FXChoice Review
Overall, FXChoice is a trustworthy and reputable broker. FXChoice offers two retail investor accounts as well as a demo account. FXChoice has an overall rating of 7 out of 10. FXChoice is currently not regulated by the CBN.
- Louis Schoeman
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.1/5
Min Deposit
–
Regulators
–
Trading Desk
–
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
FXChoice Review – 21 key points quick overview:
FXChoice Overview
👉 Overall, FXChoice is considered high risk, with an overall Trust Score of 50 out of 100. FXChoice is licensed by zero Tier-1 Regulators (high trust), zero Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). FXChoice offers two retail trading accounts namely an MT4 Classic and MT4/5 Pro Account.
👉 FXChoice is an online broker that has been around since 2010 and offers Contracts for Difference (CFDs) on a wide variety of underlying assets. They provide the robust but user-friendly MetaTrader 4/5 platforms for your computer, online browser, and mobile device.
👉 Because of how user-friendly they are, trading systems like this may be used by anybody. There is a wide variety of account kinds and uncomplicated ways to add money.
👉 Forex, commodities, cryptocurrencies, stocks, shares, indices, metals, energies, and CFDs are just some of the many markets that FXChoice facilitates trading in.
👉 As a true electronic communication network (ECN) broker, FXChoice offers traders from all over the world competitive fees and favourable trading conditions. There is a market for everyone, regardless of their passions.
👉 According to FXChoice’s stats, a deal is made with the broker every 4 seconds, with over $15,000 changing hands every day.
👉 You can count on the finest possible spreads and execution speeds because of their ongoing efforts to integrate innovative technology into trading conditions, ensuring you always have a positive trading experience.
👉 FXChoice accepts Nigerian clients and has an average spread from 0.0 pips with a 3.5 USD commission. FXChoice has a maximum leverage ratio up to 1:200 and there is a demo and Islamic account available.
👉 The MetaTrader 4 and MetaTrader 5 platforms are supported. FXChoice is headquartered in Belize and regulated by IFSC in Belize.
FXChoice Distribution of Traders
👉 FXChoice currently has the largest market share in these countries:
➡️ United Kingdom – 11.3%
➡️ Canada – 7.8%
➡️ Ecuador – 7.5%
➡️ Colombia – 5.5%
➡️ Venezuela – 5.2%
Popularity among traders who choose FXChoice
👉 FXChoice is not a prominent forex and CFD broker in Nigeria, but the broker still forms part of the 150 Top brokers for the region.
FXChoice at A Glance
| 🏛️ Headquartered | Belize |
| 🏙 Global Offices | Belize |
| 👍 Local Market Regulator in Nigeria | Central Bank of Nigeria (CBN) |
| 💰 Foreign Direct Investment in Nigeria | 39.16 billion USD (as of June 30) |
| 💵 Foreign Exchange Reserves in Nigeria | 41.96 million USD (March 31) |
| 🏢 Local office in Lagos | No |
| 🗣 Governor of SEC in Nigeria | Olufemi Lijadu (Chairperson) |
| ✔️ Accepts Nigerian Traders? | Yes |
| 🗓 Year Founded | 2010 |
| 📞 Nigerian Office Contact Number | None |
| 📱 Social Media Platforms | • YouTube |
| ⚖️ Regulation | International Financial Services Commission (IFSC) |
| 1️⃣ Tier-1 Licenses | None |
| 2️⃣ Tier-2 Licenses | None |
| 3️⃣ Tier-3 Licenses | International Financial Services Commission (IFSC) |
| 🪪 License Number | • Belize – 00007/301 |
| ⚖️ CBN Regulation | None |
