FXChoice offers transparent fees with no deposit charges on most methods and variable withdrawal fees. Spreads start at 1.4 pips, and inactivity fees apply after six months.
FXChoice Fees and Charges Overview
FXChoice applies a transparent fee structure across its accounts. For the Classic account, there are no commissions, but spreads start at 1.4 pips for EUR/USD. The Pro account, however, offers tighter spreads from 0.6 pips, with an additional commission of $8.20 per lot traded. Traders should also be aware of swap rates applied to leveraged overnight positions, which vary depending on the currency pair or asset. Withdrawal fees may be incurred depending on the payment method, with some methods, such as Airtm, free of charge. FXChoice ensures all fees are clearly outlined on its website.
FXChoice Trading Fees
FXChoice offers two account types with varying fee structures. The Classic account is commission-free, with spreads for EUR/USD starting at 1.4 pips. On the other hand, the Pro account offers tighter spreads starting at 0.6 pips but charges a commission of $8.20 per lot, making the total cost $14.20 per lot for EUR/USD. Additional fees include swap rates for holding leveraged overnight positions, which vary depending on the asset being traded. FXChoice ensures transparent pricing, with all fees and spreads clearly outlined on their website for traders to review before trading.
FXChoice Non-Trading Fees
FXChoice applies several non-trading fees that traders should be aware of. One notable fee is the inactivity fee, which is charged at $50 per month if an account remains inactive for more than six months. Additionally, while there are no deposit fees for most payment methods, some withdrawal methods, such as credit cards, may incur fees depending on the processor. Currency conversion fees may also apply if transactions are conducted in currencies different from the account’s base currency. FXChoice ensures transparency, with all fees outlined clearly on their website.
FXChoice Withdrawal Fees
FXChoice applies various fees depending on the withdrawal method chosen by the trader. For example, withdrawals via Skrill incur a 1% fee, while Perfect Money has a 0.5% withdrawal fee. Withdrawals via bank wire transfer typically cost around 30 GBP. Additionally, it’s important to note that withdrawal processing times may vary depending on the method, but most are handled within 1-3 business days. Traders are encouraged to review the specific fees related to their chosen withdrawal method in the Backoffice to avoid any unexpected costs.
FXChoice Deposit Fees
FXChoice offers a variety of deposit methods, many of which are free of charge. For instance, depositing funds via Skrill, Neteller, Perfect Money, and Airtm comes with no additional fees. However, some deposit methods, like FasaPay, may incur a 0.5% fee. There are no fees for deposits over $500 via other options like bank wire transfers. It’s important for traders to check the specific deposit method for potential charges to avoid any unexpected costs, as fees may vary by country and currency used.
FXChoice Swap and Overnight Fees
FXChoice applies swap fees to leveraged positions held overnight, which are determined based on the currency pair or asset being traded. Swap rates can be either positive or negative, depending on the interest rate differential between the currencies involved. For example, pairs like NZD/USD or AUD/CHF have varying swap rates, which may impact the overall trading costs. These rates are updated regularly and can be viewed in the platform. Traders should note that FXChoice does not offer swap-free Islamic accounts by default, but they are available upon request for eligible clients.
FAQs
Does FXChoice charge deposit fees?
FXChoice does not charge deposit fees for most methods, including Skrill, Neteller, and Airtm. However, certain methods, such as FasaPay, may incur a 0.5% fee. It’s essential to review the fee schedule in the Backoffice for specific payment methods before making a deposit.
What are FXChoice’s withdrawal fees?
Withdrawal fees at FXChoice vary by method. Skrill withdrawals incur a 1% fee, while methods like Airtm are fee-free. Bank wire withdrawals typically cost around $30. Fees and processing times depend on the selected payment option.
Are there any inactivity fees with FXChoice?
Yes, FXChoice charges an inactivity fee of $50 per month if your account remains inactive for six months or longer. To avoid this fee, traders should engage in regular trading or account activity.
Does FXChoice charge swap fees?
Yes, FXChoice applies swap fees on leveraged positions held overnight. These fees vary based on the currency pair and interest rate differential, and can be either positive or negative.
Published by:
Jaxon Maddox