CityIndex Review

Established in 1983, a UK broker City Index belongs to the leaders in spread betting and CFD trading.  With over 29 years of experience, City Index is part of privately owned company with substantial shareholding in the world’s leading derivatives broker ICAP plc.  The broker transacts in excess of 2 million trades every month for traders over 50 countries worldwide.

City Index strives to provide competitive spreads and access to wide range of markets including indices, shares, currencies, commodities, bonds and others.

Trading Conditions

City Index brings transparent prices, over 37 currency pairs and competitive selection of spreads. Leverage is up to 400:1 and margin requirements are listed below:

Trading Leverage  

Equivalent Margin Required  

20:1 

5% 

25:1 

4% 

50:1 

2% 

100:1 

1% 

200:1 

0.5% 

250:1 

0.4% 

300:1 

0.33% 

400:1 

0.25% 

Spread Betting Features

Spread Betting differs from conventional trading style that you might be familiar with. With spread betting you can profit regardless whether the market goes up or down.

Tax-free Profits - All profits made in spread betting are exempt from UK Capital Gains Tax.

24-Hour Dealing – Spread betting is available 7 days a week, 24 hours a day. It is a true non-stop market, enabling you to spread bet even when the underlying markets are closed.

Leverage – The margin for currencies start from just 1%, meaning that the potential for profits, or losses, from an initial funding outlay is substantially higher than with traditional trading.

Ability To Go Long or Short - Gain exposure to market movements regardless of the direction in which the markets are moving.

Wide Range of Markets - Take a position on thousands of individual shares, indices and currencies around the world. You can  also place trades on sectors, commodities, bonds and interest rates.

Awards

The broker has won impressive number of awards over the years of CFD and FX trading services, reinforcing its strong position in the financial industry. Below is the list of their latest achievements:

2012: Best Spread Betting Company - UK Forex

2012: Best CFD Provider - Shares Magazine

2012: Best CFD Provider - Financial Times and Investors Chronicle

2011: Best Online Trading Application – Shares Magazine

2011: Best Mobile Trading Platform – Money AM

2011: Best Online Spread Betting Service – Money AM

2010: Best Online CFD Provider – Money AM

2010: Best Mobile Trading Platform – Money AM

2010: Innovation of the Year (Mobile) – Financial Times and Investors Chronicle

2009: Best Online CFD Provider – Money AM

Payment Methods

Minimum deposit requirement to CityIndex account is $100. In order to transfer the funds, click on “Accounts” tab in your trading platform and choose “Fund Your Account” option.

The broker only accepts Visa/Delta debit cards and Master Cards. There is a transaction fee of 1.5%. The limitation in payment methods is definitely a disappointment. The broker should consider adding alternative methods, such as Skrill and Paypal to their list of available payment choices.

Trading Platform

City Index reviews its innovative trading platform for spread bet and trade CFDs all in one single interface. Let’s go over all the choices the broker gives you:

MT4 (MetaTrader 4)

MT4 is one of the most popular forex trading platforms today in forex market, which comes with wide range of features and tools necessary for professional trading.

City Index brings you enhanced MetaTrader 4 with additional powerful features available only for City Index traders:

Expert Advisors (EAs): Download and explore automated trading strategies via the MetaQuotes Language 4 (MQL4) or create your own Automated Trading System using MQL4

One-click dealing: Trade the forex market instantly with one click

Custom indicators: Analyze price moves and trends with custom indicators to generate trading signals in real time.

Professional charting package: Access a vast array of technical indicators with the MT4 charting package.

Customizable leverage: Select from 20:1 to 400:1 leverage per each forex pair

Price tolerance: Manage your trade execution levels during times of high market volatility

Full access to all of the award-winning City Index mobile and desktop platforms

Margin Live widget: Get real-time margin information instantly

Advantage Web

This is broker’s latest invention – Advantage Web. The platform allows you to spread bet, trade CFDs or forex from 1 single interface. This web-based platform comes with outstanding features:

Deal through charts: Now, there’s no need to switch back and forth from the deal ticket. Trade the markets, place and amend orders directly on the charts with this easy to use and timesaving feature.

