City Index review

Introduction of the broker City Index

City Index is a broker established in 1983, currently offering clients access to trading financial instruments such as Forex, commodities, indices, stocks, and CFDs. The broker's founding company is StoneX Financial Ltd., listed on the NASDAQ under StoneX Group Inc. The broker is regulated by the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS).

Minimum Deposit and Trading Costs

City Index requires a minimum deposit of £100, making it accessible to a wide range of traders. The average spread for EUR/USD is 1.4 pips, which is fairly competitive. For active traders, the all-in costs for EUR/USD can be as low as 0.74 pips, which is very attractive for those trading in large volumes.

City Index supports various payment methods, including ACH or SEPA transfers, PayPal, Visa/Mastercard, and bank transfers, facilitating easy deposits and withdrawals. However, Skrill is not supported.

The broker offers access to a wide range of tradable symbols, totaling 13,500, including 84 forex pairs and derivative cryptocurrencies. It's important to note that crypto CFDs are not available for retail traders from the UK. City Index also offers social trading and trade copying, which is suitable for beginner traders.

Platforms and Tools

City Index provides a wide range of platforms, including its proprietary platform, desktop version for Windows, web platform, and MetaTrader 4. Unfortunately, MetaTrader 5 and other platforms like DupliTrade and ZuluTrade are not available. In terms of trading tools, the broker offers 88 indicators and studies, 239 drawing tools, and the ability to trade directly from the chart.

The broker provides daily market commentary and forex news from top-tier sources, helping traders stay informed about current market conditions. City Index also offers access to Trading Central (Recognia) and social sentiment analysis on currency pairs. For trading tools, City Index offers over 88 indicators and studies, 239 drawing tools, and the ability to trade directly from the chart. Users have access to 11 fields in watchlists and quality daily market commentary and forex news from top-tier sources. The broker also offers access to Trading Central (Recognia) and social sentiment analysis on currency pairs.

Regulation

Founded in 1983, City Index is a publicly traded company with a total of 7 Tier-1 licenses, confirming its trustworthiness and regulation. This means the broker adheres to strict regulatory requirements, ensuring a high level of security for traders. Trading in US and international stocks and real cryptocurrencies is not offered outside of CFDs. The broker also supports social trading and trade copying.

Education and Client Support

City Index focuses on educating traders through client webinars, including archived versions, and videos for both beginner and advanced traders. The broker also provides investors with a glossary of terms, which is very useful for better understanding the market and trading.

City Index User Ratings and Reviews

City Index generally receives positive reviews across various platforms. On Trustpilot, it has a rating of 4.2 out of 5 stars, with 60% of users rating it as excellent. The broker is praised for its extensive product catalog, sophisticated trading platforms, and robust research tools, making it suitable for beginner and intermediate traders. However, it faces criticism for the lack of volume discounts, complex fee structures, and occasional customer support response issues. Despite these drawbacks, City Index is seen as a reliable and trustworthy broker, regulated by the FCA and compliant with ESMA rules.

Is City Index a Scam or a Safe Broker?

City Index is generally considered a safe broker with a long-standing history and solid reputation. It has positive ratings from users who appreciate the user-friendly trading platforms, competitive spreads, and a wide range of educational resources. City Index is regulated by significant financial authorities, contributing to its credibility and safety for traders.