As such, if they go into liquidation, which is unlikely, clients can receive up to £85,000 in compensation. Using the City Index website is relatively straightforward, whether on desktop or mobile. Spread betting is also available on other markets, including interest rates, bonds, and metals.

They offer some of the most advanced trading platforms and tools whilst having an abundance of educational materials for traders of all experience levels. The account types offered are flexible enough to suit each individual trader needs, whilst the spreads are very competitive, execution speeds fast and customer support excellent. I personally consider them to be amongst the best brokers and wouldn’t hesitate to use them for my daily trading activities. Adding value to the Trust factor is the stop-loss protection guaranteed by City Index for a premium. Accounts lose money when this feature is not built into trading platforms leaving retail investors accounts with a high risk of losing money.

Web trading platform

Of these, you will find that the no minimum deposit is very popular and helps keep the broker accessible to all traders along with the tight spreads. They also do not charge any commission, except on equities. Payoneer, an American financial services company, offers online money transfer and digital payment services. Once you are done setting up your profile, you must deposit a minimum amount to get started.

I asked representative to close my account, as I never needed it in the first place – they don’t offer services I need. Thank you for making us your trusted provider for all those years and for the great feedback. We constantly review our product offering and trade sizes, but do note you can spread bet on many of our commodity markets from as little as 50p a point or less. So, we conclude that this isn’t an outright scam but we still cannot exclude the possibility of brokers defrauding traders from time to time. Opening an account at City Index is simple as deposits and withdrawals can be made using debit card, credit card or bank transfer with no charges being applied by City Index. There’s an electronic guided tour which walks you through the process step by step.

Charting and Tools

Specific to forex, you will find a sizable total of 84 currency pairs available at the moment. These have a good value tight spread that starts from 0.5 pips depending on the pair you would like to trade. City Index is a hugely experienced broker and part of the StoneX group. They were founded in 1983 in the UK making them one of the longest-serving brokers in the industry. Yes, City Index accepts bank transfers for depositing money. If there’s absolutely no free margin left together with the client, City Index will cease your positions.

Overall, City Index offers an excellent trading experience, backed by many years operating in the industry. If you prefer to trade within your browser, then you will want to choose the City Index web trader which has recently been upgraded and is in fact award-winning. It will give you a fully comprehensive trading experience with access to all the tools you need, along with a host of analytics and very fast execution capability. With this trading platform, you lose nothing in capability terms when compared with any desktop counterpart. Retail investor accounts lose money mainly due to a lack of required knowledge and expertise about trading.

This is a stand-out feature that you won’t find with all city index reviews. If market analysis is something you are looking for in a broker, you may also wish to consider ActivTrades as an alternative. I think it important to keep in mind that the trading product and services that you will have access to can depend on your location and entity of the broker that you open an account with. This is because strict regulation means that they are only able to provide certain features in certain jurisdictions. They have great financial strength with a proven track record of delivering superior trading conditions to traders worldwide. Financial results are publicly available with full transparency.

Leverage

This spread can start from as low as 1 pip on options like the UK 100, Germany 30, and Australia 300, and from 1.6 pips on the S&P 500. There is a wonderful range of stock CFDs you can trade with City Index. In total there are more than 4,500 global shares from major companies available.

Following the money rules imposed by the Financial Services Compensation Scheme , investors are entitled to compensation of up to £85,000. However, the compensation scheme only protects forex traders from the United Kingdom and Dubai. It seems that the city of London provides extra security measures due to the FCA rules.

Although limits exist in regards to its trading platforms and leverage restrictions – these may be issues for some traders, not enough to offset the advantages this brokerage offers. If your looking for a low-cost broker, then IC Markets may be more suited to you. City Index is an award-winning, multi-asset financial services provider with over 40 years of experience supporting its clients. City Index provides instant and secure access to global markets.

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.

See some of City Index’s Shares

Spread betting is also available though only to UK traders due to regulatory requirements. For the forex market, this is 24 hours a day from 10 pm on Sunday to 10 pm on Friday. During Daylight Savings Time, these times are switched to one hour earlier. For updated rates, you can check with the broker at the time of your trade. There is an overnight fee charged by City Index on CFDs as with every other broker.

