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FXChoice Review
FXChoice is a Belize regulated broker now branded as MyFXChoice. Leverage runs up to 1 to 1000, and the CFTC flagged it in 2015 for taking US clients without registration.
Min Deposit
$10
Spreads From
0 pips on NDD accounts
Max Leverage
1:1000, depending on the instrument
Platforms
MetaTrader 4, MetaTrader 5
Pros
- Accounts open from just $10, one of the lowest minimums in forex trading
- Spreads start from 0 pips on a true no dealing desk execution model
- Scalping, hedging, and no FIFO rule suit active and algorithmic traders
- Registered with the Belize FSC under the 2021 Securities Industry Act
- Operating under the same license since 2010, with over a decade in business
Cons
- The CFTC added it to its RED List in 2015 for taking US clients without registration
- Regulated only in Belize, an offshore jurisdiction with limited investor protection
- Crypto deposits and withdrawals ended in 2023 after an FSC compliance order
- Leverage up to 1 to 1000 raises the risk of large, fast losses
- Current terms exclude the United States and a long list of other countries
FXChoice is the trade name of FX Choice Limited, registered in Belize under number 000003992 and licensed by the Financial Services Commission of Belize under registration 000067/34. It has run since 2010 and now operates its main site at myfxchoice.com rather than the older fxchoice.com address, as a no dealing desk broker based in Belize City.
Accounts open from just $10, with spreads from 0 pips and leverage up to 1 to 1000 depending on the instrument. Scalping and hedging are both allowed, and the FIFO rule does not apply. In late 2023, the FSC ordered FXChoice to stop taking crypto deposits and withdrawals, so that funding option no longer works.
The United States CFTC added FXChoice to its RED List in 2015 for taking money from US customers without registration. Current terms now exclude United States residents and a long list of other countries. Belize regulation offers far less protection than the FCA or ASIC.
Min. Deposit
USD 10
Max Leverage
1:1000, depending on the instrument
Spreads From
0 pips on NDD accounts
Platforms
Regulation, fund safety, track record
Spreads, execution, leverage
Platform quality, charting, features
Analysis, webinars, learning materials
Support quality, responsiveness
Mobile app quality, features
