CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% 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. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.
City Index is one of the largest online trading companies dealing in forex and CFDs. Known for its robust trading platforms, extensive product catalog, and excellent research facilities, the broker caters to the needs of both retail and institutional investors around the globe. The company has been in the forex business for more than three decades. In this piece, I’ll go through each and everything about the broker, so let’s get started.
Founded in September 1983, CityIndex is a brand name of Gain Capital, a NASDAQ listed company. The broker specializes in trading services across multiple financial derivatives, including forex, indices, shares, and cryptocurrencies. Headquartered in London, the company operates through its regional offices across the globe.
With 800 employees worldwide and several regional offices in various jurisdictions of the world, the company continues to endeavor heights of success under the command of Glenn Stevens (CEO- CityIndex).
The company holds multiple regulations in different regions of the world. In the UK, CityIndex operates under a license issued from the Financial Conduct Authority (FCA). The company offers services to clients in Australia and Europe in recognition from ASIC and ESMA respectively.
|NASDAQ listed – parent company|
Extensive products portfolio
Variety of research & educational tools
Efficient customer support
ASIC & FCA regulations
|Higher spread on stocks|
Does not accept US clients
Outdated legacy platform
Charges in-activity fee
Who CityIndex Markets is for?
City Index is for every individual and corporate investor looking to trade across a wide range of tradable instruments for competitive costs. With lightning-fast trade execution, the company offers ideal trading conditions for scalpers. Through virtually funded demo accounts, the broker helps novice traders to gain the required confidence before going live. The company focuses on providing its clients with superior trading services. The monthly cash rebates and bonus offers make the broker one of the preferred choices of traders for investment in forex trading.
Sign up bonus: The broker offers a signup bonus to qualifying traders. Clients can follow the link for more details..
Is CityIndex Safe?
Trust Score: 80 (read more)
Besides being the brand name of a listed company on NASDAQ, City Index holds multiple regulations in different regions across the globe. In the UK, the company offers regulated trading services in compliance with the Financial Conduct Authority (FCA). On the other hand, the Australian Securities and Investments Commission (ASIC) also authorizes the broker to operate in Australia. City Index is also a registered member of the European Securities and Markets Authority (ESMA) and is therefore allowed to accept clients from the European Union as well.
Owing to strict regulatory requirements, the broker keeps clients’ money in segregated bank accounts. City Index also offers negative balance protection in compliance with ESMA rules. Under the Financial Services Compensation Scheme (FSCS), clients registered with City Index have the right to claim compensation against their financial losses in case the company goes bankrupt. The company protects its clients’ financial and personal information through Secure HTTPS protocols and SSL web encryption models. With that being said, the City Index broker is undoubtedly a safe investment option.
|Publicly traded:||Yes – NASDAQ|
Offering of Investments
With a wide range of tradable assets, City Index allows its clients to trade across more than 4500 financial instruments. However, the variety of assets could vary from country to country owing to the different jurisdictional regulatory requirements. City Index UK offers tax-efficient spread betting opportunities in addition to offering trading services in forex, indices, shares, and commodities. Other products include cryptocurrency coverage across five major markets, forward contracts, and options trading. Due to varying product ranges, It is always better for clients to learn about the availability of specific instruments from the broker before the sign up.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||60+|
|Social Trading / Copy-Trading||Yes|
|CFDs instruments||Forex, Shares, Stocks, Indices, Commodities, Cryptocurrencies (4500+)|
Commissions & Fees
As far as the pricing structure of the City Index is concerned, I find it to be in line with the market rates. Still, I would suggest trading with the broker’s proprietary trading platform to benefit from more competitive spreads.
City Index charges a fixed spread on indices and commodities while a variable spread rate is applicable on trading forex and some other markets.
Traders can expect to have an average spread anywhere between 1.0 to 1.2 pips on EUR/USD in a CFD account. That makes the all-in cost a little higher than the market average. However, most of the competitors seem to be charging even more than what you need to pay at CityIndex.
The minimum spread on indices starts from 0.40 pips. The broker doesn’t list average spreads on other tradable instruments.
