City Index Video Review
Investor Protection & Regulations
“City Index seems to take investor protection seriously, and that is why it has FCA regulation in place, one of the most serious and toughest regulators, as well as encryption of all data that is transmitted on its website. Further protection comes from account segregation and its membership of the FSCS.”
City Index provides multiple layers of protocols aimed at achieving the protection of all investors on its platform. Investor protection starts with its authorized status with the UK regulator. City Index is regulated and licensed by the Financial Conduct Authority (FCA), with FRN 113942. Regulation by the FCA places a burden of responsibility on City Index to protect its traders further by ensuring segregation of the funds of its traders, as well as providing insurance via membership of the Financial Services Compensation Scheme (FSCS).
The regulation of City Index can be confirmed on the FCA website. The details can be found
Membership of the FSCS means that all investors on the City Index platform are entitled to compensation coverage of broker-associated loss of traders’ funds.
“With 12,000 assets across several asset classes, City Index provides flexibility and greater choice to the user in terms of what to trade.”
City Index offers 84 FX pairs, 4500+ global Shares, 25+ global commodities and thousands of assets pooled from other markets such as bonds, options and many more. Here is a list of
some tradable products found on the City Index platform.
*This asset list was taken from City Index website and was correct at the time of writing. The asset listing is subject to change by City Index without notice.
“All traders are a selection of three live accounts depending on which country they are based in, and a free demo account which can be used for three months only.”
City Index offers three accounts:
Here is a snapshot showing where each account type can be operated.
The Trader account is the basic retail account provided to beginners. It offers access to trade 12,000 assets with fast execution. It also features access to 16 different chart types and more than 80 indicators, as well as guaranteed stop losses.
The Premium Trader account can only be opened by invitation. It is a private retail trading account with priority service provision. It features dedicated, broker-assisted trading as well as provision of a personalized account management system. Premium Trader account holders can therefore call their account managers on a personal basis for issues regarding the account or trading process. The Premium Trading account features an advanced research portal.
The Professional Trader account is basically an institutional-level trading account which features credit facilities, monthly cash rebates and a switcher bonus of 1,000 pounds. Account holders are assigned a client relationship manager, just the way it is done in private banking. An application to become a Professional Trader account holder must be submitted, and only those who are approved after a screening process can qualify.
A demo account can be opened directly on the website to enable the testing of strategies and practice of the trading process. You can open a demo account using the online form on the website shown below:
The demo account allows you to participate in the test-trading of 100 FX and CFD markets using the CityIndex suite of platforms, the MT4 and the WebTrader. This facility is open for three months, and allows the trader access to virtual capital of £10,000 so that features can be explored and strategies can be tested. Here is what you get with the City Index demo account:
Platform access for 3 months, along with access to £10,000 in virtual cash.
Trade over 100 FX pairs and CFDs on a virtual basis with access to real-time pricing.
Deposit & Withdrawals options
“Two methods of depositing and withdrawing funds exist on City Index. These are all done within the context of a cold wallet system, which provides added security for all transactions.”
Deposits and withdrawals on City Index have to be done within the traders’ area known as MyAccount. MyAccount login details are different from the login details which are provided for trading purposes.
Logging in to the MyAccount interface presents the opportunity to conduct deposit and withdrawal transactions on the City Index platform. This system allows for safe transactions. Deposit and withdrawal methods available on City Index include the following:
Credit/debit cards: Popular cards that can be used on City Index for deposits and withdrawals include VISA, MasterCard, Electron (debit cards option only) and Maestro cards. Deposits and withdrawals attract a 1.5% usage fee.
Bank wires: Bank wire transactions take between 1 and 7 days to complete. Minimum transaction amount is 100 British Pounds.
The cold wallet system provides an extra layer of security which ensures that only the account holder can initiate transactions on the account.
Web & Desktop Trading Platforms
“City Index offers an array of trading platforms for its various trading products. These exist either as desktop clients, or as web-based platforms as both turnkey and proprietary solutions.”
City Index is known for its combination of both turnkey and proprietary platforms in the execution of its trading services to its clients. These platforms are either web-based or desktop clients. To access the web-based platforms, you need to choose from the two available browser-based platforms.
There are two web-based platforms. One of them is aptly known as Advantage Web, while the other is simply called the Web Trader.
The Web Trader is the new proprietary web-based platform from City Index. Without the need to download any heavy files, Advantage Web provides powerful HTML 5 charting which is the basis of solid technical analysis for profitable opportunities. Advantage Web also offers a customized layout.
Web Trader from City Index
The other browser-based platform is known as the Advantage Web. This is the original web-based platform, which uses Adobe Flash to run. You must install the latest version of Adobe Flash for the software to run properly.
