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.
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 a good 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.
Real Trading 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.
City Index is regulated by a number of strong regulators around the world, making this broker strong and reputable. Regulation includes:
- ASIC – Australian Securities and Investments Commission – Australia
- FCA – Financial Conduct Authority – United Kingdom
- MAS – Monetary Authority of Singapore – Singapore
City Index offers a good 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 offered. 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 customization as some advanced traders might like. That said, it is a great 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.
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 done 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.
Note that if you decide to transfer or receive funds via bank wire, a charge may be taken by your bank. Investigate this if it is over concern.
Customer support is open 24/5, either by live chat, email or phone. I am hoping these hours are extended, as trading in cryptocurrencies takes place 24/7 and support should be given to these clients.
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, City Index has put effort into making your trading experience with them easy and accessible.