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While there are plenty of online forex/CFD brokers, Citi will appeal to investors looking to directly buy and sell global currencies with support from a relationship manager.
0.5 to 1.5
Minimum Spreads for Major Currencies
Forex
Available markets
Desktop / Relationship Manager
Platforms
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Type of broker | Full-Service (general advice) |
---|---|
Available markets | Forex |
Minimum Spreads for Major Currencies | 0.5 to 1.5 |
Leverage | 1:1 - 1:1 |
Commission | $0 |
Minimum opening balance | $0 |
Minimum Trade Size | US$20,000 |
Platforms | Desktop / Relationship Manager |
Account options | Individual & Non Individual Ownership |
Support | Phone, Email |
Citibank Australia has been providing financial services in Australia since 1985.
Unlike most forex trading platforms where users trade currencies via CFDs, Citi customers buy and sell global currencies directly with assistance from an investment specialist.
You can buy and sell up to 10 global currencies, including USD, GBP, SGD, HKD and EUR.
Citi's service is unique from most forex brokers you'll come across online. Rather than trading through CFDs (leveraged derivatives products), you buy and sell global currencies directly through a relationship manager.
Citi is only offering this service to clients that make trades of $US20,000 or more. For trades of less than this, you have the option of using the Global Currency Account to self-serve online. Full-service clients are assigned a relationship manager who place trades for you over phone. This means you can receive support and assurance that large transactions will be performed safely and securely.
Here are some of the features that make Citi stand out when it comes to foreign exchange services:
As stated above, there are no commission costs on forex trades with Citi, however spreads are a little higher than what you'd normally see trading CFD forex, with spreads on major currencies starting from 0.5 pips.
Although there's no minimum amount needed to open an account, there is a minimum $US20,000 transaction requirement on all buy and sell orders.
Citi offers email and phone service.
Citi doesn't offer any training material however wholesale customers can access Citi research along with general forex updates from market specialists.
To sign up, click on the link above (coming soon) and request a phone call from a Citi representative to discuss your account options. For now customers wanting to exchange less than USD$20,000 with Citi have the option to self-serve online using a Global Currency Account.