FXChoice Review
Overall, FXChoice is considered low-risk, with an overall rating of 7 out of 10. FXChoice offers 2 different retail investor accounts and demo and Islamic accounts. FXChoice has a minimum deposit of 1 338 BWP ($100) for first-time Botswana traders.
- Lesche Duvenage
Jump to:
Overview
Regulation and Safety of Funds
Awards and Recognition
Account Types and Features
Account Registration
Broker Comparison
Trading Platforms
Range of Markets
Fees
Deposit and Withdrawels
Education and Research
Bonuses and Promotions
Affiliate Programs
Customer Support
Social Responsibility
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.1/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
MT4, MT5
Crypto
Yes
Total Pairs
0
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Overall, the broker is considered high risk, with an overall Trust Score of 50 out of 100. The broker is licensed by zero Tier-1 Regulators (high trust), zero Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). They offer two retail trading accounts: an MT4 Classic and an MT4/5 Pro Account.
They were found in 2010 as a trustworthy electronic communication network (ECN) broker. The broker is an award-winning broker with many accolades for its multilingual and accommodating client service.
The security procedures are also good, as they do all possible to safeguard customer funds. In addition, the platform securely holds the deposits in segregated accounts, kept separate from the business accounts.
Therefore, the platform cannot trade with customer money or utilize it to cover corporate expenditures. Instead, the broker provides a vast array of trading tools, such as MQL5 Signals, Myfxbook AutoTrade Services, VPS, Live Economic Calendar, and Pips+ Programme.
They accept Botswanan clients and have an average spread from 0.0 pips with a 3.5 USD commission. They have a maximum leverage ratio of up to 1:200, and a demo and Islamic account are available.
The MetaTrader 4 and MetaTrader 5 platforms are supported. Their headquartered are in Belize and regulated by IFSC in Belize.
Distribution of Traders
Currently has the largest market share in these countries:
➡️ United States – 20.7%
➡️ United Kingdom – 10.1%
➡️ Venezuela – 6.4%
➡️ Canada – 6.3%
➡️ Colombia – 4.6%
Popularity among traders
The broker is not a prominent forex and CFD broker in Botswana, yet it is among the Top 100 brokers in the area.
FXChoice At a Glance
| 🏛 Headquartered | Belize |
| 🌎 Global Offices | Belize |
| 🏛 Local Market Regulators in Botswana | • Ministry of Finance and Economic Development (MFED) • Bank of Botswana (BoB) • Non-Bank Financial Institutions Regulatory Authority (NBFIRA) |
| 💳 Foreign Direct Investment in Botswana | 115.89 BWP Million in 2021 |
| 💰 Foreign Exchange Reserves in Botswana | 5270 USD Million in 2021 |
| ✔️ Local office in Gaborone? | No |
| 👨⚖️ Governor of SEC in Botswana | None, Moses Dinekere Pelaelo is the Governor of the Bank of Botswana |
| ✔️ Accepts Botswana Traders? | Yes |
| 📊 Year Founded | 2010 |
| 📞 Botswana Office Contact Number | None |
| 📱 Social Media Platforms | • YouTube |
| ⚖️ Regulation | International Financial Services Commission (IFSC) |
| 1️⃣ Tier-1 Licenses | None |
| 2️⃣ Tier-2 Licenses | None |
| 3️⃣ Tier-3 Licenses | International Financial Services Commission (IFSC) |
| 🪪 License Number | • Belize – 00007/301 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | No |
| ✔️ Regional Restrictions | Afghanistan, Belize, Iraq, Italy, North Korea, Spain, Sudan, Syrian Arab Republic, Guam, Northern Mariana Islands, Puerto Rico, United States, US Virgin Islands |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 2 |
| ✔️ PAMM Accounts | Yes, MAM |
| 💻 Liquidity Providers | Unknown |
| ✔️ Affiliate Program | Yes |
| 📱 Order Execution | NDD, Market |
| 📊 Starting spread | 0.0 pips |
| 📉 Minimum Commission per Trade | 3.5 USD |
| 💰 Decimal Pricing | 5 points after the comma |
| 📞 Margin Call | 25% |
| 🛑 Stop-Out | 15% |
| 📉 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade Size | 50 lots |
| ✅ Crypto trading offered? | Yes |
| ✔️ Offers a BWP Account? | No |
| 📉 Dedicated Botswana Account Manager? | No |
| 📈 Maximum Leverage | 1:200 |
| 📊 Leverage Restrictions for Botswana? | No |
| 💳 Minimum Deposit (BWP) | 1,200 BWP or 100 USD |
| ✔️ Botswana Pula Deposits Allowed? | Yes |
| 📊 Active Botswana Trader Stats | 250,000+ |
| 👥 Active Botswana-based FXChoice customers | Unknown |
| 🔁 Botswana Daily Forex Turnover | Unknown, Forex overall is $6.6 Trillion |
| 💰 Deposit and Withdrawal Options | • Crypto Payments • Credit/Debit Card • AirTM • Skrill • Neteller • Perfect Money • PaySafeCard • AstroPay • Poli • PayRedeem • Sticpay • Payop • ADVCash • PromptPay • EPay • FasaPay |
| 💻 Minimum Withdrawal Time | Within 24 hours |
| ⏰ Maximum Estimated Withdrawal Time | 1 to 3 days |