There are two desktop platforms. There is the City Index MT4, which allows the use of custom indicators and expert advisors to get the best retail trading experience on offer today. The other desktop platform is the AT Pro. AT Pro is mainly for professional use by advanced-level traders, and comes with tools that reflect this reality. AT Pro gives users advanced charting capabilities and faster trading speeds than the MT4. AT Pro also enables traders to fully customize their chart layout, and create trading templates with over 100 indicators.
Mobile Trading Platforms
“Mobile trading is possible with the City Index proprietary mobile apps for iOS and Android devices. They include the Advantage Trading app which was built in house”
The Advantage Trading app is a proprietary trading application, developed by City Index’s developers for smartphones and tablet devices. Compatible operating systems are iOS and Android.
These apps can be downloaded from the respective app stores. There is a link on the City Index website where these can be accessed. Use these links to ensure that you get only the genuine versions of these apps.
You can test drive these apps using a demo version. Get access to the Economic Calendar, or contact customer management team directly from the app. You can also sync devices and create your own personalized watch lists. A walkthrough video is provided for each version of the Advantage mobile app to walk new traders through the process of installation and usage.
The advanced iOS mobile and Android apps offer advanced trading tickets with detailed trading options, live streaming charts with a huge selection of indicators to overlay, in app Reuters news and personalized watchlists.
“The City Index platforms are loaded with features to enhance your trading experience. There are 4 platforms to choose from, each with its own unique features.”
Here are some of the features you can expect in the City Index platforms.
The Web Trader has a customizable interface. By default settings, it is divided into 4 parts. There is the market watchlist, which features assets that have been selected by the trader for monitoring, along with the bid and ask prices for those assets. The trader is at liberty to change the constituent assets of this watch list. To the top right corner, there is a chart for a selected asset. This chart can be modified to display prices as candlesticks or bar charts. You can also change the periodicity of those charts, that is ,you can change the time frames of the charts. The left side of the chart interface features some tools of technical analysis such as the line tool, Fibonacci tools, text tool and cross hairs.
The interface also shows the available capital, available margin as well as a button to activate or deactivate the 1-click trading facility. You also have a search bar (located below the available capital tab) where you can type in the name of the asset you want to get chart information for.
Interested in market analysis? There is a market analysis tab (see red arrow shown below) which shows price analysis as well as the economic calendar. The analysis tab features price action analysis for currencies, stocks, ETFs, index assets and commodities. You can also type in the symbol of a particular asset to see the price analysis for such assets.
You can also get specific information for your chosen asset by clicking aGainst the tab showing the popular assets. Clicking this tab (blue arrow in the image below) shows information for the asset in question. Such information includes the chart for the asset, contract specifications for the asset as well as news that will affect each of the currencies listed in that pair.
The City Index MT4 presents the same features you will find in other MT4 clients. However, the elements of fast execution and ultra-tight spreads make the City Index MT4 a sought after software.
You can add custom indicators using the Insert->Indicators->Custom tab. You have to open the Data Folder by clicking on File->Data Folder. Then you can download the custom indicator, add it to the Expert Advisors tab within the Data Folder, then restart the MT4 to display the indicator. In this snapshot, the Automated Pivot Point Calculator has been deployed to the chart for trading.
Get access to several features from the MT4 Marketplace from within the City Index MT4 terminal window. Such features include the Signals suite and the MT4 Code Base.
The Signals tab on the terminal window showcases the range of available signals services.
Choose your time frames, chart templates (save and load) and other chart-related features which you can access from the “Insert” tab.
Commissions & Spreads
“City Index makes its money from commissions and spreads that are charged on trading activity on all assets on the City Index platforms. Spreads are competitive and start from as low as 0.5 pips on the EUR/USD.
The company offers both fixed and variable spreads, depending on what you are trading. There is zero commission for Spread Betting at City Index or CFD Trading except for Shares CFD Trading which incurs 0.08% commission on a minimum $10 trade. Debit or credit card deposits are free. Bitcoin and Forex trades will incur an overnight fee (refer to the broker). Libor rates LIBOR +2.5% LIBOR -2.5% for long and short positions respectively for financing. A monthly inactivity fee of £12 will be charged to inactive accounts over 12 months.
*The spreads and charges were taken from the City Index website and were correct at time of writing.
Bonus & Promotions
“No bonuses or promotions are available at City Index as this is an FCA regulated broker that prohibits this feature”
The FCA prohibits the issuance of incentive bonuses to traders by its regulated brokers. Therefore, City Index does not offer any bonuses or promotions to retail clients on its platforms. Only cashback rebates are provided to Professional Account holders.
“City Index offers a multilingual customer support system which can be reached using several channels. Customer support is responsive and is available 24 hours a day, 5 days a week.”
Several customer support contact channels are available and are listed below:
A live chat facility exists, which can be reached from Monday to Friday, all day. The live chat service is highly responsive and after initial contact is made by the user, it takes less than 10 seconds to get a response.
