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

Illinois, USA,
Apr 21, 2020,
Registered user

Fix choice are scam

Service use: Live

Length of use: 6-12 Months

All the reviews on fox choice are clearly paid for they definitely charge swap fees. In fact I just placed a buy on wti crude oil today around noon bought at .09 cents. The market closed and reopened literally a few hours later in profit each oil buy at least 200 the amount I was in profit on each trade lot they gave be an equal swap fee in which took me from having $1400 in profit to -135. Reached out to them and they basically claim that’s their fees yet no where in their policies or spreads does it show such it says 0.14 cent swap feels for crude oil per .01 lot size. This company is a scam and I’d suggest anybody stay away
  1 trader has found this review helpful
Reply by George submitted Apr 23, 2020:
Dear Davi1531,

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 and Tradextana to fully understand what happened.

Best wishes,

FXChoice
Providence, RI, USA,
Apr 21, 2020,
Registered user

Scammers 10000%

Service use: Live

Length of use: 6-12 Months

Literally today just now as I am writing this , I placed a 0.01 lot size buy on oil and was charged $210 swap rate fees , if you are in the US do not use them I warn ou use a US regulated broker stay away from off shore brokers.
  1 trader has found this review helpful
Reply by George submitted Apr 23, 2020:
Dear Tradextana,

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.

We hope this has shed some light on the issue. That said, we are always open to investigating an order, so if you have any concerns about this or any other issue, you're welcome to contact our customer service.

Best wishes,

FXChoice
Florida, United States,
Apr 14, 2020,
Registered user

excellent backroom help, stable trading environment, easy withdrawals

Service use: Live

Length of use: over 1 Year

I use 6 different brokers. FX Choice has treated me well. They don't offer the biggest bonus, but a big bonus can really screw up a new account if not managed carefully... over all I feel that they provide a better than average trading experience. Even though everyone uses the same MT4, they are very easy to reach, always helpful, withdrawals easy.
  1 trader has found this review helpful
Reply by George submitted Apr 16, 2020:
Dear Hank001,

Thank you so much for your positive review.

To see that you use so many different brokers and still rate us highly is truly motivating. You highlighted our customer service, stable environment and easy withdrawals as the main benefits, so we’ll keep offering them to the highest standard and we wish you every success.

Best wishes
FXChoice
Port Harcourt, Nigeria,
Apr 9, 2020,
Registered user

Service use: Live

FXChoice is by far one of the best forex broker, the provide services that are simple to understand and access. You can chat directly with your account officer and get any information you want right away. They charge little or no spread at all, I entered a trade with two brokers, FXChoice and the other. I noticed I was already on profit already with my FXChoice account. They have different means of deposit that helps you to fund your account easily. Thanks FXChoice
  1 trader has found this review helpful
Reply by George submitted Apr 10, 2020:
Dear Joel Genesis,

Thanks for your positive review and kind words.

During the uncertain times we are all going through, it’s good to hear you’re benefiting from our customer service, tight spreads and flexible funding methods.

Best wishes and happy trading!

FXChoice
Carlow, Ireland,
Apr 7, 2020,
Registered user

Avoid!

Service use: Live

Length of use: 0-3 Months

Depositing was easy by Bitcoin Cash, took about 20 minutes, very small commission. (Because I was already very familiar with CryptoCurrency)
They immediately added a bonus of 15% to my deposit. For me, it was a Red Flag, telling that I will never see my money again. Fortunately, I asked to remove this bonus and they did. I did only one trade because I wanted only to test this broker.
There was quite a big spread, approximately twice bigger as my other broker has on the standard account.
Then I decided to withdraw my deposit by Bitcoin Cash. They wanted me to take a selphy showing my ID on the same picture. I sent them an e-mail with a photograph in an attachment. They responded that they could not find this photograph in an attachment. I sent it again, and the response was the same. I repeated sending e-mails 5 times, and 5 times they could not find my photograph in an attachment. The very last time I copied my photograph just after some text and in the attachment as well. Then they accepted it and withdraw was successful, in about 3 hours I got my Bitcoin Cash in Coinbase account. This procedure took about a week. I was very frustrated.
Will I deal with them in the future? Never ever again!
  1 trader has found this review helpful
Reply by George submitted Apr 9, 2020:
Dear Janisoz,

Thanks for your review. We are disappointed to hear you are dissatisfied with our security protocols.
We have found you in our system and reviewed your case.

The security of our clients’ funds is of paramount importance to us, as well as our clients. We comply with regulatory guidelines, and anti-money laundering protocols, stipulating the confirmation of identity when withdrawing. This is to ensure we are not sending to a third party and is for your own safety. The emails you sent to us did not contain any photo, so we were not able to confirm your identity.

We confirm that all company procedures were executed correctly. We will continue to use strong security protocols to keep our clients’ funds safe.

Best wishes,

FXChoice
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.
  2 traders have 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.
  1 trader has found this review helpful
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.
  2 traders have 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

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