City Index Review, Rating and Comparison explained by professional Forex trading experts the “ForexSQ” FX trading team.
City Index Review, Rating and Comparison
Basically, City Index offers its clients two account types: CFD and Forex trading one. There is also a spread-betting account available to UK clients (with no Stamp Duty applicable). All accounts are commission-free (apart from trading in CFDs on shares), offer leverage up to 1:200 and variable spreads.
The Company. Security of funds
City Index is a UK broker that offers trading in 84 FX pairs, and various CFDs: 21 global Indices, more than 4500 global shares, over 25 global commodities bonds, options and more on several trading platforms
Founded in 1983, City Index was one of the first companies to offer spread-betting and CFD trading in the UK. In 2015, it was acquired by US forex giant Gain Capital for approximately US$148 million. So, the City Index brand is currently operated by Gain Capital UK Ltd. – a company authorized and regulated by the Financial Conduct Authority (FCA).
FCA is one of the most reliable regulators worldwide, as licensed companies must meet a number of requirements and comply with strict rules: capital adequacy (730 000 EUR), positions reporting, keeping clients` money in segregated accounts, etc.
Besides, FCA regulation includes Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person.
Set up in 1999, GAIN Capital Group is now a global provider of online trading services, active in North America, Europe and the Asia Pacific regions, serving both retail and institutional. The parent company, GAIN Capital Holdings, Inc. (NYSE:GCAP), is a New Jersey-based forex and CFD broker. As a global publicly traded company, regulated in 7 jurisdictions, Gain Capital meets high standards of corporate governance, financial reporting and disclosure.
Except City Index, Gain Capital Group is operating the brands Forex.com, GTX, and Gain Capital, FinSpreads, as well as the advisory CFD business Galvan and futures provider, Daniels Trading. It also offers white-label solutions for online forex trading companies.
Minimum initial deposit
In order to open an account with City Index, one has to invest £100, which is average. However, other UK CFD and spread-betting providers require none at all – IG and CMC Markets, for example.
Spreads & Commission
City Index is that it offers commission-free trading and competitive spreads, especially on the CFD account, where the average spread amounts to 0.73 pips on EUR/USD pair. Spreads on the Forex account on the MT4, on the other hand, are slightly above the average, as typical ones are around 1.6 pips for this pair.
In comparison, IG offers variable spreads, averaged 0.8 pips on EUR/USD and alos does not charge commission fees. For further information, you may check out and compare real-time spreads of 15 leading brokers here.
The maximum leverage levels offered by City Index is up to 1:200, which is considered average.
If you need higher leverage ratios, many FX brokers still provide such. FXCM, for example, offers leverage up to 1:400 and you may also check out a list of brokerages providing leverage up to 1:500 or higher here. Keep in mind, however, that higher leverage involves greater risk of losses.
City Index prides itself with the variety of trading platforms it offers. The list includes its clients its in-house desktop AT Pro, Advantage Web, as well as the popular MetaTrader 4.
Advantage Web is highly customizable, browser based platform with powerful trading tools and features, such as one-click dealing, 12 chart types with 80+ indicators to help you perform technical analysis. It is also equipped with real-time news from Reuters, economic calendar, and technical and fundamental analysis portal. Besides, users can create and amend multiple watch lists, set up price alerts, etc.
The AT Pro platform is basically designed for advanced. Apart from the powerful charts, numerous technical indicators and customizable layout, it offers automated trading strategies. Users can code their own unique trading strategies, there is a back-testing excel tool available, and also trade signals.
In addition, the most popular forex trading platform – MetaTrader4 – is also supported by City Index.
Clients of City Index may use solely bank wire transfer, as well as debit/credit cards as payment methods.
It is free to make deposits from a debit card, but there is a 1.5% charge if you use a credit card.
City Index Review, Rating and Comparison Conclusion
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