City Index Review
The Internet is large, and it is home to numerous trading platforms. When you’re just starting out with trading, you have one thing on your mind: finding a website that has some amazing offers and is also safe to use.
CityIndex might be one of the websites that pops up when you’re looking for your next platform. The first question on your mind may be “Is City Index a safe trading service?” Without spending hours or days researching the company, there is no way to know the answer.
If you’re the type of person who doesn’t have the time nor the energy to do so much research on a single platform, then don’t worry. We did all the research for you, and you can find out everything in this comprehensive review. Let’s get to it!
Who Is City Index for?
City Index is recommended for everyone who is looking for a widely used and trustworthy platform. You can trade with MT4, which is one of the most popular Forex trading platforms. Besides, people also have a mobile app that they can use.
City Index is also great for individuals who don’t have a high income. The low Forex fees are ideal for anyone who doesn’t want to spend too much money on trades, especially in the beginning.
That being said, the platform can also be amazing for anyone who is at the beginning of their trading journey. Opening an account is fast and easy, and there is a large number of research tools.
People who want to trade cryptocurrency will have a great time using City Index as well, as there is cryptocurrency coverage. The product catalog is pretty large as well.
Things We Like
The main thing we really like about City Index is the fact that it has a lot of experience. It was established decades ago, so it knows how the trading world works. Not only that, but there are more than 14,000 users and traders, which goes to show that the platform does something right. Besides, we also found the sophisticated back testing to be satisfying, as well as the packed product catalog.
Another thing we like is the fact that the Forex fees are very low. Also, opening an account is not complicated at all. The process goes smoothly, and it can be done within minutes.
Things We Don’t Like
Even though the product catalog is large, it is still quite limited compared to other brokers. We found this to be disappointing. On top of that, stock CFDs come with very high fees. The desktop platform is not that user-friendly either, which can put off a lot of traders who just want a nice place to trade.
Margin discounts are also restricted to professional accounts, and there is a lack of social trading data.
Pros / Cons
- More than 14,000 users and traders
- Forex fees are very low
- Opening an account is very easy
- Limited compared to other brokers
- Stock CFDs come with very high fees
- Margin discounts are also restricted to professional accounts
Before you jump straight into using City Index, it’s important to familiarize yourself with what this platform has to offer. There are a lot of good things about it including the experience they have on the market, as well as the low account minimum. However, here are some things you may want to know before creating an account:
Who Is City Index?
City Index is a trading platform that has been established back in 1983. It is not only a financial trading platform but also a multi-asset broker. It operates globally and the company has a head office in the UK.
During the 38 years it’s been in business, City Index was able to offer people CFDs trading, Forex trading, and Spread Betting trading. It turned into one of the trading leaders in the entire world. People who use the platform gain access to as much as 12,000 global markets across shares, commodities, indices, and Forex.
Is City Index Regulated?
City Index is regulated by several top-tier authorities. More specifically, it is regulated by the Australian Securities and Investments Commission (ASIC), the UK Financial Conduct Authority (FCA), and the Monetary Authority of Singapore (Mas).
Is City Index Safe?
City Index is a safe platform for the most part. There are many things that add to its high-security level. First of all, the platform is regulated, which is a great start already. It is also a platform that has a lot of experience. If the company has been around for such a long time, it only makes sense that they know what they’re doing and that they already know how to maintain the safety of the customers.
Also, the company is listed on the stock exchange, and it has negative balance protection as well. This way, you can rest assured you will be protected when trading with City Index.
Countries It Accepts Clients from
The broker doesn’t accept clients from every country. Selected countries such as the U.K., Australia, and Singapore are some of the accepted countries. But if you are from a country like the U.S., France, Iran, Zimbabwe, or New Zealand, you will not be allowed to use it.
