Supported currencies include USD, GBP, EUR, AUD and CZK, which is an advantage for those looking to avoid currency conversion fees in major trading hubs. We are also pleased to see no deposit city index review or withdrawal fees, which makes moving funds simple and affordable. Note you may need to provide documents so that the broker can verify your identity. City Index will you know once they have approved your documents so you can start trading.
- Traders with significant experience can qualify for Professional Trader accounts after meeting specific criteria outlined by City Index.
- However, traders using the MT4 account may encounter commissions when trading shares.
- City Index enables trading in 84 currency pairs, including major ones such as USD/JPY, GBP/USD, and EUR/USD, and offers rapid execution with competitive spreads that start at 0.5.
- In a break from the norm, City Index’s Trading Academy is a video series produced in the style of a reality show.
- Additionally, City Index offers a comprehensive FAQ section for traders, making it easy to find answers to common questions and enhance the trading experience.
Research Tools and Insights
Yes, the MT4 platform supports automated trading via Expert Advisors (EAs). You can also use FX Blue’s suite of tools and download from the MetaTrader Market, making it suitable for advanced strategies and hands-free trading. City Index holds client funds in segregated accounts, complies with 🇬🇧 FCA client money rules, and is a member of the FSCS.
What account types does City Index offer?
If you’re considering opening an account with City Index, be sure to check out our review and thoughts on trading with this well-established broker. Founded in 2013, Tradingpedia aims at providing its readers accurate and actual financial news coverage. Our website is focused on major segments in financial markets – stocks, currencies and commodities, and interactive in-depth explanation of key economic events and indicators. The economic calendar can be filtered based on country, volatility and category.
Account Types
Spreads start from 80 points but given the highly volatile nature of the cryptocurrency markets, they can fluctuate quite largely and rapidly. Lastly, City Index operates in Singapore and is registered as StoneX Financial Pte. In Singapore, the broker is regulated by the Monetary Authority of Singapore (MAS) and accepts clients across most of Asia. To help prevent negative balance protection from needing to be activated, a margin call system is also used.
Up to three debit or credit cards can be used for an account across Visa and MasterCard. When transferring funds from an Australian bank, no deposit fees are charged, and there are no charges for funding through a bank transfer when the account is based in Australia. When setting up the account, we found the opening process to be easy and straightforward. City Index offers a multi-currency deposit solution and can accommodate 9 base currencies (EUR, GBP, USD, CHF, HUF, AUD, CHF, JPY, PLN). The standard MT4 platform is also available for traders to use on their web browsers using WebTrader. The CompareForexBrokers team created a trading platform selector so you can work out what trading software best matches your trading needs.
WebTrader is intuitive and powerful, offering integrated charts, over 80 technical indicators, and real-time market data. Users can manage orders, set alerts, and access research tools seamlessly. Its interface is ideal for traders seeking simplicity without sacrificing functionality. Traders can access forex, indices, shares, commodities, and precious metals through CFDs or spread betting. Over 13,500 markets are available, offering both short-term trading and long-term investment opportunities, along with tax-free options for UK spread betting accounts. City Index has been operating since 1983, providing decades of experience in trading CFDs, forex, and spread betting.
How Much Are Non-Trading Fees With City Index?
Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. This set of common questions will provide answers and solutions for most issues. When more rigorous support is needed, however, City Index’s staff is there to help.
Full information on trading hours and market events can be found on the broker’s website. There is also a useful trading calendar which makes all schedule changes clear. My only criticism is that the selection of assets available on the MT4 account is much smaller at around 300 instruments. Indeed, using the Standard account allows us to build a diverse portfolio covering a range of asset classes and strategies. We found that withdrawal times vary between payment methods, but are around the industry norm. Most bank transfers or credit card withdrawals take up to a few business days, depending on your bank.
These fees are typically calculated at the end of each trading day and may vary depending on market conditions and the asset being traded. In addition, the broker applied for negative balance protection, and in case of insolvency, FSCS controlled clients’ compensation to recover accounts up to £85,000. Based on our research, City Index is a respected and reliable broker and is a part of the large strong established group listed in stock.
