Unique selling points
Range of assets: City Index offers traders a wide range of assets to trade, including forex, indices, commodities, cryptocurrencies, shares, and bonds. This variety of assets allows traders to diversify their portfolios and increase profits by taking advantage of different market conditions. City Index provides traders with competitive spreads on these assets, which can help to lower transaction costs.
Multiple trading platforms: City Index offers traders a choice of various trading platforms, including their proprietary platform and the popular MetaTrader 4 (MT4) platform. This flexibility is a key selling point for City Index, allowing traders to choose the platform that best suits their needs and preferences. For example, some traders may prefer the advanced charting and analysis tools provided by the Advanced Trading Platform, while others may prefer the familiarity of MT4.
Mobile trading: City Index offers mobile trading apps for iOS and Android devices, which allow traders to keep up with the markets and trade on the go. This is an important selling point for traders who need to be able to monitor their positions and take advantage of opportunities as they arise. The mobile apps are user-friendly and provide traders with access to various features, including real-time prices, charts, and news.
Excellent customer support: City Index is known for its excellent customer support, which includes a range of support options, including phone, email, and live chat support. Additionally, traders can access in-person support at City Index's Singapore office. This level of support is essential for traders who may have questions or issues that need to be resolved quickly and efficiently.
Innovative tools and features: City Index offers a range of innovative tools and features that help traders to make more informed trading decisions. For example, the Advanced Trading Platform provides traders with advanced charting and analysis tools, including over 70 technical indicators and a range of drawing tools. City Index's AutoChartist tool helps traders to identify trading opportunities by scanning the markets and providing alerts based on technical analysis.
Introduction
City Index is a leading forex and CFD broker with many assets and trading platforms. Traders can choose from multiple platforms, including City Index's proprietary platform and the popular MetaTrader 4 (MT4) platform, providing traders with a familiar and user-friendly trading experience. In addition, City Index offers mobile trading apps for iOS and Android devices, allowing traders to keep up with the markets and trade on the go.
Traders can use the City Index's range of assets, including forex, indices, commodities, and cryptocurrencies. Additionally, City Index provides traders with competitive spreads on these assets, which can help to lower transaction costs. Traders can also access various innovative tools and features, such as the Advanced Trading Platform and AutoChartist, to help them make more informed trading decisions.
City Index also offers excellent customer support, with phone, email, and live chat support options, as well as in-person support at their Singapore office. With a range of demo accounts available, including a Robox Forex demo account, traders can try out City Index's trading platforms and features before committing to a live account.
This Index City Index review will reveal everything you need to know about the broker.
Supported Countries
City Index is a global forex and CFD broker that accepts clients from numerous countries around the world, including the United Kingdom, Singapore, Australia, Germany, France, Spain, Italy, Switzerland, United Arab Emirates, Hong Kong, Japan, China, South Africa, Canada, United States, Brazil, Argentina, Chile, Mexico, Colombia, Peru, Turkey, Sweden, Norway, Denmark, Finland, Poland, Czech Republic, Slovakia, Hungary, Greece, Romania, Bulgaria, Croatia, Serbia, Slovenia, Cyprus, Malta, Israel, Saudi Arabia, Qatar, Kuwait, Bahrain, Oman, India, Indonesia, Malaysia, Thailand, Vietnam, Philippines, and South Korea.
City Index does not permit the trading of CFDs to traders from the United States, Canada, Brazil, Belgium, Hong Kong, and Japan due to legal restrictions.
Customer Service Rating
City Index is known for providing excellent customer service to its clients, as evidenced by its high ratings on various review sites. Forbes gives the broker a 4.4-star rating, while Nerdwallet gives it a perfect 5-star rating.
These high marks are a testament to the broker's commitment to its clients and their needs. City Index offers multiple channels for customer support, including email, phone, and live chat. The broker's representatives are knowledgeable and responsive and available 24/5 to assist clients with any questions or issues they may encounter.
City Index's customer service rating is among the best in the industry, making it an excellent choice for traders of all levels.
City Index Trading Platforms
MT4 Platform: The City Index MT4 platform is a popular trading platform known for its stability, flexibility, and advanced charting capabilities. City Index provides its clients with access to the MT4 platform, which is available as a desktop application, web trader, and mobile app. The MT4 platform allows traders to access various trading tools, including technical indicators, charting tools, and automated trading strategies.
Web Trader: City Index's web trader platform is an easy-to-use platform that can be accessed from any web browser. The platform is designed to provide traders with a fast and reliable trading experience. It offers various trading tools, including real-time charts, technical indicators, and news feeds. The web trader platform is ideal for traders who prefer to trade on the go or who want to avoid downloading any software onto their computers.
Mobile Trading App: City Index's mobile trading app is available for both iOS and Android devices. It offers a user-friendly interface that makes trading on the go easy and convenient. The app allows traders to access real-time market data, execute trades, and manage their accounts from their mobile devices. The mobile trading app is ideal for traders who want to stay connected to the markets while moving.
