City Index review

Choosing a broker is a complex task requiring careful research and consideration. Making the wrong move can substantially affect potential gains, and in the worst cases, could lead to big losses. There are many brokers on the market, each with their own pros and cons. There is no single answer to every person’s needs, and that makes it vital to read reviews and form opinions. 

TopBrokers knows this situation all too well. For that reason, we have put together several reviews of the best brokers on the market. In this case, we will focus our attention on City Index, a broker founded in 2001. With over two decades of trading experience, this well-regulated broker is a go-to choice for many. But is it right for you?

To answer that question, we have created this City Index review. In the end, it will be easier to make a final, informed decision. 

TL;DR

• City Index is a well-established broker offering a wide range of trading instruments.
• Regulated by top-tier authorities, ensuring a high level of trustworthiness.
• Provides proprietary trading platforms and MT4, catering to different trader preferences.
• Offers over 13,500 markets including forex, CFDs, and spread betting.
• Competitive spreads, but not the lowest in the industry.
• Strong educational resources and research tools for traders of all levels.
• User-friendly platforms with room for improvement in some areas.
• Best suited for traders looking for a diverse range of markets and advanced trading tools.

Criteria Breakdown

To fully review City Index, we put together a set of criteria to measure the broker against. This includes regulation, trading platforms, tools, tradable instruments, fees, customer support, educational resources, and other additional features. We also looked into users and expert reviews, to gain a thorough overview of what City Index offers. 

What City Index is Best Known For

Description

City Index was founded in 1983 and is one of the leading forex and CFD brokers on the market. It offers a range of trading platforms and many tradable instruments. Alongside industry-standard MetaTrader platforms, City Index also has its own proprietary platform, and an app for on-the-go trading. This is important for those of us who like to trade anywhere, anytime. 

Besides being a well-established broker, City Index has a positive reputation worldwide. Its head office is in the UK, however it also has offices in other countries, including Singapore. City Index has strong regulatory oversight, including the FCA in the UK and ASIC in Australia.

With more than 400 employees worldwide, City Index has more than a million customers and has won several industry awards, including Best Spread Betting Provider in 2021 from Shares Magazine. A strong reputation and high reliability are two of the reasons many merchants continue to use City Index, and it has a loyal customer base.   

It’s important to note that this broker doesn’t allow the trading of CFDs for citizens in the US, Canada, Belgium, Brazil, Japan, and Hong Kong. This is due to legal restrictions. 

Features

City Index is popular only because of its reputation, but also the number of features it offers. It has a wide number of tradable assets, including forex, cryptocurrencies, shares, commodities and bonds on several platforms. This allows for portfolio diversification, something we all aim toward to minimize risk. Additionally, competitive spreads keep trading costs low. 

All City Index’s trading platforms offer a range of features, allowing us to stay up to date with market movements. Customer support is excellent, with fast response times and quality advice given. 

A few standout features include the Advanced Trading Platform which gives access to charting and analysis tools. This includes over 70 technical indicators. The AutoChartist tool also identifies trading opportunities by scanning markets and providing real-time alerts. This is vital for those who live busy lives and for beginners who need to build their skills. 

Overall, City Index offers many features for all traders, making it a strong option to consider.   

Pros

As a large and well-established broker, City Index has many advantageous areas. In this section, we will explore some of the most stand-out points. 

Well-Regulated 

One of the first things we look for in a broker is its regulatory oversight and licenses. City Index is very well regulated by several top-tier bodies. This includes the FCA in the UK, ASIC in Australia, and MAS in Singapore. Additionally, City Index complies with the Markets Financial Instruments Directive. This is an EU regulation aiming to enhance protection and fair competition between providers. 

As expected, City Index takes customer protection very seriously and has several measures. This includes separate accounts to ensure funds are kept separate from the company’s operational funds. Additionally, negative balance protection and enhanced security measures also add to the picture. City Index uses advanced encryption technology to protect data, and two-factor authentication. This gives extra peace of mind from the start. 

Wide Range of Markets

We can choose from a wide range of markets and tradable instruments with City Index. Overall, it is known as a broker with the largest range. There are more than 12,000 markets to trade on, which increases diversity and reduces risk. 

City Index provides forex trading with more than 80 currency pairs, including majors, minors, and exotics. These come with tight spreads starting at 0.5 pips. They also give access to more than 21 global indices, including the US 500 and UK 100. For shares, it’s possible to trade in thousands of global shares worldwide, including the London Stock Exchange, and NASDAQ. 

This broker also offers commodity trading in gold, silver, oil, and natural gas, alongside a global range of bonds. Finally, City Index also facilitates cryptocurrency trading, including Bitcoin, Ethererum, Litecoin, and Ripple. These have tight spreads starting at 35 pips. 

This large range of instruments opens City Index up to a larger customer base, and makes it easier to diversify our portfolios. 

Advanced Trading Tools and Platforms

As with many other popular brokers, City Index offers several trading platforms to choose from. This includes industry-standard MetaTrader 4. This platform comes with various features. For instance, the MT4 platform has many charting capabilities, and a desktop application, web trader, and mobile app. We can use the platform’s technical indicators, charting tools, and automated trading strategies. 

WebTrader is the brokers’ own web trading platform, which is easy to use and can be accessed from any web browser. It doesn’t require any downloads of installations. This platform has a number of trading tools, real-time charts, news feeds, and technical indicators.

TradingView is a tool that we can use to create custom charts, analyze market trends, and use technical indicators. It is available as a desktop app, WebTrader and mobile app. 

Excellent Mobile App

In addition to these trading platforms, City Index also offers a high-quality app that is available on both iOS and Android. It’s an ideal choice for those of us who prefer to trade on the go, making it easy to never miss a profitable trade. 

