MyFXChoice.com Review Visit site

Updated: Jan 24, 2020
4.062 · 235 REVIEWS
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Other websites of this company include FXChoice.com

About MyFXChoice.com

MyFXChoice is a forex broker. My FX Choice offers the MT4, MT5 and MT Mobile trading currency platforms. MyFXChoice.com offers currency pairs, metals and cfds for your personal investment and trading options.

MyFXChoice.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, 52 558 526 80 32
Regional offices:
Regulators: IFSC #IFSC/60/191/TS/19
Prohibited countries:
Trading platforms:MT4, MT5
Dealing Desk: No
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies:(35+)
Cryptocurrencies:(2) Bitcoin, Litecoin, Ethereum
CFD:(5+)
EAs/Robots: Yes
Scalping: Yes
MAM: Yes
PAMM: No
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

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MyFXChoice.com profile provided by George, Jul 13, 2018

FXChoice is a global broker specialising in CFDs and Forex for private and institutional clients, not to mention fund managers. The company offers the tried-and-tested platforms of MT4 and MT5, with trading on the go also available via mobile apps. FXChoice prides itself on its customer service, aiming to be the industry's best.

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4.062 · 235 REVIEWS
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Consumer Reviews

Limburg, Netherlands,
Jan 22, 2020,
Registered user

Great overall broker

Service use: Live

Length of use: over 1 Year

I have been using fxchoice for over 2 years now and i can say this...
It is a trustworthy broker. They have reliable spreads (not the lowest) and execution time is fast (am located in The Netherlands). Customer service is good. They have segregated accounts where your money is safe.

The only thing i would like to see is that they could offer more deposit and withdrawal options. Skrill used to work but not anymore and Paypal would be nice too.
 
Reply by George submitted Jan 23, 2020:
Dear DutchForex,

Thanks for your positive review! It’s good to see that you’ve been with us for over two years and are still taking the time to write a review.

We place a lot of emphasis on customer service and client trust, so seeing that you approve is a boost to us. Deposits and withdrawals are crucial for both us and our clients; we can assure you that we’re working flat out to bring you more options.

Best wishes and happy trading!

FXChoice
Rome, Italy,
Jan 21, 2020,
Registered user

Great broker

Service use: Live

Length of use: 6-12 Months

FXChoice is a top forex broker.

my account # end with 8021.

I have been with FXChoice for almost 1 year and never had an issues.

1: Their customer service is very expeditious and very efficient.
2/Their platform is without problem.
3/ Their spread is competitive, just a bit high on the gbp/nzd and the Eur/nzd .
4/ Their withdraw is without ANY issues and done within 8 hours or less, just wish they had more options, that’s all.

Overall I rate them 5 stars.
 
Reply by George submitted Jan 22, 2020:
Dear Charles,

Thanks for the 5* review.

It’s great to read that you’ve been enjoying our customer service, platform, spreads and withdrawals. The NZ pairs you mentioned are exotic crosses and don’t enjoy the greatest liquidity, hence the wider spreads. We think our spreads here are comparable to our competitors’.

Best wishes!

FXChoice
Uk, United Kingdom,
Jan 19, 2020,
Registered user

Pretty good

Service use: Live

Length of use: 6-12 Months

Quite a decent broker, they have a good selection of pairs on offer and the leverage options aren’t bad.
 
Reply by George submitted Jan 21, 2020:
Dear Jim B,

Thanks for taking the time to write a positive review; we’re pleased that you’re enjoying our pairs selection and leverage options.

We’ll keep working hard to provide the services you enjoy, and we hope for a long trading future together.

Best wishes,

FXChoice
Qatar, Qatar,
Jan 17, 2020,
Registered user

Not scalper friendly/high spreads

Service use: Live

Length of use: over 1 Year

This review is from one full year of testing FX Choice.

Is there any reason BTC spread is so high? Is there any reason BTC trading is closed on weekends?

Is there any reason why my buy trades have a huge spread but my sells don't have any spread at all? Is there any reason that whenever I put on a trade, it immediately goes against me for a number of minutes, only to finally go my way? I don't think I have ever put on a trade with FX Choice that went immediately my way, no matter how hard the market is moving in that direction. Is there any reason that whenever news comes, I have literally the worst latency ever?

This broker is definitely not scalper friendly. It's a hard road being a FX Choice client and being a scalper at the same time. I know your price feeds are being manipulated. Even the most quickly moving markets still stutter whenever a trade is put on. The price feed should not be reacting to your buy/sell line. Some days, I will put a trade on and not touch my mouse/phone. It moves differently than if I am active in mt4 or just watching. I feel very wronged by this broker. Not to say that I haven't made any bad trades, however, the manipulation is obvious. I know prying money from a brokers hands is like trying to take money from the mob but, something would be nice for how much manipulation there is. They give you these little bonuses that literally mean nothing because they manipulate the price feeds and the trades go against you anyway for a number of reasons.

