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FX Choice MyFxChoice.com forex broker review

LIVE ACCOUNT DEMO ACCOUNT
4.1 5 RATING
7 REVIEWS

Trading Accounts

 

Account type Minimum deposit  Minimum trade size  Maximum leverage  Average Spread 
Classic  $100 0.01 1:200 1.2 pips on EUR/USD
Pro  $100 0.01 1:200 0.5 pips on EUR/USD + $3.86 per lot (per side)


Clients of FX Choice are provided with a choice of two account types: Classic and Pro. The main difference between the two is that the Classic one is commission-free, offering higher spreads, while the Pro account is commission based and provides tighter spreads due to the ECN environment. Besides, only the Pro account offers a choice of desktop platforms – MetaTrader 4 and MetaTrader 5.


What is more, traders can choose to open Corporate or Individual accounts.


The Company


FX Choice is the trading name of FX Choice Ltd., an offshore forex broker, based in Belize. The company has more 10 years of experience with online forex trading and offers its clients solutions for trading forex, precious metals and future based CFDs.


Security of Funds


FX Choice Ltd., doing business as FX Choice, is and regulated by the IFSC (International Financial Services Commission), Belize.


IFSC has very liberal control over forex brokers. Its supervision focuses on promulgation of regulation and a mandatory code of conduct, as well as the licensing process. Compliance-checking, reporting and on-going supervision are little emphasized.
Despite of the lack of strict regulatory rules, FX Choice announces on its website that clients’ funds are held in segregated accounts, absolutely separate from their corporate ones.


What is more, this broker practices positive price correction. This practically means that even if traders actually slip into negative balances under extraordinary circumstances, FX Choice will simply zero out these balances.


Trading Conditions


Minimum Initial Deposit
Unlike most forex brokers, who usually set up different initial investment for different account types, FX Choice demands $100 from both Classic and Pro account holders. This is a reasonable initial investment. In comparison, Exness, which is also IFSC-regulated, requires no initial deposit for its Mini account and $300 for the ECN one.


Average Spreads & Commissions

This broker offers competitive variable spreads, amounting to an average of 1.2 pips on EUR/USD for the commission-free accounts, and 0.5 pips on EUR/USD for the Pro accounts, incurring ECN commission of $ 7 per lot (round turn). In comparison, Exness offers average variable spreads of around 1 pips for its commission-free accounts and spreads as low as 0.4 pips on EUR/USD for the ECN account, charged $ 5 per standard lot.


Maximum Leverage
The maximum leverage level offered to FX choice`s clients is 1:200, which is average. Exness offers the same maximum leverage for the ECN account and as regards the other accounts, leverage is as high as 1:2000, which is one of the highest in the market. If you are interested, you may look up a list of brokers offering maximum leverage of 1:500 and higher.


Traders, however, should be mindful of higher leverage, for it may both multiply their profits and lead to heavy losses. That is why limitations on leverage rates are set in several jurisdictions, for instance, 1:50 in the USA.


Trading Platforms


The broker supports several trading platforms: MetaTrader 4, MetaTrader 5, as well as Myfxbook Autotrade.


The industry standard MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called Web terminal MetaTrader 4. It offers a number of technical indicators, extensive back-testing environment, advanced charting package and is equipped with the most commonly used trading robots, as well as with options to add new ones.
Here is a list of more forex brokers offering MT4 platform.

 

The MT5 was developed and promoted as an upgrading on MT4, yet many brokers still prefer the earlier technology, since MT5 does not allow hedging, and what is more, MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform.
More brokers using the MT5 can be viewed here.

 

In addition to MT4 and MT5, FX Choice is offering the Autotrade service operated by Myfxbook. This is a social forex community and online automated analytical tool, by which you can copy the trades of any system you select, directly into your FX Choice MetaTrader 4 account, without any additional fees or software to install.


Besides, traders who keep a monthly balance of $3,000 or more at least 5 lots per month qualify for free VPS.


On Deposit Bonus
Like many other forex brokers, FX Choice offers its clients a Bonus, equal to 15% of the sum deposited to the trading up to $5 000. traders have to meet certain turnover requirements in order to withdraw the bonus from the account.


