Last updated on November 4th, 2021 at 06:00 pm
I’ve had a City Index account for almost 10 years now. Although I have used them on and off during that time, they are not my favourite spread betting broker. In this review I intend to explain more about who they are, what they offer and some of my own experiences of them (both bad and good). If you want to learn about the best spread betting broker right now then check out my IG review on this link.
City Index is an online forex broker that offers several trading platforms including Web Trader, Mobile forex trading, and MT4. It is a part of GAIN Capital Holdings Inc., an expansive trading provider that has customers around the world.
City Index is known for its wide range of trading markets and tight spreads. There’s a minimum deposit to start trading. Once your live account is ready, you can start trading shares, indices, forex, commodities, and cryptocurrencies. Trades are done through CFDs (Contract for Difference) and spread betting which is allowed only for UK customers.
City Index Headquarters And Regulations
City Index headquarters is located in Sydney, Australia, and in London, UK. The company is regulated by the UK FCA with license number 113942 and Australian Financial Services with license number 345646.
City Index is also regulated by the MAS in Singapore and FCA in the Middle East. Client funds are protected through segregated accounts.
How Many Customers Do They Have And From Where?
The exact number of customers that City Index has is unknown but it caters to people all around the world. It does not accept people from Pakistan and Iraq. It accepts more than 80 currencies but it prefers to trade using USD, EUR, and GBP.
What Are The Types Of City Index Accounts?
City Index offers two types of accounts: a CFD account and a Spread Bet account. You may also enjoy both types in one account.
Application for any of these accounts takes only minutes and it is done through their online application form. City Index will ask for your personal details, the products that you wish to trade (CFD, Spread Betting, or both types), your financial status, and any previous trading experience.
What To Expect With City Index?
Beginner traders can expect the following when trading with City Index
- Forex trading uses 84 currency pairs with CFD under Meta Trader 4. Choose from trading currency as CFD or trade spot Forex or only currency.
- Share trading includes more than 4,500 global shares with 20:1 leverage. Trading commissions start $5.
- Indices trading includes 21 global indices with 200:1 leverage. Select from Australia 200, Singapore, UK 100, or Wall Street index.
- Crypto trading includes the most popular cryptocurrencies like Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. Live accounts can get 6 cryptocurrency pairs for trading. Australian accounts can trade Bitcoin with AUD.
- Interest rate traders predict interest rate changes with a 400:1 leverage and Short Sterling, Euribor, and Eurodollar markets.
- City Index offers features like fast order execution, rollover discounts, hedging features, scale in and out stop-loss orders and one cancels other orders.
- Trading tools are available like technical portals, analytics tools, auto-trading strategies, and real-time reports courtesy of Reuters.
- Use charts to study your trades. Charts are customizable, display your orders, comes with drawing tools, and has overlay features to compare prices of assets easily.
- Beginners may enroll in City Index Training Academy. This is where new traders learn about CFD, how to make technical analysis of trades, trading strategies, and more. Beginners can also learn from webinars, news and analysis, research tools, and many more from the Trading Academy.
- You can deposit money to your City Index account using a credit card, debit cards, EFT, PayPal, PayID, and BPay. Multi-currency deposits are available and include nine base currencies: USD, EUR, CHF, HUF, AUD, JPY, GBP, and PLN.
- To contact City Index customer support, you may use live chat service, email support and phone support to speak to a live Australia-based representative.
Is There A Fee To Transact At City Index?
There is no deposit fee and no other charges for bank transfer deposits. One of the most important things to consider before signing up with City Index is that they have an inactivity fee.
If your account has remained inactive for more than 24 months then you will be charged $15 AUD and is equivalent to your local currency. Accounts that remain inactive for more than 3 years will be closed. These may only be reactivated once the client contacts City Index.
What Are The Advantages Of Transacting With City Index?
The following are good reasons to trade using City Index:
- You’ll get a wide range of markets and tight spreads.
- Popular trading platforms are available.
- Training and tools for beginner traders are available.
- Support is available through chat, phone, and email
- The company is regulated, licensed, and backed by financial services for safety.
- Has years of experience with trading.
- Cryptocurrency trading is available and not just Bitcoin.
- Trading is quick with different features to use.
Some City Index disadvantages to consider
- Maximum leverage
- There is an inactivity fee for inactive accounts longer than 24 months
- Reactivation of closed accounts can take time.
- Spread betting only for UK customers leaving the rest of the traders with only CFDs.
- You can get help from an actual broker or rep, however, customers get varied results from these brokers.
- Complaints that City Broker lacks transparency with trades.
City Index is an experienced brokerage that fits beginner traders. However, there are many limitations to trading and there are huge leverage restrictions which can be an issue especially for expert traders. It also charges fees for inactivity which has turned off many traders. It offers live assistance for trades but the results are varied.
It offers a wide array of trading platforms and trades cryptocurrency. It accepts Bitcoin and a few other cryptos but many cryptocurrency traders wish there were more types available. We recommend that you study well the pros and cons, advantages, and disadvantages of trading through City Index and see if these features appeal to your needs before you sign up.
I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.