FXChoice Review

3.893 · 281 REVIEWS

FXChoice

Updated: Sep 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

Live discussion

Join live discussion of MyFXChoice.com on our forum

Go to forums

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.

Video

Your company video here? Contact ad sales

3.893 · 281 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Traders Reviews

New York, USA,
Jul 24, 2020,
Registered user

Absolutely untrustworthy broker. Can’t believe they are regulated

Service use: Live

Length of use: 0-3 Months

FXChoice closed my trade and refuse to refund me. I’ve done everything they have asked for, I’ve provided screenshots, screen recordings and a full copy and paste of my trading journal. I never even knew how to access a trading journal until they sent instructions over to me and I sent it back to them. After receiving it they didn’t even take the time to fully review the journal and claimed that it wasn’t the full thing. I spoke to a representative Paul Tagger and he acknowledged that the full journal was attached initially and sent it over to their tech squad for review. They didn’t even both to click view entire message to resolve an issue with a client. After speaking with Paul Tagger and Jim acknowledging that he doesn’t not see the trade in my journal and that my journal was complete, he promised to keep me updated within 24 hours. For the third time during this entire experience FXChoice doesn’t get back to me for 72 hours. Then they don’t have any new information and blame it on MT4 saying that it is in the terms and agreement that they aren’t responsible. I use my iPhone to trade with other brokers and my trade has never magically closed. However, Paul Tagger and FXChoice says MT4 was meant for androids not iPhone so this happens and they are not responsible because their ‘journal’ shows it was closed from my IP address. Well of course they would say that it’s only ever been logged in by me. They kept saying they would provide this info but still haven’t. I know whatever they send will be forged so at this point I’m going to make my money back and then withdraw from this broker. They will lose many clients all over $775 on a trade that they closed.
  1 trader has found this review helpful
Reply by George submitted Jul 28, 2020:
Dear Paul,

You came to us claiming that one of your orders was closed by someone other than yourself. We investigated the logs at our end and found that the command to close the order was done by someone who:

1) Had access to the device you always use as it had the same unique identifier number
2) Was at the IP address you always use to send your trades.

We can be fairly certain it was you who closed the trade, or at least someone at your address with access to your device. Very often when this happens, an EA is to blame for closing the order prematurely. We would normally ask the concerned party to provide the logs from their end so we can see whether it was indeed manually closed or was done by an EA. From our end, we cannot see this information, so if an EA is suspected, client logs are essential. But as you were trading on a phone, it cannot have been an EA because they can only be used on PCs.

Paul, from our perspective, we have everything we need. We requested your logs just as an extra piece of evidence to show you, but it wasn’t strictly necessary in your case.

Good luck!

FXChoice
Matt,
Michigan, USA,
Jul 23, 2020,
Guest

Client for 5 years.... Still get treated like a clueless rookie

Service use: Live

Length of use: over 1 Year

I have been an AVID trader with FxChoice since 2015... and yet still... my terminal and whole account will go offline while password reset options suddenly disappear. This only happens when a position is against me & close to my stop loss AFTER a win streak.

I began a chat with “kevin” on 7/23/2020 and got NO REPLY FOR 8 minutes after he accepted the chat.

I had to open another chat and STILL got no assistance from Juan Carlos.


I am shocked and am tired of being “b-booked”.

I am a profitable trader and understand B booking.. but when it gets to the point of manipulation... I am over it. Unethical and do not care about their customers. Sad to see.
  1 trader has found this review helpful
Reply by George submitted Jul 24, 2020:
Dear Matt,

Yesterday, one of our servers was temporarily down, affecting all clients trading on the server, regardless of profitability. Consequently, we were dealing with a very large volume of chats with no ability to answer them all in a timely manner, as we normally do.