Coming towards the available account types, CityIndex offers three main types of accounts, including Personal, Premium, and Professional trader accounts. Institutional clients can also sign up for the Self Managed Super Funds, Corporate & Trust, and Joint Accounts.
The minimum deposit amount to sign up with the CityIndex also varies from country to country. In the UK, traders need to deposit £100 to get started. The broker has not specified any limit or fee for withdrawals. However, traders with dormant accounts exceeding twelve months may need to pay £12 as an inactivity fee.
|Minimum Initial Deposit||£100|
|Average Spread EUR/USD – Standard||1.1 Pips|
|All-in Cost EUR/USD – Active||1.1 pips|
|Minimum withdrawal||Not Specified|
Platforms & Tools
As mentioned above, trading with the broker’s proprietary desktop and web-based trading platforms allow you to access more products as compared to the MT4.
CityIndex’s web-based trading platform is quite flexible and easy-to-navigate. Traders can access almost 90 technical indicators with a wide range of trading tools. Charts viewable in different time frames also help clients to identify bullish or bearish market trends of underlying assets. The only limitation that I came across with the web trader is setting up the new workspace. You need to arrange the widgets of the web trader manually. Apart from that, the platform has enough features to facilitate purposeful trading. It also allows clients to place advanced order types such as trailing stops.
Not to mention, the legacy platform of the City Index known as “Advantage Trader” seems to have obsolete features. Therefore, sticking to the web trader and avoiding the advantage trader is the best course of action that I reckon.
CityIndex desktop platform is widely known as AT Pro. Being an advanced interface, it might appeal to seasoned traders more as compared to learners. With more than 100 technical indicators and over 20 drawing tools, the platform’s charting option is remarkable. It also allows traders to backtest varying trading strategies using historical data.
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||No|
|Charting – Indicators / Studies (Total)||130+|
|Charting – Drawing Tools (Total)||20+|
|Charting – Trade From Chart||Yes|
|Order Type – Trailing Stop||Yes|
Unlike other brokers, the research center at City Index is exemplary. Research tools help traders to receive market updates. On the other hand, instructional videos and written articles are well prepared. The news section enables clients to remain well aware of recent happenings in the forex world and any possible impact on differing FX pairs.
Traders can also use the economic calendar to keep track of upcoming economic events. Here I would like to add my opinion that the integration of video tutorials between the official website of the broker and the youtube channel could have been much better. At present, you might find it a little inconvenient to search your favorite topics at once. The resources available under the technical and fundamental analysis head allows traders to learn market trends for both major and minor currencies.
The education section of the CityIndex is extremely resourceful. The content has three main categories, including Introduction to trading, trading strategies, and enhanced trading skills. The broker tends to satisfy the needs of each class of traders. Beginners may go through the introductory section to read and watch different informational videos and develop their understanding of how forex trading works. On the other hand, skilled traders can enroll themselves in the advanced trader course to learn the latest trading strategies and improve their trading skills. The broker also holds webinars to educate traders through online classes. Those, who wish to meet professionals live, can join the seminars that the broker conducts on an occasional basis. You can sign up to book your seat through the official webpage of the broker.
Keeping in view the needs of on-the-go traders, CityIndex offers a mobile-based trading app supported for both Android and iOS-based mobile phones and tablets. Traders can download the app from the respective App Store. The mobile app offers all such modules that you can access through web-based platforms. Clients can sign up with the broker through the mobile app within a few minutes. Funds deposit and withdrawal requests also become handy through your mobile screen.
Traders can also access charts in different time frames along with over 80 technical indicators and multiple drawing tools. The company also offers access to integrated research tools from the comfort of your palm. Clients can also use the order interface to manage trading risk the same way as they do through the web-based or desktop trading platforms.
|Mobile devices||Android & Apple|
|Features||Watchlist, charting tools, negative balance protection, price alerts|
After a careful review of various services and features offered by the CityIndex broker, I can safely conclude that the broker is one of the best trading choices available for traders all over the world. I find the broker a complete package for both novice and seasoned traders. Besides being secure for your funds, the broker offers a competitive product range for reasonable pricing structures. Easy-to-use trading platforms, quick signing-up process, multiple payment options, and efficient customer support leaves no reason for traders to avoid signing up with the broker.