Also, why are the trading hours so limited? Whenever I want to trade something, that currency pair is always unavailable, even common ones like EUR/USD. Also, why is the swap so ridiculously high? I held a EUR/USD trade over night and the swap was like $25. You have trading fees, swap, and very high spreads. If you aren't scalper friendly, you might want to post that on your website and let people know.

These are the reasons that I will not be recommending this broker to anyone on the face of this earth, I feel dirty just writing on this forum.

Thanks.
 
Reply by George submitted Jan 21, 2020:
Dear Gavin256,

Unfortunately, we were unable to find you in our system, so we cannot verify any of your claims here. Have you taken out a trade dispute? Perhaps you could get in touch and tell us your account numbers and real name?

Now, let us address some of your claims.

You said:
“Is there any reason that whenever I put on a trade, it immediately goes against me for a number of minutes, only to finally go my way?”
ALL trades start at least a little negative as the commission and/or spread are taken immediately.

You said:
“Some days, I will put a trade on and not touch my mouse/phone. It moves differently than if I am active in mt4 or just watching”.
It seems like you’re suggesting we manipulate MT4 only when you’re trading. We can assure you that there is no conspiracy against you: we do not manipulate trades. All our clients access the same price-feed. Everybody sees the same prices.

You said:
“Is there any reason why my buy trades have a huge spread but my sells don't have any spread at all?”
We are frankly very confused by this. Are you suggesting that there are two different spreads?

You said:
“Whenever I want to trade something, that currency pair is always unavailable, even common ones like EUR/USD.”
We cannot believe this is true. Were you trying to trade on a weekend? The Forex market is closed.

Please, we urge you to get in touch so we can get to the bottom of why you have posted this review.

Best wishes,
FXChoice
NIGERIA,
Benin, Nigeria,
Jan 10, 2020,
Guest

Partial close not cool

Service use: Live

Length of use: over 1 Year

When i have say 0.10 se running and i close 0.05 they practically take my order far below wondering why they do that. The corresponding profit for a 0.05 should be closed and my entry position should remain intact.
 
Reply by George submitted Jan 13, 2020:
Dear client,

Thank you for your feedback.

It seems to us that you’re referring to our MAM accounts. When the Master account (MAM) closes part of an open trade, the whole trade will close and a new trade with the remaining volume will open automatically. This is to ensure that the volume of the reduced position on the Master account is correctly distributed between the Sub accounts. Hence the difference in execution when compared to our standard accounts.

That said, please note that the MAM account is the only account type in which the partial close feature works differently; all other accounts that we offer allow you to close a trade partially and only the profit/loss of the closed part will be settled.
Should you have any more questions in this regard, please contact our customer service or your account manager directly.

Kind regards,

FXChoice Team
Connecticut, USA,
Jan 7, 2020,
Registered user

Stay away if you want to trade Cryptocurrency

Service use: Live

Length of use: 6-12 Months

I've been with FXChoice for months now and I honestly don't know why I stuck with them for so long as most of my trading is with cryptocurrencies.

First of all, they "close down" their services every day from 5pm (EST) to 6:30PM and you cannot trade during this time. Stop losses are not honored if a trade goes against you during this time and instead when market re-opens you are forced to take whatever loss you are stuck with.

Secondly, they close down completely on weekends, which is another opportunity to get screwed out of any open trades you have, and not honor your stop loss level when markets re-open.

Thirdly, their spreads are ridiculous. Bitcoin has a spread of about $45 during quiet hours and as high as $80 during times of volatility. This is absurd. There is no reason for a $45 spread during quiet market hours.

As many know, cryptocurrency markets never sleep and are active 24/7. So any broker offering cryptocurrency trading needs to understand that these instruments must be available to trade 24/7. This is why I am leaving FXChoice and will no longer trade on their service. Until they offer 24/7 trading on cryptocurrency, I will no longer use them.
 
Reply by George submitted Jan 9, 2020:
Dear tommyf1001,

Thanks for your review. We’re very sorry to hear your negative take on our crypto offering.

According to our records — and in our defence — you made several very high-risk trades and were stopped out on a couple of occasions. Clients trade at their own risk and are personally responsible for their activity.

Unfortunately, we cannot offer crypto around-the-clock because we offer CFDs in crypto, not the underlying assets themselves. We are a regulated brokerage firm, not a cryptoexchange.

The trading times are published on our website and are available in your MetaTrader terminal. We assume that anybody who trades a CFD with us has fully acquainted themselves with its trading times.

