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

3.944 • 307 REVIEWS
Also FXChoice.com
Updated: Feb 5, 2023
MyFXChoice.com

5 star review by Saiful, Bangladesh

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.

What is FXChoice?

FxChoice (MyFxChoice.com) is is a forex broker that offers MT4, MT5 and MT Mobile trading currency platforms.

FX Choice trading instruments include over 35 currency pairs, CFDs, commodities, indices, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

Please read FxChoice reviews below and share live trading experiences with this broker.

Other websites of this company include FXChoice.com

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 200:1
Minimum to Open Live: $100
Established: 2010
Address: Corner Hutson & Eyre Street, Blake Building, Suite 302,Belize City, Belize
Contact: info@myfxchoice.com, +52 55 6826 8868
Regional offices:
Regulators: FSC #IFSC/60/191/TS/19
Prohibited countries:
Trading platforms: MT4, MT5
Web Trading: ✅ Yes
Mobile Trading: ✅ Yes
ECN: ✅ Yes

Trading Instruments

Currencies: (35+)
Cryptocurrencies: (2) Bitcoin, Litecoin, Ethereum
CFD: (5+) Gold, Silver, Stock Indexes, Oil, Other Commodities

Trading Conditions

EAs/Robots: ✅ Yes
Scalping: ✅ Yes

Managed Accounts & Social Trading

MAM: ✅ Yes
Deposit Methods: VISA, MasterCard, AstroPay, Bitcoin, ePayments, Ether/Ethereum, FasaPay, Neteller, PaySafe Card, PerfectMoney, Poli, Qiwi, Rapid Pay, Skrill, UnionPay
Withdrawal Methods: Bitcoin, Ether/Ethereum, FasaPay, Neteller, PerfectMoney, Skrill

Special offers

65% Crypto Deposit Bonus Expires: Dec 31, 2023

Get up to 65% crypto deposit bonus upon completion of turnover requirements. Terms and Conditions apply, may not be available in all countries.

50% Welcome Bonus Expires: Dec 31, 2023

Get up to 50% fiat deposit bonus upon completion of turnover requirements. Terms and Conditions apply, may not be available in all countries.

3.944 • 307 REVIEWS

Traders Reviews

B
aruba, Aruba,
May 24, 2022,
Registered user

Customer service is terrible and got robbed

Service use: Live Length of use: over 1 Year
I had a some money in my account that i had saved there more than a year there without trading and I don't know how was it possible but my account was managed by someone who i really don't know. Know a year after when i come and see my account. I only find around $2. 41 cents out of $510 dollars. Now i contacted them and the only things they did is " we will open a case " but that was all. Now i lost my money because someone who i don't know or don't have contact manage my account and lost my money. The company isn't doing anything. I though they might report it to the autority but they really don't care about you. They just want you to use your money cause they want to win.
1 trader has found this review helpful
B
Reply by George submitted May 25, 2022:
Dear bryanv,

We are so disappointed to read your review.

When you came to FXChoice, you agreed that you understood your Money Manager was not an employee of FXChoice. Now you say that you don’t even know who your Money Manager is. You joined up through his unique link, which connected you to his MAM account.

You need to contact your Money Manager (who we reiterate is not an employee of FXChoice) if you are unhappy with the way he traded on your behalf. We do not recommend any particular Money Manager; we simply provide an environment for Money Managers to trade on their clients’ behalf.

We want to stress again that it is your own responsibility to control your relationship with your Money Manager. No Money Managers work for FXChoice.
T
New York, USA,
Apr 12, 2022,
Registered user

Updated Review

Service use: Live Length of use: over 1 Year
I previously provided a review of FX Choice where I complained about the long delays making Crypto withdrawals for U.S. Clients. After speaking with George A. via direct message, he helped me to understand the reason for the delays which actually made a lot of sense.

George A. also explained that the Platform is is regulated in Belize and as such, does not have to respond to U.S. regulators. In my opinion this is great news as the U.S. tends to over regulate what can be done in accounts. Especially when it comes to leverage amounts types of products offered.

The withdrawal timing was my only real complaint. So since I was able to get a better understanding of the withdrawals, I felt it was appropriate to update my review rating. Overall, this is a good platform. I'm not saying its perfect but no platforms really are. I'm sticking with FX Choice.

-Tedmo0285

Mar 16, 2022 - 2 Stars Stay away from this broker! This broker is not regulated. Very difficult to get crypto withdrawals out. Long delays. Not worth the headache.

Reply by George submitted Mar 21, 2022 Dear Tedmo0285,

We are so sorry to read your review.

As you left no identifying marks in your review, nor do we recognise your complaints, we tried to contact you directly by private message so we could get some further details and establish your identity, but you never responded.

