Exceeded

Score

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/10

FXChoice

Belize

|

2-5 years

Common Financial Service License|

Suspicious Overrun|

Medium potential risk|

Offshore Regulatory

https://en.myfxchoice.com/

Website

Rating Index
Influence

Influence

A

Influence Index NO.1

United States 3.73

Better than 99.33% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
A

Licenses

IFSC

IFSCExceeded

Common Financial Service License

Exchange Info

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Company Name
FXChoice
Phone of the company
+52 558 526 80 32
+ 501 227 27 32
Customer Service Email Address
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WikiBit Risk Alerts

2
Previous Detection 2024-06-20

Common Financial Service License goes beyond their business with the licenses Belize IFSC (license number: 000067/96), please be aware of the risk!

The regulatory of BelizeIFSC, license number 000067/96, is offshore regulatory, please be aware of the risk!

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2 ratings

Participate in evaluation
REAL BASIRU JR
I am really appreciate fxchoice👍🎉
2024-03-13 19:28
5
ANAS4437
We needed
2024-01-10 16:35
8
Aspect Information
Exchange Name FXChoice Ltd
Founded year 2010
Regulatory Authority IFSC (Exceeded)
Cryptocurrencies Available 13, Bitcoin, Litecoin, Ethereum
Trading Fees Taker fee: 0.075%, Maker fee: -0.025%
Payment Method Bank wire transfer, credit/debit card (Visa/Mastercard), cryptocurrencies (Bitcoin, Ethereum, Litecoin)
Customer Support Live chat, phone: +52 556 826 8868, email: info@myfxchoice.com, address: New Horizon Building, Ground Floor, 3 1/2 Miles Philip S.W. Goldson Highway, Belize City, Belize

Overview of FXChoice

FXChoice Ltd, established in 2010 in Belize, is a cryptocurrency exchange offering trading services for Bitcoin, Litecoin, and Ethereum. Regulated by IFSC, it presents different account options with varying fee structures for spreads and commissions. Payment methods include bank wire transfers, credit/debit cards (Visa/Mastercard), and major cryptocurrencies. Customer support is accessible via live chat, phone and social media.

FXChoice's homepage

Pros and Cons

Pros Cons
Regulated by Belize IFSC Operates under offshore regulation (IFSC)
Variety of cryptocurrency options Limited selection of cryptocurrencies
Multiple payment methods
Accessible customer support
Offers different account types
Low trading fees
Pros of FXChoice:
  • Regulated by Belize IFSC: FXChoice operates under the regulation of the Belize International Financial Services Commission (IFSC), providing a level of oversight and protection for traders.

  • Variety of cryptocurrency options: FXChoice offers a wide range of cryptocurrency trading options, allowing traders to take advantage of the growing popularity and volatility of digital assets.

  • Multiple payment methods: FXChoice supports various payment methods, providing convenience and flexibility for depositing and withdrawing funds.

  • Accessible customer support: FXChoice offers accessible customer support to assist traders with their inquiries or concerns, ensuring a smooth trading experience.

  • Offers different account types: FXChoice provides different account types, catering to the needs and preferences of various traders, whether they are beginners or experienced professionals.

  • Low trading fees: FXChoice offers competitive and affordable trading fees, allowing traders to keep their costs low and potentially maximize their profits.

Cons of FXChoice:
  • Operates under offshore regulation (IFSC): Some traders may prefer exchanges regulated under more stringent regulatory authorities, as offshore regulations may not provide the same level of security and investor protection.

  • Limited selection of cryptocurrencies: While FXChoice offers cryptocurrency trading, the selection of cryptocurrencies available for trading may be limited compared to other exchanges that offer a broader range of digital assets.

Security

FXChoice provides the security and protection of personal data in accordance with the General Data Protection Regulation (GDPR). Various security technologies and procedures are implemented to prevent unauthorized access, use, or disclosure of personal data. Access to personal data is restricted to authorized individuals who are bound by confidentiality obligations.

To safeguard personal data, FXChoice employs internal technical and organizational measures such as encryption, firewalls, intrusion detection systems, and physical facility protection. Strong security procedures are implemented across all service operations to maintain data accuracy and ensure the appropriate use of personal data.

Information transfer security is ensured through the use of a SSL certificate with 256-bit encryption, which encrypts data transmitted to and from the FXChoice website.

Security

However, FXChoice is regulated by the International Financial Services Commission (IFSC) with the regulation number 000067/96. However, the exchange is considered to exceed the regulation requirements and holds a Common Financial Service License. The license name is FX CHOICE LIMITED.

exceeded IFSC license

Trading Markets

FXChoice offers trading products related to forex (foreign exchange) as follows:

  • Forex Trading: FXChoice provides access to the global Forex market, allowing traders to buy or sell currencies. You can trade up to 36 currency pairs, including major pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic pairs.

  • Indices CFDs: In addition to Forex, FXChoice offers Contracts for Difference (CFDs) on various indices. By trading index CFDs, you can speculate on the performance of a specific stock market index, such as the S&P 500 or the FTSE 100, without needing to own the underlying assets.

  • Commodities: FXChoice allows traders to participate in the commodity markets by offering CFDs on popular commodities like gold, silver, and oil. You can take advantage of price movements in these commodities without physically owning them.

  • Shares: FXChoice also provides an opportunity to trade shares of popular companies through CFDs. This means you can speculate on the price movements of shares without actually owning them. You can trade shares of various companies listed on global stock exchanges.

Trading Markets

Services

FXChoice offers the following services to enhance the trading experience for its users:

  • MQL5 Signals: FXChoice provides access to MQL5 Signals, allowing traders to subscribe to automated trading signals generated by trading algorithms and professional traders. Subscribers can copy the trades of signal providers directly into their FXChoice trading accounts, enabling automated trading based on selected signals.

