Saxo bank stock broker review
New York Average Spread: Citi had long served the traditional forex market of large institutions and the move to extend its reach to the growing market of active individual and small institution traders is both strategic and natural in terms of leveraging its existing global forex product suite and expanding client base into this emerging client segment.
CitiFx is a U. CitiFx has incorporated into its trading platform the popular MetaTader 4 trading interface, which includes technical analysis, charting, and expert advisor programs used to interact with trading actions.
Saxo Bank, a pioneer and foremost provider of online forex trading and best know for its SaxoTrader trading platform, brings to the partnership its user-friendly online trading technology and best of class facilitation of product and service delivery.
Adapted from Saxo Trader, CitiFx is developed specifically for Citi based on its specifications given its world class product infrastructure. As a large, international bank participating in the forex market, Citi runs an active forex trading on its own behalf.
While not promising its dealing desk will be free of making any unintentional trades against its customers, CitiFx is committed to following fair trading practices. The accumulation of a few pips in trade execution difference could mean serious profits for a broker and losses for customers. Moreover, given Citi as a regulated bank with layered audits and compliances, traders should have more confidence that CitiFx will make efforts on fair dealing with its own customers.
On some less traded and much lower-valued currencies, the spreads can be wildly wide, as high as over basic points pipssuch as the target spread for Euro and Russian Ruble.
But CitiFx maintains that it can live up to its target spreads as advertised unlike some other brokers that may loosen their tight pricing when executing in live market conditions.
Moreover, CitiFx may be able to set saxo bank stock broker review spreads for some customers based on their trading volume. Theoretically, customers should be afforded a spread advantage by dealing with a bank that is a direct participant in the underlying interbank forex market.
Investors get a saxo bank stock broker review competitive pricing from a stock broker that is also a market maker inside the exchanges for certain securities. Credit provided by CitiFx to customers has a maximum limit of The maximum leverage becomes a nominal figure when reduced to arrive at the true or used leverage if one saxo bank stock broker review to leave enough margin of safety by not taking up all the leverage allowed.
In addition, different margins are set for different currency pairs based on how volatile they are. At CitiFx, leverage can go as low as only A leverage of Beginners in currency trading may not even recognize the currency codes for some less known currencies. CitiFx is intended for advanced traders and institutions and not a place for forex beginners to practice.
And as such, the service does not have a trial or practice account using virtual money as offered by many other brokerages. Such a large account size further demonstrates that CitiFx is only for experienced traders. Some may consider education resources at CitiFx as lacking, but its trading software is to challenge users of advanced levels and not for beginners. CitiFx does not provide basic, entry-level education mostly needed by beginning saxo bank stock broker review, because its trading platform is designed with the high-end traders in mind.
Site tutorials are available as guides for account set up. Customers are expected saxo bank stock broker review overcome the software learning curve themselves with the help of a free saxo bank stock broker review account.
But be aware of the expiration date on the demo account, as it may not be available when needed for later uses. Information about developments in the currency and other related markets and the economic events behind them is being streamed 24 hours directly onto the trading platform to allow traders to make the most informed trading decisions in real time.
Customer service at CitiFx is considered a major advantage by both many users and the company itself. CitiFx offers during the 5 trading days a hour customer service via telephone on both trading and administrative needs, though there is no online live chat unless you have an saxo bank stock broker review messenger account already set up. Email support is also available with a response time within 24 hours and the old-fashioned fax is still in use.
All in all, users of CitiFx can expect excellent customer service simply because of the size and history of the parent company that runs it. Retail forex trading and online brokerage service are of special attention to forex regulators.
Excess capital concerns about CitiFx, if any, should be rightly addressed by the full backing of its parent bank. Brokers can go bankrupt from time to time, not by servicing customers and collecting commissions but when they start trading the market themselves by becoming dealers. The failures of Bear Stearns and Lehman Brothers make such a proposition unarguable.
Therefore, customers do risk losing deposits they place with their forex brokers. We respect your email privacy. Please note that Forex trading involves substantial risk of loss, and may not be suitable for everyone. Trading Conditions Dealing Desk As a large, international bank participating in the forex market, Citi runs an active forex trading on its own behalf.
Education Some may consider education resources at CitiFx as lacking, but its trading software is to challenge users of advanced levels and not for beginners. Customer Support Customer service at CitiFx is considered a major advantage by both many users and the company itself. Safety In the U. This entry was written by adminposted on November 5, at 4: Saxo bank stock broker review any saxo bank stock broker review here with the RSS feed for this post. Both comments and trackbacks are currently closed.
Likewise, the percentages are not specified, but you are required as much as 25 turnovers to avail yourself of a withdrawal. The broker supports various trading platforms, such as, Binary Webtrader, Binary Bot and Binary Next-Gen. Furthermore, it can personalize client trading needs all under one roof.