TradingView: City Index's TradingView platform is a powerful charting and analysis tool that allows traders to create custom charts, use technical indicators, and analyze market trends. The platform is available as a desktop application, web trader, and mobile app, and it is designed to provide traders with a fast and reliable trading experience. TradingView is ideal for traders who want to perform advanced charting and analysis.
City Index Trading Accounts
City Index offers three types of trading accounts. These include;
Standard Account: City Index's Standard Account is designed for traders who want to trade with real money. With this account, traders can access the full range of assets available on the platform and enjoy competitive spreads. The minimum deposit required to open a Standard Account is $250. Traders also have access to various educational resources and research tools to help them make informed trading decisions.
Demo Account: City Index's Demo Account is a risk-free account that allows traders to practice trading strategies and try out the platform without using real money. The account is pre-loaded with virtual funds that can be used to trade across a range of markets. The Demo Account is ideal for new traders who want to learn how to trade or experienced traders who want to test out new strategies.
Segregated Account: City Index's Segregated Account is designed for traders who want to separate their funds from the broker's. This account offers additional security and protection, as traders' funds are held in a separate account from the broker's funds. The minimum deposit required to open a Segregated Account is $100,000. Traders who opt for a Segregated Account also have access to a dedicated account manager and personalized support.
Trading Denominations
City Index offers trading in a variety of currency denominations. These include the US dollar (USD), British pound sterling (GBP), euro (EUR), Swiss franc (CHF), Japanese yen (JPY), Australian dollar (AUD), Canadian dollar (CAD), and New Zealand dollar (NZD).
With a range of currency options, traders can choose the denomination that is most convenient for them. This helps to reduce conversion fees and minimize the impact of currency fluctuations on trading performance.
Company Structure
City Index is a well-established financial trading company that was founded in 1983. The company has its headquarters in London, UK, and is a part of the GAIN Capital group. It is regulated by the UK's Financial Conduct Authority (FCA) and registered with other regulatory bodies in different countries where it operates. City Index offers its clients a range of financial products to trade, including forex, indices, shares, commodities, cryptocurrencies, and more.
As of 2023, City Index has more than 400 employees and offices in different countries worldwide, including the UK, Australia, Singapore, and the UAE. With over one million customers and 1200+ trading partners. The company prides itself on its technology and has invested heavily in its trading platform to ensure that it is user-friendly and reliable. City Index offers its clients the option of trading through its proprietary platform, social trading, mobile app, or the popular MetaTrader 4 platform.
City Index has received positive reviews from traders and industry experts. The company has won several awards over the years, including the Best Spread Betting Provider award from Shares Magazine in 2021. City Index also offers its clients a range of City Index promotions and City Index bonuses, including a welcome bonus for new clients who open an account and make a qualifying deposit. Additionally, the company offers demo accounts that allow traders to practice trading strategies before risking real money in the markets.
Overall, City Index is a reputable and reliable trading provider with a long history in the industry. The company's commitment to technology and customer service has earned it a loyal customer base. Its range of financial products and promotions make it a popular choice for traders worldwide.
City Index Licenses and Regulatory Compliance
City Index is licensed and regulated by several regulatory bodies, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Monetary Authority of Singapore (MAS).
The FCA license number for City Index is 113942, obtained in 1983.
City Index's ASIC license number is 328794, obtained in 2005.
The MAS license number for City Index is CMS100648-1, obtained in 2012.
City Index also complies with the Markets in Financial Instruments Directive (MiFID II), a European Union regulation that enhances investor protection and promotes fair competition among financial services providers.
City Index Customer Protection
City Index takes customer protection seriously and implements various measures to ensure the safety of its client's funds and personal information. Some of the ways City Index provides customer protection are:
Segregated Accounts: City Index ensures that clients' funds are separated from the company's operational funds and held in segregated bank accounts. This measure helps protect clients' funds in case of any unforeseen financial difficulties the company faces.
Negative Balance Protection: City Index offers negative balance protection, ensuring clients cannot lose more than their account balance. This feature is essential for traders using leveraged products like CFDs.
Security Measures: City Index implements state-of-the-art security measures to ensure the safety of clients' personal and financial information. The platform uses advanced encryption technology to protect sensitive data and offers two-factor authentication for added security.
Trading Information
City Index provides traders with a comprehensive range of trading instruments, including forex, indices, shares, commodities, cryptocurrencies, and options. Traders can choose from over 12,000 markets to trade on, allowing them to diversify their trading strategies and access a wide range of financial assets.
The minimum trade size on the platform varies based on the instrument and asset class, starting from 0.1 for forex, 0.05 for indices, and 0.1 for commodities. The maximum trade size for forex pairs is up to 50 lots, while indices and commodities have a maximum trade size of up to 100 lots and 50 lots, respectively. City Index also allows traders to open positions in micro lots, making it more accessible to retail traders.
