|Broker Name||City Index|
|Regulation||FCA-Financial Conduct Authority|
|Address||16 Finsbury Circus, London, EC2M, United Kingdom|
|CS Phone||+44 203 194 1801|
|Trading Platforms||Web Trader, AT Pro, MetaTrader 4,|
|Trading Platform Timezone||N/A|
|Web based trading||Yes|
|Other Trading Instrument||Metals,Shares,Spreads,Crypto|
CITY INDEX REVIEW CONTENT:
- CITY INDEX REVIEW
- GENERAL INFORMATION
- BROKER REGULATION
- TRADABLE PRODUCTS
- OPEN AN ACCOUNT
- DEPOSIT AND WITHDRAWAL OPTIONS
- COMMISSIONS AND SPREADS
- SPECIAL FEATURES
- DESKTOP EXPERIENCE
- MOBILE EXPERIENCE
- RESEARCH TOOLS
- CUSTOMER SUPPORT
- CITY INDEX REVIEW: CONCLUSION
CITY INDEX REVIEW 2020
The trading world is a beautiful yet terrifying place. It offers traders unimaginable victories and dramatic losses, truthful brokers, and sneaky scammers. Besides, our team at WiBestBroker is always working hard to uncover all the secrets and businesses behind every single broker we write about. Let’s take a look at one of the brokers that we have stumbled upon.
CITY INDEX: GENERAL INFORMATION
City Index is a brand that has been around for nearly 35 years already. It is based in London and offers a variety of trading assets and provides more than 12,000 instruments. Thus, City Index is one of the oldest U.K. brokerages.
Overall, the brokerage has a large experience in the trading community and provides the highest levels of services to its clients.
City Index is an FCA-regulated brokerage. It offers reliable regulatory protection to its traders through compensation schemes and client fund segregations. Besides, the broker is licensed through the Financial Conduct Authority, also known as FCA. The reference number is 113942. The broker also complies with the ESMA, the European Securities and Markets Authority. Moreover, ESMA is an organization that controls rules that limits leverage and provides negative balance protection for clients.
In addition to all of this, the U.K. FSCS, Financial Services Compensation Scheme, provides up to £50,000 coverage in case of a broker default. However, they list no additional or private coverage.
CITY INDEX TRADABLE PRODUCTS
Also, the broker provides up to 12,000 assets across several asset classes. City Index offers 84 forex pairs, more than 4,500 shares, and 25 global commodities. In addition, clients can trade up to 4,000 shares from multiple exchanges. Also, index and metal CFDs can be traded on a cash or futures basis. However, cryptocurrency coverage is limited to five major markets. Users can trade forex through FX via MT4, CFDs, and spread bets.
OPEN AN ACCOUNT
Besides, City Index offers three types of accounts: trader, premium trader ad professional trader, depending on which country they are based in, and a free demo account that can be used for three months.
Here’s a brief overview of everything that these three accounts offer:
- The Trader account is the basic retail account. It is great for beginners. The account offers access to 12,000 trade assets. Also, it features up to 16 different charts and 80 indicators.
- The Premium Trader account is not as open as the first type of account. This one can be opened only by invitation, as it is a private retail trading account. Besides, the account features broker-assisted trading, account managers, and holders. The Premium Trading account offers its users an advanced research portal.
- The third, Professional Trader account is an institutional-level trading account. It features a switcher bonus of 1,000 pounds, monthly cash rebates, and credit facilities. To apply for this account, you would need to fill an application form. Afterwards, if the approval follows, you’ll get to start trading.
- A Demo account is easy to open directly from the website, using the online form. The demo account allows its users to participate in the test-trading of 100 FX and CFD markets using platforms like MT4 and WebTrader. The account is available for training for three months and has a virtual deposit of £ 10,000.
CITY INDEX DEPOSIT AND WITHDRAWAL OPTIONS
City Index offers two methods of depositing and withdrawals of funds, which are based on a cold wallet system that provides security for all possible transactions. However, deposits and withdrawals on City Index must be done within the MyAccount. MyAccount offers a user-friendly interface to conduct any possible transactions safely. Withdrawal and deposit methods available on City Index include the following:
- City Index provides Bank wire transactions of a minimum of 100 British Pounds, between 1 and 7 days.
- The cold wallet system offers an additional level of protection to ensure that users can initiate transactions safely.
