City Index Review
Tight, fixed spreads
|Headquarters||16 Finsbury Circus London, EC2M United Kingdom|
|Support Number||+44 203 194 1801|
|Support Types||email: [email protected], phone and live chat|
|Trading Platform||AT PRO Platform, MetaTrader 4 Platform|
|Minimum 1st Deposit||$100|
|Minimum Account Size||$100|
|Minimum Trade Amount||$1|
|Maximum Trade Amount||None|
|Bonus||Tight, fixed spreads|
|Payout||within 7 business days|
|Leverage||1:1 up to 1:30|
|Spread||from 0.5 pips|
|Free Demo Account|
|Regulation||As a group, City Index is under regulation by several regulators like the Financial Conduct Authority (FCA), the UASE Centrale Bank in Dubai, the Monetary Authority of Singapore (MAS) and the Australian Securities and Investments Commission (ASIC).|
|Commission Info||On Equities City Index charges a commission of $25 minimum. If we check out some spread rates on forex, we can see EUR/USD being traded at only 0.5 pip spread,|
|Account Types||Standard Account, VIP Account, Demo Account, MT4 Demo Account|
|Deposit Methods||Debit card: Visa, MasterCard, Maestro and Electron Credit card: Visa, MasterCard, Bank transfer|
|Withdrawal Methods||Debit card: Visa, MasterCard, Maestro and Electron Credit card: Visa, MasterCard, Bank transfer|
|Number of Assets||12.000+|
|Types of Assets||Indices, Shares, Crypto, Commodities|
|US Traders Allowed|
City Index is founded in 1983 and is one of the oldest forex and CFD brokers worldwide. City Index is active more than 35 years and worldleader in spread betting and CFD trading. The company is part of the GAIN Capital Holdings Inc. Group. This group is market leader in retail trading services and has more than 250,000 active traders worldwide.
The company holds more than $1.2b in assets and has a yearly turnover of a massive 3 trillion Dollar. City Index has more than 800 people staff and has offices in financial strong positions like Dubai, London, Tokyo, Sydney, Hong Kong, Singapore and Shanghai.
City Index Regulation
As a group, City Index is under regulation by several regulators like the Financial Conduct Authority (FCA), the UASE Centrale Bank in Dubai, the Monetary Authority of Singapore (MAS) and the Australian Securities and Investments Commission (ASIC).
Because City Index is being regulated by many different regulatory bodies, we can be sure that we’re dealing with a professional and reliable brokerage firm.
City Index Reliability
Of course we all want to trade with a professional and reliable broker. The broker is being backed up by a New York Stock Exchange enlisted company and also owns other famous trading websites and brands, including Forex.com. Because of City Index being a FCA regulated broker, it’s also part of the Financial Services Compensation Scheme (FSCS). Under this scheme traders are protected up to 50,000 British Pounds in the very unlikely case City Index becomes insolvent or goes bankrupt.
City Index Trading Platforms
To offer it’s clients different forms of trading, City Index has several different trading platforms available, the most popular being Advantage Web.
Advantage Web is a web-based trading platform so there’s no need to download any software. Advantage Web offers traders a completely customisable layout. Eventually traders can choose up to 9 different layout settings. The trading platform offers one-click trading features and personalised watchlists.
With these watchlists features, you can create a heat map of different markets and graphs to choose perfect entry-and-exit points. The platform uses HTML 5 charting in more than 80 languages as well as technical indicators which you can use as overlay on the charts. They also have risk management tools in place to minimilise risks during trading.
Apart from the Advantage Web trading platform City Index also offers advanced platforms like AT Pro and MetaTrader 4.
AT Pro Platform
For experienced traders that require a platform with more features, the AT Pro Platform has more advances features. Trading signals are available and are being displayed in a clear way. This way, traders can choose easy entry-and-exit points for their trades. Also the trader can backtest several trading techniques and methods and compare them with historical data. It’s even possible to create entire tading templates using the AT Pro Development Studio Program.
MetaTrader 4 Platform
The MetaTrader 4 platform is worldwide the most used trading platform for forex trading. The platform offers advanced charting possibilities and has an enormous amount of technical indicators available. The user interface is easy to customise and can be set in to almost any language. It’s also possible to choose between different order types and auto trading with robot software is allowed.
City Index Mobile Trading
For traders that apart from their desktop terminals want to trade on their smartphone or tablet on-the-go, City Index developed the Advantage Mobile Trading App. This app is downloadable for free in the Google Play and Apple App Store. When this app is installed, traders can live check their account status, read stock related news and trade directly from the app. Also, live streams from Reuters are available.
City Index Assets and Financial Instruments
At City Index, traders can trade the spot market or trade CFD’s. If traders reside in the UK, they can also spread bet. At City index we find the following assets and financial instruments:
– 12 types of bonds
– 21 different indices
– 25+ different commodities
– 4500+ stocks
– 5 types of precious metals
– 84 forex pairs
– Bitcoin and other cryptocurrencies
– Options on 3 different interest markets
City Index Account Types
There are four different account types available at City Index: the Standard Account, the VIP Account and two seperate demo accounts. The Standard Account requires a minimum deposit of just $100 and can be used to trade forex and CFD’s or to spread bet.
The VIP Account has no clearly stated minimum deposit. The City Index VIP program is invitation-based only. Apart from the Standard Live Trading Account City Index offers two different demo accounts. The first one being the City Index Demo Account. This type of account has unlimited access to the platform and a virtual balance of 2500 British Pound.
The second demo account is the MT4 Demo Account. This account comes with $10,000 virtual balance and gives the trader access to the international forex market. This account is useable for 4 weeks for traders to test out different trading strategies and getting familiar with the platform.
City Index Commissions and Spreads
For spread betting and CFD trading City Index doesn’t charge any commissions or fees. On Equities City Index charges a commission of $25 minimum. If we check out some spread rates on forex, we can see EUR/USD being traded at only 0.5 pip spread, which is very competitive compared to other brokers, to say the least. In the tabel below you can see the spreads City Index charges on some of the more popular traded assets and forex pairs.
|Asset or Instrument||Spread|
|UK100||0.5% (1 pip fixed)|
|Wall Street||0.5% (1.6 pips fixed)|
|Germany 30 (DAX)||0.5% (1 pip fixed)|
City Index – Deposits and Withdrawals
City Index has three different ways available to deposit and withdraw to and from the trading account. Traders can use regular bank wire transfers, several different credit card brands and internet banking services.
To withdraw money, you can only withdraw using the same method you deposited. The minimum withdrawal amount is 50 British Pound and the maximum withdrawal amount is 20,000 British Pound per 24 hours. It depends on your bank when and how fast you receive your money. Usually it takes between 3 to 5 working days.
City Index Bonuses and Promotions
City Index doesn’t offer any bonuses as that’s illegal under the regulatory body in the UK they are licensed by.
City Index Customer Service
Traders can contact the customer service department of City Index by three different methods: email, Live Chat and by phone. As an alternative to these three methods, you can fill in the contact form on their website.
City Index recently started offering educational trading courses where new traders learn the tricks of the trade. The City Index customer service will gladly help you to attend these courses.
City Index Review Conclusion
In my opinion, City Index is a reliable broker that offers it’s traders exactly what they need to successfully trade the markets. The huge amount of assets and financial instruments available and the several different trading platforms offer each individual trader a good brokerage service.
- Loads of educational material available for new traders
- Low minimum deposit required of just $100
- Multiple trading platforms available
- Licensed in many different jurisdunctions
- Low, tight spreads
- More than 5000 tradeable assets and instruments
- No bonuses or promotions