According to research in South Africa, CITIFX PRO is an online retail forex trader operating under a major global bank.
A Quick Overview of our CITIFX Pro Review:
- ✔️Who is CITIFX Pro?
- ✔️Safe or Scam
- ✔️Pros and Cons
- Leverage
- Accounts
- Market Instruments
- Fees
- Deposit and Withdrawal
- Trading Platforms
- How to open an account
- Customer Support
- Education
CITIFX PRO was established in 2008 and has its headquarters in New York. As an American financial services firm, CITIFX PRO is regulated by various agencies, including the Federal Reserve.
Who is CITIFX Pro?
CITIFX PRO offers an advanced proprietary trading platform available in desktop, Web, and mobile versions but traders can also use the popular MetaTrader 4 platform. Advanced traders may even qualify to use a Thomson Reuters 3000 Xtra terminal.
CITIFX PRO provides both individual and institutional clients with the ability to trade forex with the assistance of a worldwide leading dealer. Apart from over 130 forex currency pairs, the broker allows traders to trade precious metals and CFDs.
Since June 2015 CITIFX PRO had been fully acquired by FXCM and Saxo Bank, with only traders from Singapore becoming clients of Saxo Bank, while all others are acquired by FXCM. Traders could enjoy a seamless integration with their new brokers and enjoy all of the benefits of these leading Forex brokers.
Safe or Scam
One of the best benchmarks to measure the safety of a broker like CITIFX PRO is to establish which regulating authorities are watchdogs over its actions.
CITIFX PRO is regulated by CFTC, NFA, FCA.
CITIFX PRO is a global bank and the broker of choice for those who want a reliable partner in the Foreign Exchange market.
Dealing with a bank has its benefits, some of which include:
- Citi has about 200 million customer accounts and a presence in more than 100 countries, and trading in about 60 countries
- It has the widest set of tradable currencies, offering over 130 currency pairs.
- Its customer service is good.
- US Dollar margin funds are insured by the FDIC up to $250 000 per account holder.
- It has years of experience and a great reputation.
Pros and Cons
| PROS | CONS |
| 1. Extremely reliable | 1. Extremely high initial deposit fee of $10 000 |
| 2. Three different account types | 2. Sign up process is extremely lengthy |
| 3. Trades can be executed through any of four trading platforms | 3. Not a good choice for novice traders |
| 4. Choose from over 130 currency pairs | |
| 5. Excellent customer support | |
| 6. All funds insured by the FDIC |
Leverage
Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.
Leverage amount is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.
Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.
For example, on a 1% margin a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.
CITIFX PRO offers a maximum leverage ratio of 1:50.
Accounts
A forex account at CITIFX PRO is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against the Islamic faith.
Often, the number and type of accounts that a trader can open with a broker company differ depending on the country in which it operates and the regulatory authorities under whose jurisdiction it falls.
CITIFX PRO offers the following types of accounts:
Standard
Minimum Account Size: $10 000
Spread: Low/ Variable
Trading Instruments: Forex
Premium
Minimum Account Size: $50 000
Spread: Low/ Variable
Trading Instruments: Forex
Premium (Commission)
Minimum Account Size: $50 000
Spread: Low/ Fixed
Trading Instruments: Forex
Market Instruments
The most popular market instruments available from most brokers for trading include:
Forex
Forex trading describes the currency exchange market which refers to the global, decentralized marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.
Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.
Indices
Equity, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.
Precious metals
The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
Energy
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.
CITIFX offers the following of the above: over 130 forex currency pairs, precious metals and CFDs.
Fees
Cost depends on different factors, like spread and margins, and CITIFX PRO clients may also experience different fee structures according to their country or place of residence.
The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.
Spreads at CITIFX PRO are determined by the account level. Standard accounts offer a 1.6 spread on EUR/USD with a 2 percent margin requirement on trades of at least 5 000 euros. The spread pricing improves to 1.2 for premium accounts with at least $50 000. The commissions charged at the premium account level are just $35 for every million dollars transacted.
Deposit and Withdrawal
Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done in the same ways, but sometimes differ.
In the case of CITIFX PRO the following are required:
Standard accounts require a $10,000 deposit, a Premium Account a minimum of $50 000 and a Premium (Commission) Account a minimum of $50 000.
Account funding and withdrawals can be made with Wire Transfers.
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Trading Platforms
The forex trading platform provided by CITIFX PRO to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms.
A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
CITIFX PRO provides the CITIFX PRO Desktop, CITIFX PRO Web, CITIFX PRO Mobile and MetaTrader4 platforms.
The trading platforms allow any time, anywhere trading, account access and real-time trading for greater efficiency and speed and suitability to a variety of customer needs.
