City Index Review
Richard Montana | May 17, 2022
City Index are an award-winning broker who are regulated in multiple jurisdictions, offering you an excellent range of 12,000 trading instruments across various asset classes, including CFDs on Forex, Stocks and Cryptos. The broker is one of the most established and decorated that I have come across during many years in the industry. They have an impressive 35 years plus of experience, providing traders all over the global with fast trade execution speeds and tight spreads. You can trade on user-friendly platforms across multiple devices, with powerful trading tools and excellent customer support. The minimum deposit is just $100 or you can trade with virtual funds on a demo account free of charge. Whether you are new to trading or a seasoned pro, I think City Index are one of the best brokers to meet the demands of most traders.
Pros / Cons
- Strict regulation in multiple jurisdictions
- Tight spreads & fast execution speeds
- Commission free trading
- User-friendly trading platforms
- Large selection of trading tools
- No deposit/withdrawal fees
- Trading Central research tool
- Expert market analysis
- Real-time financial news from Reuters
- Trading signals
- Dedicated client relationship manager
- Educational trading academy
- 24/5 customer support
- Free demo trading accounts
- Does not accept clients from some countries such as the USA
- Certain features restricted depending on your location
- Inactivity fees if you do not trade for a sustained period of time
- No Islamic accounts available
- Limited digital wallet funding options
City Index are one of the world’s leading trading brokers, established in 1983 and headquartered in the UK with over 150,000 traders worldwide using their services. They have over 35 years of experience with fast and reliable trade execution speeds, award winning platforms and technology across multiple devices. They give you excellent conditions to trade a huge choice of over 12,000 markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, Spread Betting, CFDs & ETFs.
The broker is committed to offering industry leading trading services with fair and transparent pricing, risk management, excellent customer support, whilst giving clients peace of mind by being authorised and regulated by some top tier regulators. They have strict regulation in 8 jurisdictions across the globe. This helps to ensure traders that they are trading with a trusted and reliable broker.
City Index is considered by many as a stable and secure trading broker with the resources to continue offering innovative and industry leading trading standards. This makes them a more favourable choice of broker compared to other brokers who have only been in business a few years and do not have the financial backing or long-term success that City Index has.
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. Forex.com is another trading broker under the same umbrella which further emphasises the size of the company.
City Index are regulated in an impressive 8 jurisdictions. They are one of the most well-regulated brokers that you will find, along with IG. This gives me great peace of mind that they can be trusted. I wouldn’t have any problem entrusting them with my funds and focusing on my trading without worrying about how secure they are.
City Index is a trading name of StoneX Financial Ltd. StoneX Financial Ltd is a company registered in England and Wales. StoneX Financial Ltd is authorised and regulated by the Financial Conduct Authority (FCA). They are also regulated by the well-respected Australian Securities and Investment Commission (ASIC) and Monetary Authority of Singapore (MAS).
Using a strictly regulated trading broker helps to ensure security of client’s funds. City Index hold client funds in accordance with regulators client money rules. Client’s money is protected by being held in segregated top-tier bank accounts, separate from their own.
Eligible clients are also protected by the Financial Services Compensation Scheme (FSCS) and in the event of liquidation, clients may be entitled to compensation of up to £85,000 through this scheme.
City Index accept traders from all across the world, excluding USA, Canada, Afghanistan, Angola, Belarus, Belgium, Burundi, Central African Republic, Chad, Congo, Cote D’Ivoire, Cuba, Equatorial Guinea, Eritrea, Guinea, France, Guinea-Bissau, Haiti, Hong Kong, Iran, Iraq, Israel, North Korea, Lebanon, Liberia, Libya, Myanmar, New Zealand, Nigeria, Sierra Leone, Somalia, Sudan, Syria, Turkmenistan, Uzbekistan, Venezuela, Western Sahara, Yemen, Zimbabwe.
If you are located in one of the above countries, you may wish to consider another trading broker provider such as Forex.com. They accept traders from across the globe, excluding Singapore, New Zealand, Belarus, Iran, Yemen and some countries from the OFAC list.
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.
City Index provide you with fast, flexible, reliable, award-winning trading platforms and technology across multiple devices, including desktop, web and mobile. There is a trading platform for all styles and experience levels of traders.
The City Index trading platforms can be customised to suit individual traders needs with over 16 chart types, real time news from Reuters built-in and 80+ technical indicators to assist you with your market analysis. I like how you can enable one click trading and set maximum slippage on orders.
Web Trader Platform
The powerful City Index Advantage Web platform features advanced customisable charts with a range of intelligent trading tools and custom indicators. It incorporates fast and reliable HTML5 technology for a reliable trading experience. You can configure and personalise multiple workspaces with the ability to switch between workspaces in a single click. The online platform has smart trade tickets that include trade risk management. Stops and limit orders can be placed in points, profit/loss or price. This provides a more convenient method to modify orders. The real-time margin calculator can help to keep your trading decisions under control. The platform is easy enough to use for new traders whilst having enough advanced functionality for the more experienced investor.