You have also criticised our spreads. That is completely your opinion and we respect that, but we believe our spreads are competitive.

We are very happy with our crypto CFD products, as are our clients.
Cardiff, United Kingdom,
Nov 30, 2019,
Registered user

Nice stable broker

Service use: Live

Length of use: over 1 Year

Nice stable broker, enjoy the selection of pairs and the customer service is pretty quick on chat. Charges could be a little lower though.
  1 trader has found this review helpful
Reply by George submitted Dec 2, 2019:
Dear Forex Viking,

Thanks for your positive review of our company. Keeping live chat waiting times low is an important part of our business and we’re glad to see our endeavour recognised in this area.

Best wishes and good luck!
Prague, Czech Republic,
Nov 26, 2019,
Registered user

Update

Service use: Live

Length of use: over 1 Year

I have to update my 5-stars review and downgrade to 4-stars.
Re: support and trading conditions - this broker still remains top-notch, with no doubt. True professionals.
BUT, their deposit/withdrawal options are getting even WORSE every month. When I posted my first review a few months ago, there was the option to use ePayments or Bank-wire.
Situation now? No ePayments anymore, no bank wire for EU clients anymore, no credit cards!!!!????
Let's see what options left:
1. bitcoin - I use Coinbase wallet, 7.5% for converting EUR to BTC and the same when converting back = ridiculous
2. SticPay - minus 5% fee on withdrawals, and 1% on depo = I am -6% minus on costs before I even start trading with you:-)
3. vLoad - pretty much the same - 2-4% fee on Vouchers, then 0.2% when cash-out
4. PerfectMoney - 0.5% to transfer to FxChoice, from 2.85% + bank fee when withdrawing

Aug 5, 2019 - 5 Stars This broker is ok, seems legit even in the offshore jurisdiction.
However, one thing really annoys me a LOT and it needs STRONG improvement - their withdrawal options.
I deposited by a credit card, but they don't allow CC withdrawals. Strange money can go IN but it can't go OUT the same way. They also don't allow bank wires which should be absolute standard and minimum. They used epayments.com, but again, it's not valid anymore.
Neteller, paypal or skrill also don't work.
With FxChoice you have no CHOICE to withdraw your money, except very inconvenient Crypto exchanges.

Reply by George submitted Aug 6, 2019 Dear Mick81,


Thanks for your 5* review. We are pleased that you’ve had a very positive experience with us.
You say that we need to improve our deposit and withdrawal options. We can assure you that we are working very hard to make deposits and withdrawals easier.
Your claim that it is not possible to withdraw the same way you deposited has confused us though. In fact, our clients should normally withdraw the same way as they deposited. However, we do not permit withdrawals via bank card for EU citizens due to regulatory restrictions. If you have any questions about withdrawing, please get in touch with us and we can advise you of the best way to withdraw.
Also, we do offer bank transfers. The minimum amount is USD 1000. If your balance was less than this amount, the option would not have been available to you in Backoffice.

Best wishes.
FXChoice
  1 trader has found this review helpful
Reply by George submitted Dec 5, 2019:
Dear Mick81,

Thanks for your re-review.

We're sorry that you have felt the need to downgrade. Although we understand your frustration, we are working hard to provide the best we can on deposits/withdrawals for all clients: for the EU as well as the rest of the world.

Best wishes!
Dallas, USA,
Oct 29, 2019,
Registered user

My experience has been phenomenal! They are very responsive to my needs.

Service use: Live

Length of use: over 1 Year

I have watched FXCHOICE for years before I ever decided to become a patron. THey have endured numerous financial collapses, I have had hundreds of thousands of dollars deposited with them and have not had any real issues receiving funds. Their customer service is excellent & very responsive. I HIGHLY recommend.

Note: this is coming from someone who has been trading FOREx for over 11 years, and have had accounts with a number of other brokers.
  1 trader has found this review helpful
Reply by George submitted Oct 31, 2019:
Dear Kleeone,

Thank you so much for your 5* review of our services. We truly appreciate your loyalty and trust over the years you’ve been interested in us, and we hope for many more!

Good luck!
USA, USA,
Oct 28, 2019,
Registered user

FX Choice is correct not issuing Form 1099

Service use: Live

Length of use: 3-6 Months

I am replying to the review below on this issue.

According to Green's 2019 Trader Tax Guide: " Summary reporting is used for forex trades, and brokers offer online tax reports. Spot forex brokers aren’t supposed to issue Form 1099-Bs at tax time. Section 988 is realized gain or loss, whereas with a capital gains election into Section 1256(g), MTM treatment should be used." The last sentence refers to two options for reporting forex gains or losses.

