Myfxchoice.com Review: Is My FXChoice A Good Broker?
There is this Belize-based Forex broker which has gained quite a huge fanatic following in the trading arena. They are called My FXChoice (formally FXChoice.com), and I think they are worth discussing in this review.
The reason why I have chosen to write a review based on this Forex broker is because I have been using them for quite sometime now. Initially, I was with Octafx. My trading experience with Octa FX was generally great. Withdrawals were almost instant. The same case with deposits too.
Note: If you don’t know how to trade and would love to make money with Forex trading, I urge you to pick a Forex robot or a signal service provider here. Then you can proceed and open an account, fund it and start trading with my fxchoice.
Reason why I migrated to my new-found love MyfxChoice.com?
Well, not that OctaFX is a bad broker. The reason why I switched brokers has to do with withdrawal processing times. Octafx suddenly begun taking longer than normal in processing my requests.
And secondly, when I placed trades at night, they could hit my take profit (rarely happens) and still fail to close in profit, and thus I would lose money.
Naturally if this happens to you, it would affect your trust towards a Forex broker. Although this problem was solved and I even got a refund for that particular trade, I still felt that there was a better Forex broker out there.
So I embarked on a search and after reading several positive reviews about My FXChoice broker, I decided to place a test deposit of $100. It’s the minimum deposit required to open an account at My fxchoice.
FXChoice Review: My Experience and what you need to know
I find that My FX Choice Forex broker is very professional and customer service oriented. During my initial inquiry with one of their support representatives, I spoke to someone through chat. He appeared like English was not his first language though. But all in all, I found his advice very helpful, and I proceeded to open an account with them.
Right now, I am doing a review of this Forex broker, not because I am promoting them, but because I deeply feel that this broker is offering a level of service that most Forex brokers don’t give out there.
I assure you that you can spend a significant length of time looking for a good Forex broker, and you will never quite easily find one.
The good ones out there have a very high minimum deposit requirement. The ones I have seen have a minimum deposit requirement of at least $500. You don’t spend this much when testing a new broker, unless you are absolutely sure that they deliver what they say.
That being said, I like the fact that My FXChoice is one Forex broker who will cater for all traders regardless of their experience. Although I had 1 year experience of trading back then, I saw that this broker was also encouraging newbies to join them. One would ask how this was possible, given that newbies lose money instead of making it.
The clever answer is this: MQL5 Signals!
FXChoice has integrated MQL5 Signals into their platform so that those who would like to use quality Forex signals for free can trade without incurring the addition expenditure that comes with acquiring third party Forex signals.
MetaQuotes is the company behind MT4 and MT5 trading platforms. They run a service which simply allows newbies to copy successful trades from veterans in the industry.
FXChoice MT4 platform has integrated this feature to allow both new and successful traders make money the easy way. I like this feature because quality signals are copied into my MT4 account right away.
I don’t really have to worry when to trade and how to place trades. But of course, being an experienced trader, I had to test these signals by placing them manually to see whether relying on these signals 100% of the time would be a good idea.
So far, so good. I was pleased.
Another feature which I think all newbies will like very much is the Myfxbook Autotrade feature. I have traded with this feature many times, and I must say that it’s one of the most helpful systems that FXChoice ever integrated into their MT4 platform.
Although I do not rely on this feature quite often, I find it really convenient because traders literally copy signals from exceptionally great Forex traders at Myfxbook.
To start using AutoTrade, just link your funded account to your myfxbook profile (creating one is easy and free). Once you’re done, subscribe to your favorite trader’s profile. You can see their stats to help you with this. When they place a trade, those signals will be mirrored straight away into your account.
And of course you can also use your favorite expert advisor if you have one. My FXChoice is a Forex robot friendly broker. These signals can work alongside your expert advisor too.
But please note: Fxchoice promotes a few expert advisors on their site. The ones that they are currently using are Commodity Robot, Crisis Killer, Fap Turbo, Forex Striker, GPS Forex Robot, MegaDroid, and Pip Jet.
My advice is, do your due diligence before picking any of those robots. It doesn’t necessarily mean that these robots are profitable just because FXChoice is promoting them.
Even if one of these robots was extremely good, it could change the trend and start losing money. It’s a problem which I have seen with many Forex robots in this industry. They start well, but then lose money along the way because they can’t keep up with dynamic market changes.
FXChoice Review: Trading platforms
My FXChoice offers the popular MetaTrader 4 platform. There is nothing unique about it because all brokers do offer it.
If you’re using a Windows PC, then the process is straight forward. Just download and install it. If you’re using an Android or an iOS device, you can download it on their website too.
Likewise, MT5 platform is also being offered. For some reason, a portion of retail Forex traders out there will go for the MetaTrader 5 platform instead of the MT4 platform. That’s fine. This one too is available in Windows, Android and iOS versions respectively.
If you’re specifically into mobile trading and you’re hoping to place your trades while on the go, then MyFXChoice has exclusive Mobile trading apps for you. These apps are designed for Windows, Android and iOS devices. You can get MT4 or MT5 for mobile respectively.
And finally, if you don’t want to download anything, you can opt for MT4 or MT5 web terminals instead. I am currently using their MT4 web terminal since I don’t find it necessary to download this software in my hard drive when I can access it on my browser.
FXChoice Reviews: Range of Market
There are at least 38 different Forex pairs for your trading. Of course people do specialize in a couple of currency pairs for best results. I do not need variety here except when I am using a trading strategy that works best with all pairs. It’s unlikely, right?
These guys have also included 16 CFDs to trade. I have traded these before, and I feel they do have the best possible rates in the CFD market.
Alas, folks who have an affinity towards precious metal trading can trade Gold and Silver. They do have a table that showcases the different trading conditions for these trade-able assets. If you’re not sure, just ask their support for more clarifications.
My FXChoice trading account types
There are two types of MT4 and MT5 accounts to open. There is classic and pro accounts.
I started with the MT4 Classic account because I wanted to enjoy fast execution, tight spreads and most importantly, to enjoy My fxchoice’ none dealing desk technology.
Classic MT4 accounts require a minimum deposit of $100, unlike Octa FX which requires a minimum deposit of $20 for their MT4 accounts.
Tight spreads begin at 0.5 pip and minimum lot size is 0.01. This account does not charge any commission. Maximum leverage is 1:200. EA’s are permitted, and you get the best NDD market conditions.
Later on, I moved to their pro account. This one too requires a minimum deposit of $100. It is a little bit different from the classic account in the sense that it has a commission charge, and swap points are offered according to market. Like classic account, pro account offers a leverage of 1.200.
Regulation
My FX Choice is regulated by the IFSC (Licence number: IFSC/60/191/TS/17). While most Forex brokers in this industry are regulated by some sort of a regulatory organization, FX Choice proves to be more of an efficient broker than just a broker who barely meets these minimums to start accepting client deposits. And by the way, this broker accepts US traders as well. If you’re looking for a US-friendly Forex broker with tight spreads, FXChoice is the place to look.
Customer reviews about My FX Choice
Have been using them for a couple of months now. My only complain is that they are offering a leverage of 1.200. I prefer to leverage my account up to 1.500. This is just a big setback for me.
Generally, customer reviews about My FX Choice are positive. I have not come across any negative testimonial yet. MyFXChoice seems to have invested heavily in building their reputation, thus issues are solved before they can get out of hand.
My Best advice for you
If you’re a new Forex trader wondering whether there are any good Forex brokers offering honest and transparent trading conditions, this broker definitely takes the cake. I have not been disappointed by Fxchoice for the short period of time that I have used their trading platform. All in all, they are a good broker. Just in case you need to sign up, follow this link.