ForexBrokers.com is committed to the highest ethical standards and reviews services independently. Advertiser Disclosure
CMC Markets vs FX Choice (MyChoiceFX) 2020
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
|
|
|
Overall Rating
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
| Overall | ||
| CMC Markets Review | FX Choice (MyChoiceFX) Review | |
| 70.5% of retail CFD accounts lose money | 74-89% of retail CFD accounts lose money |
Regulation
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
| Trust Score | 99 | 54 |
|
Year Founded |
1989 | 2010 |
|
Publicly Traded (Listed) |
Yes | No |
|
Bank |
No | No |
|
Tier-1 Licenses |
4 | 0 |
|
Tier-2 Licenses |
2 | 0 |
|
Tier-3 Licenses |
0 | 1 |
|
Authorised in the European Union |
Yes | No |
Tier-1 Licenses
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
|
ASIC Authorised (Australia) |
Yes | No |
|
IIROC Authorised (Canada) |
Yes | No |
|
SFC Authorised (Hong Kong) |
No | No |
|
FSA Authorised (Japan) |
No | No |
|
MAS Authorised (Singapore) |
Yes | No |
|
FINMA Authorised (Switzerland) |
No | No |
|
FCA Authorised (UK) |
Yes | No |
|
CFTC Registered (USA) |
No | No |
Investments
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
|
Forex: Spot Trading |
Yes | Yes |
|
Social Trading / Copy-Trading |
Yes | Yes |
|
Currency Pairs (Total Forex pairs) |
180 | 38 |
|
CFDs - Total Offered |
9848 | 12 |
|
Cryptocurrency traded as actual |
No | No |
|
Cryptocurrency traded as CFD |
Yes | Yes |
| Offering of Investments | ||
| Winner | check_circle |
Cost
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
|
Average Spread EUR/USD - Standard |
0.81 (as of Oct 19) | N/A |
|
All-in Cost EUR/USD - Active |
0.81 (as of Oct 19) | N/A |
|
Active Trader or VIP Discounts |
Yes | Yes |
| Commissions & Fees | ||
| Winner | check_circle |
Funding
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
|
Minimum Initial Deposit |
$0.00 | $100 |
|
Bank Wire (Deposit/Withdraw) |
Yes | Yes |
|
Visa/Mastercard (Credit/Debit) |
Yes | Yes |
|
PayPal (Deposit/Withdraw) |
Yes | No |
|
Skrill (Deposit/Withdraw) |
No | Yes |
Trading Platforms
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
|
Proprietary Platform |
Yes | No |
|
Desktop Platform (Windows) |
Yes | Yes |
|
Web Platform |
Yes | Yes |
|
Social Trading / Copy-Trading |
Yes | Yes |
|
MetaTrader 4 (MT4) |
Yes | Yes |
|
MetaTrader 5 (MT5) |
No | Yes |
|
cTrader |
No | No |
Trading Tools
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
|
Virtual Trading (Demo) |
Yes | Yes |
|
Alerts - Basic Fields |
Yes | Yes |
|
Watchlists - Total Fields |
8 | 7 |
|
Charting - Indicators / Studies (Total) |
79 | 51 |
|
Charting - Drawing Tools (Total) |
24 | 31 |
|
Charting - Trade From Chart |
Yes | Yes |
|
Charting - Drawings Autosave |
Yes | Yes |
|
Order Type - Trailing Stop |
Yes | Yes |
| Platform & Tools | ||
| Winner | check_circle |
Mobile Trading
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
|
Android App |
Yes | Yes |
|
Apple iOS App |
Yes | Yes |
|
Trading - Forex |
Yes | Yes |
|
Trading - CFDs |
Yes | Yes |
|
Alerts - Basic Fields |
Yes | Yes |
|
Watch List |
Yes | Yes |
|
Watch List Syncing |
Yes | No |
|
Charting - Indicators / Studies |
23 | 30 |
|
Charting - Draw Trend Lines |
Yes | Yes |
|
Charting - Trend Lines Moveable |
Yes | No |
|
Charting - Multiple Time Frames |
Yes | Yes |
|
Charting - Drawings Autosave |
Yes | Yes |
|
Forex Calendar |
Yes | No |
| Mobile Trading | ||
| Winner | check_circle |
Research
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
|
Daily Market Commentary |
Yes | No |
|
Forex News (Top-Tier Sources) |
Yes | Yes |
|
Weekly Webinars |
Yes | No |
|
AutoChartist |
No | No |
|
Trading Central (Recognia) |
Yes | No |
|
Delkos Research |
No | No |
|
Social Sentiment - Currency Pairs |
Yes | No |
|
Economic Calendar |
Yes | Yes |
| Research | ||
| Winner | check_circle |
Education
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
|
Has Education - Forex |
Yes | No |
|
Has Education - CFDs |
Yes | No |
|
Client Webinars |
Yes | No |
|
Client Webinars (Archived) |
Yes | No |
|
Videos - Beginner Trading Videos |
Yes | No |
|
Videos - Advanced Trading Videos |
Yes | No |
|
Investor Dictionary (Glossary) |
Yes | No |
| Education | ||
| Winner | check_circle |
Major Forex Pairs
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
|
GBP/USD |
Yes | Yes |
|
USD/JPY |
Yes | Yes |
|
EUR/USD |
Yes | Yes |
|
USD/CHF |
Yes | Yes |
|
USD/CAD |
Yes | Yes |
|
NZD/USD |
Yes | Yes |
|
AUD/USD |
Yes | Yes |
Overall
| Feature | CMC Markets | FX Choice (MyChoiceFX) |
| CMC Markets Review | FX Choice (MyChoiceFX) Review | |
| Overall | ||
| Winner | check_circle |
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. CMC Markets's score is 5.00 stars versus FX Choice (MyChoiceFX)'s 2.50 stars.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. CMC Markets is regulated in a major hub while FX Choice (MyChoiceFX) is not. CMC Markets is a publicly traded company, while FX Choice (MyChoiceFX) is not. As far as how many currency pairs are available for trading, here's the answer. CMC Markets boasts an offering of 180 different currency pairs compared to FX Choice (MyChoiceFX)'s 38 available pairs.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. CMC Markets and FX Choice (MyChoiceFX) both offer Meta Trader. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. FX Choice (MyChoiceFX) offers its clients access to 31 charting tools while CMC Markets has 24 charting tools, a difference of 7. CMC Markets offers its clients access to 79 different indicators (for example, volume) while FX Choice (MyChoiceFX) has 51 available indicators, a difference of 28.
CMC Markets Review
FX Choice (MyChoiceFX) Review
Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/15/2020 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.
The names, products, services, branding/logos, and other trademarks or images featured or cited within this Website (www.forexbrokers.com) are the property of their respective owners and the owners retain all legal rights therein. These trademark holders are not affiliated with ForexBrokers.com and the use or display of names, trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, or endorses ForexBrokers.com or any of its reviews, products, or services. ForexBrokers.com declares no affiliation, sponsorship, nor any partnership with any trademark holders unless otherwise stated.
