FXChoice is a trading name of the company FXChoice Limited that is regulated by the International Financial Services Commission (IFSC) in Belize (License number: IFSC/60/191/TS/19). Founded in 2010, FXChoice doesn’t have any other licenses so we can say it is a typical offshore forex broker. Keep in mind that the regulations for the offshore companies are not so strict. However, the About us section of the website shows that all clients’ funds are held in segregated accounts, separate from the corporate ones.
The initial minimum deposit for all accounts is USD100 and the account currency can be even the Bitcoin.
FXChoice provides two of the most used forex platforms around the world – MetaTrader versions 4 and 5. The MetaTrader 4 platform comes with preinstalled expert advisors (EA) and new ones can be added. Recently the company announced that Myfxbook’s AutoTrade was integrated with its platforms. Myfxbook is a kind of copy trading service that allows customers to follow deals of some more experienced investors. A similar feature called MQL5 Signals is available as well. ‘Trading Veterans’ issue entry and exit alerts (as the EAs do) and other traders can copy them.
Enthusiast can enjoy FXChoice Virtual Private Server (VPS) program. This is a special virtual computer that runs on the company’s servers which implies shortening the execution times and independence from the Internet connection and electricity. However, this feature is free of charge only if you trade at least 5 lots monthly and your account balance is above USD3,000.
FX Choice offers two types of accounts: Classic and Pro. The main difference is that the classic is free of charge but with wider spreads, while the Pro account is based on commission, but spreads are almost zero.
Instruments are divided into four groups: Forex, Cryptocurrencies, Indices and Metals (spot prices). The EUR/USD spread starts at 0.1 pips and the average one is 1.5 pips. Offshore companies don’t have as rigorous requirements as the EU-regulated brokers. This allows leverage to be up to 1: 200, but higher leverage increases the risk of loss. We were surprised there were less than 40 currency pairs and only 3 cryptocurrencies available for deals. In general, there aren’t so many trading instruments and more experienced traders could be unhappy.
FXChoice claims that all the client orders are processed with the NDD (Non-Dealing Desk) technology directly into the system of the liquidity providers. That means FXChoice acts as an STP broker and there is no conflict of interest through used technologies. Moreover, FXChoice welcomes scalpers, so if you use this method of trading, there will be no problems here. Keep in mind there are few brokers allowing traders to scalp. However, the execution of orders section from F.A.Q. explains that under certain trading conditions it may be impossible to execute the stop loss order or the market order at the requested price and FXChoice has the right to execute them at the next best price. In other words, slippage can be applied to all types of orders.
Another positive thing here is that FXChoice protects a client account from a negative balance. So, you can never owe that broker money because all you can lose is limited to the amount deposited.