CityIndex Review and Tutorial 2018
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|CityIndex Facts & Figures|
Established spread betting, forex and CFD broker with over 30 years in the business. Regulated around the globe. Risk Warning: 76% of clients lose money. Capital at risk.
|FTSE Spread||1 pt|
|GBPUSD Spread||0.8 pips|
City Index is an industry-leading broker for forex, CFDs and spread betting. Here, we comprehensively review their offering. An in-depth look at trading platforms, mobile apps, fees, demo accounts, and more.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
A Brief History
Before taking a look at City Index user reviews, it first helps to have a little context around their rise to popularity. The UK company was formed in 1983, making it an industry veteran with over thirty years experience. It wasn’t until 2001, however, that CFD trading was introduced. 2005 then saw the acquisition of the IFX Group, procuring FX broker IFX Markets and the spread betting provider finspreads.com.
In November 2014, City Index was bought by Gain Capital Holdings. This move helped create an online trading business with over 235,000 funded accounts and $3.1 trillion in annual trading volume.
The company has unsurprisingly expanded in recent years and now has office locations in London, Dubai, Sydney, Shanghai, Hong Kong and Singapore, to name just a few. So as you have probably gauged, they focus their operations in four main regions:
- The Middle East
Customers of those regions can choose to trade in the spot market, CFD market or they can spread bet. In fact, they offer an extensive product list, including:
- 21 market indices
- 84 currency pairs
- 12 types of bonds
- 25+ commodities
- 5 types of metals
- 4,500+ global shares
- Options on three interest rate markets
- Cryptocurrencies, including bitcoin and ethereum
Minimum Account Deposit
Head over to the City Index homepage and you will see the minimum initial account deposit is £100. This is to ensure you have enough capital to cover the margin requirements of your first trade and to withstand any substantial moves against your position.
Minimum stakes and bet sizes for spread betting are as low as 50p per point, while the minimum trade size for CFD trading is one CFD.
However, minimum deposit requirements may vary depending on your location, account type and instrument of interest. So, head over to their official website before you download their software, log in and start to trade.
Spreads & Commissions
You will not pay any commissions for spread betting and CFD trading. Having said that, there is a minimum equity CFD commission of $25.
Those interested in forex trading can find the EUR/USD for as low as 0.5 pips. Overall, fixed spreads and prices are around the industry norm.
You can also trade on leverage. This is essentially a loan that may help you capitalise on an opportunity. However, trading on margin can also amplify losses and you do not want to be one of the many who walks away from the markets empty-handed following a margin call.
Other Trading Fees
City Index is relatively transparent in terms of additional charges. The main cost to be aware of is a monthly inactivity fee of £12 (or equivalent) if you do not use your account for more than 12 months.
You will also pay a small financing charge on your bitcoin exposure if you hold a position overnight. However, if you’re day trading you should avoid all overnight charges.
Unfortunately, City Index does not currently offer any sort of welcome bonus or other promotional offers. But keep an eye on their official website as this could well change.
City Index Trading Platforms
City Index customers get a choice of three different trading platforms. These are:
1. Advantage Web
As the name suggests, this is a web-based platform. Getting going is quick and easy as no installation is required. You can customise the layout or you can choose between the nine workspace screens.
One-click trading and personalised watch lists are both useful features. Advantage traders also have access to a heat map to keep up with market updates. Advantage Web uses HTML 5 charts and offers over 80 different technical indicators. There are also a number of risk management tools to help protect you from significant losses.
On top of that, the platform offers all the standard functions you’d expect, such as historical data feeds, setting guaranteed and trailing stop losses, as well as different types of market orders.
2. AT Pro
More experienced traders may prefer City Index’s more sophisticated platform, AT Pro. Trading signals can clearly display all possible entry and exit points for a trade. There are also backtesting capabilities. Not to mention, you can build unique trading templates with the assistance of the AT Pro’s Development Studio.
This platform would be a sensible choice if you’re looking to trade a reasonable quantity each day, and you also want access to financial calendars and intelligent volume indicators.
3. MetaTrader 4
The final option is the industry standard MetaTrader 4 (MT4) platform. Opt for this software and you get an advanced charting package, a huge array of technical indicators and generous customisability options.
