I had the opportunity to test drive a fixed spread and a variable spread account with FXChoice for a couple of weeks. The accounts were provided free of charge, each funded with $200. My general experience is that FXChoice is a rather good forex broker. Below is the detailed review.
You need just $10 to open an account with FXChoice. You can deposit by Wire Transfer, Credit Card, Skrill (Moneybookers), Liberty Reserve, WebMoney, JCB, and CashU. Deposits by credit card and online payment systems are processed within 1 working day, wires take a little longer.
FXChoice offers the good old Metatrader 4. That is the most popular forex trading platform in the world, you know. No matter if you trade manually or you want to automate your trading system, MT4 will satisfy your needs.
FXChoice MT4 offers 30 most popular technical indicators like MACD, RSI, Stochastic, Bollinger bands etc. If you need something more sophisticated, you can code it for yourself. You can also build an auto trading bot, called Expert Advisor (EA), using MQ4, the Metatrader 4 program language.
The first thing that I do when open an account with a new broker is to compare its quotes with those of Saxo Bank. FxChoice quotes lag a little bit behind Saxo and tend to be less volatile. It’s not hard to take advantage of this during news releases, but I don’t recommend you to do that unless you want to be detected as a cheater by broker’s software.
FXChoice offer fixed spread and variable spread accounts.
Here are the fixed spreads they advertise on their website: EUR/USD 1.5 pips; GBP/USD 2 pips; USD/CHF 2 pips; USD/JPY 2 pips; EUR/CHF 1.5 pips
And here are the real fixed spreads that I get: EUR/USD 2.5 pips (+1); GBP/USD 3.5 pips (+1.5); USD/CHF 3 pips (+1); USD/JPY 3 pips (+1); EUR/CHF 2.5 pips (+1). Here is a screenshot:
Most of the time I traded on the variable spread account and I definitely prefer it over the fixed spread account. During the London and NY sessions time the EUR/USD spread on the variable spread account was just about 1 pip. It’s a pretty tight spread for a commission free forex account.
- Execution on the variable spread account
I’m a scalper so the execution is very important to me. I was fascinated when I made my first trade with FXChoice. My market orders were filled instantly. No requotes, no slippage, no kidding. For a couple of days a made more than 100 trades without a glitch.
Then all of a sudden something changed. I was unable to open or close a position due to repeatedly requotes. I immediately contacted my personal account manager and it turned out that they are changing their liquidity provider. The problem was solved in a couple of hours and I never got requote again.
- Execution on the fixed spread account
The execution on the fixed spread account was quite a different story. I activated a scalping Expert Advisor on it and FXCoice got some heat :) The scalping bot made about 200 deals and 800 pips profit for a week. FXChoice returned fire with fire and in the end of the week it took 7-8 seconds to open, edit or close position. In fact it took 7-8 seconds even to place a pending order. I was repeatedly requoted. Below are some screenshots:
You are not allowed to change Stop loss and Limit orders or close your position if the the market price is 5 pips or closer to your Stop/Limit order. "Modification denied. Order is too close to market" message appears:
Withdraw methods include Wire Transfer, Skrill (Moneybookers), Liberty Reserve and WebMoney. I was allowed to withdraw my profit only from the variable spread account. My withdrawal request was processed very fast and my Moneybookers account was credited in less than 24 hours.
If you don’t try to take advantage of its little bit lagging quotes, FXChoice is just a perfect broker. You can submit your review about FXChoice here