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FX Citizen Review

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“FXCitizen was founded in 2010 by a capital strong team and veteran with years of experience in the Forex industries. FX Citizen is a trading name of Universe Citizen Limited which is registered in the Republic of Vanuatu. FxCitizen is also regulated by the Republic of Vanuatu Finance Service Commission with the License Number of 14784. We take it seriously in our strong culture of regulation and compliance.” That is what this Forex broker has to say about themselves. Now we will be looking into the services on offer to see what is really on offer and to see how they compare to the competition.

Account Types

There are four different accounts available, each one is offering a slightly different trading experience. Each also requires a different deposit amount in order to open. We have outlined their main features below.

Cent Micro Account:
This account requires a minimum deposit of $10 and has a maximum equity limit of $1,000. The minimum trade sizes start from 0.01 lots and there is a maximum trade size of 100 lots allowed. The account can be leveraged up to 1:1000 and there are no added commissions on the account. The stop-out level is set at 30%, there is a swap-free version available and the account can use expert advisors. There is a bonus of up to 35% available and the account has access to commodities.

Standard Mini Account:
This account requires a minimum deposit of $10 and has a maximum equity limit of $10,000. The minimum trade sizes start from 0.1 lots if your balance is under $5,000 or 1 lot is it is over $5,000 and there is a maximum trade size of 100 lots allowed. The account can be leveraged up to 1:500 and there are no added commissions on the account. The stop-out level is set at 30%, there is a swap-free version available and the account can use expert advisors. There is a bonus of up to 35% available and the account has access to commodities.

Premium Zero Account:
This account requires a minimum deposit of $100 and has a maximum equity limit of $10,000. The minimum trade sizes start from 1 lot and there is a maximum trade size of 300 lots allowed. The account can be leveraged up to 1:200 and there is an added commission for trading on the account. The stop-out level is set at 30%, there is a swap-free version available and the account can use expert advisors. There is no bonus available and the account does not have access to commodities.

Premium ECN Account:
This account requires a minimum deposit of $2,000 and does not have a maximum equity level. The minimum trade sizes start from 1 lot and there is a maximum trade size of 500 lots allowed. The account can be leveraged up to 1:200 and there are no added commissions on the account. The stop-out level is set at 40%, there is a swap-free version available and the account can use expert advisors. There is no bonus available and the account has access to commodities.

Platforms

FxCitizen is currently offering its clients just the one trading platform, MetaTrader 5. MT5 is an incredibly popular trading platform for a number of reasons including the following:

  • Fully supports any Expert Advisor (EA),
  • Customized Expert Advisor available for automated trading
  • Ability to create various custom indicators
  • Different time periods (from minutes to months)
  • Secure trade sessions
  • Online news and preview of each trading instrument
  • Multi-language program interface
  • Built-in help guides for MetaTrader 5 and MetaQuotes Language 5
  • History database management
  • Real-time data import/export facility
  • Signals of system and trading actions
  • Internal mailing system and news update
  • Complete technical analysis package
  • 50+ in-built indicators and charting tools

The platform is also accessible via a desktop download, mobile application or as a web trader.

Leverage

Different account has different maximum leverages we have outlined them below.

  • Cent Micro: 1:1000 max leverage
  • Standard Mini: 1:500 max leverage
  • Premium Zero: 1:200 max leverage
  • Premium ECN: 1:200 max leverage

The leverage can be selected when you first open up a new account, it can then be changed on an existing account by contacting the customer service team with your request.

Trade Sizes

Trade sizes are another aspect that is dependant on the account type that you are using, once again we have outlined them below.

  • Cent Micro: 0.01 lots min / 100 lots max
  • Standard Mini: 0.1 lots (under $5,000) and 1 lot (over $5,000)/100 lots max
  • Premium Zero: 1 lot min / 300 lots max
  • Premium ECN: 1 lot min / 500 lots max

While the maximum trade sizes are quite high, we would recommend trading no more than 50 lots in a single trade due to potential execution and slippage issues.

Trading Costs

The Premium Zero account has an added commission of 1 pip per lot traded while the Premium ECN account has an added commission of 2 pips per lot traded. The Other account uses a spread based system so there are no added fees.

There are also swap charges which can be either positive or negative and are charged when you hold a trade overnight, they can be viewed within the MT5 trading platform. The Cent Micro and Standard Mini accounts can have swap-free versions where these swap charges are not present.

Assets

There isn’t a huge selection of assets, but we have outlined them below.

