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FxCitizen Review - Is it scam or safe?

FxCitizen Review - is fxcitizen.com scam or good forex broker?

RATING: 2 / 1 REVIEWS ForexBrokerz FxCitizen
FxCitizen is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage  Average Spreads (& Commission)
Cent Micro $10 0.01 1:1000  2.0 pips, fixed
Standard Mini $10 0.1 1:500 2.0 pips, fixed
ECN Premium $1000 1 1:200 0.8 pips + 0.3 pips / lot
Segregated ECN $5000 10 1:200 0.8 pips + 0.3 pips / lot

  

FxCitizen offers two groups of accounts types – Standard (Micro & Mini) and ECN. Micro & Mini accounts offer higher leverage and fixed spreads with no commission fees. Besides, these account s have swap-free trading option available to investors of Islamic belief. ECN accounts, on the other hand, offer variable spreads with commission fees and lower leverage levels.  Keep in mind that mini, micro lots, as well as promotion offers are not available to ECN account holders.

 

In addition, FxCitizen, offers fund management services (PAMM) as well.

 

FxCitizen’s offerings seem typical for an offshore brokerage – low minimum deposit required, high leverage levels and competitive spreads. The fixed spreads offered by this broker are typical for the forex market, fixed at 2 pips for the EUR/USD pair, and ECN trading costs amount to around 1.4 pips on EUR/USD per standard lot round turn, which is average.

 

Scalping, hedging and EAs are allowed at FxCitizen, however restrictions apply to scalping – positions must be opened for at least 2 minutes.

 

The Company. Security of Funds

 

Company

Country

Regulation

 Universe Citizen Limited

Vanuatu

VFSC

 

Established in 2010, FxCitizen is an offshore brokerage that offers trading in more than 30 currency pairs, CFDs on gold, silver and oil through the MetaTrader 4 (MT4) platform. CFDs on indices & shares are not available with this broker.

 

FxCitizen is a trading name of Universe Citizen Limited which regulated by the Republic of Vanuatu Finance Service Commission.  Vanuatu is an offshore tax-free destination, where registration procedure for forex and binary brokers is fast and inexpensive. Minimum capital requirements are also low, amounting to $2000. As is usually the case with offshore zones, little focus is placed on supervision of registered entities and client protection, which is why trading with offshore or non-regulated brokerages is extremely risky.

 

That is why we advise traders to select a forex broker licensed in UK, Cyprus, or Australia for instance, where traders have certain level of protection and where financial watchdogs exercise supervision over financial services providers.

 

Trading Platforms

 

FxCitizen offers its customers the famous MetaTrader 4 (MT4), desktop and mobile versions available.

 

MT4 is the preferred choice of most traders, as the platform is reliable and easy to use, and offers a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EA), allowing clients to fully automate their trades.

 

Promotions

By the time of writing of this review, FxCitizen offers up to 35% deposit bonus on the account balance to clients who deposit at least $100. Withdrawal is subject to trading volume requirements.

 

 

 

The broker also offers CashBack up to 0.5 pips or 2 USD per lot. Both promotions are applicable to Cent Micro and Standard Mini accounts.

 

Methods of Payment

 

FxCitizen offers its clients wide range of payment options: credit/debit card, e-wallet Perfect Money, bank wire, telegraphic and local transfers.

 

Conclusion

 

FxCitizen is a Vanuatu-registered forex and CFDs broker that uses the popular MT4 platform. In our view, the main problem with this broker is that it is regulated offshore. Besides, it requires high initial deposit for ECN accounts and offers no indices and share CFDs. Here are, in a nutshell, the pros and cons of FxCitizen:

 

Pros

Cons

7 years of experience in the industry

Registered offshore

Low initial deposit required

High deposits for ECN accounts

STP environment available

No micro & mini lots on ECN accounts

MT4 available

Scalping allowed with restrictions

Bonuses offered

No indices and shares CFDs

 

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Traders` reviews for FxCitizen

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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