City Index is a derivative online broker that offers clients a wide variety of financial trading services, including spread betting, forex trading and CFDs.
The brokerage is regulated by some of the world’s strictest regulatory authorities, and they accept clients and customers from all corners of the planet.
- About City Index Markets
- Opening an Account
- How To Open An Account At City Index
- How Long Does the Account Creation Process Take?
- What’s the Minimum Deposit?
- How Long Does the Account Creation Process Take?
- What’s the Minimum Deposit?
- Identity and Verification
- Can City Index Be Trusted?
- Research and Assistance
- Demo Accounts
- Desktop Experience
- AT Pro Trading Platform
- Spread Betting
- MetaTrader4
- Mobile Experience
- Investment Options
- Commissions and Fees
- Deposits & Withdrawals
- Customer Support
- Conclusion
With more than 12,000 different assets and instruments available to trade, City Index is a fantastic choice for those wanting a comprehensive online trading platform, and in this City Index review I’m going to be taking an impartial, in-depth look at what the site has to offer.
I’ll cover everything, from the investment options available to the payment methods, plus you’ll get information about the customer support offered and the trading platforms you can use.
Let’s kick things off with a look at who City Index , and where they operate from.
City Index review was last updated in May 2020. Author – Jonathan Mann.
About City Index Markets
Before I write a review of an online broker, I like to know a bit about the company and how it was established.
City Index is a UK-based company that was first established in 1983.
This makes it one of the industry’s longest-running companies, boasting more than 30 years of experience.
However, I should point out that City Index didn’t start offering CFD trading facilities until 2001 – before that, they focused primarily on stocks and shares and indices.
In 2005, City Index acquired the IFX Group, and this allowed the online broker to begin offering a different array of services. For example, spread betting was introduced at the site.
Another notable date was 2014, as in late November, City Index itself was acquired by Gain Capital Holdings – the same company that owns Forex.com.
Today, City Index boasts more than 235,000 funded client accounts and more than $3.1 trillion in annual trading volume.
The online broker also has offices all over the world, although they tend to focus on four main regions: the UK, Australia, Singapore and the Middle East.
back to menu ↑Opening an Account
City Index offers three different types of accounts.
The first is the Trader Account.
This offers leverage of up to 30:1, although you will not have access to a relationship manager.
The second account is the Premium Trader Account, and this again offers leverage of up to 30:1.
Here, you will get access to a relationship manager, and this means you have a dedicated representative to reach out to, should you run into any problems or have any queries.
The third and final account is the Professional Account.
This offers leverage of up to 400:1, although you do need to meet certain criteria in order to be able to open this account.
For example, you’ll need to have professional experience working within the financial sector, and you also need to have a large trading portfolio.
At the time of writing, Professional Account holders need $500,000 or more in their portfolio to be able to open an account.
back to menu ↑How To Open An Account At City Index
The account creation process at City Index is very straightforward.
It’s also fully digital, which I was really pleased to see.
It’s incredibly easy to get started, and all you need to do is fill in a few personal bits of information, confirm your email address/phone number, and your account will then be up and running.
I should also point out that you will need to verify your identity before you’re able to start depositing funds and trading.
I’ll be covering this shortly in this City Index review.
back to menu ↑How Long Does the Account Creation Process Take?
Opening an account at City Index really doesn’t take long.
Thanks to the fact that it is fully digital, it generally takes less than a day for you to create your account, verify it and become approved.
It’s pretty rare, from what I’ve heard, for trading accounts not to be approved, although I should point out that you will need to answer a few trading questions to ensure you know what you’re doing.
Remember, forex and CFD trading comes with a high level of risk, and City Index wants to know that you have a basic understanding of the risks involved.
back to menu ↑What’s the Minimum Deposit?
I was really happy to find that the Trader Account doesn’t have a minimum deposit.
In other words, you’ll be able to deposit as little as the payment method you’ve chosen to use allows.
If you choose to open the Premium Trader Account, you’ll need to make a deposit of at least £10,000. However, this doesn’t need to be deposited in one go.
As I mentioned earlier, if you choose to open the Professional Account, you’ll need to have a portfolio of at least $500,000 behind you.
