70% of retail investor accounts lose money when trading CFDs with this provider

  1. Home
  2. Compare Forex Brokers
  3. City Index review

City Index Review

  • 5

Established in the UK in 1983, City Index has since become one of the world leaders in spread betting, FX and CFD Trading. City Index traders today have access to more than 12,000 global markets, across forex, indices, shares and commodities.

The City Index trading platform offers a range of customisation options, including 16 chart types with 65+ indicators designed to traders perform technical analysis. The platform’s research portal highlights trade ideas using fundamental and technical analysis, while traders can follow the markets on City Index’s native apps built specifically for smartphones and tablets.

City Index is authorised and regulated by the Financial Conduct Authority (FCA) and holds client funds in accordance with their client money rules. Retail clients’ money is also fully segregated from City Index’s own funds in separate accounts, while in the event of liquidation, clients may be compensated up to £85,000 by the Financial Services Compensation (FSCS).

Pros

  • Used by 140,000+ traders
  • Established in 1983
  • Regulated by Financial Conduct Authority, ASIC and MAS
  • Min. deposit from $25

Cons

To open a live account, you’ll need a minimum deposit of at least $25. Alternatively, City Index offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by the Financial Conduct Authority, UK (FRN: 113942), and ASIC (AFSL #345646). City Index puts all client funds in a segregated bank account and uses tier-1 banks for this. City Index has been established since 1983, and have a head office in UK.

Before we dive into some of the more detailed aspects of City Index ’s spreads, fees, platforms and trading features, you may want to open City Index ’s website in a new tab by clicking the button below in order to see the latest information directly from City Index.

Visit City Index

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

City Index screenshot Open a demo account

70% of retail investor accounts lose money when trading CFDs with this provider

What are City Index's spreads & fees?

Like most brokers, City Index takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The spreads displayed below are based on the minimum spreads listed on City Index’s website. The colour bars show how competitive City Index' spreads are in comparison to other popular brokers featured on BrokerNotes.

City Index
EUR/USD (Average: 0.7 pips) 0.7 pips 0.1 pips 1.3 pips
GBP/USD (Average: 1.1 pips) 1.7 pips 0.1 pips 2.0 pips
USD/JPY (Average: 1.1 pips) 0.6 pips 0.1 pips 1.5 pips
AUD/USD (Average: 0.8 pips) 0.6 pips 0.2 pips 1.8 pips
USD/CHF (Average: 2.3 pips) 2.3 pips 0.2 pips 2.0 pips
USD/CAD (Average: 2.9 pips) 0.5 pips 0.3 pips 2.5 pips
NZD/USD (Average: 3.6 pips) 2.8 pips 0.3 pips 2.8 pips
EUR/GBP (Average: 2.4 pips) 0.5 pips 0.1 pips 2.0 pips

Spreads are dynamic and are for informational purposes only.

As you can see, City Index’s minimum spread for trading EUR/USD is 0.7 pips - which is relatively normal compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with City Index vs. similar brokers.

See all Spreads

How much does City Index charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with City Index at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $25.6. Here’s a rough breakdown of the fees and how this compares against IG & Forex.com .

City Index IG Forex.com
Spread from: $ 5.00 $ 6.00 $ 10.00
Commission: $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 5.00 $ 6.00 $ 10.00
$1 more $5 more
Visit City Index Visit IG Visit Forex.com

All fees/prices are for informational purposes and are subject to change.

General Fees

  • City Index does charge inactivity fees
  • City Index withdrawal fees varies on payment method

Commissions

  • City Index does charge commission on CFD shares

What can you trade with City Index?

City Index offers over 12,500 different instruments to trade, including over 84 currency pairs. We’ve summarised all of the different types of instruments offered by City Index below, along with the instruments offered by IG and Forex.com for comparison.

FX / Currencies City Index IG Forex.com
# of forex pairs offered 84 90 80
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies Yes Yes Yes
Commodity CFDs City Index IG Forex.com
# of commodities offered 26 34 12
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Index & Stock CFDs City Index IG Forex.com
# of Stocks offered 4500 8000 220
UK Shares Yes Yes Yes
US Shares Yes Yes Yes
German Shares Yes Yes Yes
Japanese Shares Yes Yes Yes
See City Index's InstrumentsSee IG's InstrumentsSee Forex.com's Instruments

What’s the City Index trading experience like?

1) Platforms and apps

City Index offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. City Index also offer their custom AT Pro platform.

City Index Screenshot

City Index also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See City Index 's platforms

Trading Features:

  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss

Accounts offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Managed account

Still not sure?

Open a practice account & learn to trade

2) Executing Trades

City Index allows you to execute a minimum trade of 1 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As City Index offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

As a market maker, City Index may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Finally, we’ve listed some of the popular funding methods that City Index offers its traders on the right.

Funding methods:

  • Credit cards
  • Bank Transfer
  • Payoneer

3) Client support

City Index support a wide range of languages including English, Spanish, German, Arabic, Polish, and Chinese.

City Index has a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.

4) What you’ll need to open an account with City Index

As City Index is regulated by Financial Conduct Authority, ASIC and MAS , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore City Index’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with City Index you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from www.cityindex.co.uk on 01/10/2019.