|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spread|
|Classic||$100||0.01||1:200||1.2 pips on EUR/USD|
|Pro||$100||0.01||1:200||0.5 pips on EUR/USD + $3.86 per lot (per side)|
Clients of FX Choice are provided with a choice of two account types: Classic and Pro. The main difference between the two is that the Classic one is commission-free, offering higher spreads, while the Pro account is commission based and provides tighter spreads due to the ECN environment. Besides, only the Pro account offers a choice of desktop platforms – MetaTrader 4 and MetaTrader 5.
What is more, traders can choose to open Corporate or Individual accounts.
FX Choice is the trading name of FX Choice Ltd., an offshore forex broker, based in Belize. The company has more 10 years of experience with online forex trading and offers its clients solutions for trading forex, precious metals and future based CFDs.
FX Choice Ltd., doing business as FX Choice, is and regulated by the IFSC (International Financial Services Commission), Belize.
IFSC has very liberal control over forex brokers. Its supervision focuses on promulgation of regulation and a mandatory code of conduct, as well as the licensing process. Compliance-checking, reporting and on-going supervision are little emphasized.
Despite of the lack of strict regulatory rules, FX Choice announces on its website that clients’ funds are held in segregated accounts, absolutely separate from their corporate ones.
What is more, this broker practices positive price correction. This practically means that even if traders actually slip into negative balances under extraordinary circumstances, FX Choice will simply zero out these balances.
Minimum Initial Deposit
Unlike most forex brokers, who usually set up different initial investment for different account types, FX Choice demands $100 from both Classic and Pro account holders. This is a reasonable initial investment. In comparison, Exness, which is also IFSC-regulated, requires no initial deposit for its Mini account and $300 for the ECN one.
Average Spreads & Commissions
This broker offers competitive variable spreads, amounting to an average of 1.2 pips on EUR/USD for the commission-free accounts, and 0.5 pips on EUR/USD for the Pro accounts, incurring ECN commission of $ 7 per lot (round turn). In comparison, Exness offers average variable spreads of around 1 pips for its commission-free accounts and spreads as low as 0.4 pips on EUR/USD for the ECN account, charged $ 5 per standard lot.
The maximum leverage level offered to FX choice`s clients is 1:200, which is average. Exness offers the same maximum leverage for the ECN account and as regards the other accounts, leverage is as high as 1:2000, which is one of the highest in the market. If you are interested, you may look up a list of brokers offering maximum leverage of 1:500 and higher.
Traders, however, should be mindful of higher leverage, for it may both multiply their profits and lead to heavy losses. That is why limitations on leverage rates are set in several jurisdictions, for instance, 1:50 in the USA.
The broker supports several trading platforms: MetaTrader 4, MetaTrader 5, as well as Myfxbook Autotrade.
The industry standard MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called Web terminal MetaTrader 4. It offers a number of technical indicators, extensive back-testing environment, advanced charting package and is equipped with the most commonly used trading robots, as well as with options to add new ones.
Here is a list of more forex brokers offering MT4 platform.
The MT5 was developed and promoted as an upgrading on MT4, yet many brokers still prefer the earlier technology, since MT5 does not allow hedging, and what is more, MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform.
More brokers using the MT5 can be viewed here.
In addition to MT4 and MT5, FX Choice is offering the Autotrade service operated by Myfxbook. This is a social forex community and online automated analytical tool, by which you can copy the trades of any system you select, directly into your FX Choice MetaTrader 4 account, without any additional fees or software to install.
Besides, traders who keep a monthly balance of $3,000 or more at least 5 lots per month qualify for free VPS.
On Deposit Bonus
Like many other forex brokers, FX Choice offers its clients a Bonus, equal to 15% of the sum deposited to the trading up to $5 000. traders have to meet certain turnover requirements in order to withdraw the bonus from the account.
Despite its looser regulation, FX Choice looks like a decent choice. It offers fast market execution through NDD technology and competitive trading conditions on a variety of trading platforms. Furthermore, the company is in the forex business for more than 10 years now. To sum up the above, here are the Pros & Cons of FX Choice:
|Choice of trading platforms, MT4 available||Liberal regulation|
|Competitive spreads||Limited educational resources|
|Low initial deposit for both account types|