FXChoice review: Is it a legit or scam forex broker?

A month in. I have executed over 95trades making mistakes. Correcting them and growing my account.
They have excellent Customer care.Perfect market execution.No market manipulation. And deposits and withdrawals are fast.
Okay some come here to disregard at times but believe me.this is the brokerage you have been looking for.
Won't blow the trumpet.try them out and you will testify here.

Just wanted to leave a review of FX broker "FX Choice" after a rather disappointing encounter with their support staff.
I've been evaluating them for several months now by opening demo accounts to see how they perform before I open any live accounts.
One Sunday evening in mid-August I attempted to login to my FX Choice accounts via MT4 and could not.
I tried several of my FX Choice accounts and they all failed.
I also have accounts with other brokers and I could login to all those accounts without any issues.
This is my usual Sunday routine and I've been able to login to my FX Choice accounts (at the same time as above) each Sunday before then and since.
Not only could I not login but about an hour or so after markets opened, when FX Choice servers were available again, the FX Choice account I was using to follow a signal closed the trades (at a loss) it had open because the signal provider had closed them earlier (in profit) i.e. soon after the markets opened.
So, to me at least, it was clearly an issue with FX Choice.
But not to their support staff. It took weeks of back and forth and getting nowhere.
Not only did they flatly refuse that there was any issue on their side but when I'd reply to their update they would send some arbitrary response and then close the ticket, so any response I send thereafter is completely ignored.
FX Choice do have some good aspects like positive SWAP fees on some pairs but without proper support a broker becomes a risk because when things go wrong you're not sure if they'll acknowledge it and/or fix it.
So overall, just not good enough.

FxChoice is a great broker. There was a technical glitch in my account, they fixed that in a very professional manner. Never had any problem with them. Withdrawal is fast as well.

Thank you.

I closed all my other FX accounts in Aust and moved to FXchoice best decision I have ever made trading 4X and BTC

FX choice is a professionally operated company that really seeks the interest of it's clients I'm happy to be trading with them

You guys could open crypto 24/7. Would definitely be better and increasing leverage. Other than that spreads are great!! And the bonus u get with deposits is nice.

Most brokers are there for one reason only – to make money from clients. FxChoice is no exception, and the only reason I’m still with this unfair broker is that I would cost me money to withdraw my deposit. It costs money to deposit with them, costs to withdraw from them, and, their gigantic spreads mean that you really can’t win.
I placed swing trades on GBPCAD on Friday 2nd July 2021, only to be stopped out by their 50 pip (fifty pip) rollover spread. The exact same trades with my other broker went on into profit on Monday 5th July. I actually have screenshots of this, but can't seem to post them here.
Since my problems with deposits previously (see my other reviews), I have moved over to my other broker, with their NO-FEE deposits. They do not charge to deposit funds, and there is very little cost to withdraw. Their spreads are much lower, and I am actually in profit with them, compared to consistently losing trades with FxChoice. FxChoice claims to be fair in their practice, but when I challenged this last trade, their response was essentially TS!!!!!!

Mar 3, 2020 - 2 Stars Unfortunately, most individuals selecting this broker will go by the ratings rather than reading the reviews. At first glance, this company has several positive reviews. However, at closer inspection, almost all the positive reviews are short reviews from clients who are with them for less than one year. Almost as if, once they earn enough from new clients, they are then spat out!! After all, we know that it is impossible to pay someone to write a positive review (ahem).

All was initially OK with this broker, then problems started. As previously mentioned, at one stage, without warning, this broker stopped accepting wire transfers, leading to additional fees with funding and withdrawals using companies such as Skrill (with lots of hidden fees).

They then re-started wire transfers, but stopped accepting US dollars. Their internal exchange rates are unfavorable, which means that you lose out on internal transfers to other currency accounts within their system.

Currently, their banking system is very difficult to negotiate. I sent a wire transfer, which was stuck for months before getting some helpful advice from a Forexpeacearmy moderator (thank you, thank you). FxChoice simply did not care enough to check with their bank to see if the transfer was stuck with them, which meant that I spent a lot of time and money retrieving this, whilst losing trading time. Even after spending extra money for bank receipts and sending this to them, they were dismissive, and simply closed my case. They kept asking for a form MTO3, which my bank DOES NOT issue.

Jan 23, 2020 - 2 Stars I started live trading with FXChoice (formerly MyFxChoice), in December 2018. All was initially well, then problems started. To begin with, this company changed their banks twice and then stopped accepting wire transfers. A lot of fees later, I managed to fund my account. They then stopped accepting wire transfers in US Dollars. I submitted a wire transfer in Canadian Dollars on December 14th, 2019, and, to date, FXChoice denies receiving this. My own bank assures me that the wire transfer went through. In addition to my wire transfer fees, I’ve now spent a lot of money investigating this, and I'm not sure that I will ever get my money back.

