FXChoice Review

3.919 · 286 REVIEWS

FXChoice

Updated: Nov 30, 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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3.919 · 286 REVIEWS
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Traders Reviews

London, United Kingdom,
Nov 26, 2020,
Registered user

Deposits of less £3.5k must be in Bitcoin - really frustating

Service use: Live

Length of use: 0-3 Months

I wanted to share an initial experince of trying to set up an account with FXChoice.
This broker was selected based on the GPS Robot EA recommendation (I tried using the GPS robot EA with my IG account and it didn't seem to work - not making any trades after 2 weeks). So I thought I would try their recommended broker.

The only 'issue' I have withFX Choice (so far) is that they are insisting that account deposits of less than £3,500.00 are made using Bitcoin! - which has caused me all kinds of hurdles trying to set up a bitcoin account, and then getting a transfer set up - so far I still have not got there yet!

Why can't they just take a normal bank transfer like my IG account broker?? If they had - I would have had my account up and running by now.
 
Reply by George submitted Nov 27, 2020:
Dear Johnny_SFX,

Many thanks for your review.

Unfortunately, we were unable to identify you in our system from your avatar and review content.

We want to make it clear that there are many other options available to you, not just bitcoin. For example, you could use any one of our e-wallet options, like Vload, Advcash or ePay. We are also expecting to launch a simplified bitcoin deposit in future for values less than $1,000.

We strongly urge you to get in touch via our live chat so we can discuss the different options available to you. You can also request a callback.

Best wishes,
FXChoice
Boston, USA,
Nov 19, 2020,
Registered user

Great company been with them for almost a year

Service use: Live

Length of use: 6-12 Months

There is a lot of sketchy brokers out here but I did my due diligence with fxchoice &
And never regretted using them again!!They are quick with-withdrawals, customer service is 24/7 and they aren’t on the other end of your trades! I highly suggest this broker!
 
Reply by George submitted Nov 23, 2020:
Dear Chartwizzz,

Many thanks for your review, praising our speedy withdrawals and round-the-clock customer service.

We wish you all the best and happy trading!

FXChoice
beirut, Lebanon,
Nov 1, 2020,
Registered user

thank's fxchoice

Service use: Live

I am a member of fxchoice very old, I deposited an amount of $ 3000, but the bank with which I deposited has expired its contract with fxchoice, However, the full amount was returned to me to my bank in my account,
thank's fxchoice
  1 trader has found this review helpful
Reply by George submitted Nov 3, 2020:
Dear alibetto,

Thanks for your great review. We’re really pleased you had a good withdrawal experience with us and we wish you all the best.

FXChoice
Germiston, South Africa,
Oct 27, 2020,
Registered user

Withdrawals

Length of use: 6-12 Months

Deposits are a dream. Withdrawals don't work. Check their facebook page to read the horror stories, myself as well as others. What a bad experience getting your money from them. Good luck if you made the mistake of depositing funds with them, you probably won't see that money again.
 
Reply by George submitted Oct 29, 2020:
Dear Marlon,

We are very disappointed to read your review.

Your situation is clear. Your ID was expired, so we asked you to upload a new ID before we processed your withdrawal. This is common practice at every regulated broker. It is written in our Client Agreement and in the Deposits & Withdrawals Policy. You cannot make financial transactions at a regulated broker without a valid ID document.

You uploaded a valid ID, and we processed your withdrawal the next day.

FXChoice
California, USA,
Oct 25, 2020,
Registered user

Great... trading for 9 yrs

Service use: Live

Length of use: over 1 Year

Great broker. ECN is great. Tiered commission discount is great as well. Highly recommended!
  1 trader has found this review helpful
Reply by George submitted Oct 27, 2020:
Dear JonnyFX007,

Thanks for your excellent review and for praising our Pips+ Programme.

We wish you all the best!

FXChoice
Ohio, USA,
Oct 9, 2020,
Registered user

No Longer Accept U.S. Traders

Service use: Live

Length of use: over 1 Year

FXCHOICENo Longer Accept U.S. Traders, sad to see them leave the U.S. market
 
United States, USA,
Sep 28, 2020,
Registered user

So far so good with FXChoice.

Service use: Live

Length of use: 6-12 Months

My experience with FXChoice has been good so far. I am not a profitable trader, but I will say that their customer support is excellent. They are very quick and have solved every single one of my questions and issues I've had over the last year. Their spreads are decent and depositing and withdrawing is SUPER simple with VLoad. The only complaint I have is RARELY, your servers will go down for a minute or two, where I'm not able to log in to my trading account. But overall, great broker. I recommend them.
  2 traders have found this review helpful
Reply by George submitted Sep 30, 2020:
Dear gnacc1997,

It was such a pleasure to read your positive review of our customer service and withdrawals. We are truly grateful.

