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City Index Review

Steven Hatzakis

Steven Hatzakis | October 19th, 2019

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

Beyond its extensive range of products, multi-asset traders confidently choose City Index for competitive spreads, great platform options, premium research tools, and reliable customer service, all under the backing of GAIN Capital, which is one of the largest retail brokers globally.

Top Takeaways for 2019

After spending several hundred hours testing 28 forex brokers over six months for our third annual forex broker review, here are our top findings on City Index:

  • Owned by publicly-traded GAIN Capital, City Index is regulated in multiple tier-1 jurisdictions, making it a safe broker to trade forex and CFDs with.
  • When using its proprietary platforms, City Index is an excellent choice for low-cost trading.
  • Whether trading with one of City Index's proprietary platforms or using MetaTrader, City Index delivers with excellent tools, market research, and a diverse offering of tradeable products.
  • City Index is reliable for customer service. The broker finished 11th (out of 23) in our national testing from locations across the United Kingdom.
  • While City Index offers a respectable copy trading experience, its research and tools don't stack up with the best forex brokers for copy trading.

Overall Summary

FeatureCity Index
Overall 4 Stars
Trust Score91
Offering of Investments 4 Stars
Commissions & Fees 4.5 Stars
Platform & Tools 4 Stars
Research 4 Stars
Mobile Trading 4 Stars
Customer Service 3.5 Stars
Education 4 Stars

Is City Index Safe?

help 91
Trust Score

City Index is considered low-risk, with an overall Trust Score of 91 out of 99. City Index is publicly traded, does not operate a bank, and is authorised by three tier-1 regulators (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). City Index is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC), Monetary Authority of Singapore (MAS), and the Financial Conduct Authority (FCA). Learn more about Trust Score.

Regulations Comparison

FeatureCity Index
Year Founded1983
Publicly Traded (Listed) Yes
Bank No
Tier-1 Licenses3
Tier-2 Licenses0
Tier-3 Licenses0
Trust Score91

Commissions & Fees

City Index offers competitive spreads on Forex, CFDs, and spread-betting products. While average spreads are higher on MT4 than its proprietary platforms, in our testing, City Index finished Best in Class (top 7) overall for cost. Both fixed and variable (floating) spreads pricing options are available.

Advanced Trader: With average spreads on the EUR/USD of 0.77 pips (as of Q3 2018), the all-in cost for all traders is comparable to the default pricing at pricing leaders such as CMC Markets.

MetaTrader: Spreads on City Index’s MT4 platforms are considerably higher, with average spreads of 1.6 pips on the EUR/USD over the same period. Also, price tolerance settings are not available on MT4, whereas they are available with City Index's proprietary trading platforms.

FeatureCity Index
Minimum Initial Deposit £100.00
Average Spread EUR/USD - Standard0.77 (as of Q3 2018)
All-in Cost EUR/USD - Active0.77 (as of Q3 2018)
Active Trader or VIP Discounts Yes

Platforms & Tools

City Index offers MetaTrader 4 (MT4) alongside two proprietary platform suites: AT Pro (desktop-based) and Web Trader (web-based). All in all, City Index delivers a quality forex and CFDs trading experience.

AT Pro: As its name implies, AT Pro is not for beginners but is better suited to professionals or experienced traders because it is complex and has several advanced functions. AT Pro offers robust charting (139 indicators, 25 drawing tools) and a Development Studio with automated trading functions, including the ability to backtest potential strategies using historical data. Over 100 strategies come pre-loaded.

Web Trader: Web Trader is built entirely on HTML5, making it flexible, fast, and easy to use. While Web Trader contains almost half as many indicators as the AT Pro desktop software, it has a definite place in the City Index platform lineup for casual traders.

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Customer Service

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2019 Review, 229 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: <2 minutes
  • Average Net Promoter Score: 6 / 10
  • Average Professionalism Score: 5.3 / 10
  • Overall Score: 6 / 10
  • Ranking: 11th (23 brokers)

Research

Overall, City Index delivers high-quality market research that scores well above the industry standard. Highlights include Trading Central, news headlines from Thomson Reuters, an economic calendar powered by FXStreet, and AutoChartist for MetaTrader.

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Mobile Trading

The City Index mobile app is not industry-leading but is competitive with most other multi-asset brokers such as IG, CMC Markets, and Saxo Bank. The app is cleanly designed and bug-free, making for a smooth experience whether you are adding alerts, depositing money into your account, reading news, or placing trades.

Mobile tools: Charts are powered by Trading View charts and comes loaded with 74 indicators available for charting, and you can carry out fundamental technical analysis with trend lines. Trading Central is also well-integrated into the City Index mobile app, with several modules available, including the Technical Insights, Featured Ideas, and Analyst Views sections.

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Offering of Investments

Rank: 4th (of 28)

The following table summarizes the different investment products available to City Index clients.

Other offerings: Like other brokers in the UK, City Index also offers the option to trade many of its CFD products as a spread bet. Since spread-betting carries certain tax efficiencies for UK residents, it can be a beneficial alternative to CFDs if you reside in the UK.

Offering Comparison

FeatureCity Index
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)84
CFDs - Total Offered4500
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

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Final Thoughts

Through its offerings in Europe and Asia, City Index provides multiple options for traders to access global markets, including 65 spot forex pairs, 15 forwards, and over 10,000 CFDs on several trading platforms. The broker caters well to all traders regardless of experience level.

About City Index

Founded in 1983 in the United Kingdom, City Index has grown to become one of the leading multi-asset brokers in London, and in 2015 was acquired by GAIN Capital Holdings (NYSE: GCAP), the operator of FOREX.com. It's worth noting that staff at FOREX.com’s UK office cater to clients from both businesses (which share the same offices).

City Index has over 30 years’ experience providing traders with Contracts for Difference (CFDs) and spread-betting derivatives, and further expanded its forex offering with the acquisition of IFX Markets, Finspreads, and FX Solutions years before GAIN Capital acquired the company.

City Index Trading Features

FeatureCity Index
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting - Indicators / Studies (Total)139
Charting - Drawing Tools (Total)25
Charting - Trade From Chart Yes
Watchlists - Total Fields18
Order Type - Trailing Stop Yes

City Index Research Features

FeatureCity Index
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars No
AutoChartist Yes
Trading Central (Recognia) Yes
Delkos Research No
Social Sentiment - Currency Pairs Yes
Economic Calendar Yes

City Index Mobile App Features

FeatureCity Index
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing Yes
Charting - Indicators / Studies74
Charting - Draw Trend Lines Yes
Charting - Trend Lines Moveable No
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave No
Forex Calendar Yes

2019 Review Methodology

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers over a six month time period. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.


Steven Hatzakis

About the author: Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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