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FXChoice Broker Review For Nigeria In 2023

Our Opinion About FXChoice

FXChoice has been offering online trading services to clients worldwide since 2010. Over the last decade, they have earned a great reputation within the industry. They are a regulated forex broker that operates under the supervision of the Financial Services Commission in Belize. They are also well-known for offering reliable services and, over the years, have won many forex awards for their excellent customer support.

As a security-focused forex broker, FXChoice offers a secure online trading environment and a high level of client fund protection. They provide CFD trading on a number of markets including forex, shares, indices, commodities, and cryptocurrencies. They also offer a variety of FXChoice account types. You can choose from 3 different account options – all of which come with excellent trading conditions, and great forex bonuses. You can also choose from two of the industry’s best trading platforms – MetaTrader4 and MetaTrader5.

As a technology-focused forex broker, FXChoice also offers a number of helpful online trading tools. For example, they give you access to MQ5 trading signals and myfxbook Autotrade services. They also provide access to other premium trading tools such as EAs and VPS services. In terms of online trading support, FXChoice has a useful educational hub and free market analysis for forex traders. They provide free learning resources including online courses, educational articles, and a free trading glossary. And in addition, FXChoice also provides award-winning customer service and multilingual support.

FXChoice Regulation and Safety

FXChoice is a regulated forex broker registered with two overseas authorities. It has an excellent reputation for offering a safe trading environment across all of their services and all of their traders benefit from a high level of client fund protection.

Regulation in Nigeria

As you may already know, there is less regulation in Nigeria. That’s why it’s very important to choose a forex broker that is supervised by regulatory authorities abroad. FXChoice has a company established in Belize under Registration No. 105,968. They also have a company established in St. Vincent and the Grenadines under Company Number 26842 BC 2022. As such, they are monitored by two sets of financial authorities. This means that you should be able to expect fair treatment and a high level of service.

FXChoice Spreads

FXChoice is very transparent about its spreads and trading costs. The spreads vary depending on your account type. For example, the spreads start from 0.5 pips on the Classic account. The spreads on EUR/USD start from 0 pips on the Pro account. Traders should remember that Pro accounts are commission-based at $3.50 per side. The commission-free Classic account offers spreads at around o,5 pips for EUR/USD.

FXChoice Deposits

As part of our fx choice review, we checked what deposit methods are available for their accounts. They have a good selection of international and local payment options.

Deposit Methods

You can fund your trading account using the standard deposit methods such as debit card, credit card, and wire transfer. This is a convenient option for many forex traders.. You can also deposit money using many popular e-wallets or prepaid cards. For example, FXChocie accepts payments made using Airtm, Skrill, Neteller, PerfectMoney, PaySafeCard, Astropay, and Poli. It also accepts payments made using Payredeem, Sticpay, Payop, Advcash, PromptPay, ePay, or FasaPay.

It is worth keeping in mind that some of these payment methods are only available in certain regions. It is also worth keeping in mind that some of the deposit methods, like cryptocurrency deposits, come with extra account rewards. If you’re looking for low deposit costs, or even special offers, then it’s also worth checking out the FXChoise bonus program for their latest deposit deals.

Minimum deposits

The FXChoice minimum deposit is different for each trading account. For example, if you want to open an Optimum account, then the minimum deposit is $10. However, if you want to trade on a Classic or Pro account, then the FX Choice minimum deposit is $100. It is worth keeping in mind that some of the available payment methods may also come with additional minimum deposit requirements.

FXChoice Withdrawals

Withdrawal methods

FXChoice has a good selection of withdrawal methods. You can withdraw your funds using traditional payment methods such as debit card, credit card, and wire transfer. This should be quite straightforward. You can also withdraw your money using either e-wallets and prepaid cards. For example, you can make withdrawals via Airtm, Skrill, Neteller, PerfectMoney, and Astropay. You can also use other options such as Payredeem, Sticpay, Payop, Advcash, PromptPay, ePay, and FasaPay.

It is worth keeping in mind that some of these withdrawal methods are only available in certain regions. It is also worth keeping in mind that each withdrawal method comes with its own T&Cs. For example, if you want to withdraw money using a debit card, then it’s important to note that there are some different conditions for refunds and profits.

