FXChoice Review

3.924 · 285 REVIEWS

FXChoice

Updated: Nov 23, 2020 · MyFXChoice.com  · Is this your company?

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.

FXChoice

Other websites of this company include FXChoice.com

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 200:1
Minimum to Open Live: $100
Established: 2010
Address: Corner Hutson & Eyre Street, Blake Building, Suite 302,Belize City, Belize
Contact: info@myfxchoice.com, 52 558 526 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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3.924 · 285 REVIEWS
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Traders Reviews

BC, Canada,
May 19, 2020,
Registered user

They manipulate their rules to scam clients and take their money

Service use: Live

Length of use: 3-6 Months

They manipulate their rules to scam you and take your money. Stay away from them
They scammed many clients when the oil price crashed on April 20 and took huge amounts of their clients against their own rules and then they manipulated rules to keep the clients money. Never doubt they are definitely market makers and took clients money.
They manipulated their rules many times in just 3 days and then started to justify their mistake by referring to those manipulated rules.
Based on their original rules regarding CFD’s which was existed from 2014 they must switch to new contract a day before expiration day. Which clearly was explained by an example for contract with expiration date on 16 Jan and it says:
“On 15 January, we switch from using the February 2014 quote to the March 2014 quote as the basis for the spot price, because the underlying February 2014 futures market expires on 16 January.”
But for some reason they didn’t switch on time and they continued with the May contract until April 20 at 21:08 when the price came to one cent and they faced the problem which was caused because they didn’t switch before market opening on April 20. Then they disabled trading on oil for almost 5 hours and then they found the best solution to get the clients money by using the swap because the amount was huge and they decided instead of taking responsibility of system error which gave wrong quote to keep the clients money and instead of normal time for opening market at 01:00 finally at 02:43 they opened market with June contract price with almost 27 hours delay and charged the clients with huge amount of swaps and then they acted like everything was ok and there was no issue
On April 21st they started manipulating their rules. First, I found they manipulated the rules by changing the switching date on example from 15 Jan to 17 Jan.
They didn’t stop it and again they manipulated the rules by changing the date from 17 Jan to “at the beginning of 16 Jan” and instead they postponed all expiry dates one day which for May contracts they changed the expiration date from April 20 to April 21 to cover the problem and by this manipulating they messed up every thing in all emails and in their news on the website and even here in their customer service answers to complaints the expiration date for May contract is April 20 but in the file which is manipulated the expiry date is April 21 and by this action they justified the delay.
When I asked them about the reason for the manipulation of their rules they answered :“we rephrased rules for better understanding” which is ridiculous because they changed the most important parts of rules that was the date and time for switching and it was clear and there was no need to rephrase it except to try to justify their mistake. I also explained that they couldn’t manipulate the rules after issue happened and then try to justify the problem by referring to manipulated rules and the reason, they couldn’t answer based on their rules was definitely their fault and their action was exactly scamming.
Again, I sent evidences and explained their action by changing date of expiration for CFD’s is not rephrasing and they answered: “Our CFDs are based on market contracts. The expiration day is the last day when the contract can be traded and it is always a business day. There couldn’t be any trading on Sunday (April 19), so it could not be the last trading day” and at the same time they sent another email to all clients to say they would switch to July contracts before market opening on May 4th which was Monday and it has the same condition which they are saying we couldn’t do it, because the day before April 20 was Sunday and it wasn’t a business day. So how are you doing it this time. Although all brokers did that before market opening and there is enough time between 23:59:59 of Friday April 17 when the market closed and at 01:00 on the next day when the market opened regardless of the last day being a business day or not like this time you had enough time from 23:59:59 on Friday April 17 to 01:00 April 20. I have all evidences recorded and I would attach them here if it was possible, otherwise you can find them in the links below:
https://i.postimg.cc/dtj2pbGC/A1.png
https://i.postimg.cc/Qd6pxc4x/A2.png
https://i.postimg.cc/Y0fFcFL7/A3.png
 
Reply by George submitted May 21, 2020:
Dear Hamidfx$,

We have found you in our system and reviewed our lengthy correspondence.

