City Index Review 2023 Pros, Cons and Alternatives

We liked the ‘Platform tips’ option on the menu, which provides a demo of the mobile platform’s functions. Another great feature is the embedded economic calendar, which has advanced filter options and can be customized on a high level. You can use City Index’s own or the MetaTrader 4 mobile trading platform. In this review, we tested City Index’s own mobile trading platform.

Instead of contracts, clients are betting on the price movements of the financial asset. Up to three debit or credit cards can be used for an account across Visa and MasterCard. When transferring funds from an Australian bank, no deposit fees are charged, and there are no charges for funding through a bank transfer when the account is based in Australia.

Additional commissions and fees exist only for CFDs on equities and they vary for different markets. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Is City Index Regulated? 🛡

The AT Pro is a proprietary platform specific to City Index. Having two top quality platforms to choose from is a real plus point for City Index clients. They both tick most boxes but have a different ‘feel’ to them so traders can work out what best suits them.

AT Pro comes with a powerful charting package that includes over 100 indicators and a wide range of sketching tools for market research. There is a backtesting excel application that allows you to test the performance of trading signals over past data. I have had a relationship with this company for over three decades I’ve always found them to be be superbly professional and very considerate with an excellent and comprehensive trading platform. Cityindex are constantly innovating and It’s always been a great pleasure to deal with them. CFDs are leveraged products meaning that you trade with your own money and the money you borrow from your broker. This makes CFD trading extremely risky and not suitable for beginners.

• First, let’s go over some basic terms related to broker fees.
• We have also recently launched our brand new mobile app, so do make sure you’re using the most up to date version of our mobile platform.
• Web Trader offers all standard trading platform features, such as historical data feeds and tools for monitoring open and closed positions and trading history.
• We provide broker reviews and ratings to help users find a suitable broker according to their own needs.
• So, as an investor, your funds are in segregated accounts, protected from negative balance and deposits covered by the FSCS up to £85,000  if the firm goes into administration.

You get free access to some premium trading tools and generous educational content which can help you make the most of your trading strategies. The brokers overall trading fees are very cheap when compared to others who provide a similar service. City Index welcomes traders from all backgrounds with different trading styles and interests. They are focused on educating traders with up-to-date market knowledge, technical analysis and trading guides. City Index enables you to practice on demo accounts and enjoy almost zero commissions.

why the trades are halt and close…

City Index offers an excellent fit for new and mid-level traders seeking excellent research, solid education, reliable customer service, and a broad range of competitively-priced markets. The StoneX connection goes a long way in building trust, while the broker’s history and London location will instill confidence. Full-time and professional traders may be forced to look elsewhere due to the lack of volume discounts and weak connectivity through VPS and API interfaces. The AT Pro platform includes advanced technical analysis with more than 100 indicators, detachable charts, and strong customization. In-platform access to dozens of trading ideas round out an impressive list of advanced features.

Overnight financing rates are also inline with what you would expect 2.5% over/under SONIA rates. Whilst voice brokerage still forms part of City Index’s offering, they are, as with everyone else, doing the majority of their business online and working hard to make their platform stand out. You can trade over 80 forex pairs and access it on your mobile. FX spot is available only through the MT4, but you will have to pay higher spreads than for spread betting if you want to use MetaTrader 4 with the broker. Withdrawals are free and no minimum deposit is needed to open an account.

City Index is one of the oldest financial services provider agencies established in Sep 1983 by Chis Hales and Jonathan Sparke. City Index is the subsidiary of GAIN Capital and Belongs to the industry of Financial Services. I would say City Index is more suitable for anyone outside the USA who wants city index reviews to trade or invest in instruments other than forex. On the other hand, Forex.com is one of the few options for forex traders in the USA. Always advertising on billboards in the City, always having a colourful client base, always being bought and sold at the whim of billionaires and bigger boys.

In addition, we recommend reading our reviews about brokers SuperForex, TopFX, and TMGM. City Index is a trading name of StoneX Financial Ltd from the UK. We read some complaints against the broker pointing to platform and withdrawal issues. We do not provide investment advice or solicitation of any kind to buy or sell any investment products.

City Index is regulated by three major financial regulatory bodies. These regulating bodies are the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS). City Index is also regulated to trade in the United Arab Emirates under their FCA license. Here are some frequently asked questions that traders and to-be traders often ask about City Index. In 2014, Michael Spencer, the founder and controlling shareholder of City Index, sold the company for $118 million. The combination created a new global firm with operations in more than 150 countries and annual trading volumes in excess of $3 trillion.

Broker Fees and Commissions

They will guide you with technical analysis and keep you updated on news of top-notch agencies like Reuters. The funding and withdrawal on account are swift and easy to follow. Once you open an account with City Index, it will initiate your self-learning phase. Shortly, you will be able to make informed decisions and improve your strategies with the excellent range of provided tools.

