Compared to other similar brokers, CityIndex’s account opening process is fast, generally hassle-free, and fully digital. The third step requires filling in your employment status, financial details, and trading experience. Unfortunately, CityIndex does not publish the swap fees on its website. For details of the exact swap fees for each instrument, please view the market information sheet on the platform.
For the purposes of this review, we found the customer support responsive and polite. They were able to answer our questions without hesitation and provided extra reading material where appropriate. Overall, CityIndex provides a slightly limited range of payment methods, but traders will be pleased that no commissions are charged on deposits or withdrawals. The live account has no minimum deposit and spreads are better than most market makers – from 0.50 pips, averaging at 0.8 pips on major pairs. City Index allows you to trade on more than 12,000 global markets, including bets on spreads, CFDs and Forex, more than 4,500 stocks, 84 currency pairs, cryptocurrencies and more than 25 commodities.
The first thing I noticed when I opened the demo account was how clear and user-friendly the interface was. I could easily change my themes, pick the charts I want to see, and create and switch between the tabs. Next, you will be asked to provide information about your employment status, financial details, and any previous trading experience. It has several annoying features that did disrupt my trading experience. Once done with that, I’ll share my personal experience using the City Index platform and answer several frequently asked questions about the platform. Written content – There are ten articles in the training module of City Index and which are highly effective if you want to know in-depth about Forex and CFDs with this provider.
The platforms are powerful and receive real-time news from Reuters to guide you in your foreign exchange market prospects. Between 74%-89% of retail investor accounts lose money when trading CFDs. However, before you start trading CFDs, be aware that it comes with an increased risk. CFDs are very complex instruments that involve a higher risk of losing money rapidly due to leverage.
A third-party tool, Trading Central’s professional analysts use the most advanced technical analysis tools in the industry to curate relevant information. This tool essentially supports traders without the technical know-how in making trading decisions. Trading Central is one of the most popular trading tools available and provides excellent market analysis, and CityIndex does well to offer this service to its clients. Account opening is fast and smooth and a wide range of high-quality research tools are available. The fees for stock CFDs are high and the desktop trading platform is not user-friendly.
City Index Video Review
And apart from this, due to the integration of GAIN Capital into the StoneX Group, City Index can deliver an even more comprehensive offering to the customers. As is seen from the review, City Index offers industry-leading and competitive fees and commissions. The optimized backtesting and coded automated trading have a power that is not frequently seen at European brokerages. Further, several trading ideas offered on the platform ensure that investors do not have to take the high-risk route. City Index has a very high Trust Score of 93 of 99, and there is a minimum risk of losing money. It does not operate a Bank, is publicly traded, and is certified by regulators.
The trading is fair and regulated, and there’s a negative balance protection in place in case you start losing money rapidly and your risk, while existing, is minimised. Screenshot from Cityindex.comThe first question I’d like to address is whether City Index is a safe platform. As mentioned, City Index is regulated by renowned authorities, ensuring it’s a fair and secure platform for British and global traders. Spread betting and CFD trading are available on options with City Index. Options give traders just that—an option—to buy or sell an underlying asset at an agreed-upon price on a certain date. City Index is a brokerage that specializes in CFD trading, spread betting, and Forex trading.
CityIndex’s swap fees are based on the Interest rate benchmark plus a fee of 2.5% on a long position, and the interest rate benchmark minus a fee of 2.5% on a short position. When making this calculation, we used one lot of EUR/USD as a benchmark as it is the most commonly traded currency pair and it usually has the tightest spread. Please note that if you stop trading for a year or more, you will be charged a monthly fee for inactivity of the account in the amount of 12 pounds. Nevertheless, after a detailed City Index review, Top Forex Brokers does not recommend to open an account with this broker. The reason is simple, there are far better deals you can get with XTB, FxPro or any other reputable UK Forex Brokers. City Index UK has a rating of 2.33 stars from 3 reviews, indicating that most customers are generally dissatisfied with their purchases.
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This broker derives its revenue from spreads and commissions. The spread betting and MT4 accounts feature competitive spreads, as low as 0.5 pips in the EUR/USD and 1.0 points in indices. Commissions apply on equity CFDs, and are as low as 0.08%, but no less than £10 or the currency equivalent. Corporate actions are passed on to traders, while overnight financing charges also apply. The overall pricing environment remains excellent and is extremely competitive. DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence.
Based on ownership, you can open an individual or corporate account. If you are from the UK, you can also trade using a Self-Invested Personal Pension account. City Index accepts customers from selected countries including Australia, Singapore and the UK. City Index has low stock index CFD fees, buthigh stock CFD fees. City Index is part of StoneX Group, a NASDAQ-listed, Fortune 100 company with $10.9 billion in assets. Their spreads are usually very competitive, with exceptions.
Is City Index a good broker?
Forced to change to the new developed app as the previous app is being retired. Marko has been working on the road for over 5 years, and is currently based in Europe. Alongside writing and editing, Marko works on projects related to online technology and digital marketing. City Index is regulated by three major financial regulatory bodies. These regulating bodies are the Financial Conduct Authority , the Australian Securities and Investments Commission , and the Monetary Authority of Singapore . City Index is also regulated to trade in the United Arab Emirates under their FCA license.
