fx-choiceFX Choice is a large broker that offers Forex traders competitive spreads, a stable trading platform, and numerous banking options. You can trade in full lots or micro lots as well as use their demo account to test your theories and learn how to use their platform.

In addition, they’re one of the few Forex brokers that still accept US traders.

You have the option to open a classic or a pro account when you sign up at FX Choice. Both offer 200 to 1 leverage and the same basic services. The differences include the pro account offers 51 Forex pairs while the classic account only offers 28, the margin call / stop out is 25 / 15 on the classic account and 100 / 80 on the pro account and the spreads and commissions can be slightly different between the two.

Unless you’re truly a professional trader, go with the classic account when you sign up. If you progress to the point where a pro account may be right for you all you need to do is contact support to see about switching.

Trading Platform

FX Choice offers multiple trading platforms including MetaTrader 4, MetaTrader 5, and mobile trading solutions. They also offer a full binary options trading system.

The MetaTrader 4, or MT4, system is the most popular platform used in the world and lets you trade Forex, commodities, and CFD’s.

MT5, or MetaTrader 5, is the new trading platform that may eventually replace MT4. So many traders use MT4 and have it set up exactly like they want it that I imagine it’ll be years before many traders switch to MT5.

FX Choice offers a mobile app for Apple device users through the app store and a solution for Android users through the Google Play store. Both of the mobile solutions are MT4 platforms.

Banking

You have numerous banking options for both deposits and withdrawals. Here’s a list of popular options.

Wire transfer, Skrill, Neteller, POLi, Bitcoin, Visa, MasterCard, Fasapay, Perfect Money, and Pay Safe Card.

Accounts can be opened in USD, EUR, GBP, AUD, CAD, and Bitcoin and the minimum deposit is $100.

You should always make deposits in the currency you plan to keep your account in to avoid currency conversion fees. In other words, if you open a US dollar account you should make deposits in US dollars.

Trades Offered

You can trade the following Forex pairs as well as precious metals, CFD’s, and binary options. The collection of Forex pair options is one of the largest in the business.

  • AUD / CAD
  • AUD / CHF
  • AUD / JPY
  • AUD / NZD
  • AUD / SGD
  • AUD / USD
  • CAD / CHF
  • CAD / JPY
  • CHF / JPY
  • EUR / AUD
  • EUR / CAD
  • EUR / CHF
  • EUR / CZK
  • EUR / DKK
  • EUR / GBP
  • EUR / HKD
  • EUR / HUF
  • EUR / JPY
  • EUR / NOK
  • EUR / NZD
  • EUR / PLN
  • EUR / SEK
  • EUR / SGD
  • EUR / TRY
  • EUR / USD
  • EUR / ZAR
  • GBP / AUD
  • GBP / CAD
  • GBP / CHF
  • GBP / JPY
  • GBP / NZD
  • GBP / USD
  • NZD / CAD
  • NZD / CHF
  • NZD / JPY
  • NZD / USD
  • USD / CAD
  • USD / CHF
  • USD / CZK
  • USD / DKK
  • USD / HKD
  • USD / HUF
  • USD / JPY
  • USD / MXN
  • USD / NOK
  • USD / PLN
  • USD / RUB
  • USD / SEK
  • USD / SGD
  • USD / TRY
  • USD / ZAR

Bonuses and Promotions

At this time FX Choice doesn’t have a standard deposit bonus. At times I’ve seen deposit bonuses ranging from 10% to 25%. We’ll list specific bonuses on this page as they become available and if you follow the links on this page to the broker you’ll be eligible for any special bonuses we arrange for our traders.

I always recommend signing up for a free demo account before making a deposit to try out the trading platform and services. Once you’re ready to make a deposit if you don’t see a bonus offer ask the support department what they can offer.

All of the bonuses offered by FX Choice have the same terms and conditions. Like many bonus clearing requirements, these are somewhat hard to follow. Here’s an overview of how it works.

The bonus is equal to the stated percentage of your deposit, but can’t exceed $5,000. So if the bonus is 20% and you deposit $10,000, the bonus amount is $2,000.

Before you can make a withdrawal you have to meet the roll over requirements. The roll over is the amount of the bonus divided by 2. This is the amount of units you need to trade, and each unit is equal to $100,000. This means on a $2,000 bonus you’ll have to turn over $100 million.

Once you withdraw the original deposit amount the bonus is deducted from your account. You keep any profit you receive from the bonus. If the equity in your account minus the bonus is less than or equal to your margin call level the bonus will also be removed from the account.

Complaints

One of the main complaints about FX Choice is the fees they charge for deposits and withdrawals. They pass on the fees they incur on both deposits and withdrawals to you. I don’t have a huge problem with this as long as I know it up front. Ask the support department about fees for your chosen method before making a deposit.

One area where normal complaints don’t hold water is about the spreads offered by FX Choice. They have competitive spreads including 1 pip on EUR / USD, 1.5 pups on EUR / GBP, and 2 pips on GBP / EUR. The pro account offers even lower spreads.

The lack of a normal or consistent bonus offer has caused a few complaints of favoritism, but in the business and financial world that’s how things work. The more money you’re willing to spend the better your options and offers.

Another bonus related issue is how hard it is to understand how the bonuses work. I’ve already covered this in the bonus section, but it hurts the overall rating.

Conclusion and Rating

Overall we recommend FX Choice because they offer almost everything you could want from a Forex broker, plus they accept US traders.

Our overall rating for FX Choice is 8 out of 10.

The only reason they didn’t earn a better rating is because of the bonus issues covered above. Otherwise they offer a safe and reliable option for Forex traders around the world.