FXChoice Review 2023
We are a true ECN broker, offering some of the lowest spreads in the market and excellent trading conditions. We have built a solid reputation for our award-winning, friendly and multi-lingual customer service, which is available 24/5.
A wide range of deposit and withdrawal methods is crucial to our clients, therefore we have enabled 13 ways to create an even better trading experience.
True ECN broker with a proven track record- Tight spreads, starting from Zero on Pro accounts
- Accepts Clients from USA
- Multilingual customer support based in Mexico and offers support in eight languages
Being regulated means lower leverage compared to other offshore brokers, only 200:1- Accepts major payment methods, but differs widely depending on the country of the client
- Company Info
- Swap Comparison
- Volume Comparison
| Headquarters | Belize City, Belize |
| Type of Broker | STP & ECN/STP |
| Founded | 2010 |
| Regulated By | Regulated By IFSC (Belize) |
| Offices In | Belize |
| Supported Languages | English, Spanish, German, Portuguese, Czech, Farsi, Greek, Thai |
| ESMA Regulation ? | This broker is not regulated within the E.U and is not subject to ESMA's new Forex and CFD trading restrictions. To find out more about these restrictions, please see this article |
Typical Spread on Majors - Live
| EUR/USD | 1.3 |
| GBP/USD | 2.9 |
| USD/JPY | 2.0 |
Order Excution Tests Results - Live
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FXChoice Server Location: , |
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Our Client Terminal Location: St. Louis, United States |
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Average Time (ms) |
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Server Response |
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Order Excution (Normal Hours) |
784.6 |
Order Excution (During News) |
766 |
Review Sections
FXChoice is a foreign currency broker based in the Central American island nation of Belize. It was founded in 2010 as an offshore Forex broker to cater to a diverse international clientele. While the bulk of its clients are from all over the world, FXChoice has positioned itself in a niche segment of Forex brokerage business to attract clients from the North American market, especially the United States.
Most of the offshore brokers usually do not emphasize on dealing with customers on-premises. In fact, some offshore Forex brokers do not even list their office address on their website. But this is not the case with FXChoice, which runs a full-fledged office in Belize - located at the Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize.
Belize was previously known as British Honduras and has a strong tradition of being a lawful country. It attracts wealthy investors from all over the world as a safe haven country with low taxes. With an established banking sector, this tiny island is at the forefront of an offshore financial hub in the region.
Over the last decade, FXChoice has gained a reputation for providing quality brokerage services in Belize. During our research for this review, we found that although it only offers the MetaTrader platform, the features of its ECN brokerage service can compete against industry leaders and warrant special attention from Forex traders who are looking for a quality brokerage service from an offshore broker.
Also, FXChoice takes pride in the fact that unlike most offshore brokers accepting clients from the U.S., they are regulated by the International Financial Services Commission of Belize.
Unlike some of the offshore brokers who deliberately avoid being regulated in order to offer a range of liberated services like higher leverage and to pass on the resultant savings to customers in the form of lower spreads, FXChoice is a regulated broker. Since being based in Belize, it has had to be regulated by the International Financial Services Commission (IFSC), which is the government agency responsible for financial regulation in that country.
Besides being supervised by a government regulator, the International Financial Services Commission requires all brokerage businesses operating in the country to hold client funds in a segregated account. It means that when you make a deposit to your Forex brokerage account with FXChoice, your funds will be kept in a top tier bank in Belize. Doing so will separate the corporate finance, such as risk capital or any operational capital of the company from client deposits. As a result, your funds will be secure in the invent of the liquidation of FXChoice.
FXChoice has designed its foreign exchange brokerage offerings to serve both retail and professional traders. Instead of developing a range of services, they have focused on reducing the number of accounts, but included as many features suitable for these two different groups of Forex traders.
The first account offered by FXChoice is called a MetaTrader 4 Classic Account that includes the full advantage of Non-Dealing Desk technology implemented by the broker. However, unlike a traditional ECN type Forex brokerage account, it does not charge commissions separately. Instead, the spreads quoted by the broker already incorporate the cost of doing business, which is both trading commissions and additional charges.
FXChoice offers quotes up to five decimal points on the MetaTrader 4 Classic Account and spreads start from 0.5 pips. Unlike other offshore brokers, it does not offer outrageously high leverage but limits the maximum leverage to 200:1. Also, we found the minimum deposit to be relatively high at $100, which is a good thing.
The second type of account offered by FXChoice is called the MetaTrader 4/5 Pro Accounts, which resemble a more traditional ECN model account. The Pro accounts come with variable spreads, starting from as low as zero pips, but they transfer the transaction costs to the traders by charging $3.5 per standard lot of $100,000. We found the commission to be reasonable and competitive compared to similar ECN brokers.
