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Citifxmarkets presents us with yet another mirage. What could have been is certainly what is. This broker follows in the muddy footsteps of others like it. Just how dirty are things? Read on to find out.
The only signs as to where the broker is based on the top of the page and at the About Us section.
For a regulation the firm claims that it is regulated by the FCA:
The FCA’s main task is to enforce the laws that concern the financial market in the UK. The clients
have the right to a compensation of up to £85 000 if the broker is unable to pay its debts. After we did a quick search in the official FCA registry, we got zero results under “Citifxmarkets Ltd”:
However, when we typed in the company’s registration number “190941” we got results of another broker that has no ties to the one at hand. There is even a warning that certain individuals are using details from the legitimate broker for their own fraudulent schemes. Sound familiar?:
The next nail in the coffin of the inevitable conclusion that Citifxmarkets is UNREGULATED is an irrelevant address in the United States that appears each time we visit the Markets section of the website:
The location given puts Citifxmarkets directly under the watchful and stern gaze of the NFA and CFTC. There is no mention of such licenses anywhere on the site.
Again, we can conclude with certainty that Citifxmarkets is UNREGULATED.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are actually regulated by the FCA. The FCA strives to enforce strict industry standards, requires detailed reports from brokers, and oversees that the broker’s activities are within the boundaries of the law. Those under the wing of the FCA are members of the Investors Compensation Fund allowing for client compensations of up to £85 000 if the broker cannot meet its financial obligations to the trader.
Citifxmarkets claims that the EUR/USD spread is 0.7 pips.
We were unable to access to a trading platform to confirm this.
The same applies for the leverage. Seeing that this brokers is allegedly registered in the UK, then the leverage should be limited to 1:30 by ESMA.
Instruments for trade are as follows: Indices, Shares, Forex pairs, Commodities, Bonds, Speed Markets. We cannot say for sure which ones of these are actually available to trade with.
English is the only available language; we could not find a way to change it.
As is with Guardiancapitalag, there is no information on a trading platform. Thus we cannot provide any proper leverage and spread information. We are solely given some general info and some images of a platform.
CITIFXMARKETS MINIMUM DEPOSIT
Citifxmarkets is closely paralleled by Guardiancapitalag in almost every aspect, including deposit info. There is no minimum deposit details, nor are there indications on payment methods.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of losing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
CITIFXMARKETS WITHDRAWAL TIME AND FEES
It’s no surprise by now that no withdrawal information is available. Thus, we are left empty handed when it comes down to a minimum withdrawal amount, processing time and withdrawal fees.
ADDITIONAL FEES AND TAXES
Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advice is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
The only way to recover is by filling for a charge back, and hoping it’s not too late.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Is there any doubt by now? We strictly advice against making any kind of investment with this brokerage. There is nothing here for anyone. Stay back.
Citifxmarkets compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines