City Index Review 2024: Should you sign up?
This Trading Platform is available in Ukraine
City Index appears to have a mixed reception among users. On the positive side, traders appreciate the platform's user-friendly interface and the range of tools available for trading. The educational resources provided are also frequently highlighted as beneficial, especially for beginners who are just getting their feet wet in the world of trading.
However, there seems to be a significant number of clients expressing dissatisfaction with customer service response times, which can be slow or unhelpful according to some accounts. Additionally, concerns over withdrawal processes and fees have been raised, with some users finding these aspects less transparent or more cumbersome than they would prefer.
Overall, while City Index offers a solid trading experience through its platform and educational content, potential users should approach with awareness of possible customer service and fee-related issues based on current public feedback.
* The amount that will be credited to the account in the case of a successful deal
* General Risk Warning: Your capital might be at risk
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Tobi Opeyemi Amure
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Hannah Jones
- 7 min read
The vast majority of brokers began to operate on the global financial markets in the early 2000s – or in some cases, even the late 1990s. How many companies can boast that as far back as the 1980s, they provided financial services to investors, managers, consultants, and individuals?
Among those ‘veterans’ is the City Index brokerage, which has become a favorite with both novice and professional traders and investors.
Established in 1983, the company successfully offers CFDs, indices, shares, and options in forex, cryptocurrency, along with other services. It’s one of the first exchanges in the UK to provide trading of financial instruments, and it has since grown into the US and Australian markets. City Index essentially allows traders to profit by betting on the changing values of financial instruments.
In 2014, City Index was acquired by GAIN Capital Holdings Inc. (NYSE: GCAP), a US-based company that is City Index’s parent company and is backed by StoneX (NASDAQ: SNEX).
Special Note: CFDs are complex instruments which run high risks of losses due to leverage. An astonishing 75% of retail investor accounts globally lose money through CFD trading with this provider, so it’s important to be sure in your understanding of how it works and weigh the potential risks.
More Details on City Index
City Index has established itself as a key player in the trading arena with its giant platform and impressive provision of CFD contracts.
CFD stands for Contract For Difference, which allows investors to trade the difference between an asset’s open and closing price (or price change) without owning the underlying assets.
However, it is hard to determine the candor of such a claim without professional expertise. The global financial market is constantly evolving, with the entrance of new participants and the fallout of others due to bankruptcy. However, superficial research on City Index indicates that the firm is among the most robust trading platforms globally.
User Security
“Privacy – like eating and breathing – is one of life’s basic requirements,” to quote Katherine Neville. This is a mantra at City Index. City Index prioritizes users’ security at every tier of their services, operating transparently to increase trust in the eyes of their customers. There are a series of features developed to ensure they keep customer security in mind.
The City Index trading platform ensures every one of its users undergoes a verification process as well as know-your-customer (KYC) to protect against bad actors such as fraudsters and money launderers. In addition, users’ private data are kept confidential and secluded from public access. Its site in Singapore has a two-factor authentication feature which is absent on its UK site.
City index observes due protocols by strictly abiding by the laws guiding financial trading platforms across the different jurisdictions it operates, keeping them out of the purview of security agencies. Client funds are insured by the Financial Services Compensation Scheme (FSCS) on City Index, adding another layer of trust and security.
Likewise, there are different order types and stop losses, allowing users to gain maximum benefits and avoid losses. The company gives precedence to accessibility and ensures communication with users. Their customer support is available by phone or email, and also offers an online chat feature on its site for users and prospective customers to reach out to broker representatives.
The customer center is available 24/5. Regardless of the problem that arises, whether technical or financial, users can be guaranteed a quick response from qualified specialists.
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City Index Regulatory Bodies
City Index complies with several regulatory bodies, including the European Securities and Markets Authority (ESMA) rules, which protect them from losing more than they’ve deposited into the platform by limiting leverage and providing negative balance protection.
Additionally, the Financial Services Compensation Scheme (FSCS) safeguarded users’ funds, which provides up to £50,000 if the broker defaults. Other regulators that have granted City Index complete authorization are the Australian Securities & Investment Commission (ASIC) and the Monetary Authority of Singapore (MAS).
To make sure your money is safe with a broker, the gold standard to look for is an established financial regulator. In this case, the functions of the controlling organization are performed by the Financial Regulation and Supervision Authority (FCA).
It is worth noting that the authoritative British regulator has overseen GAIN Capital UK Ltd for more than 15 years. During this time, the broker has provided FCA employees with a huge number of reports proving that the company has the right to work in the global financial markets. For many experienced traders, this information is enough to put their minds at ease that the broker is trustworthy.
City Index Training
City Index provides extensive training material in different content formats, including webinars, guides, and articles, which helps traders learn the strategies to succeed more in their trading career.
This comes with a support database. The trading courses offer overviews which explain the nuances involved in trading, such as wedge patterns, and guide you on a successful path to profitability.
Another key feature the broker developed is the Demo trading options that help traders practice under actual market conditions. This feature is available to all users, and a virtual 10 thousand British pounds make it possible for you to develop your strategy for succeeding on the trading floor.
A drawback is the absence of a Russian-language version of the web resource. However, the platform is easy enough to use that the English-language version will suffice, even for speakers of other languages.
Characteristics and Key Indicators Of City Index
City Index has particular strengths that give it an edge over its competitors. However, it’s worth noting that City Index does not currently offer a bonus program or competition, and automated trading is limited to advisors in the set of terminals.
Trading Terms
Studying clients’ reviews, we can see that City Index maintains high ratings among its customers. There are a few outliers currently dissatisfied with the services offered. Issues related to this can be linked to the series of transitions the company has made over the decades. There is no minimum deposit ($0) required using the City Index.
Minimum lot – 0.01
Trading leverage – up to 1: 400
Base currencies of accounts – British pound, euro, and US dollar
Islamic account – no
Affiliate program – yes
How to Withdraw And Deposit Money
Looking through City Index’s ratings, it’s hard not to notice that reviews written about City Index (even if the author is generally positive towards the company) emphasize dissatisfaction with the methods for depositing and withdrawing funds.
Trading Assets
There’s a wide range of tradable assets for users to enter on the trading platform for the transactions, including:
- Currency pairs
- Cryptocurrencies
- Promotion
- Indices
- Commodities
- Precious metals
There are 13,500 tradable symbols on the platform, forex trading (available in spot and CFD), social trading / copy trading, and cryptocurrency (available in CFD).
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