City Index is part of GAIN Capital, a company founded in 1999. Since its inception, the mission of GAIN Capital has been to offer traders low-cost forex access. Over the years, the company has expanded its offerings around the world.
GAIN Capital now has more than 140,000 institutional and retail investors around the world. In addition to City Index, GAIN Capital also owns FOREX.com. The headquarters of GAIN Capital is in Bedminster, New Jersey, with more than 800 staff throughout North America, Asia Pacific, and Europe.
City Index itself was established in 1983 in the United Kingdom and is a world leader for FX and CFD trading, as well as spread betting. It offers access to more than 12,000 markets.
- Access to more than 12,000 markets.
- Over three and a half decades of experience.
- Regulated by the Financial Conduct Authority.
- Winner of numerous awards.
- The desktop platform is not the most user-friendly.
What can you trade?
City Index Forex Review
City Index forex reviews tend to praise the broker for its tight spreads and access to 84 global pairs. This forex trading is typically completed via CFDs. Forex trading is also offered directly via MetaTrader4. Forex offerings include majors, minors, and exotics and as spot FX, options contracts, and forwards.
In the UK, City Index additionally offers access to forex via spread betting. Spreads can be as low as 0.5 points on major pairs. As an example, EUR/USD can have spreads as low as 0.8.
City Index CFD Review
It is common for City Index CFD reviews to praise the broker for its access to an incredible number of global markets, more than 12,000.
The CFD offerings for UK clients include 65 currency pairs, 21 global indices, more than 4,500 global shares, more than 25 global commodities, and cryptocurrencies. There is also access to CFDs on more than 45 other markets, including interest rates, bonds, metals, and options. Spreads on CFD forex assets can be as low as 0.5 points for AUD/USD and EUR/USD. For the UK shares, spreads can be as low as 0.1 per cent.
City Index Crypto Review
Cryptocurrency City Index reviews appreciate that the broker lets clients trade CFDs of cryptocurrencies. This allows clients to take advantage of the market’s volatility without directly owning any cryptocurrencies.
Those in the United Kingdom can also choose to engage in spread betting on cryptocurrencies in addition to CFD trading. DFT offerings include Bitcoin, Bitcoin Cash, Litecoin, and Ripple. All of these are also available as CFDs, as is Ethereum. Spreads can be as low as 0.5 for Litecoin and 35 for Bitcoin.
City Index Spread Betting Review
This City Index review notes that spread betting is only available in select regions, including the United Kingdom. Spread betting offers tax efficiency, as there is no Stamp Duty or UK Capital Gains Tax required.
City Index UK clients can engage in spread betting on 21 major indices, including cash, options, and futures. Spread betting is also available on shares, with the previously mentioned spreads as low as 0.1 per cent on United Kingdom shares. Clients of City Index can engage on spread betting on 65 global forex pairs with spreads as low as 0.5 points. Spread betting is also available on other markets, including interest rates, bonds, and metals. There are more than 45 other markets, with an example spread for gold of 0.3 around the market spread.
What did our traders think after reviewing the key criteria?
City Index Fees
A review of City Index will also find that the fees associated with trading are reasonable, although they still have some room for improvement. As is common among other similar brokers, City Index makes a profit via spreads. These spreads can be variable or fixed, depending on the asset in question and the type of account used to review City Index fees.
There is no single convenient location where all spreads are listed. However, to review City Index CFD spreads, or those associated with any other asset type, the user only needs to begin opening an order ticket. This will display the current spread. Additionally, users can view the product pages on the City Index website to see the spreads on the most popular instruments.
For example, at the time of writing, the spread for EUR/USD was as low as 0.7.
A City Index forex review will outline three main account types, in addition to the option of a demo account.
Trader accounts are the basic retail accounts and designed for experienced and beginner traders. These accounts include access to the award-winning platforms, 24-hour trading support, competitive pricing, the guarantee to never lose more than a deposit, and access to news, analysis, and education. It also includes best execution and 50 per cent margin closeout.
Premium Trader accounts are invitation-only and offer priority service, including a relationship manager. City Index reviews also praise this account type for its invitations to premium events, loyalty rewards, and dedicated broker-assisted dealing.
Professional Trader accounts offer credit facility, margin rates from just 0.25 per cent, advanced trading platforms, rewards, and premium events. This account type does not have negative balance protection.
Demo accounts offer 12 weeks of unlimited access and £10,000 of virtual cash. This account type allows users to review City Index cryptocurrency, shares, indices, and other asset offerings themselves.
Most City Index review articles praise the broker for offering a wide range of platforms for traders to choose from.
The WebTrader does not require any downloads and features customisable workspaces, reliable and quick HTML5 technology, and custom indicators on advanced charts. It even includes trade tickets that have options for advanced risk management.