- To make a deposit or withdrawal, City Index offers popular credit and debit cards that include MasterCard, VISA, Electron (debit cards option only), and Maestro cards.
COMMISSIONS AND SPREADS
Commissions and spreads are charged on all assets on all the City Index platforms. Spreads are competitive and star from 0.5 pips EUR/USD. The broker offers both fixed and variable spreads and zero commissions for Spread Betting. However, CFD Trading, which inquires 0.08% commission on a minimum $10 trade. Also, debit and credit card deposits are free. Bitcoin and Forex trades induce an overnight fee.
City Index API is restricted to the institutional partnership. This, in a way, lowers the value of the AT Pro backtesting and automated trading capacities. Additionally, the brokerage offers no VPS hosting. There is no volume discount.
However, through the OSCA, Omnibus Segregated Clearing Account, the broker offers central counterparty clearing on certain markets. This special featured account has not the same direct access to the market. It mostly operates through the interbank and the central clearinghouse.
However, this type of account functionality can be gained through a separate application.
City Index offers a variety of trading platforms for its various trading products. City Index offers two web-based platforms: Web Trader and Advantage Web. Although, the Web Trader is City Index’s new proprietary web-based platform. Also, it offers advanced charts, custom indicators, and fully customizable workspaces. Meanwhile, Advantage Web provides a customizable layout and powerful HTML 5 as a basis for technical analysis and profitable trading.
A side-by-side comparison of account types shows that Advantage Web is only available to professional traders.
City Index proprietary mobile versions for iOS and Android allow easy syncing between platforms. In addition, it offers well-organized menus and a user-friendly interface. Also, City Index developed proprietary Advantage Trading app keeping in making sure it is compatible with iOS and Android.
Besides, the advanced iOS mobile and Android apps offer advanced trading options.
CITY INDEX EDUCATION
Education is essential for any successful trader. In addition, City Index offers its clients an educational training section that offers written trading tutorials. In addition, the broker also provides how-to articles. Also, each one explains the major trading venues and also features full-featured help and support database. However, that’s it. We could not find additional educational information on the broker’s website.
City Index offers its users an impressive research portal. Also, analysts and trading specialist provide profound and fresh daily market updates, through articles, web-based news page, and webinars. Besides, platform research tabs open into Trading Central. Moreover, this subdivision is divided between the first scanners and customizable technical tools. The first scanner provides a variety of filters and includes current prices versus the broker’s calculation of fair value.
City Index offers 24/5 customer support through London local and international phone numbers. Besides, online chat is available through a live bot or human customer representative. In addition, the broker is open to phone calls, live emails, and social media platforms. Also, the phone numbers provided by City Index are usually for general FAQ inquiries and sales support.
Although, if you need anything here’s contact info. Phone numbers for:
Account opening – outside the UK +44 203 194 1801; the U.K. only 0845 355 0801
General inquiries and questions – +44 207 550
Social media: Twitter (Twitter.com/cityindex) and Facebook (Facebook.com/CityIndeEmails)
Also, Emails are typically responded to in one business day; for additional information, clients can check out the City Index website.
CITY INDEX REVIEW: CONCLUSION
Overall, City Index offers an excellent fit for new and mid-level traders. In addition, the brokerage specializes in CFDs, spread betting, and options in bonds, forex, shares, commodities, indexes, interest rates, and cryptocurrencies.
Also, City Index has a high trust index among the trading public, and it is an excellent brokerage for those seeking the safety of the trading environment. Besides, the company truly offers an impressive product catalogue, robust research facilities, and trading platform choices.
However, the only complaints traders have had with City Index are in the areas of the navigability of its website. Moreover, the payment system is a bit limited. Moreover, users from outside the United Kingdom are unable to use card systems to deposit and withdraw funds, leaving just the bank wire as the only means available to such users. Also, City Index must improve on this feature to continue to attract clientele outside the U.K.
However, no broker is perfect. Even though the City Index offers an excellent service to its clientele, there are still some flaws. In conclusion, here are all the advantages and disadvantages we found while analyzing this broker.
- Large product catalogue
- Regulated by the FCA in the UK
- Long track history
- Tax-free profits on spread betting available in the U.K.
- Over 12,000 markets available
- The wide selection of expert analysis available
- Cryptocurrency coverage
- Sophisticated backtesting
- No volume discounts
- No social trading data
- Margin discounts restricted to professional accounts
- Inactivity fee charged for not using the report for a year