Forex is a multi-billion industry with millions of market participants. Every investor and trader hope to outmaneuver the volatility in the market and to secure some extra cash from their trades. Traders have to develop trading skills and acquire a lot of knowledge on currency movements before they can count on some profit. But this is not the only requirement; a good broker company is also essential. Traders need professional Forex brokers to assist them in the trading process and to link them to good quotes. Welcome to another Forex broker review where the spotlight is put on the FxCitizen broker. This FxCitizen review is aimed at examining the broker from head to toe and informing potential investors on the performance of this company.
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Background Information
FxCitizen joined the market in 2010 when it opened its first office in Aukland, New Zealand. To operate in New Zealand, the broker had to secure the New Zealand Financial Markets Authority or FMA license, which it did. The regulatory bodies are of particular importance in the Forex industry because the market is constantly targeted by scammers who use the decentralized market for personal gains. A licensed broker offers security and safety to market participants who are already skeptic towards the market in general. Nevertheless, the market keeps flourishing, and professional brokers restore the trust of traders. As a regulator, the FMA imposes strict rules on Forex companies. In recent years, the regulator became even more active in “cleaning” the market from fraudsters. This means that traders can count on a more reliable trading environment because of the enhanced security measures. The FxCitizen traders can truly enjoy excellent trading conditions because if something goes wrong, they can count on the FMA. The FxCitizen broker is also a licensed White Label platform user. This means that the broker trades as an affiliate for other companies and sells their services and products for profit. This is a novelty in the Forex world, and probably, the trend will spread to other Forex brokers as well. After we established that the FxCitizen traders are in good hands, let us see what else the broker offers to its traders.
FxCitizen Trading Platform
This broker sticks to the majority when it comes to the trading platform. It offers the MT 4 for both, Mac and Windows users. Many new brokers have been designing and developing their own platforms lately, but the FxCitizen remains traditional and offers no inbuilt platform. There is no Forex broker today which does not offer a mobile app, and FxCitizen is not an exception. You can download the FxCitizen mobile app to your iPhone or Android device and enjoy your trades from wherever you are. Mobile trading has been breaking records since it began, and traders usually use both, the desktop version and the mobile app.
Account Types
Broker companies have to offer relevant account types for all types of traders if they want to be seen as professional companies. The FxCitizen broker offers different account types for all levels of traders:
- The broker does not offer a demo account, but as an alternative, newcomers, and low-volume traders can open a Cent Micro account with a $10 minimum deposit requirement.
For the more experienced, the broker offers a Standard Mini account with a $301 minimum deposit and maximum leverage of 1:500. - The broker also offers ECN and STP (Straight Through Processing) services which are accompanied by the corresponding ECN account with a minimum deposit of $2,000. ECN trading is usually aimed at professional traders who trade very high volumes. The ECN accounts come with different benefits like direct access to best quotes.
- Another account type is IKOFX Premium account available at $15000 initial deposit. This account is reserved for the big fish in the industry as the minimum deposit already suggests. IKOFX is the affiliate company of FxCitizen under White Label, so they are entitled to advertise the account on their behalf.
Bonus Policy
One would think that Fx Citizen does not offer any bonuses since it does not even provide a free demo account, but that is not true. The FxCitizen welcome bonus includes a 30% first deposit bonus. Risk-takers can also apply for a 100% margin bonus with a 1:2000 leverage. This could be a risky move, but some traders are very risk-driven and enjoy the gambling factor that comes with trading. The broker also offers a cash back bonus of $2.
Banking Options
Since the whole market revolves around finances, it would be ridiculous not to have a well-developed payment system which is in line with customers’ preferences. Concerning banking options, the FxCitizen broker seems to have limited possibilities by accepting only credit cards, wire transfer, local deposit, and the e-wallet PerfectMoney. Except for wire transfers, the processing time is instant, and 30 minutes for local deposit. The minimum withdrawal amount depends on the payment method, e.g. for credit cards it is $50.
Customer Support
The customer support also seems to be somewhat limited and does not include live chat. They can be contacted via e-mail, online form on their website, and phone, and Facebook page. Today, most customers rely on live chat and even video chat to get their information right on the spot. The FxCitizen should definitely consider introducing live chat and more payment methods.