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CityIndex Broker Review

FX Scouts By Jeffrey Cammack Updated: October 23, 2019
Average Score
3 / 5
Min. Deposit USD 50
Max. Leverage 30:1
Min. Spread 0.7 pips
Regulators FCA,ASIC
Regulator Origin FCA ASIC
Broker Type Market Maker

Summary

City Index is a long-standing and well-regulated market maker broker controlled by NYSE listed GAIN Capital. It has tight spreads for a market maker broker and has a varied and excellent platform choice. The education section is adequate, but the research and analytical area is noticeably lighter than City Index' competitors. Overall, City Index is a decent market maker broker, but beginner traders looking for better education and analysis sections may want to check out the competition.

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About our review process

Trading Conditions

Minimum Deposit USD 50
Base currencies GBP, USD, AUD, SGD
Number of FX Pairs 84+
Hedging Allowed
Scalping
Swap-Free Accounts

Average Spreads

EUR / USD 0.7
GBP / USD 2.1
USD / JPY 1

Company Details

Company name Gain Capital
Founded 1983
Website Visit Website
Type Market Maker
Regulators FCA,ASIC
Office locations Australia,UK,Singapore,Dubai

Deposit & Withdrawal Methods

Supported Platforms for CityIndex

CityIndex Broker Detailed Review

CityIndex Intro

Is City Index Safe?

City Index was founded in 1983 in London, it started offering CFD trading in 2001 and opened a Sydney office in 2006. In 2014 City Index was purchased by GAIN Capital, which has been listed on the NYSE since 2010.

City Index in Australia (GAIN Capital Australia Pty Ltd) has been regulated ASIC (ASFL 345646) since 2010. All customer funds are fully segregated from City Index capital and are held by secure tier 1 banks. Additionally, City Index is a co-founder of the Australian CFD and FX Forum, which works to continuously raise industry standards to fully protect all clients’ funds.

City Index for Beginners

City Index has a large, dedicated training section for new traders, but as it is a multi-asset broker, the focus isn’t always on Forex trading. Similarly, the Market News & Analysis area is comprehensive and useful, but again, the focus is distributed across all the asset classes available at City Index.

Education Material

The educational material offered at City Index is good but only adequate for a broker of its size and type. Under the Training tab on the website, you will find links to short, detailed courses on Technical Analysis, Fundamental Analysis, Trading Strategy and Risk Management – there is also a small video library covering common Forex topics.

A more in-depth multimedia course called Introduction to Trading will be useful for beginners who want to get up to speed as quickly as possible.

Analytical Material

Under the Market News & Analysis tab, you will find a section devoted to daily research and fundamental analysis of news events. This is updated frequently by a small team of City Index analysts and covers all the asset classes tradeable at City Index. Articles can be filtered by topic, author and asset class so finding relevant Forex news and analysis is not difficult.

Also in this section is a fairly basic Economic Calander covering all the known economic events.

City Index also host webinars, though not frequently, and you will need to be an active customer in order to register for them

Overall, a fairly underwhelming analytical section, especially when compared to other large brokers such as CMC Markets or Plus500.

Customer Support

Education at City Index

 

Customer support is open 24/5, via live chat, email or phone. This is backed up by an extensive FAQ section covering account management, platform tutorials, funding and withdrawals, financial terms and the costs of trading. 

Trading Conditions

City Index offers over 65 currency pairs to trade and spreads are competitive with similar brokers.  Standard leverage is 200:1, though this can be increased to 500:1.

Account Types

Like other large market maker brokers, City Index only has one live account and one demo account. 

Demo Account

Account Types

Unfortunately, the demo account at City Index has a 12-week limit –  an unusual choice for a large broker –  and only comes with 20,000 AUD of virtual money, though we imagine the customer support team would increase this limit if asked. 

Otherwise, City Index’ demo account has all of the features and platform choices of the live account and is a good way to learn more about City Index as a broker.

Live Account

Leverage, Margin and spreads

The live account has no minimum deposit and spreads are better than most market makers – from 0.5 pips on major pairs; both fixed and variable spreads are available.  

The maximum leverage offered to Australian clients is 500:1.

