Broker to Trading

Established in 1983, City Index is a broker which offers a range of choice to the trader, from trading platforms to markets, providing both Spread Betting (in the UK) and CFD trading. City Index offers a user friendly Web Trader, along with mobile and tablet apps. For those who want to trade Forex and other markets on MT4, this is also available.

City Index has a relatively large number of individual markets, as over 13,500 are available. It is regulated by the FCA in the United Kingdom and also by the MAS in Singapore and the ASIC in Australia. City Index has more markets than its other branches, because it offers spreads betting as well as CFDs. There are 6300+ CFDs and in total 13,500+ markets including CFDs and sprerad betting.

Very briefly, what does City Index offer to the trader ?

Choice, in markets, platforms and ways to trade, from discretionary to automated.

What Awards has City Index won recently  ?

In 2021, City Index was awarded 'Best Spread Betting Provider' at the Shares Awards and 'Best Platform for the Active Trader' at the ADVN Awards. In 2018, City Index was voted Best CFD Provider and Best Mobile application at the Online Personal Wealth Awards. City Index was voted 'Best Spread Betting Service 2017' at the 2017 Shares Awards and 'Best MT4 Broker' at the 2017 UK Forex Awards.

What may City Index be suitable for ?

City Index may be suitable for a wide range of traders. For purely discretionary traders (i.e. traders who make their own trading decisions), it has a wide range of markets and a large number of them on its user friendly Web Trader. For those who wish to automate their trading further, it offers MT4, with less markets and a smaller range. MT4 has Expert Advisors (EA), which are automated trading strategies. EAs can be downloaded typically for a fee (T&Cs apply). As the bulk of MT4 is Forex pairs, it is a platform for Forex traders, but it also provides other markets.

Opening an account

In the UK, it is possible to select CFDs or spread betting or both. If both are selected then the Web Trader contains both CFD and spread betting products. Although CFDs and spread betting are different products, the experience of trading them is very similar, including their spreads (both types of trading allow the trader to go long or short on a market). MT4 needs a separate application. City Index MT4.

In the UK the account can normally be verified as part of the online application process, though in some cases additional documentation may be required to complete the process. As well as the UK, City Index is available to residents of many countries around the world, though there are some countries whose residents cannot open accounts, including the USA.

Client money protection

City Index is FCA regulated in the UK and keeps client money in segregated accounts.

What is the minimum deposit ?

There is no minimum deposit requirement to open an account at City Index at the UK branch (there is a £100 minimum deposit for the separate MT4 account), other branches have a $150 minimum deposit.

Does City Index have a Premium account ?

City Index has a Premium Program, which is by invite only (however City Index says that a first step is to be an active trader and maintain an account balance of £10,000+). It offers a dedicated manager, priority service, broker assisted dealing, invitations and research. This is a Retail account and thus offers the same protections as the regular Trader account and includes negative balance protection. There is also a Professional account, which needs to be qualified for, which offers the minimum margin rates which used to apply before the changes in 2018 but which has less protections than the Retail accounts.

What is the minimum trade size ?

The minimum stake (or trade) size for spread betting is 50p per point for Forex and no commissions are charged. The minimum trade size for CFDs is 1 CFD, which equals 0.1 (mini) lots for EUR/USD. The minimum trade size for Forex in lots is 0.01 (micro) lots, on MT4. In common with other UK CFD brokers, no commissions are charged, except for Shares. This means that there can be differences in the overall price for a Shares CFD versus a spread betting product.

Does City Index provide a demo account ?

City Index does offer a demo account, to practice trading and become familiar with the platforms. It provides £10,000 in 'virtual cash' (this is not real cash), offers two week access to all their platforms except MT4 and has real time pricing. MT4 has a separate demo account, which contains £10,000 in 'virtual cash'. City Index Demo

What is the City Index Trading Academy ?

City Index offers articles and videos about trading, including trading strategies in its 'Trading Academy', to be found on its website. It has both New Trader Courses and Experienced Trader Courses.

What is Web Trader ?

Web Trader is City Index's other web trading platform. It consists of order information, markets, watchlists, charting a Reuters news feed. The news feed covers general news and more focused market news. The chart price types are: Bars, Candles, Hollow Candles, Heikin Ashi, Line Area, Baseline and Renko and Line Break. Time frames are from 1 minute to 1 month. There are 80+ technical indicators. It includes 60+ Forex pairs.

Mobile and tablet apps

As well as its web platform, City Index offers mobile and tablet apps, based on its web platform. The app consists of Popular Markets and Watchlists, the Watchlists can be created by the trader. The detailed view of a market shows a chart as well as its price and order information. The chart can be expanded and may be selected as Candle, Bar, Line or Mountain on portrait and Candle or Bar on landscape. Indicators can be chosen from RSI, Stochastic, MACD and ROC Momentum in portrait or RSI in landscape. MT4 is also available as an app.

Website resources

City Index offers Market News and Analysis on its website, and provides an 'Idea of the Day' for trading. It also has an Economic Calendar. The Market Research on the site is quite extensive, covering market classes, countries and other fundamental topics.