Good luck in your trading and best wishes!

FXChoice
durban, South Africa,
Sep 25, 2020,
Registered user

Service use: Live

Length of use: over 1 Year

They have issues with withdrawals, Never try them if you like to move your money fast for other trading opportunities

Sep 26, 2016 - 1 Star Bad Broker for Mac users. They don't offer terminals for Mac which make it deficult to trade with them. They asked me to install MT5 with wine and gues what? The platform freezy every 10 munites. It doesn't work at all when there is major fx news.



DO NOT GO FOR THEM IF YOU USE MAC

Reply by Anthony K. submitted Sep 29, 2016 Hello Lindo,

We are sorry you had a negative experience while trading with us. However, we would like to point out that the installation of MetaTrader through Wine is not our solution, but that of Metaquotes, the company who developed MetaTrader http://www.metatrader5.com/en/terminal/help/start_advanced/install_mac. With that being said, we were simply following their recommendations.

We received many requests from our clients for a more straight-forward solution, and very recently we compiled our own Mac-compatible MT5 version, which can be downloaded here https://en.myfxchoice.com/download-mt5-dmg. Naturally, we have tested it quite extensively and haven’t experienced freeze-ups or any other problems with it. The MT4 we compiled for Mac over a year ago, hasn’t had any problems either.

Good luck in your trading.

Kind regards,
FX Choice Limited
 
Reply by George submitted Sep 28, 2020:
Dear Lindo,

We are sorry to read your review. You have been a client of ours for a long time. We recognise that you had some problems using your Mac way back in 2016, but as far as we can see you have had a very smooth time at FXChoice up until now.

We see that you left us for a while then came back on 21st September, depositing Ripple. It seems that your only dissatisfaction was that you couldn’t withdraw Bitcoin. You cannot withdraw a different currency than you deposited. It would be in breach of our AML rules, which are very clearly laid out.

You must withdraw the same currency that you deposited, and the method should also be the same (wherever possible).

Best wishes,
FXChoice
Lornita Linda,
FL, USA,
Sep 21, 2020,
Guest

Don't let them do it to you!

Service use: Live

Length of use: 3-6 Months

This company stole our money, and then closed our account because of no funds available. Tried contacting them with back and forth chats, ending in no further responses from them. Didn't get the help we needed, resulting in having our money stolen. This company had been recommended by others, who seem to have been more fortunate than us. The moment we started making profit, it all began to go to hell. We don't recommend this company whatsoever; it's all a scam. Until we get a different result, I can't say anything positive about FXChoice. :-/
 
Reply by George submitted Sep 23, 2020:
We have responded to this claim elsewhere, so here we are just going to post our unified response to the claimants:

Dear Lornita and James,

Thank you so much for providing the account and ticket numbers. Previously, we weren’t sure who we were dealing with, but now we are certain.

James claimed in his review that we ‘scammed’ him out of $155,000. A serious claim indeed and one, of course, we utterly reject. Now let us share the evidence so other readers can see exactly what happened.

Somebody called ‘Oscar’ came to our live chat to complain that the orders he opened on 9th September should have been 3.5 lots, and not 35 lots. It was these trades that incurred the $155,000 losses. We investigated these orders and found that they were opened by his trading robot. Of course, it is the responsibility of the trader to manage their trading robot, but that’s not quite where the story ends.

On the very day before, on 8th September, orders of a similarly large volume were opened on the account; but on that occasion, it was with a positive result. When you submitted your claim, you forgot to mention these profit-making trades. So, what can we deduce from this? You had absolutely no problem with volumes this large when it was making money, but when it was losing money, ‘FXChoice is a scam’. We believe you knew exactly how the robot was working and that you are looking to shift the blame for its poor performance onto us.

We are sorry to hear that you lost your life savings, but you knew what you were doing.

As for your claims about ‘deleting our accounts’. You logged into Backoffice and deleted three Demo accounts and two live accounts. You did that yourselves. Either it was you or the other person named on your corporate account.

FXChoice
Usa, USA,
Sep 9, 2020,
Registered user

Fxchoice is fraud.

Service use: Live

Fxchoice is fraud company they do cheating. Im going to open chargback request to my bank. This company is cheating with clients. Please I request all you open report against fxchoice.com and get ur money.