| 💵 Regional Restrictions | Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, Syrian Arab Republic, Guam, Northern Mariana Islands, Puerto Rico, United States, US Virgin Islands |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 2 |
| 💻 PAMM Accounts | Yes, MAM |
| 💧 Liquidity Providers | Unknown |
| ✔️ Affiliate Program | Yes |
| 📈 Order Execution | NDD, Market |
| 📊 Starting spread | 0.0 pips |
| 💰 Minimum Commission per Trade | 3.5 USD |
| 💵 Decimal Pricing | 5th decimal pricing |
| 📞 Margin Call | 25% |
| 🛑 Stop-Out | 15% |
| 📊 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade Size | 50 lots |
| ✅ Crypto trading offered? | Yes |
| ✔️ Offers an NGN Account? | No |
| 🤝 Dedicated Nigerian Account Manager? | No |
| 📈 Maximum Leverage | 1:200 |
| 📊 Leverage Restrictions for Nigeria? | No |
| 💵 Minimum Deposit (NGN) | 41,000 NGN or 100 USD |
| ✔️ Nigerian Naira Deposits Allowed? | Yes, via Local Online Banking |
| 💰 Active Nigerian Trader Stats | 200,000+ |
| 👤 Active Nigerian-based FXChoice customers | Unknown |
| 🔄 Nigeria Daily Forex Turnover | 2.13 billion USD (March 31) |
| 💰 Deposit and Withdrawal Options | • Crypto Payments • Credit/Debit Card • AirTM • Skrill • Neteller • Perfect Money • PaySafeCard • AstroPay • Poli • PayRedeem • Sticpay • Payop • ADVCash • PromptPay • EPay • FasaPay |
| 👤 Minimum Withdrawal Time | Within 24 hours |
| ⏰ Maximum Estimated Withdrawal Time | 1 to 3 days |
| 💵 Instant Deposits and Instant Withdrawals? | Yes, deposits |
| ✔️ Segregated Accounts with Nigerian Banks? | No |
| 💻 Trading Platforms | • MetaTrader 4 • MetaTrader 5 |
| 📊 Tradable Assets | • Forex • Cryptocurrency • Indices • Commodities • Shares |
| 💰 Offers USD/NGN currency pair? | No |
| 💵 USD/NGN Average Spread | No |
| ✔️ Offers Nigerian Stocks and CFDs | No |
| 🗣 Languages supported on the Website | English, Spanish, French, Portuguese, Thai, Chinese |
| ✅ Customer Support Languages | Yes, through ZuluTrade |
| 👥 Copy Trading Support | Yes |
| 🗣 Customer Service Hours | 24/5 |
| 📞 Nigerian-based customer support? | No |
| 💵 Bonuses and Promotions for Nigerians | Yes |
| 📚 Education for Nigerian beginners | Yes |
| 💻 Proprietary trading software | No |
| 👤 Most Successful Nigerian Trader | Uche Paragon ($16 million+ Net Worth) |
| 💵 Is FXChoice a safe broker for Nigerians? | Yes |
| ✅ Rating for FXChoice Nigeria | 7/10 |
| ✔️ Trust score for FXChoice Nigeria | 50% |
| 👉 Open Account | Open Account |
FXChoice Regulation and Safety of Funds
FXChoice Regulation in Nigeria
👉 The local market regulators in Nigeria are as follows:
➡️ Central Bank of Nigeria (CBN)
👉 While FXChoice is regulated globally, the broker does not yet have local regulations or licenses in Nigeria. However, despite this, FXChoice is a popular and trustworthy broker that accommodates Nigerian traders.
FXChoice Global Regulations
👉 FX Choice Ltd is a Belizean business with registration number 105968 and a registered address of Corner Hutson & Eyre Street, Suite 302, Belize City, Belize. In addition, FXChoice is licensed by the International Financial Services Commission of Belize (IFSC) with license number 000067/301.
👉 With this offshore regulation, customers may not have the same level of protection in the case of disputes or bankruptcy as they would with a broker licensed by a top-tier regulator.
FXChoice Client Fund Security and Safety Features
👉 FXChoice is devoted to providing customers with a trustworthy and transparent trading experience via the use of ethical business methods, a safe and dependable trading environment, and superior customer support.
