FXChoice review: Is it a legit or scam forex broker?

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The Web Terminal, available for both MT4 and MT5 fx choice review, allows you to trade via a browser without the need for downloading additional software. MT5 is the bigger, younger brother of MT4, offering enhanced analytical tools.

The CFDs offer access to fractional shares, short selling, and international markets. It is important to keep in mind that CFDs are complicated instruments and hence, they come with high risks and uncertainties of losing funds rapidly because of leverage. Traders who have traded on the MT4 trading platform can still enjoy the same features on MT5 with a slightly enhanced overall trading experience. MetaTrader 4 offers 30 technical indicators, nine timeframes, 31 graphical objects, and a single-thread strategy tester. As per the FXChoice review, Islamic accounts charge a commission fee as it lacks swap charges. In case of a positive swap, the commission fee is zero.

advanced traders

According to experts, this does not necessarily reduce the level of security of the funds. The commissions are applied only to those who own a Pro account and on specific assets. The commission fee varies based on the specific instrument and the type of asset. In general, the commissions can be calculated as $3.5 per side or per notional amount of $100,000. Commission fees are charged only precious metals and forex.

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While many https://forex-reviews.org/ may think these are limited offerings compared to other forex brokers, this FXChoice review will focus on various other opportunities that can diversify a trader’s portfolio. FXChoice is an award-winning broker that has won several awards for its multi-lingual and friendly customer support. This FXChoice review dives deeper into the Pros and Cons of the platform, trading platforms, account types, copy trade features, and many more. FXChoice forex broker offers both MetaTrader 4 and 5 mobile trading platforms for traders who wish to trade on the go. Traders can access the FXChoice platform on their iOS and Android devices to trade, manage their positions, and follow the market even while they are away from their computer system. The MT 4/5 mobile apps can be downloaded for free from any relevant apps store like PlayStore or AppStore.

ForexPeaceArmy.com has advertising and affiliate relationships with some of the companies mentioned on this site and may be compensated if readers follow links and sign up. We are committed to the fair handling of reviews and posts regardless of such relations. Pro Accounts can be opened with a minimum initial deposit of $100.

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It was such a pleasure to read your glowing review. We are so grateful for your review and wish you all the best in your trading future. As an Iranian, most of the brokers have sanctioned us and do not allow Iranians to do economic activities.

Thanks for taking the time to write a review and your positive assessment of our ‘client area’ and ‘options’. I have been using FXChoice as my trading platform for over a year and everything’s been excellent. Trading FX or CFDs on leverage is high risk and your losses could exceed deposits. FxChoice acts as a market maker for Classic Accounts, and also offers ECN accounts called Pro Accounts.

spread

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 to traders based on previous, current and probable future market trends. I have been using this forex broker for the last 4 years and my experience has been positive.

No deposit or conversion fees

There is a 7$ commission for 1 standard lot for MT5 users, changing the actual average spread from 0.5pips to 1.2 pips. 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. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. So when you say ‘I gave them management of the account through their money manager’, you are putting the blame squarely on us, but we had nothing to do with it. You need to speak to your Money Manager – who we again reiterate is not an employee of our company.

MetaTrader 4 was created by a Russian company known as MetaQuotes and it has won several awards. The MT4 FXChoice version combines the standard features with real-time price feeds gathered from the global markets, competitive conditions, interbank liquidity, and fast execution speeds. Blew a few accounts but also made profit in others. Making withdrawals is not the best as the options are limited. Take full advantage of Non-Dealing-Desk technology, spreads from 0 pips and direct market liquidity provided by the largest banking institutions in the world. The withdrawal requests that are made during business hours are usually processed on that same business day.

It has been successfully functioning in this industry for the past 13 years and is regulated by the International Finances Services Commission Belize. Moreover, the deposit and withdrawal processes are simple and usually take about 2 to 3 days to process. Mobile trading at FXChoice is supported on both the MT4 and MT5 mobile trading apps, and it is compatible with all smart devices. The brokers’ apps provide almost all the functionalities provided in the desktop version but with added benefits like interactive price charts and push notifications. Traders trading from iPad can also get multiple display charts in a single window.

Is FXChoice regulated?

Coming to FXChoice’s security and regulation, the platform is regulated by the Financial Services Commission of Belize . Although FSC is not a reputed or prestigious regulator, experts think that the platform could gain other licenses by being regulated by FSC. FXChoice incorporates a very unusual site design that feels out-of-date at times.

The withdrawal was processed very quickly, and we have confirmation from AstroPay that the transaction was completed successfully. So since I was able to get a better understanding of the withdrawals, I felt it was appropriate to update my review rating. I’m not saying its perfect but no platforms really are.

It also needs a customer complaints process to hold the license. So, all in all, customer’s money is kept safe with FXChoice. This platform is developed mainly for seasoned investors as it provides advanced trading features. FXChoice has MetaTrader 5 Pro or MetaTrader 5 Pro Hedged accounts coupled with MetaTrader 5. The only difference between these two account types is that the latter allows traders to open hedged positions similar to MT4. FXChoice offers a multi-account management account or MAM for experienced and advanced traders who already have their client-based and want to carry out trading on their behalf.

  • As discussed earlier, the brokers’ minimum deposit for any account type is $100 or it’s equivalent in other currencies.
  • ForexPeaceArmy.com has advertising and affiliate relationships with some of the companies mentioned on this site and may be compensated if readers follow links and sign up.
  • The MAM account is essentially a proprietary account that allows competent investors to handle their funds for an incentive fee that is based on the performance of the account.

FXChoice has teamed up with social & copytrading service, ZuluTrade. The broker offers a wide range of trading tools, including MQL5 Signals, Myfxbook Autotrade Services, VPS, Live Economic Calendar, Pips+ Programme, and many more. FXChoice sticks to the essential trading platforms MetaTrader 4 and MetaTrader 5. I gave them management of the account through their money manager. Account went up to $8,000 within a couple of months Then all the sudden down to $85 “eighty five dollars “ only.

The trades would correctly pause when the market was closed and the spread is very reasonable, also the swaps are low and that incentivises you to hold your trades longer. Overall great experience and i will continue to use the demo account as the prices are also close the the live account. With 5 referrals in the pocket, traders can sign up to become an affiliate or a money manager on the FXChoice platform with multiple earning modes. Experienced traders can also apply for a MAM or Multi-Account Management account and be eligible to handle other’s accounts. New users can visit the company page to get more details about how the periodic bonuses apply. These currency options are advantageous since currency conversion fees are not charged while using the account in the clients’ currency.

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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 FXCHOICE platform is good and i didnt experience any issues with trades as there was no manipulation.