CitiFX leverages its strong institutional background and now offers better spreads. The new spreads are divided into two groups, with the tightest spreads, such as 1.2 pips on EUR/USD, available for accounts larger than 50,000.
This broker is aiming for the bigger forex traders, not necessarily full time traders, but the ones that don’t come only to play, but rather use forex trading as a long term investment. While US regulation has improved and the height of the financial crisis is behind us, placing the money in a big, publicly traded bank provides more confidence than the average broker.
The backing of a huge financial services company provides high liquidity and more reliable execution for forex trades. Will these new spreads make CitiFX more appealing to forex traders?
Anyway, here’s the full press release:
New York – February 9, 2011 – CitiFX Pro today announced a new pricing structure for its clients, reflecting its focus on sophisticated and active individual traders within the forex trading community.
CitiFX Pro introduced a tiered account structure for its margin forex clients, with improved bid-ask spreads for major currency pairs for account sizes between $10,000 to $50,000 and still tighter spreads for accounts larger than $50,000.
“Our extensive survey research conducted in late 2010 showed that the individual forex trading market is growing rapidly in both size and sophistication,” said Sanjay Madgavkar, Global Head of Margin Foreign Exchange trading at Citi. “As a major participant in the global forex markets, Citi is well positioned to offer extremely competitive, highly reliable pricing along with excellent technology and client support that have already made CitiFX Pro a key player in this space,” Mr. Madgavkar said.
CitiFX Pro said that spreads on major pairs for accounts opened with $50,000 or more would be as tight as 1.2 pips in the EURUSD while USDJPY, GBPUSD, AUDUSD would be 1.7 pips, 2.0 pips, and 1.9 pips respectively, under normal market conditions.
An overview of spreads on 130+ currency pairs is available at http://www.citifxpro.com/spreads.
About CitiFX Pro
CitiFX Pro is Citi’s online forex trading platform for active individual and small institutional clients including commodity trading advisors, broker-dealers, money
managers, and hedge funds. CitiFX Pro is currently live in US, European and Asian markets and will be launched in additional regions in 2011. Additional
information may be found at www.citifxpro.com.
About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and
jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial
products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth
management. Additional information may be found at www.citigroup.com or www.citi.com.
Yohay Elam: Founder, Writer and Editor
I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me.
Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.
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