The web trader platform key features include:
- Powerful HTML5 technology: Fast and reliable HTML5 technology powers optimum performance
- Fully Customisable Platform: Switch between multiple personalised workspaces for ultimate flexibility
- Intelligent Trading Tools: Smarter trade tickets with advanced risk management options
- New Advanced Charts: Trade through charts with custom indicators and precision drawing tools
Mobile Trading Apps
City Index offer mobile trading apps for iOS and Android so that you can access your account wherever you are in the world at any time, from your smartphone or tablet. These apps provide secure 24-hour account access, live charts and pricing with built in Reuters news feed and economic calendar. Using the mobile trading apps, you can place and manage orders on the go.
The mobile trading platform key features include:
- Trade anytime, anywhere: Trade across multiple devices, open on your desktop, close on your smartphone or tablet
- Live TradingView charts: Plan your next trade with full-screen TradingView charts and a range of 60+ technical indicators
- Reuters news: Receive the latest global investment news from Reuters in the app
- Trade across devices: Trade on desktop, close on mobile or tablet. City Index accounts work on multiple devices
- Personalised watchlists: Create and amend multiple watchlists, to keep an eye on your chosen markets
- Economic calendar: Keep up-to-date with market events with the global economic calendar
- Device syncing: All your account details, history and preferences are synced between devices
- Live chat: Speak directly to City Index’s customer service team instantly through live chat
Desktop Trading Platforms
The downloadable desktop platforms available to use with City Index are AT Pro and the hugely popular MetaTrader 4 (MT4).
AT Pro Trading Platform
AT Pro is designed for advanced traders who need more powerful analysis tools with improved speed and efficiency. It includes a fully customisable layout so that you can build your own personalised trading templates in C#, .NET and Visual Basic or choose from the hundreds of pre-built trading templates.
AT Pro has an advanced charting package with over 100+ indicators and a vast range of drawing tools for your market analysis. There is a back testing excel tool that allows you to test trading signals performance over historical data. It also has a customisable economic calendar, real-time news from Reuters and analysis portal that automatically scans the markets for chart patterns based on technical and fundamental analysis. This can save time from manually researching the market and present potential trading opportunities.
The AT Pro trading platform key features include:
- Powerful charts
- 100+ technical indicators
- Deal through charts
- Multiple chart types
- Multiple timeframes
- Extensive drawing tools
- Customisable charts
- Economic calendar
- Real-time news from Reuters
- Technical and fundamental analysis portal
AT Pro Trading Signals
- Trading signals: Trading signals instantly display potential trade entry and exit points on charts for greater accuracy
- Choice of templates: Choose from over one hundred free templates and customise them based on your requirements
- Create your own: Create your own unique trading templates in C#, .NET and Visual Basic with AT Pro’s Development Studio
- Back testing: Use the free back-testing excel tool to see how trade signals have performed against historical data
MetaTrader 4 Trading Platform
The MetaTrader 4 (MT4) trading platform is available with a wide range of built in features which are further enhanced by City Index’s service, support and pricing. Developed by Russian software company MetaQuotes, MT4 is perhaps the most widely used trading platform and considered by many as the most user friendly. It has a quick learning curve making it an attractive proposition to new traders whilst having enough advanced functionality for the more seasoned trader.
Through MT4 you can conduct a range of thorough technical and fundamental chart analysis using the numerous indicators that it incorporates, create your own custom indicators, automated trading systems known as expert advisors (EAs) and much more. In addition to the hundreds of built in tools, you can download thousands of free customised indicators, scripts and EAs. There is also a large online MetaTrader community where users from around the word share trading tools, strategies and signals.
When you trade forex and other markets with the City Index MT4 platform you can benefit from ultra-tight spreads, fast trade executions and unique trading tools. MT4 is provided for free on Windows, Android and iOS platforms. You can trade directly through your MT4 account on all platforms. I like to use the desktop version for running automated strategies and the mobile app for quickly checking my account when I am not with my computer. The web version is also great for accessing your account on any device and it is always up to date.
The MT4 trading platform key features include:
- MT4 is one of the most popular Forex trading platforms globally
- Real time bid/ask quotes in the market watch window
- Hundreds of built in indicators, scripts and drawing tools for detailed chart analysis
- Fully automated trading supported with expert advisors (EAs)
- Strategy tester to back test EAs over historical data
- Create or download customised tools including indicators and EAs
- Multiple timeframes, chart styles and order types
- Save and load trading strategy templates
- Fully customisable interface to suit your trading style
- Vast online community to share ideas with
- Access multiple platforms with one trading account
- Alert notification via email, SMS and platform pop-ups
- Suitable for traders of all experience levels
The broker provides a great range of tools to encourage traders to improve their trading skills and knowledge. These tools include a selection of order execution types, market intelligence and a powerful research portal to help you identify potential trading opportunities. I found them to have an excellent selection, up there with what Markets.com have available.