Forex:
EURUSD, USDJPY, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDCHF, EURGBP, EURJPY, GBPJPY, AUDCAD, AUDCHF, AUDJPY, AUDNZD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHFG, EURNZD, GBPCAD, GBPCHF, GBPNZD, NZDCAD, NZDCHF, NZDJPY, USDSGD, USDHKD, USDCHN.

Commodities:
Just US Oil and Gold are available to trade.

Spreads

The different accounts have different starting spreads. If we look at EURUSD, the Cent Micro account has spread averaging from 2 to 3 pips. The Standard Mini accounts have spreads averaging from 2 to 3 pips. The Premium Zero has spreads averaging 0.6 pips and the Premium ECN account has an average spread for EURUSD of 0.8 pips.

The spreads are variable which means they will be influenced by the markets, the higher the volatility the higher the spreads will be. Different instruments also have different average spreads so while on the Premium ECN account. EUR/USD has an average spread of 0.8 pips. EUR/GBP has an average spread of 1.8 pips.

Minimum Deposit

The minimum amount required to open up an account is $10 which allows you to use either the Cent Micro account or the Standard Mini account. Once an account has been opened, the minimum top-up requirement is reduced down to $10 for all accounts.

Deposit Methods & Costs

There are a few different methods available to deposit with, they are Local Deposit, Credit/Debit Card, Bank Wire Transfer, and Perfect Money. There are no added fees from FxCitizen. However, any bank fees charged when using Bank Wire Transfer will be the client’s responsibility to pay.

Withdrawal Methods & Costs

The same methods are available to withdraw with, once again they are Local Deposit, Credit/Debit Card, Bank Wire Transfer, and Perfect Money. There is a fee of 2% added to Perfect Money withdrawals but none other added to the other methods. Of course, you should check with your card issuer or bank to see if they have added any incoming processing fees of their own.

Withdrawal Processing & Wait Time

If withdrawing with Perfect Money or Local Deposit then your request should be fully processed within 24 hours of your withdrawal request. Bank Wire Transfers will take around 1 to 4 working days to fully process and Credit/Debit card withdrawals will take between 3 to 7 working days to fully process.

Bonuses & Promotions

There are two bonuses available, we have outlined some of their features below.

35% Deposit Bonus:
You can receive a 35% bonus up to a maximum of $1,000 on your deposits. Total Deposit Bonus must not exceed 35% of the new account’s Balance during top-up Example: the new Balance after top-up 100 USD is 200 USD and the existing Bonus is 50 USD, thus 35% of 200 USD Balance is 70, thus only Bonus of 20 USD will be offered but not 35 USD as it has reached ‘Maximum Bonus 35% Cap’ and split deposit to gain more bonus is not allowed. The bonus funds can be converted into real funds by trading the bonus x 5 in lots which can be quite a lot and hard to achieve.

Monthly Lucky Draw:
All accounts with a single Deposit of minimum 100USD or traded with a minimum of 1 lot size will be eligible for a chance in the lucky draw of the month. The prizes for the raw include cash prizes of $3,000, $1,500, $500 and $100.

Educational & Trading Tools

The educational side of the site is comprised of a number of topics. There is a page for reasons to trade forex, and one explaining what forex is and how to trade. These sections are quite basic. There are then pages for Technical and Fundamental analysis which contain a lot more detail and could be helpful when starting out to get an idea of the different types of analysis.

Customer Service

The customer service team is available Monday to Friday, 24 hours a day. You can get in touch by using the online contact form. Simply fill it in and you should then get a reply via email. You can also use the postal address provided, the email address or the live chat in either English, Bahasa or Mandarin.

Address: 115 Barrack Road, 3rd Floor, Belize City, Belize.
Email: account@fxcitizen.com

Demo Account

A demo account allows you to test out new strategies and trading conditions without any real risk. They are available from FxCitizen by opening one up from within the MT5 trading platform. We do not know what the trading conditions it mimics or if there is an expiration time.

Countries Accepted

This information is not available on the site so if you are thinking of joining up we would recommend contacting the customer service team first. Just to make sure that you are eligible for an account.

Conclusion

The account son offer can give you a wide selection of different trading conditions. There is plenty of leverage on offer and the spreads and commissions are not overly expensive. There aren’t as many instruments available to trade as we see in many other brokers, but there are enough of the major currency pairs available. In terms of funding, there is a slight limit to the number of methods available, but there are no added fees for the majority of them which is good to see.

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