Broker Reviews

FX Choice

How did I first hear about FX Choice?

Since I am fairly active on an array of forex groups online, I am familiar with this broker name as a result of heavy affiliate marketing posted online.

 

What was my first impression of them as a broker?

Although I had not actually acknowledged any personal comments online, I assumed from the sheer volume of affiliate links that their commission structure must be quite attractive. 
I had heard this broker name for a fair while and was intrigued by their claim of ‘regulation’ through the IFSC, which I am fully aware is not a corporately recognized regulating body, however I like the initiative of the operators to incorporate a body as a means of assurance and confidence for the clients.
 
 

How easy is it to navigate the broker website?

The website itself is very outdated and not terribly easy to get around. The first page you are presented with is incredibly busy and quite honestly, it’s hard to know where to look first- you’re bombarded with a live economic calendar and a banner in regards to a deposit, among everything else. However, one thing I did feel was transparency; they openly post links to their broker section on a handful of renowned review sites which do not link specifically to attractive reviews, but to a mixture of positive and some slightly less positive comments left by past and present clients.

FX Choice website homepage

 

Do they offer a good variety of tradable assets?

FX Choice offer 38 Forex, 3 Cryptocurrency, 7 Indices, and 4 Commodity pairs to trade. Although this is not the largest variety of tradable assets to offer, it is a fair selection for most traders. I also like the fact that all instruments are segregated on the website by asset, and within each section, all pairs are displayed so you know, as a potential client, exactly what to expect.

Admittedly, I was disappointed with the very small variety of 3 cryptos to trade which yes, arguably, they are probably the most popular, however, I like to dip my toes into the more obscure up and coming coins as well, as I can find profitable opportunities in those as well.

FX Choice tradable assets displayed on website

 
 

Do they offer different account types and what are the benefits?

Yes, with FX Choice you can choose between the Classic account and the Pro account. Both accounts have access to MT4, the same assets and the same minim deposit requirement. The Classic account is spread based meaning that the commission is built into the spreads, so the spreads are higher than the spreads on the Pro account, where you are charged commissions, but the spreads are tighter. As you can see below, there are minimal differences between the two- while the Classic account has access only to MT4, the Pro account comes with the choice of MT4 or MT5 as well as having the luxury to trade with more margin.

FX Choice account types comparison table

 

How competitive are their spreads?

FX Choice offer variable spreads, which vary from the choices of accounts available (Classic or Pro). It is important to note that they are a five-digit broker, so the average (live at the time) spreads below for EUR/USD are 1.2 pips and not 12 pips. The spreads are not to be complained about across the board; however, it is frustrating that one account has better spreads than the other, at the price of being charged a trade commission. So really, it is equally as expensive to the client, despite which account option you choose.

Spread table from FX Choice website

 

What is the maximum leverage they offer?

I could not find information clearly set out on the website, but I spoke with a live chat agent who seemed to not want to just inform me of the leverage for each tradable asset, but instead advised me to ‘work it out’ form the margin offered on the website: ‘’ After you change the Measure into Unit, you will see the margin table in %. Simply divide 1 with the % you see to get the leverage (…). For example, if you see 2 in margin table (%), so the leverage would be: 1/0.02 = 50. So the leverage for instruments with 2% margin is 1:50’’

I appreciate the fact that they are not wrong in providing the calculation, but I just found it a bit of an overcomplicated and time consuming way of finding out the maximum leverage, when I simply asked a representative, and even then they seemed reluctant to just tell me. Instead I was bombarded with links and told to calculate it myself. Eventually I did establish the maximum leverage offered is as follows:


1:200 for Forex and precious Metals
1:50 for Indices, except DXY which is 1:20
1:33 for Oils
1:10 for Cryptocurrencies

Asides from the leverage available for Forex and precious metals, the leverage offered for Indices, Oils and Crypto are really restricting for the average trader. This broker is not regulated by a governing body where leverage must be capped, yet FX Choice have decided to still offer very low leverage for the most part, which is clearly reflecting their vetted interest in ensuring the clients do not maximize their profits too extensively.

Live chat transcript regarding leverage options

 

What is their commission charge?

The commission charged by FX Choice is $7 per lot traded, round turn. This is a fairly average charge, and not unreasonable for the average trader.