| 💳 Instant Deposits and Instant Withdrawals? | Yes, deposits |
| 🏛 Segregated Accounts with Botswana Banks? | No |
| 📱 Trading Platforms | • MetaTrader 4 • MetaTrader 5 |
| 💻 Tradable Assets | • Forex • Cryptocurrency • Indices • Commodities • Shares |
| ✔️ Offers USD/BWP currency pair? | No |
| 📊 USD/BWP Average Spread | No |
| ✅ Offers Botswana Stocks and CFDs | No |
| 💻 Languages supported on the Website | English, Spanish, French, Portuguese, Thai, Chinese |
| ☎️ Customer Support Languages | Multilingual |
| 👥 Copy Trading Support | Yes, through ZuluTrade |
| ⏰ Customer Service Hours | 24/5 |
| 📞 Botswana-based customer support? | No |
| 💸 Bonuses and Promotions for Botswanans? | Yes |
| 📚 Education for Botswanan beginner traders | Yes |
| 📱 Proprietary trading software | No |
| 🤝 Most Successful Trader in Botswana | Unknown |
| ✔️ Is FXChoice a safe broker for Botswana Traders? | Yes |
| 🎖 Rating for FXChoice Botswana | 7/10 |
| 🥇 Trust score for FXChoice Botswana | 50% |
| 👉 Open Account | 👉 Open Account |
Regulation and Safety of Funds
Regulation in Botswana
The local market regulators in Botswana are as follows:
➡️ Ministry of Finance and Economic Development (MFED)
➡️ Bank of Botswana (BoB)
➡️ Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
While the broker is regulated globally, the broker does not yet have local regulations or licenses in Botswana. However, the broker is a popular and trustworthy broker that accommodates Botswanan traders.
Global Regulations
FX Choice Ltd is a Belizean company with the registration number 105968 and the location Corner Hutson & Eyre Street, Suite 302, Belize City, Belize. The broker is regulated by the International Financial Services Commission of Belize (IFSC) under license number 000067/301.
Customers may not have the same protection in case of a dispute or bankruptcy under this offshore regulation as they would with a broker regulated by a top-tier regulator.
Client Fund Security and Safety Features
Through implementing moral business practices, maintaining a secure and reliable trading environment, and providing first-rate customer service, they are committed to providing its clients with a trustworthy and transparent trading experience.
Client funds are kept in accounts separate from the company’s operating funds. The internal risk management team can guarantee that everything is up to code by tracking management’s actions.
Their safeguard against insufficient funds and promise that all transactions will be canceled before your balance drops below 0 are excellent features. In addition, they guarantee a zero balance if this failsafe mechanism cannot protect you.
The broker can set itself apart from rivals in the industry by offering this service, even though many other leading regulated brokers do not.
Is FXChoice a regulated broker?
Yes, the broker is a regulated broker. The company operates under the regulation of the International Financial Services Commission (IFSC) of Belize. Being regulated by the IFSC ensures that FXChoice adheres to strict regulatory standards and guidelines aimed at protecting clients’ interests and maintaining the integrity of the financial markets.
How does FXChoice ensure the safety of clients’ funds?
The broker prioritizes the safety of clients’ funds through various measures aimed at safeguarding assets and mitigating risks. One key practice is the segregation of client funds, where clients’ funds are kept separate from the company’s operational funds.
Awards and Recognition
In 2021 and 2022, they won LiveHelpNow’s Exceptional Customer Service accolade every month of the year. The broker wants their clients to feel as if they can come to us with any trading-related problem, no matter how small it may seem to them.
Has FXChoice received any awards or recognition for its services?
The broker has garnered recognition and accolades for its outstanding services in the financial industry. While specific awards may vary over time, the company has been honored for its brokerage services, trading platforms, customer satisfaction, and innovation.
How can clients verify FXChoice’s awards and recognition?
Clients interested in verifying FXChoice’s awards and recognition can typically find a list of accolades on the company’s official website. Additionally, FXChoice may publish press releases or announcements regarding recent awards received.
FXChoice Account Types and Features
The MT4 Classic Account and the MT4/5 Pro Account are the two basic kinds of accounts that may be opened. You must sign up for a pro account to use MT5 and access all the different trading instruments.
Botswanans choose between low spreads with a commission cost or no charge with a spread markup. The overall decision in account type will rely on the trading technique. Botswanan traders can choose between low spreads and no commission cost.
