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In-Depth Review of FXChoice | Best Forest Broker?

By Margin Hero | Product Review

Mar 07

We’ve been getting a lot of questions on the best Forex Broker, and who do we recommend. In today’s article, I am providing an in depth review of Margin Hero’s favorite Forex Broker: FXChoice!

In my professional opinion, FXChoice is one of the best forex brokers out there. The are a true ECN broker, for those of you that don’t know what an ECN broker is, it means FXChoice does not pass their order flow to market makers. They match everyone’s trades and pass the orders to liquidity providers. In laymen terms, they do not profit by trading against their customers, which is a huge win in my book!

The downside to this is that they may be slightly more expensive than other non-ECN Brokers since their source of revenue is from larger spreads or commissions if you decide to opt for their pro commissions account. BUT REMEMBER, they are not betting against you, in fact they want you to succeed since more winning trades equals more profit for them.

Higher Margin Limits

Most US based Forex brokers will not go higher that 50:1 leverage; however, FXChoice goes as high as 200:1. Keep in mind that Margin Hero does not condone high use leverage to the the complete beginner, but there are strategies where higher leverage is necessary to you can stack your trades until they snowball into a massive win!

(I plan to write more on this strategy in later articles so be sure to subscribe)

Overall, you may rarely use 200:1 leverage, but you also don’t want to be handicapped with low leverage either. It’s better to have the tools at your disposal and use it sparingly than not having it at all.

Funding Your FXChoice Account

Did you know you can fund your FXChoice account with Crypto! Hey, I love trading Crypto, but there are times where it is so dull and boring. Watching Bitcoing move within a $20 trading range is no fun. In times like that, I just move my stack of Bitcoin over to FXChoice and trade Forex where there is ALWAYS a trade to find. Who knew that you could grow your Crypto stack by not trading Crypto…

Funding your FXChoice Account is by far the easiest and fastest, and when you want to cash out, just send your Bitcoin or Ethereum right back to your Crypto Exchange; it’s that easy.

Trading Platforms

FXChoice lets you choose which trading platform you want to use (MetaTrader 4 or 5). I recommend to pick the one you are comfortable or have the most experience with. I personally use MetaTrader 4 since my trading strategy heavily depends on Fibonacci extensions and replacements which work with less precision on MT5.

Check out this table for more in depth comparisons:

Commissions or Spreads

If you are debating on what type of account to open, FXChoice offers a commission based account or no commission but you have a larger spread.

This really depends on what kind of trader you are. I work on larger time frames since I am mostly a swing trader so a bigger spread has no impact on my trades where I am often times raking in 50-100 pips per trade. If you are a scalper though, you want as tight of a spread as possible so the commissions account would be best suited for you.

If you opt for the commissions account, you can see spreads as tight as .1 pip, which is pretty good. Keep in mind that that is in peak trading hours. When trading in non-ideal times, you can see that spread be as high as .7, and then you would have to pay commission on top of that.

Conclusion

You really can’t go wrong with FXChoice in my opinion, but you don’t have to take my word for it. They offer unlimited demo accounts with $0 money. Go over there today and try them out and let me know what you think, I’m positive you won’t be disappointed.

When you are ready to start trading, you can get going with as little as $100. You will have to give them some of your personal information; however, their servers are secure and encrypted with SSL technology and they do not sell your personal information.

I’ve been trading with them for years, and I can’t recommend them higher. If you found this brief review helpful, please consider using Margin Hero’s affiliate link. It doesn’t cost you anything extra, and it helps us keep the lights on so we can keep pushing out great quality content.

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