Tradable Instruments
Here are the tradable instruments available on City Index:
Forex: Trade in over 80 currency pairs, including majors, minors, and exotics, with tight spreads starting from 0.5 pips.
Indices: Access to more than 21 global indices, including the UK 100, US 500, Germany 30, and Hong Kong HS50.
Shares: Trade in thousands of global shares across multiple exchanges, including the London Stock Exchange, New York Stock Exchange, and NASDAQ.
Commodities: Access to popular commodities like gold, silver, oil, and natural gas, as well as soft commodities like coffee and sugar.
Cryptocurrencies: Trade popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple, with tight spreads starting from just 35 pips.
Bonds: Trade in a range of global bonds, including US treasuries, UK gilts, and Eurozone bonds.
Leverage on City Index
Leverage is an essential aspect of trading that allows traders to control many assets with a smaller amount of capital. City Index offers a range of leverage options for traders depending on their trading instrument. For forex pairs, the maximum leverage available is up to 30:1, while for major indices such as the S&P 500, leverage is up to 20:1.
Commodities such as gold, silver, and oil have a maximum leverage of up to 10:1. It's important to note that leverage can be a double-edged sword, as it can increase profits but also amplify losses, so it should be used with caution and proper risk management strategies.
Deposits and Withdrawals
Deposit
The minimum deposit required to open an account is $250. Deposits can be made using credit or debit cards, bank transfers, and electronic wallets like PayPal and Skrill. City Index does not charge any deposit fees, but the payment provider may impose fees.
Payment Method | Minimum Deposit | Maximum Deposit | Processing Time |
Debit or Credit Cards | $250 | No maximum | Instant |
PayNow | $250 | No maximum | Instant |
Bill Payment | $250 | No maximum | 1-3 business days |
Wire Transfer | $250 | No maximum | 1-3 business days |
Withdrawal
Withdrawals can be made using the same methods as deposits, and there are no fees for withdrawals. However, it is important to note that the receiving bank or payment provider may impose charges. City Index aims to process withdrawals within 1-2 business days, but it may take longer for the funds to reach the recipient's account, depending on the payment method used.
Payment Method | Minimum Withdrawal | Maximum Withdrawal | Processing Time |
Debit or Credit Cards | $50 | No maximum | 1-5 business days |
Pay Now | $50 | No maximum | 1-2 business days |
Bill Payment | $50 | No maximum | 1-2 business days |
Wire Transfer | $50 | No maximum | 1-3 business days |
Please note that processing times may vary based on the payment method and location of the user. It is important to check with City Index for the most up-to-date information regarding deposit and withdrawal methods.
City Index Trading Education and Training
City Index provides comprehensive educational resources and training materials to help traders of all levels improve their trading skills and knowledge. The company offers a range of educational resources, including video tutorials, webinars, trading guides, and a dedicated educational portal. The educational portal includes a wide range of content, such as trading strategies, technical analysis, and market commentary.
Additionally, City Index provides access to trading and analysis tools, which can help traders make more informed trading decisions. The trading education and training resources provided by City Index are designed to help traders develop their trading skills and improve their overall trading performance.
FAQs
Is City Index a scam?
No, City Index is a legitimate broker regulated by reputable financial authorities such as the FCA and ASIC. They have been in the industry for over 35 years and have built a good reputation for themselves.
How to Open City Index Forex Trading Account?
To open a City Index forex trading account, you need to visit their website and click on the 'Create Account' button. You will then be asked to provide your details and complete a questionnaire to assess your trading experience and knowledge. After that, you will need to fund your account with a minimum deposit of $250 using one of the payment methods provided by City Index. Once your account is funded, you can start trading forex on their platform.
Does City Index Support US and Canadian Clients?
City Index does not accept clients from the United States and Canada. This is due to the strict regulations and compliance requirements set by the respective regulatory bodies in these countries.
City Index operates under the regulations of the Financial Conduct Authority (FCA) in the United Kingdom, and the Australian Securities and Investments Commission (ASIC) in Australia, and is focused on providing services to clients in these regions and other parts of the world where it is authorized to operate.
Conclusion
City Index is a reputable and reliable forex broker that offers a variety of trading instruments and platforms. With its licenses from top regulatory bodies, customers can rest assured that their funds are safe and secure. City Index also provides its customers with ample trading education and training resources to help them navigate the forex market successfully.
Furthermore, City Index's customer protection measures, including negative balance protection and segregated funds, give customers peace of mind when trading. The minimum deposit requirement of $250 is affordable for most traders, and the variety of payment methods available makes deposit and withdrawal seamless.
With its user-friendly trading platform and excellent customer service, City Index is an ideal choice for both beginner and experienced traders looking to trade forex, spread betting, and CFDs. City Index is an excellent broker with an outstanding reputation in the industry, and it is worth considering for your trading needs.