Withdrawal complaints

FXChoice has a great track record when it comes to customer service. They have earned many forex awards in recent years in acknowledgement of their fair treatment and customer support. There are very few reports online of FXChoice withdrawal complaints or FXChoice withdrawal issues.

FXChoice Withdrawal reviews

FXChoice has a good withdrawal process. The withdrawals are handled quickly. For example, all withdrawal requests received during business hours are generally processed the same business day. Any request received during non-working-hours, weekends, holidays, or after the specified cut-off will be processed the next workday.

Withdrawal problems

The company is very transparent about client problems. They openly publish client feedback on their website and they also provide direct links to review sites like TrustPilot. From what we can see, there have been very few reports of FXChoice withdrawal problems and their customer support team handles any issues very quickly.

FXChoice Registration – How To

If you’re a forex trader in Nigeria, then all you need to do is follow these simple steps. Firstly, open the FXChoice website and navigate to the “Register” button on the homepage. From there, you can fill in the registration form, which should take you about two minutes. Next, you click on the “Open Live Account” form.

If you already have a live trading account, and you want to create another one, all you need to do is log in to the FXChoice Back Office. From there, you need to go to the FXChoice Back Office and choose “Verify Profile” from the left-hand menu. After that, you simply need to submit the required paperwork. This is so that FXChoice can verify your identity and residence address.

The final thing you need to do is set up your trading platform. Depending on your account type, you can trade on either MetaTrader4 or MetaTrader5. You can also choose to use the Web Platform, which can be accessed directly from any web browser, and doesn’t need to be downloaded. After that, you can look at available deposit methods, fund your trading account, and start your forex trading.

FXChoice Account Types

As part of our FXChoice review, we looked at what trading accounts are available. They offer three main options: the Optimum account, the Classic account, and the Pro account.

Optimum account

The FXChoice Optimum account is an excellent choice for new forex traders in Nigeria. It has a low minimum deposit of just $10, making it an affordable choice for beginners. The trading account is available on MetaTrader4. It comes with good FX Choice spreads starting from 1.5 pips and leverage of up to 1:1000. You can use the account to trade forex, shares, indices, commodities and crypto. The minimum lot size is 0.01 lot. There is rebate up to USD 2 per side, per notional amount of USD 100,000.

Classic account

The FXChoice Classic account is another solid choice for online traders in Nigeria. The minimum deposit is still quite low at $100. The trading account is available on MetaTrader4. It comes with low spreads starting from 0.5 pips and leverage of up to 1:200. You can use it to trade forex, shares, indices, metals, energies, and crypto. The minimum lot size is 0.01 lot. As with the Optimum account, there is a rebate up to USD 2 per side, per notional amount of USD 100,000.

Pro account

The FXChoice Pro account is a great option for more experienced forex traders. The minimum deposit is also quite low at $100. The trading account is available with MetaTrader4 and MetaTrader5 – two of the best online trading platforms. It comes with tight spreads starting from 0 pips and leverage of up to 1:200. You can use the account to trade assets such as forex, indices, metals, energies, and crypto. The minimum lot size is 0.01 lot. As with the other accounts, there is rebate of up to USD 2 per side, per notional amount of USD 100,000.

FXChoice Demo account

If you’re unsure which account to choose, FXChoice offers demo account versions of all its live trading accounts. You can use the demo account to test their trading conditions on both MetaTrader4 and MetaTrader5. You can also use it to try out any trading ideas, practise trading with custom EAs, and learn how to use some of their more powerful trading tools. The FX Choice demo account operates in real market conditions with virtual money.

FXChoice Bonuses

The FXChoice broker is currently offering two forex bonuses.

65% on Crypto deposits

If you’re interested in funding your account using cryptocurrency, then FXChoice offers a generous welcome bonus for crypto depositors. Their payment methods include bitcoin, bitcoin cash, litecoin, ethereum, and XRP. To benefit from the 65% bonus, all you need to do is open a trading account, go through the registration process, and find your account using one of their accepted cryptocurrency payment methods. The deposit bonus is also available for use in combination with other promotions, so you have the opportunity to boost your funds further. See their website for the full T&Cs.

50% Welcome Bonus

If you’re looking for ways to get more from your trading funds, FXChoice offers a good welcome bonus for new online traders. You can use their welcome bonus to trade any instrument including forex, shares, indices, metals, and cryptocurrencies. To benefit from the welcome bonus, all you need to do is open a live trading account, finish the online registration process, and deposit the required minimum funds. The FXChoice welcome bonus is also available for use in combination with other promotions, so you have the option to benefit from more than one deal. See their website for the full details.

