City Index: Forex & CFD Trading Broker Review 2023
Demo’s offer 12 weeks of unlimited access and £10,000 of virtual cash. This type allows users to demo trade cryptocurrencies, shares, indices, forex pairs and other assets available on the platform. The broker itself was established in 1983 in the United Kingdom and is a world leader in FX and CFD trading, as well as spread betting. This demo account will be unlimited and available to you for 12 weeks with access to more than 12,000 assets and a virtual balance of £10,000 for you to trade risk-free. You can also access the account through Web Trader, iOS and Android mobile apps, and MT4 mobile on all devices.
First, let’s go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees. We ranked City Index’s fee levels as low, average or high based on how they compare to those of all reviewed brokers. City index strips money and uses algorythms to control your buy and sell motions ,If you want to loose money fast open an account with this company.
City Index is https://traderoom.info/ by the FCA, although some clients complained against the broker. Nevertheless, we cannot be certain but some traders claim they have been defrauded by City Index. In addition, we recommend reading our reviews about brokers SuperForex, TopFX, and TMGM. City Index is a trading name of StoneX Financial Ltd from the UK. We read some complaints against the broker pointing to platform and withdrawal issues. Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.
Upon opening an account, an offer of a guided tour is made available. It’s actually well thought out and although bot-led the ten top-tips would help novice and experienced traders familiarise themselves with the platform. Whilst some brokers offer a list of topics the City Index approach could best be described as a syllabus. Right from the off they offer the use of Trading Central and crucially address the issue of how individual clients might want to balance their strategies around technical or fundamental analysis. Coming under the umbrella of the general trading account means traders can also trade on margin and don’t need a stand-alone crypto wallet.
City index also has a deep offering in cryptocurrency trading with 17 different markets. Spread Betting allows clients to speculate on whether the price of an underlying financial instrument, such as an equity, will rise or fall. Clients should be aware that there is a fee incurred for inactivity for longer than 24 months or more. The inactivity fee charged by City Index AU is $15 equivalent in the local currency. For +3 years of account inactivity, your trading account will be reactivated only after clients go through the account reactivation form one more time. Premium Trader accounts are invitation-only and offer priority service, including a relationship manager.
Non-trading fees at City Index
Until then, with the discontinuation of AT Pro desktop, algorithmic trading is limited to MetaTrader, which remains the most popular platform globally for automated trading. Professional and clients outside EU or Australia are not covered with any negative balance protection. We also compared City Index’s fees with those of two similar brokers we selected, CMC Markets and XTB. This selection is based on objective factors such as products offered, client profile, fee structure, etc. In the sections below, you will find the most relevant fees of City Index for each asset class.
- Changing the leverage manually is a very useful feature when you want to lower the risk of your trade.Be careful with forex and CFD trading, as the preset leverage levels may be high.
- Reprint of the materials is available only with the permission of the editorial staff.
- They can use leverage for this product and take both short and long positions.
- City Index Withdrawal will be processed between 1 and 5 working days, depending on the method of withdrawal selected.
When you select an event, you can read a quick summary about it and check its historical data. For example, you can see what the EU employment data means and how it has changed over time. City Index does not provide any fundamental data on assets. FCA bans the sale of crypto-derivatives to UK retail consumers from 6 January 2021. City Index has an average selection of forex and CFD products. Based on ownership, you can open an individual or corporate account.
Part of the StoneX group
When the losses in the stopped out location exceeds your account balance, you might experience a negative account balance. If you are still skeptical, it is possible to open a eToro demo account and assess the credibility of the platform on your own. Other deposit techniques you can embrace are Neteller, Skrill, Rapid Transfer, and iDeal. Besides online banking, wire transfer is a possibility as well, though it takes approximately 4-7 days.
These include over 4,500 CFDs, 65 spot Forex pairs, and 15 forwards spread over multiple trading platforms. Video Module – Six videos are available as a training tool, and a television show for beginners is spread out over 6 weeks. Generally, investor accounts lose money due to a lack of skill sets of traders. Top traders provide tips in this video content, which is also available on YouTube. This is a critical reason why City Index should be the provider you should consider to pick up the intricacies of a trading platform.
City Index Review Navigation
They wont do you any favours .their software pre empts your buy and sell moves so you loose money fast mindless thieves of the worst kind . We are glad to hear that CityIndex met with your expectations. I have been using the city index for a while and overall it is a great experience.
