FxCitizen 2025 Review: Everything You Need to Know
Summary: The overall consensus on FxCitizen is largely negative, with numerous user complaints regarding withdrawal issues and a lack of regulatory oversight. Despite offering attractive features such as high leverage and low minimum deposits, the broker's credibility is under scrutiny due to its unregulated status and poor customer service experiences.
Attention: It is crucial to note that FxCitizen operates across multiple jurisdictions, which may complicate regulatory compliance and customer protections. This review aims to provide a balanced perspective based on various sources to ensure fairness and accuracy.
Rating Overview
We rate brokers based on user feedback, expert opinions, and available data.
Broker Overview
Founded in 2010, FxCitizen is a forex broker operating under the trading name Universe Citizen Limited and is registered in Vanuatu. It primarily offers trading through the MetaTrader 5 platform, providing access to various asset classes, including forex, CFDs, commodities, and indices. However, it is important to highlight that FxCitizen is not regulated by any major financial authority, which raises concerns about the safety of client funds and the overall reliability of the broker.
Detailed Section
Regulatory Areas
FxCitizen claims to be regulated by the Vanuatu Financial Services Commission; however, various sources indicate that it does not hold any substantial regulatory licenses. According to BrokersView, this lack of regulation poses significant risks for traders, as there is no governing body to oversee its operations.
Deposit/Withdrawal Currencies and Cryptocurrencies
The broker accepts deposits in USD and offers multiple payment methods, including credit cards, bank transfers, Perfect Money, and cryptocurrencies like Bitcoin. However, withdrawal processes have been reported to be problematic, with many users experiencing delays or outright refusals. As noted in user reviews, the withdrawal process can be fraught with complications, leading to frustration among clients.
Minimum Deposit
FxCitizen has a very low minimum deposit requirement, starting at just $10 for its Cent Micro and Standard Mini accounts. This feature is appealing for beginner traders looking to start with minimal financial risk. However, the low barrier to entry does not compensate for the potential risks associated with trading with an unregulated broker.
The broker offers a deposit bonus of up to 35%, which is contingent upon meeting specific trading volume requirements. While such promotions can be enticing, they often come with strings attached, making it challenging for traders to withdraw their funds without fulfilling extensive trading obligations.
Tradable Asset Classes
FxCitizen provides access to a variety of trading instruments, including over 35 currency pairs, commodities like gold and oil, and indices. However, it does not offer CFDs on stocks or other asset classes, limiting diversification opportunities for traders.
Costs (Spreads, Fees, Commissions)
The cost structure at FxCitizen varies by account type, with spreads starting from 2 pips for standard accounts. Although the broker claims to offer competitive spreads, many reviews suggest that trading costs can accumulate quickly due to high commissions and fees, particularly for its ECN accounts.
Leverage
The broker offers a maximum leverage of up to 1:1000, which is significantly higher than many regulated brokers. While this can amplify potential profits, it also increases the risk of substantial losses, especially for inexperienced traders.
FxCitizen exclusively uses the MetaTrader 5 platform, which is known for its advanced features and user-friendly interface. However, the lack of additional platforms may limit options for traders who prefer alternatives like MetaTrader 4.
Restricted Regions
FxCitizen does not accept clients from several regions, including the United States and various EU countries, which may limit its accessibility for many potential traders.
Available Customer Service Languages
Customer support is available in English, Chinese, and Malay, but feedback indicates that the service is often unresponsive, with many users reporting difficulties in getting timely assistance.
Repeated Rating Overview
Detailed Breakdown
- Account Conditions: While the low minimum deposit is appealing, the lack of regulatory oversight significantly impacts the overall safety of trading with FxCitizen.
- Tools and Resources: The broker provides limited educational resources, which may hinder the development of new traders.
- Customer Service: Numerous complaints highlight the poor customer service experience, with many users unable to resolve their issues effectively.
- Trading Experience: The trading experience is marred by concerns about withdrawal issues and the broker's overall reliability.
- Trustworthiness: The absence of regulation and numerous negative reviews contribute to a low trust rating for FxCitizen.
- User Experience: User experiences often include frustration over withdrawal processes and a lack of support, leading to an overall negative perception of the broker.
In conclusion, while FxCitizen offers some attractive features for traders, the significant risks associated with its unregulated status, coupled with numerous user complaints, warrant caution. Potential traders are advised to consider more reputable and regulated alternatives to ensure a safer trading environment.