Suppose you participate in day trading and have multiple open positions. In that case, you will want the spreads on your positions to be as low as possible. However, if you want to keep assets for the long term, it might not considerably influence your decision.
| 💻 Live Account | 📉 Minimum Dep. | 📊 Average Spread | 💰 Commissions | 💸 Average Trading Cost |
| ➡️ Classic | 1,200 BWP / 100 USD | 0.5 pips | Spread Only | 5 USD |
| ➡️ Pro | 1,200 BWP / 100 USD | 0.0 pips | 3.5 USD | • 3 USD – High-volume traders • 7 USD for casual traders |
| ➡️ Optimum Account | 136 BWP / 10 USD | 1.5 pips | Spread Only | 5 USD |
Live Trading Account Details
MT4 Classic Account
The minimum spread for the regular account is 0.5 pips, without any commissions charged. This entry-level account can only be used on MT4 and is ideal for beginner Botswanan traders.
| Account Feature | Value |
| 📱 Minimum Deposit Required | 1,200 BWP or an equivalent to 100 USD |
| 📉 Average Spreads | From 0.5 pips EUR/USD |
| 💻 Commissions Charged | None, only the spread is charged |
| 📊 Minimum Position Size | 0.01 lots (micro lots) |
| 📉 Rebates Added | 2 USD per side up to 100,000 USD |
| 📈 Maximum Leverage | Up to 1:200 |
| 💵 Margin Level for Hedged/Locked Positions | 50% |
| 💸 Execution | NDD and Market Execution |
| 💰 Margin Call | 25% |
| 👥 Stop-Out Levels | 15% |
| 🗣 Algorithmic trading offered? | Yes |
| 📞 Range of Markets Offered | • 36 Forex Pairs • Indices • Precious Metals • Energies • Cryptocurrencies • Shares |
Optimum Account
The minimum spread for the regular account is 1.5 pips, without any commissions charged. This entry-level account can only be used on MT4 and is ideal for beginner Botswanan traders.
MT4/5 Pro Account
The pro account costs up to $3.5 in addition to the margins obtained from direct market liquidity provided by some of the world’s major institutions. Spreads start at 0 pips, which is less than the normal account.
If your approach necessitates narrow spreads, this account may be your ideal choice. Another distinguishing feature of the pro account is that it allows access to a wider range of tradable instruments.
| Account Feature | Value |
| 📱 Minimum Deposit Required | 1,200 BWP or an equivalent to 100 USD |
| 📉 Average Spreads | From 0.0 pips EUR/USD |
| 💻 Commissions Charged | 3.5 USD per side per standard lot (100,000 units of the base currency) for casual traders, 1.5 USD per side for high-volume traders |
| 📊 Minimum Position Size | 0.01 lots (micro lots) |
| 📉 Rebates Added | None |
| 📈 Maximum Leverage | Up to 1:200 |
| 💵 Margin Level for Hedged/Locked Positions | 50% |
| 💸 Execution | NDD and Market Execution |
| 💰 Margin Call | 25% |
| 👥 Stop-Out Levels | 15% |
| 🗣 Algorithmic trading offered? | Yes |
| 📞 Range of Markets Offered | • 36 Forex Pairs • Indices • Precious Metals • Energies • Cryptocurrencies • Shares |
Base Account Currencies
Other than the US dollar, the broker does not provide any other currency options. Because of this, Botswanan traders who make deposits or withdrawals in BWP will be subject to costs associated with currency conversion.
Demo Account
If you want to evaluate online trading without putting your own money at risk, open a demo account.
A demo account is free, and virtual funds have already been added. The demo account allows you to assess various trading strategies without taking any real financial risks.
The repetition might help you acquire used to the broker’s interface and gain the expertise and confidence you will need to succeed in trading.
In contrast to other brokers needing traders to contact them to prolong the trial account, the broker’s trading platform automatically sets up demo accounts so that they do not expire unless traders fail to check in for 90 days.
Therefore, traders are free to keep their demo accounts active forever. This benefit is a wonderful feature since it is particularly helpful for experimenting with different tactics.
The more often traders contact the broker, the more sample accounts may be established. They now offer a generous maximum of 20 demo accounts that can be opened simultaneously, allowing them to experiment with various approaches before settling on one.
Botswanan traders may use their demo accounts indefinitely by making further virtual currency deposit requests whenever they choose.
Islamic Account
The classic and pro accounts may be converted to swap-free Islamic accounts. However, Botswanans must first establish a live account before going to the Profile section to open an Islamic account.
In addition, traders must note that the lack of swap fees in Islamic accounts results in commission costs if they lose a trade, while there is no commission fee if the trade is successful.
Botswanan traders’ trade commission is equal to 75% of the swaps involved. Even though these fees are minimal, they may deter some dealers since Muslim customers may not be eligible for these accounts.
What types of trading accounts does FXChoice offer?
The broker offers a variety of trading accounts to cater to the diverse needs of traders. These may include Classic accounts, Pro accounts, and VIP accounts.
