Table of Contents
Overall
- Easy To Use?
- Cost
- Profitability
- Time Needed
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 with 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.
In the ever-evolving world of trading, finding the right platform to cater to your individual needs is paramount. City Index, a well-established multi-asset broker, has been providing traders with state-of-the-art tools and services since 1983. But is it the right choice best trading platform for you? In this comprehensive City Index review, we will delve into the various aspects of City Index, from its regulatory status and trading platforms to its investment products and customer support. By the end, you’ll have all the information you need to make an informed decision about whether City Index is the perfect fit for your trading journey.
Short Summary
- City Index is a trusted and secure trading platform offering three advanced trading platforms, licensed by the FCA with ESMA regulations.
- Account types include Demo, Standard and Professional accounts with features such as virtual funds for practising, no minimum deposit & lower margin rates.
- City Index provides reliable trade execution, comprehensive user experience & data security measures to protect users’ personal information & funds.
City Index at a Glance
City Index has come a long way since its inception in 1983, now offering a wide range of investment products and markets to cater to the diverse needs of traders worldwide. Regulated by multiple tier-1 authorities, including the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC), City Index upholds a high standard of security and transparency for its clients.
With three state-of-the-art trading platforms available, you can trade a plethora of financial instruments such as Forex, CFDs, spread betting, and even cryptocurrencies. City Index’s commitment to providing a robust and versatile trading experience has made it a popular choice among both novice and professional traders.
Brief History
City Index was established in 1983, originally offering spread betting services to traders in the UK. The company expanded its services in 2001, launching its CFD wing to cater to the growing demand for diversified trading options.
In 2014, City Index was acquired by GAIN Capital Holdings, a well-known global provider of trading services and solutions, further solidifying its position as a reliable and reputable broker. With its rich history and continuous growth, City Index has become a go-to platform for traders seeking a well-rounded trading experience.
Regulatory Status
City Index’s regulatory status plays a significant role in ensuring the safety and security of its clients’ funds and trading activities. The company is licensed and regulated by the British Financial Conduct Authority (FCA) and is also compliant with the European Securities and Market Authority (ESMA) regulations.
This commitment to regulatory compliance provides traders with the assurance that City Index operates under strict guidelines and maintains high standards of transparency and accountability.
Trading Platforms
City Index offers three versatile trading platforms to cater to different trader preferences and requirements. These include their proprietary Web Trader platform, the popular MetaTrader 4, and the advanced AT Pro platform. Each platform provides a unique set of features and tools, ensuring that traders can find the most suitable option for their trading style and needs.
However, it is essential to note that as of September 2022, MetaTrader 4 & MetaTrader 5 have been removed from Apple’s App Store, affecting iOS users who have not already installed the apps. Android users can still access both platforms via the Google Play store.
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.
Account Types and Offerings
To accommodate various trading styles and preferences, City Index offers three different account types: Demo, Standard, and Professional. The Demo Account allows traders to familiarize themselves with the platform and practice their trading skills using £10,000 in virtual funds for a period of 12 weeks.
The Standard Account, on the other hand, is suitable for most traders, being high risk, requiring no minimum deposit and offering competitive spreads. Finally, the Professional Account is tailored to meet the needs of professional traders, with features such as lower margin rates and monthly cash rebates.
Demo Account
City Index’s Demo Account serves as an excellent starting point for traders, providing a risk-free environment to practice and hone their trading skills. With £10,000 in virtual funds and a 12-week time limit, this account allows users to familiarize themselves with City Index’s trading platforms, including MetaTrader 4 and Web Trader.
The Demo Account is an invaluable tool for novice traders looking to get started and experienced traders looking to test new strategies before committing real funds.
Standard Account
The City Index Standard Account is designed for traders who are ready to dive into the world of trading with real funds. This account type has no minimum deposit requirement, making it accessible to traders with varying levels of capital.
Additionally, the Standard Account offers competitive spreads and access to over 13,500 global markets, including forex, CFDs, spread betting, and cryptocurrencies. City Index also provides advanced charting tools, automated trading strategies, and access to research and educational resources with the Standard Account, ensuring a comprehensive trading experience.
Professional Account
City Index’s Professional Account is tailored to meet the needs of professional traders, offering a range of premium features and benefits. These include margin rates starting from just 0.25%, monthly cash rebates, market execution support, interest-free credit facilities, and a dedicated relationship manager to provide personalized assistance and guidance.
With its unique fee structures and advanced trading tools, the Professional Account is an excellent choice for experienced traders looking to take their trading experience to the next level.
Trading Experience and Performance
City Index strives to provide an exceptional trading experience and performance to its users, offering fast trade execution, the ability to open long and short positions simultaneously, flexible order types, and price improvement technology to minimize losses. The platform’s stability is generally good, ensuring a smooth trading experience for most users.
However, user experience may be mixed due to occasional minor glitches in the platform, which City Index is continuously working to improve and resolve.
Trade Execution
Trade execution is a crucial aspect of any trading platform, and City Index excels in this area. The broker executes triggered orders at the first available price during the company’s opening hours, ensuring minimal slippage and optimal pricing for its users.
