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An Honest Review About FXChoice

FX Choice Ltd. provides secure online Forex trading services, as well as offering the trading of precious metals and future based CFDs using the populare MetaTrade 4 (MT4) or MetaTrader 5 (MT5) trading platforms.

FX Choice been in the Forex business since August 2010, and their founders and managers have tens of years of experience in Forex.

FX Choice accepts US and Non-US clients.

I have personally traded with FX Choice and have successfully deposited and withdrawn money with no problems.

I have never had any problems with trading with them. (As always you need to be careful trading near news time or during fast price movement as with any other Forex broker).

FX Choice accepts Credit or Debit card payments from US and Non-US clients alike, as well as other payment methods, and they offer bonuses to first time customers.

Are Your Funds Secure?

All clients’ funds are held in segregated accounts, separate from FX Choice corporate accounts. This, as well as the strict regulations followed by FX Choice, ensures the security of your funds.

Is FX Choice a Regulated Broker?

FX Choice is authorized and regulated by the IFSC (Licence number: IFSC/60/191/TS/16), and their registration number is 105,968.

If you click here you will be taken to the official website of the regulatory body, and you will be able to find FX Choice under the “Regulated service providers” tab, in list “F”.

FX Choice Contact info:

21 Regent Street
BELIZE CITY, BELIZE, C.A.
Telephone: 501-227-2732
Fax: 501-227-2756
Email: info@myfxchoice.com

Does FX Choice Allow Expert Advisors (Forex Robots that trade your account)?

Yes, clients are allow to use any EA's for trading their account. FX Choice also offers a VPS (conditions apply), and you can also be linked to MyFXBook Autotrade.

What documents are required to open a live account?

As a regulated broker FX Choice is required to establish the identity of all live account holders by requesting them to provide a color copy of your ID or Passport. Islamic accounts are also accepted.

Can you open a Demo Account?

You can create multiple demo (and live) accounts, but demo accounts expire after 60 days if you don't login for 60 days, and you can create another. By default you can open 20 demo accounts and 15 live accounts, but if you require more, simply contact live chat and they will allow you to open more accounts. You can even add more funds your demo account from within your back office account so you can keep using the same demo account over and over.

What is the maximum leverage?

The maximum leverage offered by FX Choice is 1:200. The range within which you can decrease or increase your leverage starts with the minimum of 1:25 and is limited to maximum of 1:200. You can change your leverage from within your back office account. (You can also change you pass code, your personal info, password, and deposite or withdrawal money all from within your back office account.

Account Types

MetaTrader 4 Classic Account

Minimum deposit: $100

Quotes to the fifth decimal place

Tight spreads starting from 0.5 pips

Minimum lot size: 0.01 lots (1 000 units of base currency)

Maximum lot size: none

Commission: none

Swap points: according to market

Maximum leverage: 1:200

Margin level for hedge/lock positions: 50%

Execution: NDD, Market

Margin call/ Stop out: 25/15

Tradeable currency pairs: 28

Spot metals: Gold, Silver

Other instruments: CFD – Indices, Metals, Commodities, Energies

Any EAs permitted

MetaTrader 4&5 Pro Accounts

Minimum deposit: $100

Quotes to the fifth decimal place

Tight spreads starting from 0 pips

Commission: $3.5 per notional amount (per side) of $100 000

Minimum lot size: 0.01 lots (1 000 units of base currency)

Maximum lot size: none

Swap points: according to market

Maximum leverage: 1:200

Margin level for hedge/lock positions: 50%

Execution: NDD, Market

Margin call/ Margin stop: 100/80

Tradeable currency pairs: 38

Spot metals: Gold, Silver

Other instruments: CFD – Indices, Metals, Commodities, Energies

Trading Conditions

FX Choice uses a server time of GMT +2 (GMT+3 during summer), and they are open 24 hours a day, 5 days a week.

Can I lose more money than I deposit with FXChoice?

Using a lot of leverage has an inherent risk of losing more money than was initially deposited into a trading account. This can result in a negative balance, but FX Choice is not going to send collections agencies after you or engage in any legal actions to recover their money. They operate with a no debit balance guarantee. What this means is that if your losses become too large, they will automatically close some or all your open positions at the best available price, before your account would become negative. This safeguard mechanism may not always work as intended and under extraordinary circumstances your account balance may actually slip into a negative territory and should this happen, they will simply zero out your account balance. In other words you can never owe them money, if your account balance turns negative.

Trading at market open/close and leaving positions open over the weekend.

Please be aware that in the minutes approaching/following the opening/closing of the market for the underlying instrument, you may experience gaps in market prices. Due to the volatility expressed during these time periods, trading at the open or at the close or leaving positions open over the weekend, can involve additional risk and must be factored into any trading decision. These time periods are specifically mentioned because they are associated with the lowest levels of market liquidity and can be followed by significant movements in prices for both the spread bet, and the underlying instrument. There is a substantial risk that stop-loss orders, left to protect open positions held overnight, may be executed at levels significantly worse than their specified price.

Am I limited to a specific number of trades?

No. FX Choice has no limit on how many trades you can open per day, there is a limit on the number of positions that you can run at any one time. You can simultaneously open up to 300 positions on your demo or live account.

How do I open an Account?

Step 1: Open your free live account.

Step 2: Download and install your MetaTrader 4 trading platform.

Step 3: Verify your account and make your deposit.

Step 4: Start trading.

In order to open your free live account please click on “open live account”.

Then you’ll need to take a minute to fill out the sign-up form.

The form is very easy and straightforward to fill out.

Signup with FX Choice

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See Also: An Honest Review About Traders Way

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