FX Choice Forex Broker Review

By An Khmurenko on in Learn to trade
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Selecting the ideal foreign exchange broker is a difficult task as it involves a lot of assessment and decision–making. This first step to trading requires a thorough review of brokerages since clients only want the most favorable trading conditions. In addition to this, the last thing that clients want is for their finances to get wiped out by some malicious financial transactions. This FX choice review is conducted to assess whether this broker is worthy of investment. More so, this also clarifies whether this is a trusted company or its credibility lives up to online tags like “fx choice scam.”

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An overview

FX Choice is a foreign exchange brokerage company that was introduced to the public back in 2008. Equipped with three primary solutions (forex trading, spread betting, and share dealing), it has drawn a large volume of clients from different parts of the world and became one of the most renowned brokerage firms up to date. Its head office is located in Belize, and after years of feat, it managed to enlist itself under a stock symbol. This allows an individual to purchase FX choice shares available in market exchanges. 

There are platforms designed to cater to the needs of advanced traders, and there are some that facilitate the demands of novices. Fortunately, the FX decision is flexible enough and was developed to render solutions for both professional and newbie clients. With an FX choice minimum deposit of $100, one can start trading using the most favorable instruments. Similar to another trading platform, it comes with a demo account just when clients want to test and familiarize the functions and tools. After a complete assessment and when all features met clients’ standards, they can now open an account complete with fx choice login and password.

FX Choice credibility 

During an assessment, remember to check if a broker is filed under a regulatory body. An inspection conducted by an authority will document whether the company is legitimate and is working under legal conditions. Licenses are also essential as they will say more about the credibility of a broker. Those undocumented brokers may put clients’ finances in danger, and any capital invested to them is prone to great financial risks. 

Upon validating, FX choice was proven to be a regulated broker. Its professional conduct is monitored by the International Financial Services Commission (IFSC). The authority mandates that all FX choice regulations must be congruent with the policy that they have set. Once they failed to comply, the license, together with its regulated status, will be removed from the company. 

The overall trading structure is very much secured that clients are provided with two accounts, with one account for all the funds allocated for payment. To further increase the level of security, clients are advised to utilize tier-1 banks. Tier-1 indicates an accreditation status possessed by a bank that measures its financial strength and level of security. 

Services offered 

FX Choice offers a considerable amount of instruments. With 117 tools, the optimum trading experience is guaranteed. Clients do not have to worry about difficulty in system navigation since the company offers the commonly-used platform MetaTrader 4 and MetaTrader 5. That, together with wide array currency pairs, lets users expand their financial portfolio, all while increasing the margin of profitability. However, it does not offer any minor and exotic pair, which appears to be a downside. Other services include a large option of cryptocurrency, indices, and shares. 

Sure that there are plenty of perks that a client may get from subscribing to the FX choice. Aside from offering a renowned system, it also has very good compatibility. FX choice is flexible enough that its platform comes in the mobile application supported by Android and iOS. This is of great advantage since it gives clients the power to manage and organize trades anytime and anywhere. 

FX Choice home page

Account types 

Generally, FX Choice provides five types of accounts. The Mini, ECN, STP, and Islamic accounts are wired differently, and all are equipped with unique features that come parallel to the demands of clients. However, the MT4 classic account becomes its stronghold that many clients have subscribed to this setup. 

The MT4 classic account requires a minimum deposit of $100. For a pocket-friendly amount, a client may enjoy commission-free trading and up to a 1:200 leverage ratio. This also grants the account holder with a non-dealing desk technology, a tight spread, and a 38 currency pairs up for trading. Pro accounts offer much of what the classic offers. However, it has premium features, including tradable metals such as gold and silver.

Deposit and withdrawal 

It is also important to check the speed, efficiency, and the overall turnaround of finances. Clients are provided with a hassle-free payment structure since FX choice deposit methods include:

  • Skrill
  • Neteller
  • Bitcoin 
  • Bitcoin Cash
  • Visa
  • MasterCard
  • Perfect Money
  • ePayments
  • Qiwi

Reviewing how fast the FX choice withdrawal process works, it usually takes 1 to 3 working days upon request. Also, note that payment methods dictate the processing period, and eWallets are the most efficient as it instantly transfers finances after placing a withdrawal request. Clients are charged with a withdrawal fee according to what process is used, but the withdrawal amount does not have a limit, and traders can take out as many finances from their accounts. 

Conclusion

We can say that FX Choice is not the best, nor is it a disappointment. With unique tools and solutions, FX Choice is safe to consider a decent platform. However, many features are subject to question, and the internet is flooded with negative reviews. Hundreds of confessions can’t be wrong, but it is up to clients whether to trade with FX choice or not. Make sure to run an intensive inspection before subscribing to its services. After all, a thorough assessment will save you from a financial wipeout.

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An KhmurenkoView all posts by An Khmurenko