City Index Review – 2021

  • Operating Since: 1983
  • Leverage: 500:1
  • Spreads: Variable
  • Commission: $0
  • Min. Deposit: $100
  • Regulations: ASIC, FCA, MAS
  • Platforms: Advantage Web, WebTrader, MT4, AT Pro
  • Markets: FX, Commodities, Cryptocurrency, Stocks, Indices

City Index Review: Summary

Launched in 1983, City Index is easily one of the oldest online brokers in the world. Previously owned by GAIN Capital, an NYSE-listed company, City Index recently became a trading name of StoneX Financial Ltd. StoneX are listed on the NASDAQ Stock Exchange.

This broker offers a low-cost trading alternative, with its variable but tight spreads and low commission structure. City Index is well regulated around the globe and has offices in London (its headquarters), Sydney, Singapore and the Middle East.

The company has a rather diversified range of trading platforms to choose from, including Advantage Web, MT4 and AT Pro and WebTrader. They also offer a vast educational section for beginner traders and a 24/5 customer service experience.

As of Oct 2020, City Index had over 300,000 active clients and held over $5B in total customer funds, making them one of the world’s largest FX brokers.

This City Index review will look at the pros & cons of trading with them, so you can decide if they are a good option for your trading needs.

The Pros of Trading with City Index

Over 35 years’ experience as a online broker.

Well regulated (ASIC, FCA, MAS).

Wide range of assets (over 4,500!).

Excellent value for money with tight spreads from 0.5 points.

Part of a NASDAQ listed company (StoneX Group Inc).

High leverage of 500:1.

The Cons of Trading with City

Variable spreads only

Inactivity fee after 3 months no trading

No scalping

Which Markets Can You Trade with City Index?

City Index have a vast offering of products to trade (4,500 to be precise), including the following:

  • Over 80 Currency pairs (FX)

Trade forex with City Index with commission-free trades on EUR/USD, AUD/USD, USD/JPY and 80 other FX pairs.

  • Indices

Trade over 20 global indices, including the Australia 200,  UK 100, US 30 and the S&P 500.

  • Cryptocurrency

Traders can choose from 6 different cryptocurrencies, including Bitcoin and Litecoin.

  • Commodities

Trade over 25 different commodities, including all main oil markets and the major soft commodities like coffee and sugar.

  • Shares

City Index offer over 4,500 global shares to choose from – the trading options are endless!

  • Other

City Index also offer the ability to trade options, bonds and interest rates.

Account Types

Like other brokers, City Index offers 3 different accounts to suit all levels of trader.

Personal Account

This is City Index’ standard retail account and it is ideal for both new and experienced clients. This account includes: competitive pricing, 24/5 trade support,  education, news & analysis and negative balance protection.

Premium Trader Account

This account is reserved for high net worth traders and is by invitation only. Clients with this account receive a priority service, premium event invitations, a dedicated account manager and negative balance protection.

Professional Trader Account

This account is reserved for experienced traders who will receive higher rates of leverage, cash rebates, credit, individual coaching and a priority service.

Who Are City Index Regulated By?

City Index do not hold as many licenses as some other brokers like AvaTrade or Pepperstone, but they do hold 3 tier-one licences in the following regions:

  • ASIC in Australia (under license number 345646).
  • The FCA in the UK (under license 446717).
  • MAS in Singapore (under license 200400922K).

City Index Spreads

This broker is considered one of the cheaper brokers to trade with. Here are some of their spreads:

  • EUR/USD: 0.8 pips (typical spread).
  • GBP/USD: 1.8 pips (typical spread).
  • Wall St 30: 1 point (fixed).
  • UK100: 1 point (fixed).
  • Gold: 0.3 points (around market spread).
  • Silver: 2 points (around market spread).
  • Bitcoin: From 35 points.

City Index Trading Platforms

This broker has a variety of platforms for traders to choose from:

Advantage Web

This is City Index’ proprietary, web-based platform and a very popular choice for traders. Highly customisable, with clients able to change the look & feel of the platform to suit their trading needs. Advantage Web is compatible with Windows, Mac and other browsers, as well as smartphones.

AT Pro

This platform is targeted towards experienced traders who want to take advantage of automated trading. AT Pro allows users to create their own trading templates in C#, .NET and Visual Basic. A powerful back-testing tool is also available, as well as a bunch of pre-made templates.

Web Trader

This internet-based trading platform offers great charting tools and other trading features. However, it is rather limited compared to the downloadable platforms (MT4, AT Pro).

MetaTrader 4 (MT4)

MT4 is the first choice of platform for FX traders.  The interface is dated and there is very little customisation available,  but it is still the world’s number 1 trading platform for a reason.

Deposits & Withdrawals

To deposit funds onto your City Index account, simply login and fund using one of the following methods.

  • Card: Mastercard and Visa credit and debit cards are accepted. This broker does not charge when you use your credit card but be aware that your local bank might charge you.
  • Bank wire: this is a slower method of funding your trading account as deposits are not instant, like a card deposit. BPAY, EFT and PayID are included here.
  • PayPal: Paypal payments are fast, quick and easy, and an excellent option for City Index clients.

City Index clients can withdraw their funds using the same means as they funded the account. The minimum withdrawal is USD $150 and the maximum is $20k (within a 24hr period). City Index does not charge clients to make withdrawals. All withdrawals should be processed within three days.