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FXChoice Review

FXChoice Review

Overall, FXChoice is considered low-risk, with an overall rating of 7 out of 10. FXChoice offers 2 different retail investor accounts and demo and Islamic accounts. FXChoice has a minimum deposit of 11 900 KES ($100) for first-time Kenyan traders.

Updated : October 14, 2022

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FXChoice Review

Regulation and Safety of Funds

FXChoice Review

Account Types and Features

FXChoice Review

Account Registration

FXChoice Review

Range of Markets

FXChoice Review

Fees

FXChoice Review

Deposits and Withdrawals

FXChoice Review

Education and Research

FXChoice Review

Affiliate Program

FXChoice Review

Final Verdict

FXChoice Review

Pros and Cons

FXChoice Review

FAQ

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

FXChoice 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 was founded in 2010 in Belize and has been operating effectively for more than a decade, continually updating its trading platform.

 

👉 FXChoice is a market maker that executes transactions every 4 seconds, and the platform is always striving to enhance trading conditions by adding new and innovative technology that assures rapid trade execution and narrow spreads.

 

👉 The platform is devoted to offering a safe and secure trading environment, as well as ethical trading methods and outstanding customer support, to provide consumers with a trustworthy trading experience.

 

👉 Since the platform is supported by NDD or non-dealing desk technology, there are no prominent problems with trade execution, or the security of client money, which allows Kenyans to trade safely.

 

👉 FXChoice is an award-winning broker that has received many accolades for its multilingual and accommodating client service.

 

👉 FXChoice provides Forex and CFD trading possibilities to international traders. There are 36 unique currency pairings available for trading, including the Russian Ruble, Norwegian Krone, and South African Rand.

 

👉 This enables customers to fully capitalize on developing markets. Additionally, the site provides commodities CFDs, such as crude oil, silver, and gold. This provides Kenyan traders with the chance to trade on the greatest energy markets in the world and to safeguard their portfolios with precious metals.

 

👉 FXChoice accepts Kenyan 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 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

👉 While FXChoice may not be a household name in Kenya, it is nevertheless one of the region’s Top 60 brokers.

FXChoice At a Glance

🏛 HeadquarteredBelize
🌇 Global OfficesBelize
⚖️ Local Market Regulator in KenyaCapital Markets Authority (CMA)
💰 Foreign Direct Investment in Kenya1.3% of the overall GDP
💶 Foreign Exchange Reserves in Kenya8.2 billion USD
✔️ Local office in Nairobi?No
👥 Governor of SEC in KenyaNone
✔️ Accepts Kenyan Traders?Yes
🗓 Year Founded2010
📞 Kenyan Office Contact NumberNone
📱 Social Media Platforms• YouTube
• Facebook
• Twitter
• Instagram
⚖️ RegulationInternational Financial Services Commission (IFSC)
1️⃣ Tier-1 LicensesNone
2️⃣ Tier-2 LicensesNone
3️⃣ Tier-3 LicensesInternational Financial Services Commission (IFSC)
🪪 License Number• Belize – 00007/301
⚖️ CMA RegulationNone
🌇 Regional RestrictionsAfghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, Syrian Arab Republic, Guam, Northern Mariana Islands, Puerto Rico, United States, US Virgin Islands
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts2
✔️ PAMM AccountsYes, MAM
💧 Liquidity ProvidersUnknown
✔️ Affiliate ProgramYes
➡️ Order ExecutionNDD, Market
📊 Starting spread0.0 pips
💵 Minimum Commission per Trade3.5 USD
✔️ Decimal Pricing5th decimal pricing
📞 Margin Call25%
🛑 Stop-Out15%
💰 Minimum Trade Size0.01 lots
💸 Maximum Trade Size50 lots
✔️ Crypto trading offered?Yes
💸 Offers a KES Account?No
✔️ Dedicated Kenyan Account Manager?No
📈 Maximum Leverage1:200
📊 Leverage Restrictions for Kenya?No
💵 Minimum Deposit (KES)11,900 KES or equivalent to 100 USD
✔️ Kenyan shilling Deposits Allowed?No
💻 Active Kenyan Trader Stats90,000+
👥 Active Kenyan-based FXChoice customersUnknown
🔄 Kenya Daily Forex Turnover$100 million+
💳 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 TimeWithin 24 hours
📉 Maximum Estimated Withdrawal Time1 to 3 days
💰 Instant Deposits and Instant Withdrawals?Yes, deposits
💵 Segregated Accounts with Kenyan Banks?No
💻 Trading Platforms• MetaTrader 4
• MetaTrader 5
📊 Tradable Assets• Forex
• Cryptocurrency
• Indices
• Commodities
• Shares
✔️ Offers USD/KES currency pair?No
📊 USD/KES Average SpreadNo
✔️ Offers Kenyan Stocks and CFDsNone
🗣 Languages supported on the WebsiteMultilingual
💬 Customer Support LanguagesEnglish, Spanish, French, Portuguese, Thai, Chinese
✔️ Copy Trading SupportYes, through ZuluTrade
⏰ Customer Service Hours24/5
🗣 Kenyan-based customer support?No
✅ Bonuses and Promotions for KenyansYes
📚 Education for Kenyan beginnersYes
📱 Proprietary trading softwareNo
✔️ Most Successful Kenyan TraderPatrick Mahinge (Net Worth – Private)
✅ Is FXChoice a safe broker for Kenyans?Yes
💰 Rating for FXChoice Kenya7/10
✔️ Trust score for FXChoice Kenya50%
👉 Open Account👉 Open Account

