City Index is based in the UK and provides Spread Betting, Forex, and CFD trading services. City Index has the official right to operate in markets as the Financial Conduct Authority regulates it on its parent company’s name, i.e., “GAIN Capital’. Traders can access a great selection of over 12,000 markets via a single powerful desktop platform when dealing with Forex, Indices, Shares, and Commodities. In addition, City Index provides a wide range of accessibility for traders through the Web Trader, Mobile Trading App, and the ever-popular MetaTrader platforms. City Index is not merely focused on their excellent trading conditions but also on promoting financial education and training so that users have what they need to make informed decisions.
City Index have a whole host of significant benefits that set them apart from competitors. Primarily, they are one of the most well-regulated brokers that you will find. They have a huge selection of markets for you to trade on leading trading platforms for all of your devices. You get free access to some premium trading tools and generous educational content which can help you make the most of your trading strategies. The brokers overall trading fees are very cheap when compared to others who provide a similar service.
Despite the numerous positive aspects, there are some minor improvements that can be made. City Index do charge inactivity fees and don’t provide swap-free accounts for Muslim traders. They also cannot accept clients from some countries including the USA and do not provide 24/7 support.
City Index has a great range of over 12,000 instruments. You can deal with CFDs on forex, stocks, indices, commodities, and crypto trading is possible under certain conditions. UK clients can also get access to Spread Betting whilst options, bonds and ETFs are also available.
City Index Instruments Summary
| Instruments | City Index |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | ✓ |
| Options | ✓ |
| Bonds | ✓ |
| ETFs | ✓ |
| CFDs | ✓ |
Commission and Spread Fees
City Index charges low stock index fees while stock CFD fees aren’t the lowest. However, they charge a little commission on the CFDs of equities which is a minimum $10 per standard lot per round. If you are looking to trade CFDs and want to cut costs as much as possible, you might be able to save a little through some other brokers such as Oanda. However, I think City Index are well worth it when you consider the complete package that you are getting access to. Here is the breakdown for you to get an idea:
| Fee | Spread Betting | Account Type |
|---|---|---|
| Commission (per standard lot per side) | $0 | $5 |
| Spreads from | 0.5 | 0.5 |
Deposit and Withdrawal Fees
City Index do not charge any deposit or withdrawal fees. However, you may be charged a fee by your bank or other third-party payment provider.
Inactivity Fees
City Index charge an inactivity fee if you do not use your account for 36 months (retail clients) or 12 months (professional clients). Valutrades on the other hand, do not charge any inactivity fee.
With City Index, you can conduct trading via Web, Mobile Trading Apps, and Desktop.
Web Trader
Via the Web trading portal you can experience a great variety of intelligent features and tools to trade the markets. You can have access to:
- Modern Day Charts with Advanced Indicators
- HTML5 Technology
- Customisable Workplace
The powerful HTML 5 technology makes sure to optimize your performance. The City Index Web trading platform allows trade through charts with custom indicators to analyse charts for opportunities. It allows you to draw precise lines to mark important price levels and make projections as per your trading strategy. There is a long list of order options available while trading via the web which includes the following:
- OCO
- Stop
- Trailing Stop
- Market
- Limit
- GTC or Good ’til cancelled
- GTD or Good ’til the end of the day
- GTT or Good ’til time
Mobile Trading App
You may find it a little less secure as the City Index mobile trading platform doesn’t have a two-step verification module. However, it is built keeping modern design under consideration, and it is easy to use, with a sleek modern interface that makes everything easy to navigate.
Via Mobile, you have two options to access City Index:
- City Index Proprietary
- MetaTrader 4
The City Index’s own mobile trading platform is very well designed and user-friendly. It can be a good mobile trading app for beginners as it has tutorials and demo instructions that teach you how to use the app. If you have a biometric mobile, you can set your app to biometric verification, which gives that extra element of security.
There is a search bar in the app to find any trading pair with a type easily. In addition to that, you can place orders of various types like Market, Limit, Stop, Trailing Stop, and OCO. Furthermore, the attractive feature is that you can set an order time limit. I like how you can navigate the economic calendar within the app, which can be customised according to the news that matters most to you.
Using City Index’s mobile app, you can easily set alerts and notifications to remain updated with what is happening within the platform and across the global markets. I often do this if there is a price level I am waiting for or a particular setup and I do not want to hang around watching charts all day and night.