We apologise unreservedly for this. FXChoice is known in the Forex industry for providing excellent customer care, but this time we were simply overloaded.
If you or any other client reading this, feel that your trading was adversely affected by the downtime, please get in touch with us by opening a trade dispute ticket detailing:

1. Your account number
2. Order/s ID number(s)
3. A basic summary of the problem
4. If possible, please send us screenshots of your MT4 platform illustrating the problem

You can submit a ticket here: https://www.livehelpnow.net/lhn/TicketsVisitor.aspx?lhnid=6766

Best wishes
Indonesia, Indonesia,
Jul 21, 2020,
Registered user

Trustworthy Broker

Service use: Live

Length of use: over 1 Year

I deposited $1,000 in my account in 2016, never made a trade, never logged in.. In 2020, I logged in to backoffice and there my account with $1,000 in it..
  1 trader has found this review helpful
Reply by George submitted Jul 22, 2020:
Dear Maxonyforex,

We are very grateful for your review of our company. Thank you.

At FXChoice, we keep all of our clients’ funds in segregated bank accounts, so your funds are always safe with us.

Best wishes
Auckland, New Zealand,
Jul 17, 2020,
Registered user

Changed to other brokers due to high spreads

Service use: Live

Length of use: over 1 Year

Trading cost is high compared to larger brokers. I chose this broker because I was inexperienced and new to trading. After learning about the market for an extended amount of time, there are many other large scale brokers with very good customer service and spreads. If you are trading 4H timeframe and above, FX Choice is okay to do business with. But if you are day trading or scalping below 4H, the commission plus high spread will take away a good chunk of your profit.
  1 trader has found this review helpful
Reply by George submitted Jul 21, 2020:
Dear Daniel L,

We are very sorry to read that you have rated our spreads so poorly. The tone of your review seems to suggest that we are a good broker, but your star rating says otherwise.

Your criticism of our spreads as being poor for scalpers is one we categorically reject, but of course, you are entitled to your opinion. We believe our spreads are competitive for scalpers and count many such traders among our ranks at FXChoice.

Best wishes
Toronto, Canada,
Jul 15, 2020,
Registered user

Great Service and Fast executions on the Pro Account but...

Service use: Live

Length of use: 0-3 Months

So far deposits and withdrawals were done smoothly. And the customer service is superb. But as a trader who only trades gold, I find their commissions to be one of the most expensive when it comes to Metals. They do have a Pip+ Loyalty Program, which reduces commissions when trading currency pairs. However, this is not applicable to metals like Gold and Silver. Trading XAU/USD pair costs a total of 12.68 USD. There are other brokers out there who can do better in this area.

As a Canadian citizen, we have a very limited choice when it comes to Forex Brokers. FxChoice is unfortunately one of the regulated brokers out there that accept Canadians and US citizens. The company seems to be one of the trusted brokers out there. I just wish that they can somehow reduce the commission on Gold. At the moment, I am already opening an account from another regulated broker, and I am planning on moving on from FxChoice.

It was really a great experience working with this broker, and I would hate to go.
 
Reply by George submitted Jul 21, 2020:
Dear Ron_777,

Our Pips+ would be the perfect tool to reduce your trading costs with us if you feel they are too pricey. And it seems there was some very misleading text in our FAQ about restrictions on Pips+ that suggested metals were not covered by the programme. They ARE and always have been. The text on the site will be corrected and we want to let you know that we are currently planning to bring Pips+ to all of our instruments at FXChoice, so watch this space.

Best wishes
Chong,
Singapore, Singapore,
Jul 4, 2020,
Guest

A very reliable, trouble free broker

Service use: Live

Length of use: over 1 Year

They never call you and ask for more money to deposit, never try to offer bonuses that will complicate your withdrawal process, and you can even withdraw their bonuses if you meet the trading volume. How nice! They never stop or try to delay you from withdrawing your money. Their customer chat service is simply awesome. Too bad they only offer leverage up to 1:200. Would be good if they could add more higher leverage options like 1:500, 1:1000 and even 1:2000 if possible.

May 26, 2020 - 5 Stars 1. Their customer service chat is excellent. Very helpful and promptly.
2. Withdrawal process so far has no problem.
3. Unlike many other shady brokers who constantly called you up asking for more deposit, FxChoice never bother you with phone calls at all. They do things by the book and let you trade freely according to your own plans. Therefore, I consider them to be a very realiable broker.

Reply by George submitted May 27, 2020 Dear Chong,



Thank you so much for your positive review. Great to see that you’ve praised our customer service and withdrawals – two areas we work very hard on.



