Citrades

Why Doesn’t Citrades Suck in 50 Words

Eh, this section is getting harder and harder to do because we rarely see a brokerage that brings something new to the table. Why don’t they suck… hmm, they have a nice website, they are the “most professional and objective…” nope, that’s not it. Oh, I know: they offer a Demo account. That’s a good thing, although you will have to deposit 250 USD to get it.

Why Citrades Sucks In 50 Words Or So

“Citrades.com is the most professional and objective platform for trading Digital Options online”. Really guys, that line and all similar ones are starting to get boring… in fact, they started 3 years ago. Notice how every broker is the best, the most [insert awesome adjective here]? Yea, that’s also the case with Citrades: they say they are the best but I don’t see them doing anything different from others.

Is Citrades a Scam?

Let’s talk a bit about the accounts: the lowest account is the Pro Trader and it requires a $500 deposit. Considering that some brokers allow you to open accounts for as little as 100 bucks and the average initial deposit with most brokers is 250 USD, I believe Citrades should reassess their position. It’s not like they are an elite brokerage that should charge more than others to let you inside their circle. The next account is Auto Trader and requires a $5,000 deposit, then you have the VIP for $10,000, the Executive VIP for $50,000, and the Corporate Account, which starts at $100,000 but can go as high as $500,000 if you want the Exclusive version. I believe if you have this kind of money, you should invest it elsewhere, but don’t let me tell you what to do with your money.

Notice they have an account called Auto Trader; that account gives you access to a trading robot called “autotradingbinary” which puts your account on autopilot and offers you profits while you’re “eating, sleeping or playing golf” – their words, not mine. This robot copies the trades of 12 pro traders right on your account and all you do is sit back and “watch your account balance grow”. Whether this will happen or not, I don’t know, but for sure you will have to deposit 5K to find out. Given that our opinion about Citrades is not a stellar one and the Internet vibe seems to agree with us, I believe you should carefully think before making a 5K commitment. Overall I can’t say they are the worst, but their prices are a bit spicy and their offer doesn’t match the price.

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Should I Open an Account with Citrades?

Citrades is owned and operated by CIT investments Ltd, a company headquartered at Ajeltake Road, 96960, Majuro, Marshall Islands. The brokerage is not regulated by any financial authority so your money is at risk but then again, the fact that they are not regulated doesn’t make them automatically a scam, but maybe you can find better choices; after all, a shortage of brokerages is the least of a trader’s concerns. Moving on to the platform, this is provided by SpotOption (version 2) and it has the usual functionality; this is known to be a reliable and user-friendly platform so that’s a good choice on their part, although that puts them in the same class as roughly 80% of all brokers out there. It’s hard to be innovative and fresh when you are using the same tools as everybody else.

Let me say this right off the bat: the opinions about this brokerage are rather mixed, but many users complain that the service quality is not the best. There are negative comments all over the place and judging from that alone, you should be careful when dealing with this broker. But on the other hand, most brokers – even the good ones – get negative feedback and you cannot completely trust the opinions of others when it comes to your money. That’s why we cannot say that Citrades is a scam, but instead, we recommend that you do thorough research before putting any money on the line. Keep in mind that this brokerage is not regulated and although that doesn’t mean they are a scam, it makes it difficult to file a complaint in case anything “bad” happens.

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Citrades Ratings

User Friendly 15/20

The website is easy to navigate and is translated into 6 languages; the platform is well-known and user-friendly SpotOption version 2. However, with the smallest account being $500, I believe they will “scare” away some users, not to speak about the account for which you need to deposit half a mil.

Number of assets and expiry times 13/20

The basket of tradable assets is composed of 12 currency pairs, 19 stocks, 19 indices, and 7 commodities. This is quite disappointing and puts Citrades in the lower brackets of brokers when it comes to the variety of trading assets. The expiry times range from the popular 60 seconds (including 30 seconds and 120 seconds) to hourly and even Long Term (end of the week, end of the month, etc.)

Commissions, Support, and Effective return 12/20

According to their Terms and Conditions, Citrades will cover “all fees related to all withdrawals”. That’s great, right? Sure, but in the same document they say “There is no fee relating to withdrawal by credit card, but any withdrawal by wire transfer will be charged with the amount of $25”. The 2 statements contradict each other if you ask me.

A Live Chat button is available in their Contact Us section but when you click on it, a new message appears, telling you to click a nonexistent “Chat with us” button located on the bottom right-hand side of the screen. So you click a chat button to get to another chat button… if that wouldn’t be bad enough, the second chat button doesn’t exist. The other option is to send an email but you will have to wait 48 hours period to get an answer.

The effective returns can go as high as 85% but, as is the case with most brokers, the actual returns are lower and only a few assets go above 80%.

Deposit, Payment, and Bonus 13/20

The minimum deposit is $250 and can be made through credit cards (Visa, Master Card, American Express, China Union Pay, Diners, etc.), wire transfers, and e-wallets (Neteller, Skrill). As a special method to deposit, they offer Bitcoin; Citrades is the first brokerage that offers this method but I have doubts about its popularity. Withdrawals can be made via credit cards (no fees) and wire transfers ($25 fee) and take up to 6 business days to be processed and another 5-7 business days to reach your account. They don’t explain how to withdraw if the user deposited Bitcoin. The bonus is 50% but can go higher for the more exclusive accounts and the required turnover before money can be withdrawn is 30 times the bonus amount.

Website Extras 12/20

The fact that users can deposit Bitcoins is definitely an Extra and one that I haven’t seen anywhere else. That being said, I don’t know how helpful this is or if people will find it appealing.

Citrades Overall Ratings: 65/100

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