City Index Review 2023: Trade with a Safe, Award-Winning Broker
Clients can trade more than 4,000 shares from multiple exchanges while index and metal CFDs can be traded on a cash or futures basis. Fee and spread disclosures provide extensive transparency, but it was difficult to find options costs. Information on fee schedules was conflicting, and it was hard to find cost comparisons.
- At one extreme there is the option just to go ahead and select one-click trading, but the more advanced functionality contains a range of features that are particularly appealing.
- I was having a major issue with my account involving updates, new regs, complaince etc. and Nathaniel sorted it out with great efficiency and ( just as importantly) charm and patience.
- The company provides mobile trading applications that are available for both Android and iOS.
- The City Index Trading Central technical analysis portal constantly scans stocks, forex and commodity markets.
This comprises trading-related teaching videos, articles, seminars, tutorials, and practical examples. When trading forex and other markets on the City Index MT4 platform, you may take advantage of ultra-tight spreads, quick trade executions, and unique trading features. MT4 is available for free on the Windows, Android, and iOS platforms. On all platforms, you may trade immediately through your MT4 account. Overall, City Index can be summarised as a safe broker that provides competitive spreads on Contracts for Difference (CFDs).
Platform is good, limited stock choices.
The coins covered include Bitcoin and also some alt-coins such as Litecoin, Ethereum and Ripple. The support team provided a fast and professional response when questioned, and the broker also makes a well-stocked FAQ section available on their website at all times. This should help to answer any of the more commonly asked questions you could have. The company is regulated by the Financial Conduct Authority (FCA). This provides clients with peace of mind, as formal regulation suggests that it’s a must to meet specific standards.
I worked with James Internicola to setup my Forex.com account. I had a lot of problems with setting up the correct account type, but James walked me through each and every problem I encountered. James is very professional, personable, helpful plus a few more adjectives all of which made it a pleasure working with him. In addition, the Markets in Financial Directive (MiFID) allows the company to operate as a regulated entity throughout the European Union. This section of the website contains a series of educational videos, articles, and practical examples on a wide range of trading topics. To read more about educational resources and the knowledge base, see the next section.
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.
CFD traders can trade on indices, currencies, commodities and bonds are commission-free, and you have to pay commissions for CFDs on shares, which vary depending on the market you want to trade. Customer support hits all the bases, with 24/5 phone support through London local and international phone numbers. Online chat is available to new and prospective clients, but users need to “talk” with an annoying chat robot before getting to a human customer representative. The broker accepts support questions through phone, chat, or email, and a fairly strong social media presence is used primarily to distribute research and marketing materials. The help and support FAQs are well-organized, allowing for quick retrieval of needed information.
I was having a major issue with my account involving updates, new regs, complaince etc. and Nathaniel sorted it out with great efficiency and ( just as importantly) charm and patience. System seems to have faults today but more importantly the call centre staff seem unable to understand the problems and how to access client accounts. Worse still the lines keep breaking down .Hopeless – had to email them . We are continually looking at our pricing and other ways in which we can lower the cost of execution.
Web trading platform
The team is available on a 24/5 basis through several mediums. If you prefer to trade within your browser, then you will want to choose the City Index web trader which has recently been upgraded and is in fact award-winning. It will give you a fully comprehensive trading experience with access to all the tools you need, along with a host of analytics and very fast execution capability. With this trading platform, you lose nothing in capability terms when compared with any desktop counterpart.
Instead of credit cards, we had to withdraw via bank transfer, but before doing so, customer service had to add and approve our bank account. It would be great to know in advance which cards are accepted and which are not. There is a very high degree of risk involved in trading securities. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.
Markets and Territories
As mentioned above, the company also lets you trade digital currencies via CFDs. This allows clients to take advantage of the market’s volatility without directly owning any digital coins. It is not uncommon to see praise for the broker’s incredible number of global markets on offer. All in all, the company now has more than 140,000 institutional and retail investors using its platforms globally. The headquarters of GAIN Capital is in Bedminster, New Jersey, with more than 800 staff throughout North America, Asia Pacific, and Europe. This is a review specifically for Nathaniel in client support , based in Poland.
