Another great feature is the embedded economic calendar, which has advanced filter options and can be customized on a high level. You can use City Index’s own or the MetaTrader 4 mobile trading platform. In this review, we tested City Index’s own mobile trading platform. A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers.
- MT4 is available for City Index traders – albeit with fewer markets to trade – and MT5 is expected to be available at City Index by mid-2022 (along with cash-equities in the U.K.).
- Dive into our informative City Index Vs pages below to find out how City Index stacks up against other leading brokers.
- MetaTrader 4, commonly known as MT4, has been a well-known and widely used trading platform in the financial markets since its inception in 2005.
- Account-holders who want to engage in Copy trading can do so through the MT4 platform.
- City Index has offices in the U.K., Australia, and Singapore and it is a part of one of the world’s largest providers of trading services to retail and institutional customers.
Forex.com is another trading broker under the same umbrella which further emphasises the size of the company. 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. Traders can use demo accounts for up to twelve weeks, and City Index provides them free of charge.
Commissions and Fees
There are certainly also several advantages to note when you decide to trade with City Index. Of these, you will find that the no minimum deposit is very popular and helps keep the broker accessible to all traders along with the tight spreads. Another complete section deals with the all-important CFDs, which are a popular way for investors to open an account and start trading on various financial markets. Go through this section, and you will know why you should be trading CFDs with this provider. To avoid retail investor accounts lose funds with CFDs, this section is significant. Retail investor accounts lose money mainly due to a lack of required knowledge and expertise about trading.
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Traders who fall below the City Index margin requirements risk receiving a margin call and having their position closed prematurely. Traders can refer to the City Index website for the full list of interest rate spreads. Traders can refer to the City Index website for the full list of commodities spreads. Furthermore, cryptocurrency products are not available in the US or Canada. This section gives you an overall impression of City Index’s trading products.
Does City Index offer mobile trading?
During Daylight Savings Time, these times are switched to one hour earlier. Spreads remain low and start from a fixed 1 pip which is available on the UK 100, Germany 30, France 40, and Australia 200 during market hours on daily funded trades and CFDs, excluding futures. For updated rates, you can check with the broker at the time of your trade. For UK and most European equities, the charge is 0.08% while for the US this is 1.8CPS, and 0.2% for Asian shares.
City Index offers 30, which helped contribute to the broker ranking #7 out of 62 brokers overall in this category. The City Index Economic Calendar provides quick access to key market events affecting the UK, US, Australia, Japan, Germany, and France. City Index offers over trading instruments in spread betting and CFDs trading from popular asset classes such as forex, cryptocurrencies, stocks, indices, commodities, interest rates, bonds, and options. The Good Money Guide is a UK-based guide to trading, investment and currency accounts. We offer expert reviews, comparison, news, analysis, interviews and guides so you can choose the best provider for your needs. In our latest awards City Index won “best trader tools” 2023 and has in previous years won best trading platform, best trading app & best forex broker in 2022.
Variable Spreads
Founded in 1983, they are part of the StoneX Group, a company founded in 1924 which also has an excellent reputation in the industry. City Index is also regulated by several respected bodies including the FCA in the UK, ASIC in Australia, and MAS in Singapore. They have an informative section dedicated to training that contains helpful information and guidance both for newer, and more experienced traders. There are separate phone numbers on which you can contact the broker support team. The minimum trade size at the broker is the same throughout each and every account type offered.
The company has been in the forex business for more than three decades. In this piece, I’ll go through each and everything about the broker, so let’s get started. City Index provides rich education and training city index reviews content that will help avoid investors’ accounts lose money, regardless of whether they are beginners or professional traders. There are several categories to the education and training module of City Index.
Customer Support
Investing in CFDs involves making price bets as to whether the opening and closing prices of an underlying asset or security will rise or fall. Spread betting is betting on the price movement of an underlying security or asset without actually owning the security or asset. Customer support hits all the bases, with 24/5 phone support through London local and international phone numbers. Online chat is available to new and prospective clients, but users need to “talk” with an annoying chat robot before getting to a human customer representative. The broker accepts support questions through phone, chat, or email, and a fairly strong social media presence is used primarily to distribute research and marketing materials. The help and support FAQs are well-organized, allowing for quick retrieval of needed information.
The City Index MetaTrader 4 trading platform has advanced tools that enhance the overall trading experience and give City Index traders detailed market tools. In the trading world, brokers like City Index, have different minimum deposit requirements based on the target audience they are trying to attract. Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don’t require advanced research tools or features. On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features. In such a complex landscape, finding a reliable and trustworthy broker like City Index requires thorough due diligence and careful consideration.
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Deposits on City Index CFD accounts start from as little as $150 (although $2,000 is their recommendation) and there are no funding costs with most methods. Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years.
We have over 20 years of experience when it comes to trading online so we know what to look for. Accounts can be opened in a good range of currencies including USD, GBP, EUR, CHF, JPY & NZD. The various different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. City Index provide deposit and withdrawals via wire transfer, credit/debit card and PayPal. You can manage your account easily through their secure funding portal.