A Detailed FXCitizen Review To Help You Make Your Choice
FXCitizen is not a mainstream Forex broker, as it is developed and marketed as a white label platform. Unlike traditional Forex brokerage business models, a white label platform acts as an affiliate, or as a service promoter for another company. Anybody can start up a white label platform and sell Forex products or services of another company for a share of the revenue. White label Forex trading platforms are expanding beyond borders and geographic restrictions due to the individual nature of the brokerage model, which allows any person or a company to benefit from their inert marketing prowess to earn a significant amount of profit from one of the most lucrative markets in the world. FXCitizen is not a regulated broker, which is a major drawback as far as traders are concerned. These days, a majority of traders prefer to choose a regulated broker for their Forex trading accounts, but FXCitizen regulation and supervision is indeed carried by its parent company, IKOFX.
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- Website: www.fxcitizen.com
- Support: +64 98890251
- Office Address:
- Suite 3372, 24 Moorefield Road
- Johnsonville Wellington 6037
- New Zealand
Remarkably, IKOFX is not an entirely popular FX broker as you would expect a white label agent to do business with; however, IKOFX is regulated by the Financial Services Commission of Vanuatu, an island nation off the coast of Australia. Therefore, the reputation of both the white label platform as well as the parent FX broker does not induce much confidence into the mind of a trader. Regardless, FXCitizen has been active in the FX market through their persistent marketing efforts, which has managed to increase the brand’s visibility among a global audience. The popularity of the Forex broker also paved the way for several regulatory agencies from different countries to blacklist the company for allegedly failing to receive proper authorization. Several countries require Forex brokers and other financial companies to acquire regulatory licenses from the respective authorities to be able to cater to their citizens, which is something that FXCitizen is unable to do so due to their white label background.
Should You Consider An FXCitizen Account?
FXCitizen has been an active broker since 2010 and has been successful in staying away from any severe financial malpractices or consumer abuses, which does help the broker to enjoy a stellar reputation in the industry. FXCitizen allows its customers to open a trading account for as little as $10 and maximum FXCitizen leverage of 1:1000. The high leverage may be off-putting for seasoned investors, but scalpers and short-term traders may benefit from the high leverage. Nevertheless, scalpers are issued a minimum trade time of 2 minutes between opening and closing trades, which does inhibit outright freedom for high-frequency traders that are usually in and out of the markets within mere seconds. FXCitizen spreads are among the highest in the industry, which is an accepted feature for white label platforms. White label brokers typically make money by sharing the profits generated for the parent company, which is, in turn, received through spreads and commission. Standard FXCitizen STP accounts can see spreads ranging between 2 to 10 pips, while ECN accounts also witness spreads from 1 to 5 pips. Apart from the spread, ECN accounts also charge a commission from 1 pip to 5 pips according to the type of account chosen. FXCitizen ECN accounts also lower the maximum available leverage to 1:200, which further increases the amount of margin required to open positions at market price. FXCitizen offers four different types of accounts, namely the Cent Micro, the Standard Mini, the ECN Premium, and the Segregated ECN accounts. The Micro and Mini accounts are the basic accounts available with a $10 minimum deposit, the only difference being the amount of incremental lots in orders and the maximum order size. Micro accounts allow traders to trade in micro lots with maximum account equity of $500, while Mini accounts allow traders to trade in mini lots with maximum account equity of $5000. The ECN Premium and Segregated ECN accounts can be opened with a minimum trading capital of $1000 and $5000 respectively. Traders can access their trading account only through the MT4 terminal, as there aren’t any alternative FXCitizen platforms offered by the company. FXCitizen mobile traders will have to download the MT4 mobile apps from their respective app stores, which should provide a familiar interface for traders who are accustomed to the platform. FXCitizen is also launching an exclusive Binary Options platform for its traders, but the service is still in its testing phase and expected to be launched soon. FXCitizen also supports social trading through its FxColiseum copy trader platform, which allows traders to follow other successful traders in the market. The copy trader platform is also an excellent tool for successful traders to make additional income by advertising their trading results to potential investors in return for a performance oriented fee or a stake of the profits.
FXCitizen Trader Incentives
First time FXCitizen clients can take advantage of the wonderful FXCitizen bonus, which provides up to 35% initial deposit bonus for the funds deposited into their accounts. Subsequent deposits are also eligible for a bonus according to the broker’s terms and conditions, but FXCitizen tends to reward new clients significantly. Traders can also opt for a 100% margin booster if they don’t want a bonus, which essentially doubles the margin, giving traders an option to enjoy higher 1:2000 leverage. While bonuses are an excellent way for increasing account equity, traders must be careful while accepting bonuses by being acutely aware of the different rules of promotions. Apart from the deposit bonus and the margin booster bonus, high-frequency traders can also qualify for a cash back promotions scheme that guarantees to pay back a maximum of $2 on every trade. The broker also organizes a monthly lucky draw contest that distributes a total of $5000 in bonuses among the winners. Every bonus awarded to the trader is subject to trading conditions and can only be withdrawn after completing the required round lots. FXCitizen does provide several benefits for a trader, and the bonuses alone are sufficient to entice a trader to open an account. Nevertheless, it is important for a trader to understand the FXCitizen Forex trading conditions before opening an account with the broker.