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.
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Absolutely right ! No protection what so ever , please see the PDF , page 54
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...
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I was wrong,, here is the explanation. They don't insure transaction ( opnen position / floating balance) but they so insure up to $250k on account net ballance funds:
i have been trading with Citifx for about an year. Here are few things about them:
- No FIFO, number 1 reason i went with them
- Big Bank protection- number 2 reason because i was a PFG BEST customer before
- Phone service is very ordinary- you call and a guy says "Citi" like he does not want to be there and will do things on a slowest time frame possible
- Their website (where you can check your account) is terrible. The reporting is horrible and it does not show cost and other transactions well.
- MT4 platform shows inaccurate everything from margin to spread at times so i keep check my online account to verify.
- Given the recent swiss debacle they Marigin is up to 4% on Eur/Usd compared to 2% before ( a big bummer given i have to change many aspects of my trading)
- Not that Easy to get an account compared to many other brokers
Overall not for a small account. I like the protections and few other things i mentioned but i really do hope they can fix the problems and make themselves worth staying with.
