Other websites of this company include FXChoice.com
MyFXChoice is a forex broker. My FX Choice offers the MT4, MT5 and MT Mobile trading currency platforms. MyFXChoice.com offers currency pairs, metals and cfds for your personal investment and trading options.
Corner Hutson & Eyre Street, Blake Building, Suite 302,Belize City, Belize
VISA, MasterCard, AstroPay, Bitcoin, ePayments, Ether/Ethereum, FasaPay, Neteller, PaySafe Card, PerfectMoney, Poli, Qiwi, Rapid Pay, Skrill, UnionPay
Bitcoin, Ether/Ethereum, FasaPay, Neteller, PerfectMoney, Skrill
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 industrys best.
Let other traders know if this service is worth checking or should be avoided.
When i have say 0.10 se running and i close 0.05 they practically take my order far below wondering why they do that. The corresponding profit for a 0.05 should be closed and my entry position should remain intact.
Stay away if you want to trade Cryptocurrency
Ive been with FXChoice for months now and I honestly dont know why I stuck with them for so long as most of my trading is with cryptocurrencies.
First of all, they close down their services every day from 5pm (EST) to 6:30PM and you cannot trade during this time. Stop losses are not honored if a trade goes against you during this time and instead when market re-opens you are forced to take whatever loss you are stuck with.
Secondly, they close down completely on weekends, which is another opportunity to get screwed out of any open trades you have, and not honor your stop loss level when markets re-open.
Thirdly, their spreads are ridiculous. Bitcoin has a spread of about $45 during quiet hours and as high as $80 during times of volatility. This is absurd. There is no reason for a $45 spread during quiet market hours.
As many know, cryptocurrency markets never sleep and are active 24/7. So any broker offering cryptocurrency trading needs to understand that these instruments must be available to trade 24/7. This is why I am leaving FXChoice and will no longer trade on their service. Until they offer 24/7 trading on cryptocurrency, I will no longer use them.
Thanks for your review. Were very sorry to hear your negative take on our crypto offering.
According to our records and in our defence you made several very high-risk trades and were stopped out on a couple of occasions. Clients trade at their own risk and are personally responsible for their activity.
Unfortunately, we cannot offer crypto around-the-clock because we offer CFDs in crypto, not the underlying assets themselves. We are a regulated brokerage firm, not a cryptoexchange.
The trading times are published on our website and are available in your MetaTrader terminal. We assume that anybody who trades a CFD with us has fully acquainted themselves with its trading times.
You have also criticised our spreads. That is completely your opinion and we respect that, but we believe our spreads are competitive.
We are very happy with our crypto CFD products, as are our clients.
Thanks for your positive review of our company. Keeping live chat waiting times low is an important part of our business and were glad to see our endeavour recognised in this area.
Re: support and trading conditions – this broker still remains top-notch, with no doubt. True professionals.
BUT, their deposit/withdrawal options are getting even WORSE every month. When I posted my first review a few months ago, there was the option to use ePayments or Bank-wire.
Situation now? No ePayments anymore, no bank wire for EU clients anymore, no credit cards!!!!????
1. bitcoin – I use Coinbase wallet, 7.5% for converting EUR to BTC and the same when converting back = ridiculous
2. SticPay – minus 5% fee on withdrawals, and 1% on depo = I am -6% minus on costs before I even start trading with you:-)
3. vLoad – pretty much the same – 2-4% fee on Vouchers, then 0.2% when cash-out
4. PerfectMoney – 0.5% to transfer to FxChoice, from 2.85% + bank fee when withdrawing
Aug 5, 2019 – 5 StarsThis broker is ok, seems legit even in the offshore jurisdiction.
However, one thing really annoys me a LOT and it needs STRONG improvement – their withdrawal options.
I deposited by a credit card, but they dont allow CC withdrawals. Strange money can go IN but it cant go OUT the same way. They also dont allow bank wires which should be absolute standard and minimum. They used , but again, its not valid anymore.
With FxChoice you have no CHOICE to withdraw your money, except very inconvenient Crypto exchanges.
Reply by George submitted Aug 6, 2019Dear Mick81,
Thanks for your 5* review. We are pleased that youve had a very positive experience with us.
You say that we need to improve our deposit and withdrawal options. We can assure you that we are working very hard to make deposits and withdrawals easier.
Your claim that it is not possible to withdraw the same way you deposited has confused us though. In fact, our clients should normally withdraw the same way as they deposited. However, we do not permit withdrawals via bank card for EU citizens due to regulatory restrictions. If you have any questions about withdrawing, please get in touch with us and we can advise you of the best way to withdraw.
