Home / Forex Brokers in Australia / CityIndex Review

CityIndex Review

FX Author By Jeffrey Cammack Author Information Updated: June 17, 2020
Overall Rating
4.28 4.28 / 5
Min. DepositAUD 50
Max. Leverage500:1
Min. Spread0.7 pips
Regulators FCA,ASIC,MAS
Regulator Origin FCA ASIC MAS
Trading Desk Type

Summary

City Index is a long-established and well-regulated market maker owned and operated by NYSE listed GAIN Capital.

Offering tight spreads for a market maker, City Index also has a varied and excellent platform choice, including the powerful ATPro platform for more experienced traders. The education section is good for beginners and research and analysis is updated frequently across all asset classes available to trade. Overall, City Index is a good market maker broker and competitive with other traditional brokers in its class.

Reviews

Regulation 11111
Trading Conditions 11111
Trading Platforms 11110.5
Deposit & Withdrawal 110.500
Education & Research 1110.50
Assets Available 11110.5
Customer Service 1110.50
Beginner Friendly Standard
Bonuses
Our Review Process

Trading Conditions

Minimum DepositAUD 50
Base currenciesGBP, USD, AUD, SGD
Number of FX Pairs84+
Hedging Allowed Yes
Scalping No
Islamic Account Yes

Average Spreads

EUR / USD0.7
GBP / USD2.1
USD / JPY1

Company Details

Company nameGain Capital
Founded1983
Website www.cityindex.com.au
Type Market Maker
Regulators FCA,ASIC,MAS
Office locations Australia, United Kingdom, Singapore, Dubai

Deposit & Withdrawal Methods

Supported Platforms for CityIndex

Is City Index Safe?

City Index was founded in 1983 in London, it started offering CFD trading in 2001 and opened a Sydney office in 2006. In 2014 City Index was purchased by GAIN Capital, which has been listed on the NYSE since 2010.

City Index in Australia (GAIN Capital Australia Pty Ltd) has been regulated ASIC (ASFL 345646) since 2010. All customer funds are fully segregated from City Index capital and are held by secure tier 1 banks. Additionally, City Index is a co-founder of the Australian CFD and FX Forum, which works to continuously raise industry standards to fully protect all clients’ funds.

Trading Conditions

City Index offers over 65 currency pairs to trade and spreads are competitive with similar brokers.  Standard leverage is 200:1, though this can be increased to 500:1.

Account Types

Like other large market maker brokers, City Index only has one live account and one demo account. 

Demo Account

 

Unfortunately, the demo account at City Index has a 12-week limit –  an unusual choice for a large broker –  and only comes with 20,000 AUD of virtual money, though we imagine the customer support team would increase this limit if asked. 

Otherwise, City Index’ demo account has all of the features and platform choices of the live account and is a good way to learn more about City Index as a broker.

Live Account

 

The live account has no minimum deposit and spreads are better than most market makers – from 0.5 pips on major pairs; both fixed and variable spreads are available.  

The maximum leverage offered to Australian clients is 500:1.

City Index for Beginners

City Index has a large, dedicated training section for new traders, but as it is a multi-asset broker, the focus isn’t always on Forex trading. Similarly, the Market News & Analysis area is comprehensive and useful, but again, the focus is distributed across all the asset classes available at City Index.

Education Material

The educational material offered at City Index is good but only adequate for a broker of its size and type. Under the Training tab on the website, you will find links to short, detailed courses on Technical Analysis, Fundamental Analysis, Trading Strategy and Risk Management – there is also a small video library covering common Forex topics.

A more in-depth multimedia course called Introduction to Trading will be useful for beginners who want to get up to speed as quickly as possible.

Analytical Material

Under the Market News & Analysis tab, you will find a section devoted to daily research and fundamental analysis of news events. This is updated frequently by a small team of City Index analysts and covers all the asset classes tradeable at City Index. Articles can be filtered by topic, author and asset class so finding relevant Forex news and analysis is not difficult.

Also in this section is a fairly basic Economic Calander covering all the known economic events.

City Index also host webinars, though not frequently, and you will need to be an active customer in order to register for them

Overall, a fairly underwhelming analytical section, especially when compared to other large brokers such as CMC Markets or Plus500.

Customer Support

 

 

Customer support is open 24/5, via live chat, email or phone. This is backed up by an extensive FAQ section covering account management, platform tutorials, funding and withdrawals, financial terms and the costs of trading. 

Trading Platforms

 

City Index offers a variety of platforms to traders: Two downloadable platforms – AT Pro and MetaTrader 4 – and the browser-based Web Trader. In addition, City Index also offers mobile applications (Advantage iOS and Advantage Android),  All of these platforms have different advantages:

  • Web Trader:  This web platform offers great charting tools and other trading features, but it is limited compared to the downloadable platforms.  The research portal is a nice touch, and something other platforms that are more execution-focused don’t offer.
  • MetaTrader 4:  This is the first choice of platform for CFD traders.  The interface does look dated and it does not offer as much customisation as some advanced traders might like.  That said, it is an excellent all-rounder.
  • AT Pro:  AT Pro is aimed at experienced traders who want to take advantage of automated trading, it allows users to create their own trading templates in C#, .NET and Visual Basic. A powerful back-testing tool is also built-in as well as dozens of pre-made templates.

Cryptocurrency CFDs

City Index offers crypto CFD trading in Bitcoin, Ethereum, Ripple and Bitcoin Cash.  This set of cryptocurrencies will keep beginner traders happy, but is relatively limited compared to other large brokers. That said, City Index does have the lowest Cryptocurrency trading fees amongst their immediate competitors.

Spreads on Crypto vary and will be much wider than for Forex – due to the extreme volatility of the Crypto market. Leverage for these products is set at 4:1.

Deposit Withdrawal Fees

CityIndex accepts deposits and withdrawals via:

  • Credit Card
  • Debit Card
  • EFT
  • BPAY
  • PayID

No fees are charged for deposits or withdrawals. Withdrawals are processed within three working days and card withdrawals can take up to 10 working days to reach the customer.

Conclusion

Large, established and well-regulated – City Index are not dissimilar to their market maker peers, CMC Markets and Plus500. Tight spreads (for a market maker) and great platform choice help City Index stand out, though its education and analysis sections are underwhelming.  We would also like to see one or two more account options, but overall City Index is a good choice if you are looking for a large and established market maker.

Alert Most retail CFD accounts lose money. Your capital is at risk.

  • Tony says:

    Hi , do qw have a choice of using Ninga Trader 8? If not can you please recommend a broker in Australia who can let a person via the NT8, Thanks

    • Chris Cammack says:

      Hi Tony, NinjaTrader is used mainly by options and futures traders to finding a Forex broker which supports it is quite difficult. City Index used to offer support but has stopped taking new NinjaTrade accounts since 2018. Currently, the only Forex brokers we would recommend with NinjaTrader support are Forex.com and FXCM. Hope that helps!

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    Alert Most retail CFD accounts lose money. Your capital is at risk.

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