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FxCitizen Review: Scam or Legit Broker?

FxCitizen Review: Scam or Legit Broker?

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FxCitizen is a Forex broker offering two types of trading accounts, standard and ECN. For the standard account, there are two categories namely Micro and Mini. Both Micro & Mini are offering higher level and fixed spreads, plus no commission is charged on customers. In addition to this, these accounts have swap-free options for those who share Islamic belief. On the other hand, ECN accounts offer variable spreads and commissions are also involved. However, they offer lower leverage for these accounts. Therefore, what we should keep in mind is that ECN accounts do not offer mini and micro lots. What is more, promotion offers are not available for ECN accounts.

But this is not all that FxCitizen is offering. They have PAMM accounts for those who want their funds to be managed on the platform. The features that this broker offers are very typical of what an offshore broker would offer. These include low leverage, competitive spreads and low minimum deposit. In terms of fixed spreads, FXCitizen offers 2 pips for a pair like EURUSD for the standard accounts and 1.6 pips for EURUSD pair on the ECN accounts. This is considered average according to the industry’s going rate.

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FxCitizen Review

Scalping, hedging including expert advisors are allowed. However, even tough this broker is allowing scalping, they still have silly restrictions which make it difficult for scalpers to succeed here. Even if you have a scalping trading robot, this broker will make it difficult because those trading robots sometimes close trades in seconds when the broker wants scalps to be closed in more than 2 minutes. That is to say that if you are scalping, you cannot close trades before 2 minutes have elapse. This is not the kind of thing we want.

FXCitizen

The company background and the security of funds

FxCitizen was created in 2010. It offers trading in 30 different pairs and on CFDs which involve Gold, Silver and Oil on the Mt4 platform. CFDs for indices and shares are not available to trade on this brokerage. FxCitizen is owned and operated by a company known as Universe Citizen Limited. This company is regulated by Republic of Vanuatu Finance Service Commission. People who set up businesses in Vanuatu don’t pay tax. It’s a safe haven for people who don’t want to pay taxes. In addition to that, registration of Forex and Binary Options brokers is fast and extremely cheap. That is the reason scammers prefer to register their business in this destination because it favors them more than it favors the customer.

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The minimum trading capital that this broker is requesting is $2000. This is quite high considering that most off shore brokers don’t ask this amount of capital. This can be discouraging to new traders who want to get started with $1000. The other thing is that these offshore brokers don’t have pressure from regulators and customer protection is never a priority. That is why you should never trade with an offshore broker or an unregulated broker.

It is therefore recommended that you trade with Forex brokers who are based in the UK, Cyprus and Australia. These brokers will guarantee the protection of your money and you will not have to worry about your money being stolen or clients getting mishandled.

Trading platform

FxCitizen offers the famous MT4 platform and customers can trade on the Desktop and mobile platforms respectively.

MT4 is often preferred by most traders as it’s reliable and easy to use. It comes with custom indicators that help traders analyze the market before making decisions. Thes technical indicators are a must have if you are a technical indicator trader. It offers extensive back testing environment, advanced charting capabilities and compatibility with expert advisors, which allows traders to completely automated their trading.

FxCitizen also offers deposit bonuses from time to time. However, to withdraw money from this platform after a customer accepts deposit bonus, they are required to meet a certain trading volume. Therefore, this is quite restrictive and we don’t encourage new traders to accept deposit bonuses.

Customer reviews

While this broker looks like a legit broker who does not cause any trouble to traders, there are plenty of negative customer reviews on the internet. Clients have complained of losing money in the hands of this broker. How exactly do they lose money? The broker entices them to accept advisors and signals from the platform. The people who manage those signals don’t appear to have mastered trading really well. So you can guess that anyone who utilizes this service ends up losing a lot of money.

Therefore, when customer feedback is negative, there is really nothing else we can do to try and convince new traders that this broker is legit. Online negativity kills morale and it certainly points to the fact that this broker is not running an efficient business or is an outright crook.

Why we have issues with FxCitizen

The problem is that they are off shore brokers, and it doe not surprise us when we come across all these kinds of complaints. They are typical of off shore brokers because there is no stringent regulations for setting up Forex brokerage business. So whoever is setting up a brokerage business in an off shore zone is clearly looking to mishandle customers or even scam them. Many Forex brokers that we have reviewed here which are based in the off shore zones share similar characteristics. They are either outright scams or are always mishandling their clients.

We are afraid that FXCitizen is one of those, and we can’t risk asking you to sign up.

Our best advice for you

This broker does not offer indices and shares CFDs. Secondly, they are registered off shore and this is something you should take as a red flag. Third, their ECN account has a big minimum deposit and every trader wants to trade on an ECN environment because it offers better trading conditions. Stick with these Forex brokers if you want to trade securely. 

Summary
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Product Name
FXCitizen
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