CitiTrader (Citrades) General Information
Headquarters: Owned by CIT investments, Marshall Islands.
USA Traders: Not Allowed
Available Assets: 82
Min. Deposit: $300
Min. Trade Size: $25
Max Trade Size: Not stated
Additional Features: Non
Platform Provider: SpotOption
Languages: English, French, Arabic and Hindi.
CitiTrader (Citrades) Broker Review
In this review we will refer citrades as cititrader due to the fact it is the same company.
Cititrader was actually shut down and ‘reopened’ under a new name, Citrades. The reason for changing names is most likely due to high amount of negative reviews and scamming complains towards Cititrader. You would think that with all the new branding, the ‘new’ Citrades will be more legit, but it does not seem to be the case. Citrades is with no surprised an unregulated binary broker, owned by CIT investments Ltd located at Marshall Islands.
CitiTrader platform is similar to all basic spotoption web-based platforms and includes all common expiries from 60 second and until the end of the day options as well as 60 Seconds options. They do also offer all the typical features that spotoption provide to with their standard white label package. Features such as OneTouch, Options Builder, rollover and close now. One thing which might be a bit different from other is the fact they have recently started to offer CFD trading in Forex market.
For the traders that are more into to trading on the go, Citrades do have a mobile trading application, both iOS and Android.
After doing a bit of a research regarding this broker, we must say we have found a ridiculous amount of bad reviews from trades who claim they were scammed by both citrades and cititrader. The 2 main complains that we have saw are regarding this broker withdrawal policy and about their managed accounts.
Regarding their managed accounts system, apparently, they offered clients, some sort of an inhouse auto trader for a minimum deposit of $1,000. Many traders who have been testing this service, have been complaining that this auto trader, simply never stopped making trades until the account balance was empty and wipe out their account.
For cititrader withdrawals policy, please continue to read the section below:
Bonus and Withdrawals
One of the biggest problems in the binary industry, it’s the brokers withdrawal policy, and there are no exceptions with this broker. Citrades really took the withdrawal limitations to another level, and I mean in a bad way.
When it comes to clients wish to commit a withdrawal, Citrades do have serious with processing it.
After checking Citrades terms and conditions, we must say that it looks very scammy, in the sense that they seem to be doing everything they can in order to make it impossible for you to take out your investment.
To emphasize what I mean, Here are Citrades terms and conditions:
Oh, and 1 more thing if you are still not convinced with their horrible withdrawal policy, in case you wish to make a withdrawal via wire transfer, they will charge you 50% fees !!!
Why to open an account with Cititrader
With all the honesty, I cannot recommend you to trade with this binary broker and there are no reason for you to even consider opening an account with them.
Why NOT to open an account with Cititrader
Well I think I have gave you quite enough reasons for why you should not even consider trading with this broker but another very important thing I do want to mention is that it appears to be that are a few more websites that which are connected with citrades.com which includes:CitiTrader.com, TradesCapital.com, AutoTradingBinary.com, and ezoption.com. So do yourselves a favor and stay away from all them.
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Wall Of Shame
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