Beware! Citifxmarkets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Honestly we were a bit surprised when we opened Citifxmarkets website. The broker says to be offering “sports and financial spread bets, sports fixed odds bets and casino bets all from the convenience of one account” and this is highly unusual. You are either a forex and CFD broker, offering access to the financial markets, a sports betting company or a casino – we have never seen a legit broker to be offering all of the above from a single platform.
Here we are naturally interested into Citifxmarkets forex and CFD offer and this is what we have learned from their presentation – they say to be offering forex pairs and CFDs on indices, commodities, shares, bonds, ETFs and interest rates, as well as binary options on selected indices and forex pairs.
And they also claim to be offering spreads as low as 0,7 pips, but unfortunately, as were not allowed to open a demo account we were not able to verify any of this.
That however is not our main concern with the broker, but their regulatory status, which we will discuss in the following paragraphs.
Citifxmarkets regulation & safety of funds
Citifxmarkets and the company behind it – Citifxmarkets Ltd claims to be authorized by three UK institutions – the Financial Conduct Authority (FCA), the Gambling Commission and the Alderney Gambling Control Commission.
However non of this turned out to be true so basically Citifxmarkets is just another unregulated website, which most probably is involved in scam.
As a rule of thumb, your investment could be safe only with brokers, regulated by well respected financial institutions such as the FCA in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
On top of that with a FCA regulated broker you will even get an insurance on your account, which will cover up to 85 000 GBP of your funds, even in the unlikely event your broker files for bankruptcy.
Citifxmarkets deposit/withdrawal methods and fees
Nowhere in the Citifxmarkets presentation were we able to find any information about their payment methods or their minimum deposit requirement.
How does the scam work?
Contrary to what you may expect, scammers are pretty well organized and do not spare resources, when it comes to robbing people. Usually they employ call centers, the social networks and the so called robo scam websites like Crypto Revolt and Bitcoin Evolution where you will be promised unrealistic returns in exchange of a tiny investment
And if you happen to come across one of those websites, get hooked by their video ad and fill the simple registration form, leaving your e-mail and phone, you will be promptly transferred to the web page of an unregulated, offshore broker and will be asked for an initial deposit of between 100 USD and 250 USD.
What scammers really want, however are not just your one hundred bucks, but to trick you to invest as much as possible. So your initial trades will be quire successful and the money in your account will double in a matter of days. That however will no be real as your account will surely be manipulated.
And you will be getting phone calls and “live chat support” as well. It will be your senior account manager, who will be trying to persuade you to upgrade you account and invest a larger sum – like at least 10 000 USD.
And everything will seem fine until the very moment you decide to withdraw some of your funds. Then scammers may ask you for some account manager’s fee or a withdraw fee, which you will have to pay before your money “can be released”, or you will be told that you have to meet some minimum trade volume requirement, linked to the welcoming bonus you have so gladly accepted in the first place.
In any case, scammers will try to make you pay as much as possible and then they will come with various excuses not to pay you a single penny back.
What to do if scammed?
Probably your only chance to get your deposit back is to file for a charge back with your credit card company. Fortunately, both VISA and MasterCard currently allow their customers to file for a charge back within 540 days.
And if somehow scammers have tricked you to tell them your personal bank details like your credit card number or your online banking password, immediately change the password and cancel your credit card.
Finally, if you have been contacted by the so called recovery agencies, do not trust them – they will not recover you anything but will simply make you pay them some cash in advance and basically that will be the end of the story.