FXChoice Regulation and Safety of Funds

FXChoice Regulation and Safety of Funds

FXChoice Regulation in Kenya

👉 The local market regulators in Kenya are as follows:

➡️ Capital Markets Authority (CMA)

 

👉 While FXChoice is regulated globally, the broker does not yet have local regulations or licenses in Kenya. However, despite this, FXChoice is a popular and trustworthy broker that accommodates Kenyan traders.

 

FXChoice Global Regulations

👉 FX Choice Ltd is a Belizean company that can be found online with registration number 105968 and an address that can be found online at Corner Hutson & Eyre Street, Suite 302, Belize City, Belize.

 

👉 In addition, the International Financial Services Commission of Belize (IFSC) has granted FXChoice a license, which may be found in their records as license number 000067/301.

 

👉 With this offshore regulation, consumers may not have the same degree of protection in the event of disputes or bankruptcy as they would with a broker regulated by a top-tier regulator.

 

👉 This contrasts with the number of protection customers would have with a broker licensed by a top-tier regulator.

 

FXChoice Client Fund Security and Safety Features

👉 FXChoice is committed to providing consumers with a trustworthy and transparent trading experience by using ethical business practices, a secure and reliable trading environment, and exceptional customer service.

 

👉 FXChoice claims that consumer funds are kept separate from corporate funds and hence cannot be used for other purposes. An internal risk management team monitors management actions to ensure compliance with regulatory requirements.

 

👉 Their negative balance safeguard and guarantee to ensure that your transactions are terminated as soon as your account balance goes below zero. If this safety measure fails due to unforeseen reasons, they commit to cancel your account balance.

 

👉 Even if other top-tier licensed brokers do not supply this, it helps FXChoice to stand out from the crowd.

FXChoice Awards and Recognition

FXChoice Awards and Recognition

👉 FXChoice has received several accolades during its 12+ years in operation, but these achievements are not highlighted on the website.

FXChoice Account Types and Features

FXChoice Account Types and Features

👉 The two main account types offered by FXChoice are the MT4 Classic and MT4/5 Pro Accounts. You must sign up for a pro account if you want to use MT5 and have access to all trading instruments.

 

👉 The ultimate choice of account type will depend on the trading strategy, and Kenyans have the choice between no commission charge with a spread markup or low spreads with a commission cost.

 

👉 Even while it may not have a big effect on whether you retain assets for the long term, if you day trade and maintain a lot of positions, you will want the smallest spreads that are practical.

 

💻 Live Account💸 Minimum Dep.📊 Average Spread💰 Commissions💵 Average Trading Cost
Classic41,000 KES / 100 USD0.5 pipsSpread Only5 USD
Pro41,000 KES / 100 USD0.0 pips3.5 USD• 3 USD – High-volume traders
• 7 USD for casual traders

 

FXChoice Live Trading Account Details

MT4 Classic Account

MT4 Classic Account

👉 This Classic Account is commission-free as the broker’s fee is included in spreads that start at 0.5 pip. Spreads on this account are wider than on the Pro account, but this makes it easier to calculate trading expenses.

