FXChoice Review

FXChoice Account Types and Features

👉 FXChoice offers two primary account types namely an MT4 Classic and MT4/5 Pro Account. If you want to utilize MT5 and have access to all trading instruments, you must register a pro account.

👉 The overall choice in account type will depend on the trading approach, and Kenyans have the option between low spreads with a commission cost or no commission fee with a spread markup.

👉 While this might not make a significant impact on whether you hold investments for the long term, if you engage in day trading and hold many positions, you will want the lowest feasible spreads.

FXChoice Live Trading Account Details

MT4 Classic Account

👉 The spreads on the standard account begin at 0.5 pips and include a commission rate. Commission-free accounts often have wider spreads, although this helps simplify the calculation of trading expenses.

MT4/5 Pro Account

👉 The pro account costs a fee of up to $3.5 on top of the spreads, which are derived from direct market liquidity offered by some of the world’s leading banks. Spreads begin at only 0 pips, which is tighter than the standard account.

👉 If your strategy demands tight spreads, this account could be the best option for you. A further differentiating characteristic of the pro account is that it provides access to a greater variety of tradable instruments.

FXChoice Base Account Currencies

FXChoice does not offer any other currencies except USD. This means that Nigerian traders who deposit or withdraw their funds in Naira will face currency conversion fees.

FXChoice Demo Account

👉 Open an FXChoice demo account if you want to try out online trading without risking any of your own money first.

👉 There is no cost to open this account, and virtual money has been pre-deposited so that you may try out different trading techniques without any actual financial risk.

👉 The practice could help you become comfortable with the broker’s interface and develop the competence and self-assurance you will need to make a success of your trading.

👉 FXChoice’s trading platform automatically configures demo accounts such that they do not expire until traders forget to check in for 90 days, in contrast to other brokers that need traders to contact for extending the trial account.

👉 That means traders can keep their practice accounts open indefinitely. This is a fantastic addition since it is especially useful for trying out new strategies.

👉 FXChoice has a generous 20 available sample accounts, and more may be opened the more often traders contact the broker. This allows them to test out many strategies before committing to one.

👉 Nigerian traders can keep utilizing their demo accounts indefinitely by depositing more virtual dollars anytime they choose.

FXChoice Islamic Account

👉 An Islamic account is a distinct form of account, and both the classic and pro accounts may be converted to swap-free Islamic accounts at FXChoice. To open an Islamic account, a customer must first create an account and then go to the Profile area.

👉 By clicking on the Islamic accounts page and following the simple procedures, the user can quickly apply and begin utilizing the account.

👉 According to the FXChoice study, Islamic accounts incur a commission cost due to the absence of swap charges. In the event of a successful exchange, there is no commission cost.

👉 If Nigerian traders incur negative swaps, the commission cost is 75% of the swaps involved. Even if these costs are small, they can still be discouraging to certain traders, since these accounts might not be suited for Muslims.