The City Index technical analysis research portal, powered by Trading Central, will save you time by scanning the markets for chart patterns and trade setups. The fundamental stock analyser shows if a stock is considered overbought or oversold at a glance.
The AT Pro platform has hundreds of trading strategies built in that can be used for trading signals to compliment your own trading plan. Strategies include moving averages cross system, Heikin-Ashi candlesticks reversal system and a MACD fast line/signal line cross system.
Reuters Financial News
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.
The City Index economic calendar is fully customisable and can help to show the possible impact of key news releases to help plan your trading strategies around. I am always checking the latest market news to help me with my trade decisions.
Expert Market Analysis
City Index have a global research team that provides expert market analysis to help forecast potential market movements and trading opportunities. This is a stand-out feature that you won’t find with all brokers. If market analysis is something you are looking for in a broker, you may also wish to consider ActivTrades as an alternative.
Whatever your level of trading experience is, City Index provide a large amount of educational material to help improve your trading knowledge and skills. This includes educational videos, articles, webinars, tutorials, and practical examples of trading topics.
There is a City Index trading academy with trading guides covering everything from an introduction to the different financial markets to trading strategies and chart analysis. You can learn how to use a trading strategy, how to analyse the charts using technical and fundamental analysis, how to apply risk management to your trades and much more.
You can also keep on top of the latest market news with City Index’s expert analysis. They even provide clients with an experienced relationship manager for insight and trading support.
Through City Index, you can trade on over 12,000 global markets with a Spread Betting, CFD Trading or MT4 account. Trading instruments include over 80+ FX currency pairs, 20+ Indices, 4,500+ Global Shares, 25+ Global Commodities, Cryptocurrencies including Bitcoin and other markets (Bonds, Options, etc). It can be a good idea to opt for a trading broker who offers so many different markets and trading instruments in case you wish to branch out and diversify your portfolio in the future. If you like plenty of choice, FP Markets have 10,000+ financial instruments.
City Index offer a selection of different trading accounts that allow for fast, easy payments and secure withdrawals. If you are primarily looking to trade currency pairs, the Spread Betting and CFD accounts will give you full access to their FX range with spreads from just 0.5 points. I found the accounts to have tight spreads, low margin requirements and fast trade execution speeds.
The minimum deposit starts from $100 which should be achievable if you are looking for a quality broker. If that is out of your range, Trade Nation have a minimum $1 deposit requirement.
City Index do not charge any additional commissions on spread betting markets. They also do not charge commissions on CFD or FX markets, with the exception of CFD equities.
Each City Index account will give you access to all trading instruments although to use the AT Pro trading platform, the professional trader account is required. There is an inactivity fee to be aware of if you do not use your account.
The “Trader” account is aimed towards both new and experienced retail traders, offering competitive pricing, 24-hour trading support, award winning platforms, news, analysis, education and more. This account includes a risk management feature with negative balance protection so that you never lose more than you deposit and margin close-out as standard.
The “Premium Trader” account is an invitation only private retail account that comes with a priority service. It also has competitive pricing, negative balance protection with the added benefits of a relationship manager, invitations to premium events and dedicated broker assisted dealing.
The more experienced traders who meet certain criteria can apply for the “Professional Trader” account. To qualify as a professional trader, you would need to have made a significant amount of transactions over the past year, have a large portfolio and work experience within the financial sector.
This account includes increased leverage, monthly cash rebates on FX and Indices trades, a credit facility and broker-assisted dealing, lower margin rates, rewards and premium events as well as a dedicated client relationship manager. It is worth noting that there is no negative balance protection on this account.
The broker also provides users with demo accounts if you would like to test the different trading platforms and conditions before opening a real account. Do keep in mind that factors such as slippage and spreads can vary from demo to real accounts.
City Index have some FAQs for help and support whilst the client services team are available 24 hours a day, 5 days a week to answer any particular questions that you may have. Support is available via online chat, phone or email. They provide you with introduction calls, ongoing support and monthly newsletters. Of course, you can opt out at any time. I have always found the support team to be a pleasure to speak with and wouldn’t have any issues reaching out to them again in the future.
City Index provide deposit and withdrawals via wire transfer, credit/debit card and PayPal. You can manage your account easily through their secure funding portal. I would like to see them include some more online payment processors. Whilst PayPal is the most popular, there other alternatives nowadays such as Skrill and Neteller. Additionally, it would be great if they were to introduce crypto payments but I understand this may not be possible due to regulatory restrictions.
Fees may be charged when using certain payment methods. Bank transfers can take a few business days to clear. Accounts can be opened in a good range of currencies including USD, GBP, EUR, CHF, JPY & NZD. The various different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
It is quick and easy to apply for an account at City Index. You simply choose the account type that you require and complete a short online form. Once that is done, you need to verify your email and upload proof of identification and address. After they have been received and approved, you can then fund your account and commence trading.
Overall, City Index are a very robust and well-established trading broker that is regulated in multiple jurisdictions and cover a huge range of trading instruments across multiple markets. 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.