Reply by George submitted Jan 29, 2020 Dear IMLrattansa2018,



Thank you for your review. We are sorry to hear about your recent deposit experience.



We can assure you that there is absolutely nothing to be careful about our company. When the client’s funds are received, they are credited to their trading accounts/wallets. If we have identified your account correctly, we can see that one of our representatives, asked you to provide an MT103 form (payment confirmation) to help you find out where your funds could be stuck, but we have not yet received it from you. The bank account changes have no connection to your depositing issue whatsoever.



An MT103 is a standardised SWIFT payment message used specifically for cross border/international wire transfers. Theses forms are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender and recipient.



MT103s are also great for tracing payments which are missing or delayed because they show the route of the payment between the banks.



All banks and financial institutions which make payments via SWIFT will have an MT103 for every payment.



We kindly ask you to contact us directly to assist you further.



Kind regards,



FXChoice Team


Reply by George submitted Mar 4, 2020 Dear IMLrattansa2018,



Again our paths cross regarding your rejected wire transfer, so we will again respond trying to show you, and our other clients, what went wrong and why we could do nothing about it.



You initiated a wire transfer on 16 December; the funds were rejected and returned back to your account on 3 February with the reason ‘Funds not accepted due to RBI policy [Raiffeisen Bank Internal Policy]’.



Raiffeisen is the correspondent bank, which means our bank never received the money. So when you say ‘FxChoice simply did not care enough to check with their bank to see if the transfer was stuck with them’ is clearly not true. We told you it was not received and were proven correct.



We asked you to provide us with the MT103 form, which would have gotten us to the bottom of the problem immediately, but you say your 'bank DOES NOT issue’ the form. That form is the tracking info of the transfer. It is a globally recognised proof of payment. If your bank does not provide it, there is not a lot we can do.



You provided us with a letter from your bank clearly stating that ‘we further note that while we are confirming that the funds for the wire were debited from your account as noted above, as the funds are being remitted to a corresponding bank, we cannot guarantee the arrival of the funds’. The letter stated that we were the beneficiary, but said nothing of who rejected the payment (which we later found was Raiffeisen).



If your bank had conducted a proper investigation into the whereabouts of your funds, they would have received a message stating that the funds were rejected by the correspondent bank.



We simply cannot control the internal policies of our clients’ banks (not issuing an MT103 form, for example) and those of the correspondent bank.



We process hundreds of wire transfers every day without issue, but unfortunately, we had a bad experience with yours.



We hope this response will bring some closure to the matter for you.



Best wishes,

FXChoice

FX Choice has so many problems, I hardly know where to start. I will list only a few in this review. I have also included my interaction with the International Finance Services Commission (IFSC) in Belize. The IFSC is supposed to be the governing authority over forex brokers in Belize.

Withdrawals are a huge mess. All of my withdrawals as crypto currency (except two) took days later for me to receive. After completing each withdrawal request at their Back Office webpage, I immediately submitted a selfie with my ID as required for each and every withdrawal. In the subject line I always put my withdrawal request number and “SELFIE ATTACHED”. I would get an automated response from FX Choice that my email had been received. But on more than one occasion I would get an email DAYS LATER from their Finance Department asking for a selfie so my withdrawal could be processed! I still have the emails to prove it. On one occasion, they sat on my withdrawal request for 6 days before sending me an email requesting a selfie, even though I had submitted the selfie 5 minutes after I did the withdrawal request! I immediately got on chat and pointed them to the date of my email. They could only say “sorry about that” when they found my email. But being 6 days late wasn’t even the pinnacle of the problem. During that 6 day wait, the price of the crypto moved higher and I received over 20% LESS crypto than was shown on the withdrawal page. Do I need to tell you what happens if the price of the crypto drops in price over a period of days when you are waiting for your withdrawal to be completed? Do you think you are going to get MORE crypto? NOPE. Silly you! In that case, you will get the amount that was quoted on the withdrawal page and FX Choice gets to keep the rest. In this age of crypto, especially with XRP that can handle 1500 transactions per second, no one should be losing this level of money from their account just for making a withdrawal. Withdrawing crypto from FX Choice is nothing short of a scam for the trader.

