MyFXChoice.com Review Visit site

Updated: Apr 8, 2020
3.973 · 247 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 over 35 currency pairs, cfds, commodities, indices, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

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
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies:(35+)
Cryptocurrencies:(2) Bitcoin, Litecoin, Ethereum
CFD:(5+) Gold, Silver, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
Scalping: Yes
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

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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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3.973 · 247 REVIEWS
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Consumer Reviews

Austin, TX, USA,
Mar 30, 2020,
Registered user

CROOKED; DECEIVING THIEVES!!! THEY WILL STEAL YOUR MONEY. STAY AWAY

Service use: Live

Length of use: 6-12 Months

I've been trading with fx choice now going on 6 months now. AT first when I started, I thought they were legit. Mind you, I was trading with an america trading broker here in the U.S. That broker is a market maker and they even admit that they are. What's bad is that three day rule. You can be right in your trading, but if the market doest move in your directions and you hit margin call, that broker will close all your trades at the thrid day that you hit margin which is anything under 100%

Now, when I heard about fx choice, I was excited. A broker that accepts U.S. citize and you can use leverage. There was no three day rule like the other broker So, I was happy at first. But over the past few months, they have shown there true color. What do I mean. Okay. At 4pm cst, that is when the market close so the spread tends to be a little bit higher than normal. So for example, if I am trading Eur/usd for example, the spread may jump up from 2 pips to 6-7 on the eur/usd. I had placed a trade on the Eur/Cad. The spread on the eurcad is around 5pipps. AT 4 pm today, guess what, the spread jumped from 5 pips to 70 pips. That is right. That is not a typo. 70 pips. Now, imagine if I didnt use good money management in place, I would have been wiped out.

I know many of us are looking to make money. You may win a trade here and there with fx choice, but long term winning, it's not happening. And don't be deceive. They are a market maker. They do not have your best interest at heart. When you place a trade, there is that 1-2 second freeze when you push the buy or sell button before they execute the trade.

Forex is hard as it is. You are competing agisnt the best. But when you also have to worry whether or not your broker is going to try to steal your money by increasing the spread so high like 70 pips on eur/cad for example, it's just not wirth it in my opinion.
  1 trader has found this review helpful
Reply by George submitted Apr 2, 2020:
Dear forextrader37,

Thanks for taking the time to write a review. We deeply regret to see that your previously favourable opinion of our company has changed so dramatically.

Firstly, we categorically deny that we’re a market maker, as you claim. We are an STP broker: We pass on to our clients the exact same prices that we receive from our LPs, so we cannot control the spreads.

We haven't been able to find a trade dispute on EURCAD in our records, so if you want to investigate this or any other orders, please don't hesitate to contact our customer service.

It is so unfortunate that volatile market conditions caused by COVID-19 are creating such frustration among our clients and the clients of other brokers. However, this situation is beyond our control and happening everywhere. It is an inescapable storm and one we are doing our best to weather.

Best wishes,
FXChoice
US, USA,
Mar 24, 2020,
Registered user

Fxchoice worst liquidity providers

Service use: Live

Length of use: over 1 Year

I contacted FXChoice several months ago to inquire about the type of broker they are. They informed me they were an A type broker and the trades get executed as soon as they are placed. That is not true! I’m starting to question that especially now in a high volatility market some of their instruments are off quotes and spreads are so high it doesn’t even look right. Like $36 on gold. They said they have no control over, but yet it appears that they do control the spreads. I used to have full confidence in FXChoice, but now rethinking my options. I have a small account with a different broker and not same having issues as with FXChoce. If the liquidity continues to become an issue will be switching.
 
Reply by George submitted Mar 27, 2020:
Dear Egurmac,

Thank you for taking the time to write this review. Although we regret to read that you are not satisfied with the recent high volatility in the market, we’d like to clarify the following:

“They informed me they were an A type broker and the trades get executed as soon as they are placed. That is not true!”

