Are you looking for a regulated broker to cater to your trading needs? If you haven’t heard of FXChoice yet, don’t worry, we’re here to help you uncover whether this company is a reliable partner or a potential scam. With over 10 years of experience in the industry, this broker has been offering its services to traders worldwide. In this review, we will delve into its features, trading conditions, customer support, and more. So, let’s find out if this company is the right choice for you.
Table of Contents
Highlights
| 🏛️ Country | Belize, St. Vincent and the Grenadines |
| ⚠️ Regulation | Financial Services Commission of Belize |
| 🖥️ Website | https://en.myfxchoice.com/ |
| 🎲 Demo Account | Yes |
| ⏳ Start Time | 2011 |
| 💲 Minimum Deposit | $10 |
| ⚖️ Minimum and Maximum Leverage | 1:1-1:1000 |
| ⚙️ Trading Platform | MT4, MT5 |
| — | |
| 📞 Phone | +52 556 826 8868 |
First Impression of Myfxchoice.com
Upon visiting the official website, you’ll be greeted with a visually appealing design that combines simplicity and allure. The website’s user-friendly interface ensures effortless navigation, allowing visitors to explore the various sections with ease. The thoughtful organization of information provides a comprehensive overview of the broker’s services, features, and trading offerings.
One notable aspect that sets FXChoice apart is its commitment to transparency when it comes to legal information. The website prominently displays the broker’s licensing and regulatory details, making it clear that they operate within the established legal framework.
Partnership and Bonuses
The broker offers an extensive partner program that may pique your interest. They provide various options.
- Lot Rebate Plan. Under this plan, you have the opportunity to earn up to $10 for every lot traded by your referred clients. This means that for each lot your referral trades, you can receive a commission of up to $10. It’s an attractive incentive for those who can refer active traders to the broker.
- CPA. With the CPA plan, you can earn $25 for every $100 deposit made by your referred clients. This can be quite lucrative, especially considering the potential earnings. For instance, if your referral deposits $4,000, you can earn a maximum commission of $1,000.
- Hybrid Plan. The hybrid model combines elements of both referral and trading volume rewards. While specific details of this plan are not provided upfront, since they are tailored individually, it offers the opportunity for additional incentives based on the volume traded by your referrals. This means that as your referrals actively trade, you can earn certain rewards in addition to the initial referral commission.
Also, FXChoice offers a 50% bonus on the initial deposit as a welcome offer. Additionally, for deposits made in cryptocurrency, they provide a 65% bonus.
Account Opening on Myfxchoice.com
The account opening process here is standard and involves a few simple steps. To begin, you will need to provide your contact details and enter a verification code that will be sent to your registered phone number. Once you have completed this step, you will gain access to the Client Portal.
However, it’s important to note a potential drawback in this process. The broker does not provide the option to choose the specific branch or division where you can open your account.
Verification
The verification process at FXChoice is mandatory, as the broker operates under proper licensing regulations. Traders must submit a valid government-issued identification document, such as a passport or driver’s license. This document is used to verify the trader’s identity and ensure that they are of legal age to participate in trading activities.
Next, traders need to provide proof of address, typically in the form of a recent utility bill, bank statement, or government-issued document. In some cases, the company may request additional documentation to further verify the trader’s identity or address.
- Convenient uploading form.
- The broker does not indicate how long the verification will last.
Trading Software
Traders at FXChoice have the advantage of choosing from the highly regarded MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. MT4 is widely recognized for its robustness and comprehensive suite of technical analysis tools. Traders appreciate its stability and the wide range of indicators and charting capabilities it offers.
MT5, the successor to MT4, takes the strengths of its predecessor to new heights while introducing additional features. It provides traders with an expanded selection of asset classes. MT5 also boasts improved execution speeds and enhanced market depth, allowing for faster and more precise trading decisions.
| Features | Considered Broker | NPBFX | IC Markets |
|---|---|---|---|
| Demo Account | ✔️ | ✔️ | ✔️ |
| Mobile App | ✔️ | ✔️ | ✔️ |
| Own Development | ❌ | ❌ | ✔️ |
How Can I Trade With FXChoice?
Registered clients have the opportunity to trade CFD contracts and currencies, providing them with a diverse range of trading options. Let’s delve into the details of the broker’s offerings.
All Info About Accounts
FXChoice offers three types of trading accounts: Classic, Optimum, and Pro. These accounts differ in terms of spread sizes, commissions, and leverage options. The Optimum account, in particular, provides higher leverage of up to 1:1000, allowing traders to amplify their trading positions. However, it’s important to note that the Optimum account also comes with wider spreads, starting at 1.5 pips.
The minimum deposit requirements vary depending on the account type, starting from $100 for all three accounts. However, the Optimum account allows for deposits as low as $10, offering greater flexibility for traders with smaller initial investments. It’s worth mentioning that all three account types operate on the NDD (No Dealing Desk) execution model, ensuring efficient and transparent order execution. FXChoice does not impose any restrictions on the instruments available for trading, giving clients access to a wide range of financial assets. Traders can explore various markets and diversify their portfolios according to their preferences and trading strategies.
