CitiwWaveFx – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
CitiwWaveFx - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://citiwavefx.com
Founded: 2023
Regulations: Unregulated
Languages: English
Deposit Methods: Cryptocurrencies
Minimum Deposit: $50
Free Demo Account: Not Provided
Number of Assets: Not Specified
Types of Assets: Forex, Cryptocurrencies, Stocks
Trading Accounts and Conditions
CitiWaveFx does not give us details in relation to the types of trading accounts they may or may not offer. We are told that the minimum deposit requirement for account opening is $50. This broker only offers 3 types of trading instruments – Currencies, Cryptos and Stocks. We are not told about spreads or leverage ratios. In fact, besides the minimum deposit requirement, no other trading conditions are mentioned on this broker’s website.
CitiWaveFx – Advantages
There are no advantages to trading with CitiWaveFx.
CitiWaveFx – Disadvantages
Listed below are all the disadvantages that tell us that CitiWaveFx is not safe to deal with:
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Unregulated Broker
CitiWaveFx claims to be a broker that is based in the UK. They provide us with details such as an address in this country to corroborate this claim. However, the broker does not have other key details such as the name of the company that runs their operations, or even a license/registration number.
A legitimate broker usually provides all of this information on their website clearly and concisely. When this kind of important information is missing from a broker’s website, it is a red flag that that broker cannot be trusted.
However, just to give CitiWaveFx the benefit of the doubt, we checked the online registers of the Financial Conduct Authority – the FCA; this is the regulatory body of the UK, the authority that oversees all forex brokers in the country.
After checking the FCA’s database, we found out that CitiWaveFx is not regulated at all. Not by FCA and not by any other financial authority. Therefore, this broker is in reality a scammer, operating illegally without proper authorization.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by FCA
We checking the FCA’s database to see if CitiWaveFx is regulated, we came across a public warning against this broker by the UK authority. According to that warning by the FCA, CitiWaveFx is operating in their jurisdiction, i.e., the UK, without proper authorization. The regulator also warns traders that if they deal with this broker, then they would lose the FCA’s protection against scammers. This is a very serious warning, since the FCA offers very strong protection to traders in the UK against scams and fraud.
When you deal with an FCA-regulated broker, you are offered a kind of insurance, so that if you are defrauded, you will be compensated for your losses up to GBP80,000. There are also other protective measures in place to ensure that traders are not scammed by unscrupulous brokers. So, when the FCA warns traders to avoid a particular broker, it would be best to heed that warning.
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Issues with Trading Software
We were unable to test CitiWaveFx’s trading platform for ourselves. This is because this broker demanded a deposit from us just so that we could access their trading platform. Due to this, we were not even able to see what kind of trading platform they offer (needless to say, it is not the industry leading MT4 or MT5 platforms).
This is a red flag. Legitimate brokers offer their clients the use of a demo platform, where traders can try out that broker’s platform and test their trading conditions in a safe environment – before committing their funds. This is because regulated brokers know that their main product offering is their trading platform.
So, when a broker demands that you put in money before you are even allowed to check out their platform, you know that you are dealing with a scammer.
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Issues with Trading Conditions
Along with their trading platform, a broker’s trading conditions are key. This is their service offering that goes hand in hand with their product (their trading platform).
Regulated/legitimate brokers will ensure that their trading conditions are fair and competitive. They also spell out each trading condition clearly so that traders understand what they are getting from that broker.
Unregulated (read: scam) brokers, on the other hand, shy away from providing such details – as in the case of this broker. CitiWaveFx only tells us that their minimum deposit requirement is $50. They also claim that they have the most competitive spreads in the market, but they forget to mention what those spreads are. And they do not bother to tell us what leverage ratios they offer.
Without all of this information a trader cannot tell if it would advantageous for them to trade through that broker or not. And this is a huge red flag; only scammers would hide such information from their clients.
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Issues with Payments
CitiWaveFx only allows their clients to transact in cryptocurrencies. This is yet another indication that we are dealing with a scammer.
Real brokers will ensure that they offer their clients as wide a range of payment options as possible. This means providing their clients with bank transfer, credit card, debit card and bank wires as traditional options. And e-wallets such as Skrill, Neteller, PayPal, and so on as the more modern options. Such brokers will also offer cryptocurrency payments, but that is alongside other payment options.
When a broker offers only cryptos as a payment option, then it is time to worry. Crypto payments are permanent and anonymous. This means that you cannot trace your money or ever get it back once a transaction is complete.
When you are dealing with a trusted broker, this is not an issue. However, when you are dealing with an unknown broker, it is best to avoid such a payment option. It is wisest to use a traceable payment option when dealing with a broker for the first time – such as a credit card. This way, you at least have a chance to get your money back by filing for a chargeback in case you are scammed.
Conclusion
CitiWaveFx is a scammer and they are not safe to do business with.
CitiwWaveFx
Pros
- None
Cons
- Unregulated Broker
- Blacklisted by FCA
- Issues with Trading Software
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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