We are an STP broker; we process all our clients’ orders through our liquidity providers to the market. All trades are executed as soon as they are placed (given that there is a price in the market).

We’ve recently informed our clients about the high volatility and extreme spreads in the market at the moment. If we don’t receive any prices from our liquidity providers for a short period, we can’t process the orders to the market.

“especially now in a high volatility market some of their instruments are off quotes and spreads are so high it doesn’t even look right. “

The client is contradicting himself: Especially in a high-volatile market as at the moment, spreads tend to widen and there may be a lack of prices for a short period, particularly on less-liquid trading symbols.

“They said they have no control over, but yet it appears that they do control the spreads.”

We confirm that we don’t have any control over the spreads. We simply pass on the exact same spreads that we get from our LPs (including a small mark-up) to our clients. Our commission, or the spread mark-up, doesn’t change depending on the volatility.

Best wishes,

FXChoice
Leeds, United Kingdom,
Mar 24, 2020,
Registered user

Sudden impossibly wide spread on gold making it impossible to trade

Service use: Live

Length of use: over 1 Year

Prior experience with this broker was fine but suddenly trading gold was beset by freezes where the gold price on the platform doesn't match the actual spot price and now suddenly the spread has gone from a standard and manageable # of pips (50-70) to as high as 3500 pips essentially making gold untradeable on their platform. I am now afraid as to what may happen to other pairs because if they can widen spreads that much without notice it'll certainly stop out positions easily. Looking for another broker as this is a bit too shady. The same spread issue has happened on nok pairs as well, but with gold it's far more terrifying.

Dec 1, 2018 - 4 Stars Love them. They have gained my trust in an industry where you really have to be wary of scammers. Only drawback is that they recently stopped accepting bankwires for anything under $1,000, which unfortunately leaves US customers vulnerable to the scammer that is UPayCard. If they had an alternative safer option for US customers in this regard they'd be perfect (as they were for a time). But due to this I must give them 4 as opposed to 5 stars.

Reply by George submitted Dec 4, 2018 Dear PipsLoveMe,



Thank you for sharing your love for us. Trust has made us what we are today, and we thank you for acknowledging this.



Alas, you are indeed right about the recent changes concerning bank wire payments. This alteration is due to the recent banking system changes. As for your comment about UPayCard, please could you contact us about why you have referred to them as a scammer? Maybe we can assist you in resolving any issues you may have experienced with them.



Finally, we would like to inform you that there are other options for our US clients, such as Cryptos. We will also be introducing other payment methods shortly.



Thank you once again for your very good rating and sorry for any inconvenience caused by the recent changes.



Best wishes,

FXChoice
  1 trader has found this review helpful
Reply by George submitted Mar 30, 2020:
Dear PipsLoveMe,

We’re so sorry to see that you’ve altered your previous review about us, especially as the spreads on Gold are entirely beyond our control.

We are living through volatile times. Our liquidity providers (LPs) have contacted us specifically about COVID-19 and its effect on Gold spreads. Gold refineries around the world are shutting down to stem the spread of the virus, which is drastically reducing liquidity, widening spreads to previously unimaginable levels.

One of our LPs wrote to us warning that the ‘prices shown on the platform might experience interruptions due to wide spreads and in those instances slippages are highly likely to occur’. Another LP wrote that ‘Currently there is a very limited pricing for Gold in the market due to COVID-19 causing multiple gold refineries to close, which in turn has caused a shortage of physical gold in the markets’.

We are trying the best we can to keep instruments available for our clients. If you’d contacted us first, we could have explained this to you before you posted a negative review.

We are an STP broker, so we simply pass on our LPs prices to our clients. We hope that you’ll reconsider your review as you’re essentially blaming us for low Gold liquidity caused by COVID-19 – it is beyond our control.