👉 FXChoice asserts that customer monies are held in accounts that are separated from business accounts and so cannot be utilized for other purposes. There is an internal risk management team that ensures compliance with regulatory standards by monitoring management activities.
👉 Their negative balance protection and guarantee ensure that your transactions will be immediately cancelled before your account balance falls below zero. If this safety system fails to function due to exceptional circumstances, they promise to zero out your account balance.
👉 Even though several top-tier regulated brokers do not provide this, therefore it allows FXChoice to differentiate itself from the competitors.
FXChoice Awards and Recognition
👉 FXChoice has won some awards during its years of operation, but these are not visible on the website.
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.
| 💻 Live Account | 💰 Minimum Dep. | 📊 Average Spread | 💵 Commissions | 💸 Average Trading Cost |
| Classic | 41,000 NGN / 100 USD | 0.5 pips | Spread Only | 5 USD |
| Pro | 41,000 NGN / 100 USD | 0.0 pips | 3.5 USD | • 3 USD – High-volume traders • 7 USD for casual traders |
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.
| Feature | Information |
| 💰 Minimum Deposit | 41,000 Naira or an equivalent to 100 USD |
| 📊 Average Spreads | From 0.5 pips EUR/USD |
| ⬆️ Commissions Charged | None, only the spread is charged |
| 📱 Minimum Position Size | 0.01 lots (micro lots) |
| 📉 Rebates Added | 2 USD per side up to 100,000 USD |
| 📈 Maximum Leverage | Up to 1:200 |
| 📊 Margin Level for Hedged/Locked Positions | 50% |
| 🔄 Execution | NDD and Market Execution |
| 📞 Margin Call | 25% |
| 🛑 Stop-Out Levels | 15% |
| ✔️ Algorithmic trading offered? | Yes |
| 💻 Range of Markets Offered | • 36 Forex Pairs • Indices • Precious Metals • Energies • Cryptocurrencies • Shares |
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.
| Feature | Information |
| 💰 Minimum Deposit | 41,000 Naira or an equivalent to 100 USD |
| 📊 Average Spreads | From 0.0 pips EUR/USD |
| ⬆️ Commissions Charged | 3.5 USD per side per standard lot (100,000 units of the base currency) for casual traders, 1.5 USD per side for high-volume traders |
| 📱 Minimum Position Size | 0.01 lots (micro lots) |
| 📉 Rebates Added | None |
| 📈 Maximum Leverage | Up to 1:200 |
| 📊 Margin Level for Hedged/Locked Positions | 50% |
| 🔄 Execution | NDD and Market Execution |
| 📞 Margin Call | 25% |
| 🛑 Stop-Out Levels | 15% |
| ✔️ Algorithmic trading offered? | Yes |
| 💻 Range of Markets Offered | • 36 Forex Pairs • Indices • Precious Metals • Energies • Cryptocurrencies • Shares |
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.
How to open an Account with FXChoice in Nigeria
👉 To register an account with FXChoice, Nigerian traders can follow these steps:
➡️ Navigate to the FXChoice website and select the green “Register” banner from the home screen.
➡️ Complete the registration form, which will take traders 2 minutes.
➡️ Once registered on the FXChoice website, traders can click on the “Open Live Account” form. Traders who are existing clients and who want to register an additional account can easily log into their Back Office to open more accounts.
➡️ Once traders have completed the application and it has been submitted, they can log into their FXChoice Back Office and click on the orange “verify your profile” banner, or they can click on “Verify Profile” on the left-hand menu.
➡️ To complete this process, traders must upload the necessary documentation that will verify their identity and residential address.
➡️ Next, traders can choose between MetaTrader 4 or MetaTrader 5 (Only the Pro Account has a choice as the Classic Account is natively offered on MT4).
➡️ Alternatively, traders can opt to use the Web Platform, which does not require additional downloads and can be used immediately from any web browser.