Account FeatureInformation
💵 Minimum Deposit Required11,900 Kenyan Shilling or an equivalent to 100 USD
📊 Average SpreadsFrom 0.5 pips EUR/USD
💰 Commissions ChargedNone, only the spread is charged
💸 Minimum Position Size0.01 lots (micro lots)
✔️ Rebates Added2 USD per side up to 100,000 USD
📈 Maximum Leverage Up to 1:200
📉 Margin Level for Hedged/Locked Positions50%
🔄 ExecutionNDD and Market Execution
📞 Margin Call25%
🛑 Stop-Out Levels15%
✔️ Algorithmic trading offered?Yes
✅ Range of Markets Offered• 36 Forex Pairs
• Indices
• Precious Metals
• Energies
• Cryptocurrencies
• Shares

 

MT4/5 Pro Account

MT4/5 Pro Account

👉 The Pro Account has a much wider selection of tools that can be traded for experienced customers and was designed for professional and high-volume traders.

 

👉 In addition to the spreads that are supplied by some of the biggest financial institutions in the world, the pro accounts come with an additional fee of up to $3.5.

 

👉 Spreads will be much tighter than they were on the Classic account. Since the spread, in this case, begins at 0, Kenyans should use this account if their trading plan calls for narrower spreads.

Account FeatureInformation
💵 Minimum Deposit Required11,900 Kenyan Shilling or an equivalent to 100 USD
📊 Average SpreadsFrom 0.0 pips EUR/USD
💰 Commissions Charged3.5 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 Size0.01 lots (micro lots)
✔️ Rebates Added2 USD per side up to 100,000 USD
📈 Maximum Leverage Up to 1:200
📉 Margin Level for Hedged/Locked Positions50%
🔄 ExecutionNDD and Market Execution
📞 Margin Call25%
🛑 Stop-Out Levels15%
✔️ Algorithmic trading offered?Yes
✅ Range of Markets Offered• 36 Forex Pairs
• Indices
• Precious Metals
• Energies
• Cryptocurrencies
• Shares

 

FXChoice Base Account Currencies

👉 Other than the USD, FXChoice does not provide any other currencies. This implies that currency conversion costs will apply to Kenyan traders who deposit or withdraw money in Kenyan Shilling.

 

FXChoice Demo Account

FXChoice Demo Account

👉 Kenyans can register an FXChoice demo account if they want to test out online trading without putting any of their own money at risk. This account can be opened for free, and it contains virtual funds.

 

👉 This allows Kenyan traders to test out various trading strategies without taking any real financial risks. The repetition might help Kenyans familiarize themselves with the broker’s interface and gain the expertise and confidence that they will need to succeed in trading.

 

👉 In contrast to other brokers that need traders to contact them to prolong the trial account, FXChoice’s trading platform automatically sets up demo accounts such that they do not expire unless traders fail to check in for 90 days.

 

👉 Therefore, traders are free to keep their demo accounts active indefinitely, and this is a wonderful feature since it is particularly helpful for experimenting with different tactics.

 

👉 The more often traders contact the broker, the more demo accounts they can open with FXChoice. FXChoice now offers a generous 20 demo accounts, and this enables them to experiment with a variety of approaches before settling on one.

 

FXChoice Islamic Account

FXChoice Islamic Account

👉 The classic and pro accounts at FXChoice can be converted to swap-free Islamic accounts, and Kenyans must first establish either a Classic or a Pro account before going to the Profile section to open an Islamic account.

 

👉 Kenyans can easily apply for and start using the account by contacting FXChoice’s customer support to start the conversion process.

 

👉 According to FXChoice, there are commissions charged on the Islamic Account to offset the absence of swaps. However, if traders have successful trades where they make a profit, these commissions are waived.

 

👉 Kenyan traders who incur negative swaps must pay a fee equal to 75% commissions. Even though these fees are minimal, they could deter some traders since Muslim customers might not be eligible for these accounts.

How to open an Account with FXChoice in Kenya

How to open an Account with FXChoice in Kenya

👉 Kenyan traders can complete the following procedures to open an account with FXChoice:

➡️ Open the FXChoice website and click the “Register” banner in the green colour on the homepage.

➡️ Filling out the signup form will take traders two minutes, and once registered, traders can use the “Open Live Account” form on the FXChoice website. Traders who already have an account and wish to create another one can do so by logging into their Back Office.

➡️ Following completion and submission of the application, traders may go into their FXChoice Back Office and choose “Verify Profile” from the left-hand menu or the orange “verify your profile” banner.

➡️ Traders must submit the required paperwork to finish this procedure, which verifies their identity and residence address.

➡️ The next option available to traders is MetaTrader 4 or MetaTrader 5 (Only the Pro Account has a choice as the Classic Account is natively offered on MT4).

