That is why you should only invest money that you are prepared — or can afford — to lose at such high risks. Tradersunion.com does not provide any financial services, including investment or financial advisory services. Also, the Traders Union is not a broker and does not get money for trading in the Forex or CFD markets.
- The company focuses on providing extensive market coverage, with access to 12,000 markets, flexible spreads, and market execution.
- All information on 55brokers.com is only published for general information purposes.
- The platform includes specific margin requirements for each market and a margin calculator for traders.
This move broadened its products and boosted traders’ exposure to worldwide marketplaces. GAIN Capital purchased the firm in 2014 to drive additional expansion and increase its worldwide reach. City Index has proven itself a global leader in CFD trading and Forex trading.
No, you don’t but they may ask some question to ensure you understand the risks of CFD trading before accepting you as a client. Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community. This set of common questions will provide answers and solutions for most issues. When more rigorous support is needed, however, City Index’s staff is there to help.
Trade Like a Pro, Backed by One
The financing charge is based on the benchmark interest rate plus a markup or markdown. Major markets like the UK 100 have fixed spreads at specific times but can expand during less liquid periods. The spread is an important expense determining the price at which a transaction may be initiated and exited. Technical analysis tools powered by TradingView’s charting engine are also available on the platform. A minimum deposit of USD 150 is mandatory to establish a City Index Standard or MT4 account.
US and UK crude oil and natural gas are available to investors who join City Index. Trading with soft commodities like sugar, wheat, cotton, corn, cocoa, lumber, orange juice, soybeans, oats, and coffee is also possible with this broker. The platform features additional exotic commodity markets such as lean hogs and live cattle. As we mentioned briefly, City Index operates as part of the reputable company GAIN Capital Holdings Incorporated, which is listed on the New York Stock Exchange.
Avoid Trading with City Index If:
The platform can be accessed in languages such as English, Spanish, German, French, Chinese, and Arabic, among others. This ensures that traders can navigate the platform comfortably and access all the necessary information in their preferred language. TradingPedia.com will not be held liable for the loss of money or any damage caused from relying on the information on this site. Trading forex, stocks and commodities on margin carries a high level of risk and may not be suitable for all investors.
This caters for you to trade more than 12,000 markets through advanced, but easy-to-understand and use apps for both iOS and Android. They also facilitate guaranteed stop-loss orders, trailing stops, and can make margin calls if your equity falls below a certain level when trading on leverage. All of these features help manage your risk and are in place to protect you as a trader.
City Index Fees and Commissions
In terms of non-trading fees, City Index does charge an inactivity fee. If your account is inactive for 12 months, you’ll be charged £12 per month. While this isn’t a dealbreaker, it’s something to be aware of if you don’t trade frequently. This broker doesn’t charge for withdrawals, however it does charge commission for CFDs. In addition, City Index has several other customer safety mechanisms in place, such as segregated funds, and negative balance protection.
Are there any currency restrictions for depositing into City Index?
To qualify, you must open an account and meet the minimum deposit of $6,500. The same leverage limits apply to professional traders even if you are using the professional account type. The spread here remains tight and starts from only 0.5 pips with the average spreads being 0.8 pips on the EUR/USD, 0.9 pips on the AUD/USD, 0.8 pips on the USD/JPY, and 1.8 pips on the GBP/USD.
Its head office is in the UK, however it also has offices in other countries, including Singapore. City Index has strong regulatory oversight, including the FCA in the UK and ASIC in Australia. Yes, since its inception, City Index has been primarily operating as a market maker just like many other CFD brokers. This range includes a variety of educational videos, articles, and practical examples on a wide range of trading topics. There are separate phone numbers on which you can contact the broker support team.
Instead, the broker provides access to the widely used MetaTrader 4 platform, which is known for its advanced features and robust performance. Filippo Ucchino created InvestinGoal, a comparison site and educational portal for the online trading and investing industry. Through InvestinGoal, Ucchino helps users navigate the world of online investing and trading by providing trading guides, best brokers rankings, broker reviews, and broker comparisons.
The first is that CFDs quote in pips while when spread betting, the quote is in points. Regardless since these prices are both matched to the same underlying instrument, the price is the same, just to a different decimal. However, at certain times of the day, select financial instruments are fixed. City Index offers spread betting as an option for trading in the United Kingdom. Spread betting is similar to CFD trading in that it is a form of margin trading and most of the same instruments are available with the same leverage.
- You can create your very own trading templates using the C# language, the .NET software network or Visual Basic.
- This caters for you to trade more than 12,000 markets through advanced, but easy-to-understand and use apps for both iOS and Android.
- It offers several account types and advanced charting features, along with social trading.
- One of City Index’s most essential educational resources is a Demo Account.
- Join the Active Trader Program for monthly cash rebates and personalized support that grows with your account.
Testing City Index’s Customer Support
Read through this review to determine whether City Index is the best broker for you. Trust Scores range from 1 to 99 (the higher a broker’s rating, the better). The City Index app does such an impressive job of carrying over the functionality of the desktop platforms to a handheld device that it won the ‘Best App 2022’ title at the Shares Awards. Review site Compare Forex Brokers is a fan of the many nice-to-have features offered to City Index clients.
This is in line with other major brokers, making it a cost-effective option for those who trade CFDs. City Index is a well-established broker offering a wide range of trading options, including Forex, CFDs, and spread betting. It is highly regulated by top authorities such as the FCA, ASIC, and MAS, ensuring a secure trading environment for its users.
City Index levies a monthly inactivity fee of £12 city index review (or equivalent in other currencies) on aggregate accounts that have been inactive for the stipulated period. The inactivity charge is collected from the account balance and varies by currency. City Index offers reasonable financing rates to keep trading expenses low. Financing is computed daily and applies to most spread bet or CFD contracts without a fixed expiration date. Overnight costs are imposed for holding leveraged positions overnight and are important for traders who use leverage.