After all this time providing services for people who love trading, City Index has been recognized as a top broker. The company has won several industry awards, and here are some of them:
- OPWA Best Cryptocurrency Trading Platform 2018 Winner
- ADVFN International Financial Awards Best CFD Provider 2019 Winner
- Shares Awards Best Professional Trading Platform 2019 Winner
- OPWA Awards Best Trading Platform 2019
- ADVFN International Financial Awards Best CFD Provider 2019 Winner
Range of Offerings and Products
City Index is a broker offering Forex and CFD services. There are 84 currency pairs offered, 4,500 stock CFDs, 12 bond CFDs, 29 commodity CFDs, 690 ETF CFDs and 22 stock index CFDs. Also, there are 6 cryptos.
However, you can only trade CFDs, cryptos, and Forex, so you do not really have other options. If you are looking for asset classes such as funds or real stocks, you will have to look elsewhere.
We’ve discovered that City Index features a web platform, a desktop platform, and a mobile one. With the desktop one, you get to use MetaTrader 4, which is one of the most popular platforms out there for traders. City Index doesn’t have the Meta Trader 5 platform, unfortunately, but Meta Trader 4 can be more than enough for people who are just getting started.
City Index has a desktop platform with a nice interface, and it works pretty nicely for the most part. Operations are smooth and you have multiple drawing tools, as well as charting ones.
Then, we have the web trading platform, which has several benefits too. It has a large variety of order types, and it is also user-friendly. Besides, it has incredible customizability. Unfortunately, it doesn’t have a 2-step login.
The mobile trading platform comes with pretty much the same benefits. It is user-friendly and features multiple order types. The search function is great too. Similar to the web platform, though, there is no 2-step login. There is also no Face ID login or a no-touch one. So, they could work on improving these aspects.
Three account types are available on City Index.
You can choose between a minimum account balance, leverage, or additional services account. It all depends on what you want from your trading experience.
City Index offers a standard trading account, a professional account (invitation only), and two types of demo accounts. There is no minimum deposit to open a real trading account, although City Index recommends $/£/€100 to get started.
After you click the green “Create Account” button the website, City Index, asks you a few questions related to:
- Your personal details
- Which products do you want to trade in your account (spread betting, CFDs, or both)
- Your financial status
- Your trading experience
When opening an account, traders can choose whether they want a CFD account, a spread betting account, or a single account with both products. City Index doesn’t have specific criteria to qualify new traders but aims to ensure some competence and understanding due to the risks involved.
How To Verify Your City Index Account
After completing this information, traders may have to submit additional information to verify their identity.
Traders who have to supply additional information are required to present one document as proof of identity and one as proof of address.
A demo account is offered for people who want to test the platform before committing. So, this is a good thing for beginners.
Traders can use demo accounts for up to twelve weeks, and City Index provides them free of charge.
The City Index demo account comes with 10,000 demo credits and allows access to all features of the platform. The MT4 demo account also comes with 10,000 demo credits, along with access to the forex market.
In terms of deposits, there are many options that you can use. Bank transfers, electronic wallets, and credit/debit cards can be used in order to deposit money. The best thing about it is that there are no deposit fees, which makes everything more pleasant for the user.
What is City Index’s Minimum Deposit?
City Index officially has no minimum deposit but suggests all traders that they start with a minimum deposit of $100.
Withdrawals are available using the same methods you use for deposits. However, in terms of credit cards, you have to be wary, because not all credit cards are available.
City Index Promotions
Sadly, City Index doesn’t offer promotions or bonuses.
Client Support and Education
Anyone looking for a platform with a lot of educational resources can check City Index. Besides the trading platform tutorial, it also offers some educational videos that clients can use. On top of that, they offer a demo account, which can teach you the basics of the platform before getting started.
Verdict – Overall Rating
Overall, City Index is a good platform for beginner traders or just people who want to trade Forex or CFDs. There are many educational materials to use, not to mention that you also have many currency pairs to choose from.
We think the company needs to improve on the number of products it offers, though. Anyone looking to trade anything other than CFD, Forex, or cryptos will have to look for another platform. Also, a 2-step login function should be taken into consideration.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.
There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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