Broker Review

What MyFXChoice Does

MyFXChoice is an online forex and CFD broker offering trading with MetaTrader 4 and MetaTrader 5 platforms. It supports many currency pairs, some cryptocurrency trading, and CFDs on metals, indices and other commodities. The broker offers different account types intended for varying trader needs, including ECN-style trading, and it provides various deposit and withdrawal methods.

Regulation and Legal Status

MyFXChoice is regulated under Belize, operating under a license with the Financial Services Commission of Belize (FSC). The company is registered in Belize, with the designation of an International Business Corporation.

However, Belize regulation is considered less stringent compared to regulators in major jurisdictions such as the UK, EU, US, or Australia. The level of protection for clients may also differ accordingly.

User Feedback and Reputation

User reviews and feedback are mixed. Some clients report positive experiences, especially citing good platform stability, responsive customer service, and smooth processing of deposits and withdrawals (though sometimes with verification delays).

On the other hand, there are complaints regarding slow withdrawal processes, requests for extensive identity verification (including photos and documents), higher than expected fees in some cases, or spread/commission costs being more than anticipated. Some users express frustration when bonus-related conditions affect withdrawal rights.

What to Verify / Watch Out For

When considering using a broker like MyFXChoice, some useful verification steps include:

• Confirming the exact regulatory license number with the Belize FSC.

• Checking whether your country of residence is accepted and what protections apply locally.

• Understanding the bonus or promotion terms fully before participating.

• Testing deposit and withdrawal with small amounts first to see how verification and execution work.

• Reviewing all fee schedules (spreads, swap rates, commission, inactivity fees, etc.), especially during times of high volatility.

Conclusion

MyFXChoice appears to be a broker with a substantial track record and many satisfied users, offering multiple trading tools and reasonably good infrastructure. However, the level of regulatory protection is modest compared to brokers regulated under more stringent regimes. For those considering trading with them, caution and thorough due diligence are advised, especially regarding withdrawal and verification procedures, and understanding all costs involved.