Thinking of getting into business with FXCityIndex? Here is what you must know about this broker. Carefully read this review to find out if fxcityindex.com is the trading platform you will want to trade with.
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About FXCityIndex Broker
FXCityIndex is an offshore brokerage company with a lot of promises for traders. Firstly, the broker address cannot be found on the webpage. To begin with, this is a red flag that tells us the fraudulent move of the broker. The broker presents phone lines in UK and the US.
The broker claims regulations from various financial regulators such as FCA, BaFin, CONSOB, AMF, and MFSA.
There are different account types the broker offers.
To clarify, regardless of the trading instruments FXCityIndex claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
fxcityindex.com: Reasons to Avoid This Broker
Firstly, fxcityindex.com is a platform with no financial authority overseeing its financial services. Thus, the regulation claims is not true as neither of those regulations are true. We discover FXCityIndex does not exist on those financial regulators’ data-base.
Secondly, we noticed fxcityindex.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under withdrawal policy, FXCityIndex leaves us with no specific information on withdrawal fee nor processing days on withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
FXCityIndex minimum deposit is pegged $300 according to the account type.
As for the payment methods, the broker accepts Credit cards, Skrill, Neteller, and more. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
FXCityIndex Platform
FXCityIndex claims to offer MT5 (Industry standard trading platform), however, the option of MT5 doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, the broker sets it at 1:100. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
FXCityIndex 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 which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is fxcityindex.com a Reliable Broker?
No, fxcityindex.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