Pips+ Loyalty Programme

FXChoice also has its own loyalty plan for online traders. The main aim of the plan is to reward loyal traders with more rebate or with better trading conditions. The idea is that the more you grow your trading account, the better your rewards will be.

The Pips+ loyalty plan is easy to use. All you need to do is increase your trading equity or start trading a higher volume. However, there is a slight difference on how that works depending on your trading account. For example, if you trade using a Classic account, then as you climb up their tiered loyalty plan, you get more. And the rebate works like a spread refund. But if you have a Pro account then, as you work your way up the loyalty plan, you get better commission rates. Check their website for the full details.

FXChoice Leverage

FXChoice offers leverage of up to 1:200. However, it can vary depending on your location, your trading account, and your trading instrument.

FXChoice Commissions and Fees

There are a few fees that you may need to take into account:

  • Deposit and withdrawal fees – FXChoice has very few deposit or withdrawal fees. However, it does pass on payment provider fees to its clients. For example, withdrawals done through bank or wire transfer may include withdrawal costs, depending on the financial institution. So it’s worth checking the fee details for each payment method.
  • Currency conversion fees – FXChoice has a wide choice of deposit and withdrawal currencies. However, the base account currency is always USD, which means that deposits and FX Choice withdrawals made in NGN need to be converted. This means that there is often a currency conversion fee, and FXChoice does pass this fee onto its clients.
  • Trading fees or commissions – FXChoice has fairly low commissions and trading fees. Your typical trading costs will vary depending on the account type you use, the financial instrument that you trade, and the circumstances of the market overall for a specific trading day. FX Choice spreads are good. If you trade on a Pro account, then you may also be subject to commission fees.
  • Inactivity fees – Many forex brokers collect account maintenance fees from traders who have not accessed or used their trading account for a while. However, FXChoice does not charge any inactivity fees.

FXChoice Scam

FXChoice is not a scam broker. They are a legitimate online trading company with a long-standing reputation within the forex industry. They offer a good range of trading instruments, robust account types, and fair trading conditions. With regards to payments, they offer a good range of deposit and withdrawal methods, and all funds are securely held in segregated accounts.

FXChoice Trading Assets

FXChoice offers a good range of trading assets. You can choose between forex, shares, indices, commodities, and cryptocurrencies.

FXChoice Trading Instruments

  • Forex – FXChoice has 30+ forex pairs including majors, minors, and exotic pairs. Their product range includes trading instruments such as EURUSD, GBPUSD, and USDCHF. This means you can access all the most popular currency pairs.
  • Crypto – They have 3 CFDS on cryptocurrencies. Their product range indluces BTCUSD, ETHUSD, and LTCUSD. This means that you can trade and speculate on price changes for Bitcoin, Ethereum, and Litecoin.
  • Indices – FXChoice has 6 CFDs on indices. While this range is quite small compared to similar forex brokers, it includes the FTSE100, the DAX30, the S&P500, and Nasdaq. This means that you can easily diversify your trading strategy.
  • Shares – They have 30+ CFDs on shares. Their product range includes many popular British, American, and European companies such as Apple, Barclays, and Adidas. This means that you can benefit from access to multiple markets.
  • Commodities – FXChoice has 6 CFDs on commodities. While this range is quite small compared to similar forex brokers, it includes gold, Brent oil, and WTI oil. This means that you can easily incorporate more markets into your trading plan.

FXChoice Trading MetaTrader Platforms

They have two of the best online trading platforms in the industry. These are:

  • MetaTrader4 – MetaTrader4 (MT4) is a great trading platform for new forex traders in Nigeria. It has many useful trading tools. You can use the MetaTrader4 platform to trade forex, indices, commodities, and cryptocurrencies. The FXChoice MT4 trading platform also has 4 order execution types, 30 technical indicators and 23 analytical objects. You can use these trading tools to carry out technical analysis and to manage your trades.
  • MetaTrader5 – MetaTrader5 (MT5) is another great trading platform for online traders in Nigeria. It comes with many helpful trading tools. As with MetaTrader4, you can use the MetaTrader5 trading platform to access the financial markets, including the forex market. You can also use it to plan your trading strategies. The MT5 FXChoice platform has 6 order execution types, 38 indicators, and 37 analytical objects. This makes it perfect for checking chart patterns and managing trades.

