CityIndex executes an estimated 1 million trades per month, and has been in the game for 30 years. Based in the heart of London, England, CityIndex provides traders with a wide range of tools, resources and markets to profit from. The company is licensed and regulated by the Financial Conduct Authority (FCA), and the parent company is GAIN Capital Holdings Inc, which is also listed on the New York Stock Exchange under the ticker GCAP.
For the full year ending 2016, the company’s client assets were valued at $945 million, and there are some 150,000 retail traders globally. The company is also fully licensed and regulated to offer real-money trading in 8 jurisdictions. Traders have added peace of mind in the knowledge that there are segregated client accounts to protect against liquidation or insolvency of the business, and FSCS compensation up to £50,000 in the event of liquidation, courtesy of the Financial Services Compensation Scheme.
Forex traders can easily open an account by completing an online application. Since CityIndex is fully regulated by the Financial Conduct Authority (FCA), clients will be required to answer a series of questions pertaining to their financial status, level of trading experience and which type of derivative products they wish to trade. It is possible to trade Contracts for Difference (CFDs) and apply for a spread betting account simultaneously.
No experience is needed to open a real money account or a demo-trading account, however savings and income levels will be considered in the account opening process. Identity verification is required when accounts are opened, and only traders from regulated jurisdictions will be allowed to complete an online application. Currently, citizens from North America (Canada and the United States) are not eligible for accounts, but UK traders, European traders and all other regulated countries are welcome.
Personal accounts, corporate accounts (current account with a balance of £50,000) and demo trading accounts are available. FX traders can easily trade their choice of 84 currency pairs. These include major pairs, minor pairs and exotic currency pairs. The trading account for forex is the MT4 account. This is exclusively for trading currencies. The trading platform offers a wide range of tools and features such as customisable charts with 80 economic indicators and 16 different types of charts.
Further, there are actionable trade ideas and feature-rich technology to power your trading experience, irrespective of your knowledge of forex trading. Traders can test the CityIndex platform for 2 weeks with unlimited access to financial markets with spread betting and CFD trading and £2,500 in demo cash. There is zero risk to this demo trading platform and all the tools and features of real-money trading are available too. The demo accounts mimic live trading conditions in every way.
Trading Platform/ software
Currency traders get to enjoy the world renowned MT4 trading platform. Currency traders will have full benefit from the EA’s (expert advisors) on the MetaTrader4 platform. Top-tier customer support and service is available to traders, in addition to a full range of trading signals and customised economic indicators. The MT4 trading platform runs on all iOS, Android and Windows devices. CityIndex’s trading platforms are designed for full download, or web-based trading. Advantage Web offers HTML 5 functionality and charting, personalised screen layouts, technical and fundamental analysis and more.
The mobile trading options include a live streaming feed from Reuters and all the attendant economic indicators, prices and charting functionality, as well as 24/7 account access. The mobile trading apps are geared towards all makes of Android and iOS devices. Traders who prefer to download the platform and software can enjoy the AT Pro option. This is the most powerful trading platform at CityIndex and it features an advanced charting package with auto trading strategies and enhanced efficiency.
Traders can fund their accounts at CityIndex by using bank transfers, debit cards or credit cards with MasterCard, Visa, Maestro, and Visa Electron. Cash payments are not accepted and neither are third-party deposits. There are no fees associated with debit card deposits and bank transfers, however credit cards will incur a 1.5% fee.
The markets include interest rates, bonds, metals, options, indices, shares, forex and commodities. Within each of these broad categories are multiple financial instruments for traders. Forex pairs include 84 options, with spreads from as low as 0.5 points. The most popular forex pairs include the USD/JPY, EUR/USD, and the GBP/USD. Other pairs include the AUD/USD. In total, there are 21 global indices, 4,500+ shares, 25+ global commodities and a wide range of options, bonds and other markets.
CityIndex occasionally offers bonuses and promotional offers to traders. It is best to contact customer service for details of current offers, if any. Country specific bonuses and promotions are frequently offered to traders.
At the moment they are offering a 30 day free trial of Faraday Research (Trading Signals) which is worth 600£ yearly.
Traders can reach customer support via multiple channels. These include the following support options:
- Local and International Telephone Numbers (0845-355-0801, +44-203-194-1801)
- Email Support – [email protected]
- Land-based Address – London, EC2M UK
- Online Contact Form
- Live Chat Functionality
- Social Media (LinkedIn, YouTube, G +, Facebook and Twitter)
CityIndex is 100% safe to trade forex. The trading platforms are guaranteed safe and secure, and compliant with the highest industry standards. Forex traders use the world-famous MT4 platform which is protected against third-party interception of data. The company is regulated by the FCA in the UK, with licence #524837435 and registration number 113942. All client accounts are segregated from the business account, and accounts are safeguarded with £50,000 in insurance against liquidation.
Ease of Use
Provided you are from a regulated country or jurisdiction, you can easily register a safe and secure online account. Trading is a breeze – simply pick your preferred financial assets to get started. The range of products includes indices, equities, currency pairs, commodities, interest rates, bonds, options and metals. In total there are some 12,000 financial instruments available across the board. Trades are easily executed and the trading platforms offer a demo-mode account and a real money account. Traders can enjoy mobile trading, full download, or web-based trading.
CityIndex is an established forex broker with 84+ currency pairs and an impressive trading platform. The demo trading account is a great way to get your feet wet in the currency markets. Other options include spread betting and CFD trading and there are some 12,000 markets to access. Customer service is friendly and professional, and it’s really easy getting up and running at this FX broker.