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City Index Review
- 300+ Assets
- A+ Mobile App
- Fast Payouts
- Low Deposit
Editors Summary
If you are considering choosing City Index as your broker, then there is a lot to like. Not only are the spreads low and highly competitive with other brokers, but they also have a wealth of experience and a good reputation. Having won Best MT4 Broker at the 2017 UK Forex Awards in addition to many other awards, they look after their client base and encourage sensible trading with access to a wealth of information to assist you.
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Introduction
Established in 1983, City Index has over 30 years in the financial trading sector. Acquired by GAIN Capital UK Ltd in 2015, they are listed on the London Stock Exchange. While predominantly UK based, they also have offices in Australia and Singapore and are licensed and regulated by some of the world's most recognised regulatory bodies including the FCA (UK), ASIC (Australia) and MAS (Singapore).
Offering CFDs as well as other financial trading instruments, they have a good history and an excellent reputation. Based in London, they provide good customer service, support for new traders and four different platforms, including 2, which are built on proprietary software. With competitive spreads, negative balance protection and a wealth of charting tools, they are a popular choice with many.
With so much information to consider when selecting a broker to open an account with, making the decision can be a time-consuming process. That is why our team of experienced traders and analysts have done the hard work for you offering our view of what this broker has to offer. With many aspects tried and tested, we can help you to make an informed decision.
Account Types
Unlike some brokers where you choose your account based on how much you are willing to deposit, you have to "earn" or work towards your next level with City Index. Once you meet the criteria then you can make an application or wait for an invitation to upgrade. This offers new traders some protection and means that you have to have experience in trading and that you warrant a better account.
Trader Account
With a deposit of just $100, the Trader is the basic account that everyone has to start with. You cannot jump straight into the Premium version until you have proven yourself. You will benefit from negative balance protection, meaning that you can never lose more than what you have deposited and margin close outcomes as standard. You will also have access to news and analysis in addition to a choice of trading platforms.
Premium Account
In addition to all of the above, and by invitation only, the Premium Trader gets you the added benefits of a priority service, a relationship manager and invitations to premium events. You also get a dedicated broker to assist with your trades. The criteria for this account include being an active trader and having a balance of more than $10,000.
Professional Account
This is the highest level available, and members must have made $500,000 in cash deposits during their history with the site. They must also have made 10 significantly sized transactions per quarter over the last for quarters. In addition to the benefits above, the Professional Trader will also enjoy margin rates of 0.25%, a credit facility, rewards and premium events and advanced trading platforms.
Demo Account
When you arrive on the site, one of the first things you will see is an invitation to open a demo account. This is free to use and is a good idea for anyone who is considering opening a live version. Use the demo platform to familiarise yourself and practise your trading techniques.
Trade Features And Payouts
In addition to the below trading features, City Index is required to close out any trades where the margin loss is higher than the margin available. There is also negative balance protection should your losses exceed your account balance. When choosing a broker, there are several criteria to consider, not least how much money you can make, which includes the leverage and spreads.
Leverage
Leverage of 1:30 is offered for UK CFD trading and margins required differ according to the market you are trading in. If you want to enter the trade at a higher position, then you can effectively "borrow" from the broker to increase your exposure. It is important to note that just as you can enjoy greater success, the losses can also be more significant.
Spreads
City Index offers very competitive spreads, and on CFDs they start from 0.4-0.5 pips. Of course, this will differ depending on which asset you choose to trade in. The more popular the asset, the lower the spreads. If you are trading in exotics or minors, the profits can be higher than if you focus on the major instruments.
Stop Loss
As well as the standard margin close out, there are several trading tools that you can use yourself to ensure that you limit your losses and maximise your profits. City Index offers a GLSO or Guaranteed Stop Loss, which work the same way as standard stop loss only they guarantee to close the trade at the exact point you set. It is less subjective to market volatility than the standard stop loss.
Platform Types
There is a choice of platforms available across both desktop and mobile. The proprietary web-based versions are the Advantage Web Online Trading Platform and the AT Pro which is a downloadable version. With an MT4 account, you can use the popular MetaTrader4. In addition to the desktop versions, you will also find an app for trading on the go for iOS and Android.
