Finance

Account types of FXChoice brokerage firm

FXChoice is an online CFD & forex brokerage firm situated in Belize. Since 2010, FXChoice has been offering its services. It has operations that spread worldwide under the Belize International Financial Services Commission (IFSC) law. It provides investors access to several markets through its power MetaTrader platform and CFDs.

All kinds of investors are welcome by FXChoice & it has several banking options conveniently available. Investors enjoy strict spreads with low commissions. It has a quick execution speed with an award-winning customer support service.

Before grinding the FXChoice accounts types, we first need to understand MetaTrader4 & MetaTrader5:

MetaTrader4:

At FXChoice, the MetaTrader 4 platform has comprised of the Classic account. It is multilingual and includes thirty technical indicators, nine timeframes, and thirty-one graphical objects. MT4 also provides a tester of single-threaded strategy.

MetaTrader5:

MetaTrader5 is accessible for Pro account holders, and expert investors will appreciate the advanced characteristics of the MetaTrader5 platform. MetaTrader5 has more indicators than MT4. It also has Stop Limit orders and the capability to check market depth.

Users will find traditional hedging support, professional charting tools, compatibility with Expert Advisors, support and netting options, and multilingual support service. MetaTrader5 features 38 technical indicators, 44 graphical objects, and 21 timeframes. FXChoice has an economic calendar and an embedded MQL5.community chat. The strategy tester in MT5 is both multithreaded and multicurrency with real ticks.

FXChoice Account Types:

There are two kinds of accounts offered by FXChoice:

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  • The Classic version, which works with the MetaTrader 4 platform, and
  • The Pro account, which works with the MetaTrader 4 / 5 platforms

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Both accounts need a minimum deposit of $100, and both provide a leverage limit of up to 1:200.

The MT4 classic account.

  • The MT4 classic account attribute zero commissions, and its spreads start at 0.5 pips. The Spreads in classic accounts tend to be slightly higher, which is counterbalanced by the lack of commissions. Scalping and Hedging are allowed through the use of Experienced Advisors.

The Pro account.

  • The Pro account allows using of either MetaTrader 4 or MetaTrader 5. It has a $3.50 commission/notional worth of $100k in trades. Spreads are much more rigid, starting at 0 pips, as this account benefits from direct market liquidity offered by a few of the world’s most prominent financial institutions. Investors using scalping or other automated trading strategies can benefit the most from the pro account.

Both accounts have demo accounts access to test trading conditions & both versions are also available as Islamic accounts with sharia compliance.

Multi-Account Management (MAM) Account:

Expert investors with their separate client base can benefit from the Multi-Account Management (MAM) account. It helps the trader to maintain funds for others against an incentive fee. A user must apply & get approval for the MAM account. Users will be expected to give evidence of profitability & that they can bring clients to FXChoice to get the approval.

Pips with Loyalty Program:

Every Classic and Pro client automatically get a ticket into the FXChoice’s Pips+Loyalty Program. They have five tiers to the program, and every successive tier provides additional advantages in savings against trading costs.

Clients on Classic accounts get a rebate on their spreads, and the range can be as higher as $20 /$1 million traded. While The Pro account holders get low commissions, and if they reach tier 1, the commission remains $15 / $1 million traded, more diminutive than ½ the standard commission rate, giving significant savings for active investors.

 

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