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Overall

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 | July 11th, 2019

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

Review Sections:

Please Note: FX Choice (MyChoiceFX) was not included in the 2019 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2019 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 ChoiceIGSaxo BankCMC Markets
Year Founded2010197419921989
Publicly Traded (Listed) No Yes No Yes
Bank No Yes Yes No
Tier-1 Licenses0664
Tier-2 Licenses0412
Tier-3 Licenses1000
Trust Score54999898

Offering of Investments

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

FeatureFX ChoiceIGSaxo BankCMC Markets
Forex: Spot Trading Yes Yes Yes Yes
Currency Pairs (Total Forex pairs)3891182183
CFDs - Total Offered1215000329999959
Cryptocurrency traded as actual No No No No
Cryptocurrency traded as CFD Yes Yes No Yes
Offering of Investments 2 Stars 4.5 Stars 4.5 Stars 4 Stars

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 ChoiceIGSaxo BankCMC Markets
Minimum Initial Deposit$100£250.00$2,000.00$0.00
Average Spread EUR/USD - StandardN/A0.7500.9000.744
All-in Cost EUR/USD - ActiveN/A0.3630.6000.744
Active Trader or VIP Discounts Yes Yes Yes Yes
Commissions & Fees 2.5 Stars 4.5 Stars 4.5 Stars 5 Stars

Research

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 ChoiceIGSaxo BankCMC Markets
Daily Market Commentary No Yes Yes Yes
Forex News (Top-Tier Sources) Yes Yes Yes Yes
Weekly Webinars No Yes Yes Yes
AutoChartist No Yes Yes No
Trading Central (Recognia) No No No Yes
Delkos Research No No No No
Social Trading / Copy-Trading Yes Yes Yes Yes
Social Sentiment - Currency Pairs No Yes Yes Yes
Economic Calendar Yes Yes Yes Yes
Research 2.5 Stars 4.5 Stars 4.5 Stars 4.5 Stars

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 ChoiceIGSaxo BankCMC Markets
    Virtual Trading (Demo) Yes Yes Yes Yes
    Proprietary Platform No Yes Yes Yes
    Desktop Platform (Windows) Yes Yes Yes Yes
    Web Platform Yes Yes Yes Yes
    Social Trading / Copy-Trading Yes Yes Yes Yes
    MetaTrader 4 (MT4) Yes Yes No Yes
    MetaTrader 5 (MT5) Yes No No No
    cTrader No No No No
    Charting - Indicators / Studies (Total)51224781
    Charting - Drawing Tools (Total)31171724
    Charting - Trade From Chart Yes Yes Yes Yes
    Watchlists - Total Fields712128
    Order Type - Trailing Stop Yes Yes Yes Yes
    Platform & Tools 3 Stars 4.5 Stars 4.5 Stars 4.5 Stars

    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 Steven Hatzakis is the Global Director of Research for ForexBrokers.com. 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.

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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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