CitiFX Pro allows trading in more than 130 currency pairs, including many emerging markets that other brokerages do not allow.
Platform
CitiFX Pro uses a proprietary software—CitiFX Pro Desktop, Web or Mobile. This platform has free streaming news and data. You will also find one-click execution and a wide range of other execution tools. The CitiFX Pro platform also includes broad charting capabilities.
CitiFX Pro also offers mobile trading on cell phones or other devices. One great feature—the software is ported to the Blackberry and iPhone. This allows traders to monitor their positions in real-time, 24-hour streaming. It also offers electronic alerts if margin usage approaches key levels.
Many users find the CitiFX Pro software to be unintuitive and challenging to use. In general, this software is not the best choice for beginning forex traders and is designed with the high-end trader in mind.
Minimum Deposit Amounts
CitiFX Pro may have one of the highest opening deposit requirements—$10,000. This is just one other way that CitiFX Pro is clearly intended for advanced traders and institutions. You can make this deposit by wire.
One advantage comes from the fact that Citi is also a bank. All dollar amounts held in CitiFX Pro accounts are FDIC insured up to the normal $250,000. This is a very unusual feature in forex brokerages.
Account Set-Up
- CitiFX Pro does not offer the easiest registration. Though online application is possible, users are still asked to print it to complete their application packet. The process is also much longer than other forex brokerages.
- CitiFX Pro explicitly states that their software and service are intended for institutions, professionals, and experienced traders. CitiFX Pro does not provide basic education to beginning users. This focus on advanced users is also clear from the fact that CitiFX Pro requires such a large deposit.
- CitiFX Pro does offer three basic tutorials to guide you through setting up your account. These tutorials are sufficient, but more information would be helpful.
Demo Accounts
CitiFX Pro does not offer trial or practice accounts like other brokerages. Of course, opening an account is free with a deposit, but there is no trial or learning phase available.
Dealing Desk
Citi does not promise that it will not deal against its customers, but CitiFX Pro strongly emphasizes their effort to follow fair trading practices. As a regulated bank with audit and regulatory compliance, traders can legitimately feel somewhat more confident dealing with Citi.
Leverage Limits
The maximum leverage for CitiFX Pro is 50:1—in other words, up to 50 times the equity value. Therefore, a $10,000 opening deposit could allow you to open trades of up to $500,000.
Trailing Stops
CitiFX Pro does support trailing stops.
Trading Spreads
CitiFX Pro’s spreads are typically fairly wide, averaging two to 4 pips in normal market conditions. In more volatile markets, the spread can widen quite a bit. The wideness of CitiFX Pro’s spreads is one disadvantage of the service.
Other Features
CitiFX Pro also includes access to Citi’s FX market commentary—a significant value considering the size of Citigroup.
One other benefit based on Citi’s size is the confidence that traders can have of Citi’s fair pricing. Citi guarantees that all clients are priced the same way—based on the market.
The Bottom Line
CitiFX Pro offers excellent trading for institutions or advanced traders. The software is sophisticated and allows the functionality that advanced traders desire. But don’t expect simplicity or ease of use with CitiFX Pro. If you are a beginner or even intermediate trader, CitiFX Pro is probably not for you. Even for the most advanced, expect to find solid functionality, but nothing easy, innovative or fun to use. The greatest advantage of CitiFX Pro is the connections you have to Citigroup’s massive financial infrastructure. This is evident in several areas: You will be able to trade in more currencies, you will have access to Citi’s financial commentary and information, you will enjoy FDIC protection, and you can expect excellent customer service. In short, CitiFX Pro may be perfect for your needs if you don’t mind overcoming a software learning curve, if you have a long background with FX trading, and if you have a very large opening deposit. For anyone else, one of the smaller forex trading brokerages will probably fit you much better.