One-click dealing: Increase the speed with which you trade the markets to make sure you don’t miss out on trading opportunities in fast moving markets. Alternatively, switch to double-click dealing.

Fully customizable screen layouts: Create the perfect trading screen layout to suit your style and preferences with our highly customizable features.

Multiple Charts embedded into platform layouts: Want to watch multiple charts at the same time? Advantage Web allows you to embed multiple charts into your chosen platform layout.

Ease of Use: The intuitive interface and highly customizable features create a trading experience that’s simple, easy to use and can be suited to anyone’s preferences.

Watch lists: Create and amend multiple watch lists, grouping together individual markets to suit your trading needs.

Advantage Trader

Advantage Trader platform is most suitable for professional traders. The platform comes with range of powerful tools which brings your trading experience to the next level:

Auto Trading Technology – create your own auto trading strategy to trade on your behalf

100+ Trading Strategies – select from hundreds of trading strategies built-in to the platform

100+ Technical Indicators – over 100 technical indicators for more detailed technical analysis

Deal Through Charts – trade directly from the charts including drag and drop functionality

Advanced Drawing Tools – annotate charts and price levels with advanced tools

Customizable Layouts – set up your trading desk the way you want to

Customizable Alerts – set alerts that go off when a price reaches your target

iPhone, Android, Windows Phone App

City Index App offers full and secure access to your live account and allows you to trade anywhere, anytime. The application has been awarded ‘Best Mobile Trading Platform’ for 2010 and 2011, Financial Times and Investors Chronicle Award for 'Innovation of the Year (Mobile)' 2010 and, more recently, the Shares Magazine 'Best Online Trading Application' Award for 2011.

The app comes with streaming charts package, integrated news and live prices which allows you to analyze and identify price patterns and trends on the go.

iPad and Tablet App

You can also access your trading account via iPad and various Tablets. The application comes with range of features such as:

Deal through charts: the ability to trade within charts and edit positions

Full screen charts, including drawing tools and parallel trend lines

Linear regression line to help you spot price trends

Searchable, stock and region specific news provided by Dow Jones

Easier navigation, including easier market search and simpler options trading 

Ability to open and close positions as well as check the latest prices and market movements instantly

Analyze price trends on charts with multiple customizable technical indicators

Set stop and limit orders including if done and OCO (one cancels other)

Create new or amend existing orders

View pending, completed and cancelled orders as well as view and amend multiple Watch Lists

Review trade and order history.

 

Practice Trading

Demo account is available in both Advantage Web and City Index FX App. Platforms, comes with $10,000 virtual funds and shows real time prices. The limitation to only 14 days usage is rather surprising, since most brokers offer unlimited demo account, however there is a bright side to the story – you can reapply for a new demo account. Unfortunately all previous account history will be gone.

Educational Resources

CityIndex reviews wide variety of educational materials on its websites. The broker offers many ways to learn trading:

Webinars – extensive library of free webinars to improve your skills

Risk management – learn to control the risk and maximize your trading potential

Learn to trade program – great start for beginners with spread bet from 25p per point.

Support

Customer support is available from Monday to Friday, 24 hours a day via email, phone or live chat. The website of the broker also provides extensive Help and Support section with most frequent QA.

 

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CityIndex Summary

Name: CityIndex
Regulation: -
Established: 1983
Trading Platform: MT4 (MetaTrader 4), Advantage Web, Advantage Trader, Mobile App (iphohe, windows phone, android), Tablet App (ipad, tablets)
Currencies: 37+
Max Leverage: 1:400
Demo Account: yes
Min Deposit: $100
Payment: Debit/Credit Cards
Languages: English
Online Support: