City Index Review

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Who are City Index?

City Index are one of the oldest Forex and CFD brokers in the world and it is not surprising that they are one of the world leaders in spread betting and CFD trading. The company has huge experience having been operating in the UK since 1983: hardly any other company in the industry can be compared to them in that sense. Recently City Index has been bought by GAIN Capital Holdings, Inc. which is a global leader company in online trading with more than 235,000 funded accounts. The company has several offices around the world like London, Dubai, Sydney and many more with over 800 employees. City Index is a fully trustable broker as it is authorised and regulated by the UK’s Financial Conduct Authority (FCA). With City Index you will have access to thousands of markets worldwide and you will be able to trade everything from indices to shares, currencies, commodities, bonds and more. It is worth noting that the company has also won a number of industry awards for their spread betting, CFD and FX trading services and also some more liked to their products.

What are City Index’s spreads & fees?

Similarly to the majority of online brokers City Index also charge a spread when traders are using their platform. Below we have displayed some of the most common pairs to give you an idea of how competitive City Index’s spreads are. We have compared their spreads with the other brokers we do list here at TopTradingPlatforms.co.uk.

Fixed Spread

City Index Fixed Spread

Variable Spread

City Index Variable SpreadAs you can see City Index spreads compare quite favourably with the other major brokers but if you are a smaller trader you will be charged more by City Index. Having said that there are active discounts for active traders programmes that can lower those costs significantly overtime.

Features and Accounts Types

City Index offers a number of different accounts to meet the request of the different traders. In addition to demo account they also have mini and standard accounts. They do also have a VIP account which has a number of unique benefits like preferential rates on trade execution and also a dedicated experiences senior sales trader which will be at your service 24-hours a day. Interest paid on cash balances and flexible margin rates are also key advantages of the VIP account. As if this wasn’t enough you will also have exclusive access to VIP events. Opening a VIP account is not easy as it is opened by invitations only and the eligibility is determined by the City Index VIP team. The minimum deposit to open an account with City Index is only £25 and you can have spread betting, CFD’s and Forex all in the same account.

It is also worth nothing that City Index offers 2 free demo accounts:

This City Index Demo can be used for a 2 week period and allow traders to gain unlimited access to their trading platform with a virtual cash balance of £2,500. Although 2 weeks might sounds a pretty limited time there is the option to ask for an extension if you are still not quite ready to start risking your own money with a real account.

The MT4 Demo account will give traders the functionality of a MT4 platform and also some exclusive City Index features. The demo account can be used for a month with £10,000 virtual cash balance.

How good are City Index’s Trading Platforms?

City Index has 3 trading platforms suites: 2 of those are proprietary and one is the popular MetaTrader4 (MT4) which is developed by MetaQuotes Software.

City Index proprietary technology is called Advanced Trader Pro also supports automated trading and it is very interesting as it comes with more than 100 strategies which are already pre-loaded in the trading platform.

They than have the web-based version of the Advantage Trader which can also be used on the go as they have an app for mobile smartphones and tablets.

Let’s start by looking the Advanced Trader Pro desktop version: as the name suggests this is not for beginners and it is mostly suitable for experienced traders. The reason is that it is a very complex platform that has a number of advanced features. It has a Development Studio with automated trading functions which are similar to the MT4 platform: this allow that before the trade goes live you can see the test results of how the strategy would have worked over historical data.

As you would expect the charting is also comprehensive as AT Pro desktop comes with nearly 140 technical indicators that can be picked for technical analysis: this is by far more than the industry standard in regards to charting. We should also spend some words for their drawing tools as they are impressive: there are at least 25 tools available which includes Fibonacci retracements, channels and Gann lines which are in addition to the normal trend lines. Another peculiarity of AT Pro is that when you are searching for products to trade across market or when you are building a watch list, spread-betting instruments are already included together with forex pairs and CFDs. Having everything in one place can be useful but it can also create confusion for beginners as it may return multiple assets for the same symbol.

Let’s now look at Advance Trader web-based platform: this platform surely has been developed with a wider audience in mind and it is a much better choice if you are new to trading.

Moving to the firm’s other platform, Advantage Trader is a web-based platform that caters to a wider audience and may be a more suitable choice if you are new to trading or don’t use algorithms. The layout is pretty intuitive and it is easy to navigate around considering that we are talking about a Flash-based web app. There are 27 indicators available in the charting package and also a range of 16 tools in the drawing toolbar. You can also have past news events showing on the chart history. One cons of this platform is that changing symbols is only possible to stocks that are in the watch list: if they aren’t a new chart will have to be opened separately.

Generally we can certainly say that Advance Trader is a great trading platform for beginners and also has a very modern and intuitive design. We understand that there are also plans to upgrade the platform to HTML5 and this will help further the customer experience.

City Index AT Pro - City Index Review

 

In conclusion City Index does offer a variety of top trading platforms which are suitable for the different types of experience of traders. Regardless of the level or trading style they are therefore able to support. For an advanced trader our suggestion is to go with AT Pro as it has a great package with integrated research and advanced alerts. Considering that they have also included algorithmic trading it has a clear edge over MT4.

 

City Index Mobile

 

In regards to Mobile Trading we can say that City Index hasn’t let us down. They have made available app for Android and iOS devices and those are rich in a number of areas: they have included watch list, charting and economic calendar. The experience is smooth and you will find that the options available are intuitive. Overall a very positive experience when trading via City Index mobile app. Research and news headlines have also been well integrated in the mobile platform.

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Customer Service

We have tested City Index customer support and we can confirm that it is of very good quality. They are available 24/5 via local or international phone or email. Their live chat is also very good and can be reached immediately via any of their pages. Even if you are not willing to discuss in English they have many different languages you can get support. In addition to that they have invested in their Help and Support page which is extensive and significantly more comprehensive than many FAQ pages offered by other brokers.

Conclusion

City Index is a very trustable brand that can offer multiple options for traders to access global markets. They have at least 85 forex pairs and more than 10,000 CFDs on several trading platforms. Despite being normally associated with experienced traders we can say that their offering is also very good for beginners. Their spread, especially for active traders, are very competitive and they do offer premium research tools. Their charging package is impressive and with the backing of GAIN Capital they are consolidating as they are one of the largest retail brokers globally. All in all a premium fully regulated established broker that can be the perfect solution for any trader looking to switch or open a new broker account.

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*RISK WARNING: Trading CFDs carries considerable risk of capital loss.

City Index Key Information

  • Established: 1983
  • Regulation: Financial Conduct Authority, ASiC and MAS
  • Min Initial Deposit: £25
  • Max Leverage: margins varies from 5% to 20%
  • Spreads From (EUR/USD):0.69 pips
  • Pairs Offered: 84 Currency Pairs Available

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Your capital is at risk

PROS

tickUsed by 140,000 Traders

tickEstablished in 1983

tickFully Regulated by Financial Conduct Authority, ASiC and MAS

tickMinimum Deposit from £25

tickMin deposit low from £100

CONS

ConsDoesn’t Allow Scalping (see alternatives)

ConsNot CySEC Regulated (see alternatives)

General Fees

  • City Index does charge inactivity fees
  • City Index withdrawal fees varies on payment method

Overnight fees & swap rates 

  • The rollover fee for long positions on EUR/USD is -$20.60
  • The rollover fee for short positions on EUR/USD is $0.25

Commissions

  • City Index does charge commission on CFD shares

Trading Features

tickAllows hedging

tickOffers STPs

tickLow min deposit

tickGuaranteed stop loss

Accounts Offered

tickDemo account

tickMini account

tickStandard account

tickManaged account

Are you not sure? Why not opening a demo account to to try yourself!