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

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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

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.
 
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
NJ, USA,
Sep 4, 2020,
Registered user

Research no more -- U've found the right Broker

Service use: Live

Length of use: over 1 Year

So i've been researching for a very long time (and still do) for the MOST Secure (country regulated) , most reliable , most reputable , low fees + spreads , etc.. Broker in the world .. MyFXChoice is #1 choice . Below is my researched info on the company:

1) Upto 1:200 leverage
2) Country (located in Belize) has a good regulated Forex laws BUT its not as good as the USA. This country has regulation IFSC . Don't be fooled into thinking you need the thousands of Forex laws & regulations in the USA to even consider trading as USA will never offer a leverage of 1:200 --- The way I see it is I sacrifice some extra protective Forex regulations to get my leverage needs as long as the broker firm has a long history of being in business BUT also its reputation.

3) Very Reputable company with one of the lowest complains/issues with clients. Confirm all my claims and compare them to other companies that offer the same amount of leverage and low fees/spreads .

4) low spreads and commission fees

5) They actually communicate and update their customers CONSTANTLY with any upcoming Volatile seasons or holidays or major economic events or updates (unlike most other brokers).
 
Reply by George submitted Sep 7, 2020:
Dear crisb8713,

It was such a pleasure to read your flattering review of our company. We are very grateful.

We believe it’s important to keep our clients abreast of volatile events in the forex market and we are pleased to see that our efforts are paying dividends.

Best wishes and many thanks,

FXChoice
Ohio, USA,
Aug 26, 2020,
Registered user

My Dream Came True

Service use: Live

Length of use: over 1 Year

fxchoice have lower their margin call and stop out level on their pro account , love this broker, keep up the good work

Mar 16, 2020 - 5 Stars Fx Choice is the most trustworthy offshore broker for all traders they pay withdrawals on time and never no funny business with my trading , keep up the good work Fx Choice

Jun 24, 2019 - 5 Stars keep up the good work you guys are the best out there, great service and always pay withdrawals

Mar 8, 2019 - 5 Stars great broker i been a supporter of fxchoice for many years i wish they would lower their Margin call/ Margin stop: 100/80 on their pro account to maybe Margin call/ Margin stop: 70/50 or lower.

Jan 15, 2019 - 5 Stars so i decided to stay with FXCHOICE, there are brokers with better spreads but i can't trust them, fxchoice always pay withdrawals and do so very fast . a broker that pays withdrawal small and large outweigh better spread brokers any day.

Dec 14, 2018 - 4 Stars fxchoice is a great broker but i must move on, i trade the classic account because of the lower margin call / stop out levels, i must move on because the cost of doing business is just to expensive with the higher spreads and the swap rates are killing my profits.

Jul 4, 2018 - 5 Stars Best Damn Broker For U.S. Traders.
customer service is the best, deposit and withdrawal top notch and very trustworthy. for U.S. traders this is the broker you want and need.

Jun 14, 2018 - 5 Stars im very concern that FXCHOICE has been throttling connections of traders, they are a good broker but they might be doing something to cover there butts . there update on myfxbook and other has been very slow

Mar 25, 2018 - 3 Stars Epayment no longer except US Citizens. and you can't convert your bitcoin to fiat currency so where back to depositing by wire transfer with fxchoice. i hope they find better payment options, not everyone has 2K to wire just to get the fee back.

Nov 25, 2017 - 4 Stars need to add paypal as deposit, i like bitcoin but at the moment can't convert bitcoin to my USD account, also would be nice if they can add credit card deposit , other then that the best broker for U.S. traders

Oct 5, 2017 - 5 Stars they made my dream come true, you no longer have to have a bitcoin trading account to withdraw with bitcoin. thank you fxchoice

May 17, 2017 - No Rating question for fxchoice, on your website it say you take bitcoin for deposit but it don't say if you allow withdrawal with bitcoin

Mar 11, 2017 - 4 Stars will give 5 stars if they had credit card deposit, other then that they are a good broker, they had credit card deposit just last month don't know what happen to it

Reply by George submitted May 19, 2017 Hello Poundtrader,

Thank you for your message. Bitcoin is included as an option for depositing and withdrawing. Please visit our “Deposits and Withdrawals” page to see all of our payment methods. You can find this page under the “Accounts” tab from the main menu. You can click on each one of the payment options to read details such as process, instructions and other information.

Should you have any further questions or need assistance, please do not hesitate to contact us.