What features are available with FXChoice’s trading accounts?
FXChoice’s trading accounts come with a range of features designed to enhance the trading experience. These features may include access to popular trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), competitive spreads, flexible leverage options, and a wide range of tradable instruments including forex, commodities, indices, and cryptocurrencies.
How to open an Account with FXChoice
Follow these steps to open a demo account:
Step 1 – Navigate to the FXChoice website
The first step in registering for a demo account involves traders navigating to the website, and clicking on “Accounts” and “Demo account” to proceed.
Step 2 – Select the desired trading platform
The second step requires the trader to select the desired FXChoice demo account platform on which they would like to trade.
Step 3 – Fill out the FXChoice registration
The third step in the registration process requires traders to fill in their: name, email address, and password.
Click ‘next’ to proceed.
Step 4 – FXChoice telephone confirmation
The fourth step in the demo account registration process requires traders to fill in their country of residence and cellphone number to obtain verification through an OTP (one-time pin).
Step 5 – Fill in the OTP code
Traders must fill in the OTP code received through SMS, and click next to proceed.
Step 6 – FXChoice Demo Account Registration Complete
Follow the KYC process to obtain login demo account details.
FXChoice Vs FBS Vs OctaFX – Broker Comparison
| 🥇 FXChoice | 🥈 FBS | 🥉 OctaFX | |
| ⚖️ Regulation | IFSC | IFSC, CySEC, ASIC, FSCA | CySEC, SVG FSA |
| 📱 Trading Platform | • MetaTrader 4 • MetaTrader 5 | • MetaTrader 4 • MetaTrader 5 • FBS Trader • CopyTrade | • MetaTrader 4 • MetaTrader 5 • OctaFX App • CopyTrade App |
| 💰 Withdrawal Fee | Yes | Yes | No |
| 📊 Demo Account | Yes | Yes | Yes |
| 📈 Minimum Deposit | 136 BWP ($10) | 12 BWP ($1) | 1,200 BWP ($100) |
| 📊 Leverage | Up to 1:200 | Up to 1:3000 | 1:500 |
| 📊 Spread | From 0.0 pips | From 0.0 pips | 0.6 pips |
| 💰 Commissions | 3.5 USD/1.5 USD per side | From $6 | None |
| ✴️ Margin Call/Stop-Out | 25%/15% | 40%/ 20% | 25%/15% |
| 💻 Order Execution | NDD, Market | Market | Market |
| 💳 No-Deposit Bonus | No | Yes | Yes |
| 📊 Cent Accounts | No | Yes | No |
| 📈 Account Types | • MT4 Classic Account • MT4/5 Pro Account | • FBS Cent Account • FBS Micro Account • FBS Standard Account • FBS Zero Account • FBS ECN Account • FBS Crypto Account | • MetaTrader 4 Habitual Trader • MetaTrader 5 Smart Trader |
| ⚖️ CBN Regulation | No | No | No |
| 💳 BWP Deposits | No | Yes | No |
| 📊 Botswana Pula Account | No | No | No |
| 👥 Customer Service Hours | 24/5 | 24/7 | 24/7 |
| 📊 Retail Investor Accounts | 2 | 6 | 2 |
| ☪️ Islamic Account | Yes | Yes | Yes |
| 📉 Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
| 📈 Maximum Trade Size | 50 lots | 500 lots | 500 lots |
| 💰 Minimum Withdrawal Time | 24 Hours | 15 to 20 minutes (maximum 48 hours) | 30 minutes |
| 📊 Maximum Estimated Withdrawal Time | 1 – 3 days | Up to 7 days | 3 hours |
| 💸 Instant Deposits and Instant Withdrawals? | Yes, deposits | Instant Deposits | No |
FXChoice Trading Platforms
offers Botswanan traders a choice between these trading platforms:
➡️ MetaTrader 4
➡️ MetaTrader 5
Desktop Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
The broker is a leading provider of Forex and CFD trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) (MT5). Access to the markets is quick and easy on both platforms, making them ideal for the average retail trader.
Since it is a stock trading platform, MT5 has more features and functionalities than MT4, making it more comprehensive. However, if foreign exchange (FX) trading is all you are interested in, MT4 should be more than sufficient.
WebTrader Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
MetaTrader 4
In addition to MT4’s core features, they offer real-time price feeds from global markets, lightning-fast trade execution, favorable terms, and access to interbank liquidity. Subsequently, traders of all skill levels may benefit from using the platform.
It caters to beginner and experienced traders with an intuitive design and a selection of in-built tutorials, tutorials, and technical indicators.
Technical indicators for chart analysis, different chart time frames, various order types, strategy templates, expert advisors (EAs) for automatic trading, user-defined indicators, and many more are some of the features available.
MetaTrader 5
Instead of just being an update to MT4, MT5 is a whole new platform with several improvements over its predecessor. However, traders familiar with MT4 will find its core features intact, with some improvements made to enhance the platform.
