What is FX Choice?
FX Choice is an online CFDs broker first established in Belize around 2008. It mainly specializes in providing forex pairs, commodities, indices, and cryptocurrencies. Currently, FX Choice serves a modest 10,000 clients around the world. So far, it boasts a few industry awards, with many having stated that FX Choice is a trusted online broker. FX Choice also encourages and provides its clients the chance to broaden their trading portfolio. However, we shall ask the question many would like to know: is this an FX Choice scam? Or is it what it claims to be? In this FX Choice Review, we will find out just that in this in-depth review and see if FX Choice really is what it claims to be.
FX Choice: Services and Offerings
First and foremost, we will look at what the online has to offer – gathering the following information from the FX Choice login page. As we have stated before, FX Choice has garnered a decent reputation from its clients globally. However, we have found out that while it does provides services to almost everyone around the world, and they, unfortunately, do not serve people residing in Italy, Spain, North Korea, and strangely enough, their location of operation, Belize.
FX Choice is also operational under several different languages such as English, German, Czech, Greek, Spanish, Farsi, Portuguese, and Thai.
FX Choice utilizes the MetaTrader4 (MT4) platform – a standard, but great choice as the MT4 has been considered as the most versatile of the leading trading platforms. In fact, it has been held in high esteem that there are debates that, if even its successor, MetaTrader5 is worthy enough actually to surpass it. Though as the industry continues to advance rapidly, it is certain that the MetaTrader5 platform will inevitably gain ahead as further improvements go further into its development.
In terms of services for its clients, FX Choice boasts competitive trading conditions and a dedicated “24/5” service. They further offer tight spreads as low as 0.1 pips for their CFDs and allow traders to trade with up to maximum leverage of 1:200, which is a big amount to magnify your profits. The FX Choice minimum deposit can go as low as $100 for their standard or Classic account. Speaking of account types, FX Choice offers two types – the Classic account and the premium Pro account. While both share a few varieties of advantages and benefits, the Pro account gives the client much more control, freedom, and exclusive access to a variety of tools, services, and advantages. In addition, the Pro account is seen as most beneficial for those who use scalping strategies and utilizing robots to automate their trades.
While that’s all well and good, it is important to choose an account type based on your trading strategy and not on the benefits it may provide.
FX Choice does one thing interesting, though, and that it provides demo accounts for both Classic and Pro account types, whereas most online brokers only offer demo accounts for just one of their account types. A demo account is basically a simulated trading platform that recreates a market environment so that you can test out various features, utilities, and tools the trading platform has to offer.
With that said, let’s take a more detailed look at its withdrawals and deposits processes. FX Choice deposit methods include credit and debit cards, wire transfers, and even e-wallets where each varying method have different deposit fees as low as $165. Other FX Choice deposit methods and withdrawal processes can be done through Skrill, Neteller, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP, Tether, FasaPay, Perfect Money, PaySafeCard, Qiwi, AstroPay, POLi, and VLOAD. Do keep in mind that some of these methods may not be available depending on the country you reside in or in the amount in your transaction. However, E-wallets have a much lower deposit fee while there are some methods that have zero deposit fees. You can find out more about this on the FX Choice website. All deposit methods can be fully processed within a week or five days at most. Meanwhile, an FX Choice withdrawal can be processed almost immediately in a span of a minimum of 24 hours.
Other services and offers FX Choice provides are signup bonuses and other benefits provided at a certain condition met by the client. One of their supposedly unique trading bonuses comes in the form of referring a friend or family member to join under your voucher – otherwise known as a friend scheme. Additional signups that you’ve vouched for will add a minimum of $250 per person and will be readily available to place trades with.
When it comes to the FX Choice trading platform, it pretty much provides fast and stable service. Currently, you will be able to trade in three types of platforms, such as MetaTrader4 (MT4), MetaTrader5 (MT5), and also on the browser version of MetaTrader. All three platforms allow traders to use EAs and copy trading software, which makes it far versatile than most trading platforms.
FX Choice has also outfitted these trading platforms with trading tools ranging from basic to advance, such as economic calendars to virtual private servers.
FX Choice: Is it a scam?
But now for the real question, and that is if FX Choice is a scam or not. While we see that the online broker does have a good reputation for its modest amount of clients, it is important always to check other factors to makes sure they have the clients’ interest in mind. One thing to always look for when signing up to a broker is to see if they are regulated by a leading and trustworthy financial entity. Fortunately, FX Choice regulation is indeed checked by the International Financial Services Commission (IFSC) – a decently reputable authority.
FX Choice: Conclusion
FX Choice is a decent online broker with a good reputation as well as great services and offerings. Knowing that a highly regarded financial authority regulates them makes it better. While there are many who say there are better brokers with better offerings, there is no harm in giving FX choice a try.