Best wishes,
FXChoice
San Antonio TX, USA,
Mar 23, 2020,
Registered user

Friendly, Curteous and Professional Scammers

Service use: Live

Length of use: over 1 Year

I put my deposits into this Broker based on 2 weeks of research and reading reviews of Fxpeacearmy. So my bias was that of nothing but FXchoice being the only non-regulated offshore broker with integrity.

Until....I Placed a short on EURCHF 3.12.2020 At 18:50. later that same day price hit level 1.05451 at 23:25 which was well below my take profit at 1.05464. Unless, the spread exceded 13 pips on the EURCHF my TP take profit should have excuted at the ask price.
FXChoice did not execute the TP Yes the TP has to hit the ASK price, again unless the spread on a non volatile pair EURCHF exceeds 13 pips. This should have been a profitable take profit . I chatted with them, here is excerpt: The open trade on 152656 eurchf:

Adalisa: 23:54:10 Please not:e that due to low liquidity and market volatility many pairs, indices, cryptos and commodities are not been quoted at this moment.

Adalisa EURCHF is one of the pairs not being quoted due to low liquidity
At this moment no stop loss or take profit can be triggered

Ryan 23:55:02 So my take profit which was hit , did not execute

Adalisa They will be triggered once they come back and they will be executed at the next best available price.

I followed up with them with email and screenshots with candles showing price at 1.05451 and they sent an email with these attachments: eurchf 22162679.rar
journal report 152656.log which when opened says "access denied". Next followup they just keep repeating the same thing over and over again, that the case is closed.

But never I have had access to their proof that they are faultless , despite my calm efforts. FXChoice if you are righteous please fix this for me , or show me visible evidence (unless your have something to hide?) that you are not obligated to fortify your argument with trading server logs which absolve you of any guilt or responsibility to make this right.
  1 trader has found this review helpful
Reply by George submitted Apr 2, 2020:
Dear Ryan,

We’ve had something of a roller-coaster experience with you. Let us explain our perspective to others.

After a lengthy phone conversation with one of our customer service supervisors, we thought we had come to an understanding, as we provided you with the raw data as proof showing that your TP had not been reached and that is why your order had not closed. You initially appreciated our time and effort and mentioned that you were going to update your rating and review.

We should admit that we’re sorry to learn that a few days later, you’ve made an about-turn on updating the review, as now you believe the data we sent has been altered and that you have no recollection of changing your TP, as we have on record. It’s such a shame that you’ve taken this path and refused to believe our data.

That said, we’ll be happy to have you back among our clients in the future. However, whether you decided to continue trading with us or another broker, we would recommend that you install a spread monitor indicator on your MetaTrader to save both the Bid and Ask prices so that you have the data in your own computer. It may help to avoid such misunderstandings in the future.

We provided you with the exact prices received from our LPs. If you don’t believe the price history and logs from our trading server, there is not much more evidence we can show you.

Good luck and best wishes,
FXChoice
SAMUEL,
VIRGINIA, USA,
Mar 18, 2020,
Guest

Service use: Live

Length of use: 0-3 Months

I have been trading for over 3 years and I decided to give a try to this broker and the first day I opened a position the position was closed and price never hit SL , I sent image from my tradingview and FXchoice MT4 PLATFORM where you can crearly see that price was not even close to SL, right now price is about to hit TP. DO NOT PUT YOUR MONEY IN THIS SCAM GUYS, USE OANDA OR ANY OTHER BROKER THIS IS BULLPOOP
 
Reply by George submitted Mar 20, 2020:
Dear Samuel,

Thanks for your review, but we regret to see you had a bad experience, especially as we feel this was nothing to do with us.

We found you in our system and have reviewed your case. You contacted our customer service regarding the trade in question (ticket #15442136). We answered to your trade dispute, explaining that your order was stopped out because your account ran out of free margin. We explained the comment shown next to the order in question in your MT4 ‘Account History’, and what each number represented. In other words, your SL was indeed not reached, but that’s because you didn’t have enough margin. You ran out of equity, so the trade would never have reached your SL, unless you deposited more funds to cover your strategy.