Among MT5’s many features include a more sophisticated EA testing environment with real tick data, more order types, a depth of market display, more indicators, and a plethora of periods.
Trading App
➡️ MetaTrader 4
➡️ MetaTrader 5
If you need to make trades away from your desk, they cover you with both the MT4 and MT5 mobile trading platforms.
You may use your Android or iOS device to access the platforms, track the markets, and control your investments. The MetaTrader apps are available in each platform’s app store; downloading them is quick and painless.
What trading platforms does FXChoice offer?
The broker offers a range of advanced trading platforms to cater to the diverse needs of traders. These platforms include MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are renowned for their user-friendly interfaces, advanced charting tools, and customizable trading indicators.
What features are available on FXChoice’s trading platforms?
The broker’s trading platforms come equipped with a variety of features designed to enhance the trading experience. These features may include real-time market quotes, advanced charting tools with multiple timeframes, technical analysis indicators, and risk management tools such as stop-loss and take-profit orders.
Range of Markets
Botswanan traders can expect the following range of markets:
➡️ Forex
➡️ Cryptocurrency
➡️ Indices
➡️ Commodities
➡️ Shares
Financial Instruments and Leverage offered
| 🔨 Instrument | 💰 Number of Assets Offered | 📈 Max Leverage Offered |
| ➡️ Forex | 36 | 1:200 |
| ➡️ Cryptocurrency | 3 | 1:33 |
| ➡️ Commodities | 6 | 1:200 |
| ➡️ Indices | 6 | 1:50 |
| ➡️ Shares | 50+ | 1:5 |
What financial markets can I trade with FXChoice?
The broker provides access to a diverse range of financial markets, offering traders ample opportunities to diversify their portfolios and explore various investment options. These markets include forex, where traders can access a wide range of currency pairs, including major, minor, and exotic pairs. Additionally, FXChoice offers trading in commodities such as gold, silver, oil, and agricultural products, enabling traders to speculate on the price movements of these essential assets.
How accessible are the markets offered by FXChoice?
The broker strives to make its markets accessible to traders of all levels of experience and expertise. The company offers user-friendly trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are available for desktop, web, and mobile devices.
Broker Comparison for Range of Markets
| 🥇 FXChoice | 🥈 FBS | 🥉 OctaFX | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | Yes | Yes |
| ➡️️ ETFs | No | Yes | No |
| ➡️️ CFDs | Yes | Yes | Yes |
| ➡️️ Indices | Yes | Yes | Yes |
| ➡️️ Stocks | Yes | Yes | Yes |
| ➡️️ Cryptocurrency | Yes | Yes | No |
| ➡️️ Options | No | Yes | No |
| ➡️️ Energies | Yes | Yes | Yes |
| ➡️️ Bonds | No | Yes | No |
Trading and Non-Trading Fees
Spreads
Various factors will determine their typical spreads. For example, Botswanans can expect their spreads to change according to the type of account they use, the instrument they trade, and the overall market conditions.
The broker is a non-dealing desk broker that offers variable spreads as described here:
➡️ MT4 Classic Account – 0.5 pips EUR/USD
➡️ MT4/5 Pro Account – 0.0 pips EUR/USD
➡️ Optimum Account – 0.5 pips EUR/USD
The broker charges some of the following spreads on financial instruments:
| 🔨 Instrument | 💰 Classic Account | 📈 Max Leverage Offered |
| ➡️ USD/JPY | 0.014 pips | 0.006 pips |
| ➡️ BTC/USD | 3 USD | 3 USD |
| ➡️ USD Tech (NASDAQ) | 22 USD | 21 USD |
| ➡️ XAU/USD | 24 USD | 12.2 USD |
| ➡️ XAG/USD | 65 USD | 6.6 USD |
| ➡️ WTI | 40 USD | – |
| ➡️ Shares (Apple, Inc.) | 17 USD | 17 USD |
Commissions
The Pro MT4/5 Account is the only one that incurs commission fees. These fees come to an average of 3.5 USD per side or one standard lot for every 100,000 units.
Classic and Pro account members are eligible to participate in the Pips+ Loyalty Programme that they provide.
The more they trade using their Classic Account, the greater the rebate, which functions similarly to a spread refund, that they will earn. The refunds offered by the Pro Account could result in cheaper commissions overall.
Overnight Fees, Rollovers, or Swaps
Overnight costs, which are charged vary depending on the financial instrument being traded and held open after markets have closed, are completely transparent.
