FxCitizen Forex Broker

FXCitizen Forex Broker - Complete Information Guide

1. Broker Overview

　　FXCitizen, established in 2010, operates under the trading name of Universe Citizen Limited. The company is headquartered in Port Vila, Vanuatu, and it is a private entity providing a range of trading services. FXCitizen primarily serves retail forex traders and has gained a global clientele, particularly from regions such as Southeast Asia, including Malaysia, Indonesia, and Brunei.

　　Since its inception, FXCitizen has aimed to deliver quality trading experiences to its users. Over the years, it has achieved significant milestones, including the launch of its proprietary trading platform and expansion of its service offerings. As a white-label broker, FXCitizen leverages the infrastructure of its parent company, which adds a layer of operational efficiency.

　　The business model of FXCitizen is primarily focused on retail forex trading, providing clients with access to various financial instruments through its trading platform. The broker emphasizes its commitment to client satisfaction and strives to enhance the trading experience through competitive trading conditions and a user-friendly interface.

2. Regulation and Compliance Information

　　FXCitizen is regulated by the Vanuatu Financial Services Commission (VFSC), holding license number 14784. However, it is important to note that the regulatory oversight provided by the VFSC is not as stringent as that of Tier-1 regulators. The lack of robust regulation raises concerns regarding investor protection and the safety of client funds.

　　The regulatory framework under which FXCitizen operates allows for certain flexibility, but it does not offer the same level of security that traders may find with more reputable regulatory bodies in jurisdictions such as the UK or Australia.

　　FXCitizen implements a client fund segregation policy, ensuring that client funds are kept separate from the companys operational funds. This is a critical measure to protect clients in case of financial difficulties faced by the broker. Additionally, FXCitizen adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures to ensure that it conducts business responsibly and ethically.

3. Trading Products and Services

　　FXCitizen offers a diverse range of trading products, primarily focusing on forex currency pairs, with over 35 pairs available for trading. The broker also provides access to Contracts for Difference (CFDs) on commodities, including gold and oil, as well as indices. However, it does not offer CFDs on stocks or cryptocurrencies, which limits the variety of trading instruments available to clients.

　　The broker frequently updates its product offerings and may introduce new instruments based on market demand. FXCitizen caters to both retail traders and institutional clients, providing tailored solutions to meet their trading needs. The broker does not currently offer asset management services or white-label solutions.

4. Trading Platforms and Technology

　　FXCitizen exclusively utilizes the MetaTrader 5 (MT5) platform, which is renowned for its advanced trading features and capabilities. MT5 supports various trading styles, including automated trading through Expert Advisors (EAs), and is available for desktop, mobile, and web trading. The platform is compatible with multiple operating systems, including Windows, Mac, iOS, and Android.

　　The execution model employed by FXCitizen is primarily Market Making, meaning that the broker acts as the counterparty to its clients' trades. This model can provide tighter spreads and faster execution, but it also introduces a potential conflict of interest, as the broker profits from the difference between the bid and ask prices.

　　FXCitizen has positioned its servers in strategic locations to enhance execution speed and minimize latency, ensuring a smooth trading experience for its clients. However, the broker does not offer an API for algorithmic trading, which may limit options for advanced traders seeking automated trading solutions.

5. Account Types and Trading Conditions

　　FXCitizen provides several account types to cater to different trading needs:

• Cent Micro Account: Requires a minimum deposit of $10, with a maximum leverage of 1:1000 and no commission fees. This account is ideal for beginners.
• Standard Mini Account: Also requires a minimum deposit of $10, with a maximum leverage of 1:500. This account type is suitable for those looking for a more traditional trading experience.
• Premium Zero Account: Requires a minimum deposit of $100 and offers lower spreads but incurs commission fees.
• Premium ECN Account: Requires a minimum deposit of $2,000 and is designed for professional traders seeking direct market access with competitive spreads.

　　The minimum trade size across accounts varies, with the Cent Micro Account allowing trades from 0.01 lots and the Premium ECN Account starting from 1 lot. FXCitizen also offers swap-free accounts for traders adhering to Islamic finance principles.

6. Fund Management

　　FXCitizen supports a variety of deposit methods, including bank transfers, credit cards, and e-wallets such as Perfect Money. The minimum deposit requirement is as low as $10 for certain accounts, making it accessible for new traders.

　　Deposits are generally processed quickly, with many methods offering instant processing times. However, withdrawals may take longer, especially for bank transfers, which can take 1 to 5 business days. FXCitizen does not charge fees for most deposit methods, but a 2% fee is applied to withdrawals made via Perfect Money.

　　Withdrawal requests are processed daily, but FXCitizen reserves the right to hold withdrawal requests for up to 90 days from the initial deposit date to prevent disputes. This policy may raise concerns among clients regarding the ease of accessing their funds.

7. Customer Support and Educational Resources

　　FXCitizen provides customer support through various channels, including email, live chat, and social media. Support is available in English and Bahasa, with service hours extending 16 hours a day, 5 days a week. However, the lack of phone support may be a limitation for some clients.

　　In terms of educational resources, FXCitizen offers basic content such as guides on forex trading and market analysis. However, the availability of advanced educational materials is limited, and there are no dedicated research tools like economic calendars or technical analysis software.

8. Regional Coverage and Restrictions

　　FXCitizen serves clients from various regions, with a significant presence in Southeast Asia. However, it does not accept clients from certain countries, including the United States, Canada, and several EU nations.

　　The broker's operations are primarily focused on regions where regulatory oversight is less stringent, which aligns with its status as an offshore broker. This lack of comprehensive regional coverage may deter some potential clients seeking a more secure trading environment.

　　In conclusion, while FXCitizen offers a range of trading products and competitive conditions, the lack of robust regulation and mixed reviews raise concerns about its reliability as a trading partner. Traders are encouraged to conduct thorough research and consider their options carefully before engaging with the FXCitizen broker.