Reply by George submitted Dec 11, 2017 Dear Poundtrader,

Thank you again for another valuable review. As we have explained in similar comments by other users, Bitcoin deposits to a fiat-denominated account (such as USD and EUR) are currently suspended until further notice.

Please note that for our US clients we reimburse any wire transfer fees for deposits of $1000 and over.

Best wishes,

The FXChoice Team

Reply by George submitted May 15, 2018 Dear Poundtrader,

Thank you for your message.

We are sorry that a third-party company has affected your experience trading with us. Please note that our clients can deposit and withdraw Bitcoin and Bitcoin Cash to/from the corresponding accounts. If you want to make a smaller deposit, we would recommend that you open a Bitcoin-denominated (or Bitcoin Cash-denominated) account and fund it with Bitcoin (Bitcoin Cash).

As per your concern about the wire transfer amount, US clients can deposit only $1,000 to qualify for bank fee reimbursal.

We are working on adding new payment methods for our US customers and will keep clients informed of any progress.

Meanwhile, should you have any questions, our support team will be glad to assist you. Please accept our sincere apologies for the delay in response regarding the technical issues with the website’s (FPA) reviewing system.

Best wishes,

The FXChoice Team

Reply by George submitted Jun 19, 2018 Hello Poundtrader,

Thank you for your review and close attention to our services. We would do our best to help you solve your connection issue if you could share more details of your particular case with our support team. Nonetheless, we can assure you that our server connection is stable and the issue should be not from our end.

As per your concern about Myfxbook updates, we cannot be held responsible for third-party service quality. We recommend you address your request directly to the system in question.

Our support team is always there to assist you.

Best wishes,

The FXChoice Team

Reply by George submitted Dec 20, 2018 Dear Poundtrader,

Thank you once again for sharing your feedback here.

We are sad to hear that you are having to move on due to spreads and swap rates. We believe that we offer some of the most competitive trading conditions as an STP broker. We would like to point out that our Pro account spreads are very competitive and that you can even gain by reducing commission using our loyalty programme ‘Pips Plus’. For more information about our loyalty programme, please visit our Pips Plus page which you will find under the Trading Services section from the menu.

Additionally, if you contact our customer service, we will be more than happy to look into your account and discuss your trading strategy, so that we can recommend the best trading account to suit your requirements.

Best wishes,
FXChoice

Reply by George submitted Jan 29, 2019 Dear Poundtrader,



We are delighted to hear that you have decided to stick with us. We appreciate your loyalty and thank you very much for trusting us. We do our very best to ensure the smoothest and fastest possible transactions in order to enhance our client’s trading experience.



Best wishes,

FXChoice
 
Johannesburg, South Africa,
Aug 19, 2020,
Registered user

FX Choice really is the wise choice.

Service use: Live

Length of use: over 1 Year

I've been with fxchoice coming up to 2 years, there have been the odd challenges which is normal but its how they have handled the challenges that defines them. Make no mistake there are too many dodgy brokers out there but fxchoice are not one of them. They are by no means perfect but they do come close for me :)
their support is second to none. There were challenges with connectivity but these were resolved and we were updated. Withdrawals are done systematically and support is speedy and friendly. If I were to be honest and find fault was a year ago friday night before close their liquidity provider increased the spread by 50 pips before market close I imagine quite a few stop losses got hit, I was quite fortunate to have not been affected. I did raise the question out of curiosity and was advised that if my sl was hit that would have been my trade toasted as they do not control that side of things, however I'm not sure if that is still the same today.
Overall they are worthy of their 5 star rating, they bring comfort with reliability and create a safe environment to trade on. No monkey business here. Thank you guys, and keep up the great work!!!!
 
Reply by George submitted Aug 21, 2020:
Dear Marcusv007,

It was such a pleasure to read your positive review. Many thanks!

We’re especially pleased to read that, for you, FXChoice brings ‘comfort with reliability and creates a safe environment to trade on’. It’s also nice to see that you’ve praised our withdrawals and customer service, too.

We wish you the very best of luck and happy trading!

FXChoice
Dhaka, Bangladesh,
Aug 19, 2020,
Registered user

Everything is great But...