Best wishes,



FXChoice
 
Reply by George submitted Jul 7, 2020:
Dear Chong,

Thanks for re-reviewing us so positively!

We're glad to read that you managed to withdraw the bonus amount after meeting the required volume. As for withdrawals, our finance department works hard to get them processed within one business day.

Best wishes and good luck!
USA, USA,
Jun 19, 2020,
Registered user

Love it

Service use: Live

Length of use: over 1 Year

I love how quickly my deposits and withdrawals are as well as how available support. I have NEVER had an issue with anything!

Spreads are great and have experienced broker manipulation, which is a huge plus for me
 
Reply by George submitted Jun 22, 2020:
Dear Handsome Kelly,

Thank you so much for your review. Great to see that you’re enjoying our deposit and withdrawal options and the availability of customer service.

Best wishes
FXChoice
Willem,
Pretoria, South Africa,
Jun 16, 2020,
Guest

Overall very impressed!!

Service use: Live

Length of use: 0-3 Months

I am impressed with the web functionality wrt creating own accounts, exchanging crypto and currency and handling of wallets.......well done.

Service is also excellent.
 
Reply by George submitted Jun 19, 2020:
Dear Willem,

Thanks for your kind words on a wide range of our services.

We wish you the best of luck!

FXChoice
Egypt, Egypt,
May 29, 2020,
Registered user

Poor execution causing losses to users (or no execution at all)

Service use: Live

Length of use: over 1 Year

Aside from high slippage which I got used to..

Today I had a pending order which wasn't executed although price way exceeded it (Taking spread into consideration)

Account No. : 190873
Order No. : 35726299
Order Type: Buy limit @ 25055
Instrument: US30Index
Price reached 25024.1

Thanks to note that I had an excess in the sell side also with 0.03 which equals pending order size so it should be executed smoothly.

Contacted LiveChat.. At first the Rep. Adked If I have any other pending order.. Strange that he couldn't look into that

After that, color he told me it might be insufficient balance so I told him the above about the excess of sell order and told him if the claim is correct so I shouldn't be able to Open it now.. He replies that it might be at that time! After I confirmed he then told me to contact the back office. Asked for SLA but he even didn't know what SLA is.. I felt like a Chatbot on the other side with a lost of troubleshooting and ready to send messages

Thanks to note that after that I had to close an order to free some margin as a consequence of that!

Chat transcript along with MT4 terminal snapshot can be provided upon request also if needed

I need a full refund for this mess also to improve SLA for such trade execution disputed cases
  2 traders have found this review helpful
Reply by George submitted Jun 1, 2020:
Dear RamiSakr,

You registered a complaint in our system about this order and then published your review on FPA without even waiting for our response.

We are sorry that you felt as if you were talking to a ‘Chatbot’ – we can assure you that all of our customer service representatives are real people with their main concern being your best trading interests.

If you’d just waited for our response, you would have seen that indeed yes, you are right. The price did hit your pending order level. It was not executed because we only received one tick at that price, and then it returned immediately; the platform requires at least two ticks to open the pending order. In situations like these, we always side with the client, and we opened the trade for you.

Best wishes
FXChoice
St. Louis, USA,
May 29, 2020,
Registered user

Great experience so far. FAST withdrawal!!

Service use: Live

Length of use: 0-3 Months

Been using them for for a short while. Was using another broker but I didn’t like their spreads and I constantly had problems with their mt4 terminal. No problems with fxchoice terminal and spreads have been fine. Went live beginning of April (just under 2 months ago) and turned $100 into $38,000 (true story I promise lol). Today I withdrew half the account. I believe the withdrawal process was less than 24 hours. I was afraid they may not pay me since I made the money so quickly but they honored it with no problem. I hope to open a MAM with them, but I don’t like the emphasize on social media when applying for it. I understand they want me to bring clients but also feel like I may get skipped if I don’t have a bigger social media presence. I have not applied for it yet but I hope the process of getting approved is easy. So far I think they are a great broker and I hope we have a bright future together.
 
Reply by George submitted Jun 1, 2020:
Dear sgsummers,

Thank you so much for your kind review.

Best wishes and happy trading!
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