FX Choice: Pros and Cons of the Broker
Sometimes, the selection of a broker is even harder than the trading process itself. You need to know many details, including payment methods, commissions, and assets. Finding information like that on the broker’s website is not always easy. Therefore, we have prepared a FX Choice review where we put together everything you need to know in one place.
Is FX Choice Regulated?
The first thing you might be thinking about is whether FX Choice is being monitored by regulation authorities or not. We looked into the matter and found out that the broker is regulated by the Finances Services Commission Belize.
Although FX Choice operates in many countries including Canada, Australia, Germany, and others, its main office is located in Belize. Therefore, it is regulated by a local authority. The broker has kept a good reputation for the whole time it has been working.
What Can I Trade With FX Choice?
The next step to knowing whether a broker is your winning option or not is seeing whether there are any assets you prefer working with. At FX Choice, these are the most common CFDs in:
- Cryptocurrencies
- Forex
- Indices
- Spot Metals
The most popular options are available, therefore, you must have no trouble with this step.
What Trading Platforms Does FX Choice Use?
The trading platforms at FX Choice are nothing unusual. These are the most popular:
- MetaTrader 4
- MetaTrader 5
- Web and Mobile versions
As you can see, everything is based on the same software provider. The best thing, however, is that you get a possibility to trade without being attached to your computer. You can travel as much as you wish – as long as you have your mobile phone with you, there is nothing to worry about.
What Are The Spreads and Commissions at FX Choice?
In comparison with other brokers, FX Choice has quite low spreads. If you trade simultaneously with another broker, it is most likely that you will gain higher profits with FX Choice.
Here is what we found:
- Minimum spreads: 0.1 pips
- Minimum trade size: 0.01 lots
- Maximum leverage: 1:200
Therefore, high profits with this company are a piece of cake.
What Account Types Are There at FX Choice?
Like many other services, FX Choice has three account types. The first two can actually be used for earning money, while the third one is a demo account for new users to test various strategies and see whether they like the service or not. There are:
- Classic
- Pro
- Demo accounts.
In the first type, a trader only has to pay the fees in spreads. The second type charges $3.50 for every $100 000 traded. The third one can simulate both types with a virtual balance and live market positions.
If you would like to create an account to check it out, then follow this link to go to the FX Choice login page.
Payment Methods at FX Choice
Another important part of choosing a broker is seeing whether the payment methods are suitable for you. Let us have a look at both deposit and withdrawal options.
Deposits
The minimum deposit at FX Choice is $100. It is also possible to use an equivalent of this amount in any other currency the broker accepts.
There is a huge number of FX Choice deposit methods:
- Credit and debit cards
- Skrill
- Neteller
- Cryptocurrencies (BTC, LTC, ETH, XRP, and others)
- Other services
You can find out more details by visiting the broker’s official website where everything is explained.
Withdrawals
The minimum withdrawal amount at FX Choice depends on the methods you choose. You can find the information by clicking the method which interests you on this page.
The withdrawal methods are:
- Wire transfer
- Cryptocurrencies
- E-wallets and others
Overall, information on both deposits and withdrawals can be found here. This is a place where you will always find an up-to-date information.
Pros and Cons
The most interesting part is reading about the advantages and disadvantages the broker has. Let us have a closer look at both sides of the coin.
Pros
First of all, we would like to note the simplicity of the website. Navigating it is very easy, and even a person that is not well acquainted with a PC will understand everything.
Second, FX Choice provides really low fees for the usage of the service. Thanks to this, traders end up earning more than with other companies.
Also, many people have mentioned that the support service works really well. They resolve any possible issues in the shortest terms and try to help their clients with everything they can.
Finally, easy withdrawals. You won’t have to fight for your money here. The broker is regulated and is trusted by many users.
Cons
The most recent disadvantages many traders simply hate are the errors that occurred during the oil price fall. People mention that there were many issues with slippage and canceled trades.
What Do Traders Think of FX Choice?
There are various opinions about FX Choice on the web. Mostly, you will find positive opinions about this broker.
“FX Choice is one of the best offshore brokers we can use here. The best thing is that I do not lose the majority of my profits in order to pay the spreads, deposit, and withdrawal fees. The trading experience with FX Choice is great.”
Michael, USA
Here is an example of what Mustafa, another trader from the US who likes the service, had to say. He mentions that the customer service is amazing and withdrawals are processed within a day.
The Verdict
Considering all the points above along with our personal experience, FX Choice is a legit broker. It provides very good terms with low commissions and comfortable software. If you are new to trading, you can use the knowledge base which is available to all users. There, you will find out how to use the platforms, how to trade, and more.
We are sure that this broker is a trusted service. FX Choice is definitely not a scam.
Do you want to add anything to our review? Please let us know about it!