Thinking of getting into business with City Tradersmen? Here is what you must know about this broker. Carefully read this review to find out if citytradersmen.com is the trading platform you will want to trade with.
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About City Tradersmen Broker
City Tradersmen is an offshore brokerage company with a lot of promises for traders. The broker’s address 27 Market Place, London, W1W 8AF, United Kingdom. It claims to be owned and operated by Preqster LTD with registration number 12621178.
Here, the broker presents tight spreads and no commission, while offering leverage up to 1:400.
In spite the trading instruments City Tradersmen claims to offer, traders must know they are dealing with an unknown broker whose regulation claims are false.
citytradersmen.com: Reasons to Avoid This Broker
citytradersmen.com is a platform with no financial authority overseeing its financial services. Its regulation claims are not legit as Financial Conduct Authority, FCA, UK does not recognize City Tradersmen.
Another red flag we noticed on citytradersmen.com is that there is no demo account for traders. If traders can’t test City Tradersmen broker on a free account, how then can we know its viability in the forex market.
Since this broker does not offer money back guarantee, trading on any account type is clearly a risk. This is a big warning for forex traders to avoid losing money with this broker.
Withdrawal and Deposit
Withdrawal process
The withdrawal process and fees City Tradersmen charges forex traders is stated below.
City Tradersmen places an inactivity fee on a dormant account of 30 days. See below
This is just a way to reap you of your money and also frustrate the withdrawal process.
Minimum Deposit
City Tradersmen minimum deposit is indicated $250. The broker presents different account types. See below.
The payment methods accepted are Wire Transfer, e-Wallets and Crypto. You should not consider making any payment with this broker in the first place because it is a risk. So beware!
City Tradersmen Platform
City Tradersmen operates a Web based trading platform.
The broker provides a leverage of 1:400. This is a high leverage to ever want to trade on. However, it is advisable you don’t consider doing that. In fact, FCA, UK does not accept such ratio.
City Tradersmen Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its licensed and regulation claims are false and must be avoided.
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Conclusion: Is citytradersmen.com a Reliable Broker?
No, citytradersmen.com is not a reliable broker for forex traders and because of that, you are advised to stay away from this broker.
The scam is on the wall for you to avoid crossing path with citytradersmen.com because its claimed license and lack of transparency are red flags.
Therefore, we do not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
