FX Choice: Do You Want A Mediocre Broker Or The Best?

August 6, 2020
Brokers
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FX Choice is a broker that offers you two different types of accounts that you can open in several different currencies like USD, EUR, GBP, as well as with Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP. Also at FX Choice, you can invest in indices, metals, commodities, energies, Forex and cryptocurrencies through CFDs. The broker offers an excellent investment platform and a very good customer service. If you are interested in a broker that accepts e-wallets and that you can even fund with cryptocurrencies, this broker can be a good alternative.

It is true that FX Choice is a broker that has good characteristics in several aspects. But, we strongly believe that Capital.com is the best online trading platform because it’s one of the easiest and cheapest ways to trade CFDs on equities, commodities, indices, Forex pairs and cryptocurrencies anywhere in the world. Capital.com offers you zero fees on intra-day trading, a lightning-fast web platform and their proprietary Negative Balance Protection. Also, Capital.com gives you the best chance at financial success with a clean, easy-to-use interface.

We analyzed hundreds of data points relevant to the costs, benefits and features of trading with FX Choice and scored our findings on a 10-point scale across 10 distinct categories.
Fees 10
Signup Process 10
Minimum Deposit 10
Ease of Use 8
Deposit & Withdrawal Options 5
Customer Support 9
Asset Classes 7
Referral Program 1
Demo Account & Educational Resources 8
Safety & Regulation 8
Total 76

What is FX Choice?

FX Choice is an Electronic Communication Network (ECN) based broker that was founded in 2010 and is regulated by the International Financial Services Commission IFSC.

Being an ECN broker means that the broker shows the prices of financial instruments as they receive them from their liquidity providers and therefore there is no trading desk.

Below you will see each of the main features of this broker so that you can make the best decision when selecting the broker that best suits your objectives. While this broker is available internationally, it is important that you consider that the broker does not offer its services in the following countries:

AfghanistanSudan
BelizeSpain
North KoreaSyrian Arab Republic
IraqItaly

Pros & Cons

Pros

  • The broker offers variety when using an e-wallet.
  • The investment platform is MT4.
  • The broker is based on ECN.
  • Tight spreads.
  • Quick account opening.

Cons

  • 24/5 customer support instead of 24/7
  • A limited supply of financial instruments.
  • Only regulated by one organization.
  • There’s a minimum initial deposit.

Account Types

FX Choice offers you two types of accounts that you can open both corporately or individually:

Classic Account

It is a standard investment account where you can take full advantage of Non-Dealing Desk technology, tight spreads, fast execution and commission-free trading.

Pro Account

It is a type of account where the spread and commissions are charged separately. The commission structure for Pro accounts offers you spreads that are narrower in relation to the Classic Accounts, and sometimes they can even be equal to zero.

Here’s a breakdown of our 10 scoring categories, each scored out of 10 for a total of 100 points.

#1 FX Choice Fees

FX Choice offers a very simple and easy to understand fee structure. It does not charge a fee for inactivity, withdrawal or deposit of funds. Also, the spreads are adjusted; this is a factor that makes it easy to calculate the costs associated with trading.

Please note that FX Choice charges fees for one of its accounts. However, the commissions are low and, in any case, the account in which you will have to pay the commission offers spreads of down to zero pips. In the following table, we present the spread and commissions for each type of account.

 Classic AccountPro Account
SpreadsStarting from 0.5 pipsStarting from 0 pips
CommissionsNone$3.5 USD per notional amount of $100,000 USD

Even though the broker has costs associated with trading commissions on one of its accounts, the amount is really low. Furthermore, FX Choice offers very tight spreads which will allow you to exploit your profits to the maximum with low transactional costs associated with it. For these reasons, the broker is very well qualified in this category.

FX Choice Fees Score: 10/10

#2 Signup Process

You can open an account at FX Choice quickly and completely online. Take into account that you must wait a day for you to verify yourself. In the verification process you must provide one of the following documents:

  • Passport (including the page showing your signature).
  • Copy of a valid national identity card (front and back).
  • Copy of a valid driving license (front and back).
  • Permanent residency or foreign registration card (front and back).

When sending your documents, please ensure they meet the following criteria:

  • Use *.jpg, *.jpeg, *.png, *.gif or *.pdf.
  • Must submit in colour.
  • The maximum size of each uploaded document should not exceed 15 MB.
  • Each side of the document should be uploaded separately.
  • Ensure that all four edges are clearly visible.
  • The document must be high quality; make sure it is readable.

The opening process offered by FX Choice is very good, you can do it in one day. We suggest that you take into account the technical criteria so that you do not have any inconvenience and can operate as soon as possible on the investment platform. Due to the speed and simplicity of the account opening process offered by FX Choice, the broker gets the highest rating in this category.