➡️ Next, traders can explore the deposit methods and conditions to fund their account with a minimum of 100 USD / 41,000 NGN and start trading.
FXChoice Vs easyMarkets Vs eToro – Broker Comparison
| FXChoice | easyMarkets | eToro | |
| ⚖️ Regulation | IFSC | BVI FSC, CySEC, ASIC, FSA | CySEC, FCA, ASIC, FSA, NFA, FinCEN, FINRA, SIPC, |
| 💻 Trading Platform | • MetaTrader 4 • MetaTrader 5 | • easyMarkets Platform • MetaTrader 4 • MetaTrader 5 • TradingView | eToro proprietary platform |
| 💰 Withdrawal Fee | Yes | None | Yes |
| 📱 Demo Account | Yes | Yes | Yes |
| 💵 Min Deposit | 41,000 NGN ($100) | 10,500 NGN ($25) | 84,000 NGN ($200) |
| 📊 Leverage | Up to 1:200 | Up to 1:400 | • 1:30 (Retail) • 1:400 (Professional) |
| 📈 Spread | From 0.0 pips | Fixed, 0.03 USD | From 1 pip |
| 💸 Commissions | 3.5 USD/1.5 USD per side | None | None |
| 📞 Margin Call/Stop-Out | 25%/15% | 70%/30% | None indicated |
| ➡️ Order Execution | NDD, Market | Market | Market/Instant |
| ✔️ No-Deposit Bonus | No | No | No |
| ✅ Cent Accounts | No | No | No |
| 💻 Account Types | • MT4 Classic Account • MT4/5 Pro Account | • Standard Account (Web/App and MT4) • Premium Account (Web/App and MT4) • VIP Account (Web/App and MT4) | Standard Account |
| ⚖️ CBN Regulation | No | No | No |
| ✔️ NGN Deposits | No | Yes | No |
| ✅ NGN Account | No | No | No |
| 👥 Customer Service Hours | 24/5 | 24/5 | 24/6 |
| 🛍 Retail Investor Accounts | 2 | 3 | 1 |
| ☪️ Islamic Account | Yes | Yes | Yes |
FXChoice Trading Platforms
👉 FXChoice offers Nigerian Traders a choice between these trading platforms:
➡️ MetaTrader 4
➡️ MetaTrader 5
Desktop Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
👉 MetaTrader 4 (MT4) and MetaTrader 5 are two of the top trading platforms for Forex and CFD trading offered by FXChoice (MT5). Both platforms provide the ordinary retail trader with rapid and simple access to the markets.
👉 MT5 is more extensive than MT4 since it includes extra features and functions and is primarily a stock trading platform. If you just want to trade FX, though, MT4 should be more than adequate.
WebTrader Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
MetaTrader 4
👉 The FXChoice version of MT4 combines the main functionality of the platform with real-time price feeds from worldwide markets, quick execution speeds, competitive terms, and interbank liquidity. The platform is suited for traders of all experience levels.
👉 It offers a user-friendly interface and various built-in lessons for novice traders, as well as a wide variety of technical indicators and functionality for expert traders.
👉 The features include technical indicators for analysing charts, numerous chart time frames, multiple order types, strategy templates, automated trading through expert advisors (EAs), custom indicators, and a great deal more besides.
MetaTrader 5
👉 MT5 is not just the latest version of MT4; it is a whole new platform with additional features that build on the success of MT4. For those acquainted with MT4, the most essential elements are still there, with a few additions to better the trading experience overall.
👉 Additional order types, depth of market display, extra indicators, various time frames, and a robust EA testing environment with actual tick data are some of the characteristics of MT5.
Trading App
➡️ MetaTrader 4
➡️ MetaTrader 5
👉 FXChoice provides both MT4 and MT5 mobile trading platforms, which is handy for people who need to trade while away from their computer.
