FXChoice Review Scores
FXChoice
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I don't recommend using FXChoice. I strongly recommend anyone to turn around and look elsewhere.
https://en.myfxchoice.com/faq/deposits-withdrawals/#1 - Their FAQ says that you can deposit money using any of the following methods.
https://en.myfxchoice.com/faq/deposits-withdrawals/#2 - Their FAQ says you can withdraw using any of the following methods.
I have made several deposits using Bitcoin and VLoad, however when I tried to withdraw, they only allowed me to withdraw once using Bitcoin and then force me to withdraw the rest with VLoad. Why would they not allow me to withdraw the rest with Bitcoin is beyond me. Going back and forth with FXChoice regarding my issue, first they said that I could only withdraw with VLoad but that's not true because they had already allowed me to withdraw with Bitcoin.
Withdrawing with VLoad is the dumbest process ever! FXChoice will charge you 3.5% to transfer your withdraw to VLoad and then VLoad will charge you another 3.5% to transfer to your bank account.
I'm still trying to get answers from FXChoice and I've asked them to escalate this terrible mess to upper management for review because it's not right for them to force me to use a method of withdrawal when they provide many methods.
Why show 16 different withdrawal methods and then force me to use only 1?
https://en.myfxchoice.com/faq/deposits-withdrawals/#1 - Their FAQ says that you can deposit money using any of the following methods.
https://en.myfxchoice.com/faq/deposits-withdrawals/#2 - Their FAQ says you can withdraw using any of the following methods.
I have made several deposits using Bitcoin and VLoad, however when I tried to withdraw, they only allowed me to withdraw once using Bitcoin and then force me to withdraw the rest with VLoad. Why would they not allow me to withdraw the rest with Bitcoin is beyond me. Going back and forth with FXChoice regarding my issue, first they said that I could only withdraw with VLoad but that's not true because they had already allowed me to withdraw with Bitcoin.
Withdrawing with VLoad is the dumbest process ever! FXChoice will charge you 3.5% to transfer your withdraw to VLoad and then VLoad will charge you another 3.5% to transfer to your bank account.
I'm still trying to get answers from FXChoice and I've asked them to escalate this terrible mess to upper management for review because it's not right for them to force me to use a method of withdrawal when they provide many methods.
Why show 16 different withdrawal methods and then force me to use only 1?
Jun 17 2020 at 07:42
Dear BigBendFXSignal,
We are very grateful for your positive review and for covering our quick deposit and withdrawals.
Best wishes and good luck!
We are very grateful for your positive review and for covering our quick deposit and withdrawals.
Best wishes and good luck!
Jun 16 2020 at 21:36
Great broker. Found them years ago from seeing a top system on MyFXBook using them. Have used FX Choice for about 6 months now. No complaints. Easy deposits via bitcoin from bitstamp. Deposits and withdrawals almost always occur same day and with FX Choice Bonus structure are way cheaper than wires and other forms of deposits and withdrawal methods. Have really enjoyed using this FX Choice. Very fair bonus structure for deposits. Most of the complaint seem to be from people not familiar with basic broker structure. Spreads are normal for the industry. I hope to continue to use this broker for years to come.
Jun 01 2020 at 04:58
Dear Nemi,
There are so many things to address here.
Firstly, your claim that there is a 10% fee on BTC Deposits is incorrect – we have no fees on BTC deposits and conversions. Also, you claim that BTC deposits take 24 hours – again incorrect. They take as long as the blockchain confirmations, which are never that long.
Secondly, we offer a bonus to our clients with a view to give them a head start in tackling the forex market. We do not ‘take it back’ in a month as you claim. We recommend you read the T&Cs of the bonus which clearly state what you need to do to keep the bonus.
Thirdly, we have checked our records and can see that you received all of our emails regarding the WTI Crude price collapse. You should know by now that the WTI ‘swaps’ were NOT swaps, but adjustments to cancel out any profit/loss as the price feed switched from the May to the June contract. You cannot open a trade on the May contract and close on the June contract whilst keeping the same opening price. The adjustment simulates the closing and reopening of your trade.
Fourthly, as an EU citizen, you cannot use wire transfers directly. However, there are many payment providers you could have used that offer wire transfers.
FXChoice
There are so many things to address here.
Firstly, your claim that there is a 10% fee on BTC Deposits is incorrect – we have no fees on BTC deposits and conversions. Also, you claim that BTC deposits take 24 hours – again incorrect. They take as long as the blockchain confirmations, which are never that long.
Secondly, we offer a bonus to our clients with a view to give them a head start in tackling the forex market. We do not ‘take it back’ in a month as you claim. We recommend you read the T&Cs of the bonus which clearly state what you need to do to keep the bonus.