One of the good things about the Pro accounts is that they does not require a higher minimum deposit when compared to the Classic account and traders can open them with the same initial investment of $100 as well. Also, the leverage is capped at 200:1 to ensure that Forex traders do not over-leverage their positions and accidentally get margin calls.
While the Classic account’s margin call is set at 25%, the Pro account is more liberal and sets the margin call level at 100%, which means, if you are not careful, trading with the Pro account can drain the last penny from your account in an event of a margin call. However, if you are a “Pro” Forex trader and opening such an account, it only makes sense that your broker will treat you like a responsible professional who knows what he or she is doing.
At the time of writing this review, FXChoice offered 38 currency pairs for trading along with major spot metal assets like Gold and Silver. In addition, the broker offers a number of CFDs, including Indices, Metals, Commodities, Energies, Cryptocurrencies.
Forex traders can also open demo accounts after they have installed the MetaTrader platform. According to the Frequently Asked Questions (FAQs) section of FXChoice’s website, the demo accounts expire after 90 days, which should be ample time to test out the platform or forward test most trading strategies.
A quick comparison of different accounts offered by FXChoice
FXChoice is a classic bare bones MetaTrader broker. Besides offering MetaTrader 4 and the latest MetaTrader 5 platforms, it does not give Forex traders any other software to access the foreign exchange market.
MetaTrader 4 & 5 are very robust Forex platforms and can handle almost any requirement of a trader. Packed with numerous built-in technical indicators and the MQL programming language, traders can customize charts and conduct technical analysis with almost an infinite number of chart configurations.
Moreover, MetaTrader has a built-in Expert Advisor function known as AutoTrading that lets traders program their trading strategies in order to automate trading decisions. Coupled with a virtual private server, traders can keep the platform connected to the interbank market 27/7 and trade automatically.
Additionally, the strategy tester function allows backtesting technical trading strategies and honing the accuracy of indicators developed by traders themselves or sources from a third-party vendor. In the MetaTrader market, you can buy thousands of custom technical indicators and functional trading strategies and start trading immediately.
While other trading platforms like cTrader requires brokers to connect their platform to at least one liquidity provider, MetaTrader has no such requirement. However, after meticulously observing the quotes, we found that they are accurate, and the variable nature of the quotes indicate that FXChoice is indeed acting as an intermediary between Forex traders and liquidity providers without tampering the price feed. Also, our order execution tests repeatedly showed fast order execution times.
Here is a summary of our order execution test results.
It was great to find that FXChoice also offers the Web Trader version of MetaTrader. As a hosted solution, with the Web Trader, you do not need to install the software on your computer or worry about updating it periodically and you can focus on the actual trading. However, bear in mind that the Web Trader lacks some of the advanced functionalities like AutoTrading.
Besides the Web Trader, clients of FXChoice can also access their Live trading account using Android and iOS apps on their smartphones and tablets.
Most offshore brokers run a very lean operation and try to cut costs when it comes to customer support. However, we found that FXChoice is one of the few offshore brokers that invested heavily in providing the best possible customer support experience for existing and potential clients.
Although the broker is based in Belize, its customer support team is located in Mexico. You can reach their client support number at +52 558 526 80 32. For general queries, FXChoice listed a separate number in Belize, which is + 501 227 27 32.
We were pleased to find that FXChoice offers multilingual customer support in eight languages, including English, German, Czech, Greek, Spanish, Italian, Portuguese and Thai. This one area where FXChoice stood out among other major offshore brokers and scored a high rating.
Moreover, FXChoice has a callback feature on its website. Once you submit a callback request, an agent will likely give you a call within 24-hours.
Besides calling FXChoice, you can also submit queries via an online ticketing system and access live chat support on the website. We found the ticketing system to be superior to simply emails as you can track the progress of your query status online.
Based on our criteria, we gave the following ratings to their customer service:
We are happy to report that besides the common base account currencies, you can also open FXChoice accounts denominated in Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and XRP. But the minimum deposit should be equivalent to $100 regardless of which denomination your account has.
FXChoice supports diverse deposit and withdrawal channels, including major credit cards, e-wallet providers and cryptocurrencies. Also, recently it started accepting direct wire transfers so if you want to deposit larger amounts of capital into your FXChoice brokerage account, you can safely do so from your bank account.
Keep in mind that while FXChoice does not charge any deposit or withdrawal fees on card payments or wire transfers, your home bank may impose foreign currency markups or charge you a wire fee.
Currently, FXChoice is running a temporary bonus program that offers a 15% deposit bonus up to $5,000 in deposits. The bonus programs differ based on which account you open, and they have time-limits on these bonuses. It is best to check the FXChoice website for what bonus offers they are running as they update it often.
FXChoice stood up in many areas among offshore brokers, including having minimum regulatory oversight and multilingual support. When it comes to trading with Forex brokers located in countries with lax regulation, the reputation of the broker based on past performance is the most important factor to evaluate.
