Review FXChoice

Founded in 2010
Headquarters in Belize

The cryptocurrency market continues to grow beyond what anyone thought possible a decade ago, and these digital assets are now increasingly appearing in online broker platforms. Cryptocurrencies have changed the face of investing and trading, however as a native asset they can be quite complex and difficult to grasp. There are many issues to contend with, such as crypto wallets, private keys, and the possibility of losing your funds to hackers. With all these issues many investors are still shying away from trading on the cryptocurrency exchanges.

However, there is another way. Thanks to innovative brokers like FXChoice, traders can speculate on the price movements of cryptocurrencies using CFDs. This allows them to avoid all the potential pitfalls associated with cryptocurrencies and focus on the positive aspects of the asset class. Now anyone can easily trade cryptocurrencies.

FXChoice

Quick Look

FXChoice is the brand name of FX Choice Limited. The broker is located in Belize and has been in operation since 2010. Furthermore, they are regulated by the Belize International Financial Services Commission under license number 000067/164. This provides a level of protection that just cannot be found when trading through the unregulated cryptocurrency exchanges.

In addition to the cryptocurrencies being offered, clients of FXChoice can also take advantage of over 100 other individual assets, including forex, commodities, indices, and shares. With two account types to choose from traders can decide whether to go with no commissions, or a small commission and tighter spreads. And of course, there are demo accounts available to test the trading conditions at the broker.

Most traders will be happy to see MetaTrader 4 as the trading platform, and those who prefer the newer MetaTrader 5 will be happy to see FXChoice offers that version as well. Both MT4 and MT5 are powerful and give traders the edge they need in terms of technical analysis.

Clients can contact customer support via online form, live chat, or telephone on Mondays through Fridays, 24 hours a day.

FXChoice Pros and Cons

Pros

  • Regulated brokerage for trading cryptocurrencies
  • World-class MetaTrader 4 and MetaTrader 5 platforms
  • Many fiat and cryptocurrency funding options

Cons

  • U.S. citizens not accepted as clients
  • Educational materials are lacking
  • Offshore regulation

Cryptocurrency Products

While it is true you can find hundreds or even thousands of cryptocurrencies at the dedicated cryptocurrency exchanges, very few traders actually need access to all those lightly traded, illiquid smaller assets. What you really want are the most liquid and popular cryptocurrencies. And that is exactly what FXChoice offers.

Clients can trade CFDs on some of the largest and most heavily traded cryptocurrencies, which means that unlike the smaller altcoins, these cryptos are not subject to manipulation, or the infamous “pump and dump” schemes. The cryptocurrencies at FXChoice have grown to the point where price manipulation is not an issue.

Currently the broker offers trading on Bitcoin, which is the largest and best known of the cryptocurrencies. Bitcoin is called “digital gold” because it is the most trusted of all the cryptocurrencies. Also available is Litecoin, which has been called the “digital silver” to Bitcoin’s “digital gold” status. And finally, traders will be able to trade on Ethereum, which is the second largest cryptocurrency and one that has been powering the decentralized finance revolution.

All the cryptocurrencies are traded against the USD as CFDs, and all benefit from leverage as great as 1:200.

Account types

Traders can choose from two basic account types depending on their own trading style and needs. The first of these is the Classic account, and while it features no commissions, it also comes with spreads that are a bit higher. That said, the spreads are still reasonable as they begin at just 0.5 pips.

The other account type is the Pro account, which features spreads as low as 0 pips and a trading commission of $35.00 per notional value of $1 million.

Both accounts have a $100 minimum deposit, 1:200 leverage, and excellent execution speeds.

Multi-Account Management (MAM) Account

Experienced traders with their own client base can take advantage of the Multi-Account Management (MAM) be approved for the MAM account. You will be expected to provide evidence of profitability and that you can bring clients to FXChoice in order to gain approval.

Pips+ Loyalty Programme

Every client, whether using a Classic or Pro account, is automatically entered into the Pips+ Loyalty Programme. There are five tiers to the programme and each successive tier offers additional benefits in the form of savings on trading costs.

FXChoice Loyalty Programme

Those on Classic accounts receive a rebate on their spreads, which can go as high as $20 per $1 million traded. The Pro account holders receive lowered commissions, and if you reach tier 1 the commission is just $15 per $1 million traded, which is less than half the usual commission rate, providing a substantial savings for active traders.

Banking

Another benefit to trading cryptocurrencies through FXChoice becomes apparent when trying to deposit and withdraw. Many of the large cryptocurrency exchanges only accept deposits in cryptocurrencies. But at FXChoice clients can deposit in USD, EUR, GBP, CHF, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP.

It is also possible to deposit or withdraw funds via credit/debit cards, ACH bank transfer, and online wallets like Neteller and Skrill. Note that deposit/withdrawal methods can differ from country to country, and that some methods (mostly the eWallets) will charge withdrawal fees. There might also be transaction limits from some of the platforms.

Refer and Earn

One of the great benefits of trading through FXChoice is the ability to actually earn on referrals. The broker offers up to $250 for a referral who becomes a client. And to make it easier to attract referrals FXChoice has a 15% bonus for every new referral. You can earn $25 for each $100 deposited by the referred clients once they reach the required volume of $200,000 turnover (1 full lot). The maximum reward for one referred client is $250, once they reach the required volume of $2,000,000 (10 full lots).

FXChoice Refer and Earn

After you have introduced five people and they each make a deposit, you can upgrade your status to that of an Affiliate, or you can continue their Refer-and-Earn plan.

In Conclusion

For those who want to trade cryptocurrencies but are intimidated by the complexities of the asset class, or the dangers posed by hackers, there is now an excellent solution. The cryptocurrency CFD offerings of FXChoice simplifies cryptocurrency trading and gives access to leverage as well. It also makes crypto trading more secure since you will be trading with a regulated broker. And by trading CFDs you never actually own the underlying crypto asset, which means you never have to worry about hackers stealing from you.

Given the excellent trading conditions, the long and reputable history of the broker, and the cryptocurrency offerings there is no reason not to consider trading cryptocurrencies through FXChoice.

Contact us directly

Contact us directly for further inquiries about our products and services.



 
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