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MyFXChoice.com Review Visit site

Updated: Oct 31, 2019
4.071 · 228 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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4.071 · 228 REVIEWS
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Consumer Reviews

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.
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
Dominic Aspuria,
Pennsylvania, USA,
Oct 25, 2019,
Guest

This broker truly delivers! US clients scapegoat!

Service use: Live

Length of use: over 1 Year

I’ve been with FXChoice since the beginning of 2016 and to those wondering if FXChoice is a good broker, that’s an understatement. It is a great broker!

There are plenty of reasons this broker has a high rating.

Customer Service: Email response is very fast and professional. If you have problems, you can call them and they speak fluent english. Job gets done. And quickly.

You can open different account types with different currency denomination! Hodling on XRP? Take it to FXChoice and trade it while its value grows! mAU(gold)? Majors? Silver? Bitcoin? No problem! They have it!

Negative balance protection just in case that CHF goes wild like donkey kong again in 2015.
Segregated accounts anyone? They make your money feel like they’re in a 5 star hotel! The commisions and spread are reasonably priced as well.

Do they manipulate price? I’m not really sure. I had a problem once on start of week Daily trade, I took a sell limit order and waited. When price hit the limit order and went well beyond my level, my trade did not trigger and the price fell down hitting my TP. I called them what was up and they said “It’s the start of the week and the ask/bid prices naturally volatile in the beginning. You should email us with a trade dispute.” BUT I SAW WITH MY TWO EYES THAT THE PRICE WENT WELL ABOVE MY LIMIT ORDER! It went well over 20 pips! ON A MAJOR PAIR! BUT! After a day or two, they sent some money to my account. That just shows a five star customer service!

The only problem I have with them is Deposit/Withdrawal options. As a US client, the options are so small. Vload is pain in the 4ss setting up. They need to up their game on that department! Funding accounts with crypto was the easiest though.

What do I want to see improved in FXChoice to earn that one last star? Order of importance:
1. To be able to withdraw with any type of method regardless of the deposit method. Increase Deposit/Withdrawal options.
2. A nano(0.001) lot size to accurately size your trades! PLENTY OF TRADERS LOOKING FOR THIS!!! No joke!
3. How about an option to get Tax Forms like 1099?
4. Increase in crypto pairs to trade like XRPUSD, XRPEUR, XRPCAD, XRPCHF...
5. One pair with super tight 0.1 pip spread.

Tbh, this broker is underrated. More US traders need to know about this broker. I’d be the happiest man alive if they can fulfill the 5 things I listed.
Reply by George submitted Oct 28, 2019:
Dear Dominic Aspuria,

Thanks for your detailed and positive review of our services. We are fortunate to have such loyal clients like yourself.

We are always looking to upgrade services. But let’s tackle your suggestions one by one, so we can be as detailed as you have been:

1) If we were to allow people to withdraw via a different method than they deposited, this could significantly increase our exposure to money laundering, falling foul of our regulatory obligations. We pay close attention to Know Your Customer (KYC) procedures to ensure our Anti-Money Laundering (AML) is solid. We do not envisage an environment when we will be able to offer what you’ve suggested. Sorry about that.
2) We do not provide nano-accounts, but this is something we are considering. We can’t promise anything yet, but it is somewhere far upstream in the planning phase.
3) This request is fundamentally impossible. We are not a US-based entity. Tax reporting is the sole responsibility of the trader.
4) Yes, we are planning more crypto pairs to be released soon. Watch your inbox for release details/dates.
5) Again, this is under consideration. Some much of what we offer depends on our liquidity providers (LP).

We hope this has addressed your suggestions.

Now, we can also assure you that WE DO NOT MANIPULATE PRICES. The prices you see come directly from our LPs.

Best wishes and we look forward to a long and fruitful relationship together.
Oklahoma, USA,
Oct 21, 2019,
Registered user

After a Couple Years

Service use: Live

Length of use: over 1 Year

I've had nothing but good experiences with FXChoice for 2 years now. Fast and easy withdrawals and good customer service, both chat and email.
Reply by George submitted Oct 23, 2019:
Dear Bobart,

Thanks for your 5* review. We make no secret of the fact that excellent customer service is the foundation of our business; we try to get the simple things right, and everything else follows.

You’ve been with us for 2 years, but we hope for many more.