The app allows us to access real-time market data, execute trade, and manage accounts from anywhere, at any time. 

Comprehensive Educational Resources

City Index shines when it comes to educational resources. They offer a range of tutorials and videos for beginners who want to learn how to trade from the start. However, they also cater to experienced traders with resources about advanced strategies. Overall, this broker offers courses, webinars, tutorials, and a comprehensive FAQ section for skill development. 

Compared to many other similar brokers, City Index really excels in this field. 

Cons

Despite the wide range of plus points, City Index isn’t perfect, just like any other broker. In this section, we will explore the possible downsides of choosing this broker. 

Inactivity Fees

Accounts that are stagnant for 24 months or more will incur an activity fee. This is US $15 or equivalent. Accounts that are inactive for more than three years will need to be reactivated by the customer support team. 

While many users won’t face problems with this situation, some may not want to trade on a regular basis. This is simply something to be aware of. In addition, City Index charges some other fees, including a 2% charge on transitions involving a debit or credit card.   

Limited Account Types

While City Index has several accounts on offer, they are limited compared to some other brokers. They offer a Demo Account for beginner traders who want to test their skills without the risk of losing money. This is for a limited time, but the Standard Account is the next natural step. This account has tight spreads of 0.3 pips on the most popular markets. There are no hidden fees or charges, and it allows trading in over 6000 global markets. Additionally, there are several advanced charting features available. The good news is that opening an account requires no minimum deposit, simply asking for whatever is affordable. This is a big difference between this and other brokers. 

The MT4 Account is the only other option besides a corporate account. This is the MetaTrader 4 account which offers all the tools this platform is famous for. It is a good choice for experienced traders and provides access to EAs. There is a minimum deposit for this account, at $150. For those using a debit or credit account to add funds, there is a minimum of $250 per transaction. 

As mentioned, City Index also has a Corporate Account which allows users to trade with company funds via several users.  

Limited Leverage

Max leverage is 1:30, which is lower than many other brokers. This may not be an issue for some traders, but those looking for higher leverage ratios may find it restrictive. 

Criteria Evaluation

Regulation and Trustworthiness: 5/5

Trading Platforms and Tools: 4/5

Range of Markets and Instruments: 4.5/5

Fees and Spreads: 3.5/5

Customer Support: 4/5

Educational Resources: 4/5

User Experience and Ease of Use: 4/5

Additional Features: 4.5/5

Community Reviews and Expert Recommendations

Most users rate City Index highly and feel particularly reassured by their high quality regulation and consumer protection mechanisms. Many users also mention the range of educational resources on offer for all traders. The courses this broker offers are second to none and most users praise these in particular.

Most City Index reviews state that while most users are satisfied with the accounts offered, they wish there was more choice. This is a point reiterated by many industry experts, who also praise this broker’s educational focus. Strong regulation is another point industry experts point to, along with the longevity of this broker that gives extra peace of mind. 

Price

City Index offers an affordable pricing structure, with competitive spreads on major forex pairs starting at 0.5 pips. Most trades are commission-free, except for share CFDs. As mentioned, this broker does charge an inactivity fee, which is something to be aware of.

The Standard Account doesn’t have a minimum deposit for opening an account; they simply ask that users deposit what they can afford. However, the MT4 account requires a $250 minimum deposit for those using credit and debit cards. City Index doesn’t charge deposit fees and there are no withdrawal fees.

Alternatives to City Index

While City Index is a strong choice,it may not be the best fit for everyone. In this section, we will explore some alternative options. 

RoboForex

RoboForex is a popular choice of broker for all trading abilities. Established in 2009, this broker offers a range of account types to suit many different needs, with countless trading instruments. With low minimum deposits and copy trading features, RoboForex is a solid choice. Read our RoboForex review for details. 

Alpari

Like City Index, Alpari is a long-established broker, having been founded in 1998. It offers a wide range of tradable instruments, including a demo account. There are a wide range of educational tools on offer, and customer support is excellent. However, some account types require a high minimum deposit. Our Alpari review provides more information. 

Pepperstone

Pepperstone is a highly-regulated broker with a great reputation. It offers several account types and advanced charting features, along with social trading. This broker has competitive and transparent pricing, although, like City Index, it does charge an inactivity fee. Read more in our Pepperstone review. 

FOREX.com US

Another alternative to City Index is FOREX.com US. Established in 2001, this broker has strong regulatory oversight and a good reputation. It has excellent customer service and provides a range of tradable instruments and platforms. Additionally, it offers several account types for different needs. Discover more in our FOREX.com review. 

Final Thoughts

Understanding the premium forex brokers on the market takes time and effort, yet it’s all well spent. In this City Index review, we aimed to provide all the necessary information for you to make a solid choice. The forex exchange market can be a complicated place, yet City Index makes it easier with a range of educational resources. This is one of the key standout features of this broker, and it sets them apart from many others. 

Whether you’re looking into forex trading for beginners or you’re an experienced trader, City Index is a leading option. Not only does it have a range of trading platforms but also a large number of tradable instruments. In essence, this broker makes it easy to diversify your portfolio and mitigate future risk. 

However, no brokers are without their downsides and City Index is no different. This broker lacks a large number of trading accounts. While it does have Standard and MT4 accounts available, it lacks range and could be limiting for some. For that reason, it’s important to assess all options before making a choice. 

At TopBrokers, we appreciate how difficult it can be to choose a broker from the start. We aim to give as much information as possible, therefore making the trading journey smoother. From comparisons to direct reviews, we have a range of resources to help you.