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CityIndex Review 2024

Written By

Tobias Robinson

Written By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Fact Checked By

William Berg

Fact Checked By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Updated

Nov 4, 2024

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Overall Rating

4.4 / 5

CityIndex is #24 in our CFD broker rankings.

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Customer Reviews

Regulation & Trust

4.4 / 5

Accounts & Banking

4.5 / 5

Assets & Markets

4.6 / 5

Fees & Costs

4.3 / 5

Platforms & Tools

4.4 / 5

Customer Support

4.2 / 5

Minimum Deposit $0

Trading Platforms MT4, TradingView, TradingCentral

Instruments CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds

Regulators ASIC, FCA, MAS

Account Currencies USD, EUR, GBP, AUD, CZK

Payment Options PayNow, Wire Transfer, Mastercard, BPAY, Credit Card, PayID, Debit Card, Visa, PayPal

Pros

• Excellent reputation with over 1 million account holders and tier-one regulatory oversight
• Industry-leading platforms including MT4, plus access to cutting-edge third-party tools like TradingView
• Thousands of instruments including thematic indices and interest rates that are not available at many alternatives

Cons

• $15 monthly inactivity fee
• Cryptocurrency trading not available in all locations
• No Islamic account for Muslim traders

City Index is an industry-leading broker for forex and CFDs. Here, we comprehensively review their offering. An in-depth look at trading platforms, mobile apps, fees, demo accounts, and more.

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.

City Index is now owned by StoneX. This move helped create an online trading business with over 500,000 accounts and $2.4 trillion in annual trading volume.

The company has unsurprisingly expanded in recent years and now has office locations in London, Sydney, Shanghai, Hong Kong and Singapore, to name just a few. So as you have probably gauged, they focus their operations in three main regions:

• UK
• Australia
• Singapore

Customers of those regions can choose to trade in the spot market or CFD market. In fact, they offer a 13,500+ product list, including:

• 20+ market indices
• 84 currency pairs
• 12 types of bonds
• 25+ commodities
• 5 types of metals
• 4,700+ global shares
• Options on interest rate markets
• Cryptocurrencies, including bitcoin and ethereum (not available to traders from the UK or Singapore)
• ETFs

Note, available markets varies by region.

Minimum Account Deposit

Head over to the City Index homepage and you will see the minimum initial account deposit is £100 or $100 AUD. 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.

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 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 up to 1:400, though rates vary depending on where you register an account from and your status. 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. Web Trader

Web Trader is the new state-of-art trading platform that City Index released in late 2018.

Among other things, it features fast and reliable HTML5 technology for optimum performance and user trading experience. It delivers a fully customisable trading workspace. This allows personalisation and flexibility across multiple trading windows.

It also delivers advanced charts, including custom indicators and precision drawing tools. This makes researching trades much easier, and saves working outside of the platform.

Intelligent trading tools including smarter trade tickets and advanced risk management tools have also been added, simplifying many manual processes.

The platform also offers curated market information including detailed market analysis to identify trading opportunities or prompt further research.

City Index are very proud of this new offering – it is available as both a live account and also with a demo account, so it can be trialled risk free.

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.

Mobile Apps

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 / $50 or your remaining account balance (whichever is lowest). The maximum withdrawal per transaction is £20,000/$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/$100 followed by £25/$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 DMA, Accredited Investor and Professional accounts. These may afford you 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

Note, account availability may vary depending on your location. Joint accounts and corporate accounts are also available.

Demo Accounts

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 demo account and start funding your live trade account.

Additional Features

City Index 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.
• 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.
• Smart Signals – The signals service highlights potential trading opportunities by analysing thousands of price points across 36 global markets. The sophisticated, data-driven engine considers 800+ price action patterns with findings available through an intuitive dashboard. Traders can also see how each signal performed the last 10 times it was triggered.
• Performance Analytics – The statistics-based measurement tool can help traders analyse their returns to improve win-loss ratios. The user-friendly solution promotes good money management and provides metrics on timing, short versus long trades, psychological factors and more.

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, Plus500, 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 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.

Benefits

There are a number of benefits to day trading with City Index, including:

• 13,500+ markets
• Cash rebates available
• Sleek and easy-to-use websites
• Low initial deposit requirements
• Regulated with over thirty years of experience
• Competitive and tight spreads from 0.5 pips
• Choice of three trading platforms, all with glowing reviews
• Wide range of instruments, including bitcoin trading, ETFs, and more

Drawbacks

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
• Inactivity fee that varies by location
• No deposit bonuses or promotions
• Limited local support to deal with problems and complaints
• Limited ability to contact other traders, reducing the social trading element
• Doesn’t accept traders from the USA (though the firm’s sister brand, Forex.com, does accept US clients)

Trading Hours

At City Index, you can trade the most popular markets during trading hours, including the FTSE 100 and Germany’s Dax 40. In fact, they actually facilitate 24/7 trading with their diverse product list. Pre-market and after-hours trading is also available on 20 US stocks.

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:

• English
• Spanish
• German
• Polish
• Arabic
• Chinese

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.

Top 3 Alternatives to CityIndex

Compare CityIndex with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. FOREX.com – Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
   Go to FOREX.com

CityIndex Comparison Table

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