FXChoice Review

Firstly a "Bonus (sic)" is offered, but this is withdrawn if you do not have a trading volume of more than $3,000,000 within 90 days.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.

This is for the last person on here who posted their review. I would encourage you to take heart. When someone shows you who they are the very first time, believe them. I dealt with Fx choice in the past. I am no longer with them due to their huge spread, w the few seconds freeze when you are trying to enter a market. As well as just feeling that they are really dont want you to win. Their customer service is excellent. But the company overall is very very shady. Always listen to your instincts. Now these crooks are saying that a trader found a way to manipulate their system? Are you kidding me? You guys are unbelievable. I'm thankful that I closed my account. Never felt good trading with this company. Hopefuly more and more people will lern from your experience and stay away from these offshore brokers. This dodd frank bill that was passed in 2010 has deveated many U.S. residents looking for offshore thieves calling themselve brokers. So to try to make money, many of us will jump at the opportunity, not realizing that we are setting ourselves for failure. If this company decide to close shop tommorrow and take everyone money with them, what can you do about ut but just come to one of these forums to complain. Guys, stay away from these offshore brokers. Better to make no money and keep your money than take a chance with these crooked brokers and end up loosing all your bank. Anyways, be careful guys. These brokers dont want you to make money.

As per your reply, if you really consider yourself a legit broker that is doing everything legally, i am kindly asking you to post here my trading statement together with the prices you got from your Liquidity Provider in the exact same period, so i can prove to the entire community that i have acted on the prices that you offered from your LP. It is absurd to accuse me that i have acted on different prices than the ones you offered. Do you even imagine what you were saying ?

You cannot just reply to my review and accuse me without offering proofs...Everyone here wants to see real proof, not only words

So, FxChoice i am waiting for your real proofs. I have just gave you permission to post here my TRADING STATEMENT so can anyone see what i am talking about. Do not forget to attach the prices you got from your LP in the exact moments my trades were opened/closed

Mar 15, 2021 - 1 Star My experience with fxchoice started in a good manner and my first withdrawals with them were fine, everything went very smoothly....but on 26th of February they had a technical problem with their indices and stocks and they have disabled trading on those instruments for all their clients (as they were told me on live chat)....

On 1st of March i got the below email from them:

,,We have detected trading activities on your account that represent abuse of our trading rules. A thorough investigation of your account has shown that you found a breach in our system which you used to your advantage.

This is in breach of the FXChoice Client Agreement, which you have accepted. When doing so, you agreed to the following clause:

17.4 FXChoice shall immediately terminate the Client agreement, in the event of:
a) a violation of any part of the Client Agreement on behalf of the Client;
...
d) a Client involving the FXChoice in any type of fraud.

17.7 If paragraph 17.4, above, becomes effective FXChoice reserves the right to reverse any transactions that are deemed to be contrary to the Firm’s or the Clients’ interests.

All abusive trades of yours have been cancelled and deposit correction has been applied to write off any profits generated as a result of the fraudulent activity. Your account(s) are now closed for trading and we blocked your Backoffice access.

We consider this letter the termination of our business relationship."

I need to mention that since my last withdrawal with them which was on 23th of February i only placed 2 or 3 trades on some cryptocurrencies (no indices or stocks) and suddently on 1st of March they deleted all my remaining profits with them (which were realized before my last withdrawal), without giving me a sustainable explanation (because they didnt have any real claims).....

I asked them in several emails to tell me exactly what i was doing wrong and they couldnt sustain their accusations...they simply answered that i breach their t&c's...

If something was wrong with my trading they wouldnt approve for me 4 withdrawals before the cancelation of my profits....

They most probably wanna stop their business and get away with clients money, so all of you be aware of their behaviour because they are starting to steal the money of their clients...