Methods of Payment


This broker provides a variety of payment methods to its clients: wire transfer, credit/debit card, Skrill, Neteller, FasaPaybitcoin, Perfect Money, POLi, PaySafeCard, Trustly and ePayments.


Conclusion


Despite its looser regulation, FX Choice looks like a decent choice. It offers fast market execution through NDD technology and competitive trading conditions on a variety of trading platforms. Furthermore, the company is in the forex business for more than 10 years now. To sum up the above, here are the Pros & Cons of FX Choice:

 

Pros  Cons
Choice of trading platforms, MT4 available Liberal regulation
Competitive spreads Limited educational resources 
Low initial deposit for both account types  

  

 

Latest news about FX Choice

Spread

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Traders` reviews for FX Choice Add review

Good Broker

Pros

spreads are tight
no spikes during news release
good spreads during news release
Support is excellent
no slippage
execution is also good

Cons

4% commision on skrill deposits.

Noman Ahmed 12/15/2015

Honesty and withdrawal review on www.myfxchoice.com

Good honest broker! I have an account with www.myfxchoice.com through recommendation of a friend. I`ve made a deposit without uploading my account and my account was still not active because I got caught up in not doing anything with Forex Trading for a long time. I`ve heard that there are a lot of brokers who just would keep your money and betray you. I got scared. Later on I requested to withdrawal my deposited money, because I needed it at that point in time, with no hesitation I got my money returned from them!!! Very good and honest broker :-) When I do Forex again, I will chose them. Only 4 Stars because I admit that I haven´t traded at all yet....

Angela Breeker 10/17/2012

I recommend them Broker

I joined this broker a few months ago. The staff is very helpful and friendly, in my case it was time consuming for them since I had lots of questions.I have just invested $210 through wiretransfer. After 6 weeks I`ve made some profit and wanted to withdraw, just to test them. I got my money back within 4 days. I chose this broker because of recommendation of friends. Lucky me, they have more currency possiblities for the account than it is shown in the dropdown menue. Ok guys, I can recommend FXChoice, enjoy your days! Courntey

Courtney 10/16/2012

Honest and awesome Broker

Hi,

i have been engaged in forex trading since 5 years and i had many good and bad experience with FX broker. I had to switch from my former broker to FX Choice because my old account was closed because i´m living in the US. First i was very sceptical because i never heard of them and i started with a smaller account. Everything was good, even much better than expected. Spreads were awesome and order execution state of the art. After i made some test withdrawal from my profit and it went through smoothly i started to fund my account with bigger amounts and everything is still perfect. There was one technical issue in the last few month and i wasn´t able to get any quotes and i missed a TP because of it. I contacted FX Choice through customer chat and they told me that there was a problem with liquidity provider bridge and that they are working on it. After a few minutes problem was solved and they adjusted my trade without i had to ask for it within the next few hours. To be honest i almost never saw that in the past. Normally you have to write several mails and you can be glad if broker adjust the trade.For me up to now a 5 star experience!

James Torrwood 09/26/2012

My Experience With FXChoice

After having bad experiences with other brokers, I am really happy with MyFxChoice.com, here`s why:

*Very good 24 hour customer support for me as a beginner
*tight spreads compared to other brokers
*excellent order execution
*reliable server performance (I`ve noticed that you have had
troubles above... must have been before I have started my trading
experience)
*Withdrawal of my won money was very easy and without problems

Tumbs up!

-Sebastian

SebastianMuller 09/25/2012

Many technical issues with this FX Choice broker

In one month, they have had at least 3 technical issues causing my MT4 to "No Connection" while all other broker's MT4s were fine. They are now having issue with AUDUSD and USDCAD closing price. The prices are not moving for almost 15mins. Consequently I have lost my trades. Not recommended.

Jason Dang 07/11/2012

FxChoice Pros and Cons

FxChoice Pros:

- Fixed spread and Variable spread accounts
- Various deposit methods
- Fast execution and limited requotes
- No slippage

FxChoice Cons:

- Fixed spread is wider than advertised
- You will be non-stop requoted if server flag you as a cheater
- 5 pips "freeze" level

Full review and screenshots here:
http://www.forexbrokerz.com/news/fx-choice-review




S.Zhelev 11/27/2011