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FXChoice.com Review MT4 - MetaTrader Platform MT5 - MetaTrader Platform

Overall Rating: (4.152)
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Total Reviews: 59
Last Updated: 2014-04-06
Description:

FX Choice are online forex brokers. FXChoice offers the MetaTrader 4, MetaTrader 5, and MT Mobile forex currency trading top platforms. FXChoice.com offers over 20 currency pairs, cfds, and metals for your personal investment and trading options.

Special Notes:

Other websites of this company include MyFXChoice.com

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court COURT file case Cases Open - 0 | Not Guilty - 0 | Guilty - 0   reviews REVIEWS submit review

FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2011-10-14
Review: We haven't tried a forex trading account with MyFXChoice.com. If you've traded forex with this broker, please leave a review here.

Dohudi M., Pitas, Sabah, Malaysia

Rating:
Date of Post:2014-04-03
Review: Over the past month I have to open an account and found my account VPS connection loss problem, I contacted them via email to correct impending. They should get back to my email and although a bit slow VPS connection was successfully restored. Through my experience with them (MyFXChoice.com) is that I find them quick to respond and act to correct problems presented, open and customer friendly. Thank you because I have managed to overcome the problem well.

FX_Nerve, New York, USA

Rating: No Rating
Date of Post:2014-03-22
Review: Dear Sir:
I am not denying the results, I am criticizing how we got here. By your example you simply repeated what I've already noted. Naturally your metrics will report the results and not show the dynamics of what transpired.

What I saw prior to the announcement was a trade in modest profit with the spread floating between 4.2 pips and 5.3 pips. After the announcement, profit grew dramatically as the BOTH the bid and ask prices fell sharply. Just as suddenly, the bid price continued to fall while the ask price rose sharply. I can understand if the BOTH the bid price and ask price rose sharply in some sort of tandem, but that is not the case. And you cannot explain to me how something like that would happen without telling a lie or making some widely accepted blanket statement about how spreads "can widen during news announcements". Your brokerage advertises NDD STP accounts, implying that my orders are passed through you to the liquidity providers. If the bid and ask prices are values representative of what the banks and liquidity providers pass to you, the broker, I don't see anything wrong with raising the ask price and lowering the bid price so to exact your profit. However, I cannot imagine that the value of the NZD continued to appreciate while the demand for the AUD rose sharply AT THE SAME TIME. The bid price was 17.6 pips below my entry price and was suppressed at that value for a full 10 minutes while the ask price rose through my stop loss. As I said in my first post, this may have been price manipulation or it could have been a glitch, but it does not change the fact that this was not the first time, nor was it the last time I saw this type of price action.

Then there is the issue with your customer service representative, Violet. If she did not have the answers, she could have passed me on to someone like you who claims to. Instead she simply stopped talking. Needless to say, between the lack luster performance of the trading environment, and equally soft customer service, I simply cannot endorse your brokerage. I've had other issues with credit card deposits that were charged twice. I was misinformed about the brokerage's relationships with e-currency companies that I use. I've researched the location and business history of the company's Latvian bank. With all of these red flags, I have not traded with your company in close to a year, and feel strongly enough about it to speak out against FX Choice a year later. I do not know if you are a company principal or just an employee, but in my honest opinion, FX Choice is a bucket shop--period.

2014-03-17 No Rating To Anthony K.
I misspoke slightly. It was actually an AUD/NZD short almost a year ago.

I did not misinterpret anything here--bid price showed I was in profit 170 units or 170 tenths of a pip which is 17 pips and ask price rose to 800+ tenths of a pip which is 80+ pips

I was chatting with someone named Violet. Below is the chat transcript that was sent to my e-mail. It doesn't show in the transcript, but I believe I left the window open for a considerable amount of time after my last chat post. I don't remember exactly as this was a year ago, but I may have sent an e-mail to your company and did not get a response.

