FXCitizen Review

FxCitizen was established in 2010 as a forex broker providing financial services to its clients. The Broker operates under the trading name of Universe Citizen Solution Limited, aiming to provide top-notch services to clients all around the globe.

According to the information on its website, FxCitizen strives to stand apart with its unwavering commitment to knowledge and expertise. This dedication allows them to deliver service to their clients. FxCitizen has partnered with renowned banks and liquidity providers worldwide to ensure clients receive the most accurate Straight-Through-Processing price quotes.

Their online trading terminal, the MetaTrader 5 Platform, grants you access to various assets. With just a few clicks, you can dive into the exciting world of trading and explore numerous opportunities. 

Over the years, FxCitizen has managed to earn the trust of hundreds of thousands of clients worldwide. According to the data on their website, an impressive 98% of their clients claim to be satisfied with their services.

In this comprehensive FXCitizen Broker review, we look at the services provided, its claims on a satisfied client base, and all there is to know to decide whether the platform is right for you. 

Supported Countries

FxCitizen warmly welcomes clients from diverse corners of the globe. This Broker takes pride in its global reach, offering its services to traders from numerous countries. Clients from Malaysia, Ukraine, Pakistan, Canada, Brunei Darussalam, Russian Federation, Australia, United Arab Emirates, Armenia, Azerbaijan, Bahrain, Bangladesh, Cyprus, India, Indonesia, Maldives, Mongolia, South Africa, Nigeria, Philippines, and Thailand can utilize this Broker.

While FxCitizen embraces traders from diverse backgrounds, there are a few countries where their services are unavailable. Traders from the United States, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, North Korea, Cuba, and Syria are unable to access the platform.

Customer Service Rating

Based on reviews, FXCitizen has an average rating of 3.2 out of 5 stars from one review on Trustpilot. A reviewer shared his unfortunate experience of being unable to withdraw funds from the Broker, cautioning other users to steer clear.

Another platform, ForexPeaceArmy, gives FxCitizen a score of 2.231 out of 5, based on 5 reviews. Many of the reviews on this platform indeed lean toward the negative side. Traders expressed frustration over the automatic discontinuation of active trades and the cancellation of profits. Additionally, some reviewers voiced their concerns about the seemingly unresponsive support team.

FXCitizen Forex Trading Platforms

Unlike other brokers that provide multiple platforms, FxCitizen focuses on offering MT5 as the sole trading platform. 

MetaTrader5 (MT5): With MT5, traders can create personalized trading space. This platform is a complete package with back-office reporting functions and front-end terminals. It grants traders access to essential tools and resources for market analysis and trading. 

MT5 on FxCitizen offers an impressive arsenal of tools with just a click of the mouse. From a flexible trading system to technical and fundamental analysis, a professional MQL5 development environment, multi-currency tester, and alerts. 

The platform interface is translated into 31 languages, making it easier for millions of traders to engage and thrive in the global market. Additionally, it's available on various devices, including Windows, desktop, Mac, iPhone, iPad, Android, and tablet.

Type of Trading Accounts on FXCitizen

At FxCitizen, they understand that every trader is unique, so they offer a choice between two live account types to suit a wide range of clients.

• Standard Account: With the Standard Account, traders can start trading with a minimum deposit of just $10. It's an excellent option for beginners who want to dip their toes into the trading world without a significant financial commitment. Regarding order size, the Standard Account allows clients to trade from as low as 0.01 lots. Leverage is a crucial aspect of trading, and you can enjoy leverage of up to 1:1000 on this Account. FxCitizen offers both Fixed and Floating spreads with the Standard Account. For those who prefer using Expert Advisors, the Standard Account allows you to do just that.

• ECN Account: If you're a more experienced trader or prefer a different approach to trading, the ECN Account might be the right fit for you. It requires a minimum deposit of $100, allowing you to dive deeper into the market with a slightly larger initial investment. With the ECN Account, the minimum order size is 1.0 lots, allowing you to execute larger trades. Leverage for the ECN Account goes up to 1:200, offering a balanced level of leverage for your trading activities. The ECN Account offers raw floating spreads. Like the Standard Account, the ECN Account allows you to use Expert Advisors, enabling you to implement automated trading strategies and take advantage of market opportunities swiftly and efficiently.

Trading Denominations on FXCitizen

FXCitizen only allows clients to denominate their accounts in USD. Many traders might find this constraint limiting since most other platforms provide multiple ways of denominating accounts.

Company Structure

Founded in 2010, FxCitizen boasts an impressive 12-year track record. Based in Vanuatu, FxCitizen has established itself as a forex broker company. They adhere to the Markets in Financial Instruments Directive, ensuring their business policies align with industry standards and regulations.

To enhance execution speed and maintain a stable trading terminal, FxCitizen has strategically positioned its servers in multiple locations across the globe. This means that orders are executed swiftly, minimizing potential delays and providing a seamless trading environment.

FxCitizen goes the extra mile to ensure that clients receive the most precise Straight-Through-Processing price quotes. They have forged partnerships with top banks and liquidity providers worldwide, guaranteeing the reliability and accuracy of their trading platform.

FXCitizen Forex Licenses and Regulatory Compliance

FxCitizen operates as a Universe Citizen Limited trading name, regulated by the Republic of Vanuatu Finance Service Commission. This regulatory oversight ensures that they adhere to certain operating standards and guidelines.

Under the Vanuatu Financial Service Commission, FxCitizen holds license number №14784. While this regulatory oversight is significant, it's important to note that FxCitizen is not regulated by any tier-one or tier-two regulatory body.

