Myfxchoice.com Review Is FXChoice A Legit Broker Or Scam

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FX Choice Review & Rating | MyFxChoice.com forex broker

FX Choice real time & average spread

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

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 2020 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.


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

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The maximum leverage level offered to FXChoice’s clients is 1:200, which is average for the industry.

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.

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, Bitcoin, Perfect Money, ePayments, Trustly, Astropay 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
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Myfxchoice.com Review: Is FXChoice A Legit Broker Or Scam?

Thanks for your question. You wish to know what our spread was during Brexit, but you didn’t specify for what currency pair and at which point in time during the referendum.

All currencies have their own spread characteristics. Besides, since the spread we offer is variable, you have to be more specific about your question. Spread values may change hundreds of times during the day.

Also we neither calculate nor store average spread values. What we can do is tell what the spread value was at a particular point in time for a particular currency pair.

Feel free to get back if you have any further questions.

FXChoice Review – Insight for 2020 Investing

FXChoice, hosted at FXChoice.com, is a foreign exchange investment brokerage.

Regulated by the International Financial Services Commission of Belize, FXChoice is stationed out of Belize and has been rendering forex investment options since August of 2020.

To find out more information regarding FXChoice, and what traders are saying about FXChoice for the 2020 New Year, we invite you to read our unbiased and up-to-date review.

About FXChoice

FX Choice is structured as an online investment platform specializing in offering foreign exchange, contracts-for-difference and precious metal investing.

Incorporating both the MetaTrader4 and MetaTrader5 charting solution into their platform, FXChoice supports a wide sum of investable assets and are mobile-friendly.

FXChoice Limited

FXChoice Limited is the corporate entity responsible for FXChoice.com.

According to FXChoice, FXChoice Limited can reached through the following address of Corner Hutson & Eyre Street, Blake Building, Suite 302, Belize City, Belize.

For Client Support: +52 558 526 80 32

For General Inquiries: +501 227 27 32

FXChoice operators may also be reached through their live chat feature, with a callback, through their contact submission form or by emailing [email protected].

Trading Platform & Features

FXChoice renders a foreign exchange style of day trading.

As we previously mentioned, FXChoice incorporates the MetaTrader4 and MetaTrader5 platform as their trading solution.

This enables consumers to participate in currency pair, select commodity investing along with contracts-for-difference.

Among other features included at FXChoice would be the economic calendar, Expert Advisors (EAs), a Virtual Private Server (VPS), MQL5Signals and an auto trading feature paired with one of their associated partners.

Account Types

Classic Account

Spreads: Starting from 0.5 pips

Deposit Minimum: $100.00

Lot Size Restrictions: 0.01 minimum, no maximum

Tradable Currency Pairs: 28

Pro Account

Spreads: Starting from 0.0 pips

Commissions: $3.5 per $100,000 side

Deposit Minimum: $100

Lot Size Restrictions: 0.01 minimum, no maximum

Tradable Currency Pairs: 38

The maximum leverage capacity for both accounts is 1:200.

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The main difference between these two account types would be the Margin Call, otherwise referred to as the Stop out.

The classic account employs a 25/15 margin call while pro employs a 100/80.

Demo accounts are available with FXChoice but only after you have created an account through FXChoice.

Deposits & Withdrawals

The minimum initial deposit required by FXChoice is $100.

For day traders looking to use wire transfer as a payment method, you should be informed that a !,000 USD wire transfer minimum must bet met.

According to FXChoice payment page, the availability of some deposit and withdrawal methods vary from one country to another along with their withdrawal requirements, respectively.

Accepted currencies with FXChoice would be USD, EUR, GBP, CHF, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP.

Supported Deposit Methods

  • Wire Transfer
  • Skrill
  • Neteller
  • Bitcoin
  • Bitcoin Cash
  • Litecoin
  • Ethereum
  • XRP (Ripple)
  • Fasapay
  • Perfect Money
  • PaySafeCard
  • ePayments
  • Trustly
  • Qiwi
  • AstroPay
  • RapidPay
  • UnionPay
  • POLi
  • UPayCard

MQL5 Signals

MetaQuotes, which is considered the “brains” behind the MT4 and MT5 platforms, provides a unique service called Trading Signals, which enables clients to shadow the trades of seasoned traders.

MyFXBook Auto Trade

FXChoice has integrated the MyFXBook AutoTrader into their platform.

The way this service works would be by mirroring other, more established traders investments into your account autonomously.

A requirement that must be met to use this service would be to create and fund an account with MyFXBook.

Popularity

FXChoice claims to have been in existence since 2020 but a WHOIS report will reveal that their site was privately registered through the GoDaddy registrar on May 13th, 2020.

