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CitiFx Pro

  • #1
  • First Post: Aug 8, 2011 1:28pm Aug 8, 2011 1:28pm

I would like to know the requirements to open an account with Citifx Pro.

I have already spoken to them on the phone ad-nauseum and they can't give me a difinitive answer on what their requirements are other than the fact that I don't qualify for some reason which makes no sense what-so-ever.

I have more than enough to meet the minimum deposit they require so account funding minimums is NOT the issue.

I am probably more liquid than about 90% of the general population and I would only be using less than 21% of my current cash funds to fund the account with them. I own my own company and have very little debt.

If anyone has any experience opening an account with citifx pro please let me know. They wouldn't really give me any conclusion what I need to do to open an account with them.

If anyone has any ideas how to get accepted by them please let me know. Thanks.
  • #2
  • Aug 8, 2011 2:24pm Aug 8, 2011 2:24pm
Where are you from?

I inquired the other day, and apparently they dont take customers from several countries, even some EU-countries appear to be not good enough for them.
  • #3
  • Aug 8, 2011 2:31pm Aug 8, 2011 2:31pm
Quoting shrike
Where are you from?

I inquired the other day, and apparently they dont take customers from several countries, even some EU-countries appear to be not good enough for them.

I am USA resident.
  • #4
  • Aug 8, 2011 8:55pm Aug 8, 2011 8:55pm
Aug. 8, 2011, 6:37 p.m. EDT
B. of A., Citi lead bank stocks into abyss



By [color=#004176]Wallace Witkowski[/color], MarketWatch
SAN FRANCISCO (MarketWatch) — Bank of America Corp. and Citibank Inc. were a pair of cement shoes on the financial sector Monday as shares of the banks shed up to 20% with investors wary of the ripple effects of Standard & Poor’s downgrade of U.S. government debt.

LINK


How ironic? It seems they should apply their own requirements on themselves.
  • #5
  • Dec 7, 2011 5:54pm Dec 7, 2011 5:54pm
do they accept Canadian clients? (does anyone know if Canadians still get the deposit insurance?)
  • #6
  • Dec 8, 2011 2:41am Dec 8, 2011 2:41am
Quoting shrike
Where are you from?

I inquired the other day, and apparently they dont take customers from several countries, even some EU-countries appear to be not good enough for them.
Agreed. They have quite strict criteria for accepting clients. Could be attributed to stringent US money laundering rules. They want to know net worth, trading experience, annual income and quite a few other questions. Opening an account with Citi appears to be a privilege
  • #7
  • Dec 8, 2011 7:41am Dec 8, 2011 7:41am
Quoting luxhydrus
do they accept Canadian clients? (does anyone know if Canadians still get the deposit insurance?)
I don't see why you wouldn't if you deposit in USD. But you would have to discuss it with them to be sure. You're better off calling them... they have no online chat and email participation in any conversation can be spotty. They are a BANK... not a BROKER. Think bank first broker second when dealing with them.

That's if you can even open an account with them.

They wouldn't accept me but yet could offer no explanation why they wouldn't. They have rules but won't tell you what they are. They have requirements, but yet again they won't tell you what they are.

The supposed high flying requirements they impose on you... are too good for them to follow. (They don't practice what they preach.)
  • #8
  • Dec 8, 2011 10:59pm Dec 8, 2011 10:59pm
Quoting luxhydrus
do they accept Canadian clients? (does anyone know if Canadians still get the deposit insurance?)
They accept Canadian clients, but your funds are not covered under the deposit insurance program. I researched this last year; it is in the fine print of their coverage terms - the deposit protection is only for US citizens or those meeting US locational requirements. (Sorry I don't have access to it now, but you should be able to find it within their site)
  • #9
  • Dec 11, 2011 5:08am Dec 11, 2011 5:08am
I have attached the Individual Account Application from CitiFx Pro.
Attached File(s)
File Type: pdf 250711_Indiv_CitiPLC_W8.pdf   710 KB | 1,621 downloads
  • #10
  • Edited 9:48am Dec 11, 2011 9:35am | Edited 9:48am
I am with them and what you say is true. They would not tell you what their requirements are. Remember they are not regulated by NFA/CFTC (but by SEC) and therefore you can hedge, no FIFO and the funds are FDIC insured up to 100K.

They are the only broker-bank in the U.S and they know it and so they can afford to be picky. They claim to only accept experienced traders (track record and such). Send your thanks to Dodd/Frank.

Overall I am very happy with them.

Try 20-50K initial deposit and they'll probably say yes. I know they say 10K minimum but money talks I guess....

Quoting pip_seeker
I don't see why you wouldn't if you deposit in USD. But you would have to discuss it with them to be sure. You're better off calling them... they have no online chat and email participation in any conversation can be spotty. They are a BANK... not a BROKER. Think bank first broker second when dealing with them.

That's if you can even open an account with them.

[size=3]They wouldn't accept me but yet could offer no explanation why they wouldn't. They have rules but won't tell you what they are. They have requirements,...
  • #11
  • Dec 11, 2011 9:53am Dec 11, 2011 9:53am
Quoting attila
I am with them and what you say is true. They would not tell you what their requirements are. Remember they are not regulated by NFA/CFTC (but by SEC) and therefore you can hedge, no FIFO and the funds are FDIC insured up to 100K.

They are the only broker-bank in the U.S and they know it and so they can afford to be picky. They claim to only accept experienced traders (track record and such). Send your thanks to Dodd/Frank.

Overall I am very happy with them.

Try 20-50K initial deposit and they'll probably say yes.

yeah like a bank to say min deposit is 10k but really mean 20k.

I got time what do they got? There is a good chance they are one of the LP's for whom I am trading with now... so what's the difference?
  • #12
  • Dec 11, 2011 9:59am Dec 11, 2011 9:59am
The security of my funds comes first, that's why I am willing to put up with the nonsense.... The geniuses in Congress passed Dodd/Frank for screwing the small investors. The first thing they should have done is require the funds to be segregated but they didn't... Look what happened to the MF Global customers. And even if they did, the enforcement comes too little too late so I guess FDIC insurance is the best I could get.
Quoting pip_seeker
yeah like a bank to say min deposit is 10k but really mean 20k.

I got time what do they got? There is a good chance they are one of the LP's for whom I am trading with now... so what's the difference?
  • #13
  • Last Post: Dec 11, 2011 10:26am Dec 11, 2011 10:26am
Quoting attila
The security of my funds comes first, that's why I am willing to put up with the nonsense.... The geniuses in Congress passed Dodd/Frank for screwing the small investors. The first thing they should have done is require the funds to be segregated but they didn't... Look what happened to the MF Global customers. And even if they did, the enforcement comes too little too late so I guess FDIC insurance is the best I could get.
Yeah I hear ya... it's a freakin mess. They speak with regulation non-sense out of one corner of their mouth while they are sweating profusely because they are nothing more than wolves dressed up in sheep clothing.

If they are not all "in bed" with one another why does Gary Gensler recuse himself of the whole MF Global thing?

Where oh where has my regulation gone?

Too much wanting to have your "cake" and eat it too. But ya know the MF Global thing was necessary to prove the regulation garbarge is nothing more than a house of mirrors. This should give plenty of ammo to over-turn Frank-Dodd.

Maybe in a year or two we will be able to bang some drums again... TBC...
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