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FX Choice reviews




Average: 4.4 based on 269 reviews
4.427185
FX Choice

FX Choice Forex broker reviews

  • Website:
  • Year since: 2011
  • Headquarters: Belize City, Belize
  • Company registration: FX Choice Limited (reg.#105968), Belize
  • Regulation: Belize IFSC/60/191/TS/14.

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REVIEWS & RATINGS

Rating interpetation



FXChoice Ltd., Robert

December 1, 2016

Response to review (USA November 28, 2016)

This review is quite similar to the previous negative review and maybe written by the same person. We would like to do the same as we did with the previous review, and simply ignore it.
We would, however, like to add that we don’t provide any bank information on our website, so to fund an account you need to have a verified profile with us. We are ready for any public investigation into this matter. Please provide us with your account number and confirmation of payment. If it was a mistake on our side, we will apologise and provide additional compensation. Until evidence is provided, we believe this is designed solely to smear our good reputation and damage our rating.

Tags: FX Choice reviews

FXChoice Ltd., Robert

December 1, 2016

Dear Will Smith,

Unfortunately we were unable to find you in our records, in order to take a look at your situation in more detail before replying to this post. The situation you are referring to could be for several reasons. First, we use market execution and when you close a trade the closing price may change and, consequently, its profit will be changed too. The profit may be increased or decreased depending on market direction.

Second, this could be because you are trading with a Pro account and haven’t considered the commission charged. When trading with a Pro account, your open trades will display two profit levels: one with the commission included, one without. The upper number (which corresponds to each single trade) does not include the commission. It shows only the profit/loss of a particular trade. But, the lower number, which is the total profit/loss of your open trades, includes the commission as well. That’s why you may have noticed a total profit of $145 closing at $136 for one of your trades, because you haven’t taken into consideration the Pro commission.
Maybe one of these situations is the reason for your confusion.

We would be glad to assist you in this matter and are ready to schedule a call back, discuss it in live chat or by email. Please contact us as we have been unable to identify you based on the information you have provided.

Thanks in advance

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FXChoice Ltd., Robert

December 1, 2016

Dear reviewer from Brazil,

We can understand your frustration and would like to make the situation a little bit clearer for you and other people who could find themselves in such a situation. First of all, it has nothing to do with regulation, Belize or some other factor. This is just the market realities of ECN. If you decided to trade with an ECN broker, this is a reality you should be willing to accept.

Let us clarify here that the spreads you mentioned are quoted to 5 decimal places, so actually this is 36.7 pips for USDSGD and 26.0 pips for GBPJPY. And yes, this is around 10 times wider than our usual average spread.

Why is this happening? This happens when liquidity providers execute a rollover and adjust their positions accordingly. Most of them just remove their offers off the book and liquidity becomes really thin. It happens for just 1-3 minutes at around 00:00 on our server time. This is similar to the situation normally found at the beginning of trading on Monday and at the end of trading on Friday. We are an ECN broker and we just pass the quotes we get from our liquidity providers to our clients. We don’t interfere in this process and sometimes this may lead to spikes. This helps us to provide our clients with real market quotes without any delay.

In your particular case it was the end of the trading session on a Friday and liquidity became really thin, and at this time spreads widen. Especially when talking about exotic currencies such as the Singaporean Dollar and volatile crosses.
We acknowledge that at the time of writing you may have been emotional and were not aware of this. But your words frustrate us too and your rating negatively affects our overall reputation. We do our utmost to serve our customers in the best possible way and are happy when our customers enjoy trading with us.

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New Zealand, Will Smith

November 30, 2016



3 years Total
Live 18 months with this Broker
3


I have been with this broker for about 18 months. As of late, I have noticed when I close my trades in profit eg $145.00, it will close at $136.00. This consistently happens, and no doubt, when questioned, they will give you a market sad story.

This is very disappointing, because they already make money with their spread. Why still steal more?

If it continues, I will have to move away from them.

Tags: FX Choice reviews

Brazil

November 29, 2016



19 months Total
2 weeks with this Broker
1


Stay away from FxChoice at all costs, unless spreads wider than 367 pips are ok for you!

I opened a demo account it things went fine, then I opened a live account, filled it with 1 BTC before going big with them. Lucky me I did that!

I had two of my positions stopped out for no plausible reason, when I checked the statement I saw the most absurd spreads I have even seen! 260 pips on GBPJPY and 367 pips on USDSGD.

As support has replied me (ipsis literis):

“Please also note that most often the spreads are wider (260 pips for trade # 8926936 and 367 pips for trade # 8927027) at the end of a trading day (00:00 server time).”

MOST OFTEN?! Where on God’s green earth?!