➡️ As an alternative, traders could choose to utilize the Web Platform, which can be accessed directly from any web browser and does not need any further downloads.

➡️ After that, traders may investigate the terms and conditions for deposits to fill their accounts with a minimum of 100 USD (41,000 KES) and begin trading.

FXChoice Vs Forex.com Vs IG – Broker Comparison

FXChoiceForex.comIG
⚖️ RegulationIFSCNFA, CFTC, FCA, ASIC, FSA, IIROC, CIMA, SFC, MASASIC, FMA, FCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, CFTC, NFA, BMA
📱 Trading Platform• MetaTrader 4
• MetaTrader 5
• MetaTrader 4
• MetaTrader 5
• FOREX.com Platform
• MetaTrader 4
• IG Platform
• ProRealTime (PRT)
• L2 Dealer
• FIX API
💰 Minimum Deposit11,900 KES ($100)11,900 KES ($100)29,900 KES ($250)
📈 LeverageUp to 1:200Up to 1:400• 1:30 (Retail, EU, UK)
• 1:222 (Pro)
📊 SpreadFrom 0.0 pipsFrom 0.2 EUR/USDFrom 0.1 pips DMA
💰 Commissions3.5 USD/1.5 USD per side$10 per round turnFrom 0.10%
💳 Margin Call/Stop-Out25%/15%100%/50%100%/50%
✴️ Order ExecutionNDD, MarketMarketMarket
💳 No-Deposit BonusNoNoNo
📊 Account Types• MT4 Classic Account
• MT4/5 Pro Account
• Standard Account
• Commission Account
• DMA Account
• CFD/DMA Trading Account
• Limited Risk Trading Account
• Options Trading Account
• Turbo24 Trading Account
• Share Dealing Account
• Spread Betting Account
• Swap-Free Trading Account
⚖️ CBN RegulationNoNoNo
💰 KES DepositsNoNoNo
📊 Kenyan Shilling AccountNoNoNo
👥 Customer Service Hours24/524/524/7
📊 Retail Investor Accounts237
☪️ Islamic AccountYesYesYes

FXChoice Trading Platforms

FXChoice Trading Platforms

👉 FXChoice offers Kenyan Traders a choice between these trading platforms:

➡️ MetaTrader 4

➡️ MetaTrader 5

 

Desktop Platforms

➡️ MetaTrader 4

➡️ MetaTrader 5

 

MetaTrader 4

👉 Beginner-friendly and compatible with the platform’s Expert Advisor systems is the MetaTrader 4 trading platform. Thirty technical indicators, nine timeframes, 31 graphical elements, and a single-thread strategy tester are included in MetaTrader 4.

 

👉 The trading platform has numerous time frames for charting, technical indicators for analysis and charts, different order types, custom indicators, and strategy templates, in addition to being multilingual and providing customer care in multiple languages.

 

MetaTrader 5

👉 MetaTrader 5 is not only an upgraded version of MetaTrader 4 but an altogether new platform with unique and extra trading capabilities built in response to MT4’s popularity.

 

👉 Traders who have previously used the MT4 trading platform may continue to use the same features on MT5, which offers a slightly upgraded trading experience overall.

 

👉 MetaTrader 5 has more order types, market indicators, depth of market display, and a sophisticated Expert Advisor testing environment with real-time tick data.

 

👉 This platform is designed primarily for experienced traders since it offers extensive trading functions. MetaTrader 5 Pro or MetaTrader 5 Pro Hedged accounts are offered by FXChoice alongside MetaTrader 5.

 

👉 The only distinction between these two account types is that the latter permits traders to establish hedged positions like MT4. Traders using the MT5 platform have access to extra indicators unavailable on MT4.

 

👉 In addition, they may enter Stop Loss orders and check market depths. Professional charting tools that offer standard netting and hedging and are compatible with Expert Advisors.

 

WebTrader Platforms

WebTrader Platforms

➡️ MetaTrader 4

➡️ MetaTrader 5

 

MetaTrader 4

👉 The core features of the platform are combined with real-time price feeds from international marketplaces, short execution times, aggressive pricing, and interbank liquidity in the MT4 FXChoice edition. The platform is appropriate for traders of all levels of expertise.

 

👉 It has a simple user interface, several built-in lessons, and several technical indicators for advanced traders as well as a broad range of capabilities for beginning traders.

 

👉 Technical chart analysis tools, a variety of chart time frames, order types, strategy templates, automated trading with expert advisors (EAs), custom indicators, and many other features are included.