You say that we are not regulated? This is untrue. We are regulated by the Financial Services Commission of Belize.

You say that our crypto withdrawals are difficult to get out with long delays – this cannot possibly be true. Our crypto withdrawals are normally processed the same day, unless the request is made late in the evening, especially on a Friday (as it may not be processed until Monday).

FXChoice
1 trader has found this review helpful
B
Los Angeles, USA,
Mar 22, 2022,
Registered user

Stay The Hump Away from FX Choice!

Service use: Live Length of use: over 1 Year
I started with these guys as a newbie when I didn't know any better. After two years of trading I can now say these guys are a complete joke. They work against you constantly. Isn't your commission enough? Huge fun spreads right as you're ready to take profit. A 3 pip spread magically becomes 13 pips when your TP hits. Market orders can get you easily 30 pips in drawdown. Unregulated and unethical. coitus these guys! I'm done!

P.S. I know you'll respond saying how sorry you are but you won't address the magical growing spread at TP. I love making dare you!
1 trader has found this review helpful
B
Reply by George submitted Mar 23, 2022:
Dear bumbrokerhunter,

Thank you so much for leaving your account info. We were able to find you in our system and properly understand the situation before replying.

We confirm to other readers that you have indeed been with us for over two years, but you have only ever contacted us once directly about a connection issue. If you were having problems with specific trades, you need to contact us directly immediately and not vent your frustrations on a general public forum. Perhaps there was a problem that needs to be addressed and we didn’t notice it.

We encourage you to contact our customer service as soon as possible and submit a trade dispute, if you feel your trades were executed incorrectly.

Best wishes and we hope to hear from you soon!
FXChoice
S
United states, USA,
Mar 15, 2022,
Registered user

This company is very unethical.

Service use: Live Length of use: over 1 Year
This company is a straight joke, I promise you… do not use this scam of a company. Their system will make a mistake , cost you, and they’ll try to somehow blame it on you. This company is super unethical & now I am on the slowness hunt to get them shut down. I have a good network of powerful people, going to be sending out some emails. It will take some time but I will ruin this companies reputation, put them in front of legislation eyes and show them I AM NOT TO BE MESSED WITH. They don’t have enough money to handle what’s coming for them.
1 trader has found this review helpful
S
Reply by George submitted Mar 21, 2022:
Dear Stockwiz,

You did not leave any identifying marks in this bizarre rant. We take serious exception to your claims and tried to contact you directly prior to posting this response.

We simply do not know how to respond to these baseless claims. Please contact our customer service so we can look into your case properly.

FXChoice
P
tehran, Iran, Islamic Republic of,
Feb 21, 2022,
Registered user

high spreads high commissions

Service use: Demo Length of use: 0-3 Months
i know fxchoice is trust worthy broker(from what i have heard) but trading expenses are high , wide spreads and high commissions.
1 trader has found this review helpful
P
Reply by George submitted Feb 23, 2022:
Dear paymanz,

We are so sorry to read your review.

Our spreads and commissions are very competitive, and we believe they offer excellent value to our clients. Also, don’t forget that our clients can lower their fees by climbing the Pips+ loyalty programme.

Suggesting that we have high trading fees depends on which brokers you compare us to. At FXChoice, we constantly improve our services and find new ways to simplify our clients’ trading experience, bringing their costs down.

Best wishes and happy trading!
FXChoice
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Frequently Asked Questions

Is FXChoice regulated?

FxChoice is regulated by the International Financial Services Commission of Belize (IFSC), Its license number is IFSC/60/191/TS/19

Is FXChoice legit?

The best way to see if FxChoice is a good and legitimate broker is to read the unbiased traders reviews on ForexPeaceArmy: https://www.forexpeacearmy.com/forex-reviews/8159/myfxchoice-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we recommend that you check recent MyFxChoice community discussions: https://www.forexpeacearmy.com/community/tags/myfxchoice/

Is FXChoice an ECN?

FxChoice offers ECN on its Pro Account. Pro Accounts can be opened with a minimum initial deposit of $100.

How do I withdraw money from FXChoice?

To withdraw money from FxChoice:
  • login to the client BackOffice
  • once there, you will be able to see the available withdrawal options
Please note that FxChoice withdrawal options will vary depending on what country you live in.

Is FXChoice a market maker?

FxChoice acts as a market maker for Classic Accounts, and also offers ECN accounts called Pro Accounts.

How long does it take to withdraw from FXChoice?

MyFxChoice processes nearly all withdrawal requests within 24 hours Monday through Friday.

When the withdrawal is processed, the time before the money is received will vary depending on the method of payment you chose.
  • eWallet withdrawals should be nearly instant
  • Bank wires can take as much as 10 days to arrive