As a reference for FxChoice my account no was 234893

Reply by George submitted Mar 17, 2021 Dear Pappay,



We have sent you an email outlining our position on why your ‘profits’ were cancelled. Please read it carefully, but we’ll lay out below what happened so other readers can understand who you are.



This client used a fraudulent trading strategy that found a weakness in our system. He manipulated and systematically attacked that weakness to put himself in a position where his trades were unlosable. This is a highly unethical trading strategy. Our Client Agreement, which the client signed, forbids attempting to involve FXChoice ‘in any type of fraud’.



We are astonished to see a negative review here.



Pappay, as far as we’re concerned the matter is closed and your profile is marked accordingly.



FXChoice

The reason why I picked this broker is because they offer cryptocurrency deposits which is very convenient for me. They offer a nice selection for trading but anything outside of major/minor forex pairs and sometimes gold/silver, the spreads are terrible, almost to the point that you will never be profitable if you are a scalper or day trader. I've read in previous comments that they are an ECN provider and offer live market data, I've never seen 100+pip spread on a minor forex pair before (pair I'm mentioning in GBPAUD), and I've been with a few other brokers.

Depositing is really quick, well of course they want your money, it better be quick. Withdrawal can be problematic, and of course you would would think no duh! They don't want money to leave! Well I tried to withdraw in USDT (Tether), they cancelled my transaction because they said the transaction fee's were too high and told me to do it again with BTC (Bitcoin). Well guess what?!?!?! Bitcoin transaction fee's are as high also! My other choice is LTC (Litecoin) which should have slightly lower fee's. Don't think that your withdrawal will be immediate, it takes 24 hours at least, or so they say. I call BS on that because they replied about my Tether situation in 4 hours. I guess the agent that was helping me in this matter did offer to escalate the withdrawal since they delayed me the first time. My suggestion to resolve the fee issue for crypto? Maybe try XRP or ADA they offer really great fee's for transactions. Dollars vs tens or hundreds of dollars with BTC or USDT.

Overall, would I go back to FXchoice? No, due to the trading experience.

Fxchoice is a excellent broker! As a matter of fact, I think they are the best! I really have not had any issues at all trading with them.

May 10, 2020 - 5 Stars Im from the United States and I have been using Fxchoice and I think they are great! I really do not have even 1 complaint. The deposits and withdrawals are fast. Many times within 1 hour!
I really can not say anything bad about them at all. They have a customer service team that is second to none!

Reply by George submitted May 12, 2020 Dear newbieT8der,

Thanks for your great review! We also like to think we have a customer service team ‘second to none’, but we’ll keep working hard to provide the services our clients know and love.

Best wishes,
FXChoice

Unfortunately I have to leave this broker, for the sole reason of the margin, due to bigger trades with a EA, besides everything else, its amazing, spot on customer service and fast withdrawals as usual.

Feb 24, 2021 - 5 Stars So I had a active account with them for 7 months, constant trading, no problems whatsoever, includes withdrawals, customer service, and decent leverage. Fortunately, I was grandfathered into the broker when they restricted U.S Clients, Only wish you guys had 1:500 leverage. Thank you guys!

Reply by George submitted Feb 25, 2021 Dear forexRetirement,

Thank you so much for praising our withdrawals, customer service and leverage. We wish you all the best and happy trading!

FXChoice

As mentioned before, i am very pleased with Fxchoice as my main broker. I trade for several years, and have experience with many brokers. But Fxchoice (and i am not affiliated) is by far the best one out there.

Last friday some brokers, and also Fxchoice suffered from price quotation problems with their LP's regarding indices and stocks. When it happened my trades on Nasdaq on another broker ran in to the stop loss, and where stopped out at twice the amount of risk. A little while later Fxchoice postponed trading on Indices and Stocks.

There are a few things i want to adress here. First of all Fxchoice absolutely did the right thing by postponing trading. And secondly, after i mailed support about the slippage / wrong price per pip, they credited my account and compensated for the loss within a (week-) day.

