City Index Review: Unbiased Expert Analysis

This comprehensive City Index review provides an unbiased expert analysis of the broker’s offerings, fees, and platforms. City Index is a well-established broker, particularly popular in the UK for its diverse trading options.

City Index Investment Products

City Index offers a wide range of investment products, similar to other brokers in the U.K. A key offering is spread betting, which provides tax efficiencies for U.K. residents that are not available with CFDs. Additionally, City Index provides City Index forex options and forwards.

Here’s a summary of the available investment products:

• Forex Trading (Spot or CFDs): Yes
• Tradeable Symbols (Total): 13500
• Forex Pairs (Total): 84
• U.S. Stock Trading (Non CFD): No
• Int’l Stock Trading (Non CFD): No
• Social Trading / Copy Trading: Yes
• Cryptocurrency (Physical): No
• City Index cryptocurrency CFD: Yes (Note: Crypto CFDs are not available to retail traders from any broker’s U.K. entity, nor to U.K. residents, except for Professional clients.)

City Index Fees and Commissions

The pricing structure at City Index for CFDs, forex, and City Index spread betting products aligns with industry averages. For optimal pricing, it is recommended to utilize City Index’s proprietary platforms or MetaTrader.

Premium Trader Account

Active traders depositing over £10,000 may qualify for the Premium Trader account. This account offers exclusive pricing, access to special events and content, and dedicated customer service, enhancing the overall City Index review experience for high-volume traders.

CFD Account Spreads

City Index reported an average spread of 1.1 pips on the EUR/USD (as of August 2021). This places its all-in cost slightly above the industry average, lagging behind top forex brokers like Tickmill and FP Markets in this category.

Active Trader Rebates and Discounts

Rebates for UK-based professional traders begin at £4 per million for monthly volumes exceeding £25 million, potentially reaching £7.5 per million for volumes above £300 million. In Australia, rebates range from AUD $4.5 per million for tier one to AUD $14.5 per million for tier-3.

Key details regarding City Index fees:

• Minimum Initial Deposit: £100.00
• Average Spread EUR/USD – Standard: 1.0 (July 2022)
• All-in Cost EUR/USD – Active: 1.0 (July 2022)
• Active Trader or VIP Discounts: Yes
• Execution: Agency Broker: No
• Execution: Market Maker: Yes

Mobile Trading Apps

City Index’s mobile app is meticulously designed and offers a versatile trading experience, comparable to leading platforms from brokers like IG, CMC Markets, and Saxo Bank. This aspect is frequently highlighted in any City Index review.

Apps Overview and Ease of Use

City Index provides its own proprietary mobile app along with the popular MetaTrader 4 (MT4) platform. The proprietary app delivers a smooth user experience for tasks such as setting alerts, depositing funds, accessing news, and executing trades. The MT4 mobile app is also available.

Charting and Trading Tools

Charts are powered by TradingView, featuring over 80 indicators and various drawing tools for technical analysis. Trading Central modules, including Technical Insights, Featured Ideas, and Analyst Views, are integrated into the City Index mobile app. The platform also supports complex order types like trailing stop-loss orders and OCOs.

Note: As of September 2022, MetaTrader 4 & 5 were removed from Apple’s App Store. Android users remain unaffected, with both MT4 and MT5 available on the Google Play store.

Other Trading Platforms

City Index’s proprietary Web Trader platform offers a rich trading experience, providing access to the full range of City Index investment products. This platform is equipped with excellent trading tools and various advanced features.

Verdict

In conclusion, this City Index review finds the broker to be a robust option, especially for UK traders interested in City Index spread betting and a wide array of CFDs, including City Index cryptocurrency CFD. While its CFD spreads are competitive, active traders may find better pricing with specific brokers. The platform’s mobile and web offerings are strong, providing a comprehensive trading environment.