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Trading Central, a leader in independent third-party analytics, powers a comprehensive technical analysis suite, embedded inside the AT Pro platform. It also remains at the core of extensive fundamental analysis, including a What-If analysis for EPS forecasts. Global data is streamed directly to AT Pro, and company metrics are well-presented. SMS trading signals are also supported, ensuring traders never miss a profitable opportunity. With over 12,000 assets across nine categories, the selection is outstanding for all types of traders and asset management firms.
No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services. Past performance is no indication or guarantee of future performance. ForexFraud.com is an affiliate partner with various brokers and may be compensated for referred Traders.
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Also available for trading are more than 20 indices from around the world, commodities, ETFs, Bonds, and 8 total cryptocurrency assets. You can expect that the broker provides negative balance protection, and utilizes segregated accounts at top banks as standard. Along with the presence of excellent, international regulation, if you are a UK or EU based trader, then you will also be protected by the ICF . This can provide up to £85,000 to cover losses as a result of serious financial problems or other issues should they arise at the broker. In the many years they have operated though, City Index has always showcased a great record in terms of both regulatory compliance, and financial stability. City Index offers Spread Betting as well as CFD accounts, while Forex trading on the MT4 platform is singled out as a separate account option.
You have to type ‘agent’, after which the chatbot offers to connect you with a sales or support agent. You can use City Index’s own or the MetaTrader 4 mobile trading platform. In this review, we tested City Index’s own mobile trading platform. These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees. City Index has low fees for forex trading and there is no withdrawal fee.
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So, all in all, while your city index reviews and withdrawal options are limited, they don’t include any fees. Therefore, in that matter, I think City Index is one of the best brokers around. However, where City Index falls behind is the number of base currencies. Essentially, users can choose only between USD, GBP, and AUD. Most brokers I’ve traded with typically offer multiple trading accounts.
City index forex traders is a global forex trader with a niche in stock trading, contracts for difference trading, foreign exchange trading and also spread betting. With almost four decades in the industry, the trader has vast experience in trading. They also have the ability to predict forthcoming trends in the industry and how to manage through this many trends.
The views and opinions expressed on this website are purely the author. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question. This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated.
City Index has focused significantly in educating traders, making available a wealth of educational material through the City Index Trading Academy. The online academy features videos on trading highlighting key technical levels across various markets. In addition, the academy offers clients access to how-to text files and an extensive video library to develop their market knowledge and improve trading results. Millions of traders choose MetaTrader 4 to trade the markets, offering a multitude of opportunities to traders of all skill levels.
However, as said, Forex fees are typically low at City Index. This percentage might look high, but it’s not the case only for City Index. According to ESMA, the European average of investor accounts that lose money when CFD trading is 73%. That’s because CFDs are generally considered high-risk instruments, so be sure you understand how they work before you start trading them. Among many, City Index is licensed by the Financial Conduct Authority .
- With the help of theeconomic calendar, you can see important coming events.
- At BrokerChooser, we consider clarity and transparency as core values.
- It is a potent combination where you get the advantage of GAIN’s standing and trust in the market and the four decades of Capital Index experience.
- The parent company of City Index, StoneX Group Inc., is a U.S.-based company listed on the NASDAQ under the ticker symbol “SNEX”.
- All fees and commissions charged are transparent and are elaborated in fine detail on the pricing page.
A very good Spread Betting & CFD provider overall, though not without occasional annoyances. They are regulated by the FCA and ASIC, and these are recognized, top-tier regulators. Also, the FSCS guarantees that your money is safe and protected upto a certain limit. You need a minimum deposit of £100 to open a CFD or Spread Betting Account with City Index.
Lower fees, lower costs?
CityIndex’s account is suited to both beginners and more experienced traders. We define beginner traders as inexperienced traders who have never traded before or have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek. CityIndex’s account has no minimum deposit requirements, putting it within the reach of beginner traders. They have evolved over almost 40 years in the industry, yet still remain a great choice as one of the best forex brokers around.
- Follow the markets on native apps built specifically for your smartphone and tablet.
- CityIndex’s financial instrument offering is impressive, with over 4700 assets available for trading, including 84 Forex pairs, 4500 stock CFDs, indices, commodities, bonds, metals, and interest rates.
- CityIndex charges low deposit and withdrawal fees compared to other brokers, but it offers a limited range of funding methods.
- Our powerful technology is designed to suit you, whatever your level of trading expertise.
- This broker derives its revenue from spreads and commissions.
City Index is one of the most renowned https://traderoom.info/ brokers in the industry. The broker offers fixed spreads for many indexes and commodities and variable spreads for forex and other markets, but read the fine print because this categorization isn’t intuitive. The City Index API appears restricted to institutional and white-label partnerships, lowering the value of the AT Pro backtesting and automated trading capacities. In addition, they offer no VPS hosting, missing an obvious business opportunity.
Not so long ago, I received an Ilan adviser with detailed settings from a broker in the mailing list, and such interesting things come from them often. I can’t say that I am completely delighted with this broker, because I have serious complaints about market” spreads, but this broker is quite suitable for trading with Expert Advisors.” Access 13,500+ global markets via an award-winning spread betting and CFD trading app. Go long and short on the UK 100 from 1pt, EUR/USD from 0.5pts and Oil from 1.5pts. The content on this website is provided for informational purposes only and isn’t intended to constitute professional financial advice.