Information disclosed at SimiliarWeb will indicate that FXChoice has steadily been declining in popularity over the past year.

Reflecting a global rank of 177,740 with a US rank of 67,391 as of December 12th, 2020, FXChoice has lost nearly a quarter of the traffic volume that they were receiving at the start of the new year.

Is FXChoice Legit?

FXChoice appears to be well-respected amongst the investment community and reflects positive reviews at ForexPeaceArmy.

While it appears that FXChoice is willingly and openly accepting consumers from various demographics, that does NOT mean that their platform is suitable or safe for you if you reside in a region where IFSC means nothing, such as the United States for instance.

FXChoice Scam Review

FXChoice reflects both positive and negative reviews across the web, like any online investment brokerage would.

What impressed us regarding FXChoice would be their promptness across various threads to address consumer complaints and issues.

The thread found at ForexPeaceArmy does an ideal job of portraying their promptness.

Given the information disclosed above we do not believe FXChoice to be a scam.

They appear to be operating with transparency, are accepted as a whole amongst the investment community and appear to reflect a relatively dependable track record.

Our two cents regarding FXChoice would be to only invest with their platform at your own risk, and more specifically only with online brokerages that are regulated and licensed for your residing jurisdiction.

Outcome: FXChoice should be invested at your OWN risk!

Site: MyFXChoice.com

We invite you to share any experiences, insight or feedback you may have below!

FXChoice Broker Review

In our review of FXChoice, we discovered a well-rounded Forex and CFD broker, which offered currency pairs, commodities, indices, and crypto CFD markets. The broker was founded in 2020 and is also sometimes known as myfxchoice.

FXChoice is suitable for all types of traders, whether you’re a beginner or already experienced. This is because whilst they have a low barrier to entry, they also provide you with a chance to expand your trading portfolio. They also utilize industry-leading trading platforms and are well regulated and reputable.

Our expert review team found that FXChoice is the best broker for those who wish to access increased leverage. This is due to the fact that they are regulated in Belize. Continue reading to discover more about the broker, and how to pick up a generous new trader bonus.

Discover a broker with over a decade of experience

FXChoice was founded in Belize, in 2020. Since then, they have become a well-known and trusted broker for thousands of traders globally. The fact that they have been successfully operating for well over a decade shows that they are committed to offering a quality trading product.

FXChoice has also collected several prestigious awards within the industry, many of which are centered around their excellent customer support services.

FXChoice offers both Forex and CFD trading opportunities to clients all over the world, including the US. You can trade 38 different currency pairs, including exotic markets such as South African Rand, Russian Ruble, and Norwegian Krona. This allows you to take advantage of emerging markets.

Commodity CFDs are available as well, including gold, silver, and crude oil. This gives you the ability to place trades in the world’s largest energy markets and gain the protection of precious metals in your portfolio.

Our reviewers found that FXChoice does not, however, accept traders from Italy, Spain, North Korea, or Belize.

Trusted regulation in Belize

FXChoice is regulated by the International Finances Services Commission Belize and the broker has been in good standing with the Commission since its inception.

Whilst the IFSCB isn’t considered to be one of the most prestigious regulators in the world, and our experts think that FXChoice could benefit from gaining further licenses, it’s clear that they do operate in a responsible manner.

Beyond having facilitated millions of trades for satisfied traders, they also do everything they can to protect your capital. All clients’ funds are held in segregated accounts, completely separate from the broker’s corporate accounts. This means that there’s no way that FXChoice can trade with your funds, nor can they use them for any company expenses.

Our reviewers also found that FXChoice has its own internal risk management department, which thoroughly monitors every decision and operation the management makes. This ensures that the broker is always in complete compliance with its regulator.

Choose from three different account types

FXChoice offers two primary account types, a Classic account, and a Pro account. Both of these have a minimum deposit limit of $100 and offer leverage up to 200:1, but there are some important differences between the two.

The Classic account trades the usual spread based commissions, while the Pro account charges $3.50 per notional amount of $100,000 traded. Our FXChoice review team feels this gives you the ability to customize trading costs for your specific needs. For example, the Pro account is much better suited to traders who prefer scalping and using robots.

Our team also found that FXChoice offers demo versions of both account types, which allow you to practice your trading free of charge. This is a major benefit of choosing FXChoice, as most brokers don’t offer demo versions of their commission-based accounts.

Benefit from competitive trading costs

Most trading costs at FXChoice are included in the spread or the commissions mentioned previously. That being said you also need to look into rollover fees, which change depending on the market that you are trading. That information is freely available on the website, and for the most part, looks to be a rather standard – neither overly expensive nor cheap in comparison to competitors.

