FxChoice is a shady broker who is operating from Belize, their platform might seem genuine at first, but we found certain facts which say otherwise. Thanks to the current level of uncertainty in the world, the volatility in the markets are through the roof and both the retail and institutional side love it.
However, always remember that whenever there are opportunities, there will be an equal amount of risk and you need to be careful while indulging with the markets. One of the best ways you can start your journey from the retail side is by choosing a reliable and regulated broker. In case, if you are wondering, know that, it is true that regulated brokers don’t provide the clients with higher leverage.
On the flip side, they do ensure security of the funds and their trading conditions for the most part are going to be fair and legally abiding. As retail clients you also have to consider your personal trading style and choose the one which fulfills not some, but all your needs.
To know all the aspects of FxChoice and the side they don’t want you to see, continue reading our review.
FxChoice Regulation, Contact Details and Legality
In the world of online investing, the best way to ensure proper treatment and ensure highest security of the funds is by sticking with regulated parties. After all, precaution is better than cure, right? This broker claims to be a regulated firm which is authorized to deal with clients located in almost all the European countries.
However, let us assure you that the reality is different and the perception created by a lot of review sites is wrong. FxChoice Limited is authorized and regulated by the IFSC (License Number – 000067/96). Most newbies might be inclined towards trusting this form of licensing, but here’s why you shouldn’t?
First of all, this regulation protects the people who are located in Belize only and that means clients located in other regions are not at all covered by any specific policies. Moreover, the financial regulatory body in Belize is not as strict as FCA or ASIC. At the end of the day, if you deposit with them, then you are taking huge risks and your legal options will be extremely limited.
So, do not fall for the gimmicks instead understand that it is not worth indulging with them given the hassles involved. If you have any more queries about their legal status, you can contact them using the following information.
Address – Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize
Phone Number – +52 558 526 80 32
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Account Types, Spreads and Trading Conditions
The spreads offered by this brokerage ranges between 0 to 0.5 pips which is great for all kinds of trading strategies. If you are a scalper, then your net revenue is going to be a lot more dependent on the spreads and you should always keep an eye on the commissions too.
We are not aware of the exact swap rates as they change on a consistent basis, but if your approach is geared towards long term, then know the conditions before entering a position. On the other hand, like the majority of market participants if swing trading is your sweet spot, then the cost incurred will not be considerable to you.
There are currently two account types offered by them and the difference between the offerings is very narrow. Both the account types require a minimum funding of $100, but as expected “Pro” account offers competitive spreads, lesser commission rate which means they are basically preferred choice for active traders.
Leverage offered by this broker is capped at 1:200 which frankly is on the higher side and they showcase 36 forex pairs. We tried to find information regarding inactivity fees, but due to the lack of data, the exact figure is still a mystery.
All in all, they don’t particularly excel in any category and as there are better alternatives available, it doesn’t make any sense to proceed with them.
FxChoice Trading Platform, Asset Class and Charts
FxChoice supports the MT4/5 platform along with mobile apps and a web based trading interface. Their web based platform is pretty light, but they don’t have all the functionalities which might be required by more experienced traders. On the bright side, the support for the Metatrader platform is a good sign and it also means users now can use any kind of custom indicator and template imaginable.
If you are a fan of algo trading, then know that support to EA is present, but they are not foolproof and if liquidity issues occur, then the consequences are going to be severe. There are a lot of trading instruments made available to the retail side on their platform and it includes CFDs, more than 30 forex pairs along with few precious metals.
During our investigation, we also found out that they offer copy trading services and Myfxbook integration, but the exact fees present is not revealed anywhere on their website. Moving on to charting tools, we suggest our readers use the MetaTrader platform and avoid dealing with the default one present for better experience and results.
Referral Program
This broker offers an attractive commission structure for all of their promoters which is the main reason behind the popularity they gained within a short period of time. Anyone who owns a blog or some platform online which receives a lot of traffic can opt to work for them.
The commission rate ranges between $250 to over $1000 per client. Many people sending traffic to this brokerage are doing so mainly because of the high incentives present and there is undeniable conflict of interest between the promoters and the general public.
So, do not blindly trust the reviews online and always double check the details whenever money is involved. We are not saying that incentivising the marketers is a bad thing, but it should be within the realm of morals and ethics.
Customer Feedback
As this platform is around for over a decade, they have got a lot of client feedback on almost every popular forum in the trading niche. A large chunk of them are negative and some of them give mixed impressions, but one thing is clear, it definitely is not worth it to deal with them in any way.
Take a look at the comments made by some of their clients on Trustpilot.
The exchanges they use take your money. For example if crytpo x goes up and u are short, their exchanges will flash dip to get your stop losses and buy in at the lower price all the way back up to current price which is already up. also 1.5% to remove your money from them. Outrageous
Totally outrageous, they are thieves, careful. my password were change and I’m going to be setting a legal team on them today, they think they are funny.
they will close your position before the stop loss and auto and also change you passwords and you wont be able to access to account till its rinsed out.
Recover your Money from FxChoice
Attention! If you have lost money to this shady broker or to any other firm online, then do not lose hope. Thanks to the advancement in the banking sector and proprietary methods, recovering the funds has become easier than ever. All you have to do is contact your bank and request for the details of the transactions and forward them to our recovery experts.
You can get in touch with our team via filling the contact form below. Once you have put in your information, our team will contact you at the earliest with specific steps you need to take in order to get your money back.
FxChoice Deposit and Withdrawal
FxChoice supports a lot of payment methods such as wire transfers, popular e-wallets, cryptocurrencies and debit/credit cards. Note that the fees associated with each form of funding method is different and it also depends upon your capital amount. Minimum deposit amount required to open an account with them is $100.
Sadly, we couldn’t find any information about the minimum withdrawal amount or the details about the inactivity fees. Note that withdrawals are said to be processed within 24 hours, but if your preferred method of payment is credit card, then it can take upto a couple of weeks.
Verdict
FxChoice is operating in the grey area of the law. It is true that they have been around for more than a decade,but we can’t trust them just because of that fact alone. Moreover, remember that they are not squeaky clean either and the number of complaints and allegations against them are growing exponentially.
We suggest all our readers to avoid using this brokerage for their own good and to use only the regulated parties when it comes to any form of online trading. Lastly, if you feel like you have been cheated by them, then do not keep quiet, let us know your incident and we will try our best to assist you.
Are you interested in Forex Trading? Given the facts, do you want to proceed with FxChoice Broker? Comment your answer below and let us know your opinion.
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I have been a victim of Binary option scams. I got scammed by FXchoice for almost a hundred thousand. After loosing more money to lawyers and what not, I was finally able to recover my money with the help of professional company named Scam-Inspect. Lesson learnt!