FX Citizen is an unlicensed broker even though it states offers that look too good to be true.
FX Citizen, also known as Universal Citizen, presents no details about its regulations. Lacking regulatory information may be a distinct characteristic of unlicensed brokers, as legit brokers always present their certificates and licenses in a prominent position. It is a red flag here.
More importantly, three famous regulatory bodies issued warnings against this broker for offering financial services without authorization and regulations, including:
1) The New Zealand Financial Markets Authority (FMA), and you can check the full warning from here;
2) The Hong Kong Securities And Futures Commission(SFC), and you can check the full warning from here;
3) The Italy Commissione Nazionale per le Società e la Borsa (CONSOB), and you can check the full warning from here.
Regarding your question, FX Citizen is not a regulated broker. Letting this broker hold and control investors' funds or trading with them is very risky, since there are no safeguards in place to prevent fraud or theft. Therefore, we would suggest investors stay away from such unlicensed brokers as FX Citizen and trade with fully regulated brokers.
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