How to open an account
Similarly to a bank, to register a forex trading account with CITIFX PRO for the first time, you will be required to go through a basic “know your customer” process, which will allow CITIFX PRO to ascertain that your submitted details and ensure the safety of your funds and account details.
Customer Support
Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it.
In the case of CITIFX customers can reach the support team via email or telephone, 24 hours per day, five days a week.
Education
Before starting to trade, potential clients of CITIFX PRO should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
CITIFX PRO offers limited educational information.
Research
To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.
With CITIFX PRO they have access to the basic information via the website and trading platforms.
Awards
Being an awarded company instills extra confidence by traders. CITIFX PRO claims to have won several awards during its years in business, among which are 40 awards during 2015, 46 awards in 2014, 50 awards in 2013, 48 awards in 2012, 26 awards in 2011, and 22 in 2010.
These include awards as Overall Market ShareWinner – Leveraged and Real Money Client Segment Market Share, for North America, Middle East and Swap Market Share, Winner – EM Currencies market Share, awards for Excellence, as Best Global Bank, Best Emerging Markets Investment Bank Globally and Best Single Dealer Platform – Citi Velocity Trading.
Conclusion
CITIFX PRO offers four different trading platforms for traders to choose from, three different account types to choose from and over 130 currency pairs with exotic ones included.
Traders get to pay up to 1.2 pips spreads over major currency pairs and commission-based pricing is offered as well.
All funds are insured by the FDIC.
Disclaimer
CITIFX warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.
Before deciding to trade with CITIFX PRO, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.
CITIFX PRO warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence CITIFX PRO cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
FAQs
TRADING ENVIRONMENT
How many instruments can I trade with CITIFX PRO?
You can trade several different instruments with CITIFX, which include the following:
- over 130 forex currency pairs
- precious metals
- CFDs
Which platforms are supported by CITIFX PRO?
CITIFX PRO provides the following popular trading platforms:
- CITIFX PRO Desktop,
- CITIFX PRO Web,
- CITIFX PRO Mobile,
- MetaTrader4.
Does CITIFX PRO offer leverage?
Yes, CITIFX offers maximum leverage of 1:50
What spreads can I expect with CITIFX PRO?
CITIFX Standard accounts offer a 1.6 spread on EUR/USD. If details on the website is not comprehensive, more information can be obtained from the customer support service.
Does CITIFX PRO charge commission?
Yes, more information on commissions can be obtained from the customer support service.
Is CITIFX PRO regulated?
No/Yes, CITIFX is regulated by CFTC, NFA, FCA.
Is CITIFX PRO a recommended forex trading broker for experts and beginners?
CITIFX offers a fair trading environment for all types of traders/beginners/experienced traders.
What is the overall rating out of 10 for CITIFX PRO?
6/10
ACCOUNTS
What is the difference between a demo and live trading account?
A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.
Does CITIFX PRO offer a demo account?
Yes
How long is the demo account valid?
Not indicated.
Which live trading accounts does CITIFX PRO offer?
- Standard Account
- Premium Account
- Premium (Commission) Account
What are the available deposit currencies for a live trading account?
USD, EUR, GBP, JPY
DEPOSITS AND WITHDRAWALS
What is the minimum deposit for CITIFX PRO?
$ 10 000
How do you make a deposit and withdrawal with CITIFX PRO?
CITIFX Pro offers the following deposit and withdrawal methods:
- Wire Transfers.
Does CITIFX PRO charge withdrawal fees?
Fees from a financial institution may apply.
How long does it take to make a withdrawal?
Depending on bank services it may take several days for the money to be available.
CITIFX PRO AT A GLANCE |
|
| Broker’s Name | CITIFX |
| Headquartered | New York, NY, USA |
| Year Founded | 2008 |
| Regulating Authorities | CFTC, NFA, FCA |
| Countries not accepted for trade | Not indicated |
| Islamic Account (Swap Free) | No |
| Demo Account | Yes |
| Institutional Accounts | Yes |
| Managed Accounts | Yes |
| Maximum Leverage | 1:50 |
| Minimum Deposit | $10 000 |
| Deposit Options | Wire Transfer |
| Withdrawal Options | Wire Transfer |
| Platform Types | CITIFX PRO Desktop, CITIFX PRO Web, CITIFX PRO Mobile, MetaTrader4 |
| OS Compatibility | Desktop, Web, and Mobile |
| Tradable Assets | Over 130 forex currency pairs, precious metals and CFDs |
| Languages supported on Website | English, Chinese |
| Customer Support Languages | Arabic, Bulgarian, Mandarin, Cantonese, Czech, Danish, Dutch, English, Farsi, French, German, Greek, Hebrew, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Lithuanian, Malay, Malaysia, Norwegian |
| Customer Service Hours | 24/5 |
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