 

MetaTrader 5

👉 MT5 is not simply just the most recent version of MT4, but a brand-new platform with more capabilities that continue MT4’s popularity. For those who are familiar with MT4, many of the important components are still there, along with a few changes that improve the overall trading experience.

 

👉 Some of the features of MT5 include more order types, a deeper market display, more indicators, a range of periods, and a strong environment for testing EAs with real tick data.

 

Trading App

Trading App

➡️ MetaTrader 4

➡️ MetaTrader 5

 

👉 People who need to trade while away from their computer will appreciate FXChoice’s provision of mobile trading platforms for MT4 and MT5, which are both available to them.

 

👉 Accessing the platforms on your mobile device running Android or iOS enables you to monitor the markets and take care of your holdings. The MetaTrader apps are available to be downloaded quickly and painlessly at no cost from the relevant app store.

FXChoice Range of Markets

FXChoice Range of Markets

👉 Kenyan Traders can expect the following range of markets from FXChoice:

➡️ Forex

➡️ Cryptocurrency

➡️ Indices

➡️ Commodities

➡️ Shares

 

Financial Instruments and Leverage offered by FXChoice

🔧 Instrument📊 Number of Assets Offered📈 Max Leverage Offered
Forex361:200
Cryptocurrencies31:33
Commodities61:200
Indices61:50
Shares50+1:5

Broker Comparison for Range of Markets 

🥇 FXChoice🥈 FOREX.com🥉 IG
ForexYesYesYes
Precious MetalsYesYesYes
ETFsNoNoYes
CFDsYesYesYes
IndicesYesYesYes
StocksYesYesYes
CryptocurrencyYesYesYes
OptionsNoNoYes
EnergiesYesYesYes
BondsNoNoYes

FXChoice Trading and Non-Trading Fees

FXChoice Trading and Non-Trading Fees

Spreads

👉 The typical spreads that traders may anticipate will vary depending on the trading account that they use, the financial instrument that is being traded, and the circumstances of the market overall for a specific trading day.

 

👉 The following examples illustrate the various spreads that are charged by the NDD broker FXChoice:

➡️ MT4 Classic Account – 0.5 pips EUR/USD

➡️ MT4/5 Pro Account – 0.0 pips EUR/USD

 

👉 Kenyan traders can consult the table below to view additional average spreads according to the financial instrument and the trading account.

🔧 Instrument💻 Classic Account💵 Pro Account
USD/JPY0.014 pips0.006 pips
BTC/USD3 USD3 USD
USD Tech (NASDAQ)22 USD21 USD
XAU/USD24 USD12.2 USD
XAG/USD65 USD6.6 USD
WTI40 USD18 pips
Shares (Apple, Inc.)17 USD17 USD

 

Commissions

Commissions

👉 The commissions are only charged to Pro account holders and particular assets. The commission cost varies depending on the instrument and asset type.

 

👉 Overall, commissions are calculated as $3.5 per side or per $100,000 in notional value. Only precious metals and currency are assessed commission fees.

 

👉 Both owners of Classic and Pro Accounts are eligible for FXChoice’s Pips+ Loyalty Program. As with a spread refund, the more a Classic Account member trades, the more rebate they will get. Lower commissions are the consequence of the refunds in the Pro Account.

 

👉 The Pips+ Loyalty Programme is as follows:

📊 Tier⬆️ Volume Requirements⬇️ Rebate for Classic💰 Commission Reduction (Pro)
1250K USD Equity or20 USD15 USD
2100K USD Equity or
50M USD traded
15 USD20 USD
350K USD Equity or
25M USD traded
10 USD25 USD
410K USD Equity or
10M USD traded
5 USD30 USD
5Default5 USD35 USD

 

Overnight Fees, Rollovers, or Swaps

👉 According to the financial instrument that is exchanged and kept open after markets have closed, FXChoice has clear overnight costs. The following are some examples of regular overnight surcharges that Kenyans can anticipate:

🔧 Financial Instrument💻 Swap Long💵 Swap Short
EUR/USD-9.5655 pips4.028 pips
ETH/USD-19.95 pips5.7 pips
LTC/USD-8.48 pips2.444 pips
XAG/USD-0.945 pips0.067925 pips
XAU/USD-2.05538 pips0.690015 pips
WTI0.086735 pips-0.305865 pips
Brent0.260205 pips-0.497595 pips
Shares (AAPL_us)-0.88784 pips-0.483556 pips

 

Deposit and Withdrawal Fees

Deposit and Withdrawal Fees

👉 Traders who deposit funds using a debit or credit card or one of the e-wallets will notice the payment automatically reduced by the number of deposit fees before the net amount is deposited into the trading account.