Also, we do offer bank transfers. The minimum amount is USD 1000. If your balance was less than this amount, the option would not have been available to you in Backoffice.
Were sorry that you have felt the need to downgrade. Although we understand your frustration, we are working hard to provide the best we can on deposits/withdrawals for all clients: for the EU as well as the rest of the world.
I have watched FXCHOICE for years before I ever decided to become a patron. THey have endured numerous financial collapses, I have had hundreds of thousands of dollars deposited with them and have not had any real issues receiving funds. Their customer service is excellent & very responsive. I HIGHLY recommend.
Note: this is coming from someone who has been trading FOREx for over 11 years, and have had accounts with a number of other brokers.
Thank you so much for your 5* review of our services. We truly appreciate your loyalty and trust over the years youve been interested in us, and we hope for many more!
According to Greens 2019 Trader Tax Guide: Summary reporting is used for forex trades, and brokers offer online tax reports. Spot forex brokers arent supposed to issue Form 1099-Bs at tax time. Section 988 is realized gain or loss, whereas with a capital gains election into Section 1256(g), MTM treatment should be used. The last sentence refers to two options for reporting forex gains or losses.
I have found a lot of valuable information for U.S. taxpayers who are forex traders on the site of Robert A. Green, CPA: The Trader Tax Guide is for sale, but a lot of information is provided free in blogs and webinars.
FX Choice now provides statements for MT4 accounts on their website, so it is no longer necessary to receive them over unencrypted e-mail. They plan to offer this for MT5 accounts in the future. LMFX does not offer secure statement downloads at all. (I think that in even of an audit by the IRS, a statement produced by the broker would be given more weight than one created by the client in MT4 or MT5.)
I have suggested to FX Choice that they secure all e-mail communication by sending e-mails to clients through a secure platform such as . Then clients can open their own Tutanota account, and all e-mail received from the broker will be automatically encrypted. FX Choice has not replied to my suggestion yet.
Sep 25, 2019 – 4 StarsI requested another withdrawal on 23 Sept. in the evening and it arrived in my other brokers account this morning, less than 36 hours after I had requested it. For this withdrawal FX Choice graciously waived the 1% currency conversion fee and the 150 wire fee. I very much appreciate their making up for a situation which was not of their making (no longer being able to process deposits and withdrawals in USD).
Sep 13, 2019 – 4 StarsAbout a week ago I attempted to make my first withdrawal the same way I funded my account only 1 months agoby wire transfer of USD to my checking account with a U.S. bank. Only in the process of requesting the withdrawal in their Back Office on their website did I discover that FX Choice no longer processes deposits or withdrawals by wire transfer in USD. In order to withdraw funds by wire transfer, I would have to convert the USD in my account to another currency. My first complaint is that FX Choice did not notify me of this change in their policy when it took place. In fact, their website still indicated that wire transfers in USD were possible; since then, the pertinent page has been updated (
My second complaint is that it has been very complicated and time-consuming to figure out the best way to withdraw funds, now that I have to first convert to another currency (I chose EUR) and then convert back. I have had several chats with their reps and a few e-mails. They could not tell me their charge for a currency conversion. When I did one from my trading account to a Wallet I created in their Back Office to hold EUR, the amount I received was 1.5% less than if the conversion had occurred at the rate available for trading. Of course, there is now going to be another fee on my end to convert EUR back to USD, which I am trying to minimize. (I would expect FX Choice to charge for currency conversion, but I would also expect their reps to be able to tell a customer what the charge is, i.e., the difference between their conversion rate and mid-market. And I think 1.5% is high. I believe Fidelity, for example, charges 1%.) After entering the wire instructions and confirming the request on their website, I received an e-mail saying the status of my request had been updated to details required. Logging on did not tell me what they needed, and the Chat operator, after a lengthy chat, because she could not understand my question, still could not tell me what they needed. She said I should send them an e-mail and wait up to 24 hours to find out.
Several hours later, I received an e-mail telling me the issue was that they needed me to add my address to the comments section of the wire instructions and add for further credit to in front of my name and account number with the broker. I was having the funds in EUR wired to a broker who would convert them back to USD for a very low fee. When they first told me I had to withdraw in another currency, I asked if I could withdraw to this broker instead of to the bank from which I had funded the account, as the bank would have charged much more. I appreciated that they allowed this, but in their reply they should have given instructions as to what they wanted in the wire instructions, and they should have told me what they wanted when they generated the e-mail that simply said details required. This delayed the withdrawal one day.
