Year established: 1983
Minimum Deposit: $100 to open the account and $25 for subsequent deposits
Languages: English, German, Polish, Arabic, Chinese
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As one of the oldest and most established Forex brokers in the world, City Index has grown to be considered one of the world leaders in spread betting and CFD trading. The company was established in the UK in 1983 and currently boasts over 400 employees worldwide. They have offices in the UK, Poland, Singapore, China and Australia and transact in excess of 2 million trades every month for individuals in over 50 countries worldwide. City Index is part of IPGL – a privately owned company with substantial shareholding in the world’s leading derivatives broker ICAP plc.
City Index provides competitive spreads and access to thousands of markets worldwide including indices, shares, currencies, commodities, bonds, interest rates and more. The company has been the recipient of many awards over the years for their spread betting, CFD and FX trading services as well as product innovation. City Index is authorized and regulated by the UK’s Financial Conduct Authority (FCA).
We were not surprised during our City Index review to find that the company’s website is extremely user friendly and presents all its material in a clear and easily understood fashion. Though the company has been around for decades, its website is extremely current, making the user-experience wholly enjoyable. You don’t have to go far to get the information you want and the first page provides access to the various trading platforms, current market performances and a list of features offered by the brokerage. Much focus is given to educating traders, with webinars, tutorials and trading tips made available through their City Index Trading Academy. The Academy offers various competitions and incentives to help traders ease into the process and to feel excited about their decision to try online Forex trading. There are also recorded webinars offering several introductory videos for anyone wishing to view them.
City Index presently offers several desktop platforms including the popular MetaTrader 4, Advantage Web and Advantage Trader available for downloading only. In addition, they have platforms for all types of mobile devices as well as for tablets.
Their chat service is excellent and can be conveniently reached from any one of their pages. Response is quick and pleasant. Chat service is available in multiple languages depending on where the trader is coming from.
Spread betting and CFD trading are City Index’s main lines of business. Spread betting is a tax-free alternative to conventional trading, enabling traders to profit from rising as well as falling market prices. Spread betting is usually leveraged, giving traders an opportunity to trade up to 10% of their original deposit.
City Index offers a free demo account which is available for a two-week period and allows a trader unlimited access to his trading platform and a virtual cash balance of £2,500. We would prefer a longer demo time, but it is possible that traders can ask for an extension if they’re not quite ready to take the plunge. We did not test this request during our City Index review.
I also found that the brokerage offers a Premium VIP account. This upscale account is geared to City Index clients so they can maximize their trading ability with additional trading services such as instant access to a dedicated VIP trader, interest on their deposits and more.
City Index offers a very wide choice of trading options all within one convenient trading account. There is a 1-point spread on FTSE and Wall Street and a fixed 1-pip spread on EUR/USD. Perhaps most impressive is the fact that the firm has been around for over 30 years, a timeframe that is practically unheard of in the industry. All in all, we found City Index to provide a well-rounded trading experience with ample information to allow traders to make educated decisions about their financial futures.
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