As is common among other brokers, the company makes the majority of its profits via spreads. These spreads can be variable or fixed, depending on the asset in question and the type of account you have. The City Index fundamental and technical analysis portal offers you practical trading ideas as well as the resources to do in-depth market research.
What trading platforms does City Index offer?
Since then, the platform has had a few upgrades and long-term investment products will hopefully be added shortly. You’ll have to pay financing costs on leveraged positions held overnight. For long positions in the U.K., U.S. and EU, financing costs are https://traderoom.info/ equal to 2.5%+ the London Inter-bank Offered Rate, or LIBOR. Australia’s calculation is related to the Reserve Bank Australia official cash rate (RBA OCR) and is 2.5% plus RBA OCR. You’ll pay LIBOR minus 2.5% or RBA OCR minus 2.5% for short positions.
The company does not charge commissions on spread betting or on any CFDs other than Stock CFDs. City Index offers CFD trading on 17 major indices from Asia, Europe, the US, and Australia, including Singapore Index, Wall Street, and Germany 30. On the positive side, it has low forex fees, a smooth account opening process and high-quality research tools.
- Using the City Index website is relatively straightforward, whether on desktop or mobile.
- This has pushed USD/JPY up to a 4-day high, and keeps a bull-flag breakout in play on the 1-hour chart.
- These upgrades, on top of an already well-proven system, give this version of the MT4 platform versatile function while keeping it relatively user-friendly.
- These spreads can be variable or fixed, depending on the asset in question and the type of account you have.
As such, if they go into liquidation, which is unlikely, clients can receive up to £85,000 in compensation. For further peace of mind, GAIN Capital, their parent company, is also regulated and authorised by the FCA. Users will find an option that says ‘contact us’ at the top of the page, and once they have clicked on it, they will be taken to a page where they can scroll to the bottom and open up the webchat. The customer service representative on the web chat was very helpful and able to answer all of my questions. However, one thing we must mention is that we were first greeted by a chatbot, and it was very difficult to be directed to a support advisor. Professionals who prefer a downloadable platform will appreciate AT Pro.
Moving from this area through to a real-life support agent was harder than it ought to be. Once through response times weren’t market-leading but the real-life staff who helped our testers were knowledgeable, and 94% of queries were resolved during the first interaction. It would also help if transcripts of chats were able to be sent to email. Unlike some other brokers, City Index has embraced cryptocurrency trading and offers a range of 17 different markets.
Fixed or variable spreads are available, and the execution interface displays the spread at time of trade. Providing traders with up to date and accurate information such as that at the time of trade is to be congratulated. It also suggests quite rightly that City Index is confident their pricing is competitive. For example, some major forex spreads coming in as tight as 0.5 pips.
There is no minimum deposit — City Index recommends $/£/€100 as a starting point. After completing this information, traders may have to submit additional information to verify their identity. Speculating on interest rates at City Index is based on fixed spreads.
City Index provides customers dedicated 24/5 customer support in over 180 countries. Traders can contact City Index customer service by phone, email, or live chat. City Index is a well-regulated broker that offers its customers access to over 12,000 markets across forex, indices, shares, commodities and – in limited countries – cryptocurrencies. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. Backed by StoneX Group, City Index is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets. Their offer of CFDs is somewhat limited so that can be considered a drawback.
As such we may earn a commision when you make a purchase after following a link from our website. Our team also suggests clients take advantage of their trading academy with articles and videos on a city index reviews range of topics for all skill levels. Using the City Index website is relatively straightforward, whether on desktop or mobile. There is no single, convenient location where all spreads are listed.
The first is that CFDs quote in pips while when spread betting, the quote is in points. Regardless since these prices are both matched to the same underlying instrument, the price is the same, just to a different decimal. However, at certain times of the day, select financial instruments are fixed. We note, that this integration is only available for Australian traders at this time. Traders in Australia can also choose the RAW FX account type which has low commissions starting from just USD 5 or AUD 6 while Singapore traders have the option of a DMA account.