Violet
01:37:08 Hello Arthur, welcome to FX choice
Arthur
01:37:17 hello
Violet
01:37:43 what is your account number?
Arthur
01:37:52 14153
Violet
01:38:41 try to relogin to your account and enter this IP 95.169.186.154:443 in the server field
Arthur
01:39:03 And what will this do?
Violet
01:40:09 this will refresh and update your connection to the servwer
Arthur
01:43:09 I was in a AUD/NZD short...entry at 1.24697 bid price was at 1.24527 ask price at 1.25359? That's ridiculous!! That's a 60 pip spread on an advertised 4.2.
Arthur
01:44:22 I'm sorry 80+pip spread.
Arthur
01:44:42 You guys are theives
Arthur
01:45:01 This is not the first time I've seen this kind of price action...
Violet
01:46:58 let me check
Violet
01:49:45 try to relogin to your account and enter this IP 95.169.186.154:443 in the server field
Arthur
01:51:33 Done
Violet
01:52:08 are you still getting the same ?
Arthur
01:52:25 Listen,
Arthur
01:52:52 the bid/ask price surprisingly went back to normal shortly after hitting my stop...
Arthur
01:53:29 I understand the risks, but a an 80+ pip spread is abnormal
Violet
01:55:18 I understand
Arthur
01:57:18 I thought bid price and ask price were supposed to rise and fall together. But that is not what happened.
Arthur
01:57:44 Ask price rose sharply as the bid price fell.
Arthur
02:00:18 ask price at 80+ pips above market entry while bid price at 17.5 pips below market entry on a AUD/NZD short at 1.24700

2014-03-10 2Star FX Choice is a scam broker if you ask me. Can anyone from FX Choice explain how a spread opens up 93pips? My last trade with FX Choice went something like this: AUD/JPY short--bid price is 13 pips below my market entry price, ask price is a whopping 85 pips above my market entry price(?). That's a 98pip spread. 100 pip stop loss and I get margin called? While not impossible, you can't help but scratch your head when it goes down the way it did. When I complained, the woman on the technical services chat line simply stopped talking to me. I sent e-mails, no response. Thank goodness I was simply testing and deposited a small amount. I imagine I would've been quite rosy if I lost some significant money. The problem may have been a glitch, price manipulation--who knows? But what disappoints is the lack of customer service. That wasn't first time either--I had to avoid trading NZD pairs because of the spikes in the spread. I noticed no such spikes with other brokers' price feeds. Again, no response from tech. Be careful people, main office in Belize but their bank is in Latvia owned by a Russian national (read: gangster). You've been warned.
-Nerve.

Comment: Added by Anthony K. on 2014-03-12 2Star
Dear FX_Nerve,
We appreciate your input.
We would like to start off by pointing out the fact that spread is not a fixed variable. It may range from zero up to a couple hundred pips, depending on a currency pair in question, session and liquidity.
As far as your case is concerned, we conducted an analysis of the AUDJPY spread and our analysis has shown that the maximum spread value over the last 3 days was 6.1 for the Classic server and 5.7 for the ECN server. If the situation you described in your comment occurred earlier, please contact our client support and we will thoroughly investigate it. Spread values mentioned in your comment are not normal, unless you read 9.3 as 93 pips. This spread is high, but it is within range for certain markets.
On a separate note, you wrote that tried to contact us and we analyzed two weeks’ worth of data and were not able to find any tickets or chat sessions even remotely resembling the situation you have described. Do you happen to remember the name of the operator you chatted with so that we can investigate it further?

Comment: Added by Anthony K. on 2014-03-20
Hello Arthur,

It is relatively hard to determine what the spread was a year ago; nonetheless, it is quite easy to analyze the situation. If you take a look at economic calendar from a year ago, you will see that NZ’s Official Cash Rate was published on that day, which was followed by the RBNZ Press Conference. This situation was not really in favor of kiwi and as a result, it dropped relative to AUD.
You did not have that many AUD/NZD trades and we were able to find the trade in question very quickly. Here is how it went down. You shorted AUD/NZD at 1.24697, which was the low for the day. Your SL was placed at 1.25395 and it was executed with a very small slippage at 1.25399, which was inline with market condition, You cannot deny the fact that there was no such price at the time when your SL was triggered.
Below is the excerpt from the server log, where you can see the spread and price for when your order was executed. As you can see, it tells a little bit different story.

2013.03.13 21:28:46 98.14.114.222 '14153': order #3204021, sell stop 0.17 AUDNZD at 1.24700
2013.03.13 21:45:21 STP bridge pending apply #3204021 sell stop AUDNZD at 1.24700, currprice= (1.24697/1.24748), openprice= 1.24697
2013.03.13 21:45:21 '14153': order #3204021, sell 0.17 AUDNZD is opened at 1.24697
2013.03.13 21:50:33 98.14.114.222 '14153': modify order #3204021, sell 0.17 AUDNZD at 1.24697, sl: 1.25000 tp: 1.24385 -> sl: 1.25395 tp: 1.24385
2013.03.13 21:50:33 STP bridge '100': confirm '14153' modify #3204021 sell 0.17 AUDNZD at 1.24697 sl: 1.25395 tp: 1.24385
2013.03.13 21:50:33 98.14.114.222 '14153': modified #3204021, sell 0.17 AUDNZD at 1.24697, sl: 1.25395 tp: 1.24385
2013.03.13 22:03:42 STP bridge stop apply #3204021 sell AUDNZD at 1.25395, currprice= (1.25352/1.25399), closeprice= 1.25399
2013.03.13 22:03:42 '14153': stop loss #3204021 at 1.25395 (1.25352 / 0.00000)