Good luck and happy trading!
USA, deployed in Afghanistan, Afghanistan,
Oct 11, 2019,
Registered user

Update: I was contacted by FX Choice

Service use: Live

Length of use: over 1 Year

This is an update to my recent review. Paul from FX Choice called me on my cellphone to explain why U.S. bank wire withdrawals are no longer possible. I'm not going to give as many details as was given to me, but it appears that the decision was made by their bank and not FX Choice. Paul went on to explain that the client's money is kept in a single segregated account and not in an account used by FX Choice for day-to-day operational expenses. I've been trading forex since 2006 and I know the horror stories of past brokers who went bust and took the client's money down with them due to non-segregated accounts. I feel better about the money I have in my account. As for the withdrawal, I transferred $10K today to my cryptocurrency account via XRP. I did a 'test-run' with just 100 dollars and it took about 26 minutes for it to show up in my Bitstamp crypto account. I then transferred $10K and it took about 1 hour and 15 minutes. My account is still open and I will continue to trade with FX Choice as my broker. I've changed by rating to 4 stars.

Oct 8, 2019 - 1 Star The good: FX Choice has decent spreads. Not the worst. Not the best. Trade execution is good. Minimal down-time for the server.

The bad: Some of the reviews below have already pointed this out, but I will reiterate the unfortunate truth. If you are a U.S. citizen with U.S. dollars, stay away from FX Choice. You will get absolutely slaughtered when it's time to withdraw your money. You can only get your money transferred to your bank account by first having your USD converted to EUR. On the withdrawal page, you can enter the amount of USD that you wish to withdraw and it will show you how many EUR you are going to receive. I'm going to give the exact steps from their withdrawal web page so that no slick talker from FX Choice can try to deny what I am saying. I just input $10,000 as the amount to withdraw. The calculation that immediately pops up is 8826 EUR. $10K divided by 8826 =1.13301. I have my FX Choice MT4 open. The EUR USD at this very moment is 1.09764. That's a difference of 353 pips. On a $10K withdrawal, that's a cost of $353 just for the spread. There is a flat fee of EUR 150 which converts to about $165. Total cost for the FX Choice portion of this withdrawal: $353 + $165 = $518. But WAIT ! It's not over. After the EUR funds arrive at your U.S. bank account, you are going to pay an average of 2-5% to get these EUR converted back to USD. I will use 3%: EUR 8826 X 3% = EUR 265. This equates to about $288 (1.09 X 265 = $288). Total cost for the transfer of $10K from FX Choice to your U.S. bank account: $518 + $288 = $806. That's right! You're going to lose over $800 to transfer $10,000. FX Choice makes the paycheck loan shark businesses like "Payday Loans" look like angels in comparison to the rates charged by FX Choice. The excuse given by FX Choice is that their bank can no longer make wire transfers in USD to U.S. bank accounts. GIVE ME A BREAK. Their bank can act as an FX liquidator for the EUR USD on their MT4 for a charge of .5 pips. But when it comes time to withdraw your money, your account gets destroyed with horrible spreads and fees. I'll be checking back in with FPA to see what kind of reply FX Choice would like to add to this review. I'm sure it will be a carbon-copy of what we've already heard: "FX Choice is always working hard to add withdrawal methods for U.S. bank transfers". LOL

As for the option of converting my USD to crypto, it still equates to HUNDREDS of U.S. dollars to make the conversion of $10K from my FX Choice account to crypto and then BACK to USD. I've already proven that I know how to use a 4-function calculator in the paragraph above. If FX Choice tries to debate these horrible crypto fees, I will return here with a follow-up to this review to give copy-and-paste calculations from their withdrawal page.

Lastly, I want to copy-and-paste an outright lie from their "Deposits and Withdrawal" web page. See the next two paragraphs:

"Accounts can be opened in USD, EUR, GBP, CHF, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP.

Attention: To avoid any unexpected charges and fees, we recommend that you primarily deposit and withdraw funds into and out of your account in the same currency as the currency of your trading account."

Hello FX Choice !!! It's not possible to "withdraw funds out of your account in the same currency" because you have removed USD as an option for withdrawals !!! I took a screen shot of the web page above before writing this review. FX Choice will no doubt rush to correct their web page before anyone else can verify what I've written. I will close this review with a question. Does FX Choice really deserve a 1-star review? Or, should I have submitted everything to FPA with a case to open a SCAM investigation?
Neyon,
South Africa, South Africa,
Oct 11, 2019,
Guest

They manipulate trades

Service use: Live

Length of use: 0-3 Months

They move up my buy stop while I'm on profit ,and they also moved down the t.p closer to the moving up candle stick.
Reply by George submitted Oct 14, 2019:
Dear Neyon,

Thanks for writing a review about our company.