FXChoice created a whole section on its website that shows customer reviews on different social media platforms like Facebook as well as on myfxbook and Forex Peace Army. After reading an extensive amount of reviews online, we came to the conclusion that most of these reviews appear authentic and demonstrate an accurate assessment of FXChoice’s services.
If you are in the market to pick an offshore broker, you will not find many reputed brokers with years of track record that also accept U.S. based traders. FXChoice is an illuminated exception in that regard and based on our research, we highly recommend giving them a try.
FXChoice Reviews
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| Currencies Swap | |||
|---|---|---|---|
| Short | Long |
Type
| |
| Swap Chart for EURUSD for different FX Brokers |
|---|
| Change Currency | ||||
|---|---|---|---|---|
| Volume | ||||
| AUDCAD | 83 | |||
| AUDCHF | 139 | |||
| AUDJPY | 115 | |||
| AUDNZD | 70 | |||
| AUDUSD | 42 | |||
| CADCHF | 118 | |||
| CADJPY | 93 | |||
| CHFJPY | 168 | |||
| EURAUD | 137 | |||
| EURCAD | 147 | |||
| EURCHF | 125 | |||
| EURGBP | 64 | |||
| EURJPY | 99 | |||
| EURNOK | 40 | |||
| EURNZD | 130 | |||
| EURUSD | 83 | |||
| GBPAUD | 139 | |||
| GBPCAD | 138 | |||
| GBPCHF | 161 | |||
| GBPJPY | 174 | |||
| GBPNZD | 114 | |||
| GBPUSD | 74 | |||
| NZDCAD | 78 | |||
| NZDCHF | 108 | |||
| NZDJPY | 114 | |||
| NZDUSD | 73 | |||
| USDCAD | 54 | |||
| USDCHF | 125 | |||
| USDJPY | 122 | |||
| USDNOK | 114 | |||
| USDRUB | 1 | |||
| USDSEK | 140 | |||
| USDSGD | 6 | |||
| XAUUSD | 142 | |||
| XAGUSD | 33 | |||
| BTCUSD | 284 | |||
| ETHUSD | 260 | |||
| LTCUSD | 25 | |||
| Volume Chart |
|---|
- Company Info
- Swap Comparison
- Volume Comparison
| Headquarters | Belize City, Belize |
| Type of Broker | STP & ECN/STP |
| Founded | 2010 |
| Regulated By | Regulated By IFSC (Belize) |
| Offices In | Belize |
| Supported Languages | English, Spanish, German, Portuguese, Czech, Farsi, Greek, Thai |
| ESMA Regulation ? | This broker is not regulated within the E.U and is not subject to ESMA's new Forex and CFD trading restrictions. To find out more about these restrictions, please see this article |
| Currencies Swap | |||
|---|---|---|---|
| Short | Long |
Type
| |
| Swap Chart for EURUSD for different FX Brokers |
|---|
| Change Currency | ||||
|---|---|---|---|---|
| Volume | ||||
| AUDCAD | 83 | |||
| AUDCHF | 139 | |||
| AUDJPY | 115 | |||
| AUDNZD | 70 | |||
| AUDUSD | 42 | |||
| CADCHF | 118 | |||
| CADJPY | 93 | |||
| CHFJPY | 168 | |||
| EURAUD | 137 | |||
| EURCAD | 147 | |||
| EURCHF | 125 | |||
| EURGBP | 64 | |||
| EURJPY | 99 | |||
| EURNOK | 40 | |||
| EURNZD | 130 | |||
| EURUSD | 83 | |||
| GBPAUD | 139 | |||
| GBPCAD | 138 | |||
| GBPCHF | 161 | |||
| GBPJPY | 174 | |||
| GBPNZD | 114 | |||
| GBPUSD | 74 | |||
| NZDCAD | 78 | |||
| NZDCHF | 108 | |||
| NZDJPY | 114 | |||
| NZDUSD | 73 | |||
| USDCAD | 54 | |||
| USDCHF | 125 | |||
| USDJPY | 122 | |||
| USDNOK | 114 | |||
| USDRUB | 1 | |||
| USDSEK | 140 | |||
| USDSGD | 6 | |||
| XAUUSD | 142 | |||
| XAGUSD | 33 | |||
| BTCUSD | 284 | |||
| ETHUSD | 260 | |||
| LTCUSD | 25 | |||
| Volume Chart |
|---|
- Account Details
