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

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
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

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