It is important to highlight that while the Pro account offers the tightest spreads, there is also a commission applied, starting from $3.5 per lot traded (or $1.5 for traders dealing with larger volumes).
- Low minimum deposit.
- High leverage.
Market Analysis and Education With Myfxchoice.com
In addition to its core trading services, the broker provides a range of valuable additional features and services to enhance the trading experience of its clients. One notable feature is the availability of auto trading capabilities. FXChoice offers various autotrading solutions, allowing traders to automate their trading strategies and execute trades automatically. This feature is particularly beneficial for those who prefer a hands-off approach or want to take advantage of expert advisors and trading algorithms.
Furthermore, the company provides a comprehensive research center that encompasses a wealth of market-related resources. Within this research center, traders can access market news updates, trading signals, an economic calendar, and other relevant information.
Deposit, Withdrawal, and Fees
FXChoice offers a variety of methods for deposits and withdrawals. You can use bank cards, electronic payment systems, and even cryptocurrency. Additionally, the broker allows you to fund your account in five different national currencies. Moreover, for deposits made through certain payment systems, they even provide bonuses.
| Features | Considered Broker | Axi | Oanda |
|---|---|---|---|
| Debit/Credit Cards | ✔️ | ❌ | ✔️ |
| Electronic Payments | ✔️ | ✔️ | ✔️ |
| Crypto Transfers | ✔️ | ❌ | ❌ |
| Deposit Fee | ❌ | ❌ | ❌ |
| Withdrawal Fee | ❌ | ✔️ | ✔️ |
How Can I Contact It?
FXChoice provides a comprehensive range of communication options, ensuring convenient access for their clients. The firm features a dedicated contact center where you can seek assistance for any issue you may encounter. In addition to that, they offer live chat support, email communication, and other channels.
However, it’s important to note that this broker does not have a physical office location, and the addresses provided are likely legal addresses used for registration purposes.
- Full contacts.
- No real office.
Is FXChoice Dangerous?
When assessing a broker, it is crucial to examine its security measures in addition to trading conditions. In the following section, we will delve into the safety aspects of this market maker.
How Long Does The Broker Work?
Its team proudly claims to have been operating for 9 years, a statement that aligns with the broker’s domain registration in 2011, as verified by web archives. This indicates that the broker has indeed been in operation for over a decade.
How Is FXChoice Regulated?
In terms of legitimacy, the company is registered in both Belize and Saint Vincent and the Grenadines. It has obtained a license in Belize. However, it is important to note that the regulatory standards in this jurisdiction are generally more lenient towards forex brokers compared to their European counterparts. As for Saint Vincent and the Grenadines, this jurisdiction does not license brokers at all, meaning that there is no regulatory oversight over FXChoice’s operations in this branch. This is a crucial consideration when deciding whether to collaborate with this broker, especially considering that it does not provide the option to choose the branch for opening an account.
| Features | Considered Broker | Oanda | Vantage |
|---|---|---|---|
| European Zone | ❌ | ✔️ | ✔️ |
| Asian Zone | ❌ | ❌ | ❌ |
| American Zone | ❌ | ❌ | ❌ |
| African Zone | ❌ | ❌ | ❌ |
| Offshore | ✔️ | ✔️ | ✔️ |
Frequently Asked Questions (FAQ)
How to Trade With FXChoice?
Is FXChoice Legit?
How Risky Is It?
Kevin Berry Alright, here’s the deal: the broker has got its licenses in place, but I’ll be honest with you, I’m not exactly thrilled about offshore regulators. These guys might have their paperwork sorted, but they don’t exactly have the same level of oversight as the big shots in the industry. It’s like having a driver’s license from a tropical island where traffic rules are more like suggestions. Sure, it’s technically valid, but you can’t help but raise an eyebrow.
But hey, let’s not get too worked up about it. Trading is a wild ride no matter where you go. That being said, if you’re willing to take on the offshore adventure, FXChoice offers its services and licenses are part of the package. Just remember, the road might be a little less traveled, and you’ll need to keep your wits about you.
FXChoice rating
3 reviews about FXChoice
They respond like turtles, providing template answers to questions. It feels like you’re talking to a bot. I just don’t understand how companies can have such problems. It’s your reputation at stake. Why would you act like this???
In general, I’ve been trading with them for a month, and the conditions deteriorated as soon as I opened the account and started trading. The order of execution is terrible. I mean it. The commissions are high. Overall, I do not recommend trading with this company. You’ll only invite trouble.
Unfortunately, I can’t say anything good about FXChoice. I strongly advise beginner traders with small deposits not to get involved with them. Even if you’re working with signals from a private channel, you’ll lose your funds in no time. Their team of analysts is quite peculiar. They often provide signals against the trend. Also, it took me four days to receive the remaining balance of my funds. Protect your savings and, of course, your well-being.
It is guilty of misappropriation of their clients’ funds. I have $4,500 in my account, but I can’t withdraw it! My withdrawal request has been pending since May. I’ve tried every possible option, but no one wants to help me! They’ve ignored all my inquiries! I’ll be reporting them to the authorities!