\ FXChoice Review - bitcoin CFD brokerage for US traders
Cryptos
  • Bitcoin
  • Bitcoin Cash
Additional info
  • BTCUSD: N/A ; EURUSD: .0008; GBPUSD: .00011; GOLD: .028; OIL: .05
    Trading Fees
  • CFDs
    Margin Trading
  • info@myfxchoice.com
    Email
Target Market
  • Global
Deposit
  • Credit Card, Bank Wire, Perfect Money, Neteller, Skrill
Currencies
  • USD, EUR, GBP, AUD, CAD, CHF
Leverage
  • Forex up to 200:1
Pros
  • Mainstream forex and cfd broker which accepts bitcoin deposits.
  • Tons of instruments available for trading.
  • Trade on Metatrader 4
Cons
  • Bitcoin depositing does not negate the need for lengthy KYC process
  • Margin on crypto limited to 3:1

Summary

FXChoice is one of only a handful of mainstream Forex brokerages that allow depositing in bitcoin (and bitcoin cash now).  So if you are a bitcoiner that wants to trade mainstream CFDs on a mainstream, regulated platform, read on.

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.

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 AccountPro Account
Margin Call25% of margin100% of margin
Stop Out (forced liquidation)15% of margin80% of margin

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.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.

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 AccountPro account
SpreadsStarting at .5 pips (bitcoin fees are always .01 bitcoin per bitcoin traded)Starting from 0 pips
CommissionFactored 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.

You Might Look Elsewhere:

If you are planning to deposit in bitcoin.

For fiat depositors, this is a top CFD destination.  If you are depositing in bitcoin there are liquid exchanges offering lower fees, higher leverages, and minimal – if any – KYC.  We do sound like a broken record, but bitmex really leads the pack if you are after crypto trading, although US traders are IP blocked.  If you are looking to trade mainstream CFDs with your bitcoin – stocks, forex, indices and the like – 1broker is entirely anonymous, has excellent fees and spreads, and accepts US traders.

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.