City Index UK Broker Review 2024

City Index, founded by Chris Chris Hales and Jonathan Sparke, is a Forex and CFD broker operating under StoneX. This broker offers various instruments in 13,500+ markets, allowing its over 1 million user base to trade and diversify their portfolios.

City Index also offers a no-commission trading experience, and trading spreads starting from 0.5 points on the MT4 account.

City Index General Company Information & Regulation

City Index is not just another run-of-the-mill online trading platform. It's a powerhouse in the world of financial markets, providing access to a diverse range of instruments, including forex, CFDs, and spread betting. But what sets City Index apart is its solid regulatory framework and development team background. Let’s review key information about City Index broker:

• Founders: Chris Hales and Jonathan Sparke
• Founding Location: London
• Founding date: September 1983
• Parent Organization: StoneX Group

Over the years, City Index has gathered licenses from top-tier financial authorities, including:

• UK Financial Conduct Authority (FCA) (registeration number 446717)
• Monetary Authority of Singapore (MAS)
• Australian Securities and Investments Commission (ASIC)

City Index Broker Summary of Specifications:

To familiarize you with City Index broker, let’s review key information about this broker:

City Index Broker Account Types Review

City Index offers a variety of account types to suit different trading styles and experience levels:

City Index also has a corporate account tailored to businesses and professional traders. Key things you should know about this account type:

• Minimum trading volume: £20,000
• Number of markets and instruments: 13,500
• Interest Rate on tradable funds: 2.5%

Each account type has its own set of features and requirements, so it's crucial to choose the one that best suits your trading goals and experience level. It’s also worth mentioning that City Index offers demo account but swap-free Islamic account.

Advantages and Disadvantages of City Index Broker

Let's break down the pros and cons of trading with City Index:

City Index Account Opening & Verification

Getting started with the City Index is simple. Here's a step-by-step guide to help you through the process:

1. Visit the City Index website and click on the "Open an Account" button;
2. Enter your personal details and choose your trading account;

3. Enter your residential address and tax information;
4. Verify your account by providing a valid government-issued ID (passport, driver's license) and a Proof of address (utility bill, bank statement) document.

City Index Broker Trading Platforms

City Index knows the importance of trading platforms in the overall trading experience. That's why they offer a variety of options to suit different preferences.

MetaTrader 4 (MT4)

 The gold standard in forex trading platforms, MT4 offers:

• Advanced charting tools
• Automated trading with Expert Advisors
• Customizable interface
• Extensive market analysis features

Links:

• Android
• iOS
• Windows
• Mac

Mobile App

Trade on the go with City Index's powerful mobile application. Key features of this app:

• Available for iOS and Android devices
• Real-time price quotes
• Full trading functionality
• Account management features

Links:

• Android
• iOS

Web Trader

 City Index's proprietary web-based platform is a hit among traders who prefer not to download software:

• Intuitive interface
• Advanced charting tools
• One-click trading
• Customizable workspace

TradingView

City Index also offers seamless integration with TradingView. Main features of this trading platform:

• Over 100+ built-in indicators
• Variety of drawing tools and chart types
• Powerful strategy tester

Each platform has its strengths, so it's worth exploring them to find the one that best fits your trading style and needs.

City Index Spreads and Commissions Review

When it comes to costs, City Index offers competitive rates:

It's important to note that while City Index's spreads are generally competitive, they may not always be the lowest in the market.

Other trading fees:

• Inactivity fee: £12 per month
• Deposit and withdrawal fee: $0
• Currency conversion fee: 0.5%

Deposit & Withdrawal in City Index Broker

City Index offers various deposit and withdrawal methods:

• Bank wire transfer
• Credit/Debit cards (Visa, Mastercard)
• PayPal

Key Points:

• Minimum deposit is $150
• Minimum deposit for Credit/Debit cards is $250
• City Index uses advanced encryption to ensure the security of your transactions
• Withdrawals could take up to 3 days

Here's how quick guide to withdrawal funds from City Index broker:

1. Login to your account;
2. Choose funding section and click on "withdrawal;"
3. Choose the payment method you used to deposit funds;
4. Enter the withdrawal amount and complete the process.

Investment Options Offered by City Index Broker

Unfortunately, City Index does not currently offer a copy trading feature. This might be disappointing for traders who prefer to follow and automatically copy the trades of successful investors.

While the lack of copy trading might be a drawback for some, City Index compensates with its comprehensive educational resources and market analysis tools, which can help traders develop their own successful strategies.

City Index Tradable Markets and Symbols

City Index offers a diverse range of tradable markets, catering to various trading preferences:

• Forex: 84 currency pairs, including majors, minors, and exotics
• Indices: Trade 40+ major global indices like S&P 500, FTSE 100, and DAX
• Commodities: Precious metals, Energy, Agricultural
• Share: 4700 CFDs on global stocks
• Futures: Trade futures contracts on various underlying assets
• Cryptocurrencies: Bitcoin, Ethereum, and other major cryptos (as CFDs)

City Index broker also offers bonds, ETFs, interest rates, and futures trading on various instruments. This wide selection allows traders to diversify their portfolios and exploit opportunities across different asset classes.

City Index Broker Bonus programs

City Index takes an excellent approach when it comes to bonuses and promotions. They offer various bonuses for new and old traders. City Index bonuses include:

• Welcome Bonus: Receive up to $2000 for signing up and trading in City Index.
• Affiliate Program: City Index offers competitive commissions for individuals or entities who refer new clients to the platform.
• Cash rebate: Monthly cash rebates for forex, shares, and indices trading.

City Index Broker Customer Support

City Index prides itself on providing responsive and knowledgeable customer support through various channels:

• Live Chat: Available 24/5, offering quick responses to urgent queries
• Phone Support: 0203 194 1801
• Email Support: support.uk@cityindex.com

The support team is multilingual and available from 10 am Sunday to 5pm Friday, catering to the global client base of City Index.

City Index Broker Restricted Countries and Regions

While City Index serves global clients, there are some restrictions based on regulatory requirements and company policy. City Index restricted countries:

• USA
• Brazil
• Belgium
• Hong Kong
• Japan
• Canada

City Index Reviews and Trust Score

City Index has garnered strong trust scores and positive reviews across various platforms. This broker received a 4.1 trust score from over 300 reviews on the Trustpilot website. The general consensus among reviewers is that City Index is a reliable and well-regulated broker with competitive offerings.

City Index Broker Education

City Index stands out with its comprehensive educational resources:

• Trading Academy: In-depth courses covering basics to advanced strategies (+ a $40 exclusive bonus)
• Webinars and seminars: Regular sessions hosted by market experts
• Market Analysis: Daily insights and commentary on market trends
• Trading Guides: Detailed explanations of various trading concepts
• Glossary: Comprehensive definitions of key trading terms, helping traders understand essential concepts and improve their market knowledge.

These resources cater to traders of all levels, from beginners looking to learn the ropes to experienced traders aiming to refine their strategies.

TF Expert Suggestion

City Index broker aims to provide top-tier trading services by offering no commission deposit/withdrawals, high maximum leverage of 1:1000, and low spreads on Standard (floating from 0.8 points) and MT4 (floating from 0.5 points) accounts.

However, the high minimum deposit of $150 and the £12 per month inactivity fee are major drawbacks traders must consider about this broker.