Spreads

An explanation of Pricing on CitiFX Pro

CitiFX Pro offers different pricing models depending on your needs and initial account opening size. These are tradable prices, available under normal market conditions¹.

Spread pricing for Standard Accounts

Available for accounts with a minimum opening balance of $10,000.

 

See entire table

The actual spread paid by you on a trade may be greater (or less) than the Target Spread. See notes below¹. Your total transaction cost on any trade may include:

• The spread²
• A Swap charge or credit on each rollover based on the LIBOR/LIBID interest rates of the two traded currencies with a markup/mark-down of +/-0.25%.
• An interest component of LIBOR/LIBID +/- 0.5% which will be credited or debited at rollover for any unrealized profit or loss on the position.
• Currency conversions of trading profits and losses at the prevailing close rate as of 1700h EST (New York close), plus/minus 0.5%.

You should review these web pages from to time for any updates/changes to Target spreads, swap charge rates, rate or basis for interest charges, or currency conversion charge rates.

Spread pricing for Premium Accounts

Available for accounts with a minimum opening balance of $50,000.

 

See entire table

The actual spread paid by you on a trade may be greater (or less) than the Target Spread. See notes below¹. Your total transaction cost on any trade may include:

• The spread²
• A Swap charge or credit on each rollover based on the LIBOR/LIBID interest rates of the two traded currencies with a markup/mark-down of +/-0.25%.
• An interest component of LIBOR/LIBID +/- 0.5% which will be credited or debited at rollover for any unrealized profit or loss on the position.
• Currency conversions of trading profits and losses at the prevailing close rate as of 1700h EST (New York close), plus/minus 0.5%.

You should review these web pages from to time for any updates/changes to Target spreads, swap charge rates, rate or basis for interest charges, or currency conversion charge rates.

Commission pricing for Premium Accounts

Available for accounts with a minimum opening balance of $50,000.
Commission of $35 per USD million traded or as otherwise agreed with you.

 

Please contact CitiFX Pro Sales for further details on commission pricing.

Your total transaction cost on any trade may include:

• The commission
• The spread²
• A Swap charge or credit on each rollover based on the LIBOR/LIBID interest rates of the two traded currencies with a markup/mark-down of +/-0.25%.
• An interest component of LIBOR/LIBID +/- 0.5% which will be credited or debited at rollover for any unrealized profit or loss on the position.
• Currency conversions of trading profits and losses at the prevailing close rate as of 1700h EST (New York close), plus/minus 0.5%.

You should review these web pages from to time for any updates/changes to swap charge rates, rate or basis for interest charges, or currency conversion charge rates.

Customized bid-ask spread set

Available on a case-by-case basis at CitiFX Pro’s discretion.

 

Please contact CitiFX Pro Sales for further details on Customized bid-ask spread sets

The actual spread paid by you on a trade may be greater (or less) than the Target Spread. See notes below¹. Your total transaction cost on any trade may include:

• The spread²
• A Swap charge or credit on each rollover based on the LIBOR/LIBID interest rates of the two traded currencies with a markup/mark-down of +/-0.25%.
• An interest component of LIBOR/LIBID +/- 0.5% which will be credited or debited at rollover for any unrealized profit or loss on the position.
• Currency conversions of trading profits and losses at the prevailing close rate as of 1700h EST (New York close), plus/minus 0.5%.

You should review these web pages from to time for any updates/changes to swap charge rates, rate or basis for interest charges, or currency conversion charge rates.

  ^*Initial/Weekdays/Weekends

TERMS AND CONDITIONS APPLY.

¹CitiFX Pro endeavors to provide you with the most competitive target bid/ask spreads available under normal market conditions and taking into account the category of your account as specified above. The Target Spreads and auto-execution amounts may be adjusted by Citi subject to other considerations, as determined by Citi from time to time, including, without limitation, volatility and poor liquidity. In periods of high volatility or poor liquidity, the spreads may be increased and auto-execution amounts may be reduced (in some cases, auto-execution may be disabled altogether and deals will be routed for manual execution).

²Clients receive a bid-ask price which reflects the total spread paid to the national bank. This spread may reflect a markup and is in addition to other possible charges, such as commissions. The bid-ask price at the time the transaction is entered into reflects the maximum transaction cost for the transaction: whether a buy or a sell. To be clear, the "spread" being paid to the national bank for a purchase or a sale is exactly one-half of the total bid-ask spread as is displayed in the bid-ask price at the time the transaction is entered into. This bid-ask price may vary depending on the underlying market conditions and other factors and clients should be careful to examine the total width of the bid-ask spread in order to assess their total transaction cost.

Competitive pricing, and more.

 Large auto-execution amount
 Neutrality in pricing
 Reflects underlying interbank market*

How competitive is CitiFX Pro pricing?

CitiFX Pro surveys the bid/ask spreads offered by most major margin FX providers and sets its spreads to ensure its pricing is competitive. It is possible that some providers advertise tighter pricing, but they may not live up to expectations in live market conditions. We feel strongly that if you look at the overall value proposition delivered by CitiFX Pro, we provide unrivalled value to our clients. Our pledge to price competitively is a key component of our value proposition and if you feel our pricing in certain currencies is not competitive, please feel free to speak with us and we will certainly look into your concerns.

CitiFX Pro may be able to offer narrower bid/ask spreads to some clients based on the volume they trade through the platform. We are always happy to have a discussion on the bid-ask economics with clients based on trading volumes.

How competitive are auto-execution amounts on CitiFX Pro?

CitiFX Pro offers some of the largest auto-execution amounts in the margin FX market. This means that clients get competitive prices even for larger sized trades. This allows clients to efficiently execute larger trades in single lots rather than having to break them up and run the risk of having the market move against them as they execute their entire order.

What is the difference between Spread and Commission based pricing?

Some traders prefer trading on commissions to spread based, and the other way around. Clients often mention the fact that commission based pricing allows them to get a better feeling for the markets’ price action, while others prefer all cost of trading to be included in the Bid Ask quote as this may be more transparent. For Premium Accounts, we offer both options. 

What else should I know about CitiFX Pro pricing?

Neutrality in Pricing: All our clients are priced off the same pricing feed, which means that our clients never receive pricing that is skewed (directionally biased) in a client-specific manner. This is important insofar as clients never receive pricing that is skewed on factors such as: expectations of dealing style, client positions, or any other such factors. Please note, certain clients may receive narrower bid-ask spreads based on high volumes traded on the platform or the amount of margin funds maintained on deposit.

Reflects underlying interbank market: All pricing offered by CitiFX Pro always reflects prevailing levels in the underlying interbank market*. Prices do not depart significantly from these prices, unless for circumstances outside our control, such as technology latency. This is important because clients must have confidence that the prices they are getting reflect the currently prevailing interbank market prices (that is, prices traded at that moment between the major interbank market participants).

Order handling: All orders are triggered based on the price feed received by you. This price feed always reflects the underlying prevailing market prices* (plus/minus the bid/ask spread) with no interference. Some clients have concerns about unexplained spikes or sudden market moves in the price feed that may trigger orders but do not correspond to moves in the underlying market. This is particularly important if spikes trigger the execution of stop-loss orders. CitiFX Pro’s pricing feed always reflects the underlying market*—this is our assurance to you.

*assuming normal technology functioning including price latency and the potential effect of mis-feeds in the underlying price contributions.

• Rollovers
• Margins