City Credit Capital Review and Tutorial 2020
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|City Credit Capital Facts & Figures|
Trade on the financial markets with the latest technology at City Credit Capital.
|Instruments||Forex, CFDs, indices, commodities, futures|
|Min. Trade||0.01 lots|
|Trade leveraged CFDs across the markets|
Buy and sell FX with 1:30 leverage
City Credit Capital is a London-based forex broker offering professional and retail trading services on two award-winning platforms. Learn more about the broker in this review, as we cover demo accounts, online payments, withdrawals and more.
City Credit Capital Details
City Credit Capital (UK) Ltd (CCC) was founded in 2001 and is headquartered in London, with additional offices in Hong Kong, Chile, and Mexico. The group is regulated by the Financial Conduct Authority (FCA) in the United Kingdom.
CCC offers online dealing services to individuals, institutions, and banks specialising in forex and CFDs. The company offers its proprietary platform, Markets Trader, plus additional tools and services, such as daily research by Trading Central.
City Credit Capital offers the fully customisable and feature-rich Markets Trader platform, which is available as a downloadable desktop app or as a web solution.
The platform includes a professional charting package with over 20 market indicators, including SMA, MACD and Bollinger Bands. There’s also a range of risk management tools, live bid and ask quotes and a real-time news feed from Dow Jones. The platform also supports one-click execution and hedging.
The desktop app works with most major operating systems, including Windows and MacOS.
The MetaTrader 4 (MT4) system is an award-winning trading platform which is the go-to choice for many brokers worldwide.
MT4 offers an advanced charting package, including over 50 built-in indicators and tools, 9 timeframes for the detailed analysis of instruments, automatic market updates, and an integrated community chat. Users can also create and design their own technical indicators and Expert Advisors for automated trading.
MT4 is also available for download to Windows and Mac computers.
City Credit Capital specialises in forex and CFD trading, with 21 currency pairs such as EUR/USD and 8 well-known indices including the FTSE 100 and NASDAQ. There are also 5 commodity futures to choose from, including crude oil and wheat, plus spot gold and silver.
Fees & Costs
City Credit Capital charges fixed spreads for FX majors, indices, commodity CFDs and precious metals, at around 3 pips for EUR/USD and $0.04 for spot silver. Spreads for spot indices are around 2 points for the FTSE 100 and 10 points for crude oil. Unfortunately these aren’t the lowest trading fees around.
The broker does not charge commissions or inactivity fees, but there are overnight financing fees for positions carried over into the next day.
City Credit Capital Leverage
City Credit Capital offers a maximum leverage limit of 1:30 on major currency pairs and up to 1:20 on non-major currency pairs, gold and major indices. Commodities other than gold and non-major equity indices can be leveraged up to 1:10. The margin requirements for each asset are provided on the broker’s website.
City Credit Capital offers the mobile version of its trading app, iMarkets Trader, which is fully functional and includes a user-friendly mobile interface for Android and iPhone users. Traders can access over 20 indicators, a range of strategic orders, plus market news.
There’s also the MT4 mobile app, for those who wish to access a wider range of technical indicators and Expert Advisors. The MT4 app also comes with financial news, live prices and a full history of trades.
Deposits and withdrawals are available via credit/debit cards, Skrill and Neteller. CCC does not charge any fees for deposits, but traders may incur a fee from their bank or payment issuer. The minimum deposit amount is 100 units of the chosen currency. Withdrawals can be initiated using the request form provided on the website. Payments usually reach trading accounts within one working day.
City Credit Capital offers a 30-day practice account, which provides 24-hour access to live prices and access to all the features in the trading platforms. Users can test out the trading environment from the desktop, web, or mobile app, using $100,000 of virtual cash. Demo accounts are ideal for both beginners and experienced traders.
City Credit Capital Sign-Up Bonus
Due to European regulations on incentivised trading, there are no bonuses or rewards offered at City Credit Capital. While this may disappoint some traders, it’s a good sign the broker is trustworthy.
City Credit Capital (UK) Ltd (CCC) is licensed and regulated by the Financial Conduct Authority (FCA) in the United Kingdom, under license number 232015.
As a regulated firm, CCC is required to submit financial reports and undertake annual audits. Client funds are held in Tier one banks approved by the FCA. Clients are also automatically protected by the Financial Services Compensation Scheme (FSCS), which insures up to a maximum of £85,000 if the company ceases trading.
City Credit Capital offers an education and research section with free daily FX and CFD market commentary. There’s also educational content on order types and technical analysis. Clients using Markets Trader also get premium access to Trading Central, a useful market research tool with daily/weekly updates and online video tutorials.
City Credit Capital Accounts
City Credit Capital offers two main account types, the Mini and the Standard. The minimum first deposit with the Mini account is $500, which might be a little high for beginners. The minimum deposit with the Standard account is $5,000. The Mini account also requires a minimum FX lot size of 10,000, which goes up to 100,000 with the Standard account.
All other features are identical for both accounts, including Trading Central market research, the Dow Jones news feed, professional charting tools, 24-hour customer service, daily market commentary, and a dedicated relationship manager.
Traders enjoy several advantages when opening an account with CCC:
- MT4 and Markets Trader
- Commission-free trading
- 30-day demo account
- FCA regulation
- Free funding
Limitations of trading with CCC include:
- $500 minimum initial deposit
- No Bitcoin trading
- No live chat
FX trading is open from Sunday at 22:30, UK time and closes Friday at 16:45, NY time. Spot metal trading sessions run from Sunday 23:00, UK time, to Friday 16:00, NY time. All other timings vary depending on the asset and can be found in the broker’s Market Information Sheet.
Help is available via email, at email@example.com, or via telephone, at +44 (0) 20 7614 4600. This review was disappointed to see the broker doesn’t offer a live chat channel, which is an excellent feature when you’re a new user.
City Credit Capital’s headquarters is located at Heron Tower, 110 Bishopsgate, London, EC2N 4AY, United Kingdom.
The MetaTrader platform is secured with encryption codes as well as login protections, including two-step verification. Unfortunately the broker is less transparent about the security on the Markets Trader platform, or transactions passing through the website.
City Credit Capital Verdict
City Credit Capital offers a promising trading service with a choice of two platforms, a 30-day demo account, commission-free trading and fee-free payments. However, traders might be restricted by the lack of live chat and the limited number of instruments.
City Credit Capital accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use City Credit Capital from United States.
Where is City Credit Capital located?
City Credit Capital (UK) Ltd is based in London. The international office, City Credit Capital (HK) Ltd, is based in Hong Kong. There are also additional offices located in Chile and Mexico.
What is the minimum deposit requirement to open a City Credit Capital account?
The minimum first deposit required to open a Mini account is $500. The minimum deposit with the Standard account is $5,000.
Does City Credit Capital accept credit card payments?
Yes, CCC accepts funding via cards, including Visa and MasterCard. Skrill and Neteller can also be used to make deposits and process withdrawals.
What leverage is offered at City Credit Capital?
The maximum leverage available is 1:30 for major currency pairs. Non-majors, gold and major indices can be leveraged up to 1:20, whilst other commodities and non-major indices can be leveraged up to 1:10.
How can I get in touch with City Credit Capital?
You can contact customer support via the email address, at firstname.lastname@example.org, or via the phone number, +44 (0) 20 7614 4600. City Credit Capital does not offer live chat support.
|Trade on the financial markets with the latest technology at City Credit Capital.|