👉 To track the markets and manage your holdings, you can access the platforms on your Android or iOS mobile. The MetaTrader applications can easily be downloaded for free from the respective app store.
Broker Comparison for Range of Markets
| FXChoice | easyMarkets | eToro | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | Yes | Yes |
| ➡️️ ETFs | No | No | Yes |
| ➡️️ CFDs | Yes | Yes | Yes |
| ➡️️ Indices | Yes | Yes | Yes |
| ➡️️ Stocks | Yes | Yes | Yes |
| ➡️️ Cryptocurrency | Yes | Yes | Yes |
| ➡️️ Options | No | No | No |
| ➡️️ Energies | Yes | Yes | Yes |
| ➡️️ Bonds | No | No | No |
FXChoice Trading and Non-Trading Fees
Spreads
👉 The average spreads that traders can expect will depend on the account that they use, the financial instrument that is being traded, and the market conditions overall on the trading day.
👉 FXChoice is an NDD broker that charges variable spreads as follows:
➡️ MT4 Classic Account – 0.5 pips EUR/USD
➡️ MT4/5 Pro Account – 0.0 pips EUR/USD
👉 FXChoice charges some of the following spreads on financial instruments:
| 🔧 Instrument | 💻 Classic Account | 📊 Pro Account |
| USD/JPY | 0.014 pips | 0.006 pips |
| BTC/USD | 3 USD | 3 USD |
| USD Tech (NASDAQ) | 22 USD | 21 USD |
| XAU/USD | 24 USD | 12.2 USD |
| XAG/USD | 65 USD | 6.6 USD |
| WTI | 40 USD | 15.8 pips |
| Shares (Apple, Inc.) | 17 USD | 17 USD |
Commissions
👉 FXChoice only charges commissions on the Pro MT4/5 Account. This is an average of 3.5 USD per side, per 100,000 units (standard lot) traded.
👉 FXChoice offers a Pips+ Loyalty Programme for both Classic and Pro Account holders. The more Classic Account holders trade, the more rebate they will receive, like a spread refund. The Pro Account’s rebates result in lower commissions.
How to Deposit Funds with FXChoice
👉 To deposit funds to an account with FXChoice, Nigerian Traders can follow these steps:
➡️ To deposit funds with FXChoice, Nigerian traders must first log into their Back Office Profile.
➡️ From here, traders can navigate to “Deposit” and choose their preferred deposit method from the list provided. This must be done according to the list of accepted countries.
➡️ From here, traders can follow the on-screen prompts and instructions to complete their transactions.
👉 Nigerian traders must note that there are specifics that they must read for every deposit method that is supported. In addition, there are also transaction minimums, fees, and additional information that they must read.
👉 Nigerian traders must also note that in terms of using Visa or Mastercard, traders will be required to provide additional documentation to verify their identity before they can use these methods.
👉 In addition, third-party payments are not allowed, and if funds are received from an unknown source, they will be returned.
FXChoice Fund Withdrawal Process
👉 To withdraw funds from an account with FXChoice, Nigerian Traders can follow these steps:
➡️ Nigerian traders can log into their Back Office profile.
➡️ Traders can navigate to the “Withdrawal” section, and they can choose their preferred withdrawal method from the list available. Traders must note that in some cases they will be required to withdraw funds using the same method used with the deposit.
➡️ Next, traders can complete the withdrawal request and submit it.
➡️ Nigerian traders will receive a confirmation link via email, and they can click this link to confirm the withdrawal.
👉 Nigerian traders must note that withdrawal requests that are received during FXChoice’s business hours will typically be processed between 1 to 3 working days. However, once processed, traders must note that it can take longer for the funds to reach their bank account.
👉 When FXChoice receives a withdrawal request outside of business hours, on weekends or public holidays, or after a certain cut-off, the withdrawal will only be processed on the next available business day, within the 8.5 business hours.
👉 In addition, traders must also note that if there are downtimes the withdrawal request will be processed according to the order time or date that it was received once the system has recovered.