It majorly owes this status to its unbelievable platform and wide range of tools plus resources so you can put money into capital markets. Yes, trading via City Index is a nice and good experience indeed. It’s an excellent and intuitive platform with helpful features for your simplicity.
There is a trading platform for all styles and experience levels of traders. 74% of retail investor accounts lose money when trading spread bets and CFDs with this provider. We understand and truly apologize for the withdrawal issues you have been experiencing with your account. City Index strives to provide our clients with the most quick and easy funding experiences. However, in times like this we do appreciate your patience and cooperation in this matter.
City Index Minimum Deposit
Once the mid-price is reached, your position will be closed and opened again in the next bid/offer contract. Another exact same question might be in relation to gold vs silver. I want to compare my risks and rewards across different markets for the same amount traded and the same % movement. To my surprise, I found out that I cannot contact them at all, they are so busy that they don’t offer ANY CONTACT whatsoever to non-clients. We appreciate your thoughtful feedback and we’re glad you’re happy with the platform. Traders can open a free demo account with virtual funds of 10,000 GBP and practice for 12 weeks.
These happen periodically and can feature insightful hosts, information, and more to provide you with the best possible information and opportunities to make your trades successful. They also provide for a good range of market news so you can be aware of the latest developments. At the moment, City Index does not provide any features for Social-Copy trading although this could always change in the future. These are also available under MAS regulation in Singapore and can be earned in cash monthly when you trade shares, forex, and indices. The performance analytics feature can help you in analyzing your trading history and provides insight based on three elements. This makes it really easy to start using and it operates with a host of advanced charts with custom indicators and is fast and reliable thanks to the HTML5 technology it employs.
Does City Index offer email customer support?
City Index is a legit company headquarted in UK since 1983. They are regulated by Financial Conduct Authority , Australian Securities and Investment Commission , Monetary Authority of Singapore . City Index is an acclaimed fintech company, which operates with transparency. You will not have to bear any hidden costs or be a victim to any scams. 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. There are multiple ways to finance your accounts with City Index.
The city index review also gives a variety of platforms for all kinds of traders. City Index ensures that the individual needs of all online traders are met to the best of their capabilities. They offers trading on MT4, Web Trader, Tablet & Mobile apps. City Index is honest, transparent, and also a well-regulated agent by the Financial Conduct Authority , Australian Securities and Investment Commission , Monetary Authority of Singapore . Their outstanding variety of resources will be beneficial for most traders. It’s possible to trade through charts, draw on them, use multiple charts and switch across timeframes.
City Index Review 2023 – The Leading Provider of CFD & Forex Trading
A demo account is the best place you can get started either as a new trader trying to learn or as a new client checking out the broker. At City Index, you can choose between a demo account that replicates their CFD, spread betting, joint CFD, and MT4 accounts. Finally, unlike many of the top forex brokers, you will not find a swap-free account at City Index. This is certainly a downside for Islamic traders who would require such an account type.
The majority of customer reviews praise this type for its invitations to premium events, loyalty rewards, and dedicated broker-assisted dealing. City Index is part of GAIN Capital, a company founded in 1999. Since its creation, the mission of the company has been to offer traders low-cost access to forex trading. Over the years, the company has expanded and has offices worldwide.
The City Index API appears restricted to institutional and white-label partnerships, lowering the value of the AT Pro backtesting and automated trading capacities. In addition, they offer no VPS hosting, missing an obvious business opportunity. No trading volume discounts were found, discouraging large-sized and higher skill traders from opening accounts, despite Premium and Professional tiers that provide secondary bonuses. A Training section features written how-to-trade tutorials that are organized into six sections. However, just four of the six open to standard course materials while the others duplicate research or marketing content found in other sections.
They charge prices of varying rates for a variety of services to earn money. You can start using the MetaTrader 4 platform with City Index in multiple formats including through an online web platform, or through a downloadable application for Windows PC’s and Mac’s. City Index MetaTrader 4 is compatible with the latest macOS. City Index allows traders to trade on mobile devices through Android and iOS devices.
Products can be navigated by scrolling through the screen, and trades can be executed in just a few taps. City Index offers CFD trading on 17 major indices from Asia, Europe, the US, and Australia, including Singapore Index, Wall Street, and Germany 30. The above markets include City Index’s DFT (daily-traded funds) markets. City Index does NOT offer CFDs to traders from, United States, Brazil, Belgium, Hong Kong, and Japan, where CFDs are not permitted by law.