CitiFx Pro Discussion

Isn't citi just a saxo white label?

Is link to the well known Citibank?
Sorry newbie here
Thank you

I've been with CitiFX for about 2 years now. They held one of my NON-BUCKET SHOP live cash test accounts. I've also held NON-BUCKET SHOP live cash account with DCFX as well.

Yes, the deposit requirements are higher at both intermediaries, which is most likely why you don't see many retail FX traders posting much about them on these trading forums that are supported by primarily by Bucket Shop Retail Brokers.

I do all of what I call my "Level II" system proofing and testing on CitiFX and DCFX, after I do my "Level I" Bucket Shop evaluations. If my trading system passes both Level I and Level II proofing and testing, I then feel confident in moving the system over to my Institutional platform for pre-production testing and final optimization.

Both CitiFX and DCFX are great for "Seasoned" Retail Traders, or "Novice" Institutional Traders, looking to grow their capital up to Institutional account size. Once you reach the $300k cost basis per trade level, you most likely will be able to get better terms with a Prime Broker on a true Institutional platform.

Between $8k and $15k total account size however, you will have a very hard time beating either DCFX and CitiFX.

If you are in the U.K., then LCG (London Capital Group) is another alternative to the pure Bucket Shop, and you get access to a wide variety of Institutional trading platforms, at higher-end retail account set-up deposit levels. So, don't expect to open an account with them at $800. LCG, is a good example of what I call a Cross-Over Broker. They serve both the righteous Institutional Trader and the Private Higher-End Retail Trader as an "Individual Account" (please call for details on how that is done).

TZ,

Please take the attacks and insinuations that you receive in Bucket Shop Sponsored Trading Forums, with a grain of salt and pinch of laughter. Most of the people laughing at you, have never traded beyond the Bucket List.

I was once a Nube, too. That was 10 years ago. I've lost tens of thousands of dollars in the trading business, but I consider that the cost of my education. You are going to pay for your education in this business, one way or another. No one escapes into being a real Trader, without paying the tuition first. That will come in the form of time spent doing research, study, analysis, testing, debugging and optimization. Even then you will still have an opportunity to learn something new each trading week.

Not many on this forum have truly made it, TZ. Not because they lack the intellectual horsepower, but because many of them lack the tenacity required to make it out of Retail Hell and onto a professional Institutional trading platform. The race is not given to the swift, but to the one that endures all things.

You have to work hard in this business, but you also have to work smart as well. You also need an "Edge" for long-term success as a Trader, whether you develop it from Fundamental Analysis, or Technical Analysis. Your "Edge" is where you drop anchor and build your business as a Trader. And, it is always better to have more than one "Edge" to build and grow into. Your "Edge" is the foundation upon which you build a systematic approach to trading the markets and growing your capital on a scheduled basis - as opposed to flying by the seat of your pants without real revenue targets and/or real weekly/monthly/yearly revenue goals.

In this business, everything begins with core research. So, having an allergic reaction to study and homework, will almost guarantee failure. You will (and should) do far more research and study in the early phases of your development as a Trader, than you ever do actually clicking positions into and out of the market - until you have developed an "Edge That You Can Trust."

What I am telling is not "sexy." It is not "flashy." It is not "quick." However, it is the truth.

There will be a lot to learn, lessons to be understood, hardships and pain to be endured, study time to be sacrificed and blood to be shed (lost capital) before your eyes are opened to the reality of what it will take to do this long-term and with a degree of accuracy that will cause many in this business to envy you. Some will even hate you for it, and they will despise you for not handing it over to them on a silver platter.

Stay focused. Stay motivated. And, please, stay away from Naysaying Trolls who would not know genuine success, if it were standing directly in front of them inside an empty room.

So, keep your head up and let your hair down. Because, you are quite possibly in for the ride of your natural born life!

My experience has shown that one really should be looking to execute trades via a multi bank stream.

The problem is with any of those single bank streams that you in the end of the day end up in a conflict of interest. If your flow is becoming toxic you will end up with many trade rejections, wider pricing and reduced TOB liquidity. Basically you will receive OXO liquidity (which is no last look/real interest only liquidity).

