City Index review: Forex trading for all levels

City Index has been providing traders with access to global forex markets for over 30 years, so your portfolio will be in safe hands.

City Index has been providing forex trading services for over 30 years, so they must be doing something right! City Index offers a large variety of forex trading features for clients, including fixed and capped variable spreads, exclusive MetaTrader 4 platform features and access to 84 FX pairs including majors, minors and exotics. They are a global organisation and have an office in Australia.

What are the features of City Index forex?

Speed of execution

Most trades are executed within seconds, although the quality of your Internet connection may affect this.

Platforms

Choose from Advantage Trader or MetaTrader 4. MetaTrader 4 provides tools for traders to analyse price and manage trades, including automated trading, and has exclusive features such as customisable leverage, price tolerance and multi-platform access.

Compatible devices

The City Index app for Apple and Android devices provides chart live streaming, full access to markets and live updates.

Spread fee

The minimum spread for AUD/USD is 0.5pips with a minimum trade size of 1,000.

Leverage

The default leverage is 50:1 or a 2% margin. However, customers are able to adjust their leverage ratio up or down depending on how comfortable they are with risk.

Minimum deposit

The minimum deposit to open a City Index forex trading account is $500. After this, it’s up to you how much you trade.

Regulated

City Index is regulated in Australia, England, and Singapore. The Australian office is regulated by the Australian Securities Investment Commission (ASIC).

Payment methods available

City Index allows card deposits (Mastercard/Visa credit and debit), electronic funds transfer (EFT) or BPAY payment methods. There is no charge to add money to your account via a Visa or debit card, and clients can register up to three cards to their account.

What information is available with City Index forex?

Trading support tools

City Index offers their customers access to a range of trading tools to help them succeed. The tool Recognia is a leader in providing premium analysis and trade recommendations, and the AT Pro platform offers over 100 automatic trading strategies.

Help and support page

The help and support page on the City Index website is free to access and has steps to follow as well as guides for everything from how to log in to your account to platform support and troubleshooting.

Online webinars

Via the “Learn to Trade” tab on the City Index website, you can access hundreds of free webinars, videos and how-to guides along with a glossary of key industry acronyms to get you up to speed.

Market News

Stay up to date with what’s happening in the sector with City Index’s market news page, including forex and financial breaking news. There are also calendars on this page to help you stay on top of company reporting dates and upcoming market moving events.

Contact methods

There are many ways to easily get in touch via online live chat, email or phone for additional support.

What are the pros and cons of using City Index forex trading?

Pros

  • Choose from 84 FX pairs to trade, including majors, minors and exotics
  • No commissions charged on FX pairs
  • Choose a trading leverage ratio from 20:1 to 200:1
  • Free webinars, how-to guides and videos help you to stay informed every step of the way
  • Over 30 years in the market.
  • Free demo account to practice with until you get the swing of things
  • App available for Apple and Android devices
  • Customisable leverage ratio
  • Secure trading platforms
  • ASIC regulated

Cons

  • Minimum deposit of $500 to open an account
  • Doesn’t accept cheques or cash as payment forms

How do I apply for an account?

  • Step 1. Open a City Index forex live trading account in minutes by filling out an application form online.
  • Step 2.You need to enter your name, address, date of birth and contact information.
  • Step 3. Verify your identity using your Medicare card, passport or driver's licence.
  • Step 4. You will also need to provide some information about your forex trading experience.
  • Step 5. Log into your account and add funds via credit card, debit card, BPAY or wire transfer.

Alternatively, you can download a demo trading account by entering your name, email and phone number. You can use the demo account for 14 days to practice forex trading with AUD$10,000 virtual funds. You can re-apply after 14 days if you want to continue trading using the demo account.

Do you have more question about City Index forex?

You don’t need to be an Australian resident, but applicants from alternative locations, for example US and Canada, will be referred to the parent company forex.com.

Dividends are paid into the cash balance of the trading account.

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