Anyone like Citi as a broker? I'm looking for a safe broker | Forex Factory

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Anyone like Citi as a broker? I'm looking for a safe broker

  • #1
  • First Post: Mar 6, 2015 7:55pm Mar 6, 2015 7:55pm
I'm having a hard time figuring out which broker to go with, it seems like everyone has something bad to say about every broker there is! I wish all the competent traders could be polled, I'm really curious who everyone is trading with, if it sounds like every broker is a scam artist.. I'm in the US, and liked the idea of Citi being a monolithic bank and not some fly by night chop shop in some island somewhere... Also the FDIC insurance, etc. But I couldn't even find one thread with discussion on Citi as a broker. Anyone have experience with them? Any recommendations for US based traders? thank you
  • #2
  • Mar 6, 2015 9:07pm Mar 6, 2015 9:07pm
It's useful to test a broker using demo account.
  • #3
  • Mar 6, 2015 10:07pm Mar 6, 2015 10:07pm
Quoting bobbyspider
I'm having a hard time figuring out which broker to go with, it seems like everyone has something bad to say about every broker there is! I wish all the competent traders could be polled, I'm really curious who everyone is trading with, if it sounds like every broker is a scam artist.. I'm in the US, and liked the idea of Citi being a monolithic bank and not some fly by night chop shop in some island somewhere... Also the FDIC insurance, etc. But I couldn't even find one thread with discussion on Citi as a broker. Anyone have experience with them?...
Other than Citi, because they are a bank, your money is just as safe with some "fly by night chop shop on some island somewhere". However, their spreads and execution suck. I trade offshore and have better spreads, commission and execution than any broker in the US. Not to mention, since the NFA/CFTC refuses to allow brokers to segregate accounts or offer insurance, why would you want to deposit 15 times more for margin with a US broker than you would with a high leverage offshore broker to execute the same exact trades? Since money is not protected in either case, I'd much rather keep 90% of my trading capital in my own bank than with ANY BROKER.
  • #4
  • Edited 1:18am Mar 7, 2015 12:13am | Edited 1:18am
Quoting bobbyspider
I'm having a hard time figuring out which broker to go with, it seems like everyone has something bad to say about every broker there is! I wish all the competent traders could be polled, I'm really curious who everyone is trading with, if it sounds like every broker is a scam artist.. I'm in the US, and liked the idea of Citi being a monolithic bank and not some fly by night chop shop in some island somewhere... Also the FDIC insurance, etc. But I couldn't even find one thread with discussion on Citi as a broker. Anyone have experience with them?...
//-----

hey bobby..... my experience with brokers has been entirely satisfactory.... no complaints at all, not a single one..... usually keep at least one live explorer running with no restrictions for all to see.... and some explorers are private.....

several of us have discussed citi both publicly and privately.... i use fxcm and etradefx now..... if you by chance use etrade bank or brokerage, look into etradefx.... they are a white label fxcm and have higher spreads but you can move money in or out in usually less than an hour.... i've withdrew close to 40k once in less than 30 minutes.....

i was down to funding a citi account but on a whim opened a couple futures accounts instead..... etrade futures and infinity futures.....

may still open a citi account if they are still taking new customers but will not close fxcm or etradefx accounts.....

citi , relatively speaking, hardly has any clients.... and etradefx probably has half that many..... to me that is a very good thing.....

if citi doubles their minimum deposit, doubles their spreads and cuts their leverage in half, i will for sure open an account there..... that very day...........h
to trade and code, keep both simple... no call to impress....h
  • #5
  • Mar 7, 2015 3:28am Mar 7, 2015 3:28am
lol hayseed, I can't tell how much of your post is sarcasm, help a newb out!

why is citi and or etradefx having less clients a good thing to you? (or is that the joke! lol)

and you can't possibly want citi to double their depost, and who wants higher spreads?? surely this is just some forex humor i'm not acquainted with? basically what you must be saying is citi is probably a bad choice.. ok, got it! i think!

I dont know what a white label broker is, i'll have to do some googling.. looking at the stock chart of FXCM, I can't believe people are keeping money with them.. they seem on the brink of possible bankruptcy? how on earth did they manage to get hit so hard by that swiss bomb? if FXCM delivers some good news at next earnings report, and the stock price recovers, i'll consider them... i'll check out etradefx, thanks for the heads up. and you say you have no complaints with brokers, not a single one.. is this another joke, or are you being serious? thx hayseed

-------
Profit Daily you make some interesting points.. which brokers do you like to use? do you make wire transfers every single time you go to make a trade, and then withdraw when you're not currently in a trade? could that pose a problem if you need to act on a trade signal in a matter of 5 minutes?

