ForexBrokers.com is committed to the highest ethical standards and reviews services independently. Advertiser Disclosure

FX Choice (MyChoiceFX) vs Interactive Brokers 2019

Is FX Choice (MyChoiceFX) better than Interactive Brokers? After assessing 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 6100
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
7 300
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 68
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
Winner check_circle

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
After spending several months and hundreds of hours researching 28 different forex brokers for trading FX, our team at ForexBrokers.com team collected over 2,200 data points. For this review, we will compare FX Choice (MyChoiceFX) vs Interactive Brokers.

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. Interactive Brokers received a rating of 4.00 stars over 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. Interactive Brokers is regulated in a major hub while FX Choice (MyChoiceFX) is not. Interactive Brokers 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. FX Choice (MyChoiceFX) trails Interactive Brokers by 77 total currency pairs (for example, EUR/USD), with Interactive Brokers offering 115 and FX Choice (MyChoiceFX) offering 38.

Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. FX Choice (MyChoiceFX) offers Meta Trader while Interactive Brokers does not. 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. Interactive Brokers trails FX Choice (MyChoiceFX) by 22 total charting tools, with FX Choice (MyChoiceFX) offering 31 and Interactive Brokers offering 9. FX Choice (MyChoiceFX) trails Interactive Brokers by 70 total different indicators (for example, moving averages), with Interactive Brokers offering 121 and FX Choice (MyChoiceFX) offering 51.

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.

arrow_drop_upBack to top