Trading Platforms

Platforms

City Index offers a variety of platforms to traders: Two downloadable platforms – AT Pro and MetaTrader 4 – and the browser-based Web Trader. In addition, City Index also offers mobile applications (Advantage iOS and Advantage Android),  All of these platforms have different advantages:

  • Web Trader:  This web platform offers great charting tools and other trading features, but it is limited compared to the downloadable platforms.  The research portal is a nice touch, and something other platforms that are more execution-focused don’t offer.
  • MetaTrader 4:  This is the first choice of platform for CFD traders.  The interface does look dated and it does not offer as much customisation as some advanced traders might like.  That said, it is an excellent all-rounder.
  • AT Pro:  AT Pro is aimed at experienced traders who want to take advantage of automated trading, it allows users to create their own trading templates in C#, .NET and Visual Basic. A powerful back-testing tool is also built-in as well as dozens of pre-made templates.

Cryptocurrency CFDs

City Index offers crypto CFD trading in Bitcoin, Ethereum, Ripple and Bitcoin Cash.  This set of cryptocurrencies will keep beginner traders happy but is relatively limited compared to other large brokers. That said, City Index does have the lowest Cryptocurrency trading fees amongst their immediate competitors.

Crypto Costs

Spreads on Crypto vary and will be much wider than for Forex – due to the extreme volatility of the Crypto market. Leverage for these products is set at 4:1.

Deposit Withdrawal Fees

CityIndex accepts deposits and withdrawals via:

  • Credit Card
  • Debit Card
  • EFT
  • BPAY
  • PayID

No fees are charged for deposits or withdrawals. Withdrawals are processed within three working days and card withdrawals can take up to 10 working days to reach the customer.

Conclusion

Large, established and well-regulated – City Index is not dissimilar to their market maker peers, CMC Markets and Plus500. Tight spreads (for a market maker) and great platform choice help City Index stand out, though its education and analysis sections are underwhelming.  We would also like to see one or two more account options, but overall City Index is a good choice if you are looking for a large and established market maker.

Most retail CFD accounts lose money. Your capital is at risk.

Compare Brokers

Overall Rating 3/5 4/5 3/5
Minimum Deposit USD 50 USD 100 USD 5
Regulation
FCA FCA
ASIC ASIC
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
FCA FCA
ASIC ASIC
DFSA DFSA
Broker Type Market Maker Market Maker ECN
Read Full Review Read Full Review
Trading Conditions 3 / 5 4 / 5 4 / 5
Trading Platforms 3 / 5 3.5 / 5 3 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
% Lose with this broker 76% of retail investor accounts lose money when trading CFDs with this provider 71% of retail investor accounts lose money when trading CFDs with this provider 67.7% of retail investor accounts lose money when trading CFDs with this provider
Leverage 30:1 30:1 30:1
Spread 0.7 pips 0.7 pips 0.1 pips
Hedging
Scalping
Account Types
  • Standard
  • Standard
  • Mini
Trading Platforms MetaTrader4, WebTrader, ATPro MetaTrader4, WebTrader MetaTrader4, MetaTrader5, WebTrader
Funding Methods PayID, Bank Transfer, Visa, Mastercard, BPay POLi, Visa, Mastercard, Skrill, Neteller, Paypal, Bank Transfer Visa, Mastercard, Maestro, Skrill, Neteller, Bank Transfer
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Overall Rating 4 / 5 4 / 5 4 / 5
Min. Deposit USD 50 USD 100 USD 5
Regulation
FCA FCA
ASIC ASIC
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
FCA FCA
ASIC ASIC
DFSA DFSA
Broker Type Market Maker Market Maker ECN
Read Full Review Read Full Review Read Full Review
Trading Conditions 3 / 5 4 / 5 4 / 5
Trading Platforms 3 / 5 3.5 / 5 3 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
Risk Disclaimer 76% of retail investor accounts lose money when trading CFDs with this provider 71% of retail investor accounts lose money when trading CFDs with this provider 67.7% of retail investor accounts lose money when trading CFDs with this provider
Leverage 30:1 30:1 30:1
Spread 0.7 pips 0.7 pips 0.1 pips
Hedging Allowed Yes Yes Yes
Scalping Allowed No Yes Yes
Platforms MetaTrader4, WebTrader, ATPro MetaTrader4, WebTrader MetaTrader4, MetaTrader5, WebTrader
Funding PayID, Bank Transfer, Visa, Mastercard, BPay POLi, Visa, Mastercard, Skrill, Neteller, Paypal, Bank Transfer Visa, Mastercard, Maestro, Skrill, Neteller, Bank Transfer

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Most retail CFD accounts lose money. Your capital is at risk.