On the positive side, once I received the new instructions in the evening and responded immediately, they processed the wire in the middle of the night U.S. time, and the euros which were sent from FX Choices bank in Austria were received in my brokers bank account about 9 hours later, mid-day U.S. time.
I would have rated them 5-stars for the rest of my experience, but the difficulty with a withdrawal and their failure to notify customers of the change brings my rating down at least one star.
Reply by George submitted Sep 13, 2019Dear Aranciata,
Thank you for taking the time to write a positive review, despite your issues with USD wire transfers.
Indeed youre right. Due to circumstances completely beyond our control, we had to stop USD wire transfers at extremely short notice. We have been working frantically to get them reinstated.
Because we were working so hard under the assumption wed soon have USD wires back in place; we didnt want to upset our clients with a distressing email about their absence. The same goes for the Knowledge Base article you quoted.
All this being said, we have now amended our website text to reflect the reality that we currently do not offer USD wires. We are deeply sorry about this.
Thank you also for bringing to our attention that Customer Service was unable to provide you with the answers you needed. We are taking the necessary steps to ensure this doesnt happen again.
We encourage you to contact us so we can find you in our system and understand your situation a little clearer. We may well have a workaround.
Ive been with FXChoice since the beginning of 2016 and to those wondering if FXChoice is a good broker, thats an understatement. It is a great broker!
There are plenty of reasons this broker has a high rating.
Customer Service: Email response is very fast and professional. If you have problems, you can call them and they speak fluent english. Job gets done. And quickly.
You can open different account types with different currency denomination! Hodling on XRP? Take it to FXChoice and trade it while its value grows! mAU(gold)? Majors? Silver? Bitcoin? No problem! They have it!
Negative balance protection just in case that CHF goes wild like donkey kong again in 2015.
Segregated accounts anyone? They make your money feel like theyre in a 5 star hotel! The commisions and spread are reasonably priced as well.
Do they manipulate price? Im not really sure. I had a problem once on start of week Daily trade, I took a sell limit order and waited. When price hit the limit order and went well beyond my level, my trade did not trigger and the price fell down hitting my TP. I called them what was up and they said Its the start of the week and the ask/bid prices naturally volatile in the beginning. You should email us with a trade dispute. BUT I SAW WITH MY TWO EYES THAT THE PRICE WENT WELL ABOVE MY LIMIT ORDER! It went well over 20 pips! ON A MAJOR PAIR! BUT! After a day or two, they sent some money to my account. That just shows a five star customer service!
The only problem I have with them is Deposit/Withdrawal options. As a US client, the options are so small. Vload is pain in the 4ss setting up. They need to up their game on that department! Funding accounts with crypto was the easiest though.
What do I want to see improved in FXChoice to earn that one last star? Order of importance:
1. To be able to withdraw with any type of method regardless of the deposit method. Increase Deposit/Withdrawal options.
2. A nano(0.001) lot size to accurately size your trades! PLENTY OF TRADERS LOOKING FOR THIS!!! No joke!
3. How about an option to get Tax Forms like 1099?
4. Increase in crypto pairs to trade like XRPUSD, XRPEUR, XRPCAD, XRPCHF…
Tbh, this broker is underrated. More US traders need to know about this broker. Id be the happiest man alive if they can fulfill the 5 things I listed.
Thanks for your detailed and positive review of our services. We are fortunate to have such loyal clients like yourself.
We are always looking to upgrade services. But lets tackle your suggestions one by one, so we can be as detailed as you have been:
1) If we were to allow people to withdraw via a different method than they deposited, this could significantly increase our exposure to money laundering, falling foul of our regulatory obligations. We pay close attention to Know Your Customer (KYC) procedures to ensure our Anti-Money Laundering (AML) is solid. We do not envisage an environment when we will be able to offer what youve suggested. Sorry about that.
2) We do not provide nano-accounts, but this is something we are considering. We cant promise anything yet, but it is somewhere far upstream in the planning phase.
3) This request is fundamentally impossible. We are not a US-based entity. Tax reporting is the sole responsibility of the trader.
4) Yes, we are planning more crypto pairs to be released soon. Watch your inbox for release details/dates.
5) Again, this is under consideration. Some much of what we offer depends on our liquidity providers (LP).
