FX Choice MyFxChoice.com forex broker review

LIVE ACCOUNT DEMO ACCOUNT
4.1 5 RATING
8 REVIEWS

FX Choice real time & average spread

Real time spread
N/A
Average spread
For the last hour
Min spread
N/A
Max spread
N/A
Swap long: n/a
Swap short: n/a
Stop/Limit level: n/a

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 Com
pany. Security of Funds

 

Company

Country

Regulation

FXChoice Ltd.

Belize

IFSC

 

FXChoice is a broker specialized in Forex and CFD trading for private clients, institutional investors and fund managers. Having around a decade of experience in the forex industry, the brokerage strives to provide excellent service and customer support. In 2016 alone FXChoice was awarded the Exceptional Customer Service accolade by LiveHelpNow on 5 occasions.

 

The broker offers trading in almost 40 currency pairs and various CFDs (on indices, precious metals, commodities, energies) through two robust trading platforms. With their NDD technology FXChoice is executing around 15 000 digital transactions a day.

 

The company behind the brand, FXChoice Ltd., is headquartered in Belize and regulated by the local International Financial Services Commission (IFSC).

 

IFSC has 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, FXChoice places a special focus on security and keeps clients’ funds 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, FXChoice 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, FXChoice demands $100 from both Classic and Pro account holders. This is a comparatively low initial investment for ECN environment. In comparison, another offshore broker, FIBO Group, requires $300 from its client to open a NDD account.


Average Spreads & Commissions

This broker offers competitive variable spreads, which vary by account type. Nonetheless, trading costs on both accounts are similar, amounting to an average of 1.2 pips on EUR/USD per (ECN account holders are offered spread averaged 0.5 pips on EUR/USD incurring a commission of $ 7 per lot round turn).  So, FXChoice’s pricing is pretty attractive

 

By comparison, FIBO Group’s typical spreads amount to 0.3 pips on EUR/USD and a commission of $6 per lot round turn applies. For further information and comparison, you may look up real-time spreads of 15 leading brokers here.


Maximum Leverage

The maximum leverage level offered to Choice’s clients is 1:200, which is average. If need higher levels, you may look up a list of brokers offering maximum leverage of 1:500 and higher.

 

Keep in mind, however, that high leverage levels may both multiply their profits and lead to heavy losses.

 

Trading Platforms

 

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

 

Both the MT4 and the MT5 offer access to the forex, contracts for difference (CFDs), options and futures markets, but the MT5 also offers an option for trading in stocks. Both platforms use MQL programming languages and allow automated trading via Expert Advisors (EAs). They offer advanced charting packages, trading and analysis tools, alerts, signals, and customizable indicators.

 

With FXChoice MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called Web terminal MetaTrader 4.

 

The MT5 was developed and promoted as an upgrading on MT4, yet many brokers still prefer the earlier technology, since many of MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform. Lately, however, the MetaTrader 5 is gaining popularity among both traders and brokers, as the hedging option was added to it and a number of other enhancements were made. With FXChoice the platform is available as a PC version and mobile apps.

 

In addition to MT4 and MT5, FXChoice 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 FXChoice 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.


Promotions

Like many other forex brokers, from time to time FXChoice offers its clients special bonuses.


Methods of Payment

 

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

 

Accounts can be opened in USD, EUR, GBP, AUD, CAD and Bitcoin.

 

Conclusion

 

Despite its looser regulation, FXChoice is a reliable award-winning NDD broker with more than 10 years of experience in the forex industry. It offers fast market execution and competitive trading conditions on a variety of trading platforms. To sum up the above, here are the Pros & Cons of FXChoice:

 

Pros Cons
Competitive spreads Liberal regulation
Pure NDD brokerage  
Low initial deposit for ECN environment  
Both MT4 and MT5 available   
Extra tools such as live economic calendar, VPS  

 

Latest news about FX Choice
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Cyprus CySEC MT4, MT5 $300 Review Website
New Zealand FMA MT4 $1000 Review Website
Belize IFSC MT4, Web $500 Review Website

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for FX Choice Add review

Trading accounts are superior

I have had accounts with them since June 2013 and with all the croziness that has occurred I never felt any danger or poor treatment. They are simply the exact way I want to be treated as a customer . The execution is solid. Spreads reasonable occasionally even tight. But always fair . The customer care back office is beyond reproach . I can totally recommend them I trade on MT4 platform

Nosbigs 09/11/2016

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