👉 Third-party payments are not allowed, and traders must ensure that they complete the additional email that they receive from the payment processor to confirm the bank details. Once complete, traders can submit the form and the transfer of funds will be confirmed.
FXChoice Education and Research
Education
👉 FXChoice offers the following Educational Materials:
➡️ Forex Trading Guide with eight chapters
➡️ FXEducation Glossary
Research and Trading Tool Comparison
| 🥇 FXChoice | 🥈 easyMarkets | 🥉 eToro | |
| Economic Calendar | Yes | Yes | No |
| VPS | Yes | No | No |
| AutoChartist | No | No | No |
| Trading View | No | Yes | Yes |
| Trading Central | No | Yes | No |
| Market Analysis | Yes | Yes | Yes |
| News Feed | Yes | Yes | Yes |
| Blog | Yes | Yes | Yes |
👉 FXChoice also offers Nigerian traders the following additional Research and Trading Tools:
➡️ MQL5 Signals
➡️ Myfxbook AutoTrade
➡️ ZuluTrade
➡️ Expert Advisors
FXChoice Bonuses and Promotions
👉 FXChoice offers a range of bonuses and promotions to new and existing clients, including:
➡️ Referral programme – traders can earn $25 for every $100 that their referral deposits.
➡️ A 50% Welcome Bonus of up to $10,000 per month.
➡️ A 65% bonus on Crypto Deposits, with a bonus amount of up to $10,000.
How to open an Affiliate Account with FXChoice
👉 To register an Affiliate Account, Nigerian Traders can follow these steps:
➡️ Prospective affiliates can go to the official FXChoice website and hover over the “Referral Programmes” tab.
➡️ Next, Nigerians can click on “Affiliate Programme” and wait for the page to load.
➡️ Nigerians can click on the “Join US” banner and a registration form will load.
➡️ Next, the prospective affiliate can complete the required fields by providing their Full Name and a valid email address. Next, enter a user-selected password and click the “I have read, understood and accepted the Data Protection Notice” before selecting “Next.”
➡️ The next step requires the prospective affiliate to select their country of residence and their mobile number.
➡️ A code will be sent to the number provided and prospective affiliates can enter this code in the field provided to proceed. Once the code has been entered successfully, registration can continue.
➡️ Once Nigerians have provided additional information, they can apply and wait for feedback from an affiliate manager.
FXChoice Affiliate Program Features
👉 The FXChoice Affiliate Program consists of three parts, namely the Volume-based plan for Classic and Pro Accounts, Cost per Acquisition (CPA) and the Hybrid Plan.
Volume-Based Plan
Classic
👉 FXChoice provides 36 trading currency pairings, and if most of the affiliate’s customers trade exotic pairs and minors in addition to majors, this plan is great for them.
👉 Affiliates will get a certain proportion of the spread whenever a deal is executed. Affiliates could even get up to 50% of the spread on all currency pairings.
👉 In addition, the spread percentage that affiliates receive increases proportionately with their customers’ trading volume.
Pro
👉 For Pro memberships, which are among retail and institutional brokers, FXChoice provides a progressive commission-sharing structure. The affiliate commission will rise proportionately with the trading volume generated by their customers.
Cost Per Acquisition (CPA)
👉 This plan is for affiliates who are not interested in volume-based models. The CPA plan is straightforward and allows affiliates to earn once their clients have registered and funded a trading account, and they subsequently meet a certain trading volume requirement.
👉 The minimum that affiliates can earn is 25 USD per 100 USD deposited by a client. The maximum earnings go up to 1000 USD if the introduced client deposits at least 4,000 USD in a single transaction.
Hybrid Plan
👉 The hybrid plan is the perfect balance between a volume-based and CPA plan. Affiliates will be compensated for referring customers, like the CPA plan, and will continue to get commissions for as long as they continue to trade, like the volume-based model.