The following is a list of some of the regular overnight costs that Botswanans could anticipate paying:
| 🔨 Instrument | 💰 Swap Long | 📈 Swap Short |
| ➡️ EUR/USD | -9.5655 pips | 4.028 pips |
| ➡️ ETH/USD | -19.95 pips | 5.7 pips |
| ➡️ LTC/USD | -8.48 pips | 2.444 pips |
| ➡️ XAG/USD | -0.945 pips | 0.067925 pips |
| ➡️ XAU/USD | -2.05538 pips | 0.690015 pips |
| ➡️ WTI | 0.086735 pips | -0.305865 pips |
| ➡️ Brent | 0.260205 pips | -0.497595 pips |
| ➡️ Shares (AAPL_us) | -0.88784 pips | -0.483556 pips |
Deposit and Withdrawal Fees
Their levy the following fees, as applicable, on deposits and withdrawals, made using the following payment methods:
| 💳 Payment Method | 💵 Deposit Fee | 💳 Withdrawal Fee |
| Crypto Payments | 0.5% | Fees charged but not indicated on the website |
| Visa | Service fee | Service fee |
| Mastercard | Service fee | Service fee |
| Skrill | Service fee | 1% |
| Neteller | Service fee | None |
| Perfect Money | • 0.5% for a verified account • 1.99% for an unverified account | 0.5% |
| AstroPay | None | 2 USD |
| Poli | Service Fee | – |
| PayRedeem | 3.99% + 0.99 EUR or USD | 3.99% |
| Sticpay | Service Fee | None |
| Payop | Fees charged but not indicated on the website | None |
| ADVCash | None | 0.5% |
| PromptPay | 2.5% | 1.25% |
| FasaPay | 0.5% | 0.5% |
Inactivity Fees
Dormant accounts are not subject to any inactivity fees.
Currency Conversion Fees
Botswanans can deposit in several different currencies. However, because the trading account’s base currency is USD, they will face currency conversion fees according to the exchange rate between BWP and USD.
What are the trading fees associated with FXChoice?
The broker charges trading fees primarily through spreads, which are the differences between the buying (ask) and selling (bid) prices of financial instruments. The size of the spread may vary depending on factors such as market liquidity and volatility.
What non-trading fees does FXChoice charge?
In addition to trading fees, the broker may charge non-trading fees that are not directly related to executing trades. These fees may include deposit and withdrawal fees, inactivity fees, and currency conversion fees. Deposit and withdrawal fees can vary depending on the payment method used and the currency involved.
FXChoice Deposits and Withdrawals
Offers the following deposit and withdrawal methods:
➡️ Crypto Payments
➡️ Credit/Debit Card
➡️ AirTM
➡️ Skrill
➡️ Neteller
➡️ Perfect Money
➡️ PaySafeCard
➡️ AstroPay
➡️ Poli
➡️ PayRedeem
➡️ Sticpay
➡️ Payop
➡️ ADVCash
➡️ PromptPay
➡️ EPay
➡️ FasaPay
Broker Comparison: Deposit and Withdrawals
| 🥇 FXChoice | 🥈 FBS | 🥉 OctaFX | |
| Minimum Withdrawal Time | 24 hours | 15 to 20 minutes (maximum 48 hours) | 30 minutes |
| Maximum Estimated Withdrawal Time | 1 to 3 days | Up to 7 days | 3 hours |
| Instant Deposits and Instant Withdrawals? | Yes, deposits | Instant Deposits | No |
Deposit Currency, Deposit and Withdrawal Processing
| 💳 Payment Method | 💵 Deposit Fee | 💳 Withdrawal Fee |
| Crypto Payments | 0.5% | Fees charged but not indicated on the website |
| Visa | Service fee | Service fee |
| Mastercard | Service fee | Service fee |
| Skrill | Service fee | 1% |
| Neteller | Service fee | None |
| Perfect Money | • 0.5% for a verified account • 1.99% for an unverified account | 0.5% |
| AstroPay | None | 2 USD |
| Poli | Service Fee | – |
| PayRedeem | 3.99% + 0.99 EUR or USD | 3.99% |
| Sticpay | Service Fee | None |
| Payop | Fees charged but not indicated on the website | None |
| ADVCash | None | 0.5% |
| PromptPay | 2.5% | 1.25% |
| FasaPay | 0.5% | 0.5% |
How can I deposit funds into my FXChoice trading account?
Depositing funds into your trading account is a straightforward process. The platform offers various deposit methods, including bank wire transfers, credit/debit cards, and electronic payment systems such as Skrill and Neteller.
How can I withdraw funds from my FXChoice trading account?
Withdrawing funds from your trading account is simple and convenient. Traders can request withdrawals through the client portal by navigating to the “Withdrawal” section. Choose your preferred withdrawal method, enter the withdrawal amount, and follow the provided instructions to complete the transaction.
How to Deposit Funds with FXChoice
To deposit funds to an account, Botswanan traders can follow these steps:
Step 1: Sign In
Click on the blue Sign Up in the Left Corner
Step 2: “Deposit”
Traders may go to “Deposit” and choose their preferred deposit method from the list. Botswanans must choose a payment method supported by their specific home country.
Traders may finalize their trades by following the on-screen prompts and instructions.
