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 As a result, this broker's ratings may be outdated.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.
|Publicly Traded (Listed)||No|
Offering of Investments
The following table summarizes the different investment products available to MyChoiceFX clients.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||38|
|CFDs - Total Offered||12|
|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.
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.
|Minimum Initial Deposit||$100|
|Average Spread EUR/USD - Standard||N/A|
|All-in Cost EUR/USD - Active||N/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.
|Daily Market Commentary||No|
|Forex News (Top-Tier Sources)||Yes|
|Trading Central (Recognia)||No|
|Social Sentiment - Currency Pairs||No|
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.
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
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||Yes|
|Charting - Indicators / Studies (Total)||51|
|Charting - Drawing Tools (Total)||31|
|Charting - Trade From Chart||Yes|
|Watchlists - Total Fields||7|
|Order Type - Trailing Stop||Yes|
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.
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.
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.