City Index Review

City Index Broker Logo


Legal Company NameGAIN Capital Australia Pty Ltd
Websitehttps://www.cityindex.com.au
Year Founded1983
Offices LocationsUK, Australia, Singapore, Dubai
RegulatorsASIC (AFSL 345646), FCA, SCB
Broker TypeMarket Maker
Minimum Deposit$200
Maximum Leverage500:1
Minimum Spread0.5 pips
Deposit & WithdrawalCredit Card, Bankwire
Currency Pairs84
Trading PlatformMetaTrader 4, AT Pro, MT Webtrader, Mobile Apps
Web-based PlatformsYes
Mobile AppsYes

City Index is extremely well regulated, simple and traditional, and seems to understand the trader’s needs enough to balance them with good trading conditions and software choices.  For those looking for an ASIC regulated broker, and you have $200 to open the account, then City Index could be a good option for you.

Account Types

City Index has two account types – a demo account for risk-free trading and a real trading account.

Demo Account

This account offers 12 weeks of access to this account type.  It is an excellent opportunity for new traders to try out City Index, and all of the features their platform offers.  $20,000 is a little low compared to other demo accounts, but I am sure that if you ask the support team, they will be able to increase it again if you lose all the money.

Live Account

This account has a minimum deposit of 200 USD which is a reasonable ask if you are going to trade with leverage.  Spreads are on from 0.5 pips on major FX pairs, and both fixed and variable spreads are available.   The maximum spread offered in Australian clients is 200:1.

Regulation

City Index is regulated by some strong regulators around the world, making this broker strong and reputable.  Regulation includes:

Platforms

City Index offers an excellent variety of platforms to traders.  In addition to mobile applications (Advantage iOS and Advantage Android), City Index offers a choice between two downloadable platforms – AT Pro and MetaTrader 4.  If you would rather trade in a browser-based environment, Advantage Web Edge is available to you.

All of these platforms have these advantages:

Advantage Web Edge:  This web platform offers great charting tools and other trading features, but it is a little limited compared to the downloadable software provided.  The research portal is a nice touch, and something other platforms that are more execution-focused don’t offer.

MetaTrader 4:  This is an oldie but goldie and the #1 choice of platform for CFD traders.  It is a little old-fashioned in the layout and does not offer as much customisation as some advanced traders might like.  That said, it is an excellent choice for all traders.

AT (Advantage) Pro:  AT Pro is targeted at the more advanced trader who wants to take advantage of automated trading and wants more detailed features than what is available in the web version – Advantage Web Edge.  MT4 has automated trading too, but AT Pro goes one set further to allow traders to set up strategies and teach the system how you like to trade.

Cryptocurrency Trading

City Index offers crypto-CFD trading in Bitcoin, Ethereum, Litecoin, Ripple.  This set of cryptocurrencies will keep beginner traders happy, but realistically speaking a trader who wants to trade cryptocurrency pairs more than forex pairs, should probably be trading at an exchange instead of a brokerage.

Spreads on Crypto vary between the currencies, and because they are always changing, I encourage you to check out the live spread on their website.  Leverage for these products is set at 4:1.

Deposits & Withdrawals

Deposits and withdrawals are without fees charged by CityIndex, and this is strong of the strength in transparency.  In contrast, brokers who do not offer this access to funds are less trustworthy in my view.

Your bank may charge you if you decide to transfer or receive funds via bank wire.  Investigate this if it is over concern.

Customer Support

Customer support is open 24/5, either by live chat, email or phone.  I am hoping these hours are extended, as support should be available on weekends as trading in cryptocurrencies takes place 24/7.

Compare CityIndex

CityIndex Vs. Pepperstone

 CITYINDEXPepperstone
FundingCredit Card, BankwireBank wire, Visa/Mastercard, Paypal, Skrill, Unionpay
RegulatedASIC (AFSL 345646), FCA, SCBAFSL No.414530, ASIC
Broker TypeMarket MakerECN/STP
Currency Pairs8462
Minimum Spread0.5 pips0.0 pips
Minimum Deposit$200$200
Max Leverage500:1500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit CITYINDEXVisit Pepperstone

CityIndex Vs. ICmarkets

 CITYINDEXICmarkets
FundingCredit Card, BankwireCredit Card, Bankwire, POLi, Paypal, Neteller, Skrill & Many More
RegulatedASIC (AFSL 345646), FCA, SCBASIC (AFSL No. 335692)
Broker TypeMarket MakerECN
Currency Pairs8465+
Minimum Spread0.5 pips0.0 pips
Minimum Deposit$200$200
Max Leverage500:1500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit CITYINDEXVisit ICmarkets

Overall

Strong, sturdy and regulated.  There are a lot of small things a broker can get wrong in their product offering, but City Index gets most of it right.  While I would like to see customer service open longer hours, and maybe one or two more account options, I feel that CityIndex has put effort into making your trading experience with them easy and accessible.

CityIndex
3
CityIndex Logo

Product Name: CityIndex

  • Trading Conditions
  • Platform Choice
  • Regulation & Oversight
  • Customer Support

Pros

  • ASIC & FCA Regulated
  • 80+ currency pairs
  • MT4 support

Cons

  • Market Maker
  • Limited customer service hours
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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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