All trading involves risk. Only risk capital you're prepared to lose.

There are many forex brokers who provide a trading experience on Webtrader platforms. One of them is the CityIndex broker. And, in this City Index review, we will talk about all the features you need to know about with the (London) City index broker. 

Located at no 16 Finsbury Circus London, EC2M, United Kingdom – City Index is the brand name for publicly traded establishment GAIN Capital; founded in 1983 and ever since has been a global CFD Broker, now with over 30 years of experience. They have long track record with top tier regulators like the UK’s Financial Conduct Authority (FCA), Australia’s Securities and Investments Commission (ASIC) and also the Monetary Authority of Singapore (MAS).

A boost to their reputation includes the fact that they are a PLC (publicly traded) and do not operate as a bank. City Index are also listed on the New York Stock Exchange (GAIN Capital Holdings Inc – NYSE: GCAP). 

Business Model of City Index

City Index allows customers to trade many of their CFD products on a spread bet just like any other brokers in the UK. This is because there are a lot of tax efficiencies attached to spread-betting especially for UK based clients*. So, if you are reading this City Index review and you are from the UK, you can opt in to make this broker an alternative for CFD trading. 

* Spread Betting and CFD Trading are exempt from UK stamp duty. Spread betting is also exempt from UK Capital Gains Tax. However, tax laws are subject to change and depend on individual circumstances. Please seek independent advice if necessary.

Notice about Spread Betting in the UK, by City Index
City Index review of spread betting
Spread Betting and CFD Trading on other markets including Commodities, Metals, Bonds, Interest Rates and Options.

City Index offers Spot trading on Forex and allows customers to trade up to 84 currency pairs while offering over 4500 CFDs at the same time. The minimum trade size on City Index is 0.01 lots with a maximum leverage of 30:1 within the EU (50:1 with City Index SG, and 500:1 City Index AU).

The cryptocurrencies included in their platform includes Bitcoin, Litecoin and Ethereum. Other products span Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Bonds, Oil, Other Commodities. Loads basically.

City Index Fees 

The fees from City Index are relatively low for both forex and CFDs. They also charge lesser fees for non-trading fees. City Index is a broker that offer traders with competitive spreads for commodities in forex, CDF’s and as products that allows spread-betting. 

On the advanced trader platform, the spreads are considerably lower compared to spreads on their MT4 platforms which offers 1.7pips on EUR/USD as compared to 0.8 for the same EUR/USD currency pair. On the other hand, they charge inactivity fees monthly after one year of activity. The inactivity fee is £12 GBP. 

City Index Withdrawals

City Index charges nothing for withdrawal and allows you to withdraw with any method that you choose. You have can choose from 9 account base currencies; EUR, GBP, USD, CHF, HUF, AUD, JPY, PLN, SGD

City Index Depositing 

With City Index, there is surprisingly no minimum deposit when you want to deposit using bank wire transfer or paypal options. But there is a minimum deposit of $100 for debit and credit cards which is comparatively a low amount to other brokers who may require as much as $1,000 or even more. 

City Index Account Types

There are just three account types with City Index, differing in terms of leverage and minimum account balance as well as additional services. Some of the account types may require you to meet certain criteria in terms of working experience in the financial sector. 

Trader 

The trader account allows a minimum account balance of £0 while offering clients leverage up to 30:1 without additional services. 

Premium trader 

Minimum account balance for premium trader is £10,000 offering leverage same as the trader account. This account types adds a “relationship manager” feature as an additional service.

Professional Account

The professional account also accommodates a minimum account balance of £0 but this time with leverage up to 400:1 (UK) and also offers the “relationship manager” as an additional service. 

Account opening

Opening an account is also not a difficult thing to do, the process is fully digitalized and divided into three basic steps. 

The first one requires that you provide personal and financial information.

The second step is to ascertain your trading experience; you do this by answering a few test questions. 

Lastly, you verify your ID and your area of residency, they allow you to upload a national passport or a driving license, utility bills and bank statements are documents that you can use to verify your residency. 

When you are done with account opening, you are sent a welcome pack letter that details all the key information of your account. After which you will be called for an introduction to their award winning platform and features. 

You also get e-mails and calls about changes that will impact your account in terms of pricing and overall services. Monthly, you will receive market news and trends that is sourced from expert analysts. All good!

Trading Research

As a trader, you need to be well grounded in your market research skills, these skills help you to make better and accurate assumptions or predictions. City Index offers top notch market research tools that keeps them on a higher level above standards. These tools include; Trading Central for technical analysis, an economic calendar that is powered by MetaTrader (albeit this is not so special), AutoChartist (excellent) that provides you with well designed charts that can be fine-tuned in different layouts to suit your needs and FXStreet news headlines. 

City Index Trading Order Types

There are a vast array of order types that you can use to make your trading experience a smoother, more efficient one and among them are both sophisticated and simple order types which includes;

  • Market
  • Limit
  • Stop
  • Stop trailing
  • One-cancel-other (OCO)

Customer service

The customer care for City Index offers a 24 hour customer care service for the 5 days a week and as well provides a web chat. You can also send an e-mail to their support team and get replied to in a matter of minutes. Note, third party City Index reviews such as TrustPilot (below) look to be spammed.

City Index review by Trustpilot – only scoring them 2.5 out of five stars

Awards and Reputation.

Best Trading Platform in 2019 by Shares Awards 

Best Spread Betting Provider by Shares Awards 2019

Best CFD Provider by ADFVN International Financial Awards 2019

Best Mobile Application by Online Personal Wealth Awards 2019

Do not forget that CFD has a high risk because of its leverage. It is better to be experienced and well thought to enjoy the volatility of such a market. Goodluck as you trade consciously and wisely. 

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