City Index Review

City Index is a popular CFD broker in the UK. They follow rules from the FCA. They let you trade CFDs on different things and offer spread betting without charging commission for currency pairs. This review has all the details about City Index, like its good and bad points, how it’s regulated, fees, how to put in and take out money, types of accounts, the trading platform, customer service, and more. Whether you’re new to trading or you’ve been doing it for a while, after reading this review, you’ll have a better idea if City Index is right for you. 

🏢 Headquarters	London, United Kingdom
📅 Year founded	1983
🗺️ Regulation	ASIC, MAS, FCA, CIRO, JFSA, CFTC
💻 Trading platform:	Web Trader, MetaTrader 4 (MT4)
💰 Account currency:	EUR, USD, GBP
📊 Accounts:	Real, demo
💵 Withdrawal options:	Bank transfer, Debit or credit card
💵 Deposit options:	Debit or credit cards, PayNow, Internet banking / FAST, Bill Payment or wire transfer
🚀 Minimum deposit:	$100
⚖️ Leverage:	30:1
☪️ Islamic account (swap free)	Yes
🎮 Demo Account	Yes
💱 Spread:	Floating and fixed
🔧 Instruments:	Currency pairs, CFDs on stocks, indices, commodities, metals, cryptocurrencies
📋 Orders execution:	Market Execution
☎ Customer Support:	24/5
📚 Education	Provided

Fees

City Index charges low fees for forex trading and doesn’t have a withdrawal fee. However, stock CFD fees are high, and if you don’t use your account for a year, there’s an extra fee. We compared City Index’s fees with two similar brokers, CMC Markets and XTB. We chose these based on things like what they offer and the fees they charge.

All the fees are included in the spread, so there’s no extra commission. For example, for EUR/USD trading, the spread is 1.1. For index CFDs, the fees are also included in the spread. For S&P 500 index CFDs, the spread is 0.4. There’s no charge for withdrawing money or keeping your account open. But if you don’t use your account for a year, City Index charges a £12 fee every month.

Pros and Cons

Pros	Cons
City Index is approved by the FCA.	City Index charges a fee if you don’t use your account.
You can pay extra to make sure your losses are limited.	They don’t have MT5 available.
You can put money in and take it out using bank transfers.	The range of CFDs is limited if you’re using MT4.
They offer accounts in British pounds.
They don’t tack on extra fees for trading forex.
Quick and helpful customer service through chat.
You can use MT4 or their own trading platform.
Your account is safe from going into debt.

Regulation and Safety

City Index is a safe broker because the UK strictly regulates it. When a forex broker has many top-tier regulations, it’s much safer. City Index is regulated by the FCA and also licensed by ASIC in Australia, which is another top-tier regulator.

Let’s look closer at City Index’s regulations and licenses:

• FCA
• ASIC
• MAS
• CIRO
• JFSA
• CFTC

Deposit and withdrawal

City Index doesn’t charge any fees when you deposit money. You can use bank transfer, credit/debit cards, or PayPal. After you choose your account currency, you can only deposit money in that currency. Bank transfers can take a few business days, but card payments are instant. You can only deposit money from your own accounts.

There are many ways to deposit money at City Index, including using electronic wallets like PayPal.

When you withdraw money, City Index also doesn’t charge any fees. You can use the same methods you used for depositing. The smallest amount you can withdraw is $100 or your total account balance, whichever is less. Withdrawals usually take 3-5 business days.

When we tried to withdraw money, it took a long time because we had trouble using a credit card. City Index couldn’t send money to some MasterCard and Visa credit cards. So, we had to use a bank transfer instead. But first, we had to contact customer service to add and approve their bank account. It would be helpful to know beforehand which cards City Index accepts.

Account Types

City Index offers two types of live trading accounts: Standard and MT4. You don’t need to deposit any minimum amount to open a City Index live trading account.

Account type	Withdrawal commission
Standard Account	With a City Index standard account, you can trade over 13,500 markets using their platforms and apps. These come with advanced tools to help you make the most of your trades. Get competitive prices on thousands of popular markets. Access advanced TradingView charts with over 80 technical indicators. Reach out to the customer service anytime via live chat, email, or phone.
MT4 Account	Trade thousands of global markets with tight spreads using the popular FX trading platform, MT4. Now, you can also access more asset classes like indices and commodities. Analyze new opportunities using custom indicators, drawing tools, and integrated news and analysis. Access over 80 currency pairs. Use Expert Advisors from FX Blue and explore a wide range of charts and timeframes.

Customer Support

Customer support is available 24/5. You can reach customer support anytime during the week using local or international phone numbers in London. If you’re new or interested in their services, you can chat with us online. However, initially, you’ll interact with a robot before being connected to a real person. Assistance is accessible through phone, chat, or email. 

Research

City Index has great research materials. Their own analysts give daily market updates and outlooks through a news page. This page has tags for different reports. They cover both basic and technical aspects. Some news videos are also on YouTube. But, it’s hard to find these videos on the website because they’re not well connected. Besides videos, other research materials are well sorted. They’re easy to find on the trading platforms too.

Education

The education part has guides on how to trade, split into eight sections. But only four of them have standard course materials, while the rest repeat stuff from other sections. A review on YouTube found some great technical analysis videos, but they weren’t directly linked to the website. The broker also gives articles on trading venues and has a helpful support database.

Conclusion

City Index is great for new and mid-level traders. They provide top-notch research, helpful education, and reliable customer service, along with a wide range of markets at good prices. The connection with StoneX helps build trust, and being in London adds to their credibility. However, full-time and professional traders might want to consider other options because City Index doesn’t offer volume discounts and has weak connectivity with VPS and API interfaces.

FAQs

Is City Index safe and legitimate?

Yes, City Index is safe and legitimate. It is considered reliable because it has top-tier regulation from authorities like FCA in the UK and ASIC in Australia.

Is City Index an ECN broker?

No, City Index is not an ECN broker. It is a market maker and has a dealing desk.

Is City Index regulated in the UK?

Yes, City Index is regulated by the Financial Conduct Authority (FCA) under FRN 446717. The registered company name is StoneX Financial Limited.

What is the minimum deposit at City Index?

To open an account with City Index, you need to deposit a minimum of £100. This minimum deposit applies to both CFD and Spread Betting Accounts.

City Index Licenses