CITIFX Pro Review

Unlike other traders, CitiFX assume you have a level of knowledge before you begin trading. This limits their assistance to the client to free to access online seminars and trading tips. The seminars are presented by top Forex experts who give their advice and tips to you the trader. Other trading tips and suggestions are delivered through straight-from-platform market analysis and research (CitiFX Pro). There appears to be no instructional material directly accessible from their website.

CitiFX offer one to one access to a 24 hour helpline available during all trading days. This is designed to help you operate you account but does not give tips or refer to market analysis. When you set up your account a client manager will be assigned to you to guide you through the early days of your account. Eventually, the assistance tails off and you are left to trade by yourself unless you opt for a managed account. Experience of clients indicates that the standards of customer service are good.

Despite being backed by one of the world’s biggest banks, CitiFX aren’t one of the big players in the world of Forex. yes of course they will sure offer 130 currency pairs – these price feed are provided by the Citicorp network. But what counts is the treatment clients get when they sign up with CitiFX, which is definitely very basic and shady.
Their biggest advantage is the fact they are allied to Citigroup whose chief activity, meaning that they have a sound foundation. But if that was any good, we will see them everywhere in online banners, Bloomberg Advertisement, and even billboards. The absence of these actually raise the question if they are actually allow to offer Forex trading services in the same way Brokers do. They sure offer it in bans as Exchanging money from one currency to anther, but to offer it on margin basis, and to be regulated by authorities which require certain things to comply with their rules; this is very doubtful. They do have a host of awards, both for their customer service and for their technologies. However, It’s believed that many of the awards are earned because of their link to Citigroup.

In the US, clients’ money is protected by the US Deposit Insurance Guarantee and in the UK by the Financial Services Compensation Scheme. Linked to a huge, well-respected bank, the intimation is that clients’ funds will be safe but there’s the possibility that as a subsidiary engaged in a business that carries some degree of risk for the trader and the company, the small print may mean certain activities will not be covered. Don’t assume that all your trades with CitiFX are covered by the guarantees However money deposited with them as well as profits that are left in your account should be covered.

AS with many Forex companies, CitiFX has its own in house web based platform called CitiFX Pro Web and CitiFX Pro Desktop for a downloadable version. You can take CitiFX with you on the go as it offers a mobile version of both platforms. There’s some concern over how much of their platforms is unique to them or whether they have simply piggy-backed another platform as their charges mention mark ups on trading costs. CitiFX also offer the standard MetaTrader4 platform for those that want familiarity and guaranteed reliability.
Reviews by CitiFX clients show that both their web based and desktop platforms perform reliably with connection at well over 99%. MetaTrader4, as the industry standard, is renowned for its reliability so traders should have little or no trouble with any of CitiFX platforms.

Your account will have margin requirements placed upon it depending on the currencies you trade. CitiFX note that should your account get close to the margin requirement, they will start the process of closing out the trade without guaranteeing you will be informed, which is practically a notification that if these position came close to their margin requirements, they will just take you money. Notice the absence of a clear margin requirement table for example or specific trading conditions on their website.
CitiFX say they can only guarantee quotes, stops and take profit points under normal market conditions. For that reason you should expect that sometimes quotes will vary and that you’ll exit a trade at a different price than you intended, even a profitable trade can turn to a negative one with CitiFX
CitiFX operate swap charges which are usually presented as an adjustment in your opening price. This means the Citi FX gave themselves the right to alter the price feed based on a profiling system for their clients, which is -to a certain extent unknown to the client himself. This fact will lead to to possibility of mistreating clients as a whole when an unpleasant situation happens in the market and CitiFX weren’t prepared for or were wrong in their assumption and analysis. Expert Advisers is available on CitiFX’s MT4 platform

Trading costs from CitiFX aren’t transparent. In the more accessible pages of their website they talk about narrow spreads but elsewhere qualify that assertion talking about mark ups. These are usually seen when a trader has opted in on another trading platform as an institutional trader, white labelling the platform and making their profit by adding a mark up to each trade. If that’s the case then you’ll be able to get better costs elsewhere.

CitiFX relies on the reputation of its parent company to attract customers and has no necessity to offer deals or promotions. Experience of new clients indicates that there are no sweeteners and no offers to get clients to commit to opening a live account. Whilst this is positive in meaning you aren’t pressured by the company, it also means that you’ll find other companies offering you a better deal.

Despite the name, they are a small Forex company which isn’t one of the big names in the industry. The company does little to promote the services they offer and the impression gained by the industry is that Citigroup only offer Forex through CitiFX because they’re expected to.
The MT4 platform is easy to use, scalable as you gain in experience and can be customized to suit the user. The company says it has a tiered spread system with tighter spreads depending on your level of account. The focus with CitiFX is on trading forex, CFDs for non-US clients and spot metals. For other securities you’ll need to look at other aspects of Citigroup or different companies.
The small print tells of mark ups on spreads so it’s often tricky to work out what your take profit and stop loss points might be. The minimum amount needed to begin trading is $10,000 – not likely to encourage first time traders. Getting started is an onerous task with plenty of forms to fill in. Many give up before actually getting to the point of live trading. Deposits to your account can only be made by bank transfer or cheque. There’s a very high margin requirement. The website is very uninspiring, difficult to negotiate and it’s hard to find the necessary information.