City Index Review 2024
Website: www.cityindex.co.uk
Min. Deposit: US$ 0
Leverage: 1:30
Trading Platforms: Advantage Web, AT Pro, MT4
Regulation: FCA, NFA, CFTC, IIROC, ASIC, JFSA, MAS, CIMA
Headquarters: UK
Founded: 1983
Regulatory Licenses:
- GAIN Capital Holdings Inc - authorized by CFTC (USA)
- GAIN Capital Group LLC - authorized by NFA (USA) with NFA ID: 0339826
- StoneX Group Inc - authorized by NASDAQ
- StoneX Financial Ltd - authorized by FCA (UK) registration no. 113942
- GAIN Capital Canada Ltd - authorized by IIROC (Canada)
- StoneX Financial Pty Ltd.- authorized by ASIC (Australia) registration no. ACN 141 774 727, AFSL 345646
- GAIN Capital Japan Ltd - authorized by JFSA (Japan)
- GAIN Capital Singapore Pte Ltd - authorized by MAS (Singapore)
- GAIN Global Markets Inc - authorized by CIMA (Cayman Islands) registration no. 25033
- Representative Office of GAIN Capital UK Ltd in the UAE - authorized by UAE Central Bank with identification number 04.02.01.072.2014.02
Updated on May 15, 2024
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Following a detailed and comprehensive methodology, our review of City Index involved comparing it against over 1000 other brokers. This process included assessing its regulatory framework, trading platforms, asset offerings, customer service, fees, spreads, and educational resources. Our objective was to ensure that our review is not only thorough but also unbiased and accurate, providing potential traders with a clear understanding of what City Index has to offer.
City Index stands as a revered multi-asset Trading Provider, boasting over 40 years of industry experience under the robust umbrella of GAIN Capital, a stalwart listed on the New York Stock Exchange. With a foundation dating back to 1983 in London, UK, City Index has etched its name as a front-runner in the realms of spread betting, Forex, and CFD trading across a diverse array of assets including forex, indices, shares, commodities, bonds, interest rates, and cryptocurrencies. The transparent operations and consistent benefits showcased by Gain Capital, alongside a global footprint marked by 800+ staff spread across Europe, Asia Pacific, and North America, affirm City Index's position as a broker of clear and reliable operations.
Pros
Recognized as one of the best UK brokers with a comprehensive range of instruments
Offers competitive pricing with low spreads
Features a robust educational section
Cons
Customer support is not available around the clock
Absence of multicurrency accounts which might incur conversion fees
Lacks social trading features
City Index Review Summary in 10 Points ▲
Headquarters: UK
Regulation and License: FCA, NFA, NASDAQ, CFTC, US SEC, IIROC, ASIC, JFSA, MAS, CIMA, UAE Central Bank
Platforms: Advantage: Web, AT Pro, MT4
Instruments: Currency Pairs, Shares, Cryptocurrencies Bitcoin and Ethereum, Indices and Commodities
EUR/USD Spread: 0.5 pips
Demo Account: Available
Minimum deposit: US$0
Base currencies: Several Currencies
Education: Learning Academy and Technical Analysis
Customer Support: 24/5
Following our expert review, City Index is celebrated for its strong regulatory compliance and offering some of the finest trading conditions in the Forex and CFDs trading market. The broker's diverse instrument range is globally renowned, making it an attractive choice for international traders. Furthermore, for UK residents, it presents competitive conditions for spread betting. However, the absence of multi-currency account options was a noted limitation. City Index's Overall Ranking stands impressively at 4.4 out of 5, setting it apart in comparison to other leading brokers.
An in-depth investigation into City Index's offerings revealed its esteemed position earned over forty years of operation, underscored by numerous awards and international recognition. Being part of GAIN capital, a ranked institution, these accolades truly hold significance. Among these honors are Best Spread Betting Platform by ADVFN, Best Spread Betting Provider at the Shares Awards, Best CFD Provider, Best Mobile Application, Best Cryptocurrency Trading Platform at the Online Personal Wealth Awards, and Best MT4 Broker at the UK Forex Awards.
Is City Index safe or a scam? ▲
City Index is definitively not a scam. Our experts recognize the broker as a well-established and respected entity with FCA authorization, bolstered by a compensation scheme for insolvency scenarios, as well as offering traders' negative balance protection. This regulatory foundation underpins City Index as a secure and trustworthy broker.
City Index ensures the protection of retail client funds by segregating them from the company's finances, securely held with leading global banks. This, coupled with stringent adherence to protection procedures and negative balance protection means traders can engage with City Index with peace of mind. In the event of insolvency, FSCS-controlled clients are eligible for account recovery up to £85,000, further enhancing trader security.
Leverage, often described as a loan provided by the broker to the trader, enables the trading of larger volumes than the trader's initial capital. This tool can significantly amplify both gains and losses. Following the latest regulatory guidelines issued by the European ESMA, leverage is capped at a maximum of 1:30 to mitigate risk exposure. City Index offers varying leverage levels based on the geographical location of its entities and the traded instruments:
European clients are subject to a maximum leverage of 1:30.