We believe that the answer we provided was comprehensive, and we did finish the answer by asking you to get back to us if you have any further questions. We wish you had replied to us if you needed any further clarification.

We hope other clients will see our response and understand that this was nothing to do with us.

FXChoice
Nuernberg, Germany,
Mar 17, 2020,
Registered user

Inacceptable withdrawal method with perfectmoney

Service use: Live

Length of use: over 1 Year

This is at least by 50% a perfectmoney.com review.

I have always been completely satisfied with FXChoice (even wrote a positive review some years ago) and I'm unhappy about the changed withdrawal / funding methods. I didn't actively trade for some years as I went to developing automated trading systems. I still have a few thousands in my account that I planned to trade with later on, but as the development process is taking much longer than I anticipated and will probably take another year, I wanted to invest this money in the stock market now.

When I logged in, trying to withdraw, I was astonished to see the bank transfer method gone. I had to write a message to customer support, to get a withdrawal option other than cryptocurrencies. Only customers who funded their account by wire transfer get this option, but only when they are asking. Given the volatility, cryptos aren't an option for me. When I'm withdrawing, I don't want this process to be a trade by itself!

So the only way to transfer fiat money is perfectmoney.com
Their website looks a bit shady, so I wanted to make a test transfer and sent 100 EUR to my account. I received 99.50 EUR at perfectmoney. When I tried to transfer this to my bank account, perfectmoney said it was below 100 EUR and could therefore not be transferred.

I found out why: In Germany, the decimal separator is a colon, not a dot. (I typed 99,50 instead of 99.50). However, together with translation errors in the backend, this contributes to the shady impression of perfectmoney.

I sent more money to my perfectmoney account until I understood this problem. So at the moment I have a little over 500 EUR there and I'm finally able to see the fees involved.

Perfectmoney offers 4 different money exchange services, with different fees. In can pick the 2 best for me. If the first rejects the transfer, the second is chosen. Interesting, that there is a chance that the provider can reject the transfer - contributes to the shady impression. Long story short: Depending on the provider I will end up with, it could be between 260 and 420 EUR fees which is 5.9% to 9.5%. This is robbery! I'm really disappointed that this is the best FXChoice can offer for fiat money transfer.

I'm really sad to witness this change to the worse, as FXChoice had everything I wanted, even managed accounts (my goal is to become an account manager myself).
 
Forex Peace Army
Review moderation team note
The FPA has a review page for PerfectMoney if you want to leave a separate review for them.
Reply by George submitted Mar 18, 2020:
Dear AgatheBauer,

Thanks for your feedback. We’re sorry to see that you had a negative experience with Perfect Money.

Please note that Perfect Money was not the only option you could have chosen as you indicate in your review. If we have identified you correctly in our system, we recommended two other available methods to you in a ticket you opened with our customer service.

We feel the 2* review on our page is harsh considering it is covering a third-party payment provider.

FXChoice
Ohio, USA,
Mar 16, 2020,
Registered user

Most TrustWorthy Offshore Broker

Service use: Live

Length of use: over 1 Year

Fx Choice is the most trustworthy offshore broker for all traders they pay withdrawals on time and never no funny business with my trading , keep up the good work Fx Choice

Jun 24, 2019 - 5 Stars keep up the good work you guys are the best out there, great service and always pay withdrawals

Mar 8, 2019 - 5 Stars great broker i been a supporter of fxchoice for many years i wish they would lower their Margin call/ Margin stop: 100/80 on their pro account to maybe Margin call/ Margin stop: 70/50 or lower.

Jan 15, 2019 - 5 Stars so i decided to stay with FXCHOICE, there are brokers with better spreads but i can't trust them, fxchoice always pay withdrawals and do so very fast . a broker that pays withdrawal small and large outweigh better spread brokers any day.

