City Index Review ️(2021)
Table of Contents
Is City Index? a Scam or Legit Forex Broker
Who is City Index?
City Index is a trusted provider located in the heart of London with over 30 years of experience and a rich background of the well-trusted parent company – GAIN Capital, which is listed on the New York Stock Exchange, serves numerous trading names around the world and is one of the largest retail and institutional trading providers.
Among the numerous benefits and transparent operation that Gain Capital constantly shows within the industry, its global presence with 800+ staff across Europe, Asia Pacific and North America let you trade assured of a straightforward manner broker operates.
Is City Index a good broker?
Investors that selected City Index as their broker come to over 150,000 traders worldwide.
The broker’s quality execution, competitive pricing, low margins, tight spreads from 0.5 points of FX and truly supportive relationship management makes a well-valued choice.
Along with the wide range of markets, the broker is famous for its platform features and the progressive, some of the leading trading solutions and technologies, as shown in our City Index Review.
Is City Index safe or a scam?
No, City Index is not a scam but a well-respected and established firm with FCA authorization and listed on the Stock company for extra transparency.
City Index and City Trading is a trading name of GAIN Capital UK Ltd authorized and regulated trading provider by the UK Financial Conduct Authority and holds additional eight worldwide jurisdictions registrations as a part of GAIN Capital Holdings Inc, founded in 1999.
However, mainly City Index serves offices in Dubai, Singapore and Australia, holding respected local authorizations by UAE Central Bank, MAS and ASIC accordingly.
Since GAIN Capital Inc is one of the largest and heavily regulated providers from almost every jurisdiction, with its solid records and the highest standards of governance, the financial strength and the transparency it delivers are considered to be on the highest possible level.
City Index Regulation and License
GAIN Capital UK Ltd FCA (UK) registration no. 113942 GAIN Capital UK Ltd in the UAEAuthorized by UAE Central Bank GAIN Capital Singapore Pte LtdAuthorized by MAS (Singapore)GAIN Capital Australia Pty Ltd ASIC (Australia) registration no. ACN 141 774 727, AFSL 345646
Leverage, known as a loan given by the broker to the trader that allows you to trade more considerable Capital than the initial Capital, is a handy tool, yet you should use it carefully. Recent regulatory updates from European ESMA set a maximum level to only 1:30, as the authority recognized the potential to magnify gains and losses.
Therefore, the European entity can only offer a 1:30 leverage, while the Australian branch and clients might still use leverage up to 1:400. In addition, the leverage levels depend on the account offering, while you may face a difference in margins.
In terms of account management, it has been done in a simple, not confusing way, meaning you can apply either for a financial spread betting or CFD trading account. Furthermore, there are options between three account types: Trader, Premium Trader and Professional Trader, respectively, while all of them feature the same efficiency, utmost support and technology used, but vary by the level of the trader itself.
A variety of platforms at City Index covers web-based platforms – Advantage Web platform or downloadable AT Pro platform, mobile or tablet apps, or remains the choice to use known MT4.
Their web-based platform allows you to trade from any browser with no installations, as a highly customizable web-based platform will be a perfect choice for those who prefer easy access and robust fundamental analysis mixed in one tool.
The platform has gained several awards for excellence and has been chosen by many traders, specifically for its outstanding capabilities.
City Index mainstay platform features various versions, so you can choose either to use or access the platform via multiple methods by the device of your choice.
Furthermore, the broker indeed pays excellent attention to the execution policy. If the price moves in the trader’s favour while an order is being processed, City Index executes orders at a better price by their advanced technology.
Advantage trading apps are available for iOS and Android devices, allowing you to live stream prices and charts powered with Reuter’s news fees and economic calendar for your comfortable use.
Indeed, it is essential to understand the risks involved in trading before account opening. Hence, the broker strongly encourages new traders to practice and educate themselves by using a demo account and minimizing risk using the educational tools available from the broker learning programs.
City Index offers two demo accounts, joint CFD, spread bet and MT4 accounts.
A demo account gives 12 weeks unlimited access with a balance of £10,000. Also, the client will be able to access Advantage Trader or MT4 mobile, tablet and downloadable platforms according to account type.
City Index enables trading on over 12,000 global markets consisting of Spread Betting, CFD and Forex Trading for 21 global Indices, 4,500+ Shares, 84 FX pairs, Crypto and 25+ Commodities. It includes Bitcoin, Etherum, Bitcoin Cash, Litecoin and Ripple, with an opportunity to adjust trading strategy and trade as a spread bet from 10p a point or as CFD Minis. The Crypto market at City Index is also widely presented.
Deposits and Withdrawals
City Index offers the most common payment methods that will assist you in finding the best suitable choice to transfer money to or from the trading account.
Even though the payment methods are pretty limited, they are, in fact, most reliable and do not incur additional charges from you to transfer funds, which is a significant advantage.
Deposit OptionsThe set of methods includes Debit cards: Visa, MasterCard, Maestro and Electron, Credit card: Visa and MasterCard, or a Bank transfer.
What is the minimum deposit for City Index?
There is no minimum deposit requirement for account opening; even so, the company advises to deposit £100 to cover margins.
WithdrawalsThere is no minimum deposit requirement for account opening; even so, the company advises to deposit from £100 to cover margins.
City Index minimum deposit vs other brokers
City IndexMost Other BrokersMinimum Deposit$0$500WithdrawalsTransactions involving card deposits and transfers for both deposits and withdrawals do not incur charges from the company, and traders can use various methods from most convenient like Bank transfers to e-wallets. However, if you wish to receive a same-day payment using a CHAPS bank transfer, a £25 charge will be.
With City Index focusing on important proposals, well-organized organized learning centre designed for both beginning traders and professionals.
Education Center provides trading concepts, technical analysis and fundamental analysis, trading strategies, and trading courses defined by your trading level. Along with that, City Index regularly runs Webinars and updates with Trading News and research materials covering popular and unique points.
As for the customer support services, we would note it’s a reasonable level and regarded support from the traders. Customer Service available for traders via phone lines, chat and emails, also covering clients worldwide due to brokers’ presence and coverage of major destinations and including.