FXChoice Review

FXChoice is a regulated online broker where you can trade an excellent range of financial instruments, including Forex, Cryptos, Stocks, Indices, Commodities, Precious Metals & Energies. The broker provides clients with the easy to use MetaTrader 4 /5 platforms so that you can trade from your desktop and the MetaTrader mobile app.

FXChoice operate as an NDD broker, which means that they offer traders direct access to their liquidity providers. This ensures that your trades are executed quickly at the best possible prices with very tight spreads from just 0.0 pips. They also have extremely competitive commission fees with a minimum deposit requirement of just $100. Demo accounts are available free of charge if you wish to practice trading online until you build enough confidence to switch over to a real live account.

The broker is constantly striving to develop and improve the trading environment by ensuring that they remain at the cutting edge of all technological developments in the forex field, as well as giving clients the best trading conditions that they can.

Markets

FXChoice have a wide range of products which means that the broker can cater to a broad spectrum of traders. Whatever you are interested in trading, there is something for everyone. This includes CFDs on Forex, Stocks, Indices, Commodities and Cryptocurrencies.

  • Forex: 36 FX currency pairs including major, minor and exotic crosses
  • Cryptocurrency: Trade popular Cryptos including Bitcoin and Ethereum
  • Indices: Spread risk with Indices CFDs such as the DE30Index, US30Index, US500Index, UK100Index and more
  • Commodities: Trade commodities like gold, silver and oil
  • Stocks: Trade shares of your favourite companies such as Amazon, Apple and Google

CFDs

Contracts for difference (or CFDs) are a type of derivative product that allows buyers and sellers to exchange the difference between the present price of an underlying asset and the price when the contract is closed.

CFD trading gives participants direct market exposure without having to take ownership of the underlying asset. CFD traders have the ability to profit from both long and short positions. To do so, CFDs are bought or sold outright. This functionality gives traders the ability to capitalise on either rising or falling price action.

If the price of an asset rises and the contract is closed, the seller of the CFD, or counterparty, must pay the difference between the current price and the price when the contract was made. However, if the price falls, then the buyer pays the price difference to the seller.

Forex Trading

The Forex market is immense, seeing USD 4 trillion passes through it every day, making it the world’s largest market. This incredible volume brings liquidity and flexibility to the trader’s strategy.

Crypto Trading

Crypto is a modern form of decentralised digital currency meaning they are independent of government interference. FXChoice offer the following crypto CFDs: BTC, LTC and ETH. Instead of buying crypto, you can make a profit or loss by speculating their value against the USD.

Indices Trading

Index CFDs can be seen as way for a trader to mitigate risk, because indices spread the risk across the market, rather than having all of your eggs in one basket (company). It can also be less time consuming to trade indices, as traders do not need to spend so long meticulously analysing each stock, unless you want to of course!

Share CFDs

Share CFDs are instruments whose underlying assets consist of common stock market shares. FXChoice offers a number of potential benefits over directly investing in the stock market. Traders can buy or sell Share CFDs with low margin levels and trading costs. Use only a fraction of the capital to buy or sell without having to own the whole share.

Platforms

The broker provides their clients with the MetaQuotes MetaTrader 4 and MetaTrader 5 platforms, which are two of the most widely used trading platforms in the world. Both platforms have an intuitive interface and are available as non-installable web-based terminals, installable desktop applications for Windows and Mac systems, and mobile trading apps for Android and iOS devices.

Established in 2000, MetaQuotes is a leading developer of financial trading software for brokerages, banks, and exchanges. The company’s representative offices are located in many countries around the world.

FXChoice MT4 Platform
FXChoice MT4 Platform

MetaTrader 4

As the most popular trading platform in the world, the award-winning MetaTrader 4 (MT4) software allows you to trade CFDs in a variety of markets. It is used by forex and CFD traders all across the globe. FXChoice have taken the MT4 platform and combined it with rapid market execution, competitive conditions and interbank liquidity

MT4 is widely known for being very user-friendly with a quick learning curve that makes it a popular choice for beginners. However, MT4 is also packed with advanced trading tools, features and capabilities, which means that it can also meet the needs of the most demanding traders.

MT4 Features

  • Very easy to use and fully customisable
  • Plenty of chart analysis tools
  • Multiple chart timeframes and types
  • Expert Advisor (EA) compatibility for automated trading
  • Instant and future trade placement with pending and limit orders
  • Programming interface to create custom trading tools
  • Marketplace with trading signals and tools
  • Available on web, desktop and as a mobile trading app
  • Supports multiple languages
FXChoice MT4 Mobile App
FXChoice MT4 Mobile App

MetaTrader 4 App

The MetaTrader 4 App is a great platform to trade 24 hours a day, wherever you are. This light, and yet powerful, application has all the capabilities necessary to keep track of the latest developments in the marketplace, amend instant and market orders, create different types of charts, and much more. The MT4 App provides intuitive interface and powerful trading tools to help you stay in control of your trading accounts whilst on the go.

FXChoice MT5 Platform
FXChoice MT5 Platform

MetaTrader 5

Despite being released after MT4, the MT5 platform is not offered by as many brokers when compared to MT4. However, whilst both platforms initially look and feel very similar, the MT5 platform has more technical tools and provides access to the stock market, in addition to other asset classes.

The MT5 trading platform is probably the best and most advanced trading platform available free of charge. It implements some of the best elements of its predecessor MT4 whilst including new and innovative features. The platform provides the user with a comfortable and seamless trading experience, regardless of your experience level.