Disconnections: As it has already been stated in some of the other reviews, the disconnections with FX Choice’s trading platform is an ongoing problem. Before I begin this section, I would like to state for the record that I’m a certified IT professional with decades of experience in the field of computers. There’s not hardly a day, certain not a week, that goes by that FX Choice’s MT4 platform hasn’t dropped connection. During all the time that I had my MT4 through FX Choice up and running, I always had a different broker’s MT4 up and running on the same computer. When I would hear that dreaded MT4 disconnection sound, I would quickly check both MT4 platforms. And in all cases, I would find that the FX Choice platform had dropped while the other platform had not. And of course, I can check my own internet logs to see if I lost my internet connection from my local ISP. Not being able to see a drop on FX Choice’s local server or even their first hop doesn’t mean they don’t have an issue. In the IT world, you get what you pay for. If any company is using an inferior (low cost) service for their network, they are not going to get premium routing of their service. Sometimes it’s a problem with geographical location when a particular country or region has inferior internet services. The complaints by other traders here on FPA about FX Choice’s MT4 crashes are legit.
Spreads: Just the issue of widening spreads during news events or end-of-day should be enough to prompt an investigation of FX Choice by the IFSC. It’s not uncommon for spreads to reach 40 pips or more on some pairs with FX Choice. I’ve seen spreads go over 50 pips. If you are a swing trader, trying to carry a trade to the next day is nearly impossible with FX Choice unless you trade only micro or single mini lots. And again, you can read the other reviews by other traders here on FPA who have faced these same issues with FX Choice. And there’s always that first shock when new clients of FX Choice try to swing trade through end-of-day for the first time, witnessing the calamity of 40+ pip spreads slamming their stop losses. It must be a jolly time at FX Choice during end-of-day. I can imagine the toasting and high-fives that go on. In advance, I want to give a rebuttal to FX Choice or any other forex broker that wishes to argue that Straight Through Processing (STP) brokers have no interest in clients losing money. STP brokers can still come under pressure by the banks they are connected to when forex clients are making large gains that entail large periodic withdrawals. I know the stories by staff who worked at these STP brokers. They can tell the situation of client’s accounts being closed because they were simply too successful in their trading. But of course, the broker would fabricate a different reason for closing their accounts. Don’t be naïve. Who do you think the STP broker is going to be most concerned about, a single client that is very successful or a bank that is the lifeblood of the broker’s liquidity?

I will now address the issue of trying to get some assistance from the IFSC located in Belize about the list of ongoing problems with FX Choice that lots of traders have faced. I first contacted the IFSC by phone on May 22, 2021. The secretary that answered the phone gave me the name Mr. Young as the person I needed to file my complaint with. She gave me the following address: complianceandinspections@ifsc.gov.bz I sent a very detailed letter to this address, but received no reply. And there was NO bounce back of the email that I had sent. At exactly the 2-week mark I called the IFSC once again, this time asking to be transferred to Mr. Young. When Mr. Young answered it sounded as if he had just woken up, even though it was 1:30 PM Belize time. When he was finally coherent enough to talk, I asked Mr. Young if he had found time to review my complaint that I had emailed to him 2 weeks earlier. He confessed that he no longer checks that email given to me by his secretary, but offered no apology to me for having been given a dead email address. Mr. Young then gave me the following email to send my complaint to: complaints@ifsc.gov.bz
I sent my second detailed complaint that same day to Mr. Young on June 5. I received the one-liner reply “This serves to acknowledge the below email” from Mr. Young. And after more than a month since my initial contact, I’ve received NOTHING MORE from Mr. Young or his office. So don’t expect any government oversight if you want to file a complaint with the IFSC about what is happening at FX Choice. Belize is a relatively small country. It wouldn’t surprise me if the folks over at FX Choice know Mr. Young personally and hang out to have a beer with him after-hours to laugh about the complaints filed that week. That’s Belize tax dollars at work! Once again proving that “regulated” can mean NOTHING in the forex brokerage business.

To further back up what I’m trying to convey about my dealings with FX Choice and the IFSC, I would like to close this review with the following. Take a look at the article below about the corruption that is going on in the Belize government. I regret the day I had any financial dealings with any entity in Belize. I should have checked it out better beforehand. You can do your own research by typing into a search engine “corruption in Belize”.

https://www.caribbeanlifenews.com/corruption-in-belize-out-of-control/

I’ve thrown around the idea of coming back to this review to post an email address where I can be contacted. I’m willing to share the evidence I’ve saved as proof for anyone who is considering doing business with FX Choice. I guess it will depend on whether or not FX Choice wishes to deny what I’ve written above. If you are currently a client or prospective client of FX Choice, don’t just read the reviews. Be sure to read the threads here on FPA concerning FX Choice.

Firstly a "Bonus (sic)" is offered, but this is withdrawn if you do not have a trading volume of more than $3,000,000 within 90 days. This was not mentioned when I spoke to an agent about their bonus on opening my account!! Pray do tell how one with a relatively small trading account can have that trading volume!!!
Their spreads are massive, especially after opening, much much more than other brokers I am trying out. Unfortunately I have a live account with them, which I will be closing. I suppose they are not interested in small clients.

I have been using the live account for a week now and everything works perfectly. A small delay vs. their demo accounts, but other than that, it has truly been great.

Their customer service is fast, they are ethically on the right side and don't scam you out of your money and they provide multiple banking options.

I had been practicing on their platform for at least 1 year and their live account behavior matches their demo account.