MetaTrader 4
MT4 is suitable for all, no matter if you are a beginner or an expert trader. Its design is user-friendly, and it is lightweight to use on Mobile. You can download and install it on any operating system like Linux, Mac, Windows, iOS, and Android. If you are focused on margin trading, MetaTrader 4 could be the right option for you. You can also use MetaTrader 4 to trade CFDs, but it is not fully designed to trade stocks or exchange trade futures. For that you may gear more towards MT5 platform which is available through brokers such as Pepperstone. Here are some key features you can get access to via MT4:
- History of Trades
- Interactive Symbol Charts
- Versatility in Charts
- 9 Time Frames
- 30 Popular Indicators
- 24 Analytical Objects
- News
- Free Mobile Chart
- Full Set of Orders and Trading Functions
- Bots Compatible
- Strategy Tester
- Demo Accounts
- Price Alerts
City Index Platforms Summary
| Platform | City Index |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | x |
| cTrader | x |
| Proprietary | ✓ |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | x |
| Other | x |
City Index is a credible source to rely on in terms of learning and education in trading. Even if you are a beginner, you can go to the website and learn from their shared lessons. You may have to compromise the fundamental data on assets, yet the technical data is fully furnished, and you can learn for free. Taking advantage of modern-day charting tools is your responsibility. Besides this, you can find possible trade opportunities from the crux of trading ideas and quality news provided but the broker. They provide trading ideas based on technical analysis from expert analysts. There is a total of 90 technical indicators on City Index to choose from. With City Index, you can keep yourself self-educated via Reuter’s updated financial news. Besides this, they have an analysis report generated by City Index’s research team. Overall, the broker has a comprehensive range of research resources at your disposal.
City Index Research and Education Summary
| Resources | City Index |
|---|---|
| Market Analysis | ✓ |
| Guides | ✓ |
| Videos | ✓ |
| Webinars | ✓ |
| Autochartist | x |
| Trading Central | x |
| Economic Calendar | ✓ |
| Other | ✓ |
You can fund your account via a good variety of payment options including Debit/Credit cards, Bank Transfers, and electronic wallets. At the same time, the minimum balance requirement that City Index has is $100 which is not the lowest you will find. For instance, XM Group let you open an account to get started with just $5.
You cannot use city bank cards to fund accounts with any spread providers. However, you can do it via wire transfer. City Index prohibits direct cash payment in their account. It does not accept third-party payments either. But you are safe if you did so, the amount would simply be returned to the source if you mistakenly transfer the amount this way.
In the case of withdrawals, your amount will be returned to the source you used to transfer the funds in the account. So, for example, if you have used the debit card to fund the account, you will receive the amount back in the same debit card.
If you want a Wire Transfer, the broker will ask you for a bank statement for the last six months. The statement must be in PDF form mention your name, bank name, account number, and residential address. Screenshots are not accepted; however, photographs are acceptable. This is part of KYC procedures.
The broker does not currently support crypto funding. If this is something that you are looking for then you could consider FXPRIMUS as an alternative broker .
City Index Funding Summary
| Payment Method | Deposit | Withdrawal |
|---|---|---|
| Wire Transfer | ✓ | ✓ |
| Credit/debit Card | ✓ | ✓ |
| Electronic Wallets | ✓ | ✓ |
| Cryptos | x | x |
For a beginner, it is necessary to do some research on the authenticity of any broker that you may be considering. Broker reliability if often judged by some basic parameters like regulation, the parent company, and the client feedback. Besides this, one must also consider the technology being used to protect your funds and wallets. You should always do your own due diligence before you start trading with any platform.
City Index is one of the oldest financial services provider agencies established in Sep 1983 by Chis Hales and Jonathan Sparke. City Index is the subsidiary of GAIN Capital and Belongs to the industry of Financial Services. Forex.com are another top broker under the same group. I would say City Index is more suitable for anyone outside the USA who wants to trade or invest in instruments other than forex. On the other hand, Forex.com is one of the few options for forex traders in the USA.
Top-tier authorities back the City Index like the UK’s FCA, Australian Securities and Investments Commission (ASIC), and Singapore’s Monetary Authority (MAS). So major clientage of the City Index is top-notch financial authorities. Besides this, the City Index has been listed on the Stock Exchange, i.e., NASDAQ. City Index also protects you with its negative balance protection scheme.
City Index Regulation Summary
| Regulator | City Index |
|---|---|
| ASIC (Australia) | ✓ |
| IIROC (Canada) | x |
| CySEC (Cyprus) | x |
| SFC (Hong Kong) | x |
| JFSA (Japan) | x |
| MAS (Singapore) | ✓ |
| FINMA (Switzerland) | x |
| FCA (UK) | ✓ |
| CFTC (USA) | x |
| Other | x |
City Index support team are available 24/5 via online chat, telephone and email. I think they could improve by providing 24/7 support like competitors such as Plus500 do.
City Index are one of the most reliable brokers in the industry. Especially for beginners, they have a prudent education system and provide free demo accounts. They will guide you with technical analysis and keep you updated on news of top-notch agencies like Reuters. The funding and withdrawal on account are swift and easy to follow. Once you open an account with City Index, it will initiate your self-learning phase. Shortly, you will be able to make informed decisions and improve your strategies with the excellent range of provided tools. You will find they have very competitive fees and a great range of Trading Products that you can access on powerful yet user-friendly platforms for all of your desktop, web and mobile devices. Overall, I would say they are an excellent choice of broker for anyone looking to trade in a regulated environment with an established broker.