All we can do here is reiterate our position: we reworded the information in our CFD Guide and site so clients could see clearer how the expiration worked. We realised that the examples we had used were from 2014, so we refreshed them, but the expiration rules DID NOT change. An even newer version of the CFD Guide will be released soon to reflect the launch of some new instruments.

From now on, we are sending out emails to remind our clients about the expiration dates. We are sure this will mitigate the misunderstanding caused at the switch from the May to June WTI contract.

To confirm, all of your trades were processed correctly and there was no ‘manipulation of the rules to scam our clients’. The trades were passed over onto the new contract EXACTLY as they are every month. Nothing has changed in this respect.

We hope our response will bring some closure to this matter.

Best wishes,
FXChoice
SOUTH AFRICA, South Africa,
May 14, 2020,
Registered user

scam broker

Service use: Live

Length of use: 6-12 Months

people watch out for the fxchoice broke their big scammers I had 1148 cad on my trading account and I had trading running at negative 537.00 and its was on stop hunt preparing for down trend and the the close my account mean while my marge level above 120 % and free marge not even on the negative , the kind of broke who don't like to see you making profit because i have grow my account from 200 cad to 1148 ..... good people stay away from the and that's why the are prohibited to operate in the following four place 1. Belize , 2. Bulgaria , 3. Spain , 4. DPRK because those countries they were tired of the FXCHOICE scammers
 
Reply by George submitted May 15, 2020:
Dear livhuwani,

Firstly, we utterly reject your claim that we are scammers. We have found you in our system and reviewed your case. In fact, you were very hasty to write your review as we hadn't even finished responding to your ticket. We encourage all disgruntled clients to approach us first and await our response before posting on sites like FPA.

We confirm that all calculations are correct and your margin level did indeed drop to 78.6%, so the order was Stopped Out. We will, of course, send all the proof to you in the ticket (so it will come to your email).

Best wishes,

FXChoice
Virginia, USA,
May 10, 2020,
Registered user

My Review of Fxchoice

Service use: Live

Length of use: over 1 Year

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!
  1 trader has found this review helpful
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
New Jersey, USA,
May 6, 2020,
Registered user

Never use them again

Service use: Live

Length of use: 0-3 Months

Tried to deposit to save my account from being closed out on a few trades, everytime I tried to deposit, there was an error. New browser same error, cleared cache and history same error spoke to the reps, trash...took my money out...
 
Reply by George submitted May 8, 2020:
Dear Adamepaul87,

Thanks for your review.

We have reviewed your communication with the company and the operations you were executing on your account at the time you were trying to deposit.

It is indeed a shame that you were trying to deposit LTC at that particular time as our Litecoin payment provider was experiencing a temporary problem.

Of course, we are sorry about that, but we do recommend that our clients keep emergency funds in a wallet with us for immediate access in situations such as yours.

We encourage you to keep an eye out for an email from us as we are currently looking to see if there’s a further solution we can provide.

Best wishes,
FXChoice
Varna, Bulgaria,
May 3, 2020,
Registered user

Shame for your name

Service use: Other

Length of use: 0-3 Months

It`s a real shame to make such tricks like the last one with oil swap fees. Shame on you. That`s not a normal broker behavior.
  1 trader has found this review helpful
Reply by George submitted May 6, 2020:
Dear momo3HC,

Thank you for taking the time to write a review.

You are referring to the adjustment placed on WTI Crude at the end of the May contract. The adjustment that you saw in the ‘Swap’ column was not a Swap, but an adjustment, as we have stressed many times by email, on FPA and on our website.

You say:
‘That’s not a normal broker behaviour’.

We can assure you that it is perfectly normal behaviour and, in fact, we do this every month. You cannot open a trade on the May contract and close it on the June contract whilst keeping your starting price. The trade must be closed at the end of the period and reopened at the new contract price. But we just allow your trade to continue (without closing) onto the new price stream and use an adjustment to cancel out any profit/loss. The adjustment simulates the closing and reopening procedure.

