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Min. Deposit
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0.01 lot
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FXChoice Review

  1. Established in 2010, FXChoice is a regulated Forex and CFDs broker operating in a true ECN environment with narrow spreads and no dealing desk. The company offers clients the full suite of MetaTrader 4 and 5 platforms, automated trading with EAs and Myfxbook, as well as a 24/7, VPS service. FXChoice provides a website in 10 languages including German, Arabic and Chinese and Greek with a multi-lingual customer service. To discover the trading conditions at FXChoice, including trading accounts, software features and payment methods, read our review below.

    FXChoice Demo Account

    Retail and corporate customers in South Africa and across the world, can open a Classic trading account or a Pro Account at FXChoice, each with a specific package of trading benefits. Both accounts operate with no dealing deal, market execution. Moreover, customers can qualify for free VPS services by maintaining a balance of $3,000 and trading at least 5 lots each month. Moreover, at the time of opening an account, customers needed to provide colour copies of an official ID document and proof of address, to verify the user profile. The criteria for sending documents to FXChoice, are published on the accounts verification page. Importantly, FXChoice does not activate a live trading account before receiving the documents.

    FXChoice MT4 Classic Account

    • Minimum initial deposit $100
    • 28 tradeable currency pairs
    • Spot gold and silver, CFDs, indices, metals, commodities, energies
    • Quotes to the 5thdecimal place
    • Spreads from 0.5 pips
    • 01 minimum lot size, no maximum trading lot size
    • No trading commissions
    • 50% margin for hedge positions
    • Leverage up to 1:200
    • 25% margin call
    • 15% stop out
    • Expert Advisors permitted for automated trading
    • Gives access to MT4 platform

    FXChoice MT4/5 Pro Account

    • Minimum initial deposit $100
    • Direct market liquidity from top tier banks
    • 38 tradeable currency pairs
    • Spot gold and silver, CFDs, indices, metals, commodities, energies
    • Quotes to 5thdecimal place
    • Spreads from 0.0 pips
    • 01 minimum lot size, no maximum lot size
    • Commission of $3.5 per side, per $100,000 (notional)
    • 50% margin for hedge positions
    • 100% margin call
    • 80% stop out
    • Expert Advisors for auto-trading permitted
    • Access to MT4 or MT5 trading platforms

    Tip: Consider IQ Option South Africa instead – the best regulated broker for South African traders with a minimum deposit of only $10!

    Demo accounts can be opened for both the Classic and Pro accounts at FXChoice. Importantly, with a Demo account, traders in South Africa and elsewhere, simulate their trades with virtual funds whilst enjoying access to all the features and tools on the trading platform. We recommend that traders practice trading in a demo account whenever possible, so as to hone their skills and increase the possibility of making profits, when they move on to real money trading.

    Customers all over the world, including South Africa may be excited to hear that FXChoice offers a 15% bonus on most deposits made to trading accounts, (up to $10,000 of bonus money per month irrespective of deposit amounts). Whilst the bonuses awarded may vary in size, traders typically have 90 days to complete the trading volume specified in the terms and conditions on the website.

    Customers can access the FXChoice MT4 or MT5 trading platform depending on the account type. Both platforms must be downloaded to desktop and are also available as trading apps for Android and iOS powered mobile devices. The MT4/MT5 WebTrader gives customers access to the trading platform through the browser of any internet connected device from anywhere in the world. To use the WebTrader, clients simply login with their FXChoice account user name and password, without downloading software.