About this all i am absolutely very satisfied. Overall Fxchoice has world class service when it comes to technical issues and correcting them.

But here we are. This all happened last friday, and now it is wednesday. Trading on indices is still not possible. That is way too long, in my opinion. But to be honest, i dont work at Fxchoice and i can not see 'if' and 'how' they are working on a solution. They notified all clients once via email. After that it has been silent for days in a row. I expect a lot more pro active communication and several daily updates from fxchoice regarding this matter.

I contacted support and get the same 'standard' answers all the time: " we are working on it, dont have a time line, and will inform you via email, and we are very sorry ".

My point is not that i dont have confidence in the fact that Fxchoice is doing everything they can. I believe they do just that. My point of criticism/ feedback is that they should give far more updates (via email) and insight in what they are doing to fix this urgent problem then they are doing now. Both myself and my partners all have 6-figure accounts with Fxchoice, and we mainly trade indices. I absolutely would expect Fxchoice to communicatie in more detail, and fare more frequently about this matter. One email about this is absolutely not sufficient. You should be more transparant in the process and giving clients insight in what you are doing to fix such a serious problem.

Feb 11, 2021 - 5 Stars I trade from the Netherlands and am very satisfied with Fxchoice. First of all i have been with FXchoice for at least two years now. Both as a MAM follower and as a live trader with my own trades. Service is great, both with the chat bot and via email.
Execution is fast and fair. Not much slippage even with large lot sizes.

Reply by George submitted Feb 16, 2021 Dear Hugo,



Thank you so much for praising our MAM platform, customer service and execution speed! It is our pleasure to read such positive feedback.



Best wishes and good luck!

FXChoice

I've been with Fxchoice for about say 3 years now and All I can say is stay away and please listen to my warning. They will try just about anything to diminish your account and have the odds stacked against you as much as possible. Weather that's Disabling your trades. Putting your stop loss at the worst exist. or having spreads sudden increase and eat your account. Do not fall for the damage control team replying back with Blanket statements that only try to cover there ass. Believe me it's one of the worst mistakes i've made in my life. and all I can do is warn others. DO NOT JOIN THIS BROKER. they will do whatever they can to stack the odds against you. as Unfair as possible and then some. If you even have a genuine error that was caused by them Guess what? not our fault its in the TOS of our platform they will not listen to you if you have any problems you will only get robotic responses ontop of all these issues. you will get no guidance in terms of how to use MT4 you've been warned and trust me You'll thank me by not joining them You can see the chat logs that proof they just use copy paste blanket statements and make bullshit claims like *oh we are experiencing issues with our liqutity provider. our IT team is on it. but while you miss on the low of the market and wait for it to soar right back up. we will do our best to resolve the issue ^)^. expect that type of bullpoo.

--Chat Transcript --
Hello Robin. Welcome to FXChoice. How can I help?
Robin 18:08:05 I cannot the Dow jones what's going on
Alberto 18:08:17 At the moment only indices and stocks are not able to trade, the liquidity provider has some quoting issues, we are working with them to fix this issue ASAP, We apologize for the inconvenience
Alberto 18:08:21 Robin I am sorry to hear that , let me help you get that cleared up.
Alberto 18:09:05 We are verifying with the liquidity provider. please allow a few hours to resolve this issue
Robin 18:10:14 It sounds like you guys don't want us to buy the stock when it's cheap
Robin 18:10:25 Quoating issues I don't believe that
Robin 18:10:42 By than I will miss out on the low
Alberto 18:11:41 My apologies for the inconvenience At this moment tendency is on the low and this might continue. we need a few hours to resolve the isue.
Alberto 18:11:45 issue
Robin 18:12:02 Yeah by then it will be to late to trade
Alberto 18:12:52 Our IT department is working as we speak. Once again my apologies.
Alberto 18:12:56 Is there anything else I can assist you with Robin ?
Alberto 18:19:44 Robin, Thank you for visiting FXchoice. Please feel free to contact us again regarding any of your trading needs.