City Index also offers a variety of order types, including standard and guaranteed stop-loss orders, which can be easily placed and modified within the platform, providing traders with enhanced control and flexibility in managing their trades.
Platform Stability
City Index’s trading platforms are known for their stability and reliability, allowing traders to execute their trades with confidence. The company invests in cutting-edge technology and infrastructure to ensure that its platforms remain stable even during periods of high market volatility, providing a seamless trading experience.
This dedication to platform stability has made City Index a popular choice among traders who demand consistent performance and reliability from their trading platforms.
User Experience
While City Index’s platforms generally offer a smooth and intuitive user experience, some users have reported occasional minor glitches and difficulties in operating the mobile app. Despite these issues, the platforms provide a comprehensive array of features and tools to cater to different trading styles and needs.
City Index continues to work on improving its platforms and resolving any issues to ensure an optimal user experience for all traders.
Investment Products and Markets
City Index offers a diverse range of investment products and markets, catering to the varied needs and preferences of its users. From Forex trading and spread betting to CFDs and cryptocurrencies, traders can access a wide array of financial instruments and markets to suit their trading objectives.
With the added benefit of being connected to the GAIN Capital network of global liquidity providers, City Index users can enjoy competitive pricing and rapid execution across all of its available markets.
Forex Trading
Forex trading is a popular choice among City Index’s website and users, with the platform providing access to a wide range of currency pairs and competitive pricing. City Index’s proprietary Web Trader platform offers a comprehensive trading experience and access to its full product offering, ensuring that forex traders have all the tools and resources they need at their fingertips.
With no minimum deposit requirement and a range of account types to choose from, forex trading at City Index is accessible to both novice and experienced traders.
CFDs and Spread Betting
City Index offers a variety of CFD and spread betting options, allowing traders to speculate on the price movements of a wide range of markets, such as indices, shares, FX, commodities, bonds, and more in over 5000 global markets. These trading options provide traders with the flexibility to take advantage of both rising and falling markets, as well as the potential to benefit from tax efficiencies when spread betting across markets with City Index, as opposed to trading CFDs.
Cryptocurrencies
Cryptocurrency trading at City Index provides traders with access to popular digital currencies such as Bitcoin, Ethereum, Litecoin, and Ripple. With a competitive margin rate of 50%, real-time pricing, 24/7 customer support, and a secure trading environment, City Index is an ideal choice for those looking to trade cryptocurrencies with confidence.
Moreover, City Index’s advanced trading tools and resources ensure that cryptocurrency traders have all the information they need to make informed trading decisions.
Fees, Commissions, and Charges
City Index offers competitive fees and commissions, ensuring that traders can maximize their profits without worrying about hidden costs. There is no minimum deposit required to open an account, and a dormant account fee of £12 per month is charged for accounts that have not been utilized for more than 12 months.
It is important for traders to familiarize themselves with the various fees and commissions associated with their chosen trading products and markets to ensure that they can manage their trading costs effectively.
Trading Fees
City Index does not impose any additional commissions on spread bet markets, ensuring that traders can access these markets with minimal costs. However, a commission is applicable when trading share CFDs, which varies depending on the specific market and trade size.
City Index also publishes live, minimum, and average spreads on their website for forex trading, providing traders with transparency and clarity on their trading costs.
Non-Trading Fees
Non-trading fees at City Index include a high inactivity fee of £12 per month for accounts that have not been active for 12 months or more. Additionally, commission fees are applicable on share CFD trading but not on other markets such as commodities, indices, forex, and cryptocurrency CFDs.
It is essential for traders to be aware of these trading central non-trading fees and plan their trading activities accordingly to minimize any potential costs.
Research and Educational Resources
City Index provides its users with an extensive array of research tools and educational content, ensuring that traders can make informed decisions and continuously improve their trading skills. From market analysis and insights to comprehensive educational research and marketing materials,, City Index strives to provide its users with the resources they need to succeed in the world of trading.
Market Analysis and Insights
City Index offers a wealth of market analysis and insights, including advanced charting tools, news feeds, trading ideas, and technical analysis. The platform also features an economic calendar powered by FxStreet, providing traders with valuable trading ideas and market updates directly to their mobile devices.
By staying up-to-date with the latest market developments, City Index traders can make more informed decisions and better manage their trading risks.
Educational Content
City Index’s educational content caters to traders of all experience levels, featuring a range of articles, videos, and interactive tools to help users build their trading knowledge and skills. The City Index Trading Academy, a video series produced in the style of a reality show, follows a group of novice traders as they learn how to trade over a period of six weeks.
Additionally, the Celebrity Trader series features celebrities sharing their own trading tips and tricks. While City Index’s educational content is comprehensive, there is room for improvement, such as the introduction of progress tracking and quizzes, as well as the addition of more videos and articles.
Customer Support and Service
Customer support and service at City Index have received mixed reviews, with some traders praising the quick response times while others have expressed concerns about unhelpful agents when addressing mobile app complaints. Despite these inconsistencies, the City Index app provides a range of contact options for users to access support, including email, phone, and live chat. This ensures that traders can receive the assistance they need when they need it.