Thirdly, we have checked our records and can see that you received all of our emails regarding the WTI Crude price collapse. You should know by now that the WTI ‘swaps’ were NOT swaps, but adjustments to cancel out any profit/loss as the price feed switched from the May to the June contract. You cannot open a trade on the May contract and close on the June contract whilst keeping the same opening price. The adjustment simulates the closing and reopening of your trade.
Fourthly, as an EU citizen, you cannot use wire transfers directly. However, there are many payment providers you could have used that offer wire transfers.
FXChoice
well first you cant make normal deposited from bank...
after BTC deposit youll pay 10% fee (and you must wait X hours) for deposit and as a kind of 'good faith'
they gave it those 10% to your acc as a bonus... but only for a month and then take it back.
But all this was piece of cake. I trade WTI in time when it drops to 0 which wasnt bad it was good actually
but these put swaps on every position which isnt weird but swaps was $2000 per 0.1 lot.
So i started saving my account every profit I made I cut piece of swap and when it started to look good
they came up with new high .... they put another swaps 2 weeks earlier just to 'protect clients' as they said....
easy money right (for them ofc). so if you considering trade with them, dont. Im glad they take alot of time making my MaM
account so my clients didnt send money to them.
Im sure that someday when someone will have a few hours of free time and know for example python. he or she take that time and
write script that will make shtloads of accounts on every review page so you can end like tiktok with 1 star.
So ppl can see on first look how bad this is.
after BTC deposit youll pay 10% fee (and you must wait X hours) for deposit and as a kind of 'good faith'
they gave it those 10% to your acc as a bonus... but only for a month and then take it back.
But all this was piece of cake. I trade WTI in time when it drops to 0 which wasnt bad it was good actually
but these put swaps on every position which isnt weird but swaps was $2000 per 0.1 lot.
So i started saving my account every profit I made I cut piece of swap and when it started to look good
they came up with new high .... they put another swaps 2 weeks earlier just to 'protect clients' as they said....
easy money right (for them ofc). so if you considering trade with them, dont. Im glad they take alot of time making my MaM
account so my clients didnt send money to them.
Im sure that someday when someone will have a few hours of free time and know for example python. he or she take that time and
write script that will make shtloads of accounts on every review page so you can end like tiktok with 1 star.
So ppl can see on first look how bad this is.
May 22 2020 at 06:57
Dear Hamidfx,
We have found you in our system and reviewed our lengthy correspondence.
All we can do here is reiterate our position: we reworded the information in our CFD Guide and site so clients could see clearer how the expiration worked. We realised that the examples we had used were from 2014, so we refreshed them, but the expiration rules DID NOT change. An even newer version of the CFD Guide will be released soon to reflect the launch of some new instruments.
From now on, we are sending out emails to remind our clients about the expiration dates. We are sure this will mitigate the misunderstanding caused at the switch from the May to June WTI contract.
To confirm, all of your trades were processed correctly and there was no ‘manipulation of the rules to scam our clients’. The trades were passed over onto the new contract EXACTLY as they are every month. Nothing has changed in this respect.
We hope our response will bring some closure to this matter.
Best wishes,
FXChoice
We have found you in our system and reviewed our lengthy correspondence.
All we can do here is reiterate our position: we reworded the information in our CFD Guide and site so clients could see clearer how the expiration worked. We realised that the examples we had used were from 2014, so we refreshed them, but the expiration rules DID NOT change. An even newer version of the CFD Guide will be released soon to reflect the launch of some new instruments.
From now on, we are sending out emails to remind our clients about the expiration dates. We are sure this will mitigate the misunderstanding caused at the switch from the May to June WTI contract.
To confirm, all of your trades were processed correctly and there was no ‘manipulation of the rules to scam our clients’. The trades were passed over onto the new contract EXACTLY as they are every month. Nothing has changed in this respect.
We hope our response will bring some closure to this matter.
Best wishes,
FXChoice
They manipulate their rules to scam you and take your money. Stay away from them
They scammed many clients when the oil price crashed on April 20 and took huge amounts of their clients against their own rules and then they manipulated rules to keep the clients money. Never doubt they are definitely market makers and took clients money.
They manipulated their rules many times in just 3 days and then started to justify their mistake by referring to those manipulated rules.
Based on their original rules regarding CFD’s which was existed from 2014 they must switch to new contract a day before expiration day. Which clearly was explained by an example for contract with expiration date on 16 Jan and it says:
“On 15 January, we switch from using the February 2014 quote to the March 2014 quote as the basis for the spot price, because the underlying February 2014 futures market expires on 16 January.”