 

👉 This is because FXChoice must pay for the services offered by a certain payment processor. This amount is passed on to the customer, but the broker platform does not impose any further deposit costs beyond processing or service fees.

 

👉 In addition, Kenyan traders incur withdrawal fees if they withdraw funds using credit or debit cards or e-wallets. Withdrawals done through bank or wire transfer may include withdrawal costs, depending on the financial institution.

 

👉 FXChoice’s deposit and withdrawal fees are as follows:

💻 Payment Method💵 Deposit Fee📈 Withdrawal Fee
Crypto Payments0.5%Instant
VisaService feeInstant
MastercardService fee24 hours
SkrillService fee3 to 5 working days
NetellerService fee24 hours
Perfect Money• 0.5% for a verified account
• 1.99% for an unverified account
24 hours
AstroPayNone24 hours
PoliService Fee24 hours
PayRedeem3.99% + 0.99 EUR or USDInstant
SticpayService Fee24 hours
PayopFees charged but not indicated on the website24 hours
ADVCashNone0.5%
PromptPay2.5%1.25%
FasaPay0.5%0.5%

 

Inactivity Fees

👉 Many forex brokers withhold account maintenance fees from trading accounts if they have not been accessed or utilized for an extended period. However, the FXChoice trading platform does not impose an inactivity fee.

 

👉 Some brokerage companies may levy inactivity fees as compensation for retaining your account on their costly trading platforms, to recoup money lost from commission fees from your lack of trading.

 

Currency Conversion Fees

👉 When Kenyans trade with FXChoice, they have access to a comprehensive choice of deposit and withdrawal currencies. However, the base account currency is USD, which means that deposits and withdrawals in KES must be converted, subjecting Kenyans to a currency conversion fee.

 

👉 The base currency, the receiving currency, and the payment provider typically determine this cost.

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

FXChoice Deposits and Withdrawals

FXChoice Deposits and Withdrawals

👉 FXChoice provides many deposit and withdrawal options, and the procedures are flexible and straightforward. The minimum deposit amount for all account types is $100 or the equivalent in other currencies.

 

👉 The selected method will determine the time required to complete the deposit/withdrawal procedure. Certain payment options are country-specific, and for expedited transactions, Skrill, Neteller, Perfect Money, etc. must be selected.

 

👉 There can be charges or costs associated with some payment methods, such as bank transfers. In addition, it could take a few business days to process a deposit or withdrawal made by a bank or wire transfer, although card payments can be processed immediately.

 

👉 FXChoice offers the following deposit and withdrawal methods:

➡️ Crypto Payments

➡️ Credit/Debit Card

➡️ AirTM

➡️ Skrill

➡️ Neteller

➡️ Perfect Money

➡️ PaySafeCard

➡️ AstroPay

➡️ Poli

➡️ PayRedeem

➡️ Sticpay

➡️ Payop

➡️ADVCash

➡️ PromptPay

➡️ EPay

➡️ FasaPay

 

Broker Comparison: Deposit and Withdrawals

🥇 FXChoice🥈 FOREX.com🥉 IG
Minimum Withdrawal Time24 hoursInstant1 business day
Maximum Estimated Withdrawal Time1 to 3 daysBetween 1 to 2 working daysUp to five business days
Instant Deposits and Instant Withdrawals?Yes, depositsYesYes, Deposits on PayPal

 

FXChoice Deposit Currency, Deposit and Withdrawal Processing

💻 Payment Method💵 Supported Currencies📈 Deposit Processing📉 Max Withdrawal
Local Transfer (South-East Asia)MYR, THB, IDR, VND, SGDInstant1 to 2 working days
Local Transfer (China)RMBInstant1 to 2 working days
123MYR, THB, IDR24 hours3 to 5 working days
Global TransferUSD3 to 5 working days3 to 5 working days
Credit/Debit CardUSD24 hours7 to 10 working days
Tether (TRC20 and ERC20)USD24 hours24 hours
BitWalletJPY, USD, EUR, AUD24 hours24 hours
BitPayUSD24 hours24 hours
ThunderXPayLAK, MMK, KHR, THBInstant1 to 2 working days
Nganluong.vnUSD24 hours24 hours
PayPalUSD24 hours24 hours

How to Deposit Funds with FXChoice

How to Deposit Funds with FXChoice

👉 To deposit funds to an account with FXChoice, Kenyan Traders can follow these steps:

➡️ Before Kenyan traders can deposit money with FXChoice, they must first log in to their Back Office Profile.

