Table of Content
Citadelex Review – The Truth About This Scam Broker
Table of Content
Citadelex has mastered anonymous offshore scams. Not only that they operate without authorization, but they are like a shadow. There is no information about ownership, legal entities, or headquarters. Not to mention suspiciously changing their domains every once in a while.
Generally speaking, we recommend traders opt for Tier 1 regulated broker. The main reason for that is a high level of security, transparency and legal coverage. What’s wrong with Citadelex scam brokers and how to stay away from those, read in this detailed Citadelex review
|Broker Type||Offshore scam broker|
The Safety of Funds and the Regulation of Citadelex
As we could see in many Citadelex broker reviews, they were scamming traders worldwide. From the UK to Australia. Yet, they didn’t have any legal authority for that. None of the regulators has issued a license to these bogus scammers.
We have checked the database of the most trusted regulators in the Tier 1 group. Those are ASIC, FCA, BaFin and CONSOB. Thus, we were not disappointed with zero search results upon searching for this scam broker. Besides, the FCA has issued a warning about this broker for an attempt to clone a legitimate firm.
With this in mind, you should stay very careful with online brokers. Check Tier 1 regulated brokers and before you deposit any money, do your due diligence. Especially because some of those might disappear. Like the Citadelex scam broker did.
Citadelex Platform Overview
Sometimes we are caught by surprise when we see that even scammers have trusted platforms. For example, Meta Trader. However, the Citadelex scam broker didn’t bother with gaining trust that way. On the contrary, they were offering quite poorly designed web traders. Since the website is not active, we can’t present you how poor it is.
It only provides basic trading indicators and charting options. There are limited risk management tools and no advanced features at all. If you were looking for social trading or copy trading, you might forget about it. Based on some Citadelex reviews we can see that they even advertised automated trading. Yet, web-based trading platforms rarely have those options.
It’s usually quite opposite. Brokers use manipulative platforms. They tend to change trading conditions to make you believe it’s automated trading. Therefore, don’t trust offshore shady brokers. But look for a Tier 1 regulated broker with a trusted platform instead.
Account Types Offered at Citadelex
In general, once you see a broker promising profits you know there is something shady. Nobody can promise you anything on the financial market. Yet, this broker did advertise returns starting from 35% up to 100% depending on the account type.
With a minimum deposit of $250, traders could open only a basic account. However, due to their fraudulent activities once they want to withdraw money account is frozen. Or the broker vanishes. This was the case with the Citadelex investment scam.
Luckily or not, we can’t access their official offer anymore. But it’s just a matter of time before they will make up another company name and show up. But now, you are properly informed on what to look for to define a scam broker before it’s too late.
Citadelex Trading Instruments
As for the instruments offered, they didn’t differ much from other companies. All 5 major fields were available. Therefore, nothing that you can’t find with a regulated broker. Those groups are:
- Forex – USD/JPY, EUR/SEK, AUD/HKD
- Commodities – natural gas, crude oil, gold
- Indices – DAX 30, FTSE 100, Nikkei 225
- Shares – General Motors, Coca-Cola, Bank of America
- Cryptocurrencies – BTC, LTC, USDT
The only information is available about trading conditions was regarding leverage. For trading in the EEA zone, ESMA allows a maximum of 1:30 leverage for retail traders. But Citadelex broker allowed up to 1:500. In fact, together with a manipulative platform that can delete your account balance quickly.
Information about spreads, swaps, or inactivity fees was non-existent. But traders reported that the broker was making up withdrawal fees for instance. That’s why strict regulation is important, to control such activities.
Deposits and Withdrawals Process
This company was designed as hit and run a scam. Get in quickly, extort as much as possible, and vanish. What went in their favor are funding methods. This broker only accepted crypto transfers as a way of deposit. The reason for that is anonymity. Such transactions are hardly traceable. Moreover, they are encrypted. So getting to the original owner of the wallet is very hard.
As for withdrawals, traders experienced many difficulties. Firstly, not being able to access the trading account. Secondly, the broker was relying on AML policies in such situations. And traders needed to send additional documents for verification. After all this torture, which could last for months, they freeze the client’s account and vanish.
To sum it up, traders were never even depositing money in trading accounts. But directly into their scamming pockets.
How Do I Obtain A Refund After Being Defrauded by Citadelex?
Let us know first, what was your experience with this broker. Every story is similar, yet unique. Our fund recovery team can analyze your situation and assist you to recover money. Since this is not a scam performed on your debit/credit card, you can’t take standard ways.
But the solution is one specified software for tracing crypto transfers. The specialized fund recovery team has access to the Cipher Trace. A revolutionary program for such situations. Don’t miss the opportunity to get your money back. Contact us today!
- A broker without regulations.
- They are changing domains often.
- Only crypto transfers are accepted.
- Warning from the FCA.
- Website closed.
FAQs About PrimeOakmont Broker
Is My Money Safe at Citadelex Broker?
No. The broker doesn’t provide any security measures. But primarily they don’t have any regulations.
How Long Do Citadelex Withdrawals Take?
There is no website or withdrawal policy now. Based on reviews, the withdrawals never happen.
What Are The Funding Methods For Citadelex?
This broker offered only highly suspicious cryptocurrency transfers as a funding method.