FxCitizen-Overview of Minimum Deposit, Spreads & Leverage

FxCitizen Information

FxCitizen started in 2010 and is situated in Hong Kong. No financial authority keeps an eye on it. The broker lets you trade more than 100 different things, such as FX, commodities, indices, and cryptocurrencies. FxCitizen has its own platform as well as MT5, and it offers Islamic (swap-free) and sample accounts.

Pros and Cons

Is FxCitizen Legit?

FxCitizen is not a licensed broker. The Securities and Futures Commission (SFC) in Hong Kong does not have any records of FxCitizen being licensed or permitted, even though the company is registered there.

WHOIS indicates that fxcitizen.com was registered on November 29, 2010, is still alive, and is safe from alterations that aren't allowed. FxCitizen does not have any governmental control, which is a big danger for investors.

What Can I Trade on FxCitizen?

FxCitizen has more than 100 trading tools in a variety of asset classes. Contracts for Difference (CFDs) let traders trade major and minor FX pairs, precious metals like gold and silver, global stock indices like the S&P 500 and NASDAQ 100, and cryptocurrencies like Bitcoin and Ethereum.

Account Type

FxCitizen has three kinds of live trading accounts: Standard, Professional, and Subsidized. With leverage up to 1:500, each account can trade the same kinds of instruments, such as FX, metals, cryptocurrencies, energy, stocks, and indices. All accounts allow trading without swaps (Islamic), and there is also a demo account for practice.

Leverage

FxCitizen offers maximum leverage of up to 1:500 across all account types. This high leverage lets traders open big positions with a modest deposit, which could increase their winnings. But more leverage also makes the risk much larger.

FxCitizen Fees

FxCitizen's trading fees are lower than most other companies' fees, especially for new accounts. There are no commissions on Standard and Professional accounts, and the spreads start at 1.0 and 0.5 pips, respectively. The Subsidized Account has raw spreads starting at 0.0 pips and a cost of about $10 per lot one way, which is normal for ECN-style accounts.

Trading Fees

Swap Rates

FxCitizen only lets registered members trade most main instruments without paying interest overnight (swap-free). For others, standard swaps apply (e.g., USD/JPY shows long: +4.165, short: -24.761).

Non-trading Fees

Trading Platform

Deposit and Withdrawal

FxCitizen does not charge deposit or withdrawal fees. The minimum deposit is $100 for the Standard Account. Independent wallet addresses ensure 99% of withdrawals are completed within 15 minutes.