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CitiFX Pro platform?

  • #1
  • First Post: Feb 28, 2008 3:12am Feb 28, 2008 3:12am
Anybody heard about the CitiFX Pro platform ?

It seams to be available in the US only for the moment.

Any experience to be shared ? Seen on citifxpro.com
  • #2
  • Feb 28, 2008 3:52am Feb 28, 2008 3:52am
I just gave the demo a quick test, here's a list of initial pet peeves..

- It's bad enough when a broker doesn't show their swap rates on their website, CitiFX doesn't bother showing you anything (spreads, commissions, swaps, margins, etc).

- Any platform that requires .Net to install/run is automatically a sign of a poor development job to me. Do it right. Either do a full-fledged executable, or do it in java.

- Spreads are the usual junk. EUR/USD 2, USD/JPY 3, GBP/USD 4, GBP/JPY 7.

**Note to all dealing desk brokers including CitiFX**
If you insist on operating as a dealing desk (i.e. your business model relies upon a constant influx of suckers) at least have the business sense to match the spreads of your #1 competitor in this dept. - Oanda. If you can't match their spreads, then convert to an ECN model. The retail FX market does not need another dealing desk with crap spreads.


That's about it. Charting is ok, free newswires is a plus. Overall nothing to write home about. Certainly not competitive with ECNs.
  • #3
  • Feb 28, 2008 11:20am Feb 28, 2008 11:20am
Powered by Saxo Bank (from their site)
  • #4
  • Feb 28, 2008 1:26pm Feb 28, 2008 1:26pm
yep they team up with saxo bank to come out with this garbage.
If I Go Broke Trying Then I Will die happy.
  • #5
  • Edited 9:32pm Feb 28, 2008 9:17pm | Edited 9:32pm
Quoting Trader KGB

**Note to all dealing desk brokers including CitiFX**
If you insist on operating as a dealing desk (i.e. your business model relies upon a constant influx of suckers) at least have the business sense to match the spreads of your #1 competitor in this dept. - Oanda. If you can't match their spreads, then convert to an ECN model. The retail FX market does not need another dealing desk with crap spreads.

lol....Great post Trader KGB!!!

This should be a sticky or rotated as a banner on this site so newbie brokers can see.
  • #6
  • Feb 29, 2008 7:10am Feb 29, 2008 7:10am
Quoting Trader KGB
I just gave the demo a quick test, here's a list of initial pet peeves..

- It's bad enough when a broker doesn't show their swap rates on their website, CitiFX doesn't bother showing you anything (spreads, commissions, swaps, margins, etc).

- Any platform that requires .Net to install/run is automatically a sign of a poor development job to me. Do it right. Either do a full-fledged executable, or do it in java.

- Spreads are the usual junk. EUR/USD 2, USD/JPY 3, GBP/USD 4, GBP/JPY 7.

**Note to all dealing desk brokers including CitiFX**
If you insist on operating as a dealing desk (i.e. your business model relies upon a constant influx of suckers) at least have the business sense to match the spreads of your #1 competitor in this dept. - Oanda. If you can't match their spreads, then convert to an ECN model. The retail FX market does not need another dealing desk with crap spreads.


That's about it. Charting is ok, free newswires is a plus. Overall nothing to write home about. Certainly not competitive with ECNs.


You gotta be kidding me, what good is a spread if it jumps when the news come out? Just say the name of the ECN that you work for, and get it over wit
  • #7
  • Feb 29, 2008 1:09pm Feb 29, 2008 1:09pm
Quoting mike999
Just say the name of the ECN that you work for, and get it over wit
Funny. My profile lists the platforms I use.
  • #8
  • Feb 29, 2008 2:56pm Feb 29, 2008 2:56pm
Mike,

you dont understand how this market works or else you would know why spreads jump around during news.

Let me guess you think when an announcement comes out that is bad for the dollar you should be able to sell the dollar at the price that was quoted right before the announcement came out or the price that is quoted right when the announcement comes out? Just like when MSFT reports earnings below what was expected you think MSFT's share price wont gap down? Of course it will but you are saying that you should be able to place a trade in that gap. This is not the way any market works. Also, prices quoted in the spot currency market are indicative not always tradeable. I dont think ECN's are always better, I think it would depend on your trading strategy and the trader. Also, it kills me that people think ECN's in the currency market can be compared to an ECN in futures or equities. They are very different.

Quoting mike999
You gotta be kidding me, what good is a spread if it jumps when the news come out? Just say the name of the ECN that you work for, and get it over wit
  • #9
  • Edited 3:05pm Feb 29, 2008 3:04pm | Edited 3:05pm
Quoting fxtrader42
Mike,

you dont understand how this market works or else you would know why spreads jump around during news.

Let me guess you think when an announcement comes out that is bad for the dollar you should be able to sell the dollar at the price that was quoted right before the announcement came out or the price that is quoted right when the announcement comes out? Just like when MSFT reports earnings below what was expected you think MSFT's share price wont gap down? Of course it will but you are saying that you should be able to place a trade in that gap. This is not the way any market works. Also, prices quoted in the spot currency market are indicative not always tradeable. I dont think ECN's are always better, I think it would depend on your trading strategy and the trader. Also, it kills me that people think ECN's in the currency market can be compared to an ECN in futures or equities. They are very different.