Contact Options
City Index offers a variety of contact options for users to access customer support, including email, phone, and live chat. This ensures that traders can receive prompt assistance with any issues or concerns they may encounter while using the platform.
Additionally, City Index’s help and support portal provides users with a wealth of information and resources for managing their trading accounts, further enhancing the overall customer support experience.
Response Time and Quality
While City Index’s customer support response times are generally quick, some users have reported unhelpful agents when addressing issues related to the mobile app. Nevertheless, the company provides a range of customer service channels, including live chat, email, and phone support, ensuring that traders can receive the assistance they need in a timely manner.
City Index is committed to continuously improving its customer support services, striving to provide the best possible experience for its users.
Safety and Security Measures
City Index takes the safety and security of its users seriously, implementing a range of measures to ensure the protection of client funds and trading activity. As a regulated and authorized broker, City Index operates under strict guidelines and adheres to high standards of transparency and accountability, providing traders with peace of mind when using the platform.
The broker is also committed to providing a secure trading environment, with the latest encryption technology and secure servers to protect user data. City Index also offers a range of risk management tools, such as guaranteed stop-loss orders, to manage the risk of losing money.
Fund Protection
City Index ensures the protection of client funds by segregating them from the parent company*’s funds and maintaining them in separate accounts with top-tier banks. Additionally, City Index is a member of the Financial Services Compensation Scheme (FSCS), which provides coverage of up to £85,000 for customers of StoneX Financial.
This fund protection measure gives traders the confidence that their funds are secure when trading with City Index.
Data Security
City Index is committed to maintaining the highest standards of data security, adhering to stringent security protocols in the safeguarding and disclosure of information to prevent unauthorized access. The platform also offers two-factor authentication solutions to enhance account security and provide users with an additional layer of protection.
With these measures in place, traders can feel confident that their personal information and trading activities are secure when using City Index.
Restricted Territories List
City Index doesn’t accept any trading account applications from traders residing in the following territories.
Afghanistan
Albania
Angola
Bahamas
Barbados
Belgium
Botswana
Burundi
Cambodia
Central African Republic
Chad
Comoros
Congo Democratic Republic
Congo Republic
Cote D’Ivoire
Cuba
Czech Republic
Equatorial Guinea
Eritrea
Ethiopia
FranceGhana
Guinea
Guinea-Bissau
Haiti
Hong Kong
Iceland
Iran
Iraq
Israel
Jamaica
Lebanon
Liberia
Liechtenstein
Lybia
Mauritius
Mongolia
Myanmar
New Zealand
Nicaragua
Nigeria
North KoreaPakistan
Panama
Portugal
Sierra Leone
Somalia
South Sudan
Spain
Sri Lanka
Sudan
Syria
Tajikistan
Trinidad and Tobago
Tunisia
Turkmenistan
Uganda
Uzbekistan
Venezuela
Western Sahara
Yemen
Zimbabwe
City Index Review: Conclusion
In conclusion, City Index is a suitable platform for both beginner and professional traders, offering a comprehensive range of investment products, markets, and advanced research and analysis tools. With its connection to the GAIN Capital network of global liquidity providers, competitive pricing, and rapid execution, the City Index platform ensures a seamless trading experience for its users.
Despite some minor issues with customer support and mobile app performance, City Index continues to strive for improvement and remains an excellent choice for traders seeking a reliable and versatile trading platform.
Frequently Asked Questions
Is City Index reliable?
Based on customer reviews and industry ratings, City Index is a reliable broker that can provide traders with the resources they need to succeed. Overall, it is clear that City Index is a trusted and reliable broker offering excellent research, education, customer service and competitively priced markets, making them an ideal choice for new and mid-level traders.
Is City Index a good broker?
Overall, City Index is an excellent broker for serious traders who want to take advantage of powerful trading tools and post-trade analytics. Their voice brokerage service makes them an ideal choice for frequent and large traders.
Furthermore, 72% of retail investor accounts don’t make a high risk of losing money when trading spread bets and CFDs with City Index, so they may be a good option for those looking to make a profit.
Is City Index good for beginners?
Overall, City Index is an accessible and uncomplicated platform for beginners to explore their financial investment options, offering a wide range of products and features.
It provides a user-friendly interface, with a range of tools and resources to help traders make informed decisions. It also offers competitive spreads and low-margin rates, making it an attractive option for those looking to get started in the world of finance.
Is City Index regulated by FCA?
City Index is authorised and regulated in the UK by the Financial Conduct Authority (FCA). This means that all your funds are held in segregated accounts for increased protection and security. Yes, your City Index account is fully authorised and regulated by the Financial Conduct Authority (FCA) in the UK and strictly adheres to their client money rules. As such, your funds are always held in secure, segregated accounts for extra protection.
Is City Index a good broker?
Overall, City Index is a reliable and trustworthy broker for CFD trading and spread betting. It offers comprehensive trading tools, comprehensive analysis and insights to ensure successful trading. Its voice brokerage service is especially convenient for larger and more frequent traders.
The 72% majority of users who will lose money when trading, should be aware of the risks involved with spread betting. Therefore, City Index is an excellent choice for traders seeking a reliable broker.