does not accept clients from the United States and its territories, including Guam, Northern Mariana Islands, Puerto Rico, and the US Virgin Islands. These restrictions are in place to ensure the broker complies with international regulations and standards. Traders from other eligible countries can sign up for an account with FXChoice without restrictions.