Is Citifxmarkets Scam or Legit Broker?
Citifxmarkets is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. The broker is suspected of being a fraud company since it was not checked for compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.
About Citifxmarkets
| 🗺️ Registered in | No Registration |
| 🗺️ Type of License | No License |
| 🛡️ Is Citifxmarkets safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | GO Markets – licensed by ASIC in Australia |
What is Citifxmarkets?
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.
- 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.
Citifxmarkets Review Conclusion
We strongly recommend to stay away from unregulated brokers, such as Citifxmarkets. Not to risk their funds, traders should invest with only reliable brokers authories by top-tier reculatory bodies. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.
Citifxmarkets Update
Based on our research, the Citifxmarkets website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.