FxCitizen
Pros and Cons
Pros
- Established forex broker since 2010
- Diverse trading instruments including major forex pairs and commodities
- Trading platform: MetaTrader 5 with advanced analytical tools
- High leverage options available for traders
- Multiple account types catering to different trader levels
Cons
- Not regulated by any recognized financial authority
- High risk due to absence of investor protection measures
- Limited trading instruments, lacking stocks and cryptocurrencies
- Poor customer support quality reported by users
- Withdrawal issues and delays experienced by clients
Basic Information
User Reviews
FxCitizen Overview
FxCitizen is a forex broker established in 2010, with its headquarters located in Hong Kong. The company operates under the name Universe Citizen Limited and has been in the market for approximately 5 to 10 years. However, it is important to note that FxCitizen is not regulated by any reputable financial authorities, which raises concerns about its trustworthiness and operational legitimacy in the forex trading space. As a broker, FxCitizen presents itself as a platform for trading various financial instruments, but the lack of regulatory oversight is a significant factor for potential traders to consider before engaging with the broker.
The core offerings of FxCitizen include access to a range of trading instruments, primarily focusing on forex trading, commodities, and CFDs. The broker’s trading platform options include MetaTrader 5, which is known for its user-friendly interface and analytical tools. Customer support is available to assist traders, although the effectiveness and responsiveness of the support team can vary. FxCitizen’s unique positioning in the market appears to stem from its competitive features, including the provision of high leverage options. However, potential traders should be cautious and thoroughly evaluate their options, as the absence of regulatory backing and the broker’s operational history may pose risks to their investments.
Is FxCitizen Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| N/A | Hong Kong | N/A |
Is FxCitizen Regulated and How Are Client Funds Protected?
FxCitizen is not regulated by any recognized financial authority. This lack of regulation raises significant concerns regarding the safety of client funds and the potential for fraud. Trading with an unregulated broker like FxCitizen means that investors do not have access to the investor protection mechanisms typically offered by regulated entities, such as segregated accounts or compensation schemes. As a result, traders should be cautious and aware of the risks involved when considering this broker for their trading activities.
Trading Products and Services
What trading instruments does FxCitizen offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs / Examples | Many |
| Commodities | Gold, Oil | Varies |
| Indices | N/A | |
| Stocks | N/A | |
| Cryptocurrencies | N/A |
FxCitizen offers a variety of trading instruments primarily focused on forex trading, which includes many major currency pairs, along with commodities like gold and oil. This diverse offering caters to different types of traders, from beginners looking to explore forex markets to more experienced traders interested in commodities. The availability of multiple asset categories can enhance portfolio diversification and support various trading strategies, making it suitable for both short-term and long-term investment approaches. However, it is essential for traders to conduct thorough research and consider the risks associated with trading on a platform that lacks regulatory oversight.
Account Types and Trading Conditions
What Account Types and Fees Does FxCitizen Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Cent Micro Account | Beginners and low-volume traders | Higher leverage, fixed spreads, no commission | Minimum deposit of $10, suitable for micro trading |
| Standard Mini Account | Intermediate traders | Higher leverage, fixed spreads, no commission | Minimum deposit of $10, allows mini lot trading |
| ECN Account | Experienced traders | Variable spreads, commission-based | Minimum deposit of $1000, no mini or micro lots |
Account Opening Process
Opening an account with FxCitizen involves several steps. First, potential clients need to submit personal information, including name, contact details, and employment information. Following this, financial information must be provided, detailing the client’s trading experience and financial situation. To comply with identity verification requirements, clients must also submit a valid ID and proof of address. Once the account is created, there is flexibility to upgrade to a professional account later if the trader meets certain criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | 2.0 | $0 | Fixed spreads for standard accounts |
| Forex (Minor Pairs) | Varies | Varies | Variable spreads for ECN accounts |
| CFDs (Gold, Oil) | Varies | Varies | Available for trading |
| Indices | N/A | N/A | Not available |
| Cryptocurrencies | N/A | N/A | Not available |
Other Fees
Other fees associated with trading at FxCitizen may include deposit and withdrawal fees, which vary based on the payment method. Additionally, inactivity fees may apply if an account remains dormant for an extended period. Platform usage fees are not specified, and overnight interest (swap rates) may vary based on the positions held. Currency conversion fees could also apply when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does FxCitizen Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | 2FA, symbol lookup, multiple order types, price alerts, technical indicators | Demo accounts available |
| Web Version | Any device with a web browser | Login security via HTTPS, symbol lookup, basic order types, price alerts | No demo accounts |
| Mobile App | iOS, Android | Biometrics, push notifications, one-click trading, market alerts | Demo accounts available |
The trading platforms offered by FxCitizen provide various advantages tailored to different trading needs. MetaTrader 5 (MT5) is suitable for advanced traders, providing extensive analytical tools and multiple order types. The web version allows for flexible access from any device, while the mobile app ensures that traders can manage their accounts and receive real-time alerts on the go. Overall, FxCitizen supports secure logins and fast order execution across its platforms, enhancing the trading experience.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min $10, Max $5,000/day | USD, HKD |
| Credit/Debit Card | Instant | No platform fee | Min $10, Max $5,000/day | USD, HKD |
| Cryptocurrency | Instant | 1.5% processing fee | Min $10, Max $10,000/day | BTC, ETH |
Minimum Deposit
FxCitizen requires a minimum deposit of $10 for all account types. This deposit amount is consistent across different payment methods and does not vary by region.
How to Withdraw
To withdraw funds from your FxCitizen account, follow these steps:
1. Log in to your FxCitizen account.
2. Navigate to the ‘Withdrawal’ section.
3. Select your preferred withdrawal method from the available options.
4. Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
5. Confirm your withdrawal request.
6. Wait for the processing, which may take 3–5 days for bank transfers or be instant for other methods.
Customer Support
FxCitizen Customer Support Overview
Support Channels
FxCitizen provides multiple contact methods for customer support, ensuring traders can get assistance when needed. The primary support channels include:
- Email: Traders can reach out via account@fxcitizen.com for inquiries and support.
- Telephone: Customers can contact support at +60 3-89661980 for direct assistance.
Service Availability
Customer support is available to assist traders during business hours. While specific support hours are not detailed, it can be assumed that support is provided at regular times to accommodate traders. Multilingual support availability is not explicitly mentioned, so traders should inquire about language options when contacting support.
Frequently Asked Questions
FxCitizen is not regulated by any recognized financial authority, which raises concerns about its trustworthiness and operational legitimacy in the forex trading space. This absence of regulation means that clients do not benefit from the investor protection measures typically associated with regulated brokers.
FxCitizen primarily focuses on forex trading, offering many major currency pairs, as well as commodities like gold and oil. However, it does not provide trading options for stocks or cryptocurrencies.
FxCitizen offers three account types: the Cent Micro Account for beginners with a minimum deposit of $10, the Standard Mini Account for intermediate traders also starting at $10, and the ECN Account for experienced traders requiring a minimum deposit of $1000. Each account type has distinct features regarding spreads and commissions.
FxCitizen provides multiple support channels, including email at account@fxcitizen.com and telephone support at +60 3-89661980. Customer support is available during business hours, although specific hours are not detailed. Traders should feel free to reach out for assistance regarding their inquiries.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.