• Self-confessed Forex Geek spending my days researching and testing everything forex related.
• So how did we approach the problem of making their fees clear and comparable?
• The markets are always changing, and platforms need also to make adjustments and making this process trader-led is a real positive for the site.
• Based out of London, the broker is authorised and regulated by the Financial Conduct Authority (FCA).
• Their unique post-trade analytics and voice brokerage service make it an excellent choice for large and frequent traders.

Spreads start from 80 points but given the highly volatile nature of the cryptocurrency markets, they can fluctuate quite largely and rapidly. City Index offers MetaTrader4 and their proprietary City Index Desktop and WebTrader. Whilst prices are expected to open lower, we’re on guard for a small countertrend bounce. A bullish hammer formed on the daily chart at the lower Bollinger band which found support at the 50% retracement level and 200-day EMA. A bullish divergence has formed on the RSI (2) within the overbought zone.

Desktop Experience

Upon opening an account, an offer of a guided tour is made available. It’s actually well thought out and although bot-led the ten top-tips would help novice and experienced traders familiarise themselves with the platform. Clients looking to engage with other traders to share strategies news and trading ideas would do well to research the MetaTrader site for the countless opportunities to be found there.

The Professional Trader account also provides users with lower margin rates, broker-assisted dealing, premium events, and several additional perks. Unlike companies such as FXCM and 24Option, City Index has never been involved in any scandals or noteworthy legal charges. They have a very good reputation and a long track record, which is not the case for most brokers in the forex world. A Key Information Document on the trading dashboard gives access to all financing charges, including important frictional costs. City Index is a firm with a global outlook and account terms vary from region to region.

Clients of City Index are able to choose between the MetaTrader MT4 and the AT Pro in-house platforms. The first stage of the City Index Live Chat support takes the form of a support bot. City Index can be applauded for being transparent about this (rather than pretending the support is human) but the Live Chat is more of a glorified FAQs section. Going back a year, the OPWA Awards in 2018 honoured the broker with the title of “Best Cryptocurrency Trading Platform,” an accolade worth mentioning in any City Index review. In normal circumstances, clients can call a number and directly speak to an advisor.

City Index offers 20 of the leading global indices including Australia 200, UK 100, Singapore, and Wall Street index for trading. City Index enables trading of over 4,500 global shares as CFDs where traders can speculate on long or short positions. Traders have access in real-time to over 4,600 markets spanning forex, stocks, indices, cryptos, and more. Deposits on City Index CFD accounts start from as little as $150 (although $2,000 is their recommendation) and there are no funding costs with most methods. Traders in Singapore will need $25,000 to open a DMA account. We tested the account opening process for various forex brokers and scored City Index 8 out of 15.

I like how you can navigate the economic calendar within the app, which can be customised according to the news that matters most to you. Yes, City Index client funds are kept in segregated accounts and the broker forms part of the Financial Services Compensation Scheme (FSCS). Yes, City Index is one of the worlds leading providers in spread betting, FX, and CFD trading. FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. The customer service tech did a wonderful job walking me through the process to get my account up and running. Queen Denise k helped to escalate my account creation request which resolve my issue And joseph K managed to get my connection back to queen Denise although I had lost connection earlier.

City Index’s proprietary Web Trader platform delivers a rich trading experience while providing access to City Index’s full product offering. Web Trader offers excellent trading tools and a variety of advanced features, and delivers access to more tradeable markets than MT4. The City Index demo accounts in combination with the abundance of educational content will provide a great training experience for new, as well as intermediate traders. By clicking in the “Training” tab on their website you can take a look at their educational content. The tools on offer are free to download and include C#, .NET and Visual Basic programming services; it’s also possible to choose from hundreds of built-in templates. Overall, City Index offers an excellent trading experience, backed by many years operating in the industry.

Charts are very significant to Technical Analysts because they think that historical patterns are based on human behaviour and that they frequently repeat themselves. To identify prospective trading opportunities, the SMART Signals engine employs a selection algorithm that automatically monitors 36 key worldwide markets across thousands of price data points. Once it has found a pricing pattern that has historically been effective in a certain market, it will display it on the SMART Signals dashboard.

You can fund your account via a good variety of payment options including Debit/Credit cards, Bank Transfers, and electronic wallets. At the same time, the minimum balance requirement that City Index has is $100 which is not the lowest you will find. For instance, XM Group let you open an account to get started with just $5.

Perhaps the single aspect we like most about City Index is the vast range of CFD trading options it offers. The standard MT4 platform is also available for traders to use on their web browsers using WebTrader. Overall we found that https://traderoom.info/ City Index performed poorly a lowly 17th of the 20 brokers. To verify our results we did the test again one week later and the results were similar. With an average spread of 1.79 pips, your cost will be $16.52 per lot you trade.