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

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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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3.893 · 281 REVIEWS
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Traders Reviews

Prague, Czech Republic,
May 25, 2020,
Registered user

Never more

Service use: Live

Length of use: 3-6 Months

well first you cant make normal deposited from bank...
after BTC deposit youll pay 10% fee (and you must wait X hours) for deposit and as a kind of "good faith"
they gave it those 10% to your acc as a bonus... but only for a month and then take it back.
But all this was piece of cake. I trade WTI in time when it drops to 0 which wasnt bad it was good actually
but these stealers, thiefs, scammers etc. put swaps on every position which isnt weird but swaps was $2000 per 0.1 lot.
So i started saving my account every profit I made I cut piece of swap and when it started to look good
they came up with new high .... they put another swaps 2 weeks earlier just to "protect clients" as they said....
easy money right (for them ofc). so if you considering trade with them, dont. Im glad they take alot of time making my MaM
account so my clients didnt send money to them.
 
Reply by George submitted May 26, 2020:
Dear Nemi1,

Thanks for your review. There are so many things to address here.

Firstly, your claim that there is a 10% fee on BTC Deposits is incorrect – we have no fees on BTC deposits and conversions. Also, you claim that BTC deposits take 24 hours – again incorrect. They take as long as the blockchain confirmations, which are never that long.

Secondly, we offer a bonus to our clients with a view to give them a head start in tackling the forex market. We do not ‘take it back’ in a month as you claim. We recommend you read the T&Cs of the bonus which clearly state what you need to do to keep the bonus.

Thirdly, we have checked our records and can see that you received all of our emails regarding the WTI Crude price collapse. You should know by now that the WTI ‘swaps’ were NOT swaps, but adjustments to cancel out any profit/loss as the price feed switched from the May to the June contract. You cannot open a trade on the May contract and close on the June contract whilst keeping the same opening price. The adjustment simulates the closing and reopening of your trade.

Fourthly, as an EU citizen, you cannot use wire transfers directly. However, there are many payment providers you could have used that offer wire transfers.

FXChoice
RSA, South Africa,
May 25, 2020,
Registered user

This guys are robbers.

Length of use: over 1 Year

Myfxchoice was recommended to me and my nephew,my nephew was responsible for the acc. Everthing went well until we decided to close the account.. That is when the problems started.. The said we cannot use the card used for deposit to do complete withdrawal.interesting cause normaly its highly recommended that you use the same card/ methods.
We offered to use btc wallet...they went silence on us....when I made follow ups,they promised to send an email to my nephew to sort out the issue,that email never came....someone we recommended is having the same problem, they don't want him to close the account... Its true,they change their rule to rob people of their money...our acc:32973 still had ± $380 they withholding from us....this is a sick strategy to keep people who want to close their acc,trading with them against their will....why are you not paying our money???? that is scamming
 
Reply by George submitted May 26, 2020:
Dear Hunterblizzard,

You deposited using different bank cards then tried to withdraw more than you deposited all back to one card. This is technically impossible as Visa only allows the refund of the initial deposit. We notified you of this technical restriction and you eventually withdrew nearly all of your funds correctly. We see your current balance with us is only a couple of dollars.

Why are you saying that we’re ‘robbers’ and that we’re ‘withholding’ your funds? We feel your review is extremely unfair. You are the one that made the mistake. We made it very clear what the problem was and you rectified it quickly.

FXChoice
uk, United Kingdom,
May 22, 2020,
Registered user

Easy to pass on this one....

Service use: Live

Length of use: 0-3 Months

Plenty of choice here. Spreads seem ok and withdrawals are relatively fast. However, there are fees on most payment methods which is not good to see. Also, they don't yet operate 24/7 so will lose out to their competitors who do. Pretty easy to skip this broker...
 
Reply by George submitted May 26, 2020:
Dear DaveT,

You have not provided your account info so we cannot directly address your issues with our withdrawal fees. We need to know exactly which method you used to see if we could perhaps offer an alternative option.

Please get in touch with us so we can address your review properly.

FXChoice
Gzira, Malta,
May 22, 2020,
Registered user

middle range

Service use: Demo

Length of use: 0-3 Months

middle range in all sense- customer support is hit and miss - slow replies at time, and up to 40 min wait for a response. unacceptable imo.

okay range of assets but think they could add more.

did not go live as was not satisfied with the demo experience.
 
Reply by George submitted May 26, 2020:
Dear Christina,

You have not provided your account info so we cannot verify any of your claims. We have not had any contact with a client from Malta since February and there was no 40min wait with that client.

Please contact us so we can get to the bottom of this.

FXChoice
Pennsylvania, USA,
May 20, 2020,
Registered user

Great broker

Service use: Live

Length of use: 0-3 Months

Professional broker, spreads are fair, no manipulation. Updates on trading schedules for volatility. Customer service is top notch and depisits and withdraws are fast
 
Reply by George submitted May 22, 2020:
Dear Philly B,

We are very grateful for your positive review of our company and services.

Thanks again and we wish you the best of luck.

FXChoice
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

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