and Samuel, can you really trust a demo account to give a demonstration of what to expect when the broker has your money? i always assume demo accounts will work flawlessly, and all the problems will arise when the dealing desk starts salivating for your account $$$
  • #6
  • Mar 7, 2015 3:37am Mar 7, 2015 3:37am
CitFX Pro is a white label of Saxobank.
  • #7
  • Mar 7, 2015 9:29am Mar 7, 2015 9:29am
Quoting bobbyspider
lol hayseed, I can't tell how much of your post is sarcasm, help a newb out! why is citi and or etradefx having less clients a good thing to you? (or is that the joke! lol) and you can't possibly want citi to double their depost, and who wants higher spreads?? surely this is just some forex humor i'm not acquainted with?
//-----

hey bobby..... 0.0% was sarcasm.... looking back , it might appear so.... let me explain ....

less clients..... yes. that's my preference.... and i'm being serious here..... imagine really wanting a cheese burger but when you get to mcdonalds there are 7 school buses in the parking lot.... all still unloading.... right across the street is a Wendy's with a single truck..... think of all the negatives and positives between the two.... where would you eat.....

double their deposit and higher spreads.... yes. my preference is both.... and i'm being serious here..... i would far rather pay double and be surrounded by people more successful than me...... you pick up good habits while not being exposed to bad ones..........

with fxcm i'm just one of several hundred thousand clients, basically i'm a nobody.... with etradefx, i'm one of probably only a few hundred, i'm a somebody..... if i trade 1 standard lot and make 100 pips with fxcm i end up with around 990$.... with etrade only 980..... for only 10$ i get to be somebody.... that's a bargain......


you say you have no complaints with brokers, not a single one...... yes... 0 complaints.... and i'm being serious here..... what could possibly be my complaint.... wouldn't any sort of valid complaint be reflected in my explorers..... sure there have been problems over the years but they were my fault.... not the brokers.....

how on earth did they manage to get hit so hard by that swiss bomb..... because they tried to appeal to the lowest common denominator..... they will see the err in their ways and change..... they made the bed......

be wary of ff member, including me, that gives a clickable link to a particular broker.... there are several around now trying to drum up business..... some ff members have set themselves up as a 'referer' so they can make money off your trading volume.... several are high post count high profile members.... those will probably end up banished to the commercial forums along with their threads.....

....h
to trade and code, keep both simple... no call to impress....h
  • #8
  • Mar 7, 2015 10:31am Mar 7, 2015 10:31am
I thought there were large deposit requirements for Citi, which is probably one of the reasons why they don't have as many clients as other brokers. It's easy for most to open an account and drop 1k in, not as easy for people to part with say 20k...

Not sure of the exact requirements, but I am sure it's higher than a lot..
  • #9
  • Mar 7, 2015 10:44am Mar 7, 2015 10:44am
Quoting bobbyspider
lol hayseed, I can't tell how much of your post is sarcasm, help a newb out! why is citi and or etradefx having less clients a good thing to you? (or is that the joke! lol) and you can't possibly want citi to double their depost, and who wants higher spreads?? surely this is just some forex humor i'm not acquainted with? basically what you must be saying is citi is probably a bad choice.. ok, got it! i think! I dont know what a white label broker is, i'll have to do some googling.. looking at the stock chart of FXCM, I can't believe people...
PM me for brokers I use and no, their won't be any hyperlinks. I just trade, no gain from referring others. At one point, I was considering becoming an affiliate to some, but have reconsidered.

Every broker I use is an ECN, no dealing desk, and I have verified this several different ways. They make money on commission, some have better spreads than others due to how many and which specific lp's they are using.

I always find it funny when FXCM has a 125 pip larger spike down on a pair when the largest I see is like 10 with any of my 6 offshore brokers. Yet, they are regulated.. I have seen every broker in the US freeze a platform, have huge price spikes that don't exist elsewhere, etc.

As far as moving money, I have a completely separate bank account with a debit card for my forex trading capital. I don't move money every single trade. I withdrawal at the end of every week and leave enough rollover to begin the next week. If I need to (which is rarely, due to the fact my margin requirement is anywhere from 1/25 to 1/10 of what is required with US brokers) I will transfer by debit card and it INSTANTLY hits my account, but cost is about 4%

So what I mean by leaving my capital in my own bank is simply this: I leave about a 100 pip cushion in my account, and will start my trading week with 1, maybe 2 trades only and then trade on profits the balance of the week and I use rather tight stops, so very rarely is it an issue. Here is a very basic example, with approximate figures:

Trading 1 standard lot at $10 /pip requires $1,000 in my account for 100 pip cushion, however only $200 is required in margin if I wanted to use a 20 pip s/l. That same trade in the US requires anywhere from $2,000 to $3,000 (AUD or JPY crosses) to $5,000 (CHF and exotics) and then if you want to open another trade, of course, requires double.

