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FX Choice

FX Choice Review
Trader's rating 4.1
Editor's rating 4.4

Trading Accounts

 

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.


The Com
pany. Security of Funds

 

Company

Country

Regulation

FXChoice Ltd.

Belize

IFSC

 

FXChoice is a broker specialized in Forex and CFD trading for private clients, institutional investors and fund managers. Having around a decade of experience in the forex industry, the brokerage strives to provide excellent service and customer support. In 2016 alone FXChoice was awarded the Exceptional Customer Service accolade by LiveHelpNow on 5 occasions.

 

The broker offers trading in almost 40 currency pairs and various CFDs (on indices, precious metals, commodities, energies) through two robust trading platforms. With their NDD technology FXChoice is executing around 15 000 digital transactions a day.

 

The company behind the brand, FXChoice Ltd., is headquartered in Belize and regulated by the local International Financial Services Commission (IFSC).

 

IFSC has 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, FXChoice places a special focus on security and keeps clients’ funds 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, FXChoice will simply zero out these balances. 


Trading Conditions


Minimum Initial Deposit

Unlike most forex brokers, who usually set up different initial investment for different account types, FXChoice demands $100 from both Classic and Pro account holders. This is a comparatively low initial investment for ECN environment.


Average Spreads & Commissions

This broker offers competitive variable spreads, which vary by account type. Nonetheless, trading costs on both accounts are similar, amounting to an average of 1.2 pips on EUR/USD per (ECN account holders are offered spread averaged 0.5 pips on EUR/USD incurring a commission of $ 7 per lot round turn).  So, FXChoice’s pricing is pretty attractive


Maximum Leverage

The maximum leverage level offered to FXChoice’s clients is 1:200, which is average for the industry.

 

Trading Platforms

 

The broker supports several trading platforms: MetaTrader 4, MetaTrader 5, as well as Myfxbook Autotrade.

 

Both the MT4 and the MT5 offer access to the forex, contracts for difference (CFDs), options and futures markets, but the MT5 also offers an option for trading in stocks. Both platforms use MQL programming languages and allow automated trading via Expert Advisors (EAs). They offer advanced charting packages, trading and analysis tools, alerts, signals, and customizable indicators.

 

With FXChoice MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called Web terminal MetaTrader 4.

 

The MT5 was developed and promoted as an upgrading on MT4, yet many brokers still prefer the earlier technology, since many of MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform. Lately, however, the MetaTrader 5 is gaining popularity among both traders and brokers, as the hedging option was added to it and a number of other enhancements were made. With FXChoice the platform is available as a PC version and mobile apps.

 

In addition to MT4 and MT5, FXChoice 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 FXChoice 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.


Promotions

Like many other forex brokers, from time to time FXChoice offers its clients special bonuses.


Methods of Payment

 

This broker provides a variety of payment methods to its clients: wire transfer, credit/debit card, e-wallets: Skrill, Neteller, FasaPay, Bitcoin, Perfect Money, ePayments, Trustly, Astropay and PaySafeCard.

 

Accounts can be opened in USD, EUR, GBP, AUD, CAD and Bitcoin.

 

Conclusion

 

Despite its looser regulation, FXChoice is a reliable award-winning NDD broker with more than 10 years of experience in the forex industry. It offers fast market execution and competitive trading conditions on a variety of trading platforms. To sum up the above, here are the Pros & Cons of FXChoice:

 

Pros Cons
Competitive spreads Liberal regulation
Pure NDD brokerage  
Low initial deposit for ECN environment  
Both MT4 and MT5 available   
Extra tools such as live economic calendar, VPS  

 

FxChoice Headquarters: 
21 Regent Street, P.O. Box 1814, Belize City

Country: Belize

Regulation: N/A

Website: MyFxChoice.com

Coinbase

Coinbase Review
Trader's rating 2.8
Editor's rating 4.1

Our Experience

 

When testing the direct purchasing service, provided by Coinbase, we were relatively satisfied. After entering our debit card details it was saved as a payment method. We must notе that our card was 3D-secured, which appears to be a mandatory condition. Having your card stored in the website, as opposed to having to enter the details a second time (which is the case with some websites, dealing with external payment providers) is a huge benefit.

 

Here is a preview of the order screen:

The commission charged was slightly lower than the maximum of 4%, and we had full price transparency. When compared to the 8%, charged by Bitstamp (for direct card purchases), this is obviously preferable. The rate at which we bought Bitcoin was around €14 off the current market price, at GDAX. This is quite reasonable considering the fact we are talking about a volatile asset, trading around  €6,500 at the time of purchase. We tried comparing it with the rate provided by other exchanges, but the price differences (especially since we are talking about EUR trading) were much wider.