FX Choice commission charge info on website

 

Do they offer any bonus schemes?

Yes, FX Choice do offer a deposit bonus whereby you will receive 15% of your deposit amount, and can be granted for every continued deposit you make. There is however a barrier in place so that the total amount of the bonus cannot ever go beyond the amount of $5,000, and a maximum of $10,000 can be granted in bonuses per client, per month.

I do not like the idea of a deposit bonus being offered, as I see it is a nothing but an efficient tool to encourage clients to deposit large sums of money without really thinking too much about the consequences, and the difficulty in being able to meet such requirements to ever be able to withdraw the bonus. However, I do appreciate the fact that FX Choice have not pulled the wool too far over the clients’ eyes by hiding information; it clearly stating the bonus terms and conditions (including profit requirements to withdraw the bonus) right on the FAQ page, which really ought to be read thoroughly before agreeing this scheme.

Bonus scheme terms and conditions on FX Choice website

 

How long does it take to open a live account?

The typical timescale for account approval is between 24-48 business hours, so ensure you are not expecting approval over the weekend, as this will not happen. I am happy to say that FX Choice did approve my documents within the timescale provided (1 business day in my case).

Live Chat regarding KYC verification timescale

 

Are desktop/mobile/ web trader versions all available?

FX Choice offer both MT4 and MT5. Both of which are compatible on desktop, mobile and web trader.

A nice little added touch is the fact they offer a handful of useful guides on their FAQ page to help navigate and use MT4 for those who are perhaps newer to trading.

Video tutorials on platforms

 

Is there a minimum/maximum deposit requirement?

The minimum deposit requirement is the same for both the Classic and Pro account, being $100. There is no maximum deposit requirement. However, should you wish to deposit via Wire transfer, you must send a minimum of 3,000, USD which is a sure fine way to put their clients off from using this method, and pushing them towards particular methods for their own benefit like avoiding processing fees, for example. In the case of wire transfer, please note also that they require you to withdraw a minimum of 1,000 USD, which forces the client to keep depositing if necessary, in order to continue trading to ensure sufficient profit is made in order to withdraw.

For all other methods where $100 is the deposit requirement, I do not think it is unreasonable and can provide a higher chance to make profit from small lot sizes, more so than if you were to deposit half of that, for example.

 

What deposit and withdrawal methods are available?

Bear in mind that depending on where you are trading from, methods of deposit and withdrawal do vary. If you are trading with FX Choice from the UK, you are able to use the following methods: e-Payments, Perfect Money, UPayCard Wire Transfer and Bitcoin.


Since half of these methods are not familiar to me, I was relieved to see they offer Bitcoin as a method of deposit and withdrawal as typically it is fast, efficient, and secure, and I know a lot of traders who opt for this above the more imperial ways such as card or wire transfer.

Live Chat regarding deposit and withdrawal methods

 

What countries are restricted from trading with this broker?

As clearly stated on the FAQ page, FX Choice do not prohibit residents of the following countries to become clients: Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan and Syrian Arab Republic.

 

Do they sell additional products/ services/ managed accounts?

Since FX Choice offer MT4 and MT5, the use of third party EAs and signals are of course allowed, but they do not offer any of their own. They do, however, offer MAM accounts, which are offered traders with experience so that they are able to trade on behalf of other clients, in their own circle.

The offering of such accounts is incredibly risky as you cannot 100% vet these traders and should their clients be dissatisfied with the trade results and loss of their funds, this does somewhat open the broker up to complaints and negative press, despite the fact one would have fully consented to the account.

FX Choice additional services (MAM account)

 

If assistance is required, how can you get in touch?

I could not find the client support opening hours on the website, so confirmed this with a live chat agent, who advised me that FX Choice can be reached via Live Chat, ticket or telephone 24/5. I find it frustrating that their customer support is not available 24/7 as weekends are usually the days where people find the time to resolve such matters like trade queries, so it would have been nice to know there was an agent to hand all week.

A nice touch though is that you can fill out a little form to request a representative to give you a call. The great thing about this is that you fill them in on your query and within 24 hours, they will all you back with a response and hopefully, a resolution to go with it.

FX Choice contact form

 

What is the quality of customer service?