Dec 14, 2018 - 4 Stars fxchoice is a great broker but i must move on, i trade the classic account because of the lower margin call / stop out levels, i must move on because the cost of doing business is just to expensive with the higher spreads and the swap rates are killing my profits.

Jul 4, 2018 - 5 Stars Best Damn Broker For U.S. Traders.
customer service is the best, deposit and withdrawal top notch and very trustworthy. for U.S. traders this is the broker you want and need.

Jun 14, 2018 - 5 Stars im very concern that FXCHOICE has been throttling connections of traders, they are a good broker but they might be doing something to cover there butts . there update on myfxbook and other has been very slow

Mar 25, 2018 - 3 Stars Epayment no longer except US Citizens. and you can't convert your bitcoin to fiat currency so where back to depositing by wire transfer with fxchoice. i hope they find better payment options, not everyone has 2K to wire just to get the fee back.

Nov 25, 2017 - 4 Stars need to add paypal as deposit, i like bitcoin but at the moment can't convert bitcoin to my USD account, also would be nice if they can add credit card deposit , other then that the best broker for U.S. traders

Oct 5, 2017 - 5 Stars they made my dream come true, you no longer have to have a bitcoin trading account to withdraw with bitcoin. thank you fxchoice

May 17, 2017 - No Rating question for fxchoice, on your website it say you take bitcoin for deposit but it don't say if you allow withdrawal with bitcoin

Mar 11, 2017 - 4 Stars will give 5 stars if they had credit card deposit, other then that they are a good broker, they had credit card deposit just last month don't know what happen to it

Reply by George submitted May 19, 2017 Hello Poundtrader,

Thank you for your message. Bitcoin is included as an option for depositing and withdrawing. Please visit our “Deposits and Withdrawals” page to see all of our payment methods. You can find this page under the “Accounts” tab from the main menu. You can click on each one of the payment options to read details such as process, instructions and other information.

Should you have any further questions or need assistance, please do not hesitate to contact us.

Reply by George submitted Dec 11, 2017 Dear Poundtrader,

Thank you again for another valuable review. As we have explained in similar comments by other users, Bitcoin deposits to a fiat-denominated account (such as USD and EUR) are currently suspended until further notice.

Please note that for our US clients we reimburse any wire transfer fees for deposits of $1000 and over.

Best wishes,

The FXChoice Team

Reply by George submitted May 15, 2018 Dear Poundtrader,

Thank you for your message.

We are sorry that a third-party company has affected your experience trading with us. Please note that our clients can deposit and withdraw Bitcoin and Bitcoin Cash to/from the corresponding accounts. If you want to make a smaller deposit, we would recommend that you open a Bitcoin-denominated (or Bitcoin Cash-denominated) account and fund it with Bitcoin (Bitcoin Cash).

As per your concern about the wire transfer amount, US clients can deposit only $1,000 to qualify for bank fee reimbursal.

We are working on adding new payment methods for our US customers and will keep clients informed of any progress.

Meanwhile, should you have any questions, our support team will be glad to assist you. Please accept our sincere apologies for the delay in response regarding the technical issues with the website’s (FPA) reviewing system.

Best wishes,

The FXChoice Team

Reply by George submitted Jun 19, 2018 Hello Poundtrader,

Thank you for your review and close attention to our services. We would do our best to help you solve your connection issue if you could share more details of your particular case with our support team. Nonetheless, we can assure you that our server connection is stable and the issue should be not from our end.

As per your concern about Myfxbook updates, we cannot be held responsible for third-party service quality. We recommend you address your request directly to the system in question.

Our support team is always there to assist you.

Best wishes,

The FXChoice Team

Reply by George submitted Dec 20, 2018 Dear Poundtrader,

Thank you once again for sharing your feedback here.

