FX Choice MyFxChoice.com forex broker review explained by professional Forex trading experts the “ForexSQ” FX trading team
FX Choice MyFxChoice.com forex broker review
Clients of FX Choice are provided with a choice of two account types: Classic and Pro. The main difference between the two is that the Classic one is commission-free, offering higher spreads, while the Pro account is commission based and provides tighter spreads due to the ECN environment. Besides, only the Pro account offers a choice of desktop platforms – MetaTrader 4 and MetaTrader 5.FXChoice is a broker specialized in Forex and CFD trading for private clients, institutional investors and fund managers. Having around a decade of experience in the forex industry, the brokerage strives to provide excellent service and customer support. In 2016 alone FXChoice was awarded the Exceptional Customer Service accolade by LiveHelpNow on 5 occasions.
The broker offers trading in almost 40 currency pairs and various CFDs (on indices, precious metals, commodities, energies) through two robust trading platforms. With their NDD technology FXChoice is executing around 15 000 digital transactions a day.
The company behind the brand, FXChoice Ltd., is headquartered in Belize and regulated by the local International Financial Services Commission (IFSC).
IFSC has liberal control over forex brokers. Its supervision focuses on promulgation of regulation and a mandatory code of conduct, as well as the licensing process. Compliance-checking, reporting and on-going supervision are little emphasized.
Despite of the lack of strict regulatory rules, FXChoice places a special focus on security and keeps clients’ funds in segregated accounts, absolutely separate from their corporate ones.
What is more, this broker practices positive price correction. This practically means that even if traders actually slip into negative balances under extraordinary circumstances, FXChoice will simply zero out these balances.
Minimum Initial Deposit
Unlike most forex brokers, who usually set up different initial investment for different account types, FXChoice demands $100 from both Classic and Pro account holders. This is a comparatively low initial investment for ECN environment.
Average Spreads & Commissions
This broker offers competitive variable spreads, which vary by account type. Nonetheless, trading costs on both accounts are similar, amounting to an average of 1.2 pips on EUR/USD per (ECN account holders are offered spread averaged 0.5 pips on EUR/USD incurring a commission of $ 7 per lot round turn). So, FXChoice’s pricing is pretty attractive
The maximum leverage level offered to FXChoice’s clients is 1:200, which is average for the industry.
The broker supports several trading platforms: MetaTrader 4, MetaTrader 5, as well as Myfxbook Autotrade.
Both the MT4 and the MT5 offer access to the forex, contracts for difference (CFDs), options and futures markets, but the MT5 also offers an option for trading in stocks. Both platforms use MQL programming languages and allow automated trading via Expert Advisors (EAs). They offer advanced charting packages, trading and analysis tools, alerts, signals, and customizable indicators.
With FXChoice MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called Web terminal MetaTrader 4.
The MT5 was developed and promoted as an upgrading on MT4, yet many brokers still prefer the earlier technology, since many of MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform. Lately, however, the MetaTrader 5 is gaining popularity among both traders and brokers, as the hedging option was added to it and a number of other enhancements were made. With FXChoice the platform is available as a PC version and mobile apps.
In addition to MT4 and MT5, FXChoice is offering the Autotrade service operated by Myfxbook. This is a social forex community and online automated analytical tool, by which you can copy the trades of any system you select, directly into your FXChoice MetaTrader 4 account, without any additional fees or software to install.
Besides, traders who keep a monthly balance of $3,000 or more at least 5 lots per month qualify for free VPS.
Like many other forex brokers, from time to time FXChoice offers its clients special bonuses.
Methods of Payment
This broker provides a variety of payment methods to its clients: wire transfer, credit/debit card, e-wallets: Skrill, Neteller, FasaPay, Bitcoin, Perfect Money, ePayments, Trustly, Astropay and PaySafeCard.
Accounts can be opened in USD, EUR, GBP, AUD, CAD and Bitcoin.
FX Choice MyFxChoice.com forex broker review Conclusion
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