Now, we can also assure you that WE DO NOT MANIPULATE PRICES. The prices you see come directly from our LPs.
Thanks for your 5* review. We make no secret of the fact that excellent customer service is the foundation of our business; we try to get the simple things right, and everything else follows.
Youve been with us for 2 years, but we hope for many more.
This is an update to my recent review. Paul from FX Choice called me on my cellphone to explain why U.S. bank wire withdrawals are no longer possible. Im not going to give as many details as was given to me, but it appears that the decision was made by their bank and not FX Choice. Paul went on to explain that the clients money is kept in a single segregated account and not in an account used by FX Choice for day-to-day operational expenses. Ive been trading forex since 2006 and I know the horror stories of past brokers who went bust and took the clients money down with them due to non-segregated accounts. I feel better about the money I have in my account. As for the withdrawal, I transferred $10K today to my cryptocurrency account via XRP. I did a test-run with just 100 dollars and it took about 26 minutes for it to show up in my Bitstamp crypto account. I then transferred $10K and it took about 1 hour and 15 minutes. My account is still open and I will continue to trade with FX Choice as my broker. Ive changed by rating to 4 stars.
Oct 8, 2019 – 1 StarThe good: FX Choice has decent spreads. Not the worst. Not the best. Trade execution is good. Minimal down-time for the server.
The bad: Some of the reviews below have already pointed this out, but I will reiterate the unfortunate truth. If you are a U.S. citizen with U.S. dollars, stay away from FX Choice. You will get absolutely slaughtered when its time to withdraw your money. You can only get your money transferred to your bank account by first having your USD converted to EUR. On the withdrawal page, you can enter the amount of USD that you wish to withdraw and it will show you how many EUR you are going to receive. Im going to give the exact steps from their withdrawal web page so that no slick talker from FX Choice can try to deny what I am saying. I just input $10,000 as the amount to withdraw. The calculation that immediately pops up is 8826 EUR. $10K divided by 8826 =1.13301. I have my FX Choice MT4 open. The EUR USD at this very moment is 1.09764. Thats a difference of 353 pips. On a $10K withdrawal, thats a cost of $353 just for the spread. There is a flat fee of EUR 150 which converts to about $165. Total cost for the FX Choice portion of this withdrawal: $353 + $165 = $518. But WAIT ! Its not over. After the EUR funds arrive at your U.S. bank account, you are going to pay an average of 2-5% to get these EUR converted back to USD. I will use 3%: EUR 8826 X 3% = EUR 265. This equates to about $288 (1.09 X 265 = $288). Total cost for the transfer of $10K from FX Choice to your U.S. bank account: $518 + $288 = $806. Thats right! Youre going to lose over $800 to transfer $10,000. FX Choice makes the paycheck loan shark businesses like Payday Loans look like angels in comparison to the rates charged by FX Choice. The excuse given by FX Choice is that their bank can no longer make wire transfers in USD to U.S. bank accounts. GIVE ME A BREAK. Their bank can act as an FX liquidator for the EUR USD on their MT4 for a charge of .5 pips. But when it comes time to withdraw your money, your account gets destroyed with horrible spreads and fees. Ill be checking back in with FPA to see what kind of reply FX Choice would like to add to this review. Im sure it will be a carbon-copy of what weve already heard: FX Choice is always working hard to add withdrawal methods for U.S. bank transfers. LOL
As for the option of converting my USD to crypto, it still equates to HUNDREDS of U.S. dollars to make the conversion of $10K from my FX Choice account to crypto and then BACK to USD. Ive already proven that I know how to use a 4-function calculator in the paragraph above. If FX Choice tries to debate these horrible crypto fees, I will return here with a follow-up to this review to give copy-and-paste calculations from their withdrawal page.
Lastly, I want to copy-and-paste an outright lie from their Deposits and Withdrawal web page. See the next two paragraphs:
Accounts can be opened in USD, EUR, GBP, CHF, AUD, CAD, Gold, Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP.
Attention: To avoid any unexpected charges and fees, we recommend that you primarily deposit and withdraw funds into and out of your account in the same currency as the currency of your trading account.
Thanks for writing a review about our company.
Were having difficulty finding you in our system. We have no record of a trade dispute being logged recently from an RSA-based client.
Could you please contact us via our live chat function so we can get to the bottom of the problem or send an email to with the trade details you are referring to?
As a note to other clients, we assure you that we do not manipulate trades.
Trading FX or CFDs on leverage is high risk and your losses could exceed deposits.