City Index, founded back in 1983, is one of the oldest providers of brokerage services in the world. Thanks to their fantastic service and trading conditions, they managed to survive turbulent events such as 2008 crisis, and are still getting new clients. Now, as a part of GAIN Capital group, they are ready to deliver even more attractive offers to their present and future clients. Today, we’ll be exploring if this information is true, and can you really trade with this broker without any concerns. Is City Index a scam broker or a truly unique and trustworthy company? Read on and find out the real truth!
Is City Index a Scam? | Regulation and Safety
In order to truly establish is City Index a scam or not, we are bound to determine the existence of regulation and safety measures. Fortunately, we are more than thrilled to announce that City Index passes this test with flying colors. The company is fully regulated and authorized in UK by Financial Conduct Authority, governing regulatory body in United Kingdom. This is a rock-solid proof of a broker’s legitimacy, so you don’t have to be worried about that. Furthermore, clients’ funds are held at segregated accounts in trusted banks, rendering it intact from any possible company’s financial failures. Also, in the case of insolvency, a compensation of up to 50 000 dollars will be granted to all existing clients. Finally, all deposits and withdrawals are coated with top-class SSL encryption, making them impenetrable to all possible hacker breaches. As you can see, in terms of business regulation and safety of funds, we can only wholeheartedly suggest you to start trading here. But we still have to review more features before we reach our final verdict. Read on!
Is City Index a Scam? | Everything works
As you can see in our City Index Review article, in order to establish is City Index a scam or a truly legit broker, we have conducted a series of tests on all key features. Therefore, we are happy to state that this broker really doesn’t have any flaws at all. All deposits and withdrawals are processed swiftly, without any problems. All available trading platforms are functioning as expected, with each and every one of them offering a variety of layout options, trading tools and signals. Also, education library is always available, offering many interesting materials to anyone who wants either to learn something new, or broaden their knowledge on trading Forex. Finally, customer support can be reached by various means, and they will respond in a matter of minutes. That being said, we are now ready to give our final verdict.
Is City Index a Scam? | Conclusion
So, is City Index a scam broker? Absolutely not. As we have seen in this analysis, security measures are present, the company is fully registered and regulated, and all key features are working perfect. Therefore, there is absolutely no reason not to start trading here right now. So what are you waiting for? Open a free trading account and discover many advantages City Index has to offer to you!
Today we’ll be reviewing an extremely interesting brokerage company that managed to withstand numerous market value drops by creating a unique trading ecosystem for its clients. Existing since 1983, City Index is one of the oldest and most recognizable brokers in the UK and all over the world. Headquartered in the urban center of London, this company offers fantastic trading conditions on several unique interfaces, paired with ultimate security and safety of clients’ funds. It’s no wonder that this company managed to survive this long, and with a steadily growing number of loyal clients. Today we’ll be analyzing City Index in details, starting off with account creation and available platforms, through education and safety, all the way to trading tools and customer support. If you want to learn why this broker is one of the leaders on the global Forex and CFD market, keep on reading this City Index review and you’ll receive all the answers you seek!
City Index Review | Part of GAIN Capital
Before we take a deep look at the broker’s key features, we decided to start off our City Index Review by taking a look at the broker’s parent company. You see, City Index is now a brand currently owned by GAIN Capital Inc. − one of the largest provider of trading services for both retail and corporate customers. Founded in New Jersey in 1999, this company has always pursued a vision of giving traders free entry to global Forex marketplace. Today, they enjoy the trust of more than 150 thousand satisfied clients, who, combined, own more than 950 million dollars in assets. Naturally, GAIN Capital meets all important requirements regarding safety of funds and corporate governance, meaning that trading here is fully legal and regulated. Furthermore, its business is regulated by 8 different governing bodies all over the world, including the FCA in United Kingdom. Over 800 employees are spread on different brands – Forex.com, Faraday Research, Finspreads, Daniels Trading, City Index, Salt and GTX. As you can see, parent company of City Index is more than stable, with steady growth and embedded various security and compliance mechanisms. That being said, it’s safe to say that trading with City Index should be nothing but pure enjoyment for everyone. But let’s see what you’ll have to do in order to be able to trade here. Keep on reading and learn how to open a real trading account with City Index!
City Index Review | Account Opening
In order to commence trading with City Index, you’ll need a real trading account. Opening one doesn’t cost you a dime, while it gives you numerous possibilities in terms of trading, banking and education. This part of City Index Review will focus on the sole account opening procedure, so stick around and learn all the vital information.