+367 pips spreads at last minutes, it is a scam at its best, a rip-off, actually! I had the positions on the same pairs with other brokers, none had behaved that shady!

Do not let yourself be lured by the ultra-nice support team. That is just their way of sugar coating the faec*s you will swallow next Friday.
Well… I learned the lesson and will trade only with serious regulated brokers! (btw, Belize… Jeeezzzz!)

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USA

November 28, 2016



28 Days Total
28 Days with this Broker
1


This has bee a horrific experience. I wired $400.00 to the account information that was sent to me on your website. My account was never funded. They are saying they do not even work with the Bank that they gave me the information to wire funds to. Now my funds are lost.

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FXChoice Ltd., Michael

November 23, 2016

We respect everyone’s opinion, and that is all these thoughts are an opinion. This individual has provided no evidence or facts whatsoever, so we are literally unable to respond accurately to this post. We will therefore ignore it. It is our belief that this tirade is designed solely to smear our good reputation, for reasons known only to the author of the previous anonymous post.

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United Stated

November 17, 2016



8months Total
3 months with this Broker
1


In Regards to this broker rep's statement, YOU ARE NOT A TRUE ECN/STP BROKER (in name only). I conducted my own investigation after having an account with you and have proprietary software that detected endless Tp & Sl hunting, freezing, disconnectons etc. (especially when traders are exceedingly profitable)! Now, some of these positive reviews are being given after setting up demo accounts (which are almost always a good experience) because no real money is being traded. Like other faux ECN/STP brokers that claim they pass clients directly through to liquidators with no need or gain to interfere with trades, IT'S A LIE! The real one's-clients trades are completely anonymous and they can't trade against them. Fake one's secretly desk-deal and go against (profitable clients) even though they claim they don't. They know the rest are going to eventually lose anyway if they don't know what they're doing. These positive STAFF reviews on here are an attempt to mislead people. And I'd be willing to bet that most client withdrawals are small at best, and not consistent. If you're a profitable trader (especially with other accounts) you won't be with them. You'll make a little here and there, but when you become too profitable you start getting hunted!! You've been warned. Newbies, I suggest you trade live before rushing to give positive feedback because you had a nice demo experience!

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FXChoice Ltd., Michael

November 8, 2016

Dear Sir or Madam,

Thanks for your comment.

We would like to take this opportunity to ask you to elaborate on your claims. You say that we are dishonest. Could you be more specific on how so? What is it exactly that you claim we are dishonest about?

Be aware that we are an ECN/STP broker and as such whenever our clients place a trade, that trade is transmitted to our LPs (liquidity providers) for execution, thus effectively shifting all risks to our LPs, which makes "hedging" completely unnecessary and costly in our case.

You have written that we lied about “refundable fees.” If we did indeed lie about that to our clients, then every other post on here, and on other forums, would be about us not living up to our promises.

Kind regards,
FX Choice Limited

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US, M.C.

November 7, 2016



9 months Total
2 weeks with this Broker
5


The reps and the backend services, and follow up communication are excellent. They really try to help. They have bitcoin deposits/withdrawls which makes it easier to fund and withdraw if you know how to handle that. I am still a nubee w/them. But, in terms of front office, they are quite good and tries to be helpful.

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United states

November 6, 2016



4 years3 Total
3 years with this Broker
5


Their customer service is top notch and fast withdrawals. The spread widening over the weekend on some of the crosses is a little extreme but besides that an excellent broker

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United States

November 3, 2016



6 months Total
3 months with this Broker
1


On the surface they appear honest, but they're not!!
They place trades and hedge against their clients in live account if they see you're consistently profitable.
Lies about refundable wire fees, and then claims to not charge them.
Save your money--find another broker!!

Tags: FX Choice reviews

William

October 28, 2016



Just opened Demo account Total
Have not started yet with this Broker
5


I had a problem opening the demo account and the message said contact support.i contacted live support and the fellow was quick to go to work on the problem.I had to leave for work and couldn't continue the chat and said I would be back later. I opened my FX choice page and a FX Choice email when I had a break and everything was taken care of and demo account was opened and all the info was there to proceed.Can't beat that customer service especially for a demo account!!!!! If I had been opening a live account with a chunk of $ I would expect good service. This high level service for a demo account is amazing!! My live account will be with FX Choice for sure. Note I tried to open an account with Synergyfx and went on live chat for help.They said all their reps were busy and would email me. Never heard from them and that was for a live account.

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Norway

October 19, 2016



I am a new user Total
I needed help to start up. with this Broker
4


I needed help to start up. Problems solved in a few minutes.

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Spain

October 18, 2016



5 years Total
5 years with this Broker


Ok!! good

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