Service use: Live

Length of use: 0-3 Months

I opened an account on FxChoice.
Everything is fine.
Pros:
Fast Deposit
Fast Customer Support
Quick Execution
Cons:
High Spreads , it's a pain for scalper like us. So, I have a request to FXChoice, "Please reduce the spread, people will love you :)"
  1 trader has found this review helpful
Reply by George submitted Aug 21, 2020:
Dear Trader_203BA,

Thank you for your positive review. We’re glad to see the pros you have listed outweigh the cons. We actually think our spreads are very competitive.

Best wishes and good luck!

FXChoice
Bangladesh, Bangladesh,
Aug 19, 2020,
Registered user

World worst broker

Service use: Live

Length of use: 3-6 Months

Dont knownwhy every single day there mt4 got stuck for 4-7 min.

And its happens regular basis daily 10-15 time.

Aug 5, 2020 - 1 Star Every single day whenever i took trade once market get volatile there server hanged gor 3-10 min.

Thats regular case.

Dont recommend anyone ti use this broker.

Reply by George submitted Aug 7, 2020 Dear Pipskhor,

We’re sorry to read that you were affected by the recent issues on our Pro servers. We sent out an email to all Pro account holders detailing our apologies and instructions to submit a trade dispute.

If you feel you had any affected trades, we encourage you to contact us with your account information and the numbers of the affected trades as soon as possible. Of course, we promise to be thorough with our investigation, and if it transpires you did indeed have trades affected, we will compensate you.

Best wishes

FXChoice
 
Evan,
Wilmington DE, USA,
Aug 11, 2020,
Guest

Fast & Simple

Service use: Live

Length of use: 3-6 Months

Been using FXCHOICE for about 6 months now and never had an issue. Execution is fast, deposits and withdrawals are on point and spreads are fair. Great service especially for US clients wishing to escape FIFO. I also like to see a broker responding to their customer reviews, speaks well of them. For a broker open 10 years or so, I don't really see the reason for so many negative reviews.
 
Reply by George submitted Aug 12, 2020:
Dear Evan,

Thank you so much for your flattering review. It is truly motivating to read such positive words about our company, and particularly that you noted our fast execution and deposits & withdrawals.

You also mentioned our consistent responding to customer reviews; we always like to respond to our clients so that they know we care deeply about their opinions of FXChoice and value their feedback.

Best wishes and good luck!
FXChoice
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
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
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
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
Nuernberg, Germany,
Mar 17, 2020,
Registered user

Inacceptable withdrawal method with perfectmoney

Service use: Live

Length of use: over 1 Year

This is at least by 50% a perfectmoney.com review.

I have always been completely satisfied with FXChoice (even wrote a positive review some years ago) and I'm unhappy about the changed withdrawal / funding methods. I didn't actively trade for some years as I went to developing automated trading systems. I still have a few thousands in my account that I planned to trade with later on, but as the development process is taking much longer than I anticipated and will probably take another year, I wanted to invest this money in the stock market now.

When I logged in, trying to withdraw, I was astonished to see the bank transfer method gone. I had to write a message to customer support, to get a withdrawal option other than cryptocurrencies. Only customers who funded their account by wire transfer get this option, but only when they are asking. Given the volatility, cryptos aren't an option for me. When I'm withdrawing, I don't want this process to be a trade by itself!

So the only way to transfer fiat money is perfectmoney.com
Their website looks a bit shady, so I wanted to make a test transfer and sent 100 EUR to my account. I received 99.50 EUR at perfectmoney. When I tried to transfer this to my bank account, perfectmoney said it was below 100 EUR and could therefore not be transferred.

I found out why: In Germany, the decimal separator is a colon, not a dot. (I typed 99,50 instead of 99.50). However, together with translation errors in the backend, this contributes to the shady impression of perfectmoney.

I sent more money to my perfectmoney account until I understood this problem. So at the moment I have a little over 500 EUR there and I'm finally able to see the fees involved.

Perfectmoney offers 4 different money exchange services, with different fees. In can pick the 2 best for me. If the first rejects the transfer, the second is chosen. Interesting, that there is a chance that the provider can reject the transfer - contributes to the shady impression. Long story short: Depending on the provider I will end up with, it could be between 260 and 420 EUR fees which is 5.9% to 9.5%. This is robbery! I'm really disappointed that this is the best FXChoice can offer for fiat money transfer.

I'm really sad to witness this change to the worse, as FXChoice had everything I wanted, even managed accounts (my goal is to become an account manager myself).
  2 traders have found this review helpful
Forex Peace Army
Review moderation team note
The FPA has a review page for PerfectMoney if you want to leave a separate review for them.
Reply by George submitted Mar 18, 2020:
Dear AgatheBauer,

Thanks for your feedback. We’re sorry to see that you had a negative experience with Perfect Money.