This issue here may not be unique in case but the representative here is attempting to deflect the said issue back at my internet service provider, that our eyesight may be bad and slippage due to server/data lag doesn't happen only that blanket statement "no guarantees", WHILE I WAS THE ONE TRADING THE MARKET WHEN IT HAPPENED.
Basically, his initial attempt was to take matters into his own hands by drawing conclusions outside of his expertise, not verifying with the IT department and argue. Having grown tired of his cavalier attitude, I found no other way to get past this rep but to justifiably label him on the spot as a "LIAR". That's when the he threw me an email than to deal with his personal issues and disconnected my support chat...OK...

First off, we traders would very much rather spend our time focusing on MAKING MONEY than to fire up a chat with support just to be rebutted and confronted in such level of arrogance - so we are not suppose to make constructive complaints when our trading has been impacted by server quality? I'VE EVEN RECORDED THE SERVER LAG ON MY PHONE.

I'll be making arrangements to take my business over to a different broker as I read they don't have this level of arrogance seen here:

Topic: Server Issues MT4
Chat 2021.02.24
Miguel 16:51:19 Hello kyle. Welcome to FXChoice. How can I help?
kyle 16:51:27 hello again miguel
Miguel 16:51:41 Hey Kyle welcome back.
kyle 16:51:59 hey man high traffic with network when US stock market session opens at 830Am EST
kyle 16:52:09 why does the MT4 lag???
kyle 16:52:19 i make trade but gap when i close trade
Miguel 16:52:21 kyle, I am happy to help you with that.
Miguel 16:53:25 There have been no issues reported with the MT4 lagging, you are the first person reporting this issue, the issue may be with your service provider.
Miguel 16:55:51 Being a STP/ECN broker means we can't offer guaranteed fills for stop orders. We execute them at the best available price, but it may be with positive or negative slippage, as well as executed at the requested price. No NDD broker can offer guaranteed stop order fills because it is very high risk for the broker.
kyle 16:56:08 ehhh no brother
kyle 16:56:34 my mt4 is my primary account and i stay looking at it around the clock and i can say this lag is bad when market opens
kyle 16:56:36 i know the difference
kyle 16:56:48 because i closed 3 trades just now and all slipeed
kyle 16:56:51 slipped
Miguel 16:56:52 There are no issues reported with the MT4 playform
Miguel 16:57:13 Being a STP/ECN broker means we can't offer guaranteed fills for stop orders. We execute them at the best available price, but it may be with positive or negative slippage,
kyle 16:57:27 so you are blaming on my network just because i'm the first one to report this issue? is that right?
kyle 16:57:44 the customer is first to be wrong is that what you're saying?
kyle 16:58:05 wait
Miguel 16:58:08 I have just mentioned to you multiple times that there ate no issuesw reported with the MT4
kyle 16:58:20 ok so it's STP connection
Miguel 16:59:01 We are an STP/ECN broker.
kyle 16:59:02 but being STP connection should not lag the data...if i slip then it's over trading desk i understand, but your MT4 network platform is lagging for the stock index CFD
Miguel 16:59:38 Allow me to check with my IT department one moment
kyle 16:59:46 man go check
Miguel 16:59:53 One mo,ent
Miguel 16:59:58 Mom,net*
kyle 16:59:58 i see the data and the speed
kyle 17:00:02 quit lying
Miguel 17:00:15 What am I lying about?
kyle 17:00:25 i will post this on forex Peace army if i have to
kyle 17:01:00 you're refuting my claims before even checking with your IT department
kyle 17:01:03 now go check
Miguel 17:01:05 You can send an email directly to my IT department at backoffice@myfxchoice.com ATTN: IT dept
Miguel 17:01:16 kyle, Thank you for visiting FXchoice. Please feel free to contact us again regarding any of your trading needs.