 

Trading Accounts

 

 

Account type Initial weekly limit Leverage Fees
Standard €325 None Up to 4%

 

Coinbase is one of the leading US companies in the world of crypto currencies. It operates two separate brands. One of them is Coinbase, a more retail consumer oriented platform for buying Bitcoin with fiat currencies, much like Bitstamp. On the other hand, GDAX (Global Digital Asset Exchange) is a more advanced crypto currency trading platform. This review will be focused on Coinbase.

 

The company, security of funds

 

Company Country Regulation
Coinbase USA NY BitLicense

 

Coinbase operates out of the US, with many subsidiaries around the world. It was the third company to be awarded the New York BitLicense. The story behind this license is quite controversial. In short, the New York Department of Financial Services (NYDFS) wanted to make the Big Apple a “Bitcoin trading hub”, much how it is one of the major centers of traditional finance. The idea, dating from 2015 wasn’t met with much enthusiasm by the leading companies, as many of them preferred to avoid application. Among the dozen who did, Coinbase obtained the license in January of 2017. The entire process is apparently so time (and effort) consuming, a lot of other major players opted out of it, which makes the license borderline useless. 

 

When it comes to crypto exchanges, hacking is an important topic. That being said there haven’t been any major hacks at Coinbase, although numerous individual cases have been reported. Some involve the hackers going past the two-factor authentication barrier, which one would believe to be very secure.

 

As we mentioned above, Coinbase is the retail-oriented brand of the company. As such it accepts fiat currencies and allows an instant purchase of several coins (more on the list, later). The vast majority of user complaints against Coinbase involve the size of the commission fees which the company charges. They vary by region and payment method, but go as high as 4%.

 

In 2018, Coinbase acquired an e-money license from the Financial Conduct Authority (FCA), which allows it to provide payment services in the UK and issue e-money. Abiding by the FCA requirements, Coinbase will be keeping clients in segregated funds and will observe operational standards on par with the other regulated financial institutions.

 

Additionally, Coinbase is backed by a lot of investors, including major players in “traditional finance”. This is another factor which fans of the decentralized aspect of crypto currencies do not enjoy. 

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Only a few coins are available at Coinbase, but they are the majors – Bitcoin, Ethereum and Litecoin. Don’t forget this is an entry-level service, which is aimed at people who are not that familiar with the world of crypto currencies. If you would like to buy less known coins (or altcoins), you could do that at another exchange, after transferring your newly acquired BTC/ETH/LTC there.

 

Weekly Limits

After verifying your e-mail, telephone, ID and credit card, at Coinbase, you can beginning purchasing coins. Our initial limit was €325 per week (via Credit Card). This may vary for you, based on your location (US clients will surely get a USD level). This level can be increased after you reach the maximum and some time has passed. This is done as a security measure and one should not feel frustrated about it.

 

Leverage

Coinbase does not offer margin trading. This is the more accepted practice, when dealing with crypto currencies. The forex brokers who offer Bitcoin trading, on the other hand mostly provide CFDs on it and margin trading is allowed. For a full comparison of trading crypto currencies on an exchange and with a forex broker read this post

 

Fees

The commission structure at Coinbase is one of its criticisms. If you decide to deposit via Credit Card, for instance, you can buy your chosen coin directly. While this may appear to be convenient, it comes at a price – for most countries the commission fee on such a purchase can go as high as 4%. 

 

Alternatively, you can fund your account with fiat currencies, which you can then use to trade. In that case the fees are set at 1.5%, which is pretty high. However if trading is what you are looking for, the company’s other brand – GDAX (as well as many others) are alternatives.

 


Trading platform

 

Coinbase does not provide a platform, as much as it offers an interface similar to an online banking application. Here is an overview (click to zoom-in):

 

 

There is a basic chart in the top section, allowing you to switch between the three supported instruments and multiple timeframes. On the bottom you have a column with all of your wallets with the company as well as a transaction history column. Overall, it doesn’t get any simpler than this. That being the case, we must reiterate, this is only the “real-money payments” brand of the company, while a more dedicated platform is also available at GDAX.

 

Methods of payment

 

When it comes to the methods of payment available at Coinbase, they include Bank Transfer, Credit/Debit Card and PayPal (only for US clients). While we discussed the transaction fees above, it’s worth pointing out that no additional fees are charged for crypto currency transfers to other exchanges or wallets.

 

Conclusion

 

Coinbase is one of the major players in the crypto currency space. The company is focused on allowing people who are not familiar with Bitcoin and allows them an easy way of acquiring crypto currencies. While there isn’t any trading platform to speak of, the company has another brand (GDAX) which provides exactly that. We feel it would be much better for Coinbase to honestly state their trading fees are higher, but you can use your account at their other platform, in a big banner upon account cration. Here are Coinbase’s pros and cons: 

 

Pros

Cons

New York BitLicense Few altcoins available
No major hacks yet High trading fees
Accepts Bank Transfers and Credit Cards  
Easy to use interface  
Ability to transfer crpyto to wallet  

 

Forex
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