FX Choice Signup Process Score: 10/10

#3 Minimum Initial Deposit

FX Choice requires a minimum initial deposit of $100 USD regardless of the account you decide to open. Take into account that this amount is relatively low and if you are a retail investor, you could start your trading career without any problem. This is why this broker gets a very good rating in this category. But, take into account that there are other brokers such as Capital.com in which you can open an account with only $20 USD or other base currency, and there are others still that don’t require a minimum initial deposit at all as you can see in the following table:

Broker                       Minimum Initial Deposit
TD Ameritrade$0 USD
Capital.com$20 USD
eToro$50 USD
Forex.com$100 USD
FX Choice$100 USD

FX Choice Minimum Initial Deposit Score: 10/10

#4 Ease of Use

FX Choice offers you Metatrader 4 (MT4) as its investment platform, which has a friendly and intuitive interface despite its advanced features. Also, this platform is very useful and is the most used tool by traders in the world. You will be able to find a large number of chart options, indicators, and plotting tools.

You can also view several charts at the same time, you have customization options and you can even create environments for Forex, technology CFDs, financial sector CFDs, among others.

These customization possibilities allow you to be much more efficient when analyzing and making the best investment decisions.

MT4: Analyze quotes of financial instruments using interactive charts and technical indicators

Notwithstanding, you must take into account that to master all the analysis resources that MT4 offers you, you must dedicate time and effort so that you can exploit to the maximum all the resources that this investment platform offers.

FX Choice: Mobile App

Using MT4 is not limited to your computer; you can use MT4 on your cell phone too. The mobile application will allow you to use the same tools as the PC version but with a slightly simpler layout, considering that it’s optimized for mobile device screens. The app is very well rated in the Android store (4.6/5) and in the Apple app store (4.6/5).

You can trade with MetaTrader 4 on a wide range of financial instruments

Although FX Choice’s investment platform is very powerful and versatile, the broker loses points due to the time that you will have to spend to learn how to master and make the most of it.

FX Choice Ease of Use Score: 8/10

#5 Deposit & Withdrawal Options

FX Choice offers you several funding and withdrawal alternatives. Also, accounts can be opened in USD, EUR, GBP, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP. Take into account that the broker does not charge any amounts for deposit or withdrawal operations. Below you will see each of the alternatives offered by FX Choice:

FX Choice Deposit Options

  • Credit/Debit Card: Visa or Mastercard
  • e-wallet: Skrill, Neteller, Airtm and many others; even cryptocurrency wallets like Ethereum or Bitcoin.
FX Choice: Deposit Options

FX Choice Withdrawal options

In the case of withdrawal of funds, you can only use e-wallets such as Skrill, Neteller, Epay, Bitcoin, Ripple, among others.

FX Choice: Withdrawal options

The broker offers a wide variety of payment methods based on e-wallet. It is even possible to use several of the most important cryptocurrencies. But, it is not possible to use credit cards in the case of withdrawals. In general, the broker does not offer other more convertible funding and withdrawal methods such as bank transfers or checks. Therefore, FX Choice loses points in this category.

FX Choice Deposit & Withdrawal Options Score: 5/10

#6 Customer Support

FX Choice offers instant 24/5 support through the following alternatives:

It is also possible to follow the broker on the following social networks:

Although the broker offers several alternatives so that you can contact customer support instantly, unfortunately, the service is only 24/5. This makes you run out of technical support on weekends. This means that you will not be able to correct the errors until Monday. In this way, FX Choice loses one point in this section. We think that the ideal is a 24/7 customer support.

FX Choice Customer Support Score: 9/10

#7 Asset Classes

Stocks

FX Choice does not allow you to invest in stocks. But, you can invest in indices such as:

  • USTECH
  • US500
  • US30
  • UK100
  • JAPAN
  • DE30

Currency Pairs

You can buy 36 currency pairs. For example:

  • EUR/USD
  • GBP/USD
  • USD/CHF
  • USD/JPY

Gold

You can trade precious metals such as gold or silver.

Crypto

The FX Choice investment platform offers you 3 options to trade cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Litecoin

The financial instruments offered by FX Choice are really limited. In fact, you will not be able to trade with ETFs, bonds or stocks. Also, there is very little variety in its instruments offer. If you add up all the instruments offered by the broker you will not have more than 60 alternatives. This factor causes the broker to significantly lose points in this category because it does not allow to build risk-free portfolios.

Take into account that if you are looking for a broker that is better qualified in this category we can recommend our articles “TD Ameritrade Review: An Investment Platform With Legacy” and “Interactive Brokers: Experience And Reliability In A Single Broker“. There you will see that these brokers are much more complete in this aspect.

FX Choice Asset Classes Score: 7/10

#8 Referral Program

FX Choice offers you the opportunity to earn extra money with a referral program. In this regard, you can earn $25 USD for every $100 USD deposited by referred customers once they reach a volume of 1 full lot. Note that the maximum reward is $250 USD, once the referred client reaches the required volume of $2,000,000 USD (10 full lots).