➡️ Traders can then browse to “Deposit” and choose their desired deposit method from the offered selection. This must be done per the recognized country list.

➡️ From here, traders can finalize their trades by following the on-screen prompts and instructions.

 

👉 For every supported deposit method, Kenyan traders are required to read the accompanying details. Additionally, customers must read the transaction minimums, fees, and related information.

 

👉 Before utilizing Visa or Mastercard, Kenyan traders will be asked to present extra identification documents to prove their identities.

 

👉 In addition, contributions from other parties are prohibited, and any monies received from an unknown source will be refunded. 

FXChoice Fund Withdrawal Process

FXChoice Fund Withdrawal Process

👉 To withdraw funds from an account with FXChoice, Kenyan Traders can follow these steps:

➡️ Kenyan traders can log in to their Back Office profile and browse to the “Withdrawal” section to choose their chosen withdrawal method from the available options. 

➡️ Traders must be aware that, in certain instances, they will be obliged to withdraw money using the same method used to deposit funds. 

➡️ Traders can then submit a withdrawal request after completing the withdrawal form.

➡️ Kenyan traders will get an email including a confirmation link, which they may use to confirm the withdrawal.

 

👉 Kenyan traders should be aware that withdrawal requests submitted during regular business hours will normally be handled within 1 to 3 working days. Once processed, traders should be aware that it can take more time for the money to arrive in their bank account.

 

👉 When FXChoice gets a withdrawal request after a specified cut-off, on a weekend, a holiday, or outside of business hours, the withdrawal will only be executed on the next business day, within the allotted 8.5 hours.

 

👉 Additionally, traders should be aware that in the event of a system outage, withdrawal requests will be handled per the order time or date after the system has returned.

 

👉 Third-party payments are not permitted, and traders must make sure they respond to the second email the payment processor sends them asking them to confirm the bank information. The form may then be submitted by traders, who will then get confirmation of the money transfer.

FXChoice Education and Research

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🥈 FOREX.com🥉 IG
Economic CalendarYesYesYes
VPSYesYesYes
AutoChartist NoYesYes
Trading ViewNoYesNo
Trading CentralNoYesNo
Market AnalysisYesYesYes
News FeedYesYesYes
BlogYesYesYes

 

👉 FXChoice also offers Kenyan traders the following additional Research and Trading Tools:

➡️ MQL5 Signals

➡️ Myfxbook AutoTrade

➡️ ZuluTrade

➡️ Expert Advisors

FXChoice Bonuses and Promotions

FXChoice Bonuses and Promotions

👉 To both new and current customers, FXChoice provides a variety of incentives and promotions, 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.

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

How to open an Affiliate Account with FXChoice

Affiliate Account with FXChoice

👉 To register an Affiliate Account, Kenyan Traders can follow these steps:

➡️ To see the referral programs tab, prospective affiliates should visit the official FXChoice website.

➡️ Once the website has loaded, Kenyans can click on “Affiliate Programme” and wait.

➡️ The “Join US” banner can be selected, and a form will load.

➡️ The potential affiliate can proceed by filling out the necessary areas with their Full Name and a legitimate email address. Enter a user-chosen password after which choose “Next” and then check the box next to “I have read, understand, and accept the Data Protection Notice.”

➡️ The potential affiliate must choose their home nation and cell phone number in the next stage.

➡️ A code will be issued to the specified phone number, which potential affiliates may input in the appropriate field to continue. Registration may proceed when the code has been input successfully.

➡️ Kenyans can apply after providing further details and wait for an affiliate manager’s response.

 

FXChoice Affiliate Program Features

👉 Three components make up the FXChoice Affiliate Program. These components are the Volume-based plan for Classic and Pro Accounts, the Cost per Acquisition (CPA) Plan, and the Hybrid Plan.

 

Volume-Based Plan

Classic

👉 If most of the affiliate’s clients trade exotic pairs and minors in addition to majors, this plan is ideal for them as FXChoice offers 36 trading currency pairings.

 

👉 Every time a transaction is completed, affiliates will get a set percentage of the spread. Even better, affiliates might get up to 50% of the spread across all currency pairs. Additionally, the spread percentage that affiliates earn rises correspondingly with the trading volume of their clients.

 

Pro

👉 FXChoice offers a commission-sharing system that is progressive for its Pro memberships, which are comprised of retail and institutional brokers. The affiliate commission will increase in direct proportion to the amount of trade that is created by the clients of the affiliate.

