FxChoice review and ratings

Company information

FxChoice is a forex broker located in Belize, regulated by the Financial Services Commission of Belize (FSC).

Availability

FxChoice accepts clients from all over the world, excluding USA, Belize, Italy, Spain, Afghanistan, Iraq, Sudan, Syria, North Korea, Guam, Northern Mariana Islands, Puerto Rico, US Virgin Islands, US Minor Outlying Islands, American Samoa.

Distinctive features

• Simple registration and verification process.
• Several autotrading options provided.
• Cryptocurrency funding accepted.

Trading instruments

Forex broker offers the following underlying assets for trading.

Comprehensive review

Registered and regulated in the offshore jurisdiction of Belize, FXChoice has built up its brand as a broker for global forex and CFD traders since it was first launched in 2010. Today, the broker offers traders a range of instruments to choose from, and is working to stand out from the crowd with a strong focus on the security and technology side of its order execution.

The company behind the FXChoice brand is FXChoice Limited, authorized and regulated by the Financial Services Commission of Belize (FSC). However, it should be pointed out that with only an offshore regulation to rely on, FXChoice’s clients do not have the same protections in the event of disputes or insolvency on the part of the broker as they would have with an EU or Australian-regulated broker.

FXChoice Limited is also a very small company, not owned by any larger corporation that is responsible for its conduct, and with no local presence in any first-world countries. With that said, however, we are not aware of any complaints regarding this broker, and we therefor consider it a reliable broker that has generally treated its traders fairly over the years.

FXChoice remains a MetaTrader-only broker, with no other platforms currently being offered to its clients. It does, however, offer both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as the mobile app and web-based versions of the same platform.

In terms of available markets to trade on, FXChoice has a strong line-up of popular currency pairs, but only a very limited selection of CFDs based on underlying assets such as stock indices, bitcoin, precious metals, and oil.

Spreads on the available assets are at the mid-level, with lower spreads offered to PRO account holders, who instead pays a commission on each trade. Which option makes more sense is up to each trader to decide, depending on his or her trading frequency, order size, and other things.

Deposits into the trading account can be made with either international bank transfer (SWIFT), major international debit and credit cards, a range of online money transfer services, as well as the popular cryptocurrencies Bitcoin (BTC), Bitcoin Cash (BCH), and Ripple (XRP).

FXChoice offers accounts denominated in 7 different base currencies: EUR, USD, GBP, CAD, AUD, Gold, Bitcoin, and the Ripple XRP cryptocurrency.

Surprisingly, the broker accepts clients almost from all around the world, including Canada.

Sadly, certain sections of the website suffer from being outdated, with information not always being consistent throughout the website. There is also little information in terms of market updates, analyses, and educational materials for traders to rely on. The FAQ section on FXChoice’s website further lacks the depth that you would find from some other brokers, although the most basic customer service questions are covered there. This means that most traders would do well to find a separate source of market news and analysis, and use FXChoice strictly for placing their trades in the market.

When it comes to customer service, FXChoice offers a 24-hour live chat via its website, as well as a callback option for phone support. The broker claims it will respond to all callback requests within 24 hours with customer service agents speaking English, Spanish, Farsi, Greek, Czech, German, Portuguese and Thai.