CitiFX Is Why Im Broke

Why You Can Go Broke With Citifx Pro In 50 Words Or So…

Are you a whale or a small fish swimming in a shallow pool? If you can allocate at least 10K USD for opening an account, then you can start trading with CitFX Pro, otherwise you are simply unimportant to them. If all you have is 10K or even worse, you have to loan some from your friends to come up with the entire sum, please think twice before putting it all in one account because you always have to remember: “risk only what you can afford to lose”. In other words, 10K is a lot of money from my point of view and putting it all in an FX account would create too much pressure which may lead to bad trading. Bottom line is: if you are not comfortable with investing 10K USD but you still do it, you might go broke because your trading will be affected negatively by the psychological aspect.

 

 

Who Is Citi and How to Avoid Going Broke With Citifx Pro

Citi is a Bank founded in New York more than 200 years ago. Yes, you read that right: two hundred years. We are dealing with a special company and with your permission I am going to adapt this section of my review to reflect some of their special achievements. To avoid going broke with CitiFX Pro all you have to do is to be a good trader; sure, that is sometimes easier said than done but hey, who said trading is easy? Scamming is out of the question, but almost nothing can protect you against things that will always happen in the world of retail FX: the usual spread widening, delays, re-quotes and other similar issues. This is valid for all brokers, even the best ones, so please apply common sense. With that being said, let’s get ready for the History lesson:

 

  • Do you know why the GBP/USD pair is nicknamed Cable? Because in the 1800s an undersea cable (the Transatlantic Cable) between New York and London was used to synchronize quotes and transmit messages. Before this cable was installed, the delivery of a message took three weeks but all this changed in 1866 – that’s when the Transatlantic Cable became operational – and information could be transmitted within minutes. Good idea, huh? Can you guess who funded it? Citi! So you could say that Citi actually helped FX become an online environment and that it laid the first stone in what would become a 5.3 trillion USD/day industry.
  • 1897. This is the year when Citi created their Foreign Exchange department due to growing business abroad and increased need for foreign currency. Although Forex was much different then compared to the modern version we are accustomed with, when I think about experience in the business, I think about Citi.
  • You know that box where you insert your card, type your PIN and money comes out? People call it ATM I believe and it’s another one of Citi’s accomplishments. They managed to build the hardware and the software to make it operational and offered 24/7 banking for the first time. The year was 1977.
  • The events mentioned above are just a few defining moments in Citi’s existence and if you want a more in-depth look, visit the link at the bottom. That should keep you occupied for a few hours (:

 

 

Editor’s Note – Would I Trade With Citifx Pro?

Citi is without a doubt a giant with a global presence and they catered to clients’ needs for more than two centuries. I strongly believe they don’t need to resort to shady practices and that my money will be safe with them. That being said, they do have some complaints over the Internet about their FX platform (powered by SaxoBank) and delayed withdrawals but this type of complaints are the standard these days. It’s almost fashionable to complain about everything… I could call it “whining” but I won’t. And let me add something else: I am sure I will see big spreads at news and I will get a re-quote here and there but I expect stuff like that to happen because it’s in the nature of FX. It’s all just supply and demand. Bottom line is: I would definitely trade with CitiFx Pro… when and if they will lower their minimum deposit requirements.

 

References

  1. CitiGroup Main

 

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