- Online Brokers
- Forex Trading
With over 30 years experience, UK based City Index are one of the most trusted Forex and CFD brokers in the industry. They were established in 1983, eventually launching their CFD trading function in 2001. A series of successful acquisitions over the years including IFX Markets and Finspreads further boosted their trading offering.
In November 2014, a landmark deal was struck and the firm were sold to American based rivals GAIN Capital (NYSE: GCAP). Combined, the now joint company serve over 200,000 clients in 180 countries, with annual trading volumes well in excess of $3 trillion.
Since the sale, the UK firm continue to offer CFDs and Forex Trading on over 12,000 markets - including indices, shares and Bitcoin. For even more details and a breakdown of their offering, read on for our City Index review.
Spreads and Fees
City Index offer competitive spreads on the major currency pairings. The EUR/USD for example has an average spread of 0.69 pips and can be as tight 0.5 pips. Margins start from as low as 0.5%, giving you a wider exposure to the markets.
Their standard FX CFDs trading account takes no commision from your trades; unless you choose to purchase shares. If you’re new to forex trading, then the tight spreads on offer and zero commissions of the standard account makes this an excellent choice for traders starting out.
City Index gives you access to several trading platforms; each of the platforms has features and tools that will benefit various experience levels.
Advantage web is their primary, browser based trading platform; there’s no need to download or install any other software to start using it. Featuring a rich user interface, this platform is fully customisable to meet your every trading need. You can adjust the various charts and data feeds to your taste, or choose from one of the pre-built work spaces.
One of the most useful tools are the watchlists; click the star icon on any market you wish to keep an eye on to save it in a list. This platform uses HTML5 charts and you can select one of 80 technical indicators. Completing the experience is a range of risk management tools, which can help minimise any trading risks.
While technically impressive from a usability standpoint, the Advantage Web platform does rely on outdated Flash technology. This means you will have to manually enable Flash in browsers like Chrome. We hope to see a solely HTML5 version of the software in the near future.
If you’re an advanced user, then you may want to consider AT Pro; this downloadable platform lets you create your own trading templates using C#, .NET and Visual Basic. Alternatively, you can choose from hundreds of pre built templates. There’s even a back testing tools, allowing you to see how trade signals perform against previous data.
Finally, we have MetaTrader 4 - one of the most popular Forex trading platforms in the world. This is another advanced trading platform providing several key features. Not only can you create custom indicators, but you can even design your own automated trading strategies - or use one of the pre built strategies.
Android and iOS users can trade currencies on the go with state of the art City Index mobile applications. The apps feature a range of features for the busy trader; live streaming charts for example give you access to all the latest data - which you can further analyse with technical indicators. These charts can be customised to your preference and with just a click, you can switch to a detailed full screen mode. To keep abreast of economic factors, you will find the latest investment news directly in the app courtesy of Reuters. Watchlists once again help you to keep an eye on multiple markets at the same time.
CityIndex offer free research tools via Recognia, a global leader in technical analysis and pattern recognition. To access this rich data flow, you will need to have a live account; demo account users will not be able to access the research tools. With all of these platforms, you also get access to a full news feed courtesy of Reuters.
If you require some refreshers or want to enhance your trading knowledge, then you can take advantage of the training section of the website, which gives you access to a treasure trove of industry knowledge. Here you will find videos, ideas, strategies and even an economic calendar to help you stay ahead of the curve.
Most major depositing options are accepted with City Index, including debit card, credit card and bank transfer. In addition, all depositing options are free from charges; you can have up to three different funding options active in your account at any given time.
Withdrawals from your City Index forex account will usually take 3 to 5 days. Keep in mind that a maximum of £20,000 can be withdrawn in a single transaction, with credit card withdrawals limited to £20,000 every 24 hours. Withdrawals are mostly free; only CHAPS payments under £5,000 will administer a charge.
If you have a question or need help with your account, there are several options available to you. Click on the help and support option to find a range of help sections, including information on accounts, payments and even a trading glossary. If you still can’t find what you are looking for, you can send an email or speak to one of the friendly customer service advisers via live chat.
As well as CFD and Forex trading, City Index also offer spread betting to the UK market. UK traders can therefore benefit from tax free trading and tight spreads on over 10,000 markets. With the emerging popularity of cryptocurrencies, there’s also various options to go long or short on Bitcoin.
“Serious about trading success? So are we” that’s the opening statement City Index make as soon as you land on their website. And they really weren’t kidding; choose to trade Forex with this broker and you can trade with some of the most powerful tools in the industry and benefit from years of valuable experience.