Botswanan traders should be aware that there are peculiarities to each deposit method that is supported. In addition, customers must read transaction minimums, fees, and supplementary information.
Botswanan traders should also be aware that to use Visa or Mastercard, they will be asked to produce additional evidence to authenticate their identity.
Furthermore, third-party contributions are not permitted, and cash from an unknown source will be refunded.
FXChoice Fund Withdrawal Process
To withdraw funds from an account, Botswanan traders can follow these steps:
Step 1: Sign In
Click on the blue Sign Up in the Left Corner
Step 2: “Withdrawal”
Botswanan traders may go onto their Back Office profile, browse to the “Withdrawal” section, and choose their chosen withdrawal method from the selection.
Traders should be aware that in certain situations, they will be required to withdraw money using the same method that they used to deposit.
Traders may then complete and submit the withdrawal request.
Botswanan traders will get an email with a confirmation link, which they may click to confirm the withdrawal.
Botswanan traders should know that withdrawal requests made within business hours are normally completed within 1 to 3 working days. However, traders should be aware once processed that the payments may take longer to reach their bank account.
When FXChoice receives a withdrawal request after business hours, on weekends or public holidays, or after a specified cut-off, the withdrawal will be executed on the next available working day, within 8.5 business hours.
Furthermore, traders should be aware that if the system goes down, withdrawal requests will be managed according to the order time or date received after the system has recovered.
Third-party payments are not permitted, and traders must complete the supplementary email from the payment processor to confirm the bank information. When the form is completed, traders may submit it, and the money transfer will be verified.
Education and Research
Education
Offers the following Educational Materials:
➡️ Forex Trading Guide with eight chapters
➡️ FXEducation Glossary
Research and Trading Tool Comparison
| 🥇 FXChoice | 🥈 FBS | 🥉 OctaFX | |
| ➡️ Economic Calendar | Yes | Yes | Yes |
| ➡️ VPS | Yes | Yes | No |
| ➡️ AutoChartist | No | No | No |
| ➡️ Trading View | Yes | Yes | Yes |
| ➡️ Trading Central | Yes | Yes | Yes |
| ➡️ Market Analysis | Yes | Yes | Yes |
| ➡️ News Feed | Yes | Yes | Yes |
| ➡️ Blog | Yes | Yes | Yes |
The broker also offers Botswanan traders the following additional Research and Trading Tools:
➡️ MQL5 Signals
➡️ Myfxbook AutoTrade
➡️ ZuluTrade
➡️ Expert Advisors
What educational resources does FXChoice offer to traders?
The broker is committed to providing traders with comprehensive educational resources to enhance their trading knowledge and skills. These resources may include educational articles, video tutorials, webinars, and seminars covering various topics such as trading strategies, technical analysis, risk management, and market insights.
Does FXChoice provide research and analysis tools for traders?
Yes, the broker offers research and analysis tools to assist traders in making informed trading decisions. These tools may include daily market analysis, technical and fundamental research reports, economic calendars, and market commentary from experienced analysts.
10 Best Forex Brokers in Botswana
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Bonuses and Promotions
Botswanans can expect the following bonuses and promotions:
Traders could earn $25 for every $100 referral deposit through the referral program, which is available to both new and current customers.
A 50% Welcome Bonus up to a monthly cap of $10,000.
A bonus of up to $10,000 and a 65% bonus on cryptocurrency deposits.
Does FXChoice offer bonuses to its clients?
Yes, the broker offers various bonuses and promotions to incentivize and reward its clients. These bonuses may include welcome bonuses for new clients, deposit bonuses, or trading rebates based on trading volume or frequency.
What promotions does FXChoice run for its clients?
The broker runs various promotions and special offers to provide additional value to its clients. These promotions may include cashback incentives, trading competitions with cash prizes, or referral programs where clients can earn rewards for introducing new traders.
How to open an Affiliate Account
To register an Affiliate Account, Botswanan traders can follow these steps:
Step 1: “Affiliate Programme.”
To see the referral programs tab, prospective affiliates should visit the official FXChoice website.
After waiting for the website to load, Botswanans may click on “Affiliate Programme.”
Step 2: “Join US”
After clicking the “Join US” banner, a registration form will appear for Botswanans.
The potential affiliate may proceed by filling out the necessary areas with their Full Name and a legitimate email address. Next, enter a user-chosen password, choose “Next,” and then check the box next to “I have read, understand, and accept the Data Protection Notice.”
The potential affiliate must choose their home nation and cell phone number in the next stage.
A code will be issued to the specified phone number, which potential affiliates may input in the appropriate field to continue. Registration may proceed when the code has been input successfully.
Botswanans can apply after providing further details and waiting for an affiliate manager’s response.
Affiliate Program Features
The three components of the FXChoice Affiliate Program are the Hybrid Plan, the Cost per Acquisition (CPA) component, and the Volume-based plan for Classic and Pro Accounts.
