MyFXChoice CFD Broker Review

The best offshore broker for us traders – that’s exactly what people say about MyFXChoice on various message boards dealing with FX/CFD broker reviews. Apparently – while there may be some issues here and there with the service – MyFXChoice (previously known as FXChoice) is so good, that many people think there’s no point in dealing with anyone else, for US traders.

Overview

Indeed, MyFXChoice is one of only a handful of online brokerages that have pulled off the incredible feat of garnering mostly positive reviews from users/traders. For a while there, it looked like the operator offered BTC-accounts too (using BTC as their base currency). In fact, according to the broker’s website, this option is still available. The brokerage is indeed a truly ECN operation, featuring superb spreads and flawless execution.

The corporate entity behind the MyFXChoice brand is FX Choice Limited, a registered company, which is authorized and licensed by Belize’s IFSC (International Financial Services Commission) to peddle trading services to clients world-over.

The license number of the operator is IFSC/60/191/TS/17. Even though IFSC regulation is definitely not the most prestigious regulation a broker can sport, in this case, the high regard in which the community holds the operation makes a moot point out of such prestige questions.

What does MyFXChoice offer traders in the way of trading conditions and actual services/perks that make the destination an attractive one, above and beyond its positive reputation?

Indeed, the spreads featured by the brokerage start from as little as 0.1 pips. The market execution is superb, and the No Dealing Desk technology used, eliminates all conflicts of interest.

Support is excellent, price improvement is available on all order types and traders are allowed to use EAs, to automate the trading strategies they find profitable. In this regard, MyFXChoice offers a handy VPS service too, thus helping traders to keep their EAs running effortlessly 24/5.

Account Types

The broker offers a Demo account, which can be used to sample its overall offer, without putting any real money into harm’s way.

Other than that, MyFXChoice have apparently decided to keep the account-type equation as simple as possible. They only feature two real money accounts: the Classic Account and the Pro Account. Interestingly, both accounts require a minimum deposit of only $100. The similarities between the two accounts do not stop there either. The maximum available leverage is the same on both as well: 1:200. The same goes for the margin level for hedge (50%) and the use of any EAs, which can roam free on both accounts.

Spreads-wise, there are a few differences through. The Classic Account does not charge any commissions, but its spreads start from 0.5 pips. The Pro account, on the other hand, does charge commissions, but its spreads start squarely from 0. The commission is set to $3.5 per $100,000 per side. Execution is of the NDD type in both cases. While the Classic account only supports 28 currency pairs, the Pro Account offers no fewer than 38.

Trading Platform/Software

The trading platform selection is similarly practicality-focused. There aren’t many trading platforms supported, but those that are, are indeed great at what they are supposed to accomplish. We’re talking about MT4, MT5 (MT4’s natural evolutionary iteration), some mobile trading apps and an MT4 Web Terminal.

MT4 is obviously the flagship of this selection. It is a multi-language platform which offers outstanding charting options, as well as a massive selection of preinstalled technical indicators. With MT4, using an EA is a cinch (especially if one takes it into consideration that this broker offers a superb VPS service, too). Traders are free to install 3rd party technical indicators and EAs, or to create their own from scratch, through the platform. This is the area where MT5 excels: it has made the coding of these tools even easier than its predecessor.

The Android- and iOS-focused mobile trading platforms are also MT4-based.

Deposit Options

In this regard, MyFXChoice stands a head and a shoulder above all competition. It accepts a wide range of deposit methods, beginning with Skrill, Neteller, Wire Transfer and various credit- and debit cards, and wrapping up with Bitcoin, Bitcoin Cash, AstroPay, Fasapay, Qiwi, PaySafeCard and ePayments. Withdrawals can generally be performed through the same channels.

Markets

The markets MyFXChoice currently covers are Forex, CFDs and Precious Metals. Notably, there are no cryptocurrency-based CFDs available currently.

Customer Support

Besides the Live Chat and the Callback features – which are displayed prominently at the MyFXChoice site, the broker also features an email form.

Safety

The operator keeps its clients’ funds in segregated accounts, and its financial transactions are protected by state-of-the art encryption, so yes, it is indeed very safe.

Final Thoughts

MyFXChoice is called by many USERS positively the best choice for US-based traders. That speaks volumes about where this broker stands

MyFXChoice Overview
Regulation: IFSC