FXChoice Review: this is the name of a Forex broker that is located in the City of Belize. Is myfxchoice.com a scam broker or legit?
We find that the broker provides an address that they can be contacted at a good sign:
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Corner Huston & Eyre Street, Blake Building, Suite 302, Belize City, Belize.
On the page we find a demo account is offered to traders to test their claims. Its location is also one where Forex trading is regulated by a top body, the IFSC. FXChoice holds a license from this commission, thus, adding to their good image.
Educational tools are offered to traders as well to improve their strategies and profit can be made by using the partnership programme. It has a Refer-and-Earn Plan and an Affiliate programme. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Trading instruments are said to be impressive on the page, including most of the tradeable assets in the market.
FXChoice Trading Platform
It is mentioned that FXChoice trading software is operated on a MetaTrader 4 and 5 platforms available to all their clients. Also a web-based platform can be used as well for those who prefer.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: 35+ currencies, 2 cryptocurrencies, and 5+ CFDs. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1:200 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are averaged at 0.6 pips for the EUR/USD pair.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on FXChoice
The means of making payments and withdrawals with this broker are: MasterCard, Visa, Bank Wire Transfer, Skrill, Neteller, AstroPay, FasaPay, Perfect Money, bitcoin. We find it encouraging that e-Wallets are offered because of their high security standards.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $100 which is within the obtainable average of $100 – $250 among brokers. We do not find information on withdrawal charges or fees.
However, trading bonuses are offered to clients and we have found that this is a method used by scammers to impose restrictions on clients’ accounts. But, FXChoice mentions that the 15% bonus offered for BTC deposits come with no fees.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is FXChoice Licensed?
Yes. Like have been stated earlier, FXChoice is licensed by IFSC in Belize. This makes FXChoice a legit Forex broker as scam brokers cannot hold this kind of license because of its requirements.
Traders are advised to always consider licensed brokers because authorities monitor their activities. Misappropriated funds can be recovered with ease.
To contact the brokerage or a customer care agent, call: 52 558 526 80 32 or email: firstname.lastname@example.org
FXChoice is a duly licensed Forex broker. Its trading conditions are encouraging. Like they claim, the brokerage is a secure place to trade. If you have anything to add to this review, please leave a comment.
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