- Education and market analysis
- The option of MetaTrader 4
- Demo account option
Not so great for
- CFD trading is risky
City Index is a global Forex and CFD broker, giving Australians easy access to financial markets for more than a decade. City Index is a brand name synonymous with global trading expertise, boasting 30 years of experience and now owned by NYSE listed parent company, Gain Capital.
Regulated by ASIC in Australia, City Index offer local clients powerful trading platforms, tools and competitive spreads as low as 0.5 pips. They're known for their comprehensive customer service and transparent market prices and whether you're just starting your journey or you're an experienced trader looking for an alternative broker, this City Index review will help you make an informed decision on whether they're right for you.
0.5 - 1.22 pips
Minimum trade size
|Type of broker||Online|
|Available markets||Forex, commodities, cryptocurrency, stock CFDs, index CFDs|
|Minimum spreads||0.5 - 1.22 pips|
|Leverage||200:1 - 500:1|
|Minimum opening balance||$0|
|Minimum trade size||0.01 lots|
|Support||Live chat, email, telephone|
City Index is owned by parent company GAIN Capital Holdings. GAIN Capital are a New York Stock Exchange listed company (NYSE:GCAP) and boast other major forex brands under their umbrella such as Forex.com and Faraday Research.
While GAIN Capital have their headquarters based in New Jersey, USA, they have a massive global presence with staff across three major continents, North America, Europe and Asia/Australia. The City Index brand itself has its own office based in Sydney, ensuring local support is world-class and the company's regulatory requirements are fully met.
Overall, City Index are renowned for being one of the largest retail forex brokers in the world and a track record of service and delivery that speaks for itself.
It's the sheer size and brand name of City Index that puts the company at the top of a forex or CFD trader's mind. Their trading education, news and choice of markets that clients can trade are key features worth noting.
Access free video tutorials and trading examples to improve your skills and boost your confidence. The tool Recognia is a leader in providing premium analysis and trade recommendations, and the AT Pro platform offers over 100 automatic trading strategies.
Just like their trading education section, City Index's market news is an excellent resource. With a team of dedicated market analysts posting daily blogs covering both fundamental and technical analysis, you can always stay up to date with what's happening in global markets.
City Index is fully regulated by the Australian Securities and Investment Commission (ASIC). Access fast deposits and withdrawals through local banks and be assured that there's a course of action that you can take if something does go wrong.
You have multiple options when it comes to how you trade with City Index. With a selection of desktop, cloud and mobile based apps available, you're never far from your City Index account. Access chart live streaming, full access to markets and live updates at home or on the go.
Use 80+ technical indicators to help identify trends and trading opportunities. Trade your strategy using a number of order types available including stop, limit, market, OCO (one cancels other) and trailing stop orders. With City Index, you're free to trade your strategy of choice, in your own way.
As a City Index trader, you'll have access to the following markets.
Whether you choose to trade on the City Index's HTML5 based Web Trader platform, their proprietary AT Pro platform, or the popular MetaTrader 4 platform, you can access them all anywhere, anytime via a multitude of desktop and mobile options.
If you choose to trade forex and CFDs with City Index, the following explanation will help you to choose the account type that's right for your personal circumstances.
Access customer service 24 hours a day, 5 days a week from their local offices in Australia. Whether you have a question about your trading platform or a particular trade that has been executed on your account, City Index is known for being able to offer meaningful support when called upon.
The spread is the difference between the buy and sell price on a trade. City Index offers both fixed and variable spreads. The spread varies between markets, but as an example the minimum spread on the forex AUD/USD currency pair is 0.5, while the average is listed as 0.73. Use a third party spread comparison tool, or alternatively click the open account button above and open a City Index demo account test spreads under live market conditions.
Margin on the other hand, is the amount of money needed in your account, for you to open a trade. City Index margins start from 0.5%. The default leverage is 50:1 or a 2% margin. However, you are able to adjust your leverage ratio up or down depending on how comfortable you are with risk.
All CFDs are commission free, except share market CFDs which vary. The commission charged on Australian share market CFDs is 0.08% (with a $5 minimum).
City Index allows clients a number of options when it comes to funding their account.
Note that there is no charge from City Index to fund your account via debit card, and so long as the names match, you can register up to three cards on your account.
Follow the following steps to open a City Index forex or CFD account:
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 $10,000 virtual funds. You can re-apply after 14 days if you want to continue trading using the demo account.
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