FX Choice Review By Traders Union Is Up, Here Is What It Says
Traders Union’s comprehensive review of FXChoice highlights a low TU Overall Score of 3.37 out of 10, cautioning traders about its potential shortcomings, yet acknowledging its regulatory status and competitive offerings in the Forex market.
Traders Union, a platform known for its comprehensive and unbiased review of the brokerage companies worldwide, is in a constant lookout for outliers in the Forex market.
Recently, it has released the updated result of its deliberation among 350 entities in the finance sector, including FXChoice.
Traders Union’s FX Choice review has been curated after a careful evaluation, encompassing important points there are to learn about the company including its features, advantages, disadvantages, requirements, and licensing status.
Operating since 2010, the platform garnered a TU Overall Score of 3.37 out of 10, ranking 224th among 350 firms featured in the ranking.
Using the Traders Union’s scoring standards, this threshold holds a low position in the ratings, and traders are advised to exercise their due diligence before engaging with the company.
According to the TU Overall Score, brokers with scores between 8.0 to 10.0 are considered best in the industry, and experts will undoubtedly open and fund an account on these platforms with no hesitations.
In contrast, those that scored between 3.0 to 4.99 cast doubts on their operations, either with licensing or regulatory problems, and experts advise traders to consider looking for more reliable brokers offering better conditions.
Analyzing the things that went wrong on the FXChoice review, Traders Union points out to the platform’s lack of withdrawal options via Visa and Mastercard debit and credit cards. Such a factor is important in every investor’s decision, as Forex is a dynamic and fast-paced industry where players normally initiate instant withdrawals.
This lack led to a low user satisfaction score of 3.0 out of 10.0, showing current users’ reluctance to use FXChoice in the long run.
On the upside, it is worth noting that the broker is not necessarily unlicensed. In fact, it holds a regulatory oversight from the International Financial Services Commission of Belize.
Moreover, it operates on important financial markets in the world. 9.22% of its patrons come from the United Kingdom, 6.90% are from Canada, 4.57% from Colombia, 4.3% from South Africa, and 2.1% from Spain.
FXChoice offers tight spreads starting at 0.0 pips on popular currency pairs, which maximizes a trader’s profitability. It offers one of the lowest minimum deposits in the market at only $10, which is the same as Roboforex, Traders Union’s Best Forex Broker of 2023.
In terms of flexibility, MT4 and MT5 are offered, on three different account types namely Classic Account, Optimum Account, and Pro Account.
It is worth noting that FXChoice offers three different affiliate programs. In its refer-and-earn plan, a user can earn a $25 bonus for each $100 deposited by their referred customer once they reach a $200,000 turnover. This is one of the most attractive bonuses offered among Forex platforms, with the majority cutting their affiliate program due to budget constraints.
Traders Union’s FXChoice review provided a holistic view of the platform for the benefit of interested traders. The finance portal has been around since 2010, and has established its name as one of the most trusted investing information sources in the Forex market.