The price difference between the two contracts cannot be considered your profit!
You can check here to see the different prices of oil in different months:

https://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html

Best wishes,
FXChoice
Asia, Indonesia,
May 3, 2020,
Registered user

Providing scammers a platform

Service use: Live

Length of use: 0-3 Months

My experience with this broker is very negative. I was introduced to this broker by Kamran Munraf/FXR Army. He has a MAM account at MyFXchoice and i invested in his MAM. The first weeks where fine, the open trades where mostly negative but he gained the account around 40% in 2 weeks. Then suddenly on Friday the 17 April his system crashed or he did a lot of manual trades. Hundreds of trades where opened and closed in a matter of seconds, impossible to win trades like that.
I know the Manager gains commission on the trades and as far as i can see now i am not the only victim.

The follow up from MyFXchoice is very disappointing. MyFXchoice doesnt do anything with this. They just try to call him and send him an email without any response. They don't hold his commissions, they dont have a fraud policy or anything like this. They give the MAM manager a platform to do their scam, even pay him for doing it and they don't protect the clients at all. I have seen many many people who are victim of this SCAM. Please be aware.
  1 trader has found this review helpful
Reply by George submitted May 6, 2020:
Dear Mark Luijten,

We are indeed sorry you had a negative experience with your Money Manager. But you have written a review of his services, not ours. We have created an environment for experienced traders to make a profit by helping less experienced traders navigate the Forex market. When you joined the MAM account, you agreed that you were entering into the services of your manager entirely at your own risk.

We have reviewed our responses to your communications with our customer service department and we can see that we did everything within our power to help you. Your Money Manager is not an employee of our company – he is a client just like you. We could only take such dramatic action, as you have suggested, if some fraud had taken place. But it hadn’t.

It seems your Manager was using an EA (trading robot) which made a series of losing trades. If you are unhappy with this strategy, you must contact your Manager. We assume that you have properly vetted your Manager before entering into the agreement and signing the LPoA (Limited Power of Attorney).

Best wishes and good luck!
FXChoice
Jermaine,
Ohio, USA,
Apr 21, 2020,
Guest

Exorbitant fee on some trades that can far exceed profit.

Service use: Live

Length of use: 0-3 Months

Exorbitant fee on some trades that can far exceed profit. I contacted the broker and I was told this is the case on certain trades. My profit was $1000.00 and my fees were over a $1000.00 so I closed the trade net negative. Thank you fxchoice.
  1 trader has found this review helpful
Reply by George submitted Apr 23, 2020:
Dear Jermaine,

Thank you for your review.

Please allow us to clarify the issue. As the May contracts of WTICrude were scheduled to expire on April 20, at 00:00 server time we rolled over the orders to the next month's contract at the beginning of April 21; like we do every month. At that time, May contracts were trading near zero, while June contracts were trading around $20 a barrel. So, when we switched to the next contract, there was a significant difference between the prices. As we explained the procedure clearly on our website (please see the link below), we offset the difference by crediting/debiting a rollover fee to the open order.

https://en.myfxchoice.com/faq/expiration_rules/

An alternative to this switch would be the complete closure of your orders at the latest prices on April 20 and reopening these orders at prices on April 21, which were higher by $21.

Please note that this price difference cannot be considered your income. The changed amount of funds that you consider to be your profit is the result of the rollover to the new contract, and the amount that you see in the 'Swap' column is the correction amount of this price flow switching.

The fee that you're referring to was a rollover fee that we credit or debit to an order depending on the price of the new contract and your order's direction. WTICrude symbols on our platform don't have a 'Swap' or overnight rollover fee for. However, when rolling over to the new trading period's prices (new month), a price gap occurs, which is adjusted according to the procedure disclosed on the link above.

That said, please note that the rollover fee (which is shown in the 'Swap' column for WTICrude) is simply to offset the difference between the contracts and it depends on the direction of your trade. In other words, 'Sell' orders had a positive 'Swap' credited.

