FXChoice Australia Review 2024 - TU expert opinion
Is the Forex market legit in Australia?
Forex trading is legal in Australia. The number of users earning their additional income from trading currency assets is increasing every year. The Australian Securities and Investments Commission (ASIC) regulates financial organizations. The commission supervises the operation of financial markets and financial services organizations.
Under the law of the country, the income earned from investment activity must be declared and taxed. Brokers with the ASIC license can provide access to any Forex assets. Clients can also use leverage for trading.
How to Trade Forex in Australia
First you need to choose a local or international broker with the ASIC license and register a personal account on the website of the brokerage company. Next, you need to pass verification in order to have access to all available services. Once you’ve completed verification, you can deposit funds to your trading account and start trading. People without trading experience are advised to first test their skills and trading strategy using a demo account to avoid risking their own money.
Our Evaluation of FXChoice
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
FXChoice is a moderate-risk broker with the TU Overall Score of 6.35 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by FXChoice clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
FXChoice is a broker for active and passive trading that is more suitable for professional traders that have a certain amount of free funds.
Detailed Review of FXChoice in Australia
FXChoice is a good choice for traders from Australia. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
FXChoice is a regulated broker, which employs SSL (Secure Socket Layer) technology to guarantee transparency and security of all transactions for its customers. The company offers NDD order execution technology, highly professional customer support, and ensures the security of customer funds. Upon the customer’s request, the broker provides its own virtual VPS server to ensure continuous online trading. The funds of registered traders are kept in segregated accounts.
These are several key figures about FXChoice that are published on the broker’s official website:
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2010 is the year the broker began its operation;
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150,000 digital transactions per day;
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202 educational articles contained in the Knowledge Base.
Advantages of FXChoice for trading in Australia
Traders Union analysts conducted a detailed analysis of FXChoice for traders from Australia. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
Licensed by FSC, the International Financial Services Commission of Belize;
Typical tight spread on popular currency pairs;
Possibility to trade via popular MetaTrader 4 and MetaTrader 5 platforms. Availability of mobile and web versions of the platforms;
Algorithmic trading is allowed: use of advisors, MQL5 signals, and copy trading services;
Options for passive income without independent trading;
Several types of partnership programs and rebates.
There are no restrictions on the use of trading strategies. The broker does not have any requirements for the minimum period of holding trades open in the market.
Analysis of the Main Features of FXChoice in Australia
Traders Union analysts analyzed the key features of FXChoice for traders from Australia. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for FXChoice traders from Australia
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of FXChoice trading conditions for traders from Australia. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
МТ4, MT5
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📊 Accounts: |
Classic Account, Optimum Account, Pro Account
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💰 Account currency: |
USD, EUR, GBP, AUD, CAD, Gold
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💵 Replenishment / Withdrawal: |
Wire transfer, Visa/Mastercard debit/credit cards (only deposits), Skrill, Neteller, Paysafe, SafetyPay, Perfect Money, FasaPay, Perfect Money, AstroPay, Poli, Airtm, VLOAD, STICPAY, AdvCash, and EPAY
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🚀 Minimum deposit: |
USD 10
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⚖️ Leverage: |
up to 1:1000
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0.01 lots
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💱 Spread: |
from 0.0 pips (Pro), from 0.5 pips (Classic), from 1.5 pips (Optimum)
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🔧 Instruments: |
Currency pairs, CFDs on stocks, commodities, metals, and energies
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💹 Margin Call / Stop Out: |
25/15%
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🏛 Liquidity provider: |
Mostly European banks
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market Execution, NDD
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⭐ Trading features: |
MAM accounts; Licensed by FSC; Algorithmic trading.
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🎁 Contests and bonuses: |
15% deposit bonus on deposits, rebate, commission reduction per lot
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FXChoice Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by FXChoice for traders from Australia. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Traders Union analysts have thoroughly reviewed the trading conditions of FXChoice to uncover clear and hidden commissions. The information about all commissions and fees is publicly available on the broker’s website. A deposit fee for deposits via a wire trader is 0.25% (min EUR 150); Perfect Money and FasaPay — 0.5%; Skrill — 1%; and VLOAD — 3.5%. On the Pro Account, the broker charges a $3.5 commission per side per notional amount of $100,000 (1 lot).
Account type | Spread (minimum value) | Withdrawal commission |
Classic | from $5 | No |
Pro | from $5 | Charged in certain situations |
Optimum | from 15$ | No |
Swaps are charged (a commission for rollover of the position to the following day). For your convenience, we also compared trading commissions of FXChoice with similar indicators of its competitors, with each broker assigned a corresponding level. The results of the comparison are provided in the table below.
FAQs
Is FXChoice legal in Australia?
Yes. FXChoice operates legally in Australia. The broker holds the necessary licenses.
Can you learn trading with FXChoice? Does the broker offer courses for traders from Australia?
Yes, FXChoice offers good trading courses and a lot of educational information for clients from Australia.
Can FXChoice be trusted? Has the broker been operating in Australia long?
FXChoice has been operating in Australia quite long and has a good reputation. Therefore, traders can work with FXChoice.
Is FXChoice suitable for novice traders from Australia?
Yes. FXChoice offers optimal trading conditions and good education for beginners from Australia.
How efficient is FXChoice customer support in Australia?
FXChoice offers a sufficient number of ways to contact customer support in Australia, and also provides support in the state language.
Has FXChoice had any incidents involving theft of funds of clients from Australia?
No. FXChoice provides reliable security of funds of clients from Australia.
Will I be able to file a lawsuit in Australia if FXChoice violates my rights?
Yes. If FXChoice violates your rights, you can file a complaint with the regulator of Australia, and then with a court.
Can FXChoice clients from Australia use the broker’s mobile app?
Yes. The mobile app of FXChoice is available for the clients from Australia.
Does FXChoice provide Australia market analysis?
Analysis of Australia is featured in the information provided by FXChoice.
How can I withdraw funds from my account at FXChoice in Australia?
FXChoice supports bank transfers and debit/credit cards of the banks operating in Australia.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.