While it is true that the broker offers the opportunity for you to win with its referral bonus, it loses points because the amount could be higher. Furthermore, in order for you to earn the $25 USD effectively, your referral must negotiate a complete lot. A not very easy task for retail traders.

FX Choice Referral Program Score: 1/10

#9 Demo Account & Educational Resources

FX Choice Demo Account

FX Choice offers you the possibility to test your investment platform through an unlimited demo account. This aspect is very relevant because it will allow you to test your investment strategies so that you can design the most profitable investment plans. It also allows you to learn the ins and outs of trading if you’re a beginner.

Educational Resources

Regarding educational resources, FX Choice offers some alternatives. But, the broker barely reaches a content that could be classified as average and for this reason, loses two points. It only offers live webinars, articles, company news and a user opinion section.

FX Choice Demo Account & Educational Resources Score: 8/10

#10 Safety & Regulation

FX Choice Limited is authorized and regulated by the International Financial Services Commission (IFSC) (license number: 000067/96). This provides a certain degree of credibility when it comes time to choose the best broker that suits your needs. But, there are other brokers like Capital.com that are backed by a greater number of regulators. Although it is a regulated broker, this factor causes FX Choice to lose points in this category.

If you are looking for a solid broker in this aspect, we also encourage you to read our articles “TD Ameritrade Review: An Investment Platform With Legacy” and “Interactive Brokers: Experience And Reliability In A Single Broker“. There we show you other brokers that offer a high degree of credibility in this category.

FX Choice Safety & Regulation Score: 8/10

While researching 100+ of the world’s top brokers, we’ve noticed what works and what doesn’t from the customer’s point of view. That’s why our final test for any broker is to compare it to Capital.com, which scores 91/100 points across the 10 categories mentioned in this review.

FX Choice vs. Capital.com

Selecting the broker that best suits your investment strategies and plans is one of the decisions you must make with the greatest amount of information available so that you can operate without distractions and focus on making money. Moreover, it should also allow you to be confident when investing your money by letting you do the best analysis possible at the same time offering you the lowest rates. Taking into account the most relevant aspects for an investor, we prefer Capital.com over FX Choice for the following reasons:

FX Choice vs. Capital.com

Far better withdrawal options

FX Choice does not offer many deposit and withdrawal options besides e-wallets, so you should take this aspect into account when making your decision. In contrast, we can affirm that Capital.com is a better choice because you will have a greater number of withdrawal options. In Capital.com you can use a credit card, bank transfer, debit card, SOFORT, iDeal, Giropay, Multibanko, Przelewy24, QIWI, Webmoney, Trustly, Neteller and Skrill. Additionally, you’re never charged a fee to deposit or withdraw money to or from your Capital.com account.

A Better customer support

Although FX Choice’s customer support is very good, we firmly believe that capital.com’s is better. You can call Capital.com at +44 20 3870 3087 or email their support team at support@capital.com. You can also visit the Capital.com website and click on Contact Us for country-specific options and to enter a live chat with a Capital.com support agent. Their support team currently supports 13 different languages and is available 24/7 instead of 24/5. This means that if you run into trouble over the weekend, you have nothing to worry about as help is only one call away.

The Best Investment options

FX Choice doesn’t have a great number of financial instruments that you can invest in. Capital.com, on the other hand, offers you many more possibilities because on its investment platform you will be able to access a greater number of financial instruments, including stocks, bonds, cryptos, Forex pairs and ETFs, among others, totalling thousands of assets. This feature is really important because with Capital.com you will be able to have a greater capacity for diversification when building your investment portfolios.

FX Choice In Summary

  • FX Choice was founded in 2010 and is regulated by the International Financial Services Commission (IFSC). Furthermore, FX Choice is an Electronic Communication Network (ECN) based broker.
  • The broker offers you two types of accounts: Classic Account and Pro Account.
  • Fx Choice offers a very simple and easy to understand fee structure. It does not charge a fee for inactivity, withdrawal or deposit of funds.
  • You can open an account at FX Choice quickly and completely online.
  • FX Choice requires a minimum initial deposit of $100 USD.

If you are looking for a broker where you can open an account quickly without problems and that also requires a low minimum initial deposit, FX Choice could be a good alternative because it will also help you save money thanks to its fee structure.


Keep in mind that while it is true that FX Choice has a very good rating in several of the categories we test, it also has some flaws. For example, FX Choice could improve its customer support, asset classes and even offer a higher level of reliability by adding more regulations.

If you are looking for a much more complete broker, we think that Capital.com is a better choice because it stands out in each of the categories that we test in our search for the best broker. In this way, you can be sure that you will be investing with a broker that will make it easier for you to exploit your profits to the maximum.

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