We are sad to hear that you are having to move on due to spreads and swap rates. We believe that we offer some of the most competitive trading conditions as an STP broker. We would like to point out that our Pro account spreads are very competitive and that you can even gain by reducing commission using our loyalty programme ‘Pips Plus’. For more information about our loyalty programme, please visit our Pips Plus page which you will find under the Trading Services section from the menu.

Additionally, if you contact our customer service, we will be more than happy to look into your account and discuss your trading strategy, so that we can recommend the best trading account to suit your requirements.

Best wishes,
FXChoice

Reply by George submitted Jan 29, 2019 Dear Poundtrader,



We are delighted to hear that you have decided to stick with us. We appreciate your loyalty and thank you very much for trusting us. We do our very best to ensure the smoothest and fastest possible transactions in order to enhance our client’s trading experience.



Best wishes,

FXChoice
 
Edward,
Texas, USA,
Mar 13, 2020,
Guest

Difference in Price US30

Service use: Demo

I notice that the price on your US30 was 200 to300 points different from other markets and your prices never coordinate with other markets which means you are using your own pricing system to your advantage over traders. You are always at least 30 points ahead of the market allowing you to stop traders out ahead of market pricing. It also allows you to trigger entry orders early and I find a lot of discrepancies in your platform to your advantage no doubt but it is your platform and you are not Regulated so you can pretty much move your prices the way that you want and can always use the excuse that traders on your platform are trading differently from other platforms.

Edward.
 
Reply by George submitted Mar 16, 2020:
Dear Edward,

Thanks for your review.

Firstly, we’d like to point out that we are regulated by the IFSC, so your claim that we are unregulated is simply untrue.

Please note that each trading platform takes prices from different liquidity providers. You may believe that it this particular case our prices were worse than others (in your trade's direction), but we're sure that on a different day, you would find our prices better than others. It's just how the market works. Not all trading platforms quote the exact same prices.

We don’t take the other side of the trade. We charge commission on your trades (or a small mark-up on the spread for Classic accounts), so we need clients to keep trading. Why would we want to ‘stop traders out ahead of market pricing’? It is a nonsensical business practice.

We sincerely hope you’ll reconsider your review.

Best wishes
FXChoice
Delray Beach, Florida, USA,
Mar 4, 2020,
Registered user

FX Choice went from the best of the best to....... Average Broker.......

Service use: Live

Length of use: over 1 Year

I have been trading with FXChoice for over 3 years and considered them the best of the best for U.S. customers.

I came into a large sum of funds and want to deposit part of it to my FX Choice account, however I have lost confidence in their banking concerning deposit/withdrawal methods and huge fee's they charge U.S. customers.

Their Swap value fee's are the highest in the market...... just check. They tell me that is what the bank charges them but we all know that is not the truth. Banks are regulated and do not charge swap fee's like they are the mob loan shark.

FX Choice Swaps comparison;
https://www.myfxbook.com/en/forex-broker-swaps/fx-choice/349

On a positive note I have never had a trading issue with them.

I hope they can make some positive adjustments to the aforementioned issues so I can consider FX Choice the 'Best of the Best' again.
  1 trader has found this review helpful
Reply by George submitted Mar 6, 2020:
Dear BOB4254,

Thanks for taking the time to write a review, but we’re so sorry to hear that you have downgraded your opinion of our company.

Please note that we pass on to our clients the same prices and swap rates that we get from our liquidity providers (not our bank) while adding a small interest mark-up. Swap rates are updated on a daily basis and we don't have any control over them. However, as you can see in the link you posted in your review, our swap rates are quite competitive for the majority of currency pairs and other trading symbols.

It’d be great if you could get in touch with us via live chat so we can discuss the best deposit/withdrawal option for you. It may just be that you have overlooked a better method.

We look forward to hearing from you in the hope we can get back to being ‘the best of the best’ in your eyes.

Best wishes,
FXChoice
Toronto, Canada,
Mar 3, 2020,
Registered user

Terrible banking system - follow-up review

Service use: Live

Length of use: over 1 Year

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

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