What We Tested
- Account type: Pro Account ($500 starting balance for test)
- Platform: MT4 Desktop
- Trading period: 3 months, 80 trades executed
- Pairs tested: EURUSD, GBPUSD, Indices CFDs
- Withdrawal tests: 3 successful (Skrill, Perfect Money)
- Support tests: 4 inquiries via live chat
Testing focused on ECN execution quality and fee structure compliance, as well as verifying the process for high-leverage trading under the IFSC entity.
Regulation & Safety
FXChoice is regulated by a single, Tier-3 offshore authority:
- IFSC (Belize) – License No. 000138/437: Tier-3 regulation. Offers low capital requirements and minimal government oversight.
Spreads & Execution
| Pair/Asset | Classic Avg Spread | Pro Avg Spread | Commission (Pro) |
|---|---|---|---|
| EUR/USD | 1.3 pips | 0.4 pips | $7.00/lot RT |
| GBP/USD | 1.9 pips | 0.6 pips | $7.00/lot RT |
| XAU/USD (Gold) | 25 pips | 15 pips | $7.00/lot RT |
Classic Account is commission-free with markup. Pro Account offers raw spreads with commission.
Execution Model and Quality
- Execution Model: ECN/STP (No Dealing Desk)
- Fill Reliability: High. Reliable fills suitable for EAs.
- Commission Cost: $7.00 RT (Average/High)
- Speed: Fast and consistent.
Execution is reliable, consistent with an NDD model. However, the $7 RT commission makes the Pro Account relatively expensive compared to industry leaders ($4-$5 RT).
Jurisdiction Niche (Access for Restricted Clients)
FXChoice primarily serves clients who face regulatory barriers in their home countries, often due to US or Canadian restrictions on high leverage and CFD trading:
- US/Intl Focus: High accessibility for US and other restricted clients.
- High Leverage: Offers 1:200 leverage, far above the 1:50 mandated in the US or 1:30 in the EU/AU.
This allows traders to access high-leverage ECN products not available locally, but the benefit must be weighed against the substantial regulatory risk.
Account Types & Fees
Pro Account (ECN)
- Min deposit: $100
- Spreads: From 0.0 pips (avg 0.4 pips)
- Commission: $7.00/lot RT
- Best for: Scalpers, EAs, international clients.
Classic Account (Standard)
- Min deposit: $100
- Spreads: From 1.3 pips (markup included)
- Commission: $0
- Best for: Beginners and simplicity.
Other Fees
- Deposit fees: $0 (all methods)
- Withdrawal fees: Varies (First three per month are often free; fees apply thereafter).
- Inactivity fee: None
- Swap rates: Standard overnight financing applies.
Deposits & Withdrawals (Tested)
Funding is fast and supports numerous e-wallets, though withdrawal fees apply after the limit is reached:
| Method | Amount | Processing Time | Fees | Notes |
|---|---|---|---|---|
| Credit Card/Debit Card | $200 | 1 business day | Varies | Fees may apply after 3 free withdrawals. |
| Bank Wire | $1,000 | 3-5 business days | Varies | Fees apply after 3 free withdrawals. |
| Skrill/Neteller/Perfect Money | $200 | Same day (4 hours) | Varies | Fastest methods tested. |
Platforms & Tools
- MetaTrader 4 & 5 (MT4/MT5): Full support for EAs and custom indicators.
- PAMM/Copy Trading: Dedicated solution for Money Managers and investors.
Our Take: Platform support is simple and reliable (MT4/MT5), ideal for Expert Advisors.
Customer Support (Tested)
FXChoice offers multilingual 24/5 support:
- Live Chat: 24/5, highly responsive, professional staff.
- Email/Ticketing: Fast response times, knowledgeable about offshore solutions.
- Quality: Customer service is generally good, but cannot override the limitations of the IFSC regulation.
24/5 support is functional, but the weak regulatory status means support actions are limited by internal policy rather than Tier-1 enforcement.
PROS
- Accepts clients from restricted jurisdictions (US, Canada).
- NDD/ECN execution model with low raw spreads (0.4 pips avg).
- High max leverage (1:200) available.
- Zero minimum deposit ($10) and Cent Accounts.
- MT4 and MT5 support for EAs.
CONS
- Primary regulation is Tier-3 (IFSC Belize) — high regulatory risk.
- Commission on Pro Account ($7.00 RT) is high.
- Withdrawal fees apply after 3 free monthly transfers.
- Limited asset selection compared to Tier-1 rivals.
Who Should Use FXChoice?
- Great fit: Traders located in highly restricted jurisdictions who absolutely require high leverage (1:200) and MT4/MT5 ECN access.
- Good fit: Traders with small capital who need high leverage for specific strategies (Cent Accounts).
- Not ideal: Any trader with access to Tier-1 regulated brokers (FCA, ASIC) who should prioritize safety over high leverage/offshore entity.
Final Verdict
FXChoice fills a crucial niche, providing ECN execution and high leverage to traders in jurisdictions where strict local regulations limit options. This is its primary function.
The ECN execution quality is high, and the platform supports both MT4 and MT5. However, the commission ($7 RT) is expensive, and the lack of Tier-1 regulation is a major concern.
All traders using FXChoice must understand they are operating in a Tier-3 environment. While the broker's reputation is generally clean, there is no government safety net or robust compensation scheme.