Registration procedure consists of four simple steps. In the first one, you’ll be asked to provide some personal information, such as country of residence, full name, date of birth, email address and phone number. You’ll also be asked to define account password, and choose if you want to try out Spread Betting, CFD trading or both. Completing this part will get you to the second step. Here you’ll be asked to provide some more information about your address, as well as tax ID, if you have one. In the third step you’ll have to provide some information about your job status, financial details and previous trading experience, in compliance to KYC policy required by regulatory agency. For a brokerage company, this exists in order to evaluate whether your current financial status and your trading experience make you eligible to get a trading account, since trading without knowledge may result in serious losses. This is a completely standard procedure among regulated brokers, so all the information you’ve provided will be kept safe and encrypted and will never be distributed to third parties. Finally, the fourth step is just the confirmation of all provided data, and that’s basically it. However, due to regulation, before your account is created, you’ll still be asked to provide some personal documents to confirm your identity. Proof of identity can be a colored copy of your driver’s license, passport or personal ID, while credit card statement, bank statement or utility bill can serve as a proof of residence. After the customer support team reviews your application and appropriate mandatory documents, you’ll get access to your brand new trading account. And that’s it! Filling up the info shouldn’t take you more than 10 minutes, while the approval may take up to 1 business day. After it’s complete, you’ll be given full access to all available trading interfaces. And which interfaces does City Index use? Keep on reading and find out!
Since the previous part of this City Index Review has dealt with accounts, now it’s time to take a look at available trading platforms. And we are happy to say that virtually everyone will be satisfied with the offer created by City Index. Here you’ll find browser-based, mobile and desktop applications fueled with advanced trading tools and exquisite features that will surely give you the upper hand when it comes to trading on highly dynamical Forex market. But let’s analyze them in more details, one by one.
Advantage Web is a completely browser-based trading interface developed by the broker itself. It features highly customizable layout with advanced charting technology and more than 80 indicators. You can also trade with a single mouse click in order to take advantage of the best price at any given moment. Personalized watch-lists and price alerts are also supported, and thanks to built-in research portal, most probable trades will be highlighted for you. It’s no wonder that this platform won the prize for the best spread betting platform in 2017 by ADVFN. Finally, since it also supports mobile devices, you can trade on Advantage Web platform at any time and from any place – as long as you have a stable Internet connection. Speaking of mobile trading, you can also download dedicated applications for your iOS or Android-based smartphones and tablets. Each of the mentioned apps picks up the same key features as the browser-based version. That being said, you’ll enjoy in live charts, news and updates brought directly from Reuters, cross-device syncing, personalized watch-lists, chat support and much more. No matter the operating system of your mobile device, choosing either City Index app will give you high functionality and a chance to trade on the go.
As for desktop solutions, you can choose among two available platforms. AT Pro is an in-house developed Windows trading interface intended for more advanced users. You can choose among hundreds of preinstalled, highly customizable layouts to always have the things you need present. You can also take advantage of real-time trading signals on charts that suggest you when and what to trade based on current market fluctuations. Over 100 different price indicators are present, as well as a huge variety of drawing tools to make your predictions more accurate. You can utilize back-testing to see the success of individual signal over defined time frame. Finally, if you are fluent in C# programming language and .NET framework, you can create custom application layouts from the built-in Development Studio. If you consider yourself an advanced trader, you’ll find AT Pro platform ideal for your trading needs. And finally, with City Index you can also commence trades on one of the most popular interface in the world, MetaTrader 4. We have been writing about this industry standard, so we’ll just give a brief overview here. MetaTrader 4 is used by a majority of brokers worldwide, and it has the biggest community of regular users. It features advanced charting techniques, custom price indicators, cross-platform compatibility, even automated trading through Expert Advisors feature. If you are unsure about which platform to choose, you can’t go wrong with City Index’s MT4. And that’s about it when it comes to platforms. We have managed to conduct deep tests on all of them, and everything works perfectly smooth and stable, just as we thought it will. Therefore, speaking of trading interfaces, we can wholeheartedly recommend City Index to every new and existing traders. But can we say the same for banking methods as well? Read the next paragraph of City Index review and find out is this broker really that safe!