FXChoice Mobile Trading Platforms

The main options for mobile trading are MetaTrader4 and MetaTrader5. You can also access their website from a web browser on your mobile.

Trading Tools

FXChoice offers a wide range of trading tools in partnership with 3rd party providers:

  • Myfxbook Autotrade – FXChoice offers helpful trading resources in collaboration with myfxbook. The service allows you to copy the trades of experienced forex traders. All you need to do is connect your trading account with your Myfxbook profile. Once you have done that, you simply subscribe to your favourite traders. When they make a trade, it will be automatically replicated on your account.
  • MQL5 Signals – FXChoice offer trading signals through services provided by MetaQuotes. The service allows you to copy the trades of seasoned forex traders. It is very easy to use and there is no installation required. You can access it directly through a MT5 trading platform. Once your MQL5 signals service is activated, you can use it to copy trades automatically in your account.
  • Commodity Robot EA – If you want more trading support with your commodities trading, FXChoice recommends trying an EA provided by commodityrobot.com. The EA is designed to help you trade CFDs on gold, coffee, bitcoin, copper, platinum, and oil trading. It focuses on short-term and medium-term trading strategies. It comes with free updates.
  • GPS Forex Robot EA – If you want more support with your forex trading, FXChoice recommends testing an EA provided by gpsforexyrobot.com. The EA is designed to help you with trading specific forex pairs such as the EURGBP, EURUSD, GBPUSD, and USDCHF. It focuses on scalping trading strategies and comes with free updates.
  • Megadroid EA – If you want more support with your trading strategy, FXChoice recommends an EA provided by forex-megadroid.com. It is designed to help you with trading EURGBP during quiet periods. It focuses on automated trading strategies, between 21:00 and 01:00. It comes with free updates.
  • ZuluTrade Copytrading – FXChoice offers copy trading services through a 3rd party provider called ZuluTrade. It is a very helpful trading tool for new traders. You can use it to copy the trades of proven forex trading experts.. As ZuluTrade is also a community-based tool, you can also use it to connect with other traders.
  • VPS – All you need to do is ensure your balance is USD 3000 or higher and trade at least five lots during each billing cycle. If you keep this up, you would pay for the first month only.

Customer Support

As part of our FXChoice broker review, we check the quality of their customer support. They have a friendly team that are always available to help clients. They can speak several languages. Moreover, they have several convenient contact options including contact forms live chat, email, or phone.

FXChoice Education and Research

FXChoice offers good educational support. They have a forex course that focuses on the practical aspects of online trading. It has eight chapters, covering everything from the very basics to more advanced analyses, to give you a solid foundation for trading. You can take the full course, or just choose a chapter and study at your own pace. They also offer a free online trading glossary that covers key terminology.

Our Verdict

FXChoice is a market-leading forex broker that offers a high level of trading support and client fund safety. Its high quality educational materials and market analysis make it a suitable choice for new traders. FXChoice has excellent trading conditions and advanced trading technology. As such, it is a great choice for experienced traders as well.

FAQ

Is FXChoice a legit broker?

Yes, FXChoice is a legit broker. They offer a good selection of trading instruments, robust account types, and fair online trading conditions. FX Choice leverage is also quite high. With regards to payment methods, they offer a good range of deposit and withdrawal methods, and all funds are securely held in segregated accounts.

How long does it take to withdraw money from FXChoice?

The withdrawal process can vary depending on which payment method you choose. For example, all MasterCard withdrawal requests received during business hours are generally processed within 1-3 days. However, once a MasterCard withdrawal has been processed on their end, it may still take a little while before funds reach you. Whereas the withdrawal time for e-wallets is quicker. For example, all Skrill withdrawal requests received during business hours are generally processed the same business day.

Where is FXChoice based?

FXChoice is based in Belize. The company is established under Registration No. 105,968, with a registered address at Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize. They also have an office in St. Vincent and the Grenadines. The company there is established under Company Number 26842 BC 2022, with an address at First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown VC0100, St Vincent and the Grenadines.

How long has FXChoice been around?

FXChoice was first established in 2010. They have been offering online trading services to clients worldwide for more than a decade.

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