However, it’s not immediately clear how much of this needs to be funded into your City Index account.
back to menu ↑How Long Does the Account Creation Process Take?
Opening an account at City Index really doesn’t take long.
Thanks to the fact that it is fully digital, it generally takes less than a day for you to create your account, verify it and become approved.
It’s pretty rare, from what I’ve heard, for trading accounts not to be approved, although I should point out that you will need to answer a few trading questions to ensure you know what you’re doing.
Remember, forex and CFD trading comes with a high level of risk, and City Index wants to know that you have a basic understanding of the risks involved.
back to menu ↑What’s the Minimum Deposit?
I was really happy to find that the Trader Account doesn’t have a minimum deposit.
In other words, you’ll be able to deposit as little as the payment method you’ve chosen to use allows.
If you choose to open the Premium Trader Account, you’ll need to make a deposit of at least £10,000. However, this doesn’t need to be deposited in one go.
As I mentioned earlier, if you choose to open the Professional Account, you’ll need to have a portfolio of at least $500,000 behind you.
However, it’s not immediately clear how much of this needs to be funded into your City Index account.
back to menu ↑Identity and Verification
Due to regulatory requirements, all new clients at City Index are required to pass a verification check.
This consists of two parts.
First of all, you’ll need to verify your ID.
This can be done by uploading a copy of your passport, driving license or ID card.
You also need to verify your residency, meaning you’ll need to upload a copy of a bill, bank statement or tax return.
The verification process at City Index is pretty quick, and they aim to approve all accounts in under a day.
This, I think, is a pretty fair time frame, and it means you can begin trading on the same day you set up your account.
However, if you open your account over the weekend, then you may need to wait until the following Monday before a member of the customer support team is able to approve your application.
back to menu ↑Can City Index Be Trusted?
City Index is regulated by some of the world’s most well-respected and trusted financial regulators.
Thanks to these regulators, clients can trade safely in the knowledge that they’re dealing with a trustworthy, reputable and reliable online broker.
In Australia, the broker is regulated by the Australian Securities Investment Commission.
This means that all Australia-based clients are protected by Australia’s strict financial rules and regulations.
City Index is also regulated in other jurisdictions around the world.
For example, in the United Kingdom they’re regulated by the Financial Conduct Authority (FCA), although their license sees them trading as Forex.com, as opposed to City Index.
They’re also regulated in Singapore, under the Monetary Authority of Singapore.
Again, their license allows them to trade under the Forex.com brand. Similarly, they’re now regulated in the UAE by the Central Bank of the United Arab Emirates.
It’s safe to say that City Index is a highly-respected company, and if you choose to open an account with them and trade there you will not run into any problems, particularly when it comes to the broker acting unethically.
back to menu ↑Research and Assistance
I really like that all new traders at City Index get instant access to the City Index Trading Academy.
This allows all traders to access one of the most comprehensive and in-depth educational trading resources on the planet, and it gives you the ability to gain a thorough understanding of how trading works, and how to grow your trading knowledge.
The Trading Academy offers an incredibly in-depth look at trading, and if you’re a complete beginner you’ll find yourself able to learn some of the basics, like what trading is, how it works, and what you can expect.
There are six different modules in the course, and one of my personal favourites is the CFD course.
This gives you an understanding of how CFDs work, how they can be traded and what they actually are.
This is an ideal first step for those looking to get into trading CFDs and gives you the chance to gain a better understanding of how they function.
I also really like the technical analysis and fundamental analysis guides.
These are designed to give you a slightly more in-depth look at trading, and they’re designed for those who already have some basic trading experience.
You will also find a number of trading strategy guides, which again, are designed for those who already have a degree of trading experience.
They start to explore some of the more complex trading topics and allow you to take your experience level from beginner/intermediate to intermediate/advanced.
City Index also runs regular webinars.
These are great, as well as free of charge, and cover specific topics in great depth.
You can view a full back catalogue of all their previous webinars too, so it’s possible to cherry pick the topics you’d like to learn about.
back to menu ↑Demo Accounts
Like all leading online brokers I review, City Index offers all new clients and customers the ability to open a demo account.