APIs are supported so automated trading is also available. Furthermore, the platform is reliable and straightforward to navigate. You get access to newsfeeds, other traders and extensive historical data. Not to mention there are a host of online seminars you can take to make the most of the platform.
So whether you use scalping or news strategies, the MT4 platform should be able to comfortably meet your needs.
Verdict on Trading Platforms
Overall this City Index broker review found customers were extremely satisfied with both the breadth and depth of platforms on offer. There truly is something for all types of intraday traders.
Once you sign up and have chosen from the range of products and markets, you can also download the City Index app. iPhone, iPad, Windows and Android apps are available. From the app, you can conduct technical analysis, react to market news, check your positions, plus enter and exit positions while on the move. In fact, you will get:
- Price alerts
- Historical data
- Economic calendar
- Live streaming charts
- Personalised watch lists
- Device syncing capabilities
- Sophisticated charting package
- Live news announcements from Reuters
User reviews report high levels of satisfaction with City Index’s mobile offering. Not to mention, you can get help through their live chat support from inside the application. On top of that, navigation is hassle-free, regardless of whether you want to track account profits or customise charts.
Despite promising reviews, trading from your phone only would mean you miss out on the comprehensive functionality offered by the desktop platforms.
Methods of Payment
Before you can generate earnings trading oil and gold futures, you will need to fund your City Index account. Deposits can be made via:
- Debit cards
- Credit cards
- Bank wire transfer
Withdrawing your funds can be carried out in the same way. However, note the minimum withdrawal amount is £50 or your remaining account balance (whichever is lowest). The maximum withdrawal per transaction is £20,000. It usually takes three to five days for international withdrawals and one to two days for the domestic withdrawing of money.
Finally, if you would to receive same day payment using a CHAPS bank transfer, you will have to pay a £25 charge.
City Index Accounts
City Index offers their standard account, for which the minimum deposit is £100 followed by £25 for subsequent deposits. You will encounter zero commissions on spread betting and CFDs, aside from equity CFDs.
However, you also have the option of a VIP account. This you will get a number of benefits, including:
- Flexible margin rates
- Interest paid on cash balances
- Invites to exclusive VIP events
- Improved rates of trade execution
- A senior sales trader on-hand 24 hours a day
Unfortunately, qualifying for a VIP account requires approval from the City Index VIP team. But if you do qualify then you may get an enhanced forex and options trading experience, as well as better spread betting deals.
City Index offers two totally free demo practice accounts. You can learn to trade, conduct market analysis and get familiar with the markets. The MT4 demo account is available for 12 weeks and you will have £10,000 virtual cash to start training with.
The second option is a standard City Index demo account. When you open this account, you get unlimited access to the City Index trading platform and £2,500 in virtual cash to play around with.
Customer reviews rate the practice accounts highly. This is because once you have your demo login details, you get access to real-time pricing on thousands of markets, including shares and bitcoin. In addition, you get access to all the features found on their trading platform, which also makes it a fantastic way to test drive their software.
Many top traders start with a demo account. So once you have built up your confidence and got good at a couple of strategies, you can then close your spread betting demo account and start funding your live trade account.
City Index forex and spread betting user reviews often highlight how many useful additional features are on offer, including:
- Market News and Analysis – This section contains a wealth of knowledge and information. Each day reports on markets, forex and financial news are given. On top of that, comprehensive technical analysis, alongside graphs and expert analysis are posted.
- Recognia – The technical analysis portal is powered by Recognia and worth exploring. The portal scans and monitors the markets for patterns that could make for potentially profitable opportunities.
- Signal alerts – City Index offers a real-time alert service via email and text. This could help you keep abreast of new developments so you can anticipate price fluctuations.
- Historical data – City Index facilitates access to historical data, via a simple Excel plugin. This allows you to view all relevant instrument information in an easy-to-digest and compatible format.
On top of useful technical features, head to their trading academy and you will find video tutorials and tips on how to use City Index and how to trade to the best of your ability. In fact, the tutor in many of the videos is Kathleen Brooks; the Research Director at City Index. She is frequently asked to appear on international news channels and offer insight on financial markets.
