CITI FX for non US residents

I tried to open an account with Citi FX in US ( I am an Australian resident/ citizen)
But I was refused because not being US resident
Has anybody else tried
Citi bank FX seems attractive because they keep the client money under The bank FDIC ...( It may still not be 100% safe as the money first goes to CTI FX and then to the bank

I am still worried sick about this "Client money safety" issue specially as the Sonray Australian sag unfolds

As you are on almost every thread complaining that no broker has safe enough funds, I just want to ask the question on behalf of everyone on here - what exactly do you expect and require from your broker in terms of assurances/regulation/promises?

I don;t know why you guys are out to point a finger at me?
I am just trying to find out a safer way.. as a consumer what is wrong with that?
Just trying to find a FX broker at par with SIPC type protection

People have just lost almost 46 million with a so called reputable broker in Aus..
They were in business since 2006
Had AFSL
and were a white label for Saxo Bank


Why should one not be worried?

SO far only Citi FX seems to be ana answer
FSA does not cover FX,
AFSL is usless
Any other?

The biggest hurdle I see for going with Citi FX is the minimum starting balance of $10k. With lots of traders looking for new brokers, seems like they're pricing themselves out of the market. Dukascopy caught on to this a while back and lowered their minimum.

BTW, CitiFX is powered by Saxo (whitelabel), though I don't know to what extent.

Many people seemed to be annoyed that I keep raising this question
But is it not more relevant now? that because of changes in US regulations many of uS and Eu clients are looking for Non US but safer juridctions for FX ! and many might be thiniking about Australia with it's good standing in recent GFC . ( many US brokers are opening Aus branches like FXCM / IBFX etc)
READ the PDS .. before blaming me

SO as one of the victim of recent OTC broker collapse I think I am doing a good deed by pointing out the issues exposed here .. we had Opus Prime, Storm Financial and now Sonray.. it has exposed the deficiency in thsi segment of ASIC operations
So don't blame me or shut me for raising this.

man when will you get over yourself.

you were the victim for fraud and negligence of some of the employees/directors of Sonray not ASIC or the OTC industry, god mate this crap you churn out is getting real old fast. I'm sorry you lost money but why can you see that ASIC nor the OTC industry wreaked you.... Sonray did by hiding losses and making basically illegal trades.

what the hell do you want?? all of us to be trading mass regulated penny stocks on the asx or those crap asx cfds. the yanks are now tearing into the otc forex market and for what? so there's more people trading the FX future minis?

at the end of the day it's our money and have the right to invest it how we like. it's up to us to know the risks before we trade by reading the pds or terms and then decide whether to go ahead or not. so if you didn't know the risks and you got this as a wake call to bloody bad to you! DEAL WITH IT.

you can't blame the industry cuz some people in a company decided to break the rules. so since some people crash cars do we ban all cars? some people drink alcohol and break the law so what do we do ban alcohol? do you get my point????

mate Apocalypto< http://cdn.forexfactory.com/images/s...ser_online.gif
______ {*_*} _______

Don't lecture me on this
I know what risk is... and happy to take normal market trading risk not the BS created by ASIC and the OTC industry .

It sounds like you guys in US are pissed off because you have this dog it dog attitude about financial markets and somebody is trying to change the system. BUt everybody does not like US systems.
Any way all I did is warn other people who are thinking of Australia as a "good place"
clarify this issue with your broker before thinking AFSL is safe!
Apocalypto< http://cdn.forexfactory.com/images/s...ser_online.gif
______ {*_*} _______
do you work for the OTC industry!

I am Australian and you're like a broken record on and on about a company that committed fraud and hid loses...... so you decide to say i work in the industry cuz I tell you to take a look at yourself and business model you decided to trade with....... man you're a douche

I trade OTC and I don't want it to go the way the US is now. I believe we have a right to trade what we want how we want. If some mugs at a company decide to break the rules I won't blame the industry I will blame the individuals responsible like any normal person would!!!!!

ok based on this little Australia is crap, we should all stop trading OCT just cuz you lost money??? what about storm financial that was using Commonwealth bank for loans so should australia stop banking with CBA cuz of that. Should I go on a form and carry on and on about how bad CBA is for loaning Storm money?????

You have made your point but you can't say other brokers in AUS are like sonray cuz sonray fell over.. if that was the case there would be no bloody businesses!

what's even more funny is here your advising people about citi bank fx, citi bank in 09 was surviving on government hand outs, come on!!!! when i opened with interactive brokers I crapped myself that my funds would be help with Citi bank back in 09!!!!! thnak god they went to BOA. (not that's much better)

jeeeeeeeeeeeeeeeeeeeeeeezzzzzzzzzzzzzzzzz