If you already have an active trading account with them you can also set up a demo account.
Setting up a demo account takes just a couple of minutes, and unlike their active trading accounts you do not need to worry about verifying your identity.
This isn’t required to open a demo account, and you can begin trading in a matter of minutes. Just confirm your email address and you’re good to go.
back to menu ↑Desktop Experience
City Index allows traders to access two different trading platforms.
The trading platform you’re able to use will depend on the type of account you’ve chosen to set up, and below, I’m going to be taking a look at both of the different trading platforms available.
back to menu ↑AT Pro Trading Platform
If you’re looking to trade more advanced CFDs, then the AT Pro Trading Platform is what you’ll most likely want to use.
In fact, if you have the City Index sophisticated CFD account you’ll have to use this trading platform – but that’s not a bad thing in the slightest.
I found the AT Pro Trading Platform to be incredibly versatile and easy to-use.
It has a variety of built-in strategies, and you can even build your own trading strategies using a number of languages including .NET, Visual Basic or C+.
I really like how AT Pro comes with advanced charting options.
This gives you instant access to more than 100 different technical indicators and means you can easily and quickly gain a comprehensive overview of the current market state.
The trading platform also supports automated trading signals, and this can be used to show exit and entry points, although these are delivered through charts.
There are also some back-testing functions available, although I found that these weren’t quite as versatile as they could have been.
I should also point out that the AT Pro Trading Platform offers in-depth market analysis.
This is delivered through a number of means, but the most important is the economic calendar.
You’ll also find custom indicators which I feel are really useful for advanced trading.
You can also access AT Pro directly from your computer’s internet browser, without needing to download anything.
However, it’s also available in a desktop client which I’d generally recommend due to its better speeds and more stability.
back to menu ↑Spread Betting
Spread betting is a unique form of trading – but it’s also incredibly risky, and you can end up owing substantial amounts of money if your trades don’t go to plan.
CMC Markets’ spread betting account offers over 9,000 tradable instruments and 330 forex pairs.
The account benefits from fractional trade sizes, and the maximum leverage for retail clients is 30:1.
The maximum leverage for professional clients is 500:1.
back to menu ↑MetaTrader4
MetaTrader4 is the other trading platform offered at City Index, and this industry-leading trading platform accommodates traders of all levels.
City Index uses the standard MetaTrader4 trading platform, and it’s designed to be used primarily by forex traders. Those looking to trade CFDs should generally stick to the AT Pro Trading Platform.
I find the MetaTrader4 trading platform to be really user-friendly, and it offers a decent selection of trading and analysis tools, although it’s fair to say there’s a lot less choice than with the AT Pro Trading Platform.
back to menu ↑Mobile Experience
City Index’s AT Pro Trading Platform can come as a mobile app, and this can be downloaded on virtually all iOS and Android devices.
It’s free of charge to install, and once it’s on your device you can log into your existing account in a few seconds.
I also like how they offer a mobile sign-up process for those wanting to set up an account on the move.
This takes just a few minutes, although it can be a bit fiddly when it comes to uploading proof of your identity.
I found the mobile app to be pretty smooth, and I was extremely impressed with the speeds offered.
You’ll find incredibly low levels of latency, ensuring that you’re able to place trades without worrying about delays.
back to menu ↑Investment Options
When it comes to investment options, City Index is a clear market leader.
They currently offer more than 12,500 different instruments for you to trade, and this applies to all account types, meaning regardless of whether you have a Trader, Premium Trader or Professional Trader Account you’ll be able to access all of the investment options at City Index.
First of all, I’ll be looking at the forex currency pairs.
Currently, City Index offers some 84 currency pairs, and this includes major, minor and exotic pairs.
They also offer cryptocurrency pairs, which is something I don’t see too often – usually cryptos are delivered in the form of CFDs, so it’s refreshing to see City Index opting to take a different approach here.
City Index boasts a decent number of commodity CFDs too, with 26 different ones for you to choose from.
This includes three core categories; Metals, Energies and Agricultural CFDs.
I’ve heard rumours that more commodity CFDs are shortly going to be added to the online broker’s site, so I’ll update this review if and when this happens.