Volume-Based Plan
Classic
Suppose most of the affiliate’s clients trade exotic pairs and minors in addition to majors. In that case, Classic FXChoice’s 36 trading currency pairings are ideal for them. When a transaction is completed, affiliates get a set percentage of the spread. Even better, affiliates might get up to 50% of the spread across all currency pairs.
Additionally, the spread percentage that affiliates earn rises correspondingly with the trading volume of their clients.
Pro
Pro memberships, which include institutional and retail brokers, are offered, and have a graduated commission-sharing system. Subsequently, the affiliate commission will increase their client’s trading volume directly.
Cost Per Acquisition (CPA)
Affiliates who are not interested in volume-based models should choose this plan. The CPA scheme is simple and enables affiliates to profit after their customers have created and financed a trading account and have subsequently surpassed a certain volume threshold.
Affiliates may make a minimum of 25 USD for every $100 client deposit. If the new customer deposits at least 4,000 USD in a single transaction, the maximum profits increase to 1000 USD.
Hybrid Plan
The hybrid option well balances a volume-based and CPA strategy. Like the CPA scheme, affiliates will be paid for recommending consumers. Like the volume-based model, they will continue to get commissions if they continue to trade.
Compared to the original models, this plan’s predetermined payment to affiliates for customer referrals (the CPA component) and the commission given for the volume generated by customers are both smaller.
However, combining these two revenue streams makes this plan highly effective.
Customer Support
Botswanans can expect superior support in several languages from anywhere globally by chatting online, calling, or sending an email twenty-four hours a day, five days a week.
FXChoice won the LiveHelpNow Challenge’s Best Customer Care Award, which honors the top 100 providers of outstanding customer service. These rankings are determined by statistics and daily metrics shown on client dashboards.
| Customer Support | FXChoice’s Customer Support |
| ⏰ Operating Hours | 24/5 |
| 🗣 Support Languages | Multilingual |
| 🗯 Live Chat | Yes |
| 📧 Email Address | Yes |
| ☎️ Telephonic Support | Yes |
| 📞 Local Support in Botswana? | No |
| 🥇 Overall quality of FXChoice Support | 4/5 |
Corporate Social Responsibility
There is no indication of any CSR efforts or projects undertaken.
Our Verdict
Customers worldwide could take advantage of FXChoice’s competitive trading conditions, which include narrow spreads as low as 0 pips, rapid transaction execution speeds, minimum fee charges, and customizable leverage.
FXChoice is an established online broker that is authorized and transparent. Because of their low minimum deposit requirement, user-friendly trading interfaces, and the many different payment options they provide, traders of all skill levels may utilize FXChoice.
There are various trading recommendations and tutorials designed specifically for beginners and risk-free sample accounts for those who wish to try the broker without incurring any fees.
You might also like: Capital.com Review
You might also like: EasyMarkets Review
You might also like: Axiory Review
You might also like: BD Swiss Review
You might also like: AvaTrade Review
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXChoice offers some commission-free options | FXChoice is not currently overseen by strict market regulators such as FCA, ASIC, FSCA, or others |
| Muslim traders can convert their live account with FXChoice into an Islamic Account | The educational section is limited |
| FXChoice offers a maximum of 20 demo accounts that can be opened | There is a lack of comprehensive market analysis |
| FXChoice has a superior customer support | |
| Botswanans can use any trading style and strategy, including hedging, EAs, and scalping | |
| Botswanans can deposit and withdraw in BWP using local and flexible options | |
| Eligible Botswanan traders have access to VPS | |
| FXChoice offers user-friendly solutions to all traders |
Conclusion
Now it is your turn to participate:
➡️ Do you have any prior experience with FXChoice?
➡️ What was the determining factor in your decision to engage with FXChoice?
➡️ Was it because of the minimum deposit, regulation, retail trading accounts, or other factors?
➡️ Have you experienced any issues with FXChoice, such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?
Regardless, please share your thoughts in the comments below.
Frequently Asked Questions
How long would it take me to withdraw money from FXChoice?
It can take 1 to 3 working days for your funds to reflect in your bank account once they have processed the withdrawal.
Can I trade Volatility 75 with FXChoice?
No, the broker does not offer VIX.
Is FXChoice regulated in Botswana?
No, they are not regulated by the Ministry of Finance and Economic Development (MFED), Bank of Botswana (BoB), or Non-Bank Financial Institutions Regulatory Authority (NBFIRA).
What type of broker is FXChoice?
Providing NDD and Market execution on deals, the broker is a Non-Dealing Desk (NDD) and Electronic Communications Network (ECN) broker.
Is FXChoice regulated, and by whom?
Yes, the International Financial Services Commission (IFSC), is a market regulator in Belize.
Is it possible to open an FXChoice Account in BWP?
You can only register a Classic or Pro Account with USD as the base currency.
Does FXChoice offer Nasdaq trading?
Yes, Nasdaq is available under US Tech.
Addendum/Disclosure:
No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
