FXChoice Broker Review In Kenya In 2024

Why We Choose FXChoice

FXChoice was first established in 2010 and has been offering online trading to clients worldwide for over a decade.. They are a regulated forex broker that operates under the supervision of the Financial Services Commission in Belize. They are also well-known for being a trustworthy company and, over the years, have won many forex awards for their high quality service.

As a reputable forex broker, FXChoice offers a secure trading environment and great online trading conditions. They offer CFD trading on a wide range of markets including forex, indices, commodities, and cryptocurrencies. They also offer a good choice of accounts. You can choose from 3 different account types – all of which come with fast trade execution, tight spreads, and low trading costs. You can also choose from two of the industry’s best online trading platforms – MetaTrader4 and MetaTrader5.

As a technology-led forex broker, FXChoice offers a great selection of trading tools. For example, they provide access to MQ5 trading signals and myfxbook Autotrade services. They also offer access to other premium trading tools such as EAs and VPS services. In terms of trading support, FXChoice has a basic educational hub for new traders. They provide learning resources such as online courses, educational articles, and a free trading glossary. And on top of all that, FXChoice also provides excellent customer service and multilingual support.

FXChoice Regulation and Safety

Forex traders in Kenya come under FXChoice’s primary licence, which is with the Financial Services Commission in Belize. FXChoice 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.

FXChoice Trading Instruments

If you’re planning on trading multiple markets, then FXChoice offers a good range of trading instruments. It has CFDs on forex, indices, commodities, and crypto.

• Forex – FXChoice has 36 currency pairs including majors, minors, and exotic pairs. Their forex selection includes popular instruments such as EURUSD, GBPUSD, and USDCHF.
• Crypto – They have 3 CFDS on cryptocurrencies. Their crypto offering includes BTCUSD, ETHUSD, and LTCUSD. This means that you can speculate on Bitcoin, Ethereum, and Litecoin.
• Indices – FXChoice has 6 CFDs on indices. Their indices selection 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 stock offering includes many popular British, American, and European companies. This means that you can get 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

Account Types

As part of our FXChoice review, we checked what account types are available. They offer three main options. These are the Optimum account, the Classic account, and the Pro account.

Type	Spreads	Min. Deposit	Max. Leverage	Commission
Optimum	From 1.5 pips	$10	1:1000	$0
Classic	From 0.5 pips	$100	1:200	$0
Pro	From 0.1 pips	$100	1:200	$3.5 per side

Optimum account

The FXChoice Optimum account is a great choice for forex traders in Kenya. The minimum deposit is very low at just $10, making it an affordable option for beginners. The account is available with MetaTrader4. It comes with tight spreads starting from 1.5 pips and leverage of up to 1:1000. You can use it to trade forex, 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 good choice for forex traders in Kenya. The minimum deposit is slightly higher at $100. The account is available with MetaTrader4. It comes with tight spreads starting from 0.5 pips and leverage of up to 1:200. You can use it to trade forex, 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 suitable choice for more experienced forex traders in Kenya. The minimum deposit is at $100. The account is available with MetaTrader4 and MetaTrader5. It comes with tight spreads starting from 0 pips and leverage of up to 1:200. You can use it to trade 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

FXChoice offers demo account versions of all its live account types. You can test out their trading conditions on both MetaTrader4 and MetaTrader5. You can use the demo account to simulate any trading ideas, experiment with custom EAs, and test powerful trading tools. It operates in real market conditions with virtual money. FXChoice Deposits As part of our fx choice review, we checked to see what payment methods are available. They have many convenient options.

Leverage

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

Payment Methods

Deposit methods

You can deposit money using traditional methods such as debit card, credit card, and wire transfer. This is a fairly convenient option. You can also deposit money using e-wallets and prepaid cards such as Airtm, Skrill, Neteller, PerfectMoney, PaySafeCard, Astropay, and Poli. Other payment options include Payredeem, Sticpay, Payop, Advcash, PromptPay, ePay, and FasaPay.