Fortnightly webinars and detailed user guides are also available. These can show you how to capitalise on movements in share prices, how to navigate My Account, as well as helping you identify and monitor patterns. There are also free seminars for both beginners and advanced traders held in their offices.
Overall then, if you take City Index vs FXCM, Plus5000, and other competitors, you will find an equal number of extra features and useful functionality. If anything, their educational resources actually exceed many similar brokers.
City Index Regulation & License
City Index has built up a reputation as a reliable and trustworthy CFD, spread betting and forex broker. This is demonstrated by the fact they are regulated by eight regulatory bodies around the world:
- Its UK operations are regulated by the Financial Conduct Authority (FCA).
- In Dubai, City Index is regulated by the UASE Central Bank.
- In Singapore, the company falls under the jurisdiction of the Monetary Authority of Singapore (MAS).
- City Index is regulated in Australia by the Australian Securities and Investments Commission (ASIC).
As a result of regulation, City Index has to adhere to certain rules and regulations around safeguarding your capital. This means customers may be at less risk of losing all their funds in the event of certain scenarios, such as the company going insolvent.
There are a number of benefits to day trading with City Index, including:
- Competitive and tight spreads
- Sleek and easy-to-use websites
- Low initial deposit requirements
- Regulated with over thirty years of experience
- Choice of three trading platforms, all with glowing reviews
- Wide range of instruments, including bitcoin trading, ETFs, and more
Although there are a number of advantages to choosing City Index, there are also certain downsides you should be aware of, including:
- Limited access to demo account
- No deposit bonuses or promotions
- Doesn’t accept traders from the USA
- Limited local support to deal with problems and complaints
- Limited ability to contact other traders, reducing the social trading element
At City Index, you can trade the most popular markets during trading hours, including the FTSE 100 and Germany’s Dax 30. In fact, they actually facilitate 24/7 trading with their diverse product list.
Simply head over to the City Index website for opening and closing times in the markets you’re interested in. There you will also find details on bitcoin trading hours, plus market hours during holidays.
Contact & Customer Support
On the whole customer reviews show users are impressed with City Index’s customer support. You get 24/5 support via the phone and email.
Head to their website to find the helpline telephone number where you are based. You can get assistance with forgotten usernames and passwords, as well as any other login problems. Also, if the website is down or not working, hotline phone support is possibly the best course of action.
You can get assistance in all of the following languages:
In addition, reviews show their chat support is particularly efficient with minimal waiting times and accessibility via any of their pages. They should be able to help you with financing charges, financial statements, withdrawal problems, as well as technical issues.
The Help and Support page found on their website should also be able to deal with most queries. It is actually considerably more comprehensive than competitors FAQ pages. Of course you can always find your nearest office address from their website and mail them too.
With so many options, it is perhaps unsurprising to learn CityIndex has earned a BrokerNotes triple AAA support rating.
Safety & Security
Head over to day trading blogs, forums or read newsletters and you’ll see an increasing concern about user security. Fortunately, forex, CFD trading and spread betting is relatively safe at City Index. All customer’s funds are kept in segregated tier 1 bank accounts.
The company also uses modern encryption technology to keep user data and information secure. On top of that, in the event of liquidation, clients may receive compensation of up to £50,000 by the FSCS.
City Index Verdict
City Index has played a key part in driving innovation across the online trading world in recent decades. It is perhaps unsurprising then that users hold positive opinions of the company’s offering. You get three trading platforms to choose between, excellent educational resources, as well as great training tools for new traders.
So take City Index vs CMC, IG Markets, as well as other competitors and they remain among the top in rankings. Having said that, to score even higher in reviews, it would be good to see more promotions and offers for prospective users. Yet even without any deals, City Index looks set to continue attracting customers from the UK all the way to Asia as positive user reviews continue to flood in.
CityIndex 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 CityIndex from United States, Belarus, Belgium, Central African Republic, Chad, Congo, Congo DR, Cote D’Ivoire, Cape Verde, Iran, Iraq, Korea, Liberia, Libya, New Zealand, Nigeria, Sierra Leone, Yemen, Zimbabwe.
|Established spread betting, forex and CFD broker with over 30 years in the business. Regulated around the globe. Risk Warning: 76% of clients lose money. Capital at risk.|