Best wishes,
FXChoice
Nottingham, United Kingdom,
Apr 21, 2020,
Registered user

Great start but lost my confidence in the company during the oil price drop

Service use: Live

Length of use: 0-3 Months

I started trading with FxChoice few months ago. Let’s say that I am a beginner in trading as my overall experience is 7 months. I literally couldn’t say a bad word about the company up until yesterday.

During the oil price drop I have opened several buy positions and all I’ve seen the next day was that my account has been wiped clean, I’ve lost all my money through swap fees.

As a beginner who was not aware of the contract change received an explanation link on my ticket as a reply and it was closed straight away so I could not even discuss my options any further. I am very disappointed.
  1 trader has found this review helpful
Reply by George submitted Apr 23, 2020:
Dear Edina,

Thanks for your review.

It that seems you understand why the adjustment was applied if we've judged your review correctly, so we will not repeat ourselves here. Indeed oil futures are traded on monthly contracts that are not interchangeable and have expiry dates.

You say you are a beginner, but we are confident that the client, before opening an order, fully understands and accepts the risks and is familiar with the specification of the trading instrument. Of course, it's a shame you were unaware that the contract rolls over to the next month on a specific date.

About the closure of your ticket. Once we answer it is closed automatically, but at the end of the email, you should have been asked if you had any further questions and to reply, if so. This automatically reopens the ticket. If you still have some more questions, please feel free to reply to that email.

Best wishes,
FXChoice
Byron,
Kansas, USA,
Apr 21, 2020,
Guest

Ridiculously, Unbelievable Swap fees (In a very BAD way)

Service use: Live

Length of use: 0-3 Months

I traded .wticrude on 4-20-20. I bought several positions, ranging from 0.02 - 0.1 lots, between 5 cents per barrel and $8.09 per barrel. The market got shut down and taken offline since the price of oil crashed. When the market reopened, it was around $21.30 a barrel. My positions were positive approx. 15K, but my overall account was negative because they charged me about 17K in swap fees!!! I opened the chat box to chat with them, and they informed me to sit tight and that there was an error in their system that they were working to correct. The problem is that it never got corrected before my account got stopped out because of negative swap fees! Altogether, they have taken about 20K from me. This is ridiculous! And I referred almost 10 people to their platform just yesterday. If they don't get this resolved, I will be telling all of those people to cancel their accounts. I have a company that does trade calls with about 1 million people that follow me from around the world. I will be making FB posts and YouTube videos on my review of them. This needs to be corrected!!! When the market froze and shut down, 1 penny was the sell and 6 pennies was the buy. Nobody was selling oil at those prices... NOBODY!!! In fact, oil went negative $40 on future exchanges. Knowing how the financial market works, they would have unloaded their risks in all the long contracts on the futures market... so WHY are they charging ridiculous swap fees and running off with customers' funds??
  1 trader has found this review helpful
Reply by George submitted Apr 23, 2020:
Dear Byron,

Thank you for your review.

You have already been in contact with us regarding this problem, and we have already explained our position. We encourage other clients to read our responses to Jermaine (below) and Tradextana (above) to fully understand what happened with the expiry of WTI Crude.

Best wishes,

FXChoice
Mogadishu, Somalia,
Apr 21, 2020,
Registered user

You will never make money this cheating broker

Service use: Live

Length of use: 0-3 Months

Guys, I have bought oil at 0.3 last night and the broker took all my profits after market returned to normal and opened big gap, my trade was in in profit but the broker did not add my profit to my account, instead they deducted huge money from my account.

This is cheating broker, I use also fxtm that gave me my profits, but these people they are so mean and so unreliable, avoid as much as you can, I repeat, avoid this broker.
  1 trader has found this review helpful
Reply by George submitted Apr 23, 2020:
Dear Sirkamal,

Thank you for your review.

You have already been in contact with us regarding this problem, and we have already explained our position. We encourage other clients to read our responses to Jermaine (below) and Tradextana (above) to fully understand what happened with the expiry of WTI Crude.

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