👉 The set payment affiliates get for referring a customer (the CPA portion) and the commission paid for the volume created by clients under this plan are lower compared to the original models, but the combination of both income streams makes this plan very efficient.
FXChoice Customer Support
👉 Competent and polite multilingual worldwide assistance is accessible by online chat, telephone, and email 24 hours a day, five days a week.
👉 The LiveHelpNow Challenge, which recognizes the top 100 suppliers of exceptional customer support, awarded FXChoice the best customer service challenge award. These rankings are based on daily metrics presented on client dashboards and are influenced by data.
👉 Winners of the Challenge are among the finest customer service providers in their respective industries, as measured against 12 distinct criteria.
👉 This accomplishment exemplifies the professionalism, expertise, concern, and ongoing effort to deliver superior customer service. This is what distinguishes the top 100 firms in a worldwide field of more than 10,000 enterprises.
| Customer Support | FXChoice Customer Support |
| ⏰ Operating Hours | 24/5 |
| 🗣 Support Languages | Multilingual |
| 💬 Live Chat | None |
| 📧 Email Address | Yes |
| 📞 Telephonic Support | Yes |
| ✔️ Local Support in Nigeria? | Yes |
| 🥇 The overall quality of FXChoice’ Support | 4/5 |
FXChoice Corporate Social Responsibility
👉 There are currently no CSR initiatives or projects indicated for FXChoice.
Our Verdict on FXChoice
👉 FXChoice is an established, transparent, and authorized online broker that offers competitive trading conditions such as narrow spreads as low as 0 pips, swift trade execution speeds, minimal commission costs, and adjustable leverage to customers from across the globe.
👉 FXChoice’s minimal deposit, user-friendly trading interfaces, and variety of payment alternatives make them accessible to traders of all experience levels.
👉 There are some trading guidelines and lessons for novices, as well as risk-free sample accounts, for those who want to test the broker without incurring any costs.
👉 FXChoice’s lack of regulation is a disadvantage since the company has just an offshore license. In addition, there is a dearth of comprehensive teaching materials and a paucity of trading tools and resources.
FXChoice Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXChoice is a user-friendly broker that offers powerful trading software for Nigerians | FXChoice lacks regulation from Tier-1 and Tier-2 regulators and only has Tier-3 regulations through IFSC |
| There are low spreads and overall low fees | There is a limited selection of educational materials for beginners |
| There is a loyalty programme that offers rebates and commission reduction | There are only a few trading tools offered and no comprehensive market analysis |
| FXChoice supports all trading strategies including hedging, scalping and EAs | |
| There is a decent choice in deposit and withdrawal options | |
| Commission-free trading is offered | |
| FXChoice offers ECN and NDD execution on trades | |
| Trading signals are provided via third-parties | |
| VPS is available to eligible traders | |
| FXChoice has an award-winning customer support | |
| There is an Islamic Account option for Muslim Nigerian traders | |
| There is a demo account offered |
FAQ
Is FXChoice regulated?
Yes, FXChoice is regulated by the Belize-based market regulator the International Financial Services Commission (IFSC).
What type of broker is FXChoice?
FXChoice is a Non-Dealing Desk (NDD) and Electronic Communications Network (ECN) broker that offers NDD and Market execution on trades.
Is FXChoice regulated in Nigeria?
No, FXChoice is not regulated in Nigeria by the Central Bank of Nigeria (CBN).
Can I register an NGN-denominated FXChoice Account?
No, you can only register either a Classic or Pro Account denominated in USD.
Does FXChoice have Nasdaq?
Yes, FXChoice offers Nasdaq under US Tech.
How long will my withdrawal with FXChoice take?
It takes between 1 to 3 working days for FXChoice to process a withdrawal, but it can take much longer for the funds to reach your account, depending on the withdrawal method and internal processes of your bank.
Does FXChoice have Volatility 75?
No, FXChoice does not offer VIX 75.