 

Cost Per Acquisition (CPA)

👉 Affiliates who are not interested in volume-based models are eligible for this plan. The CPA scheme is basic and enables affiliates to earn after their customers have registered and financed a trading account and have met certain trading volume criteria.

 

👉 Affiliates may earn a minimum of $25 for every $100 placed by a customer. If the referred customer deposits at least $4,000 in a single transaction, the maximum commission increases to $1,000.

 

Hybrid Plan

👉 The hybrid plan is the ideal compromise between volume-based and cost-per-acquisition plans. Affiliates will be reimbursed for recommending consumers, like the CPA model, and will continue to get commissions so long as they continue trading, like the volume-based model.

 

👉 The fixed payment affiliates get for recommending a customer (the CPA component) and the commission given for the volume produced by customers under this plan are smaller compared to the original models, but the combination of both revenue streams makes this plan very efficient.

FXChoice Customer Support

FXChoice Customer Support

👉 Online chat, phone, and email are all available around the clock, seven days a week, for competent and courteous multilingual international help.

 

👉 FXChoice won the LiveHelpNow Challenge’s Best Customer Care Award, which honours the top 100 providers of outstanding customer service. These rankings are determined by statistics and based on daily metrics shown on client dashboards.

 

👉 According to 12 different criteria, Challenge winners are among the best customer service providers in their respective sectors.

 

👉 This achievement is an excellent example of professionalism, knowledge, care, and continual commitment to providing top-notch customer service. This is what sets apart the top 100 companies from a global field of more than 10,000 businesses.

👥 Customer Support📞 FXChoice Customer Support
Operating Hours24/5
Support LanguagesMultilingual
Live ChatYes
Email AddressYes
Telephonic SupportYes
Local Support in Kenya?No
The overall quality of FXChoice Support4/5

FXChoice Corporate Social Responsibility

👉 FXChoice’s official website does not indicate any active projects or initiatives in terms of Corporate Social Responsibility.

Our Verdict on FXChoice

👉 FXChoice is an award-winning broker that provides Kenyan traders with exceptionally competitive trading conditions, such as cheap commission costs, narrow spreads, superior customer support, rapid trade execution times, and variable leverage.

 

👉 FXChoice is an NDD broker operating under FSC supervision and guarantees complete customer financial safety. The site offers a variety of financing sources as well as withdrawal options, enabling more traders to trade on the platform.

 

👉 However, there are a few drawbacks including the limited educational materials and the lack of Tier-1 and Tier-2 regulations with entities such as FSCA, ASIC, CySEC, FCA, and others. In addition, FXChoice charges both deposit and withdrawal fees and does not offer a KES-denominated account.

FXChoice Pros and Cons

✔️ PROS❌ CONS
FXChoice is an NDD broker that has an industry-standard minimum deposit of 100 USD / 11,900 KESThe demo account expires after 90 days of inactivity
There is retail account management offered via MAM accountsThere are deposit and withdrawal fees charged
FXChoice has exceptional customer service and won the 2020 LiveHelpNow ChallengeThere is a limited selection of tradable instruments
Free VPS hosting is offered to eligible traders who run automated strategiesFXChoice has offshore regulation and is only regulated by a single Tier-3 regulator (low trust)
Myfxbook is offered to social Kenyan traders
FXChoice offers both MT4 and MT5
There are some educational materials and guides offered
There is a demo account and Islamic Account offered by FXChoice

Frequently Asked Questions

 

Can I register an account denominated in KES with FXChoice?

No, you can only choose USD as the base account currency for an FXChoice account.

 

Does FXChoice have Nasdaq?

Yes, FXChoice offers Kenyans access to Nasdaq via CFDs on indices under US Tech.

 

Does FXChoice have Volatility 75?

No, FXChoice does not currently offer Volatility 75/VIX.

 

Is FXChoice regulated and by whom?

Yes, FXChoice is regulated by the Tier-3 (low trust) market regulator, the International Financial Services Commission (IFSC) in Belize.

 

Is FXChoice an ECN broker?

Yes, FXChoice is an ECN broker and offers CFD trading.

Conclusion

👉 Now it is your turn to participate:

➡️ Do you have any prior experience with FXChoice?

➡️ What was the determining factor in your decision to engage with FXChoice?

➡️ Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?

➡️ Have you experienced any issues with FXChoice such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?

 

👉 Regardless, please share your thoughts in the comments below.

 

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

9/10 - (25 votes)

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