It’s the index and stock CFDs that City Index are best-known for, however, and you’ll currently find more than 4,500 to choose from.
This is far superior to the vast majority of online brokers I’ve reviewed, and you’ll find everything from UK and US shares to some of the less-common markets like German shares and Japanese Shares.
For an up-to-date breakdown of all the investment options offered at City Index, you can check out their “Assets” tab on their homepage.
This allows you to view a breakdown of what’s currently on offer.
Online brokers are always mixing things up and adding new trading instruments, so they’re subject to change at any time.
back to menu ↑Commissions and Fees
City Index is fairly well-known for offering some of the best commissions, fees and spreads around.
For example, their spread betting accounts are all commission-free, and the same goes with CFD trading, provided you’re not trading shares.
The spreads and margin rates differ quite a lot, depending on which instrument you’re trading, but as a general rule of thumb City Index’s fees and commissions are competitive and fair.
Below, you can view some of the various fees associated with different accounts at City Index.
I should point out that City Index does charge an inactivity fee on dormant accounts.
However, this only kicks in after 24 months of inactivity – much longer than I’ve seen at the vast majority of other online brokers.
This fee is capped at $15, or currency equivalent.
After three years of inactivity, your account will be automatically closed, and you’ll need to undergo the account creation process once more should you wish to start trading there again.
back to menu ↑Deposits & Withdrawals
I was pleased to find that City Index offers a wide variety of payment methods for you to choose from, and you’ll be able to make deposits and withdrawals using debit and credit cards, bank transfers and EWallets, including PayPal.
There are no fees to make deposits, and aside from bank transfers, deposits are credited to your account instantly.
Please be aware, however, that your provider may charge a fee, especially if you’re using a credit card.
When it comes to withdrawals, City Index does not charge any fees at all.
You must make a withdrawal back to the same payment method you deposited money with last, and City Index aims to process all withdrawal requests within 48 hours.
However, in my experience, it’s quite possible to see your withdrawal processed on a same-day basis.
back to menu ↑Customer Support
City Index offers fantastic customer support facilities, and you’ll be able to get in touch with the customer support team in a number of ways.
I should point out that their customer support facility isn’t open 24 hours a day, 7 days a week, as they only work Monday to Friday during regular business hours.
The easiest way to get in touch with a member of the customer support team is to use the live chat facility.
This will connect you with a trained operator in just a couple of seconds, and you’ll then be able to talk through your problem or query in real time.
If you prefer, there’s also the option for you to give City Index a call.
I found their phone response times to be excellent, as they picked up the phone in a couple of seconds.
The customer support agent was very friendly, helpful and knowledgeable, and I was really impressed with the service I experienced.
You can also send City Index an email, although responses can be up to 24 hours, or longer if you send an email over the weekend.
back to menu ↑Conclusion
City Index offers a huge selection of trading instruments to choose from, is a highly reputable name in the online trading world and offers an exceptionally fast and easy account creation process.
I really like the trading platforms they offer, and I think you’ll be unlikely to find a more reputable online broker out there today.
If you’re looking for a new online broker to join, I highly recommend City Index.
Their outstanding trading platform is fast and simple to use, and with such a wide variety of trading instruments on offer, they’re well-suited to all types of traders.

- Low spreads
- Diversity of trading tools
- Diversity of forex and CFD instruments
- Reliable forex broker
- Good for Pros
- Good for beginners
- Islamic accounts are not an option
- Deposits and withdrawals methods are limited
Details: City Index Review
EURGBP Average Spread | 0.8 |
---|---|
EURUSD Average Spread | 0.5 |
GBPUSD Average Spread | 0.8 |
Bank Transfer | |
Credit/Debit Card | |
Bitcoin | |
Neteller | |
Skrill | |
Union Pay | |
Others | |
Takes USA clients? | |
Takes E.U. clients? | |
Takes worldwide clients? | |
Forex | |
CFD | |
Cryptos | |
Stocks | |
Bonds | |
ETF | |
Futures | |
Options | |
Leverage | 1:400 |
MT4 | |
MT5 | |
Web Trading | |
Mobile | |
Islamic Accounts |
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