Phone: The phone numbers provided by City Index are usually for general inquiries as well as sales support.
– General inquiries: +44 207 550 8500.
– Account opening: 0845 355 0801 (UK only) and +44 203 194 1801 (outside the UK).
The email address provided for support and inquiries is email@example.com. Emails are typically responded to in one business day.
You can reach City Index via the social media channels.
– Twitter (Twitter.com/cityindex)
– Facebook (Facebook.com/CityIndexUK).
You can also use the online contact form located within the City Index website.
City Index has a responsive customer service and users can expect responses instantly (Live chat or phone) or within the same business day (social media, emails).
“News reports and market analyses constitute the research facilities provided on City Index.”
Trading research on City Index comes in the form of market analysis. This is composed of the following:
News: News presented as market research includes company earnings reports, news from the economic news calendar as well as unscheduled breaking news from around the world in politics and the global economy.
Technical analysis from the in-house team, as well as action insight on selected assets.
Traders have the option of setting filters so that they only receive news that is relevant to their trading activity.
“Trader education on City Index starts right from the point of successful account registration”
City Index does not just paste information for traders on its website and hope that newbies would get information there. Rather, trader education starts from the point of successful account opening, as City Index sends its new traders a welcome pack by email. This welcome pack contains basic information as to how to commence the process of trading on the City Index platforms.
Phone support is available for platform walkthroughs. Ongoing support is provided by email on updated pricing of assets, services and fees. You also get access to market trends for specific assets on City Index, via an email newsletter sent out once a month.
Finally, City Index offers traders a comprehensive facility for trader education in the form of the City Index Trading Academy. This academy features articles, videos and practical trade examples.
“The City Index platforms are suitable for all categories of traders, as they have tools that can be used by beginners, intermediate-level traders and experienced users. However, it needs to work on its site navigability to address some concerns from its users on the ease of use of its website.”
In terms of ease of use of its trading platforms, City Index has made it possible for traders of all categories to use its platforms easily. The platforms are not all-in-one products. Rather, City Index has provided the MT4 for forex trading, a different platform for CFD trading and another for its spread betting product. This makes it easy for traders to find the products they want to trade easily.
The broker offers a whole selection of trading tools for all levels of trader, these include signals which are great for beginners. Economic calendar suitable for all levels of trader and charting packages suitable for advanced traders.
Average spreads seem to really low, which is great for professional traders that trade a high volume. Also the fact that there are a selection of account types available opens up the services to beginner, intermediate and even pro traders.
Who owns the City Index brand?
The brand is owned and operated by Gain Capital UK, the London-based branch of the Gain Capital Group.
What is the minimum deposit and withdrawal amount on City Index?
Bank wire transactions require a minimum deposit/withdrawal amount of 100 GBP (or its equivalent in other currencies). No limits exist for card transactions.
What trading platforms are offered by City Index?
The trading platforms on City Index are MT4, Advantage Web, Web Trader, AT Pro and Advantage mobile apps for Android and iOs devices.
Is the City Index regulated?
The brand is regulated by the Financial Conduct Authority in the UK and Wales.
How many currency pairs can I trade on City Index?
City Index offers 84 currency pairs for trading.
Are any bonuses provided on City Index?
Bonuses are prohibited by the UK regulator, so City Index does not offer any bonuses or promotions.
I am based in the US. Can I trade with City Index?
City Index does not accept US traders. Rather, you will be directed to the Gain Capital US brokerages to open an account.
“This 36 year old brokerage offers trading of over 12000 assets on a selection of proprietary and turnkey trading technology. They offer trading of Spread Betting in the UK and FX and CFD’s across their other regions too”
Providing 12,000 assets for trading is no mean feat. But this is what this 36-year old brokerage brand has been able to accomplish: all within a regulated and safe trading environment. The use of the MyAccount system to initiate transactions has improved the safety net of investors’ funds. City Index has also compartmentalized its trading products, so that traders can download platforms that are suitable to trade forex, CFDs and spread betting products independently. This has eliminated the confusing systems seen with many UK brokerages, where all trading products are lumped into a single platform.
The only complaints users have had with City Index are in the areas of the navigability of its website, and the limited nature of its payment systems. Users from outside the UK are unable to use card systems to deposit and withdraw funds, leaving just the bank wire as the only means available to such users. City Index has to improve on this feature to continue to attract patronage outside the UK.
Generally speaking, City Index has a high trust index among the trading public, and it is a good brokerage for those seeking safety of the trading environment, versatility in the trading products offered and responsiveness in customer support.
Regulated by the FCA in the UK
Long track history
Tax free profits on spread betting available in UK
Over 12,000 markets available
Wide selection of expert analysis available
Inactivity fee charged for not using account for a year