MT5 Features

  • New order types including stop limit orders
  • More chart timeframes (21) and additional chart types
  • Depth of market pricing (DOM)
  • Free professional charting tools
  • Supports both the traditional netting and hedging options
  • More indicators that MT4 with 80+ to choose from
  • EA compatibility and a more powerful EA testing environment
  • Desktop, web and mobile trading platform
  • Multi-lingual platform
FXChoice MT5 Mobile App
FXChoice MT5 Mobile App

MetaTrader 5 App

The MT5 mobile application allows you to trade Forex and CFDs on the go. Simply download the application free of charge, log in to your account and receive real-time currency quotes, analyse financial markets (using charts and technical indicators) and have access to your trading history.

This is ideal for the trader constantly on the move. The mobile app utilises MT5’s new features, including new order types, market depth information and the program’s new-and-improved user interface.

FXChoice Web Platform
FXChoice Web Platform

MetaTrader Web Platform

The Web Platform, available for both MT4 and MT5 users, allows you to trade via a browser without the need for downloading and installing any additional software. You can trade directly from your FXChoice account in your preferred browser and save time (and disc space). Simply log in and start trading. The web platform’s interface is very similar to the MetaTrader desktop platforms and is just as easy to use.

  • Trade directly in your web browser
  • No software downloads or installations required
  • All trading operations available including placing market and pending orders
  • Benefit from one-click trading (available on MT5 Web Terminal only)
  • Real-time quotes via the Market Watch window
  • Fully customisable price charts
  • 9 chart time frames to choose from
  • Basic analytical objects for market analysis: horizontal, vertical and trend line, equidistant channel and Fibonacci lines
  • Universal access to trading activity

Tools

FXChoice constantly strive to be a pacesetter in the forex industry, so they are constantly looking to diversify the trading experience of clients by providing them with a broad range of services and products. There are many useful third-party trading tools provided by the broker, such as the MQL5 Signals, Myfxbook AutoTrade Service, FXChoice VPS, and Live Economic Calendar.

FXChoice MQL5 Trading Signals
FXChoice MQL5 Trading Signals

MQL5 Trading Signals

Forex traders no longer have to spend year after year honing their skills and devising strategies. The MQL5 signal service allows users to delegate trades to more experienced traders. This way a beginner can copy forex signals from an experienced trader right from the outset. The service is also an option for those clients who are too buys and don’t have the time to trade, but still want to dip into the markets.

Just keep in mind that there can be no guarantee on just how well these trading signals will perform and historical results are not an inclination of future performance. All trading online carries a significant element of risk that you should be well aware of.

  • Powerful Signal Service built right into your FXChoice MT4 platform
  • No third-party software to install
  • Designed for those who are new to Forex trading as there is no trading experience required
  • Signals work well alongside other EAs or your own manual trading strategy
  • Forex Signals are copied to your MT4 platform automatically
  • Growing base of Forex Signal Providers
FXChoice Myfxbook AutoTrade
FXChoice Myfxbook AutoTrade

Myfxbook AutoTrade

AutoTrade is an automated mirror-trading service operated by the trading community portal Myfxbook. The service enables you to subscribe to a selection of traders whose trades are automatically copied to your account. This way you can mimic other traders’ strategies. Again, there are no guarantee on results.

  • No joining fees
  • No additional software needed
  • All trade mirroring is completely automated
  • Filter systems according to your preferences

Pre-Installed Expert Advisors (EAs)

Expert Advisors (EAs) are programs which run on the MetaTrader platform and trade automatically on behalf of the user. As an experienced Forex company, FXChoice have accumulated a mountain of data over the years on the EAs used by their clients. For your convenience, they have picked a handful of the most popular and preinstalled them on the MT4 platform.

Virtual Private Server (VPS)

A VPS is a virtual computer stored in a safe location where a stable internet connection is almost always guaranteed. This can be crucial for automated trading where you need your platform up and running around the clock. The basic home internet connection can be unstable at times and may even be liable to sporadic disconnections throughout the day, which can be frustrating and also disrupt your trading. Using an FXChoice VPS can help to improve your connectivity to trading servers, which may help to eliminate possible trading losses that are caused by poor internet connections.

To get a Free VPS with the broker, all you need to do is ensure your balance is USD 3000 or higher and trade at least five lots during each billing cycle. If you keep this up, you would pay for the first month only. Note that you can only claim one free forex VPS.

Education

FXChoice Education
FXChoice Education

FXEducation

You can sharpen your trading skills and enrich your knowledge with the brokers education hub. They have put together eight chapters that range from the very basics of trading online to more advanced market analysis and money management, to help give you a solid foundation in tackling the global markets with informed decision making. You can begin with Forex: 101 for the full course, or work through your chosen chapters at your own leisure.

Conclusion

FXChoice is a retail forex and CFD broker that is authorized and regulated in Belize. They offer a wide range of tradable instruments, competitive fees, low spreads, fast execution speeds, and direct market access through the user-friendly MT4 and MT5 platforms. You can save on trading costs by earning rebates and reduced commissions through the brokers loyalty programme.

Thousands of traders from all over the globe have already benefited from the brokers excellent trading conditions and rock-solid service. The multilingual customer service team, live chat and call centre provide dedicated assistance to all customers.

FXChoice

7.3

Markets

7.0/10

Platforms

8.0/10

Tools

7.0/10

Education

7.0/10

Pros

  • Great selection of currency pairs
  • Competitive trading conditions
  • User-friendly trading platforms and apps
  • Education hub with guides and tutorials
  • Pips+ Loyalty Programme
  • Various deposits and withdrawal options
  • Good customer support

Cons

  • Cannot accept USA traders
  • Lack of educational resources
  • No webinars