CitiFxMarkets Review – Unregulated Broker!

CitiFxMarkets is an alleged regulated broker who offers most of the popular trading instruments. This brokerage has a web based platform for charting and execution.

Their website does not portray all of the details that an average trader might need before joining them. Before risking your money, go through our review to find out if this broker suits your needs along with the pros and cons of dealing with them.

Disclosure: We get commissions for purchases made through links in this post.

Regulation and Licenses

Regulation and licensing is of utmost importance when it comes to choosing a broker. For retail traders, we always recommend to stay away from offshore brokers as most of them are shady and not to mention, your money will always be at risk.

CitiFxMarkets claims to be regulated by the FCA. However, we couldn’t find any details about them on the database of the institution. So, without a shadow of doubt we can say that, they have mis-presented themselves.

Considering their anonymous nature and the mysteriousness covering their whereabouts, it certainly makes us very cautious while dealing with them.

Customer Support and Contact Details

If you need any assistance on this platform, then you can contact the support team via email, Telegram app. There is also an additional support form wherein you can ask anything related to the platform.

However, we do not know the average time they take to respond. Here are the contact details put up on their website.

Address – Hounslow, TW3 1BL, Middlesex, United Kingdom.

Email – Support@Citifxmarkets.Com

Asset Class and Leverage

This section is the most confusing aspect of this platform. They claim to feature a wide range of trading instruments ranging from Indices, Shares, Forex, Commodities, Speed Market, Bonds and Interest rates.

An average trader will be pleased to have these many options to work with. However, keep an eye on the speed market trading as it is based on very short term trading.

Though, it carries huge reward, do not forget about the inherent risk it has. The exact amount of leverage is unknown. As a rule of thumb, remember to stick with lower leverage. We know that higher amount of leverage helps secure amplified gains, but if the trade swings the other way, it might wipe out the entire account.

Charting Solution and Platform

The charting solution used by this broker is Tradingview. Most of the traders might be familiar with this charts as they have become very popular in the recent times.

The functionalities are practical and you can customise the chart to your personal preference. Moreover, they feature a ton of indicators as well. If those options are not enough, there are ways to create your own indicators as well.

However, the only downside is that, there is no way of automated trading. Lack of MT4 or MT5 is definitely a thing you should know before joining them because if you are relying on EA trading, then it will be a deal breaker for you. Every platform has it’s set of pros and cons. So, make sure that it ticks all the boxes you need.

Lack of Information

Since the birth of this broker, their whereabouts has remained anonymous. The regulation claims put up by them are fake and even the list of the alleged awards they won look shabby. In addition to all these mysteriousness, the number of testimonies online are also low.

As of now, it is better to stay away from them or if you have to stick with them for some reason, then make sure that you start with the lowest amount possible. Moreover, remember that they do not offer demo account.

So, there is no way to test their service without risking your money. If you are a newbie trader, lack of demo account will be a big deal and we definitely don’t recommend anyone to start live without gaining any experience in the first place.

Domain Insight

Below are the details we managed to gather about this website with the help of alexa.com and whois.com.

Domain – Citifxmarkets.com

Registrar – NameCheap, Inc

Registered On – 17/06/2018

Expires On – 17/06/2019

Alexa Global Rank – 13,384,104

Note that the identity of the creators cannot be traced and since they are new, we do not know their audience geography.

CitiFxMarkets Review Conclusion

CitiFxMarkets is an unregulated broker who has been around for less than a year. Their way of presentation is vague and may confuse a lot of beginners. Moreover, we don’t know whether they offer account management services as well.

So, if you like social trading or algorithm trading, this one will not be fulfilling any of your needs. Always remember, trading with most of the offshore brokers is like sitting on a time bomb, you will never know when it will go down.

As of now, we strongly advise all our readers to at least indulge with them cautiously.

Have you used CitiFxMarkets? If yes, then let us know how you feel about their service.