Trading tools

City Index offers a wide range of trading tools. These include SMART Signals, which analyses markets based on past market data to identify price patterns which have performed well in the past. This enable it to to provide potential trading opportunities in different time frames. It creates a trade ticker with a suggested take profit and stop-loss level (which the trader can choose to execute or not).

City Index also offers technical and fundamental analysis powered by Trading Central. The technical analysis tool scans the market for trading patterns and potential trades. The fundamental analysis tools looks for over or undervalued Stocks, and provide a projected rate of return.

There is also Performance Analysis powered by Chasing Returns. This is a personalised tool which analyses the trader's trades to help them improve their trading.

FX on MT4

In common with some other UK brokers, City Index offers MT4. This is provided for Forex trading, and offers 80+ FX pairs (i.e. somewhat more than the web trader) as well as Indices, Soft Commodities, Metals and Energy. With MT4, trading automation with Expert Advisors (EAs) is available to the trader, along with the capacity to add on indicators and other tools. City Index MT4

What markets are offered ?

Markets available include Forex, Indices, Metals, Soft Commodities, Options, Bonds, Interest Rates, Shares, iShares (ETFs), Interest Rates and IPOs. The total number is over 13,500 (which is composed of 8500+ for spread betting and 6300+ for CFDs). City Index has a wide range of Commodities available covering Energy, Grain, other Softs and Options. The Metals available include Precious Metals and Copper.

City Index offers 4700+ Shares. Its iShares ETFs cover a range of countries, including emerging markets. On the Advantage Web platform, 60+ Forex pairs are available, but on MT4, 80+ Forex pairs are available.

Spreads and margin

• Spreads are variable for Forex. The minimum spread for EUR/USD is 0.5 points, the typical spread is 0.8 points. The minimum spread for GBP/USD is 0.9 points, the typical spread is 1.8 points. The minimum spread for AUD/USD is 0.5 points, the typical spread is 0.9 points. These figures are from 2019.
• The minimum spread for UK100 is 1, the minimum spread for for Gold is 0.30 (fixed) and the minimum spread for US Oil is 0.04. Spreads for Shares are from 0.2% around the market.
• At City Index (FCA regulated) the lowest margins (and maximum leverage) are available for Forex and are 3.33% (or 30:1).

Are commission charged ?

Commissions are not charged on spread betting nor CFD trading, except for Shares CFDs.

Guaranteed Stop Loss Orders

While free stop losses can be placed with orders, these are not guaranteed. To place a guaranteed stop loss order, a small charge in incurred, but they are not available for all markets.

Funding

City Index Australia accepts payments by Credit/Debit Cards, EFT or B-Pay. City Index Singapore accepts payments by Credit Card, NETS, Cheque, ATM, Internet Banking and Wire Transfer. City Index UK accepts payments by Credit/Debit cards, PayPal cards and bank transfers.

Funding and fees

City Index does not charge for debit card transactions and banks transfers. City Index does charge a 1.5% fee for credit card payments. City Index does not charge a withdrawal fee for debit, credit card or bank transfers using BACS. A CHAPS bank transfer incurs a £25 charge.

Negative balance protection

Negative balance protection is provided for retail accounts at City Index UK.

Regulation

City Index is a trading name of StoneX Financial Ltd. Its Registered Office is: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586 which is authorised and regulated by the Financial Conduct Authority with FCA Register Number: 446717. City Index is regulated in 8 jurisdictions worldwide, including by the ASIC in Australia and the MAS in Singapore.

Summary

This is a broker which aims to cater to different kinds of traders, with range and depth in its offering of markets, platforms and tools. It offers CFD trading and spread betting across a wide range of markets and provides MT4 for Forex, Indices and Commodity trading.

Pluses and minuses

• City Index offers a large number and range of markets
• It provides a user friendly Web Trader
• It offers MT4 with a relatively wide range of Forex pairs
• City Index offers tight variable Forex spreads
• It does not provide fixed Forex spreads
• Guaranteed stop loss orders incur a charge
• City Index provide both spread betting and CFD trading
• City Index provides a tablet and mobile app
• Automated trading is allowed on MT4
• City Index is regulated in a number of countries
• City Index is FCA regulated in the UK, ASIC regulated in Australia and MAS regulated in Singapore

Why City Index ?

City Index offers a large number of markets to trade and a relatively wide range. Thus traders who want to trade from an expansive group of markers can do so at City Index. City Index's mot expansive is provided on its Web Trader. The Web Trader is a user friendly platform for traders who plan and execute their own trades. MetaTrader 4 (MT4) is available for traders who want to use the features of this platform, including custom indicators and automated trading with Expert Advisors (EAs). Forex traders may appreciate this platform, as it is built around this market supporting the styles Forex traders use and has the most Forex pairs offered at City Index. Thus City Index provides features for a wide rage of traders, from beginners who want an approachable platform to more advanced discretionary or automated traders.