City Index Review | Scam or Legit Forex Broker ?

77 Read our in-depth City Index review 2021, covering City Index broker's activities, trading conditions, and basic pitfalls.

Cityindex Review: Can You Trust This Brokerage?

CityIndex is one of the world's largest intermediaries in the field of online trading. Its main focus is providing brokerage services in the CFD and Forex markets. In addition, it has recently been involved in cryptocurrencies. The dealer was founded in 1999 and belongs to the well-known financial corporation GAIN Capital Holdings, Inc., registered in the UK.

The broker's activities have been controlled by the influential financial regulator FCA for over 15 years in accordance with the issued license. The company is currently headquartered in the United States with subsidiaries in Shanghai, London, Singapore, Sydney, Dubai, Hong Kong, and Tokyo. According to official data provided by CityIndex management, the total number of employees is about 800. For trading purposes, the broker invites clients to use its official website www.cityindex.co.uk, which is available only in English. 

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Trading Conditions

The CityIndex broker has quite loyal trading conditions, including:

   - Terminal: MetaTrader 4, Web Trader, AT Pro.

   - Mobile application: MT4 Mobile for iOS and Android.

   - Account currency: USD, EUR, GBP, AUD.

   - Account types: standard and demo.

   - Minimum deposit: none.

   - Minimum lot: 0.01.

   - Spread: floating (from 0.9 pips).

   - Maximum leverage: 1: 200.

   - Trading model: STP / ECN.

   - Quotation: 5 decimal places.

   - Financial assets: 63 currency pairs, metals, energy commodities, CFDs on futures, indices, stocks and commodities.

   - Margin Call / Stop Out level: 20% / 20%.

   - Welcome Bonus: None.

As for the basic pitfalls, they include:

   - A small number of ways to deposit / withdraw funds;

   - No welcome bonuses;

   - Change of commission without notifying clients;

   - No PAMM account.

How to Register on the Website

To become a regular customer of CityIndex, follow the step-by-step instructions:

   - Go to the broker's website www.cityindex.co.uk

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   - In the top menu, click the green "Create Account" button. 

   - Fill out the registration form, which consists of personal information, address data, detailed questionnaire, and verification.  

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In addition, the company conducts a regular financial survey, inquiring about the financial situation and sources of income. After checking the data and authorizing the account, you can enter the platform. To do this, find a "Login" button on the main page of the site and click to enter a unique username and password.

Account Types

Creating a profile on a brokerage platform is far from all the procedures that await a trader on the way to start trading. When you have entered your personal account, you need to decide on the type of trading account. For beginners, there is a demo account where you can practice making deals and testing various strategies risk-free. A demo account is provided without any timeframes. Cityindex already has 10 thousand virtual pounds on its balance. It is important to remember that in case of inactivity for a year, the demo account will be automatically blocked.

To trade real money, the broker provides a standard account with uniform trading conditions. You can replenish it using Wire Transfer or a plastic credit or debit card Visa/MasterCard. The transaction execution time is at least 7 banking days. Financial transactions on the account are available only to those users who have passed the verification of their personal data.


Support & Help Center

If you have any questions about working in the Forex market or performing financial transactions, it is recommended to contact the technical support service. To do this, choose one of the following ways:

   - hotline telephone: 0845-355-0801 (for UK residents), +44 203-194-1801 (for international subscribers);

   - email: [email protected];

   - live chat (icon on the main page);

   - ticket system (feedback form).

Call center operators are available 24/7 from Monday to Friday. If necessary, you can find the information of interest in the official groups of the broker on the social networks like Facebook, Google+, and Twitter.

What are the most frequently discussed issues? Many traders complain about frequent freezes of the MetaTrader 4 platform, which results in price slippage. Also, the participants in the discussions note the tendency of the terminal to shutdown at the time of strong market impulses. In addition, technical support operators often call in order to replenish the deposit for as large a sum as possible.

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Summary

Drawing conclusions, we can say that CityIndex does not inspire confidence in a huge audience of traders, while it has a license and an impressive guarantee list. Before deciding to deposit funds to the broker's account, it is recommended to test its native trading platform in demo mode. This will help to assess the conditions of the dealer and prevent capital loss.


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