That is why I have two accounts. One with MGforex for the news time ( fixed spreads) and OandA for other times.

I win both ways baby....

But I stay away from ECNs , because they are nothing but middle men.
  • #10
  • Feb 29, 2008 3:17pm Feb 29, 2008 3:17pm
I am sure you get into every announcement with MGforex on fixed spreads without widening or a requote. The love giving free money away I am sure. Also, you say ECN's are middle men, what are dealing desk brokers? You dont make any sense.
  • #11
  • Feb 29, 2008 5:24pm Feb 29, 2008 5:24pm
Guys, the fight between ECN vs DD brokers is not going to start again, please read once more " The Structure of Forex Brokers" http://www.forexfactory.com/images/icons/icon2.gifhttp://www.forexfactory.com/showthread.php?t=7484

The thread was on CitiFXpro as a new offer on the market.

Thanks for our feedback
  • #12
  • Nov 17, 2008 7:29am Nov 17, 2008 7:29am
Quotation from Bill Williams article :

"'* ...The only way a broker can guarantee fills is
for the broker to become the buyer or seller of last resort.
That means the broker is running a bucket shop. All
forex brokers are the buyer and seller of last
resort. ...."

I have no proof but I heard many times that ECN also can take the opposite side of their clients. imho, they are all bucketshops (imho)

http://www.forexfactory.com/showpost...3165&postcount=
  • #13
  • Nov 21, 2008 9:27am Nov 21, 2008 9:27am
Went to the CitiFX seminar yesterday here in Lower Manhattan where they demo'd this new platform and some ex trader lady selling her 3 day FX mentoring course.

The platform user interface in my opinion, not very user friendly, a bit cluttered. I supposed for a more experienced user that is looking to trade those exotic pair not normally offered by the regular brokers then that's fine. But then again an experienced user would go with something better out in the market anyways. Won't get into the ECN / Broker debate because to be honest it's not exactly clear in my head which is better.

Her mentoring/training course, a bit over priced and probably nothing in it you can't learn surfing the net for a few hours at the weekend. Plus she did not seem like someone that has the patience for teaching and explaining simple concepts. Which fair enough, neither do I, but then, don't go around selling teaching courses either.

On the flip side there was free food n booze, which was actually pretty good. The cheeses and wine were also to die for.
  • #14
  • Mar 13, 2011 11:12pm Mar 13, 2011 11:12pm
I didn't want to repost a new topic on this. I remember first hearing about Citi's retail forex offering several years ago, back when I was first figuring out which retail broker to use. I chose OANDA. However, I still like that CitiFX Pro has FDIC insurance on USD accounts.

Does anyone trade with CitiFX Pro??
  • #15
  • Mar 18, 2011 12:05am Mar 18, 2011 12:05am
Quoting mike999
That is why I have two accounts. One with MGforex for the news time ( fixed spreads) and OandA for other times.

I win both ways baby....

But I stay away from ECNs , because they are nothing but middle men.
Tell me how you win when your market maker broker (MG), with fixed spreads, doesn't fill your order at newstime or at best requotes/slips you tens of pips of their quoted fixed spreads?
  • #16
  • Apr 6, 2011 9:27pm Apr 6, 2011 9:27pm
LEXngton,

You responded to the 3 years old post. mike999 might already be a retired millionaire living in seclusion on the island somewhere.
  • #17
  • Apr 8, 2011 11:51am Apr 8, 2011 11:51am
They dont have even an online respresentative to support you. Citi never sleeps. lol. Frankly, I would not suggest them to anybody.
  • #18
  • Apr 8, 2011 11:54am Apr 8, 2011 11:54am
Quoting quyenpt84
They dont have even an online respresentative to support you. Citi never sleeps. lol. Frankly, I would not suggest them to anybody.
citi is not for the small boys, sounds like you need hand holding
  • #19
  • Apr 14, 2011 12:59pm Apr 14, 2011 12:59pm
Quoting PoundTrader
citi is not for the small boys, sounds like you need hand holding
I did not know Citi is for big fishes. Thanks man!
  • #20
  • Last Post: Apr 22, 2011 1:26am Apr 22, 2011 1:26am
If you can get used to the Saxo Bank platform, then you should have no problem running with CitiFx.

Honestly, the whole .net fear campaign is really overblown. There are plenty of well written, smoothly running .net applications out there, especially with the recent improvements in .net compliance code. So, I'm not at all concerned with it being a .net environment. It installs cleanly and runs more stable than dbFx's old FXCM platform.

The other very important consideration is that you can also trade Plan Vanilla FX Options through the same platform. So, this gives one the ability to incorporate options strategies, or Non-Directional strategies on currency pairs, which is a huge plus, especially in the rigged Retail FX business.

Maybe CitiFx will get some of the dbFx (aka: QuitterFx) business.

How many of you dbFx traders will be moving over to Forex.com (Gain), as arranged by dbFx in their "I'm a Big Quitter" email to customers?

I have a new slogan for db: Deutsche Bank, A Passion to Quit.
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