City Index was founded in 1983 in London, UK and has been operating for over 40 years. Despite its years in the industry, it seems to have a low search volume on Google with only 9,900 monthly hits, it ranks as the 53rd most popular forex broker among the 65 brokers analyzed. Web traffic data from Similarweb in February 2024 shows a similar positioning, with City Index ranking as the 47th most visited broker with 216,000 global visits. Both City Index Mobile and the MT4 mobile app are ideally suited for traders who are on the move, providing stop-loss orders, watchlists functionality, and Reuters news integration.
He is the Global Director of Online Broker Research for Reink Media Group, leading research efforts for ForexBrokers.com since 2016. Steven is an expert writer and researcher who has published over 1,000 articles covering the foreign exchange markets and cryptocurrency industries. He has served as a registered commodity futures representative for domestic and internationally-regulated brokerages. Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA).
However, it’s important to consider these numbers in the context of the industry average. In fact, both brokers offer spreads that are generally below the industry average. This means that traders could potentially save on trading costs by choosing either of these brokers. The demo account is topped up with $10,000, but this is only virtual money you can use to build on your trading experience. Other than that, the demo supports the same tools and features as those in the live accounts. This option is more suitable for casual traders because it does not feature as many indicators as the downloadable desktop software.
- This is particularly useful for traders who rely heavily on technical analysis.
- In addition, there is a significant online MetaTrader community where users from all around the world discuss trading tools, methods, and signals.
- This allows me to tap into potential opportunities without having to do all the legwork myself.
- Additionally, City Index is a member of the Financial Services Compensation Scheme (FSCS).
The fees are $15 per month, which is a little higher than competitors like XTB ($10), but not a major issue in our opinion. On the downside, there is no swap-free account for Islamic traders and the range of payment methods is narrow compared to some alternatives. These links are provided for your convenience only and we do not endorse or assume any responsibility for the content, products or services provided by these third-party websites. By accessing and using this website, you acknowledge that you have read and understand this disclaimer and agree to be bound by its terms.
Additionally, an inactivity fee of £12 per month will be charged if there has been no trading activity for 12 months. This fee will continue until there is trading activity in the account or the account balance reaches zero. Trading with City Index is considered highly safe due to its strong regulatory oversight and financial backing. No, you don’t but they may ask some question to ensure you understand the risks of CFD trading before accepting you as a client.
We only list trading platforms regulated by tier 1 and tier 2 institutions including CySEC, FCA, ASIC, NFA. Our services are available to everyone free of charge, but we do receive compensation from some of our partners for referring clients to them. Users, visitors, and customers can use all our products, software, programs, services, content, and information at their own risk, and 100% responsibility lies on them. Although we have vast experience in working with financial markets, we do not carry any guarantee of profitability under any circumstances. Any user, visitor, or customer must independently make a decision and take 100% responsibility to himself for making a decision. The platform hosts extensive market research materials, guides, and tutorials for various trading strategies and techniques.
City Index offers a few account types for both individual and corporate traders. The Standard Account is the primary option, providing access to a wide range of markets with competitive spreads and leverage. Additionally, City Index provides comprehensive educational resources, including webinars, tutorials, and market analysis, empowering traders to make informed decisions. This combination of strict regulation, versatile platform options, and a strong educational focus positions City Index as a standout choice for traders seeking a reliable and enriching trading experience. City Index is a well-established and fully regulated broker that offers over 450 tradable instruments across different asset classes.
Using City Index over the past few months, I found it reliable and user-friendly. The platform’s advanced tools, low spreads, and FCA regulation make it ideal for UK traders. Demo accounts helped me test strategies, while fund security and transparency offered peace of mind.
Web Trader’s most stand out feature, however, is Trading Central – a research tool that provides extensive scanners capabilities, and also offers AI-based technical and fundamental insights. Trading Central also features Market Buzz, a sentiment engine that scans thousands of news and analysis articles to give traders a clear market pulse on a particular asset. 70% of retail investor accounts lose money when trading CFDs with this provider. For instance, trading major currency pairs can start from 0.5 pips, making it attractive for scalpers and day traders. City Index offers competitive spreads, strong multi-asset coverage, and advanced tools suitable for active traders. Integration with TradingView and MT4, combined with FCA regulation, positions it as a top choice over brokers like eToro and Saxo for UK traders seeking safety and versatility.
