FX Citizen asserts its regulation by VFSC; however, upon recent verification, it appears the platform lacks regulation from any financial governing body, including VFSC. Consequently, investor’s funds within this brokerage may be exposed to potential risks as they are not safeguarded by any legal regulations. Read this complete FxCitizen review to know why we add this broker to our scam broker 2024 page.
Website – https://fxcitizen.com/
Address – NA
Regulation Status – Unregulated
Warning – Commissione Nazionale per le Società e la Borsa
Domain Age –
| Domain Name | fxcitizen.com |
|---|---|
| Date Registered | November 29, 2010 |
| Domain Age | 13 years, 1 month, 6 days, 5 hours, 30 minutes, 30 seconds |
Is FxCitizen legit or a scam?
Based on the details available on its website, it is evident that FxCitizen operates under the trading name of Universe Citizen Limited, registered in Vanuatu.
Upon reviewing the broker’s website, it became apparent that FxCitizen does not possess an official financial license. Despite the broker’s claims of a secure platform monitored by the Republic of Vanuatu, our investigation failed to uncover any tangible regulatory documentation supporting these assurances.
FxCitizen Review: Trading Accounts and Conditions
FxCitizen provides two main account types – Standard (Micro & Mini) and ECN. The Micro & Mini accounts offer increased leverage, fixed spreads devoid of commission fees, and the added benefit of swap-free trading for investors adhering to Islamic beliefs. Conversely, ECN accounts feature variable spreads, accompanied by commission fees and reduced leverage levels. Notably, ECN account holders do not have access to mini and micro lots, as well as promotional offers.
The offerings by FxCitizen align with common practices for offshore brokerages, including a modest minimum deposit requirement, elevated leverage options, and competitive spreads. The fixed spreads, standard in the forex market, are set at 2 pips for the EUR/USD pair, while ECN trading entails approximately 1.4 pips on EUR/USD per standard lot round turn, reflecting an average cost.
FxCitizen Review: Trading Platform
FxCitizen provides its clients access to the widely acclaimed MetaTrader 4 (MT4) platform, available in both desktop and mobile versions.
Renowned among traders, MT4 stands out for its reliability and user-friendly interface. It boasts a plethora of technical indicators, a comprehensive back-testing environment, advanced charting tools, and an extensive array of Expert Advisors (EA). This enables clients to automate their trades seamlessly, making MT4 the preferred choice for many traders.
FxCitizen Review: Deposit and Withdrawal Methods
The Cent Micro and Standard Mini accounts require a minimum initial deposit of $10, while the Premium Zero account necessitates an initial deposit of $100. The Premium ECN account carries a higher initial deposit requirement of $2,000. The deposit and withdrawal methods are consistent across all accounts, allowing payments through bank transfer, credit card, and PerfectMoney.
When using PerfectMoney, the minimum withdrawal amount is $10, subject to a 2% fee on the withdrawal amount. For withdrawals via bank wire, the minimum amount is $100.
It has come to our attention that forex brokers based in offshore jurisdictions, like FxCitizen, typically provide bonuses to their clients. It’s important to note that these bonuses constitute funds owned by the broker, not the trader, and their withdrawal is contingent upon meeting certain conditions, which may prove challenging to fulfill.
Negative Reviews and Complaints
FxCitizen has garnered numerous adverse reviews, with traders expressing multiple grievances against the broker. Following a thorough investigation into the negative feedback, complaints, and other indicators of potential fraudulent activities, we have included FxCitizen in the 2024 list of brokers associated with scams.
FxCitizen Review: Conclusion
FxCitizen is a forex and CFDs broker registered in Vanuatu, utilizing the widely used MT4 platform. Our primary concern with this broker lies in its offshore regulation. Additionally, it imposes a substantial initial deposit requirement for ECN accounts and does not provide options for trading indices and share CFDs. If you’ve been a target of a scam involving FxCitizen scam or any other deceptive practices, you can take proactive measures by submitting a complaint against the fraudulent broker. Begin the process by filling out a complaint form on our website. Our team of experts is ready to offer a free consultation to guide you through the fund recovery process.
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