FX Choice Review
4 stars - "FX Choice Review" FX Choice Review

FX Choice Review

www.fxchoice.com|US Traders Accepted!|2007 logo
Written on: December 25th, 2015 | Author: David M
QUICK TAKE
  • Licensed Forex and CFD brokerage now offers bitcoin deposits and withdrawals, as well as btcusd CFD.
  • 3:1 leverage on bitcoin trades, with one percent fee.
  • Choose from classic or pro accounts, each with varying margin requirements.

Trade with FXChoice!

Summary

After much handwringing and pacing back and forth in my study, late at night by candlelight, I have decided that fxchoice will be our top recommended forex brokerage - narrowly beating out the 1broker,bit4x, simplefx triumvirate, and subject to change. We come from a demographic that appreciates the exceptionally simplicity and fast onboarding process made possible by bitcoin, and give credit to those brokerages fully leveraging this potential. However, we give the nod to fxchoice due to their more lengthy history as a standard brokerage with a published physical address, as well as the fact that they are regulated by the IFSC - yes, it is the regulatory agency of Belize but it is something. And not to take away from simplefx, who offers convenient live chat, but we were extremely impressed with the live chat support available at fxchoice.

It's just that the bitcoin-niche sites are so new it's a bit difficult to take the plunge and deposit large amounts of money. FXChoice, despite the lack of a web-based platform like simplefx, and aside from the fact that it's verification process is more involved, wins by a nose due to its track record.

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Take fxChoice for a test drive with a free demo account!

Opening an account at FX Choice

Opening a live account requires only name, email, and mobile phone, after which the account type required must be selected - from which bitcoin may be selected. Post registration, users are redirected to a "thanks for registering" page, which contains login details, download links for the appropriate metatrader 4 platform, and the option to verify your account, which is required to actually begin trading for real money. Aside from entering your address, verification requires a color copy of the front and back of a government issued ID, such as a passport or driver's license. This identification document must clearly show your complete home address, name, photo, date of birth and ID number.

Depositing and withdrawing

After your account is verified, deposits can conveniently be made from the website. Navigate to the "deposit section" and choose bitcoin (we are assuming bitcoin depositors from this site, but of course fiat can be used as well). Specify the metatrader account you would like to fund, enter the amount, and send to the bitcoin address generated. To make a withdrawal, simply specify your address in the withdrawal section and click on the confirmation link sent to your email. Most bitcoin withdrawals are processed within the same day, though it could take longer outside of business hours or on the weekends.

Fx Choice Promotions

FXChoice offers free VPS hosting to customers that deposit at least $3,000 and trade 5 lots. Sorry bitcoiners, the offer is only good for USD, EUR or GBP denominated accounts.

Making a Trade

Download the metatrader 4 account and choose "classic live". The initial metatrader 4 set up won't automatically show the bitcoin cross pair - right click anywhere within the market watch box located on the left side of the screen and select "show all" - this will display the btcusd pairs, as well as a number of additional CFDs hidden by default.

trading

BTCUSD CFDs are fixed at a 3:1 leverage - you buy one bitcoin, you'll open a position with three. The margin policy differs depending on the style of account you decide to open. See below details of the differences between the two accounts.

  Classic Account Pro Account
Margin Call 25% of margin 100% of margin
Stop Out (forced liquidation) 15% of margin 80% of margin

 In terms of minimum deposit size, or minimum/maximum order size, there is no difference between the accounts. Bitcoin may be traded on either - so which account you choose is simply a matter of taste.

For forex traders, swap charges - which can be positive or negative depending on the interest rate associated for each particular currency - can be viewed by right clicking on any particular pair in the market view window. Bitcoin CFDers, swaps do not apply.

FXChoice is particularly pleased with the selection of "expert advisors" they've collected over the years. Expert advisors is another way of saying "trading programs", a list of which can be found, purchased, and instantly accessed directly from FXChoice's metatrader4 platform. As it pertains to bitcoin, they've got commodity robot and fap turbo available. We haven't yet reviewed these programs, so we would be happy to hear from anyone with experience using them. The websites are those cheap, God-awful scroll downs, where the sleaziness of their sales pitches so thick you can feel it in the air as you read. But that is not to say they don't work, though we are skeptical.

FX Choice Fees

Please find below the standard fees associated with both types of trading accounts.

   Classic Account Pro account 
Spreads  Starting at .5 pips (bitcoin fees are always .01 bitcoin per bitcoin traded)  Starting from 0 pips 
Commission  Factored into spread  $3.50 per $100,000 traded 

FX Choice Mobile

FXChoice traders can take advantage of metatrader 4's excellent mobile apps on iOs and Android, meticulously crafted to provide a trading experience very similar to that available from desktop.

Support

The live chat support was exceptional. Patient, knowledgeable, and ever-present. They fielded my questions - some quite difficult, others meant to test their patience - with thoroughness, kindness, and a sort of US-style "the customer is always right" vibe. And I didn't get lucky with one exceptional agent - I fired up the old livechat interface multiple times and all responding agents were excellent.

Bottom Line

FXChoice allow deposits in bitcoin, the trading of different cryptocurrency CFDs on the excellent MT4 platform, and it's been around and licensed for close to 10 years. While bitcoin faithful might be turned off and prefer bitcoin-first products like simplefx or 1broker, those that walk between the two worlds of crypto and fiat will enjoy fxchoice.

Get started with FXChoice!

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IMPORTANT INFO

  • Trading Platform:MetaTrader 4
  • Markets:Bitcoin and Crypto, Forex, CFDs - Major Indices, Stocks, Commodities.
  • Binary Options:Yes
  • US TradersYes
  • Regulated:ASFL, IFSC
  • Offices:Belize, Australia
  • Min Deposit:$100 or equivalent
  • Min Trade:.01 BTC
  • Max leverage - Cryptopairs:3:1
  • Standard Max Leverage:200:1
  • Margin call (classic/pro account):25%/100%
  • Stop out (classic/pro account):15%/80%

Contact Info

  • Email:This email address is being protected from spambots. You need JavaScript enabled to view it.
  • Telephone:+501 2272732
  • Live Chat:Yes

DEPOSIT OPTIONS

MasterCard  Visa  Neteller  BitCoin  Skrill

SUPPORTED LANGUAGES

English English
 Deutsche Deutsche
 Español Español
 Ελληνικά Ελληνικά