It is worth noting that some payment methods are only available in certain regions. It is also worth noting that some methods come with 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 relevant deposit deals.

Minimum deposits

The FXChoice minimum deposit varies depending on which account type you choose. For example, if you open an Optimum account, then the minimum deposit is $10. Whereas if you open a Classic or Pro account, then the FX Choice minimum deposit is $100. It is worth nothing that some payment options may have their own minimum deposit requirements. FXChoice Withdrawals

Withdrawal methods

FXChoice offers a wide range of withdrawal methods. You can withdraw money using traditional methods such as debit card, credit card, and wire transfer. This is a fairly straightforward option. You can also withdraw money using e-wallets and prepaid cards including Airtm, Skrill, Neteller, PerfectMoney, and Astropay. Other payment options include Payredeem, Sticpay, Payop, Advcash, PromptPay, ePay, and FasaPay.

It is worth noting that some payment methods are only available in certain regions. It is also worth noting 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 an excellent track record for customer service. They have won many awards in recent years in acknowledgement of their fair customer treatment. There are very few reports online of FXChoice withdrawal complaints or FXChoice withdrawal issues.

FXChoice Bonuses

FXChoice is currently offering two bonus plans.

65% on crypto deposits

If you’re looking for ways to boost your trading capital, FXChoice offers a generous welcome bonus for crypto depositors. Their crypto payment methods include bitcoin, bitcoin cash, litecoin, ethereum, and XRP. To benefit from the bonus, all you need to do is open a live account, complete the registration process, and deposit funds using one of their cryptocurrency payment methods. The bonus is also valid for use in combination with other special offers, so you have the opportunity to increase your funds further. Check their website for the full details.

50% Welcome Bonus

If you’re looking for ways to top up your trading funds, FXChoice offers a good welcome bonus for new traders. You can use their welcome bonus to trade any instrument including forex, shares, and crypto. To access the bonus, all you need to do is open a live account, complete the registration process, and make the required minimum deposit. The bonus is also valid for use in combination with other special offers, so you have the opportunity to increase your funds further. Check their website for the full details.

Pips+ Loyalty Programme

FXChoice also offers a unique loyalty programme for forex traders. The aim of the program is to reward loyal traders with more rebate or with more favourable trading conditions. The more you grow your account, the better your rewards are. It is very easy to take part in the Pips+ loyalty programme. All you need to do is invest greater equity or trade a higher volume. However, there is a slight difference on how that works depending on your trading account. If you have a Classic account, then the higher you climb up their tiered loyalty programme, the more rebate you receive. And the rebate works like a spread refund. If you have a Pro account, then the higher you climb up the program, the lower the commission you pay. Check their website for the full details.

FXChoice Trading Platforms

Desktop platforms

MetaTrader4 (MT4) is an excellent trading platform for forex traders in Kenya. It has a simple design that is easy to navigate. It also comes with many user-friendly trading tools. You can use the MetaTrader4 platform to trade forex, indices, commodities, and cryptocurrencies. The FXChoice MT4 trading platform also has several advanced charting tools, 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 (MT5) is another helpful trading platform for forex traders in Kenya. It is easy to use and comes with many built-in 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 a large selection of trading tools including 6 order execution types, 38 indicators, and 37 analytical objects. This makes it perfect for checking chart patterns and managing trades.

Webtrader platforms

The web platform’s interface is similar to the desktop version. The web platform comes with 9 chart time frames. It also comes with basic analytical objects such as horizontal, vertical and trend line, equidistant channel and Fibonacci linesYou can carry out all trading operations including placing market orders and pending orders. You can also benefit from real-time quotes in Market Watch and one-click trading (available on MT5 Web Terminal only). Their MetaTrader Web Terminals are supported by higher versions of popular web browsers: including Internet Explorer 11, Microsoft Edge 12, Mozilla Firefox 34, Google Chrome 43, Safari 8, and Opera 32.

