Minimum Deposit: $200
Maximum Leverage: 1:400
My Score: 6.0
Hello everybody! I am here with City Index review today. If you want to open an account with this broker, don’t do it before reading this review!
City Index is a trading name of GAIN Capital UK Limited. Head and Registered Office: Park House, 16 Finsbury Circus, London, EC2M 7EB. GAIN Capital UK Ltd is a company registered in England and Wales, number: 1761813.
Let’s see what I’ve answered in this review: Is City Index regulated? What are the account types of City Index? How are the trading conditions such as spreads, leverage, and minimum deposit? Is City Index scam or reliable?
Regulation of City Index
City Index is a reliable forex and CFD broker who is authorized and regulated by the Financial Conduct Authority (FCA). FCA Register Number: 113942. VAT number: 524837435.
This means that the broker offers its trading transactions in a reliable way. Because the UK’s FCA is one of the most respected financial regulators on the market.
The FCA requires some strict rules to brokers meet. For examples, brokers must hold 730 000 EUR to proof their financial stability, positions reporting, keeping clients` money in segregated accounts.
In addition, FCA regulation includes a compensation scheme which called the Financial Services Compensation Scheme (FSCS). It protects clients’ funds up to £50,000 per person.
Except for City Index, Gain Capital Group has been operating the brands Forex.com, GTX, and Gain Capital, FinSpreads, as well as the advisory CFD business Galvan and futures provider, Daniels Trading.
Trading Account Types and Spreads
City Index offers three account types. These are Trader, Premium, and Professional accounts.
The Trader account is ideal both new and experienced traders. The features of this account type are competitive pricing, 24hr trading support, never lose more than you deposit, education, news, and analysis.
There is no information about the minimum deposit and spreads. The maximum leverage for this account is 1:33.
The Premium account can only be opened by invitation and offers priority service and a dedicated relationship manager to active retail clients, as well as risk management on every trade placed.
Also, there is no information about trading conditions such as minimum deposit and spreads. The maximum leverage is same 1:33.
The last one is Professional account. It is suitable for experienced traders may qualify for Professional client account. These clients can trade with margin rates from 0.25% on our award-winning platforms.
To qualify as a Professional Client you need to meet two of these three criteria:
Trading volume: Made an average of 10 significantly sized transactions per quarter over the last four quarters.
Portfolio: Have a financial instrument portfolio, including cash deposits, exceeding €500,000.
Experience: Worked in a professional position in the financial sector requiring knowledge of trading leveraged products for at least 1+ year(s).
City Index provides its own trading platform desktop AT Pro, Advantage Web, as well as the popular MetaTrader 4.
AT Pro is designed for advanced users with innovative functionality and a fully customizable layout. AT Pro is a desktop platform designed for advanced users who need powerful analysis tools.
The features of this platform are Choice of trading templates, advanced charting package, improved speed and efficiency.
MetaTrader 4 is the most popular trading platform as you know. It has great features. Trade FX with City Index, voted the “Best MT4 Broker” at the UK Forex Awards 2017, and benefit from ultra-tight spreads, fast trade executions and unique trading tools.
The broker offers 84 global FX pairs, as well as CFDs on precious metals like gold, silver and platinum, commodities including oil, coffee, sugar and copper, stocks, bonds, interest rates, options, 21 global indices and even crypto coins – namely Bitcoin, Bitcoin Cash Ethereum Litecoin and Ripple.
Forex pairs include some exotic currencies like Chinese Yuan, Singapore Dollar, Czech Krona, Danish Krone, Hong Kong Dollar, Hungarian Forint, Mexican Peso, Norwegian Krone, Polish Zloty, Swedish Krona, Turkish Lira, and South African Rand.
There is a live chat, you can also contact the broker by using the phone, sending an e-mail or from social media. Live chat was working fast they answered me quickly.
I think the website of the broker should be better. It is a little bit complicated. The black theme is not good. Apart from these, I can say that I am satisfied with the customer support.
As a City Index client, you can deposit and withdraw funds with all major credit and debit cards like VISA and MasterCard and a bank transfer.
The broker recommends you to invest at least 100 GBP in order to have sufficient margin to sustain your positions.
It is free to make deposits from a debit card, but there is a 1.5% charge if you use a credit card. The popular e-wallet methods and cryptocurrencies options are missing. This is a disadvantage for this broker.
City Index is a duly-regulated forex broker, a part of Gain Capital group. It offers competitive conditions for trading and offers the best trading platform MT4.
But there are some big disadvantageous such as limited payment methods. If you are looking for a better forex broker, you should see my top forex broker list.