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FX Choice (MyChoiceFX) vs Interactive Brokers 2019

Is FX Choice (MyChoiceFX) better than Interactive Brokers? After grading the best forex brokers on nearly 100 different variables, Interactive Brokers is better than FX Choice (MyChoiceFX). Professional traders and highly experienced investors looking for a complete multi-asset broker will find Interactive Brokers offers a comprehensive platform with competitive fees across multiple global financial markets.
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 FX Choice (MyChoiceFX) Interactive Brokers
Overall 2.5 4
FX Choice (MyChoiceFX) Review Interactive Brokers Review
74-89% of retail CFD accounts lose money 63.5% of retail CFD accounts lose money

Regulation

Feature FX Choice (MyChoiceFX) Interactive Brokers
Trust Score 54 91
Year Founded
2010 1977
Publicly Traded (Listed)
No Yes
Bank
No No
Tier-1 Licenses
0 5
Tier-2 Licenses
0 0
Tier-3 Licenses
1 0
Authorised in the European Union
No Yes

Tier-1 Licenses

Feature FX Choice (MyChoiceFX) Interactive Brokers
ASIC Authorised (Australia)
No No
IIROC Authorised (Canada)
No Yes
SFC Authorised (Hong Kong)
No Yes
FSA Authorised (Japan)
No Yes
MAS Authorised (Singapore)
No No
FINMA Authorised (Switzerland)
No Yes
FCA Authorised (UK)
No Yes
CFTC Registered (USA)
No Yes

Investments

Feature FX Choice (MyChoiceFX) Interactive Brokers
Forex: Spot Trading
Yes Yes
Social Trading / Copy-Trading
Yes No
Currency Pairs (Total Forex pairs)
38 105
CFDs - Total Offered
12 7400
Cryptocurrency traded as actual
No No
Cryptocurrency traded as CFD
Yes Yes
Offering of Investments 2 4.5
Winner check_circle

Cost

Feature FX Choice (MyChoiceFX) Interactive Brokers
Average Spread EUR/USD - Standard
N/A N/A
All-in Cost EUR/USD - Active
N/A N/A
Active Trader or VIP Discounts
Yes Yes
Commissions & Fees 2.5 4
Winner check_circle

Funding

Feature FX Choice (MyChoiceFX) Interactive Brokers
Minimum Initial Deposit
$100 $0
Bank Wire (Deposit/Withdraw)
Yes Yes
Visa/Mastercard (Credit/Debit)
Yes No
PayPal (Deposit/Withdraw)
No No
Skrill (Deposit/Withdraw)
Yes No

Trading Platforms

Feature FX Choice (MyChoiceFX) Interactive Brokers
Proprietary Platform
No Yes
Desktop Platform (Windows)
Yes Yes
Web Platform
Yes Yes
Social Trading / Copy-Trading
Yes No
MetaTrader 4 (MT4)
Yes No
MetaTrader 5 (MT5)
Yes No
cTrader
No No

Trading Tools

Feature FX Choice (MyChoiceFX) Interactive Brokers
Virtual Trading (Demo)
Yes Yes
Alerts - Basic Fields
Yes Yes
Watchlists - Total Fields
7 494
Charting - Indicators / Studies (Total)
51 121
Charting - Drawing Tools (Total)
31 9
Charting - Trade From Chart
Yes Yes
Charting - Drawings Autosave
Yes Yes
Order Type - Trailing Stop
Yes Yes
Platform & Tools 3 4
Winner check_circle

Mobile Trading

Feature FX Choice (MyChoiceFX) Interactive Brokers
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
No Yes
Charting - Indicators / Studies
30 70
Charting - Draw Trend Lines
Yes No
Charting - Trend Lines Moveable
No No
Charting - Multiple Time Frames
Yes Yes
Charting - Drawings Autosave
Yes Yes
Forex Calendar
No No
Mobile Trading 2.5 4
Winner check_circle

Research

Feature FX Choice (MyChoiceFX) Interactive Brokers
Daily Market Commentary
No Yes
Forex News (Top-Tier Sources)
Yes Yes
Weekly Webinars
No No
AutoChartist
No No
Trading Central (Recognia)
No Yes
Delkos Research
No No
Social Sentiment - Currency Pairs
No No
Economic Calendar
Yes Yes
Research 2.5 3.5
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Education

Feature FX Choice (MyChoiceFX) Interactive Brokers
Has Education - Forex
No Yes
Has Education - CFDs
No Yes
Client Webinars
No Yes
Client Webinars (Archived)
No Yes
Videos - Beginner Trading Videos
No No
Videos - Advanced Trading Videos
No Yes
Investor Dictionary (Glossary)
No Yes
Education 2 4
Winner check_circle

Major Forex Pairs

Feature FX Choice (MyChoiceFX) Interactive Brokers
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 FX Choice (MyChoiceFX) Interactive Brokers
FX Choice (MyChoiceFX) Review Interactive Brokers Review
Overall 2.5 4
Winner check_circle
Our ForexBrokers.com team spent several months and hundreds of hours assessing 28 different forex broker accounts for trading FX. In total, over 2,200 data points were collected. For this review, we will compare FX Choice (MyChoiceFX) vs Interactive Brokers.

To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. Interactive Brokers received a rating of 4.00 stars over FX Choice (MyChoiceFX)'s 2.50 stars.

Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. Interactive Brokers is regulated in a major hub, FX Choice (MyChoiceFX) isn't. Interactive Brokers is a publicly traded company, FX Choice (MyChoiceFX) isn't. How many currency pairs are available to trade? FX Choice (MyChoiceFX) trails Interactive Brokers by 67 total currency pairs (for example, EUR/USD), with Interactive Brokers offering 105 and FX Choice (MyChoiceFX) offering 38.

To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. FX Choice (MyChoiceFX) offers Meta Trader while Interactive Brokers does not. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. FX Choice (MyChoiceFX) boasts an offering of 31 charting tools compared to Interactive Brokers's 9 available charting tools. Interactive Brokers offers its clients access to 121 different indicators (for example, volume) while FX Choice (MyChoiceFX) has 51 available indicators, a difference of 70.

FX Choice (MyChoiceFX) Review
Interactive Brokers Review


Trading CFDs, FX, and cryptocurrencies involves 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 02/18/2019 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.

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