    FXChoice MT4 Platform

    • User-friendly, customisable interface
    • For Windows and Mac operating systems
    • Multi-lingual platform and support
    • Advanced charts with analysis tools
    • 30 technical indicators
    • 9 time frames
    • Trading signals by subscription
    • Broad range of order types
    • Risk management tools
    • Instant and future trade placement
    • Expert Advisor compatibility

    FXChoice MT5 Platform

    • Advanced successor to the MT4
    • Includes best elements of MT4 plus new features
    • For Windows and Mac Operating systems
    • Trading signals by subscription
    • Professional charting tools
    • Display of market depth
    • Multi-lingual platform and support
    • 80 technical indicators and graphical objects
    • New order types including stop-limit order
    • 21 time frames
    • Instant and future placement
    • Expert Advisor compatibility
    • Embedded MQL5 community chat
    • Strategy tester

    FXChoice MT4/MT5 WebTrader

    • One click trading
    • Execution of all trading operations
    • Interface similar to desktop version
    • Real time quotes in Market Watch
    • Customisable price charts
    • Basic analytical objects
    • Universal access to trading activity


    FXChoice Auto Trading with MyfxBook

    Customers at FXChoice can connect their MT4/MT5 trading accounts with Myfxbook in seconds. Access to the service is free, and allows traders to copy the trades of selected successful traders, without paying a fee or installing additional software. Notably, the trades are copied automatically into the ‘followers’ trading account and executed immediately. Nevertheless, we recommend that traders look at the process of using free signals and auto trading on MYfxbook, as automated trading can lead to large trading losses as well as large profits.

    FXChoice Scam

    Customers at FXChoice are provided with several communication channels, indicated on the top right-hand corner of the website. The 24/7 call back service is free of charge, and provides clients with live support over the phone at any time that suits them. The service is in English, Spanish, Italian, Farsi, Mandarin and Thai, which we find an exceptional choice, and extremely helpful for global clients, including customers in South Africa. Alternatively, clients can initiate the live chat help line directly on the interface or submit a ticket to the customer services team from the contact page, stating the nature of the enquiry.

    Whilst FXChoice does not have a dedicated educational centre on the website, the FAQs page is extensive, including a ‘Knowledge Base’, expiration and execution rules as well as trading conditions and the FXChoice rollover policy amongst other important topics.

    Accounts at FXChoice can be opened in EUR, GBP, USD, AUD, CAD, CHF, cBTC, Bitcoin Cash, Litecoin, mAU (gold). To avoid extra fees, FXChoice recommends that clients deposit and withdraw funds in the same currency selected to operate the trading account. FXChoice supports a broad range of deposit methods including bank wire transfer, major credit/debit cards such as Mastercard and Visa as well as multiple E-wallets. Skrill, Neteller, Trustly, Qiwi, AstroPay, Perfect Money, UnionPay and FasaPay are just some of the electronic payment methods seen at FXChoice.

    We were pleased to see that clients can deposit in cryptocurrencies that currently include Bitcoin, Litecoin, Bitcoin cash and Ethereum. However, customers in South Africa usually have some local payment methods offered to them at account registration as payment methods accepted by FXChoice vary across the world.

    Withdrawals can usually be made using bank wire transfer, Skrill, Neteller, FasaPay, Perfect Money, epayments, Qiwi, Bitcoin, Ethereum, Bitcoin cash and Litecoin. Notably, it takes 48 hours to process withdrawals and the processing takes place on week days only. The time it takes for customers to get their money depends on the payment methods chosen.

    Withdrawals by electronic payment methods are done instantly, once processing is complete, whilst payments by bank wire transfer may take up to 5 business days. Withdrawals to credit cards may take as long as 8 business days for the money to arrive. FXChoice charges handling fees for processing withdrawal requests but the exact amount is not specified openly on the website. Only once customers register accounts with the brokerage can they see the exact fees schedule.

    Customers can rest assured that transactions at FXChoice are processed safely and securely, with all communication encoded using SSL encryption technology. Clients are asked to keep their passwords secret to ensure that their accounts are not accessed by fraudsters. We did not receive any FXChoice scam complaints.

    FXChoice is owned by FXChoice Ltd, registration number 105968, registered to Corner Hutson and Eyre Street, Blake Building, Suite 302, Belize City, Belize. The company is licensed and regulated by the International Financial Services Commission in Belize under the license number 60/191/TS/17.

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    Your capital is at risk

FXChoice articles