We're having difficulty finding you in our system. We have no record of a trade dispute being logged recently from an RSA-based client.

Could you please contact us via our live chat function so we can get to the bottom of the problem or send an email to backoffice@myfxchoice.com with the trade details you are referring to?

As a note to other clients, we assure you that we do not 'manipulate' trades.

We look forward to hearing from you.
annoymous 23,
Texas, USA,
Sep 27, 2019,
Guest

FX CHoice is a solid broker!!! The only issue is method of deposit

Service use: Live

Length of use: 0-3 Months

U.S. are screwed in fx. Only course is to move abroad if you are serious about day trading. This is no slight against fx choice as in my opinion they are the last hope for U.S. resident who are looking to make some serious money.
Fx choice is legit broker. They are very solid. I was previously with a US broker and I can tell you guys they are like night and day. The US broker I used is a market maker, so they would constanly freeze their platform whenever you are on the right side of the trade. Plus the three day Fifo rule, which if you are under magin for three days in a row, they will automatically close your trades. Please do not go with them. They are crooks in my opinion. Fx choice on the other
hand is very solid. They are legit. They are very professional. All the trades I took, not once did their platform freeze on me when I either bought or sold currecny pairs. The only issue is some currecnies have a large spread at 4pm cst. But if you know what you are doing, it should not matter because the benefit outweighs this issue. My major and only concern why I will only risk a small account size is because you have to convert your U.S. dollars into crypocurrencies before you can deposit with Fxchoice.
WHy is this an issue? Because, cyptocurrencies are extremely volatile. Let me give you an example. I just received funds from fxchoice into coinbase. within minutes, my portfolio decreased by a couple of dollars as I was not familiar with coinbase platform. You have to sell you bitcoins and get them back into U.S. dollars. But then again, on friday when I did another depoit, bitcoin jump where I was able to double my bitcoin deposit from $7500 to nealry $15k in minutes. That is how volatile bitcoin is. I was going to deposit more funds into my fxchoice, but due to their weekend maintence message, I decide to just withdraw back my funds back into my account. Before I notice, my bitcoin portfoilio of $7500 had nearly double to near $15k. Now it could have gone the other way where I could have lost everything. For this reason, I will NEVER trade more than a couple hundred dollars with fx choice. Because of the volatility with bitcoin you are risking your funds. that one or two mins can make all the difference. Now coinbase is telling me I have to wait 18 days to withdraw the other $7500 profit that I made. If fxchoice had a way to deposit without curpotcurrencies, I would feel more comfortable. They do have an option of vload. I did look into this, but the rep from vload told me that wire transfer can take 5-7 business days for deposit and withdraw as they in another continent. I don't have a week to wait for my funds to be deposit if I see a trade setup or a week to get my money. Wire transfer shouldnt take more than 1 business days.So, U.S. as a whole are screw with Forex. Only course of action is to move abroad if you are looking to making some serious money. I don't know any other way. Hope review was helpful.
Reply by George submitted Sep 30, 2019:
Dear Annonymous 23,

Many thanks for your positive review.

Indeed, cryptocurrencies are the best currently available deposit/withdrawal currency for US residents. Of course, we are working hard to bring USD transfers back, but we have, as yet, no fixed date of their return.

We also accept wire transfers in EUR, GBP, CAD and AUD. If you have an account in one of these currencies, transfers are very much still available to you.

Good luck and best wishes
jay,
victoria, Canada,
Sep 21, 2019,
Guest

the parties over!

Service use: Live

Length of use: over 1 Year

I was with fxchoice for 2 years and the experience was excellent! fxchoice used epayments which was the best payment solution. A prepaid mastercard that allows you to withdraw cash from any atm anywhere.....YEAH!!

As of the last several months, epayments is no longer apart of the fxchoice platform.
I asked the help desk (which is awesome and always very helpful) what happened and they never gave me a solid reason. The other payment options are to complicated and confusing.

I'm not a good trader at all, but I enjoyed learning and having the opportunity to develop my skills. It was a good ride while it lasted......lights out!
Reply by George submitted Sep 30, 2019:
Dear Jay,

Thanks for your review and kind words about our customer service.

We’re sad to hear that you think the Forex party’s over. For us, it’s only just getting started.