City Index Review | Banking Methods
When it comes to deposits and withdrawals, City Index has much to offer as well. There is no minimum deposit amount set, but it is strongly suggested to deposit at least 100$ to cover any possible margin requirements for the first trade. Deposits can be made using major credit or debit cards, or through bank transfer. You can link up to 3 different cards to your account, but all deposits must be made in the primary account currency chosen upon account creation. All deposits are free of fees and additional charges, except for credit card deposits which carry a fixed 1.5% fee.
As for the withdrawals, you can generally use the same methods as with deposits, but bear in mind that, due to regulatory policies, your withdrawals will be processed with the same method you used for deposit. For instance, if you’ve deposited using MasterCard, withdrawals will be credit to your MasterCard linked to your account and registered under your name. Minimum withdrawal account is set at 50$, while the maximum amount goes up to 20 000 $ per day. All withdrawals are processed free of charge, and may take up to 5 business days, depending on your country of residence and your bank.
We have managed to test all available banking methods and we can honestly state that they all function flawlessly. Deposits were almost immediately reflected on our trading account, while our withdrawals were processed in a matter of 2 business days, regardless of the chosen method. Therefore, when it comes to banking, you are good to go with City Index. Now let’s take a look at the quality of provided educational materials. Read on!
Education is one of the most important features in becoming a successful trader and investor. Blindly following advice of others or faux news, investing in poor trades or going all in on highly risky trades might cost you more than you can imagine. Therefore, before risking even a single dime, it’s crucial to know the key aspects of trading. Fortunately, City Index knows about the importance of proper education, so the company has developed a massive library of high-quality materials. Let’s take a look at what we have here.
If you’re a complete newbie in the world of Forex trading, you should take the beginner course. Here you’ll find all the key principles explained, from depositing to understanding charts and taking advantage of trading tools. This tutorial is more than enough to make your first steps into the global marketplace. There is also a course for seasoned traders, meant to expand their knowledge by introducing some interesting trading strategies and approaches. Next, you’ll find basic introduction to all available trading options – spreads, CFDs and Forex. Each of them is analyzed in details with pros and cons, so if you are still unsure which option to choose, you might want to check these sections out. Technical and fundamental analysis courses are present as well, which will teach you how to get a deeper knowledge of market fluctuations and take advantage of future market fluctuations by using built-in trading indicators. Guide to successful trading strategies is here, as well as risk management course, which will teach you how to manage your losses by utilizing tools such as Trailing Stops or Stop Losses. There is also a section with market news and analysis, with freshest information about major market events and predictions for future movements. And finally, extensive video library contains animated and narrated introduction to trading, thoroughly explaining main concepts and discovering some valuable trading tricks. All in all, we are more than satisfied with the quality of this education library, so we believe that even the complete beginners could become capable traders with the help of these resources. Now, before we wrap this article up, let’s see if there are some other features we’ve still not reviewed. Keep on reading!
Before we wrap this City Index review article up, we still have to introduce you to some interesting features offered by the broker. First, there is City Index demo account, meant for you to familiarize yourself with available trading platforms and test various strategies and approaches. It’s an ideal thing for beginners, since you can experience almost real trading with 10 000 virtual dollars for free in the period of 4 weeks. It’s just like the real deal, except you don’t risk a dime, so feel free to explore as much as you want. Also, we have to mention the customer support team, which can be contacted by email, phone, live chat or contact form. We have sent a series of inquiries related to different topics, and all our questions were answered swiftly and highly professional. As we’ve mentioned in our Is City Index a Scam article, it’s safe to say that with City Index, you always have someone watching your back. Finally, if you have any concerns regarding any feature of this broker, be sure to swipe through extensive FAQ section. It covers all usual questions regarding accounts, platforms, banking, trading conditions and costs, leverage and much more. And that’s about it, we’ve covered all key aspects here, and now it’s time to bring this extensive City Index Review article to its end.
City Index Review | Conclusion
As you have seen in all parts of this City Index Review, this broker excels virtually everywhere. Account creation is easy and fast, and since it features some compliance procedures, you feel that your personal data is safe. Various trading platforms really have much to offer, and paired with smooth banking options create a great trading environment. We have seen that educational materials are numerous and of highest quality, meaning that this broker will even educate you to trade properly. A presence of demo account is a huge plus, since it gives you the opportunity to test all trading platforms and tools without the need of making a deposit. And finally, highly competent support team will surely fix any potential problem you might experience on your trading journey with City Index. To finish up, we can only recommend you to start trading with City Index now. Open a free trading account and experience trading with one of the best brokers on the market!