Trust Scores range from 1 to 99 (the higher a broker’s rating, the better). All City Index clients can choose between the Advantage Web, applications for iOS and Android, MetaTrader 4, and AT Pro. If your City Index account is inactive for at least 12 months or more, City Index will charge a monthly inactivity fee equal to £12. If your cash balance is less than this, the inactivity fee will be equal to your cash balance. No, you don’t but they may ask some question to ensure you understand the risks of CFD trading before accepting you as a client. Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004.
Also, £12 monthly fee is charged to accounts with no activity for one year or longer. Other miscellaneous charges are fully disclosed on an easy-to-read pricing page. The broker offers fixed spreads for many indexes and commodities and variable spreads for forex and other markets, but this categorization isn’t intuitive. City Index has a dedicated “Academy” section on its website, offering a variety of courses and lessons that cover both basic concepts, and the more advanced trading strategies and ideas. The material can be accessed on the structured “Courses” page, which bundles lessons on a specific subject into a course, or on the unstructured “Lessons” page, which just lists all lessons available.
How Can You Deposit And Withdraw With City Index?
Beyond just the regulated environment, you can rely on great protection of your funds at the broker. They use segregated accounts to protect your money and also offer negative balance protection under FCA, and now under ASIC regulation since March 29th, 2021. City Index also has trusted regulation in place from top-tier bodies including ASIC and the FCA as well as MAS in Singapore making them a broker with truly global reach. City Index with their decades of experience have picked up 26 awards, and their huge asset range of 12,000 CFDs only adds to their appeal among traders.
- City Index has offices in the UK, Australia, Singapore, and the Middle East, with accounts from each office being slightly different.
- Overall, City Index offers an all-around solid desktop trading experience, even if it lacks a downloadable platform.
- An advanced strategies educational course lesson with progress tracking on the City Index website.
Trading Platforms
The pay in system is instant and the draw down system does take a few days due to the legislation regarding money laundering. This practice involves multiple short-term positions, each with small profit margins. Scalpers may make multiple trades over the course of a day and don’t leave positions open over night. Customer support hits all the bases, with 24/5 phone support through London local and international phone numbers. Online chat is available to new and prospective clients, but users need to “talk” with an annoying chat robot before getting to a human customer representative. The broker accepts support questions through phone, chat, or email, and a fairly strong social media presence is used primarily to distribute research and marketing materials.
City Index demo account lets you test your trading performance
Quick and easy verification for UK traders, might be a bit lengthier if you are non-UK. City Index has proven itself a global leader in CFD trading and Forex trading. Read through this review to determine whether City Index is the best broker for you. There are no welcome bonus offers available from City Index due to its FCA regulation. The final asset type offered by City Index is its precious metal investing service.
The customer service is very effective and efficient, and money management is top-notch. Our editors independently research and recommend the best products and services. You can learn more about ourindependent review processand partners in ouradvertiser disclosure. City Index doesn’t have specific criteria to qualify new traders but aims to ensure some competence and understanding due to the risks involved. Deposits and withdrawals with City Index were city index review smooth and straightforward, though not quite the fastest I’ve come across. They offer several payment methods, including debit/credit cards, bank transfers, and PayPal, which is convenient if you prefer flexibility in managing funds.
Markets
- Additionally, traders enjoy access to pre-market and after-hours trading on over 70 popular U.S. stocks.
- This allows you to trade tax-free on a wide range of markets, from forex and indices to commodities.
- This makes it really easy to start using and it operates with a host of advanced charts with custom indicators and is fast and reliable thanks to the HTML5 technology it employs.
- While you can bet on the same products as you can trade with CFDs, there are some differences to note between CFDs and spread betting.
This range includes a variety of educational videos, articles, and practical examples on a wide range of trading topics. There are separate phone numbers on which you can contact the broker support team. At the moment, City Index does not provide any features for Social-Copy trading although this could always change in the future. This makes it really easy to start using and it operates with a host of advanced charts with custom indicators and is fast and reliable thanks to the HTML5 technology it employs. Spread betting is also available though only to UK traders due to regulatory requirements. These include soft and hard commodities as well as energies with all available as CFDs.
After facing challenges with day trading and high-pressure strategies, Andy discovered that his strengths lie in swing and position trading. By focusing on longer-term market movements, he found a sustainable and disciplined approach. Through his website, Andy shares his experiences and insights, guiding others in navigating the complexities of spread betting, CFDs, and trading with a balanced mindset. Filippo specializes in the best Forex brokers for beginners and professionals to help traders find the best trading solutions for their needs.
Spread betting is similar to CFD trading in that no underlying assets transfer ownership. However, unlike CFDs, spread bets are classed as gambling in the UK, so profits are not liable to capital gains tax. With City Index, spread betting and CFD markets have the same spread, so neither instrument has a cost advantage over the other. If your account has been inactive for 3+ years (1+ years for professional traders) the broker will need to reassess your trading experience and ensure to have your up-to-date contact details. They also reserve the right to close your account if your funds cannot cover the inactivity fee.
Brokers By Country
Customer support is a crucial part of the trading experience, and City Index didn’t disappoint here. Their support is available 24/5, covering you through the weekdays, which is usually when most of the action happens in the markets. I reached out via both live chat and phone to test the response times and was pleased with how quickly they responded.
This contrasts significantly with what we found in our IC Markets Review which averages 1.03 pips or $9.63 per lot. When deciding on a broker, you can save on costs by choosing a broker with tight spreads. For this exercise, we used 6 major currency pairs and then averaged the spread result. By doing this we hoped to nullify variations in better and worse-performing pairs by each broker. However, City Index is owned by StoneX, which is a US broker that US citizens can trade through. City Index is also part of the group that own Forex.com which offers forex trading in America.
A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA). All websites and web-based platforms are tested using the latest version of the Google Chrome browser. City Index’s MetaTrader 4 mobile trading app showing the side panel navigation panel of the menu.