It seems that the party’s over for you because of a lack of deposit/withdrawal options. Rest assured that we are working hard on bringing more options to our clients. We hope that a more diverse range of methods in the near future will bring you back to the party. We’ll leave the light on for you.

Best wishes
Houston, USA,
Sep 9, 2019,
Registered user

Thought I Found a Broker for US Residents who does Wire Tranfers, But Nope

Service use: Demo

Length of use: 0-3 Months

It's hard finding a higher leverage broker that caters to US residents. I used this site to finally find this highly rated broker, and although the leverage was lower than I wanted, 1:200 should still be enough.

I went on their website and did immediately went on chat, as my requirement was to be able to use Wire Transfers so I don't incur any additional charges like through VLoad or Credit Cards. On the chat they confirmed that they are able to offer Wire Deposits for US residents, and the link here also confirmed that: http://kb.myfxchoice.com/article/6766/99258/can-i-use-wire-transfers-bank-transfer-to-fund-my-fxchoice-account

I opened my demo account, ran it over the weekend, and decided to fund with real money. That's when I found out that I did not have the option to deposit USD funds into my account when I chose Wire Transfer. I went on chat again to ask, and they said "Yes you can send wire by EUR, GBP, CAD, and AUD by wire transfer unfortunately we had to remove USD as a deposit/withdrawal currency". I literally just asked them 5 days ago.

Oh well, the search continues. If anyone knows any brokers that offer Wire Transfers for US customers which offer higher leverage, please message me!
1 trader has found this review helpful
Reply by George submitted Sep 11, 2019:
Dear PhoeniX-Skye,

Thanks for taking the time to write a review.

It’s such a shame that you tried to deposit at the exact time we ceased offering USD wire transfers: circumstances were beyond our control. We are deeply sorry for the inconvenience caused, and of course, we are working hard to bring them back.

Did you know that you can deposit Bitcoin directly to a USD-denominated trading account with us? It is fast, cheap, efficient, and we’re offering a 15% deposit bonus on all BTC deposits to traditional currency accounts (USD, GBP, CAD, AUD and EUR).

If you need any help depositing in future, please do not hesitate to get in touch.
CT, USA,
Aug 16, 2019,
Registered user

Very happy with fxchoice

Service use: Live

Length of use: over 1 Year

Jumped back into the fx ring after using American FXCM many years ago. Was profitable with them, but obviously they were cheats and got the boot.

After realizing the stricter USA rules-- 50:1 leverage max, no hedging, FIFO rule (first in, first out)-- I had to find something better. Enter FXChoice.

I'm writing this review because, being American, we tend not to trust overseas forex brokers w/o USA regulation (ironic). Though after almost 2 years with them, everything has been great.

Reasonable spreads, daily confirmations, and can deposit/withdraw relatively easily. I've run into problems depositing, never withdrawing. The problem was an increase to depositing via bank wire transfer. It is now $3000 min. It used to be much lower... something like $100. I haven't withdrawn in a while but seems the minimum is $1000 for a bank account. And being in the USA, many options are limited. That is somewhat of a problem. Though I have confidence this broker will find new and better ways to withdraw.

But what's great about fxchoice is they find ways (pairing with companies world wide to ensure it's convenient and reasonable for average joe's and joanne's) to use their service. So now I use V-load, with bonus incentives like 0% fee by fxchoice, which they've honored every time. And I can buy vouchers in low denominations, easily depositing them in just minutes. MUCH easier than bank transfer.

Before this starts sounding like an advertisement, I'll end with saying I now trust fxchoice as my broker. Their customer service is actually there via chat or phone. Any questions I've had, they answered. Max leverage is 200:1 (4x that of American) which is much more reasonable to make some money with. And you can hedge to your heart's content. No FIFO rule.

While nothing is 100% safe, if you're a trader, you understand risk/reward. I've had enough dealings with this broker to know the risk is in the market and FXChoice doesn't add any more risk to the table.

Thank you for being an honest broker.
2 traders have found this review helpful
Reply by George submitted Aug 20, 2019:
Dear PippyLongStalkings

We are over the moon to read such a flattering review and show of support! We are deeply grateful!

Vload has only recently been released to our US clients for withdrawal/deposit, so it is great to hear you are enjoying it. We are always looking to introduce cheaper, faster and more efficient options for our clients so they don’t have to rely on bank transactions (which can be time-consuming and expensive).

Once again, thank you so much for your review and we wish you a bright trading future with us!

Best wishes,

FXChoice