Jan 24, 2019 - 1 Star Stay away guys .this company is scame and fraud . Once u invest u cant get ur money back !!!!! And they also charged me 3000$ just commission and swap. This is totally fraud

Dec 27, 2016 - 1 Star This is a scammer company. Plz avoid deposit in to this company . I did big mistik to open account and deposit. The account are not reall. Plz plz avoid!!!!!!!!

Reply by Anthony K. submitted Dec 30, 2016 Hello Roomal,

Thanks for your feedback.

We are glad that you commented here on FPA so that we can address this matter in front of everyone. You call us scammers and make many other claims, without providing any evidence.

Well, like we said we were glad that you commented on FPA. We will not complain here how you abused our support staff during your chat sessions. Instead, we will present the facts. Here is the email that we sent to you once before, it explains in detail what happened.

Hi Roomal,

Thank you for your email. We are not really sure how to interpret "Its last warning .other im going to report and try to ban ur scammer company," we have to say that we read it as being quite brusque and lacking in professionalism. We do understand your frustration after losing your trades, in fact, few inexperienced traders found themselves in similar situations like yours after losses.

Already, through our several live chats sessions and emails, we clearly replied to your complaint about your closed trades at stop out levels and bonus write off. Again for your understanding, let us explain to you one more time.

We issued three bonuses on your three deposits -

1. 19th Dec - 25 USD on 100 USD deposit.

2. 20th Dec - 127.50 USD on 500 USD deposit.

3. 21st Dec - 25 USD on 100 USD deposit.

Out of these three bonuses, you completed trading volume requirement only for the 1st bonus i.e. for 25 USD and the bonus has been converted and then added to your balance on 20th Dec.

After that you lost most of the funds in your account as a result of a series of stopped out trades before reaching the trading volume conditions for 2nd & 3rd bonus, so your statement "I allready rech the limit of boness" is completely wrong, you reached trading volume condition only for the 1st bonus and it was converted and added to your account balance.

And as per our bonus terms and conditions "5. Bonus is written off the account once the equity of your account minus Bonus is less than or equal to margin call level***." so, we removed your 2nd & 3rd bonus i.e. 127.50 & 25 $ from your trading account right after you were stopped out of your short trade 8243931 for 0.50 USDCAD at 2016.12.22 15:30:38, just before the Canadian CPI and the US unemployment claims came out and moved the market against you.

In short, you lost your funds because of your trading strategy & improper fund management, which resulted in the removal of the bonuses as per terms and conditions that you accepted.

Therefore we ask you to clarify where and how we scammed you.

We look forward to your reply.

Merry Christmas and Happy New Year.

Reply by George submitted Jan 31, 2019 Dear Roomalahmadzai,

We have tried to explain via our ticket system on many occasions about your recent concerns, but it seems that you do not want to understand. First of all, the bonus that you are referring to as your money which you can’t get back, we have clearly explained that according to the terms and conditions the bonus is automatically written off once the equity of your account minus Bonus is less than or equal to the margin call level.

As for your comment regarding commissions and swap fees, Islamic accounts are swap free under Islamic conditions. However, commissions are still charged. An Islamic account has trading conditions almost identical to those on our standard accounts; however, there is one notable difference: no swap charges are applied. Please note that for trades where the swaps are normally positive (for instance, Buy on AUDUSD) the commission would be zero, and for those trades where Swaps are negative (Buy on EURUSD or Sell on AUDUSD etc.), the commission will be 75% of the swap, i.e., 0.75*swap. Other than that, conditions for our normal accounts and Islamic accounts are identical. We tried to explain this as well but again you have ignored our communication.

Information about bonuses and Islamic account conditions can be both found under our FAQ and Knowledgebase sections on our website.

FXChoice
 
Reply by George submitted Sep 11, 2020:
Dear Reader,

Nothing we say to the reviewer seems to be sinking in, so this response is largely written for other readers. We have now blocked his account and will be having nothing more to do with him. Let us explain.

As you can see from the reviewer’s previous entries, he has been very vociferous in warning people away from FXChoice since 2016. But this reviewer is not very good at following his own advice. He has been with us all this time, collecting his IB Commission as he goes and trading normally. But when he loses money through his trading, all of a sudden, we are a ‘scam’ operation and are stealing ‘his’ money.

The reviewer recently lost a lot of money to the market. He came to the chat blaming us for his losses. He said that it was us who executed those trades, not him. We showed him incontrovertible proof that the trades were sent from the device he always uses and from his location. He then tried to blackmail us saying he was going to recommend that his clients begin executing unscrupulous financial practices against us if we didn’t heed to his demands. Blackmailing has to be the final straw.

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