  • Myfxbook Autotrade: FXChoice offers the Myfxbook Autotrade service, which enables traders to automatically replicate the trades of selected signal providers directly into their FXChoice trading accounts. This service is designed to provide a seamless and automated approach to following and executing trading signals.

  • Expert Advisors: FXChoice supports the use of Expert Advisors (EAs) on its trading platform. EAs are automated trading systems or algorithms that can execute trades on behalf of the trader based on predefined criteria. Traders can utilize EAs to implement automated trading strategies and take advantage of market opportunities.

  • VPS (Virtual Private Server): FXChoice provides access to VPS services, allowing traders to host their trading platforms and Expert Advisors on a virtual private server. This service is beneficial for traders who seek reliable and uninterrupted access to their trading operations, especially for automated trading strategies that require constant connectivity.

Services

Cryptocurrencies Available

FXChoice currently lists 13 cryptocurrencies, which are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), USD Coin (USDC), XRP (XRP), Cardano (ADA), Solana (SOL), Terra (LUNA), Avalanche (AVAX), Dogecoin (DOGE), Polkadot (DOT), Shiba Inu (SHIB), and Cronos (CRO).

The coin-listing speed on FXChoice is relatively slow. It can take several weeks or even months for a new coin to be listed on the exchange. This is because FXChoice has a rigorous listing process that it must adhere to in order to ensure the safety and security of its users.

Cryptocurrencies Available

Fees

FXChoice's trading fees for cryptocurrency trading are as follows:

  • Taker fee: 0.075%

  • Maker fee: -0.025%

The maker fee is a rebate that is paid to traders who place limit orders that are executed. The taker fee is charged to traders who place market orders that are immediately executed.

These fees are relatively low compared to other cryptocurrency exchanges. For example, Binance's taker fee is 0.1% and its maker fee is -0.05%.

FXChoice also offers a tiered fee structure for high-volume traders. Traders who trade more than 100 lots per day will pay a taker fee of 0.05% and a maker fee of -0.01%.

In addition to trading fees, FXChoice also charges a commission of $3.50 per standard lot of $100,000. This commission is charged on all trades, regardless of whether they are taker or maker orders.

Is FXChoice a Good Exchange for You?

FXChoice can be considered the best exchange for automated trading due to its support for MQL5 Signals, Myfxbook Autotrade, Expert Advisors, and VPS services.

FXChoice caters to a diverse range of trading groups with varying needs and preferences. Based on its offerings and features, the following target groups may find FXChoice suitable for their virtual currency trading:

1. Experienced Traders Offering diverse cryptocurrency trading options, various account types, payment methods, and leverage trading opportunities.

2. Traders Seeking Diversity Providing trading for over 20 cryptocurrencies, diverse account types, and a variety of payment methods.

3. High-Risk Investors Mentioning the Belize IFSC license, reminding users to be aware of potential risks associated with offshore regulation.

Conclusion

In conclusion, FXChoice presents a cryptocurrency trading platform with a range of advantages and considerations. The exchange offers multiple account types tailored to different trading preferences, allowing for a variety of spreads and commissions. Its selection of 13 cryptocurrencies and diverse payment methods provides flexibility for traders. However, users should be cautious due to the exceeded regulatory status associated with its Belize IFSC license, highlighting the importance of understanding the risks associated with such regulatory environments.

FAQs

Q: What cryptocurrencies are available for trading on FXChoice?

A: FXChoice offers 13 cryptocurrencies for trading, including popular options such as Bitcoin, Ethereum, and Litecoin.

Q: What payment methods does FXChoice accept?

A: FXChoice accepts various payment methods, including bank wire transfer, credit/debit cards (Visa/Mastercard), and cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

Q: What customer support options are available on FXChoice?

A: FXChoice provides customer support through various channels, including phone, live chat, YouTube, Facebook, Twitter and Instagram.

Q: Can I access FXChoice from my mobile device?

A: Yes. FXChoice offers MT4 and MT5 mobile trading platforms.

Q: What are the cryptocurrency trading fees on FXChoice?

A: Taker fee: 0.075%, Maker fee: -0.025%.

User Review

User 1: I've been using FXChoice for crypto trading for a while now, and overall, I'm quite satisfied with the platform. One thing that really stands out is their strong commitment to security. They have multiple layers of encryption and use cold storage for funds, which gives me peace of mind. The regulation by the International Financial Services Commission also adds another layer of trust. The interface is user-friendly and easy to navigate, even for beginners like me. However, I did experience some issues with liquidity during high volatility periods, which made it a bit difficult to execute trades quickly.

User 2: FXChoice has been my go-to exchange for crypto trading, and I have had a positive experience so far. The range of cryptocurrencies available for trading is impressive, and I always find the ones I'm interested in. The customer support team is responsive and helpful, which is a big plus. The trading fees are competitive, and I appreciate the transparency in displaying them on the platform. I've never had any issues with privacy or data protection, as they prioritize the security of user information. The deposit and withdrawal speed could be a bit faster, but it's not a major concern for me. Overall, I find FXChoice to be a reliable and trustworthy exchange.

Risk Warning

There are inherent security risks associated with investing in cryptocurrency exchanges. It is important to understand these risks before making such investments. Cryptocurrency exchanges are vulnerable to hacking, fraud, and technical glitches, which can lead to the loss of funds.

It is recommended to choose a reputable and regulated exchange, keep abreast of security measures, and be vigilant in detecting and reporting any suspicious activity. Please ensure that you understand the risks involved and note that the information contained in this article is for general information only.