Mobile trading applications are available for both Android and iOS in the form of Advantage. Traders who review City Index mobile applications are impressed by the ease of access on the go. These applications feature the live Reuters news feed, the economic calendar, live streaming of charts and prices, and secure 24-hour access.
Professionals who prefer a downloadable platform will appreciate AT Pro. This desktop platform includes multiple trading templates, an advanced charting package, and enhanced efficiency and speed. It even offers the ability to create trading templates in Visual Basic, .NET, or C#.
Experienced traders reading a City Index UK review will also appreciate that the broker offers MetaTrader 4, one of the world’s most popular trading platforms. It is available for Windows, iOS, and Android and features Expert Advisors, trading signals, and customised indicators.
Using the City Index website is fairly straightforward, whether on desktop or mobile. Users may have to search a little as they look to review City Index pricing information or specific assets available for trading. Once you familiarize yourself with the website layout, however, it becomes straightforward.
For additional usability, this City Index review would like to point out the bottom navigation menu on the website, with quick access to key pages of the website, divided by category. These are still available on the mobile version of the City Index website, although to a lesser extent.
One potential area of frustration in a review of City Index is that it is challenging to find certain pieces of information on the main navigation menu, such as deposit information. However, these links are usually readily available via the bottom navigation menu or City Index’s search bar.
Those who review City Index UK typically have praise for the broker’s customer support. Users must use the bottom navigation menu to reach the Help & Support page, and once they are there, all of the information is readily available. There is an extensive FAQ section divided by topics, including details on using specific trading platforms, trading particular assets, opening accounts, and more.
At the bottom of the page, users will also find the option to contact support if they are unable to find the answer to their question. Clients can call a number or use the live chat feature. Alternatively, they can click on the Contact Us header at the bottom of this page. This page features links back to the FAQ and the About Us page, along with phone numbers for account opening, the physical address, and a contact form.
As you review City Index deposit requirements, you will notice that the only requirement is to have sufficient funds to maintain your margin. City Index suggests that clients have at least £100, or the minimum to cover their first trade’s margin substantially.
City Index accepts credit card payments via MasterCard or Visa.
Debit Card Payments
Debit card payments to a City Index account can be completed with MasterCard, Visa, Electron, or Maestro cards.
Bank Wire Transfer
Bank wire transfers are also available. It is noteworthy that because City Index offers spread betting, any funding from a Citibank account must be done via wire.
Funding is also possible via PayPal.
Users reviewing City Index’s forex options also appreciate that the broker does not charge any fees for deposits. However, credit card issuers may charge fees, which City Index will pass on to the user.
Those who review City Index UK should also keep in mind that you can only deposit funds in the base currency of your funding account. This will nearly always be GBP for UK clients.
City Index offers an extensive amount of educational material for clients, much of which is accessible without logging in. The broker maintains a Market Analysis page with relevant information and analyses. There is also easily accessible information regarding companies’ earnings and the economic calendar.
Direct educational materials include webinars, both live ones and previous ones which are archived. There are also daily briefing videos. Clients looking to review City Index CFD offerings can also take advantage of the information regarding trading strategies, real-time news courtesy of Reuters, and expert analysis. There is even the option to receive volatility alerts for free, a feature which our City Index forex review strongly recommends advanced traders use.
For further information, City Index offers informational hubs on key issues that can affect the markets, including Brexit, United States tech earnings, and the US-China trade war.
Our City Index review team also suggests clients take advantage of the broker’s Trading Academy with articles and videos on a range of topics for all skill levels.
Regulation & Deposit Protection
Any City Index review will clearly indicate that the Financial Conduct Authority (FCA) regulates and authorises the broker. This provides clients with peace of mind, as formal regulation indicates that City Index must meet certain standards. For example, City Index segregates retail client funds from its own via separate accounts.
Additionally, the fact that the FCA authorises and regulates City Index means that clients are covered by the FSCS. As such, if City Index liquidates, which is unlikely, clients can receive up to £85,000 in compensation.
For further peace of mind, GAIN Capital, the parent company of City Index, is also regulated and authorised by the FCA.
No City Index review is complete without discussing the numerous awards the broker has received over the years. During the OPWA Awards in 2019, the broker earned honours for “Best Trading Platform,” “Best Spread Betting Provider,” and “Best Mobile Application.” During the ADVFN Awards in 2019, it earned the title of “Best CFD Provider.” The 2019 Shares Award also gave it the title of “Best Professional Trading Platform.”
Going back a year, the OPWA Awards in 2018 honoured the broker with the title of “Best Cryptocurrency Trading Platform,” an accolade worth mentioning in any City Index cryptocurrency review.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.