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Pros and Cons of FxCitizen
Pros:
It offers a wide variety of financial instruments, including currency pairs, equities, energy and precious metals.
Deposits and withdrawals can be made through a variety of payment options, such as bank transfer, credit cards, e-wallets and cryptocurrencies.
Cons:
What type of broker is FxCitizen？
FxCitizen is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, FxCitizen acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of offering leverage. However, this also means that FxCitizen has a certain conflict of interest with its clients, as its profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interest of their clients. It is important for traders to be aware of this dynamic when trading with FxCitizen or any other MM broker.
FxCitizen General and Regulatory Information
FxCitizen is an online forex broker offering a wide range of financial instruments, including currency pairs, stocks, energies and precious metals. With a maximum leverage of up to 1:1000 and a minimum deposit of only $10, FxCitizen's MetaTrader5 platform is suitable for both beginners and experienced traders. The company focuses on customer service and offers a wide variety of deposit and withdrawal options, as well as a dedicated support team available 24 hours a day, 5 days a week.
In the following article, we will analyze the characteristics of this broker in all its dimensions, offering you easy and well-organized information. If you are interested, read on.
Market instruments
FxCitizen offers a wide variety of trading instruments to its clients, including forex pairs, stocks, energies and precious metals. The MetaTrader 5 platform is available for trading these instruments and the company provides detailed information on each of them, including spreads, margins and trading hours. This dimension offers traders the possibility to diversify their investment portfolio with different instruments. However, the company does not offer cryptocurrency instruments and it is not specified whether all instruments are available for trading on all accounts. There is also a lack of information about restrictions on the maximum position size in some instruments.
Spreads and commissions for trading with FxCitizen
FxCitizen offers competitive spreads on some currency pairs, such as EURUSD with a spread of 2 pips, which may be attractive to some traders. However, spreads may be higher on other currency pairs and the lack of information on additional commissions could result in hidden or unmentioned charges on their website. Therefore, traders should research and fully understand the costs associated with trading on FxCitizen before opening an account.
Trading accounts available at FxCitizen
FxCitizen offers four account types: Cent Micro, Standard Mini, Premium Zero and Premium ECN. The minimum deposit requirements vary from $10 for the Cent Micro account to $2000 for the Premium ECN account. The maximum leverage also varies from 1:1000 for the Cent Micro account to 1:200 for the Premium Zero and Premium ECN accounts. Although the accounts offer options for different levels of traders, FxCitizen does not offer a free demo account for traders to test its platform before investing real money. In addition, spreads can be higher on smaller accounts and VIP accounts with additional benefits are not offered.
Trading platform offered by FxCitizen
FxCitizen only offers the MetaTrader5 platform, which is an advanced and modern platform with a wide range of tools and functions. The platform is compatible with a variety of devices and operating systems and allows the use of Expert Advisors (EAs) and trading robots. However, some users may prefer simpler and more user-friendly platforms, and MetaTrader5 customization can be complex and overwhelming for some users, especially for beginners. In addition, FxCitizen does not offer other popular platforms such as MetaTrader4, which may limit traders' options.
Maximum leverage of FxCitizen
FxCitizen offers different levels of maximum leverage depending on the type of account chosen, reaching a maximum of 1:1000. This means that traders can trade with a smaller capital and have the possibility of higher profits, but it also increases the risk of large losses. It is important that traders have proper risk management and know how to trade with leverage responsibly. In addition, leverage levels vary depending on the financial instrument, so it is recommended to read the terms and conditions carefully before starting to trade.
Deposit and Withdrawal: methods and fees
As for the deposit and withdrawal dimension, FxCitizen offers a wide variety of payment methods for depositing and withdrawing funds from the trading account. These methods include bank transfers, credit cards, cryptocurrencies and e-wallets such as Neteller, Skrill and Perfect Money. In addition, the minimum deposit is only 10 USD, which makes it easier to access the platform's services. However, the processing time for withdrawals is not specified and there is no mention of commissions for deposits or withdrawals, which may raise doubts about the costs that customers will face. In addition, the absence of regulation may generate distrust in clients and make them prefer to look for safer alternatives.
Education at FxCitizen
Advantages:
Disadvantages:
FxCitizen offers educational resources for traders looking to improve their trading skills. The company offers webinars, guides and tutorials, as well as a news blog covering major market events. However, it does not offer many advanced educational resources for experienced traders and all resources are in English, which may be a barrier for some. In addition, FxCitizen does not offer demo accounts so traders can practice their trading skills without risking their real money.
FxCitizen Customer Service
FxCitizen appears to focus on customer satisfaction and continuous improvement of its services, emphasizing the importance of customer feedback. Customer support is available in English and Bahasa, and a personal agent is assigned to each account. Customers can communicate via live chat, email or Facebook. However, the company only offers customer support during limited hours, which can be inconvenient for customers operating in different time zones. In addition, there is no phone support available and no information is provided on the quality of support. It is also noted that support is only available in English and Bahasa, which may be a problem for customers who speak other languages.
Conclusion
In conclusion, FxCitizen is a Forex and CFD brokerage company that offers a wide variety of financial instruments, a reputable trading platform, flexible account types and various deposit and withdrawal options. However, it is important to note that the company is unregulated and registered in a tax haven. In addition, the maximum leverage offered can be high and the spreads are not the most competitive compared to other brokers. Despite this, FxCitizen strives to offer quality customer service and has educational resources to help traders improve their skills. As with any investment, it is important to conduct thorough research before choosing a broker and make sure you understand the risks and rewards involved in forex and CFD trading.
Frequently asked questions about FxCitizen
Question: Is FxCitizen regulated？
Answer: No, FxCitizen is not regulated by any financial regulatory body.
Question: What are the minimum deposits and leverage offered by FxCitizen？
Answer: Minimum deposits vary according to the account type, the lowest being 10 USD on the Cent Micro account. Leverage offered ranges from 1:200 to 1:1000 depending on the account type.
Question: How many account types does FxCitizen offer？
Answer: FxCitizen offers four account types: Cent Micro, Standard Mini, Premium Zero and Premium ECN. Each account type has different minimum deposits and leverage.
Question: What trading instruments does FxCitizen offer？
Answer: FxCitizen offers forex, stock, energy and precious metals pairs.
Question: What are the deposit and withdrawal options available at FxCitizen？
Answer: FxCitizen offers deposit and withdrawal options via local and international bank transfer, Visa and Mastercard credit and debit cards, as well as e-wallets such as BTC, ETH, Tether, Neteller, Perfect Money and Skrill.
Question: What trading platform does FxCitizen offer？
Answer: FxCitizen offers the MetaTrader5 platform for its clients. This platform is available for both desktop and mobile devices.