I have found a lot of valuable information for U.S. taxpayers who are forex traders on the site of Robert A. Green, CPA: https://greentradertax.com. The Trader Tax Guide is for sale, but a lot of information is provided free in blogs and webinars.

FX Choice now provides statements for MT4 accounts on their website, so it is no longer necessary to receive them over unencrypted e-mail. They plan to offer this for MT5 accounts in the future. LMFX does not offer secure statement downloads at all. (I think that in even of an audit by the IRS, a statement produced by the broker would be given more weight than one created by the client in MT4 or MT5.)

I have suggested to FX Choice that they secure all e-mail communication by sending e-mails to clients through a secure platform such as Tutanota.com. Then clients can open their own Tutanota account, and all e-mail received from the broker will be automatically encrypted. FX Choice has not replied to my suggestion yet.

Sep 25, 2019 - 4 Stars I requested another withdrawal on 23 Sept. in the evening and it arrived in my other broker's account this morning, less than 36 hours after I had requested it. For this withdrawal FX Choice graciously waived the 1½% currency conversion fee and the €150 wire fee. I very much appreciate their making up for a situation which was not of their making (no longer being able to process deposits and withdrawals in USD).

Sep 13, 2019 - 4 Stars About a week ago I attempted to make my first withdrawal the same way I funded my account only 1½ months ago—by wire transfer of USD to my checking account with a U.S. bank. Only in the process of requesting the withdrawal in their "Back Office" on their website did I discover that FX Choice no longer processes deposits or withdrawals by wire transfer in USD. In order to withdraw funds by wire transfer, I would have to convert the USD in my account to another currency. My first complaint is that FX Choice did not notify me of this change in their policy when it took place. In fact, their website still indicated that wire transfers in USD were possible; since then, the pertinent page has been updated (http://kb.myfxchoice.com/article/6766/99258/can-i-use-wiretransfers-bank-transfer-to-fund-my-fxchoice-account).

My second complaint is that it has been very complicated and time-consuming to figure out the best way to withdraw funds, now that I have to first convert to another currency (I chose EUR) and then convert back. I have had several chats with their reps and a few e-mails. They could not tell me their charge for a currency conversion. When I did one from my trading account to a "Wallet" I created in their Back Office to hold EUR, the amount I received was 1.5% less than if the conversion had occurred at the rate available for trading. Of course, there is now going to be another fee on my end to convert EUR back to USD, which I am trying to minimize. (I would expect FX Choice to charge for currency conversion, but I would also expect their reps to be able to tell a customer what the charge is, i.e., the difference between their conversion rate and mid-market. And I think 1.5% is high. I believe Fidelity, for example, charges 1%.) After entering the wire instructions and confirming the request on their website, I received an e-mail saying the status of my request had been updated to "details required". Logging on did not tell me what they needed, and the Chat operator, after a lengthy chat, because she could not understand my question, still could not tell me what they needed. She said I should send them an e-mail and wait up to 24 hours to find out.

Several hours later, I received an e-mail telling me the issue was that they needed me to add my address to the comments section of the wire instructions and add "for further credit to" in front of my name and account number with the broker. I was having the funds in EUR wired to a broker who would convert them back to USD for a very low fee. When they first told me I had to withdraw in another currency, I asked if I could withdraw to this broker instead of to the bank from which I had funded the account, as the bank would have charged much more. I appreciated that they allowed this, but in their reply they should have given instructions as to what they wanted in the wire instructions, and they should have told me what they wanted when they generated the e-mail that simply said "details required". This delayed the withdrawal one day.

On the positive side, once I received the new instructions in the evening and responded immediately, they processed the wire in the middle of the night U.S. time, and the euros which were sent from FX Choice's bank in Austria were received in my broker's bank account about 9 hours later, mid-day U.S. time.

I would have rated them 5-stars for the rest of my experience, but the difficulty with a withdrawal and their failure to notify customers of the change brings my rating down at least one star.

Reply by George submitted Sep 13, 2019 Dear Aranciata,

Thank you for taking the time to write a positive review, despite your issues with USD wire transfers.

Indeed you’re right. Due to circumstances completely beyond our control, we had to stop USD wire transfers at extremely short notice. We have been working frantically to get them reinstated.

Because we were working so hard under the assumption we’d soon have USD wires back in place; we didn’t want to upset our clients with a distressing email about their absence. The same goes for the Knowledge Base article you quoted.

All this being said, we have now amended our website text to reflect the reality that we currently do not offer USD wires. We are deeply sorry about this.

Thank you also for bringing to our attention that Customer Service was unable to provide you with the answers you needed. We are taking the necessary steps to ensure this doesn’t happen again.

We encourage you to contact us so we can find you in our system and understand your situation a little clearer. We may well have a workaround.

Hope to hear from you soon in live chat