I was impressed with the response rate (average was 2-5 minutes) with the client support via both telephone and live chat, but I found the email response to be a little slower, usually 24 hours or more had to pass until I received a response.

Generally speaking, when communicating with the Customer Support team, I was greeted with a friendly manner as well as comprehensive responses.

The only downsides to the customer support are the fact that they are NOT available 24/7. In addition, the live chat system is incredibly out dated and one must fill out a little form which is just time consuming, prior to speaking with an agent. Then, when the chat closes, you are presented with a questionnaire in regards to feedback, which although does take time to fill out, I appreciate the fact they are concentrating on receiving feedback from their front-line support, and hopefully, using that to develop and improve the quality of their service.

Customer service survey post live chat service

 

Do they offer an Affiliate program?

FX Choice offer a variety of referral programs: ‘Refer and Earn’ which is a straightforward scheme to earn commission by referring people 9via a unique link) who then become clients. This allows you to earn a potential of up to $250 per client referred. Alternatively, you can become an ‘Affiliate’ which would mean you would first have to have onboarded at least 500 clients via the ‘Refer and Earn’ scheme. The last option is to trade for a Multi-Account Management scheme where you must demonstrate high proficiency in Forex trading in order to be accepted.

All three affiliate options are very lucrative and it is nice they offer a variety that would suit particular traders differently and really allow them to excel in their role and trading ability.

FX Choice affiliate programs

 

Are they approved by the IFSC?

For those that are unaware, the IFSC is the International Financial Services Commission which is a service not to be confused with a government regulating body as such; it is an independently operated ‘body’ that provides a service for clients of the broker, should the broker be unable to resolve issues with the client in cases that the broker has been at fault for causing a loss for a client.

This approval by the IFSC is rather clever as this does give clients peace of mind but also in the sense that should the broker receive bad press, the IFSC are entitled to ‘black list’ the broker and thus cause a decrease in client base for the broker, so it definitely benefits both the client as well as the broker.

 

What is my overall opinion of FX Choice?

I would be happy to recommend this broker to anyone wanting a relatively straightforward trading experience, with amicable trading conditions, but nothing exceptionally outstanding. I would be happier to recommend this to those wanting to expand more on the affiliate side of things as I think FX Choice have a very good variety of referral programmes that could suit a wide variety of people wanting to earn commission in more than one way.

I also admire the transparency of this broker, with the fact they openly advertise comments posted on forums/social media avenues, up to date so this includes both negative and positive. They also took the initiative to register as part of the IFSC which provides a safety net for not just the clients, but also promotes an element of honesty and trust from the broker’s side.

All in all, I would not rate this broker as expensive or overly complicated to use, and therefore is suitable for most traders with sufficient experience.

My name is Christina and I am someone who perhaps, like you, started out in the world of work directly after completing my university education. I began my career in the financial industry which opened me up to the world of Forex. I was introduced by a colleague and friend who shared some knowledge on how to get started to make some extra income by trading, while I studied and worked full time. Mastering Forex was not easy and took time and a lot of patience. I got my fingers burnt along the way; jumping into live accounts before being fully prepared, and signing up with brokers that provided their clients with poor trading conditions and didn’t allow me to withdraw my funds.

In my own experience right from the beginning when I took the big step of finding the ‘best’ broker for me, I became increasingly frustrated when the broker reviews I found were not depicting the full client experience, but merely picking out one or two particularly positive or negative elements. I felt it was unfair to judge a broker on their entire service based upon sporadic comments here and there on social media, and not actually allowing me to build the full picture of the broker without me actually signing up and committing to the broker, and as a result at times, losing out and not necessarily receiving the right explanations from being at the receiving end of poor customer support.

Now that I am a confident trader, and have built my own Forex group on Facebook, I feel my mixture of positive and negative experiences in the world of Forex can be useful to others. Online, I found myself being asked many questions, and so much so that I found myself being able to give only brief answers that perhaps were not so beneficial. This is why I decided to place my experienced here, in more detail, in the hope that it might serve as a help to those who want it.

We all start out in the same way, but the tools we choose to use to help us reflect our success in the end. This is why I have come forward to present to you my personal, in depth reviews of brokers, both established as well as new to the industry as I feel this would serve as a benefit to those struggling to understand exactly who offers what and helping decide which brokers suit you and your trading style.

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