Bonuses And Promotions
There is only one mention of any type of bonus anywhere on the site. The Switcher bonus is available for those who apply for Professional Trader status and is $1,000. Of course, you have to be approved for professional status, meeting the criteria laid out above.
Once you have applied and received your application approval via email, there will be a link to claim the bonus – the funds will then be deposited into your account.
Mobile Trading
In addition to a great selection of platforms on desktop, you can also enjoy the web-based mobile experience via their responsive website, or you can download an app.
There are many reviews which suggest there have been some glitches with the app, but these seem to have been resolved with an upgrade. The app can be downloaded on either iOS or Android for mobile phones and tablets.
Offering CFDs as well as other financial trading instruments, they have an excellent reputation.
Deposits And Withdrawals
The minimum deposit of $100 can be made using wire transfer or credit/debit card. It is easy to make a deposit and start trading as soon as the funds are in your account. When it comes to making withdrawals, there is a minimum requirement of $50 your balance, whichever is lower.
You can only make withdrawals of up to $20,000 per day, and they can take between 2-5 days to process. There are no withdrawal fees unless using CHAPs.
Special Features
There are several unique features of trading with City Index, but perhaps the greatest is their longevity and their reputation. They also look after their customers with support for beginners and some great charting tools with customisable charts and 80 different indicators.
Their range of platforms is also impressive and means that you can choose the one that you prefer and trade on the move. We also like the fact that you have to apply or be invited for an upgrade to the next tier of account.
Customer Support
Available 24 hours a day, customer support is readily accessible via many different formats. It isn't hard to find the answers to your questions with a comprehensive FAQ section, but if you do need assistance then they can be contacted in several different ways.
Either choose to start a live chat on desktop or mobile, send them an email with your questions or concerns or pick up the phone and ring a local rate number.
We want to help our readers in any way we can, but sometimes it's better to talk directly with your investing site to get the answers you need. For example if you have a specific query about your account you'll need to contact them in person due to security.
Alternatively, if you find that contacting your investing partner isn't working, you can contact us and we will be more than happy to try on your behalf. We have excellent working relationships with many of the sites we list and recommend.
City Index
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Email:
[email protected]
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Phone:
+44 0845 355 0801
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Address:
GAIN Capital UK Limited, Park House, 16 Finsbury Circus, London, EC2M 7EB, UK
Conclusion
If you are considering choosing City Index as your choice, then there is a lot to like. Not only are the spreads low and highly competitive with other brokers, they also have a wealth of experience and a good reputation. Offering an intuitive experience for both desktop and mobile via a choice of platforms, you can enjoy trading on an extensive selection of major, minor and exotic or emerging assets.
Having won Best MT4 Broker at the 2017 UK CFD Awards in addition to many other awards, they look after their client base and encourage sensible trading with access to a wealth of information to assist you. We have no problem in recommending this broker.
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Frequently Asked Questions
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Are City Markets legit, will they scam me?
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It is with confidence that we can say that this broker will not scam you. With over 30 years of trading and some of the best licensing and regulation, their reputation is solid.
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Do they have a decent mobile or tablet app?
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There closeout provisions for those who like to trade on the move with a downloadable app on iOS and Android as well as a mobile responsive site for those who prefer web-based trading.
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What bonus do they offer for new traders?
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The only bonus that you will find is what is called a Switcher Bonus. This is only available to those who are approved for Professional Trader status and has to be claimed upon approval.
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Can I start trading on a free demo account?
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Yes, it is not unusual for all CFD brokers to offer a free demo account that is highly accessible and perfect for practising trading strategies or testing out a new site.
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What's the min. deposit and ideal trade amount?
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The minimum deposit that you can make with City Index is $100, which will get you a Trader account. The amount you trade will depend on your margins and which asset you are trading in.
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Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Charles has worked at brokers since he finished his studies at university. Starting as a Junior Trading assistant and progressing into a Business Development we’re delighted that he’s been part of the team since 2015.
