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City Index review: Forex and CFD trading account
Access over 4,500 financial markets via CFDs, including 84 forex currency pairs.
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Details
| Type of broker | Online |
|---|---|
| Available markets | Forex, commodities, cryptocurrency, stock CFDs, index CFDs |
| Minimum Spreads for Major Currencies | 0.5 - 1.22 pips |
| Commission | $0 |
| Minimum Trade Size | 0.01 lots |
| Leverage | 30:1 |
| Platforms | MetaTrader 4 At Pro Advantage Web |
| Support | Live chat, email, telephone |
| Go to site More Info |
Our verdict
City Index is the type of broker that will appeal to most investors.
It's cheap trading fees, low minimum deposits, no withdrawal fees and ease of depositing funds all make for ease of use.
A range of educational ideas as well as trading tips helps investors get started.
City Index offers a wide variety of commodity and currency pairs, which potentially appeals to niche investors.
Good for
- 25 plus commodities and 84 currency pairs
- The option of MetaTrader 4 or Citi Index's platform
- Education and market analysis
- Demo account option
Not so great for
- CFD trading is risky
- You cannot trade shares or currency directly (CFDs only)
Regulated by ASIC in Australia, City Index offer both proprietary and MT4 trading platforms, advanced tools and fairly competitive spreads. They're known for their comprehensive customer service and transparent market prices.
About City Index
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 3 major continents, North America, Europe, Asia and Australia. The City Index brand itself has its own office based in Sydney and the company is regulated under ASIC.
Overall, City Index are renowned for being one of the largest retail forex brokers in the world, with a track record of service and delivery.
What are the key features of City Index forex and CFD trading?
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.
Educational resources
Access free video tutorials and trading examples to improve your skills. The tool Recognia is a leader in providing premium analysis and trade recommendations and the AT Pro platform offers over 100 automatic trading strategies.
Market News
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.
Regulated in Australia
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.
Trade on multiple platforms and devices
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.
Trade forex and CFDs your way
Use more than 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.
What markets can I trade with City Index?
As a City Index trader, you'll have access to the following markets.
- Forex. Choose from 84 forex currency pairs and trade them on the City Index platform or via MetaTrader 4 (MT4).
- Share market CFDs. Gain access to over 4,500 global shares including names such as Telstra and Apple.
- Commodities. Trade over 25 global commodities markets such as gold, silver, natural gas and even wheat. If there's a market for the commodity, then you can trade it on your City Index account.
- Indices. Trade 21 global stock market indices with spreads as tight as 1 pip. Whether it's the local Australia 200, the US S&P 500 or even the German DAX 30, the choice is there.
- Other markets. As well as the standard markets listed above, a City Index account gives you the ability to trade options, interest rates and even bond markets.
- Cryptocurrencies. The latest markets that City Index gives you the ability to trade, are cryptocurrencies. Find and trade high volatility opportunities across a range of US denominated crypto markets.
What trading platforms are available with City Index?
You can access your account anywhere, anytime over desktop and mobile using a variety of platforms.
- Advantage Web. A browser-based trading platform with customisable screen layouts, which lets you create watch lists, view detailed charts, and track prices. Advantage Web is compatible with Windows and Mac operating systems and most browsers, as well as iOS and Android smartphones.
- AT Pro. A desktop platform for advanced traders which provides powerful analysis tools, auto-trading strategies, advanced charting package and superior speed and efficiency.
- MetaTrader 4 (MT4). City Index forex traders get exclusive access to MT4 Enhanced features such as customisable leverage and price tolerance for better trades on a volatile market. City Index traders get access to the popular trading platform MT4 on tablet and mobile devices. MT4 is compatible with iOS, Android and Blackberry iOS smartphones, Android and Apple tablets and Windows desktop computers running Windows XP or later operating systems.
- Web Trader. Customise this platform to suit your individual trading style, with the ability to design the platform to your preferences. Access advanced, custom indicators and advanced trading tools with high-level risk management options. This platform is powered by HTML5 for fast execution and powerful charts.
What account types are available with City Index?
- Personal account. The account to pick if you're an individual trader.
- Self-Managed Super Fund (SMSF) account. Choose this if you're managing your own super fund. When you apply for a Self-Managed Super Fund CFD trading account with City Index, you're going to need all the relevant supporting documentation.
- Corporate and Trust account. If you're a corporation or have a trust that you're trading on the behalf of then this is the account type you're going to choose. Once again, you're going to need all of the relevant documentation that supports this.
- Joint account. The account for you if you're trading with your spouse or business partner. The documentation required is going to have to be provided by both parties who will have access to the account.
What customer support options are available from City Index?
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.
- Live chat. Live chat is the best support tool a broker can offer. If you need a fast answer to a simple question, then the support team at City Index can answer it here.
- Email. You can email clientservices@cityindex.com
- Telephone. The City Index office phone number is 1800 354 182.
What are City Index's spreads, margins and commissions?
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 and US 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 30:1. But, 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).
What are the account funding options with Citi Index?
- Card deposits. City Index allows Mastercard and Visa credit and debit options. Be careful with credit card funding because while Citi Index may not charge you any fees, your bank may charge you for a cash advance.
- Bank deposit and electronic funds transfer. This includes BPAY and is a fee free account funding and withdrawal option.
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 3 cards on your account.
Is City Index Safe
City Index is a global broker with a long track record of being a safe broker.
Being a global company it is subjected to different corporate regulators.
City Index is regulated by top-tier government bodies including the Australian Securities and Investment Commission (ASIC), UK Financial Conduct Authority (FCA) and the Monetary Authority of Singapore (MAS).
City Index's parent company Stone X Group is traded on the NASDAQ which adds to the level of regulation the company faces.
With the company facing numerous regulators, investors should feel confident trading with City Index
How do I open an account with City Index?
Follow the following steps to open a City Index forex or CFD account:
- Step 1 Fill out an application form online. You can do this by clicking the "Go to site" button on this page.
- 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 need to provide some information about your trading experience.
- Step 5 Log in to 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 $10,000 virtual funds. You can re-apply after 14 days if you want to continue trading using the demo account.
City Index frequently asked questions
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
