FX Choice is a well-established CFD and forex broker that has been operating since August 2010 and is based and regulated in Belize by the International Financial Services Commission Belize. This secure and professional platform uses the popular MetaTrader 4 and 5 trading platforms which are also available for both Android and Apple mobile devices. FX Choice also allows users to access the MT4 and MT5 Web Terminals so there’s no need to download before accessing FX Choice’s range of CFDs, Forex and Precious Metals. In this FX Choice review, we will run through the account setup, deposits, withdrawals, fees, trading tools, and their customer support services.
If after reading this FX Choice review you are unsure as to whether it is right for you or you would like to get a feel for the platform before depositing, FX Choice offers a demo account. Note that registration is still required for the demo account however the process is simple and only requires a full name, email, password, phone number, and SMS confirmation. US residents are also accepted.
FX Choice offers several account types: Classic, Pro, Classic corporate and Pro-corporate, however, we will focus on the private account types. Islamic accounts are also available upon request and are very similar to the other account types but there are no overnight-swap fees.
FX Choice usually allows a user to have up to 15 live accounts however you can request more if you need to. Furthermore, accounts are available in: USD, EUR, GBP, CHF, AUD, CAD, LTC, BTC, BTH, XRP, and ETH.
In terms of verification requirements, FX Choice requires users to upload a copy of a government-issued ID containing your name, photo, document number, date of birth, and your address, all of which must match the information registered in your FX Choice account. Once you are verified then you’re ready to begin depositing and trading.
FX Choice offers many deposit options and several cryptocurrencies are accepted including Bitcoin, Litecoin, Ripple, Bitcoin Cash, and Ethereum.
Fiat deposit methods include: wire transfers, credit card (Visa and Mastercard), Neteller, Skrill, Union Pay and many more depending on your country of residence.
Initial deposit minimums for all account types are 100 USD (or equivalent) and for wire transfers 1000 USD/EUR/GBP and 1500 CAD. Apart from the initial deposit minimums the only limits that apply are for credit cards: maximum 3 times per day and a maximum of 10 000 USD (or equivalent) per month and credit cards must also be verified.
FX Choice doesn’t charge any deposit fees for cryptocurrencies and wire transfers, however, 1.45 % is charged on credit card deposits and fees for other deposit methods vary. More information can be found here or by contacting customer support.
Withdrawals can be made with all cryptocurrencies as well as Skrill, Neteller, wire transfers, FasaPay, Perfect Money, ePayment, and UPayCard. Some withdrawal methods may not be available in every country and FX Choice recommends that users use the same currency and withdrawal method as used for depositing to avoid any unexpected fees due to currency conversions and other issues .
Cryptocurrency withdrawals are generally processed in 1-3 days, which seems unnecessarily long given that most fiat withdrawals are processed faster, usually the same business day.
Fees are highly dependent on method, cryptocurrencies aren’t subject to fees (apart from mining fees for the transaction) and bank transfers cost 25 USD or 15 EUR. More information regarding other withdrawal methods can be found here.
Withdrawal authentication via Google Authenticator or SMS is possible and can be enabled under ‘Security’ along with 2 Factor Authentication which is recommended for account security.
Tools and Specifics
FX Choice supports EAs (Expert Advisers) which are programs that run on your MT4 platform and automatically trade certain CFDs for you depending on their specific strategy, such as Scalping, Shorting, Mid-term and so on.
Myfxbook is also now integrated with FX Choice allowing you to mirror the trades of other more experienced traders. MetaQuote’s Trading Signals is similar and also available for use with FX Choice. Users can subscribe to ‘Signal Providers’ for a fee and after setting up your MQL5 account, the signal provider’s trades will be automatically copied into your FX Choice account on MT4.
FX Choice offers all users the opportunity to access their VPS (Virtual Private Serve) for free. You have to pay for the first month and trade 5 lots or more during the first billing cycle. However If at the end of the cycle your balance is 3,000 USD or more, you will not be charged for the following month. VPS services are a more reliable option for trading, particularly automated trading, because they run 24/7 and provide a solid internet connection and electricity supply so that nothing gets in the way of your trading program.
As previously mentioned in this FX Choice review users have access to the popular MetaTrader 4 and 5 platforms and their range of graphing tools. Trading can be done anywhere with their mobile apps, giving you a lot more trading flexibility and convenience.
An area for improvement would be the range of instruments offered, as only 38 forex trading pairs, 10 CFDs (on seven indices, Bitcoin and two energy contracts), and two precious metals are offered. This is really a limited range of instruments, hopefully, they will add more in the future.
FX Choice uses variable spread and so in times of low liquidity, spreads can increase. Spread is also dependent on account type, Classic accounts do not get charged commission however their spreads are generally higher than those for Pro accounts. There are also swap fees charged depending on long or short positions and triple swaps are charged on Wednesday-Thursday roll overs.
FX Choice offers Pro account holders the ability to reduce their commission fees, simply by trading. There is no need to apply for the FX Choice Pips+ loyalty program as all Pro account users are automatically enrolled and your level is automatically calculated and updated. The tier level reached is dependent on Equity or Traded Volume.
FX Choice also offers a deposit bonus with the maximum set at 10,000 USD per month and a single bonus cannot exceed 5,000 units of the chosen account currency, All profit can be kept, however, if the deposit is withdrawn then the bonus is lost.
Their contact details are:
Blake Building, Suite 302,
Corner Hutson & Eyre Streets,
FX Choice Review Summary
FX Choice is a MetaTrader-only CFD and forex trading platform that accepts a reasonable amount of cryptourrencies while charging low or no deposit/withdrawal fees on them. An area for improvement would be the range of instruments offered as currently only 50 are offered however the accessibility of the platform through its use of the MT4 and MT5 platforms and mobile apps, make it a flexible trading option. It is comforting to know that FX Choice is regulated in Belize and they even accept US residents, however, it would be even better if it was licensed in a major financial hub. If this FX Choice review was useful and you are interested in signing up and trading with FX Choice, then you can do so here.
Disclaimer: Buy For Bitcoin does not provide any warranties towards the accuracy of the statements in the above FX Choice review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.