FXChoice Minimum Deposit
Overall, the minimum deposit amount required to register a live trading account is $100, this minimum deposit is equivalent to 1 338 BWP. FXChoice is considered low-risk, with an overall rating of 7 out of 10. FXChoice offers 2 different retail investor accounts and a demo and an Islamic account.
Minimum Deposit Overview
Deposit Fees and Methods
Step By Step guide to depositing the Minimum Deposit
Pros and Cons
👉 FXChoice charges a minimum deposit amount of $100.
👉 The minimum deposit is 100 USD, which, at the current [2022/08/25] currency rate, is equivalent to 1,200 Botswanan Pula (BWP). FXChoice is not governed by any of the following local market regulators in Botswana:
➡️ Ministry of Finance and Economic Development (MFED)
➡️ Bank of Botswana (BoB)
➡️ Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
👉 However, FXChoice is governed by Belize’s Financial Services Commission (IFSC) under license number 000067/301.
👉 Using moral business standards, a safe and secure trading environment, and top-notch customer support, FXChoice offers Botswanan customers transparent and trustworthy trading experiences.
👉 According to FXChoice, customer monies are held in bank accounts that are kept separate from the broker account and are not used for purposes other than trading activities carried out by the trader.
👉 In addition, a team responsible for internal risk management also ensures regulatory compliance by keeping an eye on management activities.
👉 On retail accounts, FXChoice provides negative balance protection. Transactions are cancelled when the Botswanan trader’s account balance falls to zero, thanks to negative balance protection. In addition, FXChoice resets the account balances of traders if the system fails.
Deposit fees and deposit methods
👉 Botswanans can choose from these deposit methods when they pay the minimum deposit amount:
➡️ Crypto Payments
➡️ Credit/Debit Card
➡️ Perfect Money
👉 When making a minimum deposit into a live trading account with FXChoice, Botswanan traders can choose between these deposit currencies:
➡️ GBP, and more.
Step-by-step guide to depositing the FXChoice minimum amount
👉 Traders can fund their accounts by sending the funds to one of the FX Choice segregated client accounts from their own bank account or execute the option to deposit the minimum amount from their personal area after a live trading account was registered and had been approved.
👉 Step 1 – Log into your FXchoice account
➡️ Traders then log into their personal area, select the option for deposits, and follow the instructions to make a deposit into their trading account. Traders must make sure that they select the correct deposit currency if there is a choice available.
👉 Step 2 – Select the FXChoice deposit option
➡️ Traders can click on the FXChoice Deposit tab to deposit the minimum amount
👉 Step 3 – Select payment method
➡️ Funds must be transferred in the same currency as the bank account to which traders are sending it, to prevent currency conversion fees from being charged.
FXChoice Kenya 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|
Verdict on FXChoice
👉 Overall, FXChoice is very competitive in terms of its trading fees and spreads.
How much are FXChoice’s deposit fees?
The lowest deposit fee is 0.5% across several payment providers, including Crypto, Perfect Money, and FasaPay.
How long will my deposit to an FXChoice account take?
It can be processed instantly on electronic payment gateways and bank cards, or it could take up to three days on Poli.
Can I use PayPal to finance my FXChoice account?
FXChoice does not support PayPal but offers several other payment methods, including AstroPay, Neteller, Skrill, AirTM, Perfect Money, and more.
Can I deposit funds without verifying my FXChoice account?
To deposit funds with FXChoice, you need to verify your identity and residential address, as is standard with most brokers who have a “Know Your Client” policy.
Where does the deposit to FXChoice go?
FXChoice claims to keep all funds in segregated accounts with top-tier banks.