Discuss MyFXChoice.com (Formerly FXChoice.com)

[drew08]

I have attempted to look up

FXChoice dikawal selia oleh International Financial Service Commision Belize,anda boleh semak disini http://www.ifsc.gov.bz/licensed-service-providers/list-f/

I have been unable to locate "My FX choice" anywhere on www.ifsc.gov
I tried searching their name as well as their license number and turned up nothing.
Anybody else want to try?

FPA Forums Team Note: Recheck the bottom of MyFxChoice's home page. The corporate name is "FX Choice Limited". It's on List F on the IFSC site.

 

[drew08]

A couple things...

The software in Irwani's screenshots isn't anything special or reserved for elites. It's called PitView and it can easily be found with a google search. There is a monthly subscription fee, but also a free trial. I used the trial a couple years ago and they still email me.

Now, on the CFTC subject, I came here looking for answers to the same question. I'm a US trader with both a domestic and a foreign account(not FX Choice, but this broker so gladly accepts US clients that I figure I may as well ask here rather than risk getting kicked from my current foreign broker for asking too many questions). My assumption is that foreign brokers simply don't expect US clients to make a substantial amount of money, as a large withdrawal via wire transfer(hundreds of thousands to millions) to an US bank account would immediately tip off US authorities and cause many problems. My current foreign broker won't even name their liquidity provider, I'm assuming because the liquidity provider themselves won't take US clients. I know that when an account gets bigger than roughly $50,000 USD on my current broker, all of those funds are held by the liquidity provider, rather than the broker, which honestly makes me feel better, because I trust the liquidity provider more than the broker, but what happens when one has that much and wants to withdraw? Even if someone reports all of their profits on their taxes, is a large withdrawal going to become a legal problem for the broker? Do brokers kick extremely profitable US traders from their platforms? I can't imagine the commissions from a consistently profitable US trader with an account that has grown to the millions would be worth the legal hassle for the broker when that client wants to start pulling their profits.

Just some honest questions. I dont ever hear anyone talking about this.. Any thoughts from FX Choice?

I, also, would love to have a representative weigh in on the topics you brought up.*crickets chirping*

 

[drew08]

I have attempted to look up

I have been unable to locate "My FX choice" anywhere on www.ifsc.gov
I tried searching their name as well as their license number and turned up nothing.
Anybody else want to try?

FPA Forums Team Note: Recheck the bottom of MyFxChoice's home page. The corporate name is "FX Choice Limited". It's on List F on the IFSC site.

Ah, thank you FPA team. The search bar on the IFSC website is useless.

On another note. It looks strange that your response wasn't a formatted reply and is instead written in bold red letters on my own comment, as if I typed it. Just weird looking is all. Like, right now I'm technically replying to my own comment.lol

 

[ajbozdar]

According to FPA review page, the broker is registered in Belize and prohibited in Belize at the same time.

 

[FmrBrokerExecutive]

US traders can only trade with Forex.com, Oanda, and IG. Period.
All these other brokers taking US clients offshore (or anyone really) are doing it unauthorized so it is AT YOUR RISK.

Retail traders.... remember something -- you can get big bonuses or 500:1 leverage if you want, but there are heightened risks when trading like this / with these types of brokers!!

 

[ajbozdar]

Whenever I traded with 200:1 leverage or less, my trades ended up with some sort of profits at least. On the other side, most of the trades with 500:1 ended up in loss. I never went beyond 500:1, and I'd prefer to stick with 100:1 and 200:1 at max.