But for some reason they didn’t switch on time and they continued with the May contract until April 20 at 21:08 when the price came to one cent and they faced the problem which was caused because they didn’t switch before market opening on April 20. Then they disabled trading on oil for almost 5 hours and then they found the best solution to get the clients money by using the swap because the amount was huge and they decided instead of taking responsibility of system error which gave wrong quote to keep the clients money and instead of normal time for opening market at 01:00 finally at 02:43 they opened market with June contract price with almost 27 hours delay and charged the clients with huge amount of swaps and then they acted like everything was ok and there was no issue
On April 21st they started manipulating their rules. First, I found they manipulated the rules by changing the switching date on example from 15 Jan to 17 Jan.
They didn’t stop it and again they manipulated the rules by changing the date from 17 Jan to “at the beginning of 16 Jan” and instead they postponed all expiry dates one day which for May contracts they changed the expiration date from April 20 to April 21 to cover the problem and by this manipulating they messed up every thing in all emails and in their news on the website and even here in their customer service answers to complaints the expiration date for May contract is April 20 but in the file which is manipulated the expiry date is April 21 and by this action they justified the delay.
When I asked them about the reason for the manipulation of their rules they answered :“we rephrased rules for better understanding” which is ridiculous because they changed the most important parts of rules that was the date and time for switching and it was clear and there was no need to rephrase it except to try to justify their mistake. I also explained that they couldn’t manipulate the rules after issue happened and then try to justify the problem by referring to manipulated rules and the reason, they couldn’t answer based on their rules was definitely their fault and their action was exactly scamming.
Again, I sent evidences and explained their action by changing date of expiration for CFD’s is not rephrasing and they answered: “Our CFDs are based on market contracts. The expiration day is the last day when the contract can be traded and it is always a business day. There couldn’t be any trading on Sunday (April 19), so it could not be the last trading day” and at the same time they sent another email to all clients to say they would switch to July contracts before market opening on May 4th which was Monday and it has the same condition which they are saying we couldn’t do it, because the day before April 20 was Sunday and it wasn’t a business day. So how are you doing it this time. Although all brokers did that before market opening and there is enough time between 23:59:59 of Friday April 17 when the market closed and at 01:00 on the next day when the market opened regardless of the last day being a business day or not like this time you had enough time from 23:59:59 on Friday April 17 to 01:00 April 20. I have all evidences recorded and I would attach them here if it was possible.
They scammed many clients when the oil price crashed on April 20 and took huge amounts of their clients against their own rules and then they manipulated rules to keep the clients money. Never doubt they are definitely market makers and took clients money.
They manipulated their rules many times in just 3 days and then started to justify their mistake by referring to those manipulated rules.
Based on their original rules regarding CFD’s which was existed from 2014 they must switch to new contract a day before expiration day. Which clearly was explained by an example for contract with expiration date on 16 Jan and it says:
“On 15 January, we switch from using the February 2014 quote to the March 2014 quote as the basis for the spot price, because the underlying February 2014 futures market expires on 16 January.”
But for some reason they didn’t switch on time and they continued with the May contract until April 20 at 21:08 when the price came to one cent and they faced the problem which was caused because they didn’t switch before market opening on April 20. Then they disabled trading on oil for almost 5 hours and then they found the best solution to get the clients money by using the swap because the amount was huge and they decided instead of taking responsibility of system error which gave wrong quote to keep the clients money and instead of normal time for opening market at 01:00 finally at 02:43 they opened market with June contract price with almost 27 hours delay and charged the clients with huge amount of swaps and then they acted like everything was ok and there was no issue
On April 21st they started manipulating their rules. First, I found they manipulated the rules by changing the switching date on example from 15 Jan to 17 Jan.
They didn’t stop it and again they manipulated the rules by changing the date from 17 Jan to “at the beginning of 16 Jan” and instead they postponed all expiry dates one day which for May contracts they changed the expiration date from April 20 to April 21 to cover the problem and by this manipulating they messed up every thing in all emails and in their news on the website and even here in their customer service answers to complaints the expiration date for May contract is April 20 but in the file which is manipulated the expiry date is April 21 and by this action they justified the delay.
When I asked them about the reason for the manipulation of their rules they answered :“we rephrased rules for better understanding” which is ridiculous because they changed the most important parts of rules that was the date and time for switching and it was clear and there was no need to rephrase it except to try to justify their mistake. I also explained that they couldn’t manipulate the rules after issue happened and then try to justify the problem by referring to manipulated rules and the reason, they couldn’t answer based on their rules was definitely their fault and their action was exactly scamming.
Again, I sent evidences and explained their action by changing date of expiration for CFD’s is not rephrasing and they answered: “Our CFDs are based on market contracts. The expiration day is the last day when the contract can be traded and it is always a business day. There couldn’t be any trading on Sunday (April 19), so it could not be the last trading day” and at the same time they sent another email to all clients to say they would switch to July contracts before market opening on May 4th which was Monday and it has the same condition which they are saying we couldn’t do it, because the day before April 20 was Sunday and it wasn’t a business day. So how are you doing it this time. Although all brokers did that before market opening and there is enough time between 23:59:59 of Friday April 17 when the market closed and at 01:00 on the next day when the market opened regardless of the last day being a business day or not like this time you had enough time from 23:59:59 on Friday April 17 to 01:00 April 20. I have all evidences recorded and I would attach them here if it was possible.
