FXChoice at a glance
| 🔍 Brokers | FX Choice |
| 🏛 Headquarters | Belize City, Belize |
| 📅 Year founded | 2010 |
| 🏛 Regulating authorities | International Financial Services Commission (IFSC) of Belize |
| 🌐 Countries not accepted for trade | Afghanistan, Belize, Iraq, Italy, Korea, Spain, Sudan, Syria, United States, Guam, Northern Mariana Islands, Puerto Rico, Virgin Islands, U.S., United States Outlying Islands, American Samoa. |
| 📒 Demo account | Yes |
| ☪️️ Islamic account | Yes |
| 📒 Institutional accounts | Yes |
| 💻 Managed accounts | Yes |
| 📊 Maximum leverage | 1:200 |
| 💰 Minimum deposit | $100 or currency equivalent |
| 💳 Deposit options 💳 Withdrawal options | Bitcoin Payments, FasaPay, Neteller, Paysafecard, Perfect Money, POLi, Skrill, SticPay, Visa, Wire Transfer |
| Platform(s) provided | MT4 and MT5 |
| 📲OS compatibility | Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad |
| 📉 Tradeable assets offered | Forex, CFDs, indices, commodities, cryptocurrencies |
| 🌍 Languages supported on website | English, Deutsch, Čeština, Español, Arabic, Português, Thai, Japanese, Greek. |
| ☎ Customer support languages | English, Deutsch, Čeština, Español, Arabic, Português, Thai, Japanese, Greek. |
Min Deposit
USD 100
Regulators
IFSC
Trading Platform
MT4, MT5, Web Terminal
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our FXChoice Islamic Account below.
FXChoice Islamic Account Revealed – A Key 11-Point Quick Overview
- ✅FX Choice at a glance
- ✅FXChoice Overview
- ✅What exactly is an FXChoice Islamic Account?
- Which financial activities are restricted and prohibited by Sharia law?
- What are the steps involved in opening an FX Choice Islamic Account?
- What are FX Choice’s spread costs on an Islamic Account?
- What other features does FXChoice’s Islamic Account have?
- FXChoice Customer Reviews
- FXChoice Pros and Cons
- Conclusion
- Frequently Asked Questions
Here is our overview of the FXChoice Islamic Account as well as the pros and cons as well as features that are offered to traders.
FXChoice Overview
FXChoice is an ECN broker that offers Forex and CFD trading. FXChoice Limited was established in 2010 and is headquartered in Belize where it is regulated by the International Financial Services Commission (IFSC).
FXChoice ensures that all client transactions are processed safely. Communication is encrypted with SSL technology and passwords are encoded. The MetaTrader platforms are also fully encrypted and allow users to apply two layers of authentication if they wish.
FX Choice does not accept clients from the United States of America (USA) and some other areas, but apart from that, clients from almost anywhere can sign up for an account with the broker. Traders can download a selection of Expert Advisors for MT4, including the GPSForexRobot for scalping, and pip calculators.
What exactly is an FXChoice Islamic Account?
Islamic accounts, known as swap-free accounts, are compliant with Sharia law because there is no swap or rollover interest on overnight positions, which is against the Muslim faith. Muslim clients can benefit from these same trading conditions and terms as regular trading account types, with the only difference having no swaps on trading instruments.
A handling charge may however apply. Another important feature on an Islamic Account is that transactions must be settled immediately, requiring that currencies be transferred from one account to the other right after the transaction has been completed and therefore paid for in full.
| Features | |
| Platforms | 💻 MT4 and MT5 |
| Swap - Free | ☑ Yes |
| Commission | ☑ Yes |
There are two key elements of the Islamic law that relate specifically to trading accounts, namely Riba and Gharar. Riba is a concept that refers to increasing or exceeding growth, which forbids interest credited from loans or deposits. Gharar is an Arabic word associated with uncertainty, deception, and risk, which in modern finance include futures and options contracts, which have dates of delivery in the future.
Which financial activities are restricted and prohibited by Sharia law?
Due to the restrictions and prohibitions on Muslim traders when considering the intricate details involved with trading activities, the following may be affected or prohibited:
| ☪️️ Overnight rollovers, because it involves the receiving of swap points on positions that are held open for longer after the trading day has concluded at the New York close at 17:00 EST, as is prohibited by the Sharia law. |
| ☪️️ Margin deposits and interest, because it involves the accrual of interest on funds which are deposited into the trading account, which is prohibited. |
| ☪️️ Loans is prohibited by the Sharia law as per the element of Riba. Followers of the Sharia law is prohibited from having funds transferred by either a bank or other financial institution and involving interest. |
| ☪️️ Trading on margin results in a trader being liable for paying interest, which also amounts to Riba and is prohibited by Sharia law, as money is borrowed from the broker to buy or sell such equities. |
| ☪️️ Short sales, which affects mostly shares and involves borrowing and subsequent sale of an asset, is prohibited. |
| ☪️️ Forward sales are affected. The trading of futures contracts involves the buying and selling of contracts at a future date according to a price agreed upon on the day of entering such a contract. |
What are the steps involved in opening an FX Choice Islamic Account?
- Step 1 – Log in to FXChoice Backoffice
If a trader from a Muslim country wants to open an Islamic account, he can simply log into his back-office profile, go to the Profile section, select Islamic account, and submit his request for a swap-free account.
- Step 2 – Verify your profile
FX Choice may also require certain additional documents, apart from proof of identity and residential address, before approving an application for an Islamic account.
- Step 3 – Download the trading platform
Islamic accounts are available on the MT4 and MT5platforms.
What are FX Choice’s spread costs on an Islamic Account?