FXChoice Fees

Before opening an account, there are a few additional trading costs you need to take into account.

• Deposit and withdrawal fees – FXChoice itself does not charge many deposit or withdrawal fees. However, it does pass on payment provider fees to its customers. For example, withdrawals done through bank or wire transfer may include withdrawal costs, depending on the financial institution.
• Currency conversion fees – FXChoice offers a comprehensive choice of deposit and withdrawal currencies. However, the base account currency is USD, which means that deposits and withdrawals made in KES need to be converted. This means that there is often a currency conversion fee.
• Trading fees or commissions – Your typical spreads will vary depending on the trading account that you use, the financial instrument that you trade, and the circumstances of the market overall for a specific trading day. If you have a Pro account, you may also be subject to commission fees, depending on what you trade.
• Inactivity fees – Many forex brokers collect account maintenance fees from traders who have not accessed or used their trading account for an extended period. However, the FXChoice trading platform does not impose an inactivity fee.

FXChoice Trading Tools

Myfxbook Autotrade

FXChoice provides trading resources in partnership with myfxbook. The service allows you to mimic the trades of other, more established traders. All you need to do to start using AutoTrade is to connect your funded live account with your Myfxbook profile. Once you have done so, simply subscribe to your favourite traders. When they make a trade, it will be automatically replicated on your account.

MQL5 Signals

FXChoice provides trading signals with the help of MetaQuotes, the company that created the MetaTrader4 and MetaTrader5 trading platforms. This service allows you to shadow the trades of seasoned trading veterans and learn from their experience. The service is very easy to use and there is no installation required. You can access it directly through your MT5 trading platform. Once your MQL5 signals service is activated, you can use it to copy trades automatically.

Commodity Robot EA

If you’re looking for more advanced trading support, FXChoice recommends an EA provided by commodityrobot.com. It is designed to help you with trading CFDs on bitcoin, coffee, copper, platinum, gold, and oil trading. It focuses on short-term and medium-term trading strategies. And it comes with free updates.

GPS Forex Robot EA

If you’re looking for more forex trading support, FXChoice recommends an EA provided by gpsforexyrobot.com. It is designed to help you with trading EURGBP, EURUSD, GBPUSD, and USDCHF. It focuses on scalping trading strategies and comes with free updates.

Megadroid EA

If you’re looking for more advanced forex trading support, 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. And it comes with free updates.

ZuluTrade Copytrading

FXChoice offers copytrading services via its partner ZuluTrade. It is a very helpful trading tool for new traders. You can use it to copy the trades of validated experts. ZuluTrade utilises its proprietary tool ZuluRank to rate traders based on performance in the markets, so you’ll be able to see at a glance who the top traders are. ZuluTrade is also a community: you can connect with other users

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.

FXChoice Education and Research

FXChoice has a free educational programme. Their course focuses on the practical and less on trading theory. They have put together eight chapters, ranging from the very basics to more advanced analyses, to give you a solid foundation in tackling global markets. You can take the full course, or just choose a chapter and study at your own pace. They also offer a free trading glossary.

How To Register For An Account

If you’re a forex trader in Kenya, you can follow these simple procedures to open an account with FXChoice. Firstly, open the FXChoice website and click the “Register” button on the homepage. Then you need to fill in the registration form, which should take you about two minutes. Next, you can simply use the “Open Live Account” form on the FXChoice website.

If you already have an online trading account, and you want to create another one, you can do that by logging into the FXChoice Back Office. After you have completed this part of the application process, you need to go to the FXChoice Back Office and choose “Verify Profile” from the left-hand menu. Then you need to submit the required paperwork to finish the process, so that FXChoice can verify your identity and residence address.

The next thing you need to do is choose your trading platform. You can choose from MetaTrader4 or MetaTrader5, depending on your account type. 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 into the terms and conditions for deposits, fund your trading account, and start trading forex.

FXChoice Customer Support

As part of our FXChoice 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 Conclusion

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.

FXChoice Forex Broker Review FAQs