Brokers News

FxChoice review: My personal experience

I had the opportunity to test drive a fixed spread and a variable spread account with FXChoice for a couple of weeks. The accounts were provided free of charge, each funded with $200. My general experience is that FXChoice is a rather good forex broker. Below is the detailed review.

 
Deposit
 
You need just $10 to open an account with FXChoice. You can deposit by Wire Transfer, Credit Card, Skrill (Moneybookers),  Liberty Reserve, WebMoney, JCB, and CashU.  Deposits by credit card and online payment systems are processed within 1 working day, wires take a little longer. 
 
Platform
 
FXChoice offers the good old Metatrader 4. That is the most popular forex trading platform in the world, you know. No matter if you trade manually or you want to automate your trading system, MT4 will satisfy your needs. 
 
FXChoice MT4 offers 30 most popular technical indicators like MACD, RSI, Stochastic, Bollinger bands etc. If you need something more sophisticated, you can code it for yourself. You can also build an auto trading bot, called Expert Advisor (EA), using MQ4, the Metatrader 4 program language. 
 
Price feed
  
The first thing that I do when open an account with a new broker is to compare its quotes with those of Saxo Bank.  FxChoice quotes lag a little bit behind Saxo and tend to be less volatile. It’s not hard to take advantage of this during news releases, but I don’t recommend you to do that unless you want to be detected as a cheater by broker’s software. 
 
Spreads
 
FXChoice offer fixed spread and variable spread accounts.
 
Here are the fixed spreads they advertise on their website: EUR/USD 1.5 pips; GBP/USD 2 pips; USD/CHF 2 pips; USD/JPY 2 pips; EUR/CHF 1.5 pips
 
And here are the real fixed spreads that I get: EUR/USD 2.5 pips (+1); GBP/USD 3.5 pips (+1.5); USD/CHF 3 pips (+1); USD/JPY 3 pips (+1); EUR/CHF 2.5 pips (+1). Here is a screenshot:
 
 
Most of the time I traded on the variable spread account and I definitely prefer it over the fixed spread account.  During the London and NY sessions time the EUR/USD spread on the variable spread account was just about 1 pip. It’s a pretty tight spread for a commission free forex account. 
 
 
Execution 
 
- Execution on the variable spread account
I’m a scalper so the execution is very important to me. I was fascinated when I made my first trade with FXChoice. My market orders were filled instantly. No requotes, no slippage, no kidding. For a couple of days a made more than 100 trades without a glitch. 
 
Then all of a sudden something changed. I was unable to open or close a position due to repeatedly requotes. I immediately contacted my personal account manager and it turned out that they are changing their liquidity provider.  The problem was solved in a couple of hours and I never got requote again.
 
- Execution on the fixed spread account
The execution on the fixed spread account was quite a different story.  I activated a scalping Expert Advisor on it and FXCoice got some heat :) The scalping bot made about 200 deals and 800 pips profit for a week.  FXChoice returned fire with fire and in the end of the week it took 7-8 seconds to open, edit or close position. In fact it took 7-8 seconds even to place a pending order. I was repeatedly requoted. Below are some screenshots:
 
 
 
 
 
 
You are not allowed to change Stop loss and Limit orders or close your position if the the market price is 5 pips or closer to your Stop/Limit order. "Modification denied. Order is too close to market" message appears:
 
 
 
 
Withdraw 
 
Withdraw methods include Wire Transfer, Skrill (Moneybookers), Liberty Reserve and WebMoney. I was allowed to withdraw my profit only from the variable spread account. My withdrawal request was processed very fast and my Moneybookers account was credited in less than 24 hours.
 
 
Bottom line
 
If you don’t try to take advantage of its little bit lagging quotes, FXChoice is just a perfect broker. You can submit your review about FXChoice here
 
TAGS: fxchoice review  myfxchoice  deposit  withdraw  requote  offquote  slippage 

More news about FX Choice

Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
US, UK, Australia CFTC/NFA, FCA, ASIC MT4, Web,
Mirror Trader,
Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA MT4, Web,
ProRealTime,
2Dealer
$1 Review Website
UK, Cyprus FCA, CySec MT4 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5, Web,
cTrader,
SuperTrader,
FxPro Markets
$100 Review Website
Seychelles FinaCom MT4 $10 Review Website
UK, Bulgaria FCA, FSC Web $150 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySEC MT4, MT5 $300 Review Website
New Zealand FMA MT4 $1000 Review Website
Belize IFSC MT4, Web $500 Review Website

More Forex Brokers News

Fibo Group launches trading account with gold as a base currency

Feb 17 2017 09:38:07

Forex brokerage Fibo Group has added yet another option to its extensive offerings: its clients can now choose gold (GLD) as a base currency for their MT4 accounts. Read more

FXCM’s Jan metrics: trading volumes up 18% MoM, US operations making up less than 20%

Feb 15 2017 14:42:05

Major forex broker FXCM (NASDAQ:FXCM) reported its trading metrics for January. Read more

Client feedback is driving the development of IG’s new web platform

Feb 15 2017 09:05:36

In a note to its clients, IG, one of the largest forex, CFD and spread betting providers, announced some key features of its new web platform, as well as tools which are currently in development. Read more

FXCM pays $650 K CFTC fine for 2015 undercapitalization

Feb 14 2017 13:13:17

FXCM's woes see no end. After last week's shocking regulatory actions against it that forced it to exit the US forex market, where it was the leader, this week the broker took action to resolve another old regulatory issue and pay a $650 000 fine. Read more

FXCM expects its US exit to trigger international growth

Feb 13 2017 10:10:07

A couple of days after the news about FXCM [NASDAQ:FXCM] leaving US forex market and selling its client base to peer Gain Capital broke, the top forex broker announced key metrics for the nine months, ended 30 September, 2016. According to the data disclosed, FXCM generated a net loss of $13. Read more

Forex.com reports 40% annual drop in January volumes

Feb 13 2017 09:06:16

Forex.com, the OTC retail forex brand of the US brokerage Gain Capital, has posted a 40.1% drop of its average daily volume in January 2017, compared to last January. According to the company report, it amounted to $9. Read more

Gain Capital to pay up to $500 for each FXCM client, conditions apply

Feb 10 2017 08:49:12

Following the regulatory penalties and dramatic exit of the largest US forex broker FXCM from the country and the subsequent announcement that Gain Capital is buying off FXCM's retail forex clients, new details are emerging about the deal. Read more

IG offers Snapchat CFD as grey market trading ahead of eventual March IPO

Feb 09 2017 14:05:32

IG, one of the largest forex, CFD and spread betting (UK only) brokers, announced it is launching CFD trading and spread betting on the eventual IPO of the technology company Snap Inc. that stands behind the Snapchat mobile application. Read more

Plus500 gets South African license

Feb 09 2017 08:18:23

Plus500, one of Europe's leading forex and CFD brokers, obtained a license from South Africa's non-banking financial companies regulator, the Financial Services Board (FSB). It allows Plus500 to operate an online trading platform for retail customers to trade CFDs in South Africa. Read more

It's finalized: Gain Capital gets FXCM's US retail forex clients

Feb 08 2017 08:46:16

Just a day after FXCM – the largest retail forex broker in the US – lost its NFA and CFTC licenses and got fined $7 million for misleading clients and misinforming the regulators, its main competitor Gain Capital confirmed it is acquiring FXCM's US retail clients. Read more