Briefly about City Index Broker
City Index broker (pronounced "City Index") was founded in 1983 in London, UK. The company provides clients with the opportunity to engage in active trading and spread betting. City Index is licensed and regulated by the British FCA - Financial Conduct Authority (license number: 113942). Over the years of providing financial services, the broker has won awards more than once, including Best Trading Loyalty Program (2019), Best Trading Platform (2019) and Best CFD Provider (2020).
Minimum account size: $0.
Commissions: EUR / USD 0.69 pips.
Best for: beginners and intermediate level traders who want access to educational resources and research.
Trust, Regulators, Reputation.
The company is licensed by the British FCA with license number 113942.
The broker complies with ESMA requirements for leverage limits and provides protection against negative balances (so you never lose more than you invested).
According to mandatory disclosure, 73% of retail traders lose money trading CFDs, which is above the eurozone average.
The U.K. Financial Compensation Scheme provides coverage of 50,000 pounds in the event of a company default. However, no additional coverage is provided by the broker.
City Index provides guaranteed stop-order protection as well as an interesting set of contingent orders on its platforms.
The company has a division in Singapore that uses two-factor authorization to improve security.
However, this useful feature is not found on the British company's website. Nevertheless, the broker does provide central clearing.
Spreads and commissions are transparent, but as for options rates, it is quite difficult to find.
Information on commissions is contradictory and quite difficult to find comparisons. The broker offers fixed and floating spreads depending on the size of the investment.
However, it is not clear to what extent spreads widen during the OTC period. Accordingly, the trader cannot calculate some of his expenses.
Desktop platform City Index
The Web Trader platform offers in-depth graphical tools, indicators and a fully customizable workspace.
However, in terms of functionality, it is still inferior to the downloadable ATPro platform.
The latter includes the possibility of in-depth technical analysis with more than 100 indicators, charts and extensive customization options.
The platform offers real-time news from Reuters, keeping account holders up-to-date with the latest developments.
The terminal provides access to a variety of trading ideas and provides many additional features.
A comparison of account types shows that the AT Pro platform is only available for professional requirements according to ESMA requirements.
However, this information is not confirmed by another link on the site. Moreover, when communicating with the support in the chat it turned out that the information does not correspond to reality.
Trading products from a broker, a short description.
|Mobile trading app||Access to spread bets and CFDs for over 12,000 Markets with trading app for iOS and Android with Live Charts TradingView.|
|Web Trader||A specialized web platform for trading in various markets. User-friendly interface and advanced analysis tools.|
|MetaTrader 4 Forex Trading Platform||On this platform, you can enjoy ultra-tight spreads, fast trade execution and unique trading tools.|
|SMART Signals||engine uses a selection algorithm to automatically monitor 36 major global markets across thousands of price data points to highlight potential trading opportunities.|
The mobile versions of the platform for iOS and Android allow you to sync information with the platform without any problems and use a quality product.
Nevertheless, the platform has a number of limitations in terms of functionality and settings.
Account holders can set up alerts, build their lists, communicate with support and work with basic charts.
However, in terms of functionality, the mobile app is clearly inferior to the web terminal and the desktop platform.
Fortunately, the interface for placing orders looks the same as on the desktop platform, which allows competent risk management.
News and analytics
City Index broker offers an impressive set of analytical tools, including daily market reviews and video updates, webinars, and news.
Clients are also offered a wide range of technical and fundamental reviews.
However, the integration between the Youtube channel and the site is rather poorly implemented, so it's sometimes difficult to find this or that topic.
However, the analytical materials are well organized at the site and many categories can be found directly on the platform.
The site also offers many trading ideas with different approaches. However, accessing some of the content will require a subscription.
The analytics window on the platform provides access to Trading Central, where you can use technical and fundamental screeners separately.
The fundamental one offers a large number of filters and includes current prices as well as the broker's calculation of the asset's value.
The trading section offers training on how to trade. There are a total of six sections.
However, only four feature tutorials, and two duplicate analytical content from other sections.
YouTube offers a lot of competent material on technical analysis, but they don't have a link on the site. The broker also offers ancillary articles.
City Index broker does not offer VPS hosting, thus losing some business opportunities. Also, there are no discounts for trading volumes.
This is a negative factor for experienced traders who prefer active trading even though the Premium and Professional accounts provide traders with certain bonuses.
The broker provides centralized clearing through OSCA. Of course, this is not the same as going directly to the market, as the broker operates on a dealing system.
First, the order is executed, and then it is sent to the clearing center. A separate application is required to access this functionality.
The broker offers a wide range of investment products, including forex currency pairs, spread betting, CFDs, options on indices, stocks, commodities, metals, debt securities, interest rates and cryptocurrencies.
Clients can trade more than 4,000 stocks of various exchanges. Indices and metals are traded through CFDs or futures.
As for cryptocurrencies, there are five major markets available.
Commissions and fees
The broker's minimum and average spreads are competitive. The minimum is 0.5 pips, while the average spread for the EUR/USD pair is 0.69 pips.
For indices, the minimum is 0.4, as well as for CFDs and betting spreads. There are no average spreads here.
For other markets, information is limited to minimum spreads or current market demand spreads.
The broker offers fixed spreads on many indices and commodities. For forex and other markets, spreads vary.
Withdrawal of funds is free. There is no minimum deposit requirement. However, if there has been no activity on the account, you will have to pay a £12 commission.
All fees are spelled out in a fairly simple and informative spreadsheet with some assumptions.
Customer service is available 24 hours a day, five days a week. A phone number is available, both in London and a number of other cities.
Online chat is offered to new and prospective clients, but users must chat with a robot who will ask a few questions before getting support from a specialist.
The broker answers traders' questions over the phone or through chat (or email).
As for social networks, groups are created mainly to disseminate information on analytics or markets. The support service is competently organized.
Read also ChoiceTrade broker review
What you need to know about the broker
City Index company is suitable both for beginners and experienced traders who are looking for high quality analytics, competent training system, reliable service and competitive prices.
As for active traders, they may want to consider other companies as the broker does not offer volume discounts.
Wide range of products.
Ability to trade in cryptocurrencies.
Sophisticated testing system.
Lack of discounts for trading volumes.
Absence of information on social trading.
Professional accounts have no margin discount.