We spend a lot of time chatting to the customer support reps of different brokers – and we have pretty much seen it all. While generally helpful, online support guys (and gals) are usually replying slowly, leaving us wondering if they are chatting to at least 17 people at the same time. This is not the case with FX Choice – whenever we talk to their people, we get answers right away, on the spot, which is pretty awesome.
In terms of trading, FX Choice offers excellent conditions: both the standard and ECN account types (named Classic and Pro respectively) come with tight variable spreads – the typical spread on EUR/USD for example is 0.5 pips – however these may widen significantly depending on market conditions. If you sign up for an ECN account, you would also need to factor in the commission of $3.5 per side per lot. The execution is NDD and super fast, so you won't have to worry about slippage – although the broker practices positive price correction.
If you employ hedging in your trading strategy, you will be pleased to know that FX Choice doesn't require an additional margin for hedged positions.
The minimum deposit you need to make in order to open an account is $100 – for both the Standard and Pro account types, which is rare – most brokers ask for much higher initial investments for ECN accounts.
The platform you can trade with is Metatrader 4 (MT4) with all its goodness, such as Expert Advisors for example. Traders with equity of $3,000 or more qualify for free VPS.
There are two things that we are not crazy about with FX Choice: its educational resources and its regulation. The section dedicated to new traders learning forex is so limited that it's practically useless so if you are a beginner, you may want to search for tips and tricks elsewhere.
As far as regulation is concerned, well – there is none. The broker is registered in Belize, where there is quite the liberal view on overseeing broker operations. The silver lining is that customer money is kept in segregated accounts.
Applications from U.S. traders are not accepted.