The cost involved in depositing money into your account can vary drastically. For example, if you deposit via wire transfer, there’s a minimum deposit of €3000. While this is not an actual cost, our FXChoice review experts felt it could be somewhat prohibitive to smaller traders.

Trades may also incur costs depending on which method they use to withdraw from their accounts. Wire transfers come with a 0.25% fee, and a minimum charge of $165, for example. E-wallets have much lower costs, and some methods are completely free of fees. Choose your payment method carefully and decide which is the best option for you.

Use secure localized payment methods

At FXChoice you can deposit and withdraw via wire transfer, Skrill, Neteller, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, XRP, Tether, FasaPay, Perfect Money, PaySafeCard, Qiwi, AstroPay, POLi, and VLOAD. The availability of each method depends on your country and the size of your transaction.

Almost all deposits are processed immediately, although wire transfers can take up to 5 days to reach your account. Similarly, withdrawals are processed by FXChoice within 24 hours, but this does not include the time it takes for your preferred payment method to credit your account.

Refer a friend and collect a generous bonus

FXChoice offers traders a generous bonus, on deposits that meet certain conditions. This is a huge advantage of choosing this broker, as bonuses for Forex traders can be hard to come by.

Our review team found that the broker also boasts a refer a friend scheme. Existing traders can earn up to $250 for each person who registers and deposits using their link and the new client will also be rewarded with a one-time welcome bonus.

Make trades with ease using award-winning platforms

Our FXChoice reviewers found that the broker’s website is very intuitive and is offered in eight different languages, including English, Dutch, and Czech. Most of the information that you need can be found quickly and easily and registering for an account is also straightforward.

At FXChoice, you can choose between three trading platforms: MetaTrader 4, MetaTrader 5, and the web-based version of Metatrader. All of these platforms allow you to use EAs and copy trading software.

The broker also supplies all clients with a handful of useful trading tools. These include an economic calendar and virtual private servers for steady trading.

Excellent Mobile Trading Compatibility

With FXChoice, you can use the MetaTrader 4 and 5 mobile applications to trade wherever you are. These are available to both iOS and Android users and are largely considered to be the best mobile trading platforms in the industry.

The website itself functions well from within your mobile browser. You will have complete functionality, which means you can register for an account, make deposits and withdrawals and contact customer service whilst on the go.

An Abundance of Forex Signals to Follow

When we create a broker review, we always look at what education materials are provided. Sadly, our reviewers came back empty-handed at FXChoice.

The broker does not offer any form of training or guides, which is a huge oversight in our eyes. However, FXChoice does allow you to follow trading signals. These are provided by MetaQuotes and they can be used to shadow the trades of professionals.

Reliable Customer Support

One of the biggest advantages of using FXChoice is its excellent customer support services. Should you encounter an issue when using the broker, or simply have a question, you can find help almost instantly.

Our FXChoice review team noted that the broker has an extensive FAQ section, which is both easy to understand and thorough. You can also contact customer service agents via live chat, email, and telephone. Alternatively, you can request a callback at a time that suits you.

All support services are available during market hours, in English, Spanish, Thai, Chinese, Persian, and Russian. Our FXChoice reviewers were extremely pleased with the speed at which their queries were answered and found the staff to be well informed.

Summary of our FXChoice Review

Whilst FXChoice isn’t the largest Forex broker around, their clear commitment to offering a well-rounded trading experience should be celebrated. It’s no wonder they have attracted so many loyal traders in their years of operating.

Our reviewers also found that the relatively small spreads, low commission rates, and excellent bonuses make FXChoice a great place to trade. When paired with the fact that the broker offers a diverse range of markets, including CFDs, this adds up to an environment suitable for both beginner and veteran traders.

The registration process is efficient and minimal, which allows you to get involved straight away. What’re you waiting for? Sign up now to try it for yourself.

FXChoice FAQs

Is FXChoice a regulated broker?

Yes. FXChoice is regulated in Belize by the IFSC.

What account types does FXChoice offer?

Beyond the demo account, FXChoice offers both a standard account, known as a Classic account and a professional account.

Does FXChoice offer a bonus?

FXChoice offers a welcome bonus on deposits that meet certain conditions. They also offer a refferal bonus and the ability to become either an affiliate or a money manager. This gives you a variety of ways to leverage your returns at FXChoice.

What is the minimum deposit at FXChoice?

The minimum deposit at FXChoice is just $100. This allows you as a trader to gain access to several of the world’s largest markets with a very minimal amount of starting capital. This is one of the most appealing aspects of using FXChoice.

Is FXChoice secure?

FXChoice is completely secure. Not only is the broker regulated, but they also have various systems in place to protect your funds. These include segregated client accounts and an internal risk management program.

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