FXCitizen Customer Protection

In addition to being regulated by the FSC, FXCitizen has implemented some policies that prioritize the safety and well-being of its clients.

One crucial aspect of customer protection is the segregation of funds. FxCitizen takes great care to keep its clients' funds separate from the company's financial status. This segregation provides an extra layer of security, ensuring that the client's funds are not accessible to creditors or used for any purposes other than trading activities.

FxCitizen has also implemented a negative balance protection policy. This means that in extreme market volatility or unexpected price movements, clients are not held responsible for repaying any negative balance that may occur in their trading accounts.

Customer Service

According to available information on this Broker's website, the platform ensures its supporting staff members are highly trained and knowledgeable. This commitment allows them to assist their clients around the clock, 16 hours a day, 5 days a week.

Clients can reach out to the support team through various channels. FxCitizen offers a Live Support feature where clients can engage in real-time conversations with knowledgeable representatives. For those who prefer a more personalized approach, FxCitizen provides Service Agents ready to assist clients through direct communication.

Clients can also reach out to FxCitizen's support team via email. Additionally, FxCitizen values the feedback of its clients. They have implemented a user-friendly Feedback Form where clients can share their thoughts, suggestions, or concerns. FxCitizen understands that its clients come from diverse backgrounds and speak different languages. That's why they offer support in multiple languages, ensuring clients can communicate comfortably in their preferred language.

Trading Information

FxCitizen employs a unique lot size in the Forex market, where 1 lot is one-tenth of the standard lot commonly used. The minimum order size is subject to the specifications of your chosen trading instruments. The Broker offers fixed spreads starting from 2 pips for the popular EUR/USD pair. Note that ECN trading costs approximately 1.4 pips on EUR/USD per standard lot round turn.

Other spreads can start from 0 pips, depending on the specific instrument you trade and the type of Account you hold. Triple swaps are calculated on Fridays, taking into account the time that includes Saturdays and Sundays. For orders that have been held and exceed 100 pips from the opening date, there will be a charge of 2 USD per lot per day. As for other active positions, the charge will be 1 USD per lot per day.

FxCitizen reserves the right to impose a commission of 10% on profits generated by orders that exceed 100 pips in profit. This percentage increases to 15% for profits exceeding 200 pips and 20% for profits exceeding 300 pips. For ECN Account users, commissions are charged upon order entry.

It's crucial to know that FxCitizen can cancel any profits earned within two minutes, especially during news releases or extremely volatile market conditions. Additionally, it's important to note that arbitrage strategies are strictly prohibited, and any profits derived from such strategies will be canceled. Finally, FxCitizen reserves the right to amend certain specifications based on the current economic conditions.

Tradable Instruments

FxCitizen offers a decent range of financial products to cater to the varying needs of its clients.

• Forex

• Metals

• Energies

• Indices

• Shares

FXCitizen Forex Leverage

In FxCitizen's trading environment, traders can utilize leverage to enhance their trading potential. With a maximum leverage of 1:1000, FxCitizen provides flexibility that can amplify trading positions. 

Deposits and Withdrawals

FxCitizen offers various deposit and withdrawal gateways to cater to the diverse needs of its clients. However, it's worth noting that certain gateways may only apply to clients from specific countries. This is to adhere to regulatory requirements and ensure a seamless and compliant transaction process.

Deposits

FxCitizen takes the issue of money laundering seriously and strictly prohibits third-party deposits or withdrawals. To comply with international Anti-Money-Laundering laws, all deposits must originate from the registered Account of the individual.

Withdrawals

When it comes to withdrawals, funds are returned to the source from where they originated. FxCitizen processes withdrawal requests daily, except on Saturdays, between 12:00 and 15:00 (GMT +0:00). To prevent any potential dispute issues, FxCitizen reserves the right to hold a withdrawal request for up to 90 days from the first date of the Deposit made. A withdrawal fee of 5% of the withdrawn amount may be charged if the funds are directly withdrawn from the Deposit without any prior trading activities.

FXCitizen Trading Education and Training

FxCitizen's website does not provide specific educational materials or training resources for new traders. This is certainly a setback for beginners looking to enhance their knowledge and skills. FxCitizen's website does not offer research tools such as technical analysis, economic calendars, calculators, or daily news updates. These tools are often valuable for staying informed about market trends and economic events and making informed trading decisions.

FAQs

Is FXCitizen Forex a Scam?

While FXCitizen is regulated by the FSC in Vanuatu, it's worth noting that FXCitizen is not regulated by a tier-one or tier-two regulatory body, which may raise concerns for some traders. Negative reviews online also indicate potential issues or concerns raised by previous clients.

How do I open an FXCitizen trading account?

To open a trading account with FXCitizen:

1. Start by visiting the official website of FXCitizen.

2. Look for a "Sign Up" or "Register" button on the website's homepage or navigation menu.

3. Click on it to begin the account registration process.

4. Fill out the registration form with your details, including your full name, email address, contact number, and country of residence.

Select the account type that suits you best based on factors such as minimum deposit requirements, leverage options, and trading conditions. Read through the terms and conditions provided by FXCitizen carefully. To comply with regulatory requirements and ensure the security of your Account, FXCitizen may request certain documents for verification.

Once your Account is verified, you can fund your trading account. After your Account has been funded, you can access the trading platform FXCitizen provides. Download and install the trading software or use their web-based platform to start trading.

For more top brokers, make sure to check out our AMarkets and Alfa-Forex reviews.