Please note that Perfect Money was not the only option you could have chosen as you indicate in your review. If we have identified you correctly in our system, we recommended two other available methods to you in a ticket you opened with our customer service.

We feel the 2* review on our page is harsh considering it is covering a third-party payment provider.

FXChoice
Edward,
Texas, USA,
Mar 13, 2020,
Guest

Difference in Price US30

Service use: Demo

I notice that the price on your US30 was 200 to300 points different from other markets and your prices never coordinate with other markets which means you are using your own pricing system to your advantage over traders. You are always at least 30 points ahead of the market allowing you to stop traders out ahead of market pricing. It also allows you to trigger entry orders early and I find a lot of discrepancies in your platform to your advantage no doubt but it is your platform and you are not Regulated so you can pretty much move your prices the way that you want and can always use the excuse that traders on your platform are trading differently from other platforms.

Edward.
 
Reply by George submitted Mar 16, 2020:
Dear Edward,

Thanks for your review.

Firstly, we’d like to point out that we are regulated by the IFSC, so your claim that we are unregulated is simply untrue.

Please note that each trading platform takes prices from different liquidity providers. You may believe that it this particular case our prices were worse than others (in your trade's direction), but we're sure that on a different day, you would find our prices better than others. It's just how the market works. Not all trading platforms quote the exact same prices.

We don’t take the other side of the trade. We charge commission on your trades (or a small mark-up on the spread for Classic accounts), so we need clients to keep trading. Why would we want to ‘stop traders out ahead of market pricing’? It is a nonsensical business practice.

We sincerely hope you’ll reconsider your review.

Best wishes
FXChoice
Delray Beach, Florida, USA,
Mar 4, 2020,
Registered user

FX Choice went from the best of the best to....... Average Broker.......

Service use: Live

Length of use: over 1 Year

I have been trading with FXChoice for over 3 years and considered them the best of the best for U.S. customers.

I came into a large sum of funds and want to deposit part of it to my FX Choice account, however I have lost confidence in their banking concerning deposit/withdrawal methods and huge fee's they charge U.S. customers.

Their Swap value fee's are the highest in the market...... just check. They tell me that is what the bank charges them but we all know that is not the truth. Banks are regulated and do not charge swap fee's like they are the mob loan shark.

FX Choice Swaps comparison;
https://www.myfxbook.com/en/forex-broker-swaps/fx-choice/349

On a positive note I have never had a trading issue with them.

I hope they can make some positive adjustments to the aforementioned issues so I can consider FX Choice the 'Best of the Best' again.
  2 traders have found this review helpful
Reply by George submitted Mar 6, 2020:
Dear BOB4254,

Thanks for taking the time to write a review, but we’re so sorry to hear that you have downgraded your opinion of our company.

Please note that we pass on to our clients the same prices and swap rates that we get from our liquidity providers (not our bank) while adding a small interest mark-up. Swap rates are updated on a daily basis and we don't have any control over them. However, as you can see in the link you posted in your review, our swap rates are quite competitive for the majority of currency pairs and other trading symbols.

It’d be great if you could get in touch with us via live chat so we can discuss the best deposit/withdrawal option for you. It may just be that you have overlooked a better method.

We look forward to hearing from you in the hope we can get back to being ‘the best of the best’ in your eyes.

Best wishes,
FXChoice
Toronto, Canada,
Mar 3, 2020,
Registered user

Terrible banking system - follow-up review

Service use: Live

Length of use: over 1 Year

Unfortunately, most individuals selecting this broker will go by the ratings rather than reading the reviews. At first glance, this company has several positive reviews. However, at closer inspection, almost all the positive reviews are short reviews from clients who are with them for less than one year. Almost as if, once they earn enough from new clients, they are then spat out!! After all, we know that it is impossible to pay someone to write a positive review (ahem).

All was initially OK with this broker, then problems started. As previously mentioned, at one stage, without warning, this broker stopped accepting wire transfers, leading to additional fees with funding and withdrawals using companies such as Skrill (with lots of hidden fees).

They then re-started wire transfers, but stopped accepting US dollars. Their internal exchange rates are unfavorable, which means that you lose out on internal transfers to other currency accounts within their system.