I also like to add to/compound winning positions while moving stops to break even. The extra leverage allows me to open much larger positions vs. the same scenario in the US. Another example:

I have $1,000 in my account and trade 1 standard lot, position moves 100 pips in my favor, that $1000 in profit allows me to easily open another standard lot, move average price s/l to break even and create a risk free trade, where in the US I would be $2,000 short in margin requirements even though my position is 100 pips in profit and risk free. THIS IS THE HUGE DIFFERENCE. It's not the initial leverage, but the additional leverage profitable positions affords. It is why people refuse to even believe my % gains weekly as it is not even possible to attempt with 50:1.

Just the way I do it, and while many may disagree, I will stick to my claim that not only is my money safer than everyone in the US, but at the same time I can compound 10 TIMES FASTER by adding to winners.
  • #10
  • Mar 7, 2015 10:50am Mar 7, 2015 10:50am
http://forexmagnates.com/executive-i...s-at-citibank/
  • #11
  • Mar 7, 2015 11:14am Mar 7, 2015 11:14am
Quoting plotinus82
http://forexmagnates.com/executive-i...s-at-citibank/
I think the op means CitiFX Pro not Citi the prime broker.
  • #12
  • Mar 7, 2015 11:45am Mar 7, 2015 11:45am
Quoting mitch77
{quote} I think the op means CitiFX Pro not Citi the prime broker.
Citi FxPro = Saxo

Go for Margin FX at Citi

margin FX at citi = citi fx PB's liquidity
  • #13
  • Mar 8, 2015 10:08am Mar 8, 2015 10:08am
Quoting mitch77
CitFX Pro is a white label of Saxobank.
Only technological partnership, Citi uses its own price feed.
  • #14
  • Mar 8, 2015 10:51am Mar 8, 2015 10:51am
Quoting M967
{quote} Only technological partnership, Citi uses its own price feed.
May I ask how do you know this?


Thanks.
  • #15
  • Mar 8, 2015 11:15am Mar 8, 2015 11:15am
Quoting raindrop
{quote} May I ask how do you know this? Thanks.
I was in talk with them to find suitable solution and they explained me in details all the possibilities they have.
You can be connected to different venues for your choice, like FXall, etc.
  • #16
  • Mar 8, 2015 11:17am Mar 8, 2015 11:17am
Quoting bobbyspider
I'm having a hard time figuring out which broker to go with, it seems like everyone has something bad to say about every broker there is! I wish all the competent traders could be polled, I'm really curious who everyone is trading with, if it sounds like every broker is a scam artist.. I'm in the US, and liked the idea of Citi being a monolithic bank and not some fly by night chop shop in some island somewhere... Also the FDIC insurance, etc. But I couldn't even find one thread with discussion on Citi as a broker. Anyone have experience with them?...
Do you ready for 4% margin requirements?
  • #17
  • Mar 8, 2015 11:27am Mar 8, 2015 11:27am
Quoting M967
{quote} Only technological partnership, Citi uses its own price feed.
I think people are talking about two different brokers here. The Op is a newbie so I presume he does not need the Prime Broker Citi but CitiFX Pro the market maker, dealing desk or whatever it is called!

Wiki CitiFX Pro

"As at 2009 it is live in U.S., European and Asian markets, with headquarters in New York and with offices in London, Singapore and Hong Kong. Some of the trading services are provided to Citibank as a white label product by SaxoBank."

Either way CitiFxpro has some of the worst spreads around, go on Myfxbook and see for yourself unless you are going to invest $50K
  • #18
  • Mar 8, 2015 12:04pm Mar 8, 2015 12:04pm
Quoting M967
{quote} I was in talk with them to find suitable solution and they explained me in details all the possibilities they have. You can be connected to different venues for your choice, like FXall, etc.
Thanks for your reply. I am running a Demo on CitiFx's MT4 terminal for few weeks which is going ok. When you talked to them, did they seem to care about an account of 50k size? Someone has mentioned about difficulty in withdrawing funds from them. Did issue of funds withdrawal crossed your mind?

Thanks.
  • #19
  • Last Post: Mar 8, 2015 12:25pm Mar 8, 2015 12:25pm
Quoting raindrop
{quote} Thanks for your reply. I am running a Demo on CitiFx's MT4 terminal for few weeks which is going ok. When you talked to them, did they seem to care about an account of 50k size? Someone has mentioned about difficulty in withdrawing funds from them. Did issue of funds withdrawal crossed your mind? Thanks.
Honestly I don't believe in such foolish things about Citi bank with 200 Mio clients. Yes, 50K .
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