The Australian branch also adheres to the 1:30 leverage cap.
US traders can access slightly higher leverage, capped at 1:40.
International clients have the opportunity to leverage up to 1:400, positioning City Index among the brokers offering high leverage. It's important to note that leverage levels and trading margins may differ according to the specific account chosen.
City Index simplifies account management by offering a straightforward choice between financial spread betting and CFD trading accounts. Traders can select from three distinct account types: Trader, Premium Trader, and Professional Trader. Each account type maintains the same level of efficiency, support, and technological advancement but caters to different trader experience levels.
An additional feature for active traders is the Private Client Service, designed for individuals who deposit and maintain a balance of £10,000 or more. This service offers competitive pricing, expert trading support, and exclusive perks.
Demo trading accounts are also available, providing new traders with 12 weeks of unlimited access and a £10,000 balance to practice trading on CFD, spread bet, and MT4 accounts. Access to various platforms is granted based on the account type.
With City Index, traders can access over 12,000 global markets, including indices, shares, forex pairs, cryptocurrencies, and commodities. The broker offers a broad selection of trading instruments:
21 global indices
Over 4,500 shares
84 FX pairs
Cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple
More than 25 commodities
Additionally, traders can explore markets in metals, bonds, interest rates, and options. It's important to remember that cryptocurrency trading is prohibited in the UK, so UK residents may need to consider trading under different jurisdictions. The instrument range at City Index received a score of 4.1 out of 5, with the primary limitation being the variation in market range depending on the entity with which the account is registered.
City Index's pricing model is transparent, offering competitive fixed and variable spreads. Spreads start from 0.5 pips for forex and from 1 point for indices, with margins from 3.33%. The overall rating for City Index fees, based on our comprehensive analysis compared to over 1000 other brokers, stands at 3.95 out of 5, categorizing it as having average to low fees.
Pros
Competitive spreads starting from 0.5 pips for FX
Transparent pricing model
Cons
Fees vary based on trading instrument and account type
Additional fees are applied for spread betting or share CFD trading, with UK shares subjected to a 0.08% CFD commission and a minimum charge of £10. An overnight fee is also charged for positions held open longer than a day, with financing rates set at a benchmark regional interest rate of +/- 2.5%.
City Index offers spreads that vary depending on the market you wish to engage in, presenting options between fixed or variable spreads to accommodate your trading strategy preferences. For the most accurate and up-to-date spreads, it's advisable to consult the official website or trading platform directly. Our analysis places City Index's fee structure among the most competitive, with spreads on key forex pairs like EUR/USD being significantly lower than the industry average of 0.5 pips.
In comparison to other brokers, City Index's spreads receive a commendable score of 4.3 out of 5, reflecting excellent conditions for traders seeking cost-effective trading solutions.
City Index supports a variety of common payment methods, enabling traders to select the most convenient options for funding their accounts. Despite the range of methods being somewhat limited, they are notably reliable and free of additional charges for fund transfers, which stands out as a significant advantage. We rate City Index's funding methods as excellent, assigning a score of 3.9 out of 5.
The broker's minimum deposit policy is inclusive, requiring no specific minimum amount for account opening. However, a deposit of at least $100 is recommended to ensure adequate margin coverage. This is notably more accessible than the $500 typically required by many other brokers.
City Index offers a diverse selection of trading platforms, including web-based options like the Advantage Web platform, the downloadable AT Pro platform, and mobile or tablet apps, in addition to providing access to the widely used MT4 Platform. With a rating of 4.0 out of 5, City Index's platform offerings stand out for their industry-standard and proprietary options, catering to a wide range of trading preferences and needs.
The web platform is especially notable for its powerful technology, suitable for traders of all levels. It features customizable charts, a wide range of indicators, and actionable trade ideas. Its ease of access and combination of powerful analytical tools have earned it several awards for excellence.
City Index's customer support services have been positively received by traders, offering assistance through phone, chat, and email across various international locations. The support team's responsiveness and helpfulness have earned it a rating of 4.1 out of 5, indicating a good level of service compared to other brokers in our evaluation of over 1000 brokers.
City Index provides a comprehensive learning center that caters to both novice and experienced traders. The Education Center offers insights into trading concepts, analyses, strategies, and courses tailored to different levels of trading expertise. Regular webinars and updates on trading news further enrich the educational offerings. Based on our analysis, City Index's educational resources receive a score of 4.2 out of 5, showcasing an extensive range of materials available for free to help traders refine their skills.
City Index, as a subsidiary of the global financial company GAIN Holding, presents itself as a reliable and stable trading partner, backed by stringent regulations and client protection measures. The broker's comprehensive technical tools, diverse platform options, and wide array of analytical and strategic resources offer a compelling mix for traders of all skill levels and preferences. City Index is highly recommended for beginning traders, those who prefer the MT4 platform, currency and CFD trading, spread betting, and cryptocurrency trading, making it one of the top 12 UK brokers.
Based on our extensive review and expert opinion, City Index is well-suited for a variety of trading strategies and offers an excellent trading environment for both new and experienced traders.
