Universal Citizen is a forex broker founded in Hong Kong on May 24, 2022. The company primarily offers trading services in forex, spot metals, energy, stocks, and indices. Its headquarters is located in Kuala Lumpur. Universal Citizen does not provide services to residents of the United States, European Union, Canada, Israel, Iran, or countries or regions that may violate local laws or regulations. The official website of Universal Citizen is https://fxcitizen.com/, and the website is available in English only.
Corporate Background:
The registered entity for Universal Citizen in Hong Kong is Universal Citizen Limited, with a registered address at 11/F, Hung Wai Industrial Building, 29-35 Hung To Road, Kwun Tong, Kowloon, Hong Kong, and registration number 3155520. The company was previously known as Vamos Trade Ltd, and its website content has migrated from https://vamostrade.com/ to https://fxcitizen.com/. The new domain for the website was registered on November 29, 2011, and it is set to expire on November 29, 2023. As of September 25, 2023, the domain is set to expire in two months.
Regulatory Status:
Universal Citizen's official website does not disclose its regulatory status, and there is no information available about the company on the Hong Kong Securities and Futures Commission (SFC) website.
Market Instruments:
- Forex: The forex market is the largest global financial market, involving the buying and selling of different country's currencies. Investors can access the forex market through Universal Citizen for trading.
- Metals: Metal trading involves buying and selling various metals such as gold, silver, copper, and more. Such trading is typically done through futures contracts or the spot market.
- Energy: Energy trading involves buying and selling energy resources such as oil, natural gas, and electricity. This trading is usually done through futures contracts or the spot market.
- Stocks: Universal Citizen provides a platform for investors to buy and sell company stocks to gain profit.
- Indices: Investors can speculate on and track the overall performance of specific markets through the trading of Contract for Difference (CFD) on market indices without buying the underlying stocks.
Account Types:
Universal Citizen currently offers two types of trading accounts: Standard Account and ECN Account. In addition to these real accounts, the broker also provides a demo account for beginners.
- Standard Account: Minimum deposit is $10, maximum equity is $5,000, minimum order size is 0.01 lots, maximum leverage is 1:1000, offers both fixed and floating spreads with no commissions. The account provides no swap privileges but requires fulfilling certain terms. It also offers a 35% deposit bonus, negative balance protection, up to $10 trading rebate, and expert advisors. Traders using this account can participate in monthly lotteries with a maximum prize of $5,000.
- ECN Account: Minimum deposit is $100, maximum equity is $10,000, minimum order size is 1 lot, maximum leverage is 1:200, offers raw floating spreads with commissions. The account provides negative balance protection and monthly lotteries with a maximum prize of $5,000. It does not offer swap privileges, deposit bonuses, or trading rebates.
Trading Platform:
Universal Citizen offers the MT5 trading platform to investors, including a desktop version, Mac version, and mobile app.
Customer Support:
Users can contact Universal Citizen through phone at +60 11 2380 6780 and via email at account@fxcitizen.com. For further assistance or inquiries, investors can also use the "Contact Us" option on the broker's official website.
Summary:
Universal Citizen is a newly established company in Hong Kong, founded a few months after its predecessor, Vamos Trade Ltd. Like its predecessor, Universal Citizen lacks effective regulation, posing potential risks to investors who trade on the platform and may be vulnerable to fraud, resulting in financial losses. As of now, the broker is marked as "Suspected Scam" on Traderknows.
