RECOMMENDED FOREX BROKERS
FXChoice incorporates a very unusual site design that feels out-of-date at times. Is the rest of the broker more of the same, or can it walk the walk? Read below to find out.
Based in the small nation of Belize, FXChoice is authorized and regulated by the International Financial Services Commission (IFSC), which aims to rise up to the standards of other international financial service regulators, while also making a name out of Belize to attract other offshore brokers. However it does lack the severity and confidence of other regulatory bodies such as the FCA or CySEC, as well as a compensation fund that guarantees a portion of traders’ funds if the company goes bankrupt. The firm is not bound by the ESMA imposed maximum leverage of 1:30 in the EU and UK, and in so being it has set its maximum leverage to 1:200.
On the asset side of things FXChoice offers currency pairs, CFD indices, commodities, energies and precious metals.
The broker offers some exotic languages that will appeal to both westerners and non westerners: English, German, Czech, Greek, Mexican Spanish, Arab, Portuguese and Thai.
FXChoice sticks to the essential trading platforms MetaTrader 4 and MetaTrader 5.
Holding the title for the most popular trading platform in the industry does not come easily. MT4 incorporates all features that both new and professional clients alike need to have in their trade game. Clients can set auto trading bots and they come loaded with lots of customizable options for optimal trading. The superior charting package, and drag and drop features allow users to take faster and more practical trading routes. Chart analysis tools, customizable trading indicators, the inclusion of VPS, and much more make MT4 the best option out there.
The maximum leverage offered at FXChoice is 1:200 for all platforms (unaffected by ESMA), while the average spread for EUR/USD can differ depending on what account is traded with. Classic account spreads will be around 1.5 pips and with Pro account the spread is around 0.5 pips.
FXChoice has included a set of tools and services that engage users even further into the trade. The first is MetaQuote’s very own MQL5 Signals which send helpful information (or signals) to traders based on previous, current and probable future market trends.
The next addition is the ability to set Auto Trades using Myfxbook. By utilizing this, clients will be able to monitor and duplicate the trading patterns and strategies of more established traders.
Pro account holders will be commissioned a fee of $7 ($3.50 per side) for every $100 000. Because of this the actual spread for MT4 Pro users changes from 0.5pips to 1.2 pips.
MT4 is available as a mobile, tablet and desktop platform, and also comes with a built in browser version for those clients that do not wish to burden themselves with downloading softwares. However the web based MT4 does not allow for automated trading.
As a successor to MT4 MT5 strives to improve upon its older brother by adding new features such as an easier interface, better analytical tools, more time frames, trades in centralized markets, more pending order types, depth of market and much more. No need to worry, for Expert Advisors are present and ready to trade for you.
FXChoice have NOT included a Standard MT5 account type.
As mentioned before the maximum leverage that FXChoice allows is 1:200 as they are not restrained by ESMA rulings. Expect spreads on average to be 0.5 pips (for Pro account).
As is with MT4 MT5 has been made suitable for some helpful tools. Namely, MQL5 Signals helping users on their upcoming trades by providing them with past, current and future market fluctuations.
Next is the ability to set Auto Trades, enabling traders to mimic the trading models of more advanced users. And then there’s the VPS, allowing for uninterrupted auto trading when away from your device, and even in case of power/ internet failures.
There is a 7$ commission for 1 standard lot for MT5 users, changing the actual average spread from 0.5pips to 1.2 pips.
MT5 can be accessed from a stand alone desktop software, a browser based version (no EA’s), and all mobile and tablet devices.
FXCHOICE MINIMUM DEPOSIT
The minimum deposit for all account holders is $100.
Users can use a vast range of depositing methods, making the opportunities almost endless: Skrill, Neteller, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP , Visa, MasterCard, Fasapay, Perfect Money, PaySafeCard, ePayments, Qiwi, AstroPay, Rapid Pay, UnionPay, POLi, UpayCard, VLOAD.
Accounts at FXChoice can be opened in USD, EUR, GBP, CHF, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP.
Expect deposit times to be almost instant: Skrill, Neteller, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP, VISA, MasterCard, Fasapay, Perfect Money, PaySafeCard, ePayments, QIWI, AstroPay, RAPID, UnionPay, UpayCard, VLOAD, POLI.
There are processing fees for deposits made using the following ways: Skrill, Neteller, Bitcoin, Bitcoin Cash(0.5%), Litecoin(0.5%), Ethereum(0.5%), XRP (0.5%), Visa, MasterCard, Fasapay(0.5%), Perfect Money (0.5%), PaySafeCard (10% via Skrill), ePayments (1%), Qiwi (6%), AstroPay, Rapid Pay, UnionPay, POLi, UpayCard (2.9%), VLOAD (6.5%). For all other methods, the fees will be displayed right before a deposit is made.
WITHDRAWAL TIME AND FEES
Clients can get their money in one of the following methods: Skrill, Neteller, bitcoin, bitcoin cash, Litecoin, Ethereum, XRP, fasapay, Perfect Money, ePayments, UpayCard and VLOAD. These option are significantly less than the depositing methods, which might force some users to open new accounts in the forenamed means.
Withdrawal are processed within 1-3 days of the request. However, the time for your money to arrive into your bank account can differ based on payment methods. With that said, eWallet withdrawals are instant, if FXChoice has processed your request, that is.
FXChoice does charge fees on withdrawal, and traders can be charged by individual payment systems.
For Skrill the commission is 1%; Bitcoin Cash is apprx. 0.0002 BCH; Lite coin is 0.02 LTC; for Ethereum it’s 0.005 ETH; XRP is 0.00001 XRP; FasaPay charges 0.5%; PerfectMoney takes 0.5%; Upay Card charges 0.9%; VLOAD asks for 3.5%.
The minimum withdrawal amount is non-existent, meaning that traders can take out as much money as they want from their FXChoice accounts.
FXChoice is a solid broker with a second-rate regulatory body; it lacks the rigor of the FCA and other trustworthy organizations.
There is an upside to all this, mainly the many deposit and withdrawal methods that support a considerably large number of currency and cryptocurrencies.