Accepts US Clients: No
Min. Deposit: NA
Platforms: GTS (Global Trading Systems) , Java , Mobile Trader , MT4 , Web Trader
|Type of Broker||Dealing Desk , Market Maker , No dealing desk , STP|
|Islamic Account (Swap Free)|
|Deposit Options||Bank Wire Transfer , Credit Card , Credit Card deposit by phone , Debit Card|
|Withdrawal Options||Bank Wire Transfer , Credit Card , Credit Card deposit by phone , Debit Card|
Bonus & Rewards
|No Deposit Bonus|
|Bonus for First Deposit|
|Is the Bonus Based on the Volume of the Transaction?|
|Platform Type||GTS (Global Trading Systems), Java, Mobile Trader, MT4, Web Trader|
|Platform Languages||English, German, Arabic, Polish, Chinese|
|OS Compatibility||Mac OS , iOS , Windows , Android|
|Streaming News Feed|
|Trade From Charts|
|Guaranteed Stop Loss|
|Guaranteed Limit Orders|
|Interest on Margin|
|Customer Support Languages||English, Spanish, German, Arabic, Polish, Chinese|
|Customer Service Hours||24h|
|Place Trades Over the Phone?|
City Index - Overview
City Index was founded in UK in 1983. After 31 years in the financial industry, they have grown to be one of the world’s leading providers of trading services for Contracts for Difference (CFDs), Forex and Spread Bets. Their international reach has expanded to include countries like Australia, China, Poland, Singapore and the U.S.
One of the key reasons for their success is because they cater for every type of trader. With a wide range of markets to trade with, City Index certainly appeal to the professional trader. Nevertheless, small time traders are also not being sidelined as they can start trading with as little as 1 per point.
The mainstay of City Index’s trading platform is their “Advantage Trader”. The platform is available in several versions such as:
- Advantage Trader (Download Version)
- Advantage Web Trader
- City Index Pro Trader platform
- City Index FX Trader
- Mobile Traders
Overall, City Index’s platforms worked as advertised. Operating the platform is a straightforward affair. Beginner traders will feel right at home with how easy it is to use the platform. There is also a market search function incorporated into the platform to help traders locate the assets which they want to trade. Prices are also feed live through the platform giving the impression that one is right in the middle of all the action.
Opening a trading account at City Index is quite simple. With clear instructions posted on the website, traders can actually complete the application process within a few minutes.
The account opening process actually demonstrates the extra effort that City Index goes through to try and establish a rapport with novice traders. For example, new traders are asked if they want start off trading with small positions for the initial 4 weeks. This is especially useful for novice traders who are just starting to get their feet wet and are trying to build up their confidence. This is on top of the free demo account supplied by City Index.
Commission & Spreads
City Index claim to provide their clients with fixed competitive spreads regardless of market conditions. For major forex pairs like the EUR/USD and USD/JPY, the spread is only 3 pips. We found that they are actually comparable with those offered by the IG group.
Customer support at City Index is available from Monday to Friday 24 hours a day. Customers of City Index can get in touch with the support team by means of:
- Live Chat
One can tell that the guys at City Index really put efforts into building a true client relationship as the account manager make it a point to personally contact new clients and orientate them about the account policies within a couple of hours after they sign up.
In term of reliability, one need not worry about this as they are:
- FSA Regulated
- Financially Robust
- Have A Solid Track Record
A quick check with “Company Check UK” revealed that they maintained a healthy cash balance in their accounts.
- Wide range of Markets
- Competitive fixed Spreads
- Advanced Trading Platform
- Support Mobile Trading
- Reputable Company
- The Search function on the trading platform can be further improved to make searches by company name easier.
- Performance of the trading platform can seem sluggish at times.
This broker’s reputation as a market leader is definitely well deserved. In spite of the competition, City Index has managed to establish a strong foothold in the industry by providing their clients with very competitive spreads and good customer support. Novice traders will find City Index an excellent partner to work with.