Currently, their banking system is very difficult to negotiate. I sent a wire transfer, which was stuck for months before getting some helpful advice from a Forexpeacearmy moderator (thank you, thank you). FxChoice simply did not care enough to check with their bank to see if the transfer was stuck with them, which meant that I spent a lot of time and money retrieving this, whilst losing trading time. Even after spending extra money for bank receipts and sending this to them, they were dismissive, and simply closed my case. They kept asking for a form MTO3, which my bank DOES NOT issue.

Jan 23, 2020 - 2 Stars I started live trading with FXChoice (formerly MyFxChoice), in December 2018. All was initially well, then problems started. To begin with, this company changed their banks twice and then stopped accepting wire transfers. A lot of fees later, I managed to fund my account. They then stopped accepting wire transfers in US Dollars. I submitted a wire transfer in Canadian Dollars on December 14th, 2019, and, to date, FXChoice denies receiving this. My own bank assures me that the wire transfer went through. In addition to my wire transfer fees, I’ve now spent a lot of money investigating this, and I'm not sure that I will ever get my money back.

Reply by George submitted Jan 29, 2020 Dear IMLrattansa2018,



Thank you for your review. We are sorry to hear about your recent deposit experience.



We can assure you that there is absolutely nothing to be careful about our company. When the client’s funds are received, they are credited to their trading accounts/wallets. If we have identified your account correctly, we can see that one of our representatives, asked you to provide an MT103 form (payment confirmation) to help you find out where your funds could be stuck, but we have not yet received it from you. The bank account changes have no connection to your depositing issue whatsoever.



An MT103 is a standardised SWIFT payment message used specifically for cross border/international wire transfers. Theses forms are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender and recipient.



MT103s are also great for tracing payments which are missing or delayed because they show the route of the payment between the banks.



All banks and financial institutions which make payments via SWIFT will have an MT103 for every payment.



We kindly ask you to contact us directly to assist you further.



Kind regards,



FXChoice Team
  1 trader has found this review helpful
Reply by George submitted Mar 4, 2020:
Dear IMLrattansa2018,

Again our paths cross regarding your rejected wire transfer, so we will again respond trying to show you, and our other clients, what went wrong and why we could do nothing about it.

You initiated a wire transfer on 16 December; the funds were rejected and returned back to your account on 3 February with the reason ‘Funds not accepted due to RBI policy [Raiffeisen Bank Internal Policy]’.

Raiffeisen is the correspondent bank, which means our bank never received the money. So when you say ‘FxChoice simply did not care enough to check with their bank to see if the transfer was stuck with them’ is clearly not true. We told you it was not received and were proven correct.

We asked you to provide us with the MT103 form, which would have gotten us to the bottom of the problem immediately, but you say your 'bank DOES NOT issue’ the form. That form is the tracking info of the transfer. It is a globally recognised proof of payment. If your bank does not provide it, there is not a lot we can do.

You provided us with a letter from your bank clearly stating that ‘we further note that while we are confirming that the funds for the wire were debited from your account as noted above, as the funds are being remitted to a corresponding bank, we cannot guarantee the arrival of the funds’. The letter stated that we were the beneficiary, but said nothing of who rejected the payment (which we later found was Raiffeisen).

If your bank had conducted a proper investigation into the whereabouts of your funds, they would have received a message stating that the funds were rejected by the correspondent bank.

We simply cannot control the internal policies of our clients’ banks (not issuing an MT103 form, for example) and those of the correspondent bank.

We process hundreds of wire transfers every day without issue, but unfortunately, we had a bad experience with yours.

We hope this response will bring some closure to the matter for you.

Best wishes,
FXChoice
islamabad, Pakistan,
Mar 3, 2020,
Registered user

Fake Broker

Service use: Live

Length of use: over 1 Year

Can not invest on this broker they can not withdraw you real money the review posted of there employs they wash you account
 
Reply by George submitted Mar 4, 2020:
Dear Attaaullah,

We are sorry to see such a poor review from you, but thanks for taking the time to write it.

If we have identified you correctly in our system, you tried to initiate two very small withdrawals via Perfect Money, but they were declined because you had open trades.

We can now confirm your withdrawal has been executed and you should have already received your funds. It seems you have been a little too quick to vent your anger.

If you had contacted us regarding your declined withdrawal instead of immediately posting to FPA, we could have avoided this altogether. We hope that you now see we are not a ‘fake broker’ and will reconsider your review.

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