If you like plenty of choice, FP Markets have 10,000+ financial instruments. Always advertising on billboards in the City, always having a colourful client base, always being bought and sold at the whim of billionaires and bigger boys. But in recent years, it had gone off a bit from its glory days. Back in the good ol’ days, you could open an account and put on a million-dollar trade over the phone with no ID, no deposit, and no idea. There is a very high degree of risk involved in trading securities.

• Moreover, ensure the City Index broker’s offerings, trading tools, fees, and regulation align with your requirements.
• City Index offers two trading platforms that will be determined by the type of trading account chosen.
• For compliance purposes, City Index must transfer your funds back to the original source you used to fund your account.
• It seems that the city of London provides extra security measures due to the FCA rules.
• With live chat, they are either totally ignored or they cut and paste something totally irrelevant and ambiguous.

After completing this information, traders may have to submit additional information to verify their identity. Speculating on interest rates at City Index is based on fixed spreads. Traders can refer to the City Index website for the full list of commodities spreads.

Fortunately, the order interface looks identical to the desktop and web programs, allowing adequate risk management while on-the-go. City Index is a derivative brokerage firm that offers customers a platform for spread betting and trading forex and Contracts for Difference . CFDs allow traders to speculate on asset prices without owning them. Real-time financial news from Reuters provides you with data and market reports directly into all trading platforms and apps. This is a great way to keep up to date with the latest market news and to assist with fundamental analysis.

I merged my first deposit when I was just starting to delve into trading on the financial markets. Then I began to study technical analysis and slowly the profit began to grow. The City Index provides really good conditions and plenty of tools. The market is always changeable, but only a fool will not earn this year. The advantage of the broker is that on their analytical portal you can always look at trading signals that are updated promptly, so I’m always up to date. City Index offers an excellent fit for new and mid-level traders seeking excellent research, solid education, reliable customer service, and a broad range of competitively-priced markets.

Their unique post-trade analytics and voice brokerage service make it an excellent choice for large and frequent traders. Instead of credit cards, we had to withdraw via bank transfer, but before doing so, customer service had to add and approve our bank account. It would be great to know in advance which cards are accepted and which are not.

• All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company.
• If your looking for a low-cost broker, then IC Markets may be more suited to you.
• Spread betting brokers are popular in the United Kingdom as there are no capital gains taxes, which means more profits.
• Aside from trading charges, online agents also charge non-trading fees.
• However, due to regulations City Index cannot accept clients resident in Brazil, Republic of Korea, Iran, Iraq, Syrian Arab Republic, Japan, and United States of America.

City Index charges an inactivity fee if you don’t make any trades for a while. Withdrawal of money is possible at any time from your City Index account. It’s possible to withdraw sums up to the sum of your account balance, keeping aside the margin used. One thing to remember is that you don’t necessarily have to have any money on your account.

He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets. The City Index mobile app balances advanced functionality with ease-of-use, and offers features such as integrated research, news headlines, and market commentary. He joined BrokerChooser in 2018 and has since tested almost all 100+ brokers covered by BrokerChooser. Adam holds a professional degree from CEU and he helps teach finance and programming courses at his alma mater.

Though many areas are automated, the position can only be closed by you. This feature is also available on mobile under the “more” tab, and as yet is not accessible for UAE clients. There is however a minimum withdrawal limit of $100, and a maximum of $20,000 at any one time.

In addition, every https://traderoom.info/ we surveyed was required to fill out a 320-point survey about all aspects of their platform that we used in our testing. Many of the online brokers we evaluated provided us with in-person demonstrations of their platforms at our offices. City Index is a brokerage that specializes in CFD trading, spread betting, and Forex trading.

Indexes list a 0.40 minimum spread on S&P 500 CFD and spread bets but no average spread. Disclosures on other markets are limited to minimum spreads or real-time bid/ask spreads. Other brokers like Plus 500 and eToro allow unlimited use of their demo platforms and a link to the live platform. More experienced traders may want to check out the City Index MT4 or AT Pro platforms. Based on what assets or products on-the-go traders want to keep up with, the mobile menu allows alerts to be managed and customized.