To make up for money lost by not charging overnight fees, a broker like FX Choice usually charges extra fees on Islamic accounts – either in administration fees, wider spreads, or additional commissions. With this broker, trading conditions are almost identical to those on standard accounts, except for no swap charges.
Instead, FX Choice charges a commission, which is charged at 00:00:00 server time (or 23:59:59). For trades where the swaps are normally positive, the commission would be zero, and for those trades where Swaps are negative, the commission will be 75% of the swap.
What other features does FXChoice’s Islamic Account have?
When making use of the FX Choice Islamic account, traders can expect key features like the following:
| 🌐 FXChoice | |
| Account Type | ☪️️ Islamic account |
| 📌 Account Features | specific restrictions and limits may apply to the Islamic account. |
| Swap - Free | |
| Interest is not charged on contracts that are held for more than 24-hours. | |
| 💳 Accounts are activated with minimum deposit | $100/R1 500 ZAR |
FXChoice Customer Reviews
I put 10k USD over a year ago with…
I put 10k USD over a year ago with these guys, I was learning how to trade, didn’t workout. I realized just holding crypto you make more money then trading forex. I had left on the account 7k for almost 2 years. I went and asked for withdrawal, they asked me to send them a picture of me holding my ID with a paper written “MyFX Choice” + the date. i sent it and within 24h my order was processed and they sent me my money. I’m usually that type of dude that always leave bad reviews, but I have to be honest and give credit to where is due especially with these scammers nowadays, but this company is legit – Kaia W
So far a great platform
So far a great platform, I had an issue with a crypto trade not being able to modify the trade due to the market closure time, but my questions were answered as well as documentation to back up their reply explaining in detail what would happen when the market reopens.
Over all great brokers – Pipcollector
Honestly it’s a great broker with…
Honestly it’s a great broker with competitive spreads also the fact that they allow you to trade most if not all the currencies, crypto, index in demo as for those in the live account. I hate the fact that when I adding more lots they move my original entry price to another price.
FXChoice Pros and Cons
| ✔️ Pros | ❌ Cons |
| Hedging allowed | Demo account expires if not used |
| Islamic Account can be opened | Limited educational resources |
| Social trading available | Only two account types available |
You might also like: FXChoice Review
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Conclusion
For traders looking for a MetaTrader-only broker that offers both MT4 and MT5, MyChoiceFX might be a good choice although it has a limited range of tradeable markets, with just 50 available instruments and few research-related tools. The broker also lacks regulatory status in a major jurisdiction, as it is regulated in Belize. Obtaining another license in a major financial hub would greatly boost the broker’s trust score.
However, the number of years for which FXChoice have engaged in the sector provides ample indication that they are a respected and quality broker. They focus on platforms in MT4 and MT5 which are well-known, and mostly used in the industry. Additional elements such as their active trader program, social trading integration, and provision of VPS to traders, serve only to strengthen their position and the fact the company knows and understands its users.
Frequently Asked Questions
Trading environment
How many instruments can I trade with FX Choice?
You can trade several different instruments with FX Choice, which include the following:
- Forex
- CFDs
- indices
- commodities
- cryptocurrencies
Which platforms are supported by FX Choice?
FX Choice provides the following popular trading platforms:
- MT4
- MT5
Does FX Choice offer leverage?
Yes, FX Choice offers a maximum leverage of up to 1: 200.
What spreads can I expect with FX Choice?
FX Choice offers spreads starting at around 0.6 pips for EURUSD in the Pro account.
Does FX Choice charge commission?
Commission of $3.5 commission is charged on the Pro Account. More information on commissions should become available after opening an account or can be obtained from the customer support service.
Are there additional charges on the Islamic account?
FX Choice does offer an Islamic Account and extra fees on Islamic accounts may be charged – are either in wider spreads, additional commissions, or administration fees to make up for money that the broker loses with not charging overnight fees.
New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.
Is FX Choice regulated and by whom?
FX Choice is regulated by the International Financial Services Commission (IFSC) of Belize.
Is FX Choice a recommended forex trading broker for experts and beginners?
FX Choice offers a fair-trading environment for most types of traders.
What is the overall rating out of 10 for FX Choice?
6/10.
Accounts
What is the difference between a demo and live trading account?
A demo account as is offered by broker companies like FX Choice is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features, before setting up a real account which needs to be funded with the customers own real money.
Does FX Choice offer a demo account?
Yes.
How long is the demo account valid?
The demo account expires after 90 days of inactivity, otherwise, they remain open for as long as needed.
Which live trading accounts does FX Choice offer?
- Classic account
- Pro account
- Islamic of swap-free accounts
- MAM accounts
Does FX Choice offer an Islamic Account?
Yes.
What are the available deposit currencies for a live trading account?
USD, EUR, AUD, CAD, Bitcoin, and other cryptos.
Deposits and withdrawals
What is the minimum deposit required to open an account with FX Choice?
$ 100.
How do you make a deposit and withdraw money with FX Choice?
FX Choice offers the following deposit and withdrawal methods:
- Bitcoin Payments
- FasaPay
- Neteller
- Paysafecard
- Perfect Money
- POLi
- Skrill
- SticPay
- Visa
- Wire Transfer
The same method that was used to fund an account must normally be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.
Does FX Choice charge withdrawal fees?
Some withdrawal options may involve a fee; details can be found on the website.
How long does it take to make a withdrawal?
Withdrawals are processed within 24 hours from Monday to Friday. After processing, all e-payment withdrawals are credited instantly whilst times for cryptocurrencies can take up to a couple of hours. Bank transfers can take up to 5 working days.
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