Backed by StoneX Group, City Index is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets. City Index is a reputable forex broker with 30+ years of trading experience. Whether it’s pricing, mobile technology, safety, or customer service, the company excels in all fields. The City Index demo accounts in combination with the abundance of educational content will provide a great training experience for new, as well as intermediate traders.
A globally popular platform known for its advanced charting capabilities and a rich library of custom indicators for CFD trading. Thanks to its TradingView integration, Web Trader boasts advanced charting capabilities. I can access over 90 indicators, drawing tools, and other charting enhancements directly within the platform.
The training programs are designed based on tools for traders of all levels, from “beginner to advanced.” Their offer of CFDs is somewhat limited so that can be considered a drawback. City Index’s trading platforms are versatile and well-made, but advanced traders will find better trading platforms. All in all, they can improve in a few areas but it’s still an overall great broker with no significant drawbacks.
Contents
Unlike companies such as FXCM and 24Option, City Index has never been involved in any scandals or noteworthy legal charges. They have a very good reputation and a long track record, which is not the case for most brokers in the forex world. In early 2017, GAIN acquired FXCM’s U.S. accounts worth $7.2 million immediately after FXCM was banned in the U.S. City Index doesn’t charge withdrawal or deposit fees, though banks or payment providers may have added charges.
The forex broker offers you adequate trade tools for market analysis and links to third-party research providers can help you in the decision-making process. You can get a demo account to test City Index’s products and to experience its customer support firsthand. Users can set custom price alerts, build watch lists, and chat with customer service. The apps integrate TradingView for charting, allowing users to take full advantage of its advanced charting capabilities and extensive technical analysis tools.
Our broker reviews are reader supported and we may receive payment when you click on a partner site. Seasonality can be a useful tool if used wisely (and in context) with current sentiment and news flows. Seasonality really is a backwards looking indicator that can easily be overpowered by key macro drivers. But its strength comes in to play when seasonality aligns with the macro landscape. It’s important to note that while City Index’s spreads are generally competitive, they may not always be the lowest in the market. Yes, City Index is well-suited for beginners, offering extensive educational content and support.
Does City Index Have Options?
Traders can also access Performance Analytics, SMART Signals, Trading Central, Advanced Charts, and alerts to help them. The wealth of educational and analytical resources leads us to conclude that this broker is very suitable for new traders. That’s not to say that experienced traders can’t benefit from this broker, as the tools, high-tech platforms, and other features have a lot to offer professional-level clients. There are 13,500+ financial instruments to choose from at City Index, including forex, stocks, indices, and commodities.
With an average spread of 1.79 pips, your cost will be $16.52 per lot you trade. This contrasts significantly with what we found in our IC Markets Review which averages 1.03 pips or $9.63 per lot. The required information is standard operating procedure and grants traders access to the back-office. Per regulatory requirements, a verification process to satisfy AML/KYC requirements are necessary.
- The minimum withdrawal is £50, with a maximum online amount of £20,000 per single transaction.
- Asset selection at City Index is exceptional, catering to traders across the spectrum.
- It only trails a handful of brokers in terms of its market offering, such as BlackBull and IG.
- To access the trading strategy course, forex traders need to open an account with City Index and make a minimum deposit.
- Once the trial ended, I had to start fresh with a new demo account(s), which was inconvenient.
Review
City Index quotes the minimum spread plus the average spread for a historical period. Additional commissions and fees exist only for CFDs on equities and they vary for different markets. Complete training in financial markets such as “Forex,” “Stock Market,” and “Cryptocurrencies” only becomes comprehensive with tested trading tools and strategies. “Trading Finder,” with its experience, aids traders and investors in gaining a correct understanding and deep learning.
Account funding at City Index
There is also a monthly inactivity fee of £12 for trading accounts that are inactive for 12 months or more. City Index doesn’t make any charges for debit card, credit card deposits or transfers and the broker also doesn’t charge city index review for money withdrawals. These revenue streams allow us to remain financially independent of advertisers, enabling us to provide all services with maximum transparency.
City Index’s proprietary browser-based platform is developed in HTML5 which makes it very intuitive, fast, and customizable. Web Trader doesn’t have an abundance of features like AT Pro, but it is a great, comprehensive platform for more casual traders. Keep in mind that spreads are a lot higher if you trade on MetaTrader 4. To analyze City Index fees in more detail, check out the full pricing schedule on their website. The City Index demo account has a virtual balance of £2,500 and gives users access to all of the platform’s features. The MetaTrader 4 demo account starts with a £10,000 virtual balance and gives users access to the forex market.
The company experienced substantial financial difficulties during the 2008 financial crisis, leading to restructuring and eventual acquisition by GAIN Capital in 2014. GAIN Capital itself was later acquired by StoneX Group in 2020, making City Index part of StoneX’s retail brokerage division. City Index has a competitive pricing schedule when it comes to forex and stock index CFDs. Stock CFD commissions are higher but you can get some of the best overall prices in the industry if you trade on City Index’s proprietary platform.
- The MetaTrader 4 demo account starts with a £10,000 virtual balance and gives users access to the forex market.
- Traders can also access Performance Analytics, SMART Signals, Trading Central, Advanced Charts, and alerts to help them.
- Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com.
- Scalpers may make multiple trades over the course of a day and don’t leave positions open over night.
With competitive pricing, multiple trading platforms, and integrated research tools such as Trading Central, there’s a lot for traders to love. There are also tutorials on using the platform available to traders, making it ideal for newbies and veterans alike. With City Index, you will find that the account opening process is very simple, and the broker has excellent Forex education and research tools. We gave City Index a high trust score cause their parents is listed on the NYSE and they are multi-regulated. Besides the three distinct account types, City Index has three trader classifications.
Before deciding to trade in any kind of financial market or financial instruments, you should carefully consider your investment objectives. Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team. City Index provides access to both MetaTrader 4 and a proprietary platform, catering to a variety of trading preferences. All content on this site is for informational purposes only and does not constitute financial advice.