UK brokerage company City Index was established in 1984. It is widely regarded as one of the founders of online foreign exchange trading. For over 30-year history, City Index was recognized as one of the most reliable brokers of the world.
In spite of its “respectable” age, the company continues to upgrade and expand the scope of its services.
At present City Index customers can trade a unique range of trading instruments, including:
- Over 80 currency pairs;
- Shares of largest global companies;
- CFD contracts;
- Futures and options (including binary options).
The broker is headquartered in London. It has offices in the USA, Germany, China, Australia and Japan.
Deposits and Withdrawals
City Index has a very modest choice of financial instruments for depositing and withdrawing funds. The company customers can use either bank transfer or Visa and MasterCard credit cards.
However, the company ensures accurate and timely payment procedures. Credit card payments are made in 1-2 days. As for bank transfer, the company regularly publishes the list of its bank partners making transfers for its customers within several hours and charging no commission.
City Index is a regulated broker. Its financial activity is authorized and regulated by FSA (Financial Services Authority) of the UK.
Being one of the largest global market makers, the company is a reliable and strong liquidity provider for many European and American brokers.
Thanks to its longstanding perfect reputation and close cooperation with the world’s major banks, the company is able to offer unique trading conditions to its clients. In particular, City Index customers can trade most trading tools with zero spread.
Owing to high liquidity and solid capitalization, City Index surely can be regarded as the most reliable broker in the world.
Bonuses and Promotions
There are no promotions, contests and bonus programs at City Index at the moment. It is focused on creating the most comfortable trading environment to its clients while different contests, promotions and bonuses draw traders away from their main activity.
Trading Accounts Types
Trading accounts system of City Index allows its customers to open a separate account for each group of trading tools.
There are three types of accounts:
- Spread Betting Account;
- Standard Forex Trading Account;
- CFDs Account.
The main conditions are as follows:
- without commission;
- minimum deposit of 100 GBP;
- leverage up to 1:400.
Trading Platforms Types
City Index is offering various trading platforms to its clients.
There are two platforms: MT4 (substantially modified by the company specialists) and corporate platform. Both platforms are developed (upgraded) with account of advanced computer and information technologies. Customers can manage their assets from any mobile device or PC irrespective of operation system.
One of unique features of City Index trading platforms is a possibility of specifying leverage separately for every trading instrument.
Customer service of the company is one more proof of its focus on high and medium qualified traders and investors. Beginner traders will surely get comprehensive assistance and support but it will be difficult for them to absorb information in professional jargon with lots of slang.
Customers can communicate with the support team in the following languages:
Customer support services are available by phone, E-mail or via live chat on the company’s official website.
Pros of Trading with City Index
There are the following pros of trading with City Index:
- Wide choice of trading tools;
- Exceptionally narrow spreads;
- Flexible leverage;
- Convenient trading platforms.
The company’s disadvantages are direct consequences of its advantages. Such a powerful and multifunctional entity as City Index could not operate efficiently without clear and strict procedures. At the same time, tough internal standards make information transmission between departments of the company quite complicated and cause some difficulties to customers. In particular, passport and address verification of a new client takes more than a month.
One more disadvantage is that the company ignores the rapidly developing online payment market.
City Index Reviews
Jammerd: I started to trade with City Index forex broker quite a while ago (half a year). Before that, I had been trading with one European broker (7 years of trading in total), but after opening an account with City I realized what does it mean “to change from a bicycle to Rolls-Royce”. Speed and accuracy of order execution is stunning. No requotes and slippages. Withdrawals take one banking day. The range of trading tools is so broad that you can bring any idea to life. On the whole everything is tip top. With all my heart I’d like to thank the company experts for their expertise.
Kisserco: I wanted to switch to City Index for a long time. Last year I started trading with the broker and left it half a year after. I can’t say anything bad about the company, it works perfectly. But somehow I started to associate City Index with Westminster’s grandeur – you can admire it but it’s not the place to live.
As regards trading instruments the company surely deserves high praise, which it received in 2014 when was awarded Forex Provider of the Year. The quality of services is above all praise. Order execution is perfect. The range of trading platforms and accounts allows to solve any task.
The company’s liquidity and reliability meets the world’s highest standards (in some cases surpassing them).
However, traders outside the UK should be ready to face a number of problems while registering their accounts. In particular, to pass verification they have to open an account with one of the banks specified by the broker and the verification itself may take 6-8 weeks. But it must be admitted such inconveniences are fully compensated by the broker’s reliability and high quality of its services.