Attachments:
Jan 16 2020 at 06:08
axellenz posted:
Fast and competent support! Payment for EU citizens can only be made using the Bitcoin workaround. But the instructions are great and for that you get a lot of bonus.
Dear axellenz,
Thanks for your review. We're so pleased to hear that you rate our support so highly, and we're especially pleased to hear that the BTC deposit bonus is working for you: feedback so far suggests it's really resonating with our clients.
Best wishes,
FXChoice
Fast and competent support! Payment for EU citizens can only be made using the Bitcoin workaround. But the instructions are great and for that you get a lot of bonus.
myfxchoice posted:thanks .
Dear Parish,
Many thanks for your positive review. Keep up the good work, and we will do likewise.
Best wishes,
FXChoice
its with mixt results no yet making profit
so what can i say
kind regards
i trade to make money not to be right
Jun 13 2019 at 12:33
Dear Parish,
Many thanks for your positive review. Keep up the good work, and we will do likewise.
Best wishes,
FXChoice
Many thanks for your positive review. Keep up the good work, and we will do likewise.
Best wishes,
FXChoice
i have a account with fx choice
i can not say anthing wrong about them so
😀 it will be a good broker yes .
i give a five star . kind regards
i can not say anthing wrong about them so
😀 it will be a good broker yes .
i give a five star . kind regards
i trade to make money not to be right
Jun 05 2019 at 09:18
Dear Nimish,
Firstly, we’d be grateful if you could modify your tone. Aggressive language will get us nowhere.
In answer to your review, we reiterate that the money was taken by the correspondent bank because the transaction was incorrectly executed i.e. the bank’s internal policy was responsible for the deduction. We did not take any money.
We now realise there has been an oversight at our end about this whole affair in that we did not inform you of the former agreement’s expiry. We apologise unreservedly.
We have already spoken with your client and explained the issue. As a gesture of goodwill, we decided, on this occasion, to reimburse the amount incurred by your client to make up for our oversight.
We hope that this will bring an end to this ongoing issue for you.
Firstly, we’d be grateful if you could modify your tone. Aggressive language will get us nowhere.
In answer to your review, we reiterate that the money was taken by the correspondent bank because the transaction was incorrectly executed i.e. the bank’s internal policy was responsible for the deduction. We did not take any money.
We now realise there has been an oversight at our end about this whole affair in that we did not inform you of the former agreement’s expiry. We apologise unreservedly.
We have already spoken with your client and explained the issue. As a gesture of goodwill, we decided, on this occasion, to reimburse the amount incurred by your client to make up for our oversight.
We hope that this will bring an end to this ongoing issue for you.
This is big chiter Broker please aware of this chiter.
when i open account his person temm deposit and withdrawal is free and then take via bank withdrawal 150 euros.
my 150 euros take this bastered broker with any reason.
i sent via bank withdrwal request and this chiter broker tell me bank declain you request with any reason and cut my money 235 usd.
Please please aware of this Borket.
when i open account his person temm deposit and withdrawal is free and then take via bank withdrawal 150 euros.
my 150 euros take this bastered broker with any reason.
i sent via bank withdrwal request and this chiter broker tell me bank declain you request with any reason and cut my money 235 usd.
Please please aware of this Borket.
Oct 21 2018 at 14:21
Cryptocurrency posted:
What is the average spread during Brexit?
That is the dumbest FX related question I have ever heard.
Aug 21 2018 at 10:27
Tnx for the info. But I already transfered to another Broker. tnx
Jul 30 2018 at 12:48
Emma17 posted:
Can any Traders of Fxchoice comment that a big withdrawal is easy to Fxchoice? I want to knw before I signup if its easy to make a withdrawal?
Thanks for your query. We'd like to reassure you that the size of the withdrawal doesn't matter. The procedure is always the same. If you're still unsure and would like more information, please feel free to contact our customer support. Best wishes, FXChoice
Can any Traders of Fxchoice comment that a big withdrawal is easy to Fxchoice? I want to knw before I signup if its easy to make a withdrawal?
Mar 30 2018 at 07:52
So far everything is ok. No problem at all.
mabene70 posted:
good for scalping
Thanks for posting this. I was testing scalping EA with them. And It seems to me myfxchoice.com Demo account quotes pretty relevant to the real account.
I just started with the Live account so real results will be obviouss soon :).
Thank you myfxchoice.com for the really great support team!
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