Citifxmarkets Review (2023)

Is Citifxmarkets a scam or a legit broker?

Citifxmarkets is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

Citifxmarkets is a Forex and CFDs broker that also specializes in financial spread bets (See Spread Betting Brokers UK), sports fixed odds bets and casino bets, which is quite unusual for a forex broker. Among the assets offered by the broker are indices, shares, forex, commodities, interest rates, bonds, EFTs, options and Speed Markets.

The company is owned and operated by Citifxmarkets Ltd. It claims to be based in Bedfordshire, UK and regulated by its local regulator Financial Conduct Authority. However, the reference number mentioned on the website belongs to another company that is not associated with Citifxmarkets. It seems like the company has been using the registration number of a legit and regulated entity to delude investors.

To sum up, Citifxmarkets is just another unregulated broker, which also offers a weird combination of the common assets and spread and sports bets. The lack of regulation is the first and main reason why we wouldn’t recommend dealing with this brokerage. Investing with a properly regulated broker is crucial for the safety of any investment.

Conclusion

All the regulated brokers report to the financial authorities, supervising them (Check reliable forex brokers list here). They have to maintain a certain level the capital and also be able to protect clients’ funds and keep them in segregated accounts. For example, the Financial Conduct Authority (FCA) in the United Kingdom provides the Financial Services Compensation Scheme, which guarantees a compensation of up to GBP 50,000 in case the broker goes bankrupt. Traders should trade with well-regulated brokers such as UK brokersor brokers in Australia and reliable brokers such as AvaTrade and XM.com.

You can also share your trading experience with Citifxmarkets by commenting on this review.

Citifxmarkets website is no longer active.