Just got email from FXChoice that they would suspend withdrawal wiretransfer, Something fishy is going on with FXChoice
i also received the FX Choice email regarding wire transfers â this is a big concern for me, the notice is giving clients 3 days to withdrawal through wires before the suspension.
im left with withdrawing through BTC, which they charge a 3% fee going from fiat to BTC.
And other withdrawal option has high fee, i donât know why, but this is a sign, that soon they probably would no longer accepting US Clients
They also offer XRP.
XRP and XLM are much faster than BTC and fees are much less.
Bank wire issues are unfortunate, but seem universal nowadays.
Are you trading with them? Just wondering what you are trading there. I am looking for a good broker to trade crypto on MT5. I use Coinexx for forex but they have limited crypto pairs.
Only demo, so far⌠Leverage is very low, so not rushing to open new live account⌠yet keeping them on the radar.
Evolve had a good crypto selection on MT5. FXChoice has some too. Both of these offer MT5 Market Depth feature, which Iâm experimenting with. Coinexx has some decent crypto offering, but closes everything on the weekend.
I still find alt coin liquidity mostly too thin. Mainly trading BTCUSD for now. b2btc definitely offers quite a selection. I havenât seen another MT5 with as many on offer
FXChoice Options
Wires out⌠dead
Bitcoin withdrawals⌠3% USD conversion fee
Upaycard withdrawals⌠1% Fxchoice fee + 2.9% usd/crypto exchange fee + 1% crypto transfer fee
Depending on what kind of leverage and liquidity that you are looking for, you might find agreeable offerings via a crypto exchange like Bitmex or Bitfinex. I personally find that the spreads for cryptocurrency are just too wide via current, broker offerings.
If you deposit using BTC, do they still charge you a conversion fee?
This was in the back office deposit section
If you need to buy Bitcoin, you can do so at one of the many crypto exchanges.
Deposits to USD, EUR, GBP, CHF, CAD and AUD-denominated accounts/wallets will not incur additional fees.
Iâm in chat now to confirm
so for ppl who still have USD accounts with FX Choice after wires out are suspended â we can withdraw from FX Choice to Upaycard for 1% fees, but how much is it to go from UPaycard to bank account?
on the Upaycard website it looks like it says 25 EURs for a normal bank wire in USD, is that right or am i missing other fees?
i never used Upaycard, but it looks like the best option for FX Choice clients who previously relied on bank wires.
Upaycard via wire is no longer available only Crypto, so itâs now a more expensive option than direct fxchoice crypto transfers.
confirmed⌠if you will deposit directly to a USD trading account there is no fee.
Hey guys, been following this thread for what seems like 3 yrs⌠I guess thatâs about right. Just a quick question. It seems like the conversation has traveled away from LMFX and Tradersway. Is there any updates regarding them?
Most of the convo flowed around Tradersway, Tallinex & FXchoice a few years ago until Finpro, Turnkey & Coinexx came on the scene.
Iâm still with Tradersway⌠their latency and spreads are not as competitive as other options. My orders are always pending with 30-75 pip targets & exits so latency, slippage & spreads are not as critical for me as some others on here. If youâre a scalper, turnkey & coinexx/finpro are better options than Tradersway.
just spoke with Upaycard, they only do wires in EURs, and you can imagine what the foreign exchange rates are for the US banks accepting EURs (insane).
this is a mess, it really does look like crypto is the only way at the moment â 3% hurts! not to mention, weâll be having fun dealing with the crypto exchange and their daily limits of USD withdrawal to the bank account
You should not incur a fee for cryptocurrency transfers other than the small network fee for wallet-to-wallet transfers and whatever fees you might see sending/receiving from your bank account. If you are purchasing cryptocurrency with your credit card, then you will likely incur a fee for that, though.
The daily withdrawal limits set by crypto exchanges are usually around 10k/day, which is reasonable for most people, however, this limit can usually be increased.
There may not be a limit for crypto withdrawal (transfer), depending on the exchange, so if you have a crypto pay card, then you may be able to skirt around these limitations, but you may still face whatever limitations are being set by your pay card provider.
So for those of us with FxChoice USD based accounts. It seems Upay is a horrible idea with the fees/conversion involved since it is EUR only based and Vload seems to have just a crazy fee right off the bat for withdrawing.
For someone like me who has no idea of the use of BTC I am left with a hasty decision. Either close out my entire account or risk today or risk having to learn BTC and somehow how it works from withdrawing money from FxChoice to making it arrive in my bank account as USD. The volatility of BTC has always had me concerned.
i think you should learn about crypto currency and how to deal with them because all offshore brokers will be going in that direction sooner or later
1 Like
i agree with @SmallPaul that users need to educate themselves on how to get USD from the bank account to BTC, and BTC back to USD
but there is one more step / decision now in deciding a FX broker: once you already have BTC, how much are fees going to be for the following process for the trading account: deposit BTC, convert it to USD for the trading account, convert USD back to BTC for withdrawal
the fees for FX Choice in this scenario is now 6%: 3% fees each conversion of BTC and USD.
this is a major issue and i am now looking for another broker â does anyone know which broker has the least fees when using BTC to deposit and withdraw to trade FX?
EDIT:
i just spoke with Traders Way: they donât charge ANY fees when you deposit with BTC, trade with USD, and withdraw with BTC.
moving forward, my plan will be to take the one time hit of 3% for converting USD to BTC in my FX Choice trading accounts, and transfer that BTC to Traders Way
2 Likes