I suppose we provided an all-inclusive explanation here.

Regards.

Paul , MI, USA

Rating: No Rating
Date of Post:2014-03-22
Review: Hi Daniel, I am a FXChoice rep and service manager. I am familiar with the situation you are speaking of. Our Liquidity provider had an issue with one of their data feeds. We fixed the situation as soon we learned of the problem and adjusted all trading accounts that reported a problem and were negatively effected.

As you know, when dealing with technology, it doesn't always work as we would like it to. Small technical issue can do pop up from time to time. We at FXChoice pride ourselves in handling challenges like this as soon as we learn of them and our quick to make any adjustments to customers' accounts that were effected negatively.

If you were effected by the short data feed issue, please let us know by emailing us at support@myfxchoice.com. Make sure to put the order number of the trades effected in the body of your email.

Kind Regards

a budh, NJ, USA

Rating:
Date of Post:2014-03-18
Review: one of the worst broker I have come across, lot of slippage even in slow market, stop hunting, quote manipulation, like today's trade I had EU sell around 3905 and price went down to 3885(on all other brokers) but myfxchoice was still showing 3905 hit my stop loss then went back to 3885 wow 20pips jumps :( I didn't lose much.
Save your money and look for other broker
 
Comment: Added by Anthony K. on 2014-03-21 04:15
  Dear budh,

Unfortunately, our bridge solution malfunctioned on March 18, which, in turn, caused problems with our data feed. We understand your frustration and apologize for this inconvenience. Please contact us and we correct the trade in question.

Daniel Legault, Montreal, Canada

Rating:
Date of Post:2014-03-18
Review: This broker came to me highly recommended and I just opened up an account with them. I made a couple of mistakes (I admit) and they were so prompt and professional in their approach. I dealt with a lot of businesses and I have been a trader since 2008 (not full time) and I am in my golden years. and this one is a real McCoy. I am very comfortable that I made the right choice for years to come.
They say a first impression is very important, well, they impressed me with their quick and courteous approach.
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Sanjay Kumar Dutta, Guwahati, Assam, India

Rating:
Date of Post:2014-03-07
Review: I am just about getting started in forex trading and have opened an account with FXChoice. I must, however, state that I am a total novice when it comes to forex trading, rather I don't have any idea at all, to be honest. So i had to take help of their support staff. And I would be doing an injustice if I don't give them credit. In fact FxChoice support is EXCELLENT. I now know more about VPS and other related matters, so much so that I am very much
confident now go ahead.
Thank you very much.

Matt, Florida, USA

Rating:
Date of Post:2014-02-21
Review: They take US customers, that is a positive. Customer service is responsive. However, the things that are really important are lacking. Trade execution is slow, even on their VPS. M1 data has quite a number of "skips" or "holes" that make it impossible to execute any sort of consistent scalping strategy. I'm leaving this broker's 200:1 leverage to go to a 50:1 broker. That's how poor the quality is.
 
Comment: Added by Anthony K. on 2014-03-03 05:08
  Hi Matt,

Thanks for your review. Comments like "trade execution is slow" or "data has quite a number of "skips" or "holes"", do not really allow us to evaluate the situation and may be misleading for other clients. We are interested in improving the quality of our service and would really appreciate if you could provide more details about your problem. Please contact our client support so that we can investigate it further.

Thank you in advance.

howard, , USA

Rating:
Date of Post:2014-02-10
Review: great spreads and customer service. the fills are also fast and it is easy to navigate through the site for information.

Derek Taylor, Oklahoma, USA

Rating:
Date of Post:2014-02-05
Review: I've been trading with FX Choice for about 6 weeks now and have been very pleased. I use their VPS service and it's really relieved the load on my PC for me to do other things. Customer service has been very responsive if I've had a question. Trades are filled quickly as expected. Would very much recommend them.
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