Additionally, City Index is part of the GAIN Capital group, which adds another layer of credibility. GAIN Capital is a global leader in online trading, and its association with City Index reinforces the platform’s reputation as a trustworthy broker. For ACH withdrawals, the minimum is $15, which applies specifically to U.S. clients. For all other methods, there are no minimums, making it flexible depending on your needs. For the latest fees and commissions details, you can check them out directly on the City Index website. It offers a range of features such as one-swipe dealing, advanced charting, and seamless execution.
- There are many CFD brokers available to compare and choose from online.
- Other benefits of the City Index Professional Account include a unique fee structure, interest-free credit facilities, and market execution support.
- While support has since been found, it looks like it wants to retrace against that initial drop.
- Traders can contact City Index customer service by phone, email, or live chat.
- City Index is a leading provider of online trading services, specializing in Contracts for Difference (CFDs), forex and spread betting.
The charting package of the AP Pro trading platform represents an essential benefit for manual traders. Full customization allows traders to approach markets based on their preference, design their workspaces, and directly transfer their settings from one device to another. Superior trade execution, choice of order types, including partial closures of positions and hedging tools, provide traders with additional tools to increase profitability.
- Also, based on our team’s first-hand trials with this forex broker we can confirm that City Index offers a large selection of tradable instruments giving traders enough trading opportunities.
- With such a long history, it’s only normal that City Index has a few unhappy customers.
- Video content can be particularly beneficial for visual learners who prefer engaging with material in a multimedia format.
- City Index also offers competitive rates for CFD trading, with commissions on share CFDs starting at 0.08%.
One-click trading on mobile can also be enabled in a single tap via the top menu. The one-tap trading functionality works on portable screens, too. For compliance purposes, City Index must transfer your funds back to the original source you used to fund your account.
What is City Index’s Minimum Withdrawal?
Also, for telegraphic transfers overseas all charges are borne by City Index users. However, bank transfers and other eligible funding methods do not attract additional fees from City Index. City Index uses swap points to calculate the daily overnight financing adjustment amount for Forex trading pairs. The more you trade on the platform, the more you receive in monthly cash rebates.
I’m only using a demo account and I don’t claim to be all that experienced. I just can’t understand why it can sometimes take several minutes after the opening time of the market (eg 2.30pm UK time for the US) for the stock to be available to trade on Citi Index. The integration of current market insights with a rich educational infrastructure underscores City Index’s commitment to supporting traders at various stages of their trading journey. Safety is paramount when choosing a Forex broker, and City Index scores highly in this regard. The platform is regulated by multiple top-tier authorities, including the FCA in the UK, the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS).
Recommended Providers
City Index does NOT offer CFDs to traders from, United States, Brazil, Belgium, Hong Kong, and Japan, where CFDs are not permitted by law. Based on which country you live in, City Index may refer you to their sister platform, Forex.com to open a forex account. When we got connected to the customer service representative, we had a few seconds of holding time. You can initiate deposits and withdrawals by logging into your account, and on the City Index area or dashboard, click on deposit or withdrawal on the left side menu. Step 6) For the next step, you will basically be asked questions about your understanding of the risks attached to trading CFDs and Spread Betting.
The help and support FAQs are well-organized, allowing for quick retrieval of needed information. Withdrawals are free and no minimum deposit is needed to open an account. However, £12 per month is charged to accounts with no activity for one year or longer. Withdrawal and other fees are fully disclosed on an easy-to-read pricing page that contained few omissions. A side-by-side comparison of account types shows that AT Pro is only available to professional traders (an ESMA designation that requires a large account and industry experience).
The availability of dedicated support for new users underscores City Index’s commitment to making its platforms as user-friendly and accessible as possible. The educational resources provided by City Index are particularly noteworthy. They offer an extensive range of materials, including tutorials, webinars, and a distinctive Trading Academy series designed to engage users in innovative ways. This educational content is tailored to meet the needs of both beginners and intermediate traders, helping them to develop their skills and expand their trading knowledge comprehensively. The Trading Academy, in particular, offers a structured learning path that covers various trading concepts and strategies, ensuring that traders can progress at their own pace. In conclusion, City Index is a solid choice for Forex trading, offering a blend of reliability, user-friendly design, and competitive pricing.
Once your account is verified and approved after you submit the documents, you can begin your trading with City Index. 1) Standard Account – The Standard account is the most basic type of account offered by City Index. Here is a closer review of City Index’s various regulations and licenses. City Index Singapore is is a subsidiary of their parent company, StoneX Group, which is listed on NASDAQ.
Leverage
The combination created a new global firm with operations in more than 150 countries and annual trading volumes in excess of $3 trillion. In 2014, Michael Spencer, the founder and controlling shareholder of City Index, sold the company to GAIN Capital Holdings for $118 million. The combination created a global firm with operations in more than 150 countries and annual trading volumes in excess of $3 trillion. In 2001, the firm introduced CFD trading, and in 2006, with the acquisition of IFX Group, City Index entered the forex marketplace. In 2008, City Index expanded its presence in forex with the acquisition of FX Solutions.
City Index Review 2024 • Fees, Pros & Cons
Traders can use the app to execute and manage trades on the go while making use of City Index’s main platform features. More, City Index offers various support materials, not including their main library of educational resources. Traders can access tutorials on getting started via the web trader. When opening an account, traders can choose whether they want a CFD account, a spread betting account, or a single account with both products. Additionally, City Index does not offer CFDs based on cryptocurrencies to UK retail traders, or clients in the US/Canada. City Index has a local office in Singapore and is regulated by the local regulatory authority MAS of Singapore.
The trading platform of choice is the popular Meta Trader 4, which can be downloaded and installed but City Index also offers a web version (WebTrader) where no download is required. Advanced traders can use AT Pro Trading Platform, which is designed with more complex features in mind. Trading Central, a leader in independent third-party analytics, powers a comprehensive technical analysis suite, embedded inside the AT Pro platform. It also remains at the core of extensive fundamental analysis, including a What-If analysis for EPS forecasts. Global data is streamed directly to AT Pro, and company metrics are well-presented. SMS trading signals are also supported, ensuring traders never miss a profitable opportunity.
Beginner traders can benefit from its excellent educational platform. City Index offers over 12,000 CFD Markets without extra commission for currency pairs and typical low spreads. Note that trading leveraged products are risky, and you can lose your money. Because of FCA regulation, City Index also operates under the Financial Services Compensation Scheme (FSCS). The importance of the scheme is to protect the funds of retail traders should a broker goes into insolvency. Traders from the UK can open a CFD trading account or spread betting account at City Index.
We are happy to hear that our team provided you with excellent service. I appreciated the customer care as I rarely have used a live account although I have many years https://traderoom.info/city-index-forex-broker/ experience of tinkering with a demo account. Also Konrad explained when I asked about how the account handles dividends. It is on-line, these things happen but the kid on the live chat’s approach was, all clients are wrong and stupid. Basically he refused to believe it was a glitch yet it was something that was physically impossible to action at my end.