| Account Currencies | EUR, USD, GBP, AUD, CAD, Bitcoin, Gold, Bitcoin Cash, Litecoin, Ethereum, XRP |
| Minimum Deposit | $100 |
| Traders from USA Allowed | Yes |
| Clients Funds Segregated | Yes |
| Interest on Margin | No |
| Islamic Accounts | Yes |
| Islamic Account Restrictions | Muslim Faith Only |
| ECN / STP Accounts Offered | Yes |
| Commission on STP or ECN | $3.5/100K per side |
| VIP Accounts Offered | No |
| Mini Accounts Offered | No |
| PAMM / MAM Solutions | Yes |
| API Solutions | No |
| Mobile Trading | Yes |
| Web Based Trading | Yes |
| Funding Methods | Credit/Debit Cards, Wire Transfer, Skrill, Neteller, POLi, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP, Fasapay, Perfect Money, PaysafeCard, ePayments, Qiwi, Astropay, RapidPay, UnionPay, UPayCard, Vload, Advcash, Sticpay, Airtm |
| Withdrawal Methods | Credit/Debit Cards, Wire Transfer, Skrill, Neteller, POLi, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP, Fasapay, Perfect Money, PaysafeCard, ePayments, Qiwi, Astropay, RapidPay, UnionPay, UPayCard, Vload, Advcash, Sticpay, Airtm |
- Platform Details
| Platforms Offered | MetaTrader 4, MetaTrader 5, MetaTrader 4 Mobile, MetaTrader 4 iOS, MetaTrader 4 Android, MetaTrader 5 Mobile, MetaTrader 5 iOS, MetaTrader 5 Android |
| NO of Pairs | 38 |
| Cryptocurrency Trading | Yes |
| Pricing Digits | 5 |
| Trade off Charts | Yes |
| One-click Execution | Yes |
| Email Alerts | No |
| Mobile Alerts | No |
| MetaTrader Server Time | GMT + 2 |
| Demo Account Expiry | 8 Weeks |
| VPS Offered | Yes |
| Free VPS Conditions | Free for accounts over $3000 and 5 Lots traded per month |
- Trading Details
| Dealing Desk | No |
| Maximum Leverage | 200:1 |
| Minimum Contract Size | 0.01 |
| Execution | Market Execution |
| Hedging | Yes |
| Scalping | Yes |
| Scalping Restrictions | No |
| Option of OCO | No |
| Option of FIFO | No |
| Liquidity Providers | 5+ |
| Negative Balance Protection | Yes |
- Additonal Instruments
| CFD's | Yes |
| Metals | Yes |
| Oil | Yes |
| Indices | Yes |
- Currencies Swap
| Short | Long | Type  |
|
| AUDCAD | 0.90 | -2.49 | 0 |
| AUDCHF | -5.88 | 2.69 | 0 |
| AUDJPY | -16.25 | 7.67 | 0 |
| AUDNZD | 2.35 | -5.54 | 0 |
| AUDUSD | 1.15 | -2.73 | 0 |
| CADCHF | -8.24 | 3.66 | 0 |
| CADJPY | -21.01 | 9.73 | 0 |
| CHFJPY | -11.61 | 5.07 | 0 |
| EURAUD | 0.85 | -2.24 | 0 |
| EURCAD | 2.39 | -5.89 | 0 |
| EURCHF | -8.62 | 3.93 | 0 |
| EURGBP | 1.83 | -4.06 | 0 |
| EURJPY | -25.10 | 11.87 | 0 |
| EURNOK | 1.60 | -15.37 | 0 |
| EURNZD | 4.98 | -11.32 | 0 |
| EURUSD | 2.75 | -5.83 | 0 |
| GBPAUD | -6.69 | 2.89 | 0 |
| GBPCAD | -2.16 | 0.45 | 0 |
| GBPCHF | -15.04 | 6.90 | 0 |
| GBPJPY | -37.50 | 17.68 | 0 |
| GBPNZD | 1.17 | -3.78 | 0 |
| GBPUSD | 0.44 | -1.08 | 0 |
| NZDCAD | -2.42 | 0.75 | 0 |
| NZDCHF | -8.10 | 3.67 | 0 |
| NZDJPY | -19.49 | 9.10 | 0 |
| NZDUSD | -0.55 | 0.07 | 0 |
| USDCAD | -2.86 | 0.97 | 0 |
| USDCHF | -12.47 | 5.91 | 0 |
| USDJPY | -30.88 | 14.63 | 0 |
| USDNOK | -58.81 | 15.69 | 0 |
| USDRUB | 0.00 | 0.00 | 0 |
| USDSEK | -64.54 | 18.35 | 0 |
| USDSGD | -10.36 | -3.58 | 0 |
| XAUUSD | 2.00 | -4.29 | 0 |
| XAGUSD | 1.22 | -2.72 | 0 |
| BTCUSD | -25.00 | -25.00 | 2 |
| ETHUSD | 5.70 | -19.95 | 0 |
| LTCUSD | 2.44 | -8.48 | 0 | Compare Swap rates from other Brokers |
