FXChoice Review (2023)

Is FXChoice a scam or a legit broker?

FXChoice is suspected to be a scam. There are a few downsides that affect broker’s reputation and one of them is that it does not appear to offer client protection in the form of a compensation scheme. However, at the same time, despite the lack of strict regulation, FXChoice claims keep all clients’ funds in segregated accounts, absolutely separate from our corporate accounts.

As to the clients reviews that can be found on the net, there are quite a lot of negative ones. Mostly the complaints are regarding multiple technical issues that occur during trading sessions, as well as withdrawal issues that happen quite often and with no positive outcome.

What is FXChoice?

FXChoice is a leading online broker, specialised in Forex and CFD trading for private clients, as well as institutional investors and fund managers alike. Its wide range of products and services cater to a broad spectrum of traders. The company has been in the Forex business since 2010. FXChoice offering includes trading in forex, cryptocurrency CFDs, index CFDs, and commodity CFDs on MetaTrader 4 or MetaTrader 5. The maximum leverage available on the platform is 1:200 (Check out brokers with high leverage). The range within which traders can decrease or increase their leverage starts with the minimum of 1:10.

Licenses & Regulation

Is FXChoice regulated?

It is owned and regulated by the FXChoice Ltd. – offshore company, based in Belize and regulated by the local International Financial Services Commission (IFSC).

Belize as a gorgeous tourist destination, while also is a tax haven with a zero tax structure that established its own regulation for financial investment and Forex firms licensing due to high demand and necessity of regulation. Ever since Belize became a known offshore zone and Forex hub, the destination attracted thousands of brokerages seeking an opportunity to be a legitimate firm, yet to skip complicated and costly established procedures. We have a detailed article explaining the risk of trading with brokers from Belize.

FXChoice in India

FXChoice allows Indian traders to open accounts and trade. However, FXChoice has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India (See forex brokers in India by link). The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

FXChoice in the USA

FXChoice is not legal in the USA and is not available for American traders. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for FXChoice, you are only permitted to trade with the U.S regulated platforms.

Here is the full list of the countries, the broker does not accept: Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, Syrian Arab Republic, Guam, Northern Mariana Islands, Puerto Rico, U.S. Virgin Islands, United States Minor Outlying Islands, American Samoa. 

Deposit & Withdrawal

The initial minimum deposit is 100 USD for the broker’s Classic account (Also check Fortrade review). FXChoice offers many different payment methods including all major credit cards (including Visa and Mastercard), cryptocurrency, and most major e-wallets including EPay, Perfect Money, Skrill, Neteller, VLOAD, Fasapay, Astropay and some others (Also see Alpari Broker’s Deposit & Withdrawals information here).

Apps

FXChoice offers MT4 and MT5 mobile apps (See the MetaTrader 5 brokers‘ list and reviews). As the most popular trading platform in the world, MT4 allows you to trade in Forex, CFD and commodity markets. It contains many analytical tools and enables you to stay on top of things, even when you are traveling. Both iOS and Android users can download their respective MT4 mobile versions here.

MT5 is MetaTrader’s newest platform. It is not only the logical successor to the world famous MT4, but a whole new platform offering enhanced trading abilities such as new order types and market depth display. Both iOS and Android users can download their respective MT5 mobile versions here.

Demo Account

FXChoice offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace. The demo account expires after 90 days if the user doesn’t login. 

Conclusion

Overall, there is not a sustainable trust to the delivered FXChoice trading environment since there are many complaints from the broker’s clients. So the downside of the FXChoice would be also multiple negative reviews of this company, including poor execution and slow withdrawals, which are pretty major issues, when it comes to brokerages like this one.

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, BlackBull Markets, Global GT Broker.

You can also share your trading experience with FXChoice by commenting on this review.