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MyChoiceFX is a MetaTrader-only broker regulated in Belize. It offers several dozen forex pairs and CFDs, but its narrow range of research tools and lack of a regulatory license from a major jurisdiction weighs down on its offering.

Steven Hatzakis | March 13th, 2020

help 54
Trust Score
  • Few research tools
  • Small range of tradeable instruments

Review Sections:

Please Note: FX Choice (MyChoiceFX) was not included in the 2020 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2020 guide for a look at the top rated forex and CFDs brokers.

Founded in 2010, FX Choice Limited (MyChoiceFX) is a MetaTrader-only broker regulated by the International Financial Services Commission (IFSC) of Belize. It offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms developed by MetaQuotes Software Corporation.

MyChoiceFX offers 50 instruments, which include 38 forex pairs, and CFDs on seven indices, two energy contracts, two metals, and on bitcoin.

Is FX Choice Safe?

FX Choice is considered high-risk, with an overall Trust Score of 54 out of 99. FX Choice is not publicly traded and does not operate a bank. FX Choice is authorised by zero tier-1 regulators (high trust), zero tier-2 regulators (average trust), and one tier-3 regulator (low trust). Learn more about Trust Score.

Regulations Comparison

FeatureFX Choice
Year Founded2010
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses0
Tier-2 Licenses0
Tier-3 Licenses1
Trust Score54

Offering of Investments

The following table summarizes the different investment products available to MyChoiceFX clients.

FeatureFX Choice
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)38
CFDs - Total Offered12
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

MyChoiceFX offers the Classic and Pro account types where the commissions and fees vary across each one. In the Classic account, the broker lists a spread of $14 on the EUR/USD pair, or 1.4 pips, meanwhile, the Pro account is commission-based with an $8.08 commission or 0.8 pips added to spreads of 0.7 pips, bringing the all-in cost to a level similar to that of the Classic account. It is worth noting that the spreads in the following excerpt from the broker’s site are minimum spreads and not average or typical spreads.

FX Choice minimum spreads not average

MyChoiceFX also offers an active trader account for Pro account holders who become automatically enrolled, and with the first of four tiers kicking in when deposits exceed $10,000, or trailing 30-day volume exceeds $250K and commissions are slightly reduced. The default tier equates to roughly $35 per side or $70 per standard round turn.

FX Choice Active Trader rebates

FeatureFX Choice
Minimum Initial Deposit$100
Average Spread EUR/USD - StandardN/A
All-in Cost EUR/USD - ActiveN/A
Active Trader or VIP Discounts Yes


MyChoiceFX offers several options when it comes to research beyond an economic calendar and a virtual private server (VPS) service for MT4 and MT5 users, as well as Myfxbook Autotrade for social copy trading. The broker has a range of educational-related content, which falls more towards the support side of its offering than its research side. Research remains an area in which MyChoiceFX has considerable room to expand, as its current offering is very limited.

FeatureFX Choice
Daily Market Commentary No
Forex News (Top-Tier Sources) Yes
Weekly Webinars No
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Social Sentiment - Currency Pairs No
Economic Calendar Yes

Platforms & Tools

MyChoiceFX is a MetaTrader-only broker, whose offerings come from the suite of platforms developed by MetaQuotes Software Corporation, including the MetaTrader 4 (MT4) platform. To learn more about MT4, read our MetaTrader guide.

While MT4 comes standard, with little variation in functionality from broker to broker, there can be significant differences in how the platform is set up for trading spreads and commissions, execution, and other tools, features, and administrative areas.

MetaTrader4 Desktop Forex Brokers

Besides spreads, the range of instruments, and account types, here is a summary of the differences in features between MyChoiceFX’s available MT4 offering and the default MetaTrader experience:

    • Offers news headlines from FXWirePro
    FeatureFX Choice
    Virtual Trading (Demo) Yes
    Proprietary Platform No
    Desktop Platform (Windows) Yes
    Web Platform Yes
    Social Trading / Copy-Trading Yes
    MetaTrader 4 (MT4) Yes
    MetaTrader 5 (MT5) Yes
    cTrader No
    Charting - Indicators / Studies (Total)51
    Charting - Drawing Tools (Total)31
    Charting - Trade From Chart Yes
    Watchlists - Total Fields7
    Order Type - Trailing Stop Yes

    Mobile Trading

    MyChoiceFX offers iOS and Android mobile trading applications for its MetaTrader platforms, available directly from developers on the iTunes Store and Google Play. To learn more about MT4, read our guide to MetaTrader.

    Metatrader4 mobile watchlist

    Final Thoughts

    For traders looking for a MetaTrader-only broker that offers both MT4 and MT5, MyChoiceFX has a limited range of tradeable markets, with just 50 available instruments and few research-related tools.

    In addition, the broker lacks regulatory status in a major jurisdiction, although it is ahead of other brokers who lack jurisdiction altogether, as MyChoiceFX is regulated in Belize. Having said that, obtaining another license in a major financial hub would greatly boost the broker’s trust score, and add more research content such as daily market analysis.

    Forex Risk Disclaimer

    "There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.

    Steven Hatzakis

    About the author: Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Ratings Overall


Commissions & Fees
Offering of Investments
Platforms & Tools
Customer Service
Mobile Trading

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 01/20/2020 and is believed to be accurate, but is not guaranteed. The 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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