The way forward is to use a true multi bank executable price stream - venues like Currenex and Integral offer those.

All I am saying is, beware of single bank stream portals like Citi, (and even!)-Deutsche Bank's Autobahn, or also LCG's Currenex portal, as with LCG's CNX offering it is only a tier 2 access to JP Morgan's PB liquidity.

FX is just so complicated and cluttered, with many big names trying to gain bigger market shares by offering direct access to their own liquidity, but also, at the same time offering such liquidity multiple over many other electronic venues. That's just the way decentralized markets work.

Good trading

Man, your reply is the best I ever read in this forum!

Why?........because it's the truth!!!

I ain't there yet, but this is the right trail....

Thank you very much on your advise.
I will keep learn to build up my confidence level and the "edge"
Thank you again

fully agree.........

his opinion is both truthful and thoughtful.........

and every word is correct.........

'Qualified' clients get accesss to Reuters 3000 Xtra workstation. Could anyone tell me what the qualifying criteria is/ are? Cheers.

I have been trading there for couple months. It's a nightmare. Their "FX Click" even cannot give the correct account balance. I was trading my IB account at the same time with exactly the same system. I kept seeing my citi account profit less and lose more. The worst part is, I never traded on Fridays, but saw huge draw down in my account on Fridays. Each time I asked them about these issues, their reply was they didn't get trades settled down on the same day and they don't report accurate account balance. Also they mixed all their internal conversion transactions with my real trades in the reports, which made me impossible to track the trading result. Anyway, I had to take "what they gave", ended with 13k loss while my IB account profit well at the same time frame.

I'd like to put 10-20K into a broker but prefer the security of somone like Citi (FDIC). Is there any other FDIC firm for US based customer?

Another thing, how's is Citi's MT4 or its own platform speed in terms of responsiveness?

FDIC does NOT cover Forex accounts. Not at Citi or any place else. There is NO protection (insurance) for any US based retail forex accounts. None. ZIP. Nada. Zero. Ask PFGBest forex account holders who are SOL. Many threads on Forex Factory on the topic, do your DD.

Citi is a bank, and too big to fail at that. They have an impicit govt guarantee, and clients a explicit one thorugh fdic. PFG was a FCM, MF Global was a FCM and broker dealer, iirc. Slight difference.

P.S. actual positions are not insured, but unencumbered cash should be. So yes, should Citi go under (lol), the margin for open positions might be gone. OTOH, if Citi goes, fdic might be bust anyways

From the Federal Deposit Insurance Corp web site

http://www.fdic.gov/consumers/consum.../fdiciorn.html

What Is Not Insured?
Increasingly, institutions are also offering consumers a broad array of investment products that are not deposits, such as mutual funds, annuities, life insurance policies, stocks and bonds. Unlike the traditional checking or savings account, however, these non-deposit investment products are not insured by the FDIC.

The key point to remember when you contemplate purchasing mutual funds, stocks, bonds or other investment products, whether at a bank or elsewhere, is: Funds so invested are NOT deposits, and therefore are NOT insured by the FDIC - or any other agency of the federal government.

Yes, but actual cash is a deposit, and should therefor be insured. Margin is not.

Should be, but it's not. Every broker (Trade Station, IB, MB, etc) that has universal accounts for Stocks, Futures, Option requires a separate account for forex. That account is not insured by ANY US Government agency. Multiple threads on Forex Factory on this topic. Do your own Due Diligence. Reasonable to assume that surplus cash would be treated as deposit, but from my research that just is not the case.

CITI IS A BANK, they have over 200 million customers and are use by some of the biggest investors / hedge funds in the world for so many services they offer, i can bet my life citi will be here until the world comes to an end, unless they get brought out

I am using Citi on a live account and have been pleased so far, although I have seen some slippage during news events relative to other brokers (not banks). Latency might also be an issue if you scalp. I have had no other problems with execution.

They seem to be a bit expensive for my liking. spreads too high for me.