City Index was established in 1983 as one of the UK’s first spread betting companies. The UK based broker offers customers trading in over 12,000 markets, including forex, commodities, indexes and stocks. In 2001, City Index was one of the first companies to offer trading in Contracts for Difference or CFDs in the UK. The company then acquired Finspreads in 2005, an online leader in spread betting since 1999.
City Index continued expanding with its acquisition of IFX Markets in 2006. IFX Markets is a provider of margined foreign exchange trading, and its trading platform included trading in 48 spot currencies, precious metals like gold and silver, and 40 IMM and Finex Exchange for Physical or EFP products. The company’s brokerage arm was completed by its acquisition of foreign exchange broker FX Solutions in 2008, which at the time was a leader in retail forex trading in the United States.
City Index was then sold in 2014 to its U.S. based rival GAIN Capital by Michael Spencer, who had owned the company since 1997 when he had purchased a controlling interest in the company from its original founders. GAIN Capital also owns GTX, which is an independent forex ECN for financial institutions; a futures group that offers commodity and derivatives trading on more than 30 global exchanges; and Forex.com, a global fx broker.
GAIN Capital averages $501.2 billion in monthly trading volume, has 140,000 retail customers in 180 countries and is staffed by 800 employees on four continents. The company is based in Bedminster, New Jersey in the United States and is regulated in nine world jurisdictions, including the United States (CFTC and NFA), Japan (FSA), Canada (IIRO), the UK (FCA), Hong Kong (SFC), Singapore (MAS), the Cayman Islands (CIMA) and Australia (ASIC).
City Index is headquartered in London, England and is authorized and regulated by the UK’s Financial Conduct Authority or FCA under the authorization number 113942. In addition to operating in the UK, the company also has operations in Australia, Singapore and the United Arab Emirates.
The official website for City Index is located at www.cityindex.co.uk and a screenshot of its home page appears below:
Features at City Index
One of the many advantages of becoming a City Index client is the extensive array of tradable assets and its award-winning trading platforms. In addition, traders can buy and sell indexes in either a spread betting account or in a CFD account and can trade forex via MetaTrader4. City Index also supports three different trading platforms.
City Index offers trading in:
- 21 Global Indexes – Their traded indexes include the UK 100, Wall Street, Germany 30 and the Australia 200. Futures and options contracts are also available for indexes.
- 4500 Different Shares of Global Stocks – Stocks such as Deutsche Bank, Apple Inc., Amazon, Barclays and Rio Tinto.
- 84 Forex Currency Pairs – All major and minor currency pairs, as well as many exotic pairs are available to City Index clients.
- 25+ Global Commodities – futures contracts on commodities such as grains, energy, cattle, cotton, cocoa and other soft commodities can be traded.
- Other Financial Markets – Metals such as gold, silver, copper, platinum and palladium, U.S., Eurozone and UK bonds, Interest rates such as LIBOR, Euribor and Short Sterling, as well as a wide variety of options contracts on many financial assets.
In addition to its trading platforms described below, the company offers clients access to its technical analysis portal. The portal is powered by Recognia and scans the market in real time for chart patterns that could present trading opportunities.
City Index also offers real time trading signals sent to your email account or via SMS. In a partnership with Faraday Research, City Index offers clients a free 30-day trial of either UK equities or UK FX Daily Trading Signals.
City Index offers its clients a choice of three trading platforms:
- Advantage Web – this highly customizable web-based trading platform was voted ADVFN’s Best Spread Betting platform for 2017. The easy to use platform features 12 powerful chart types with over 80 technical indicators. Also, the platform’s research portal highlights trading ideas using both fundamental and technical analysis.
- AT Pro – this trading platform is designed for seasoned traders with advanced functionality and a fully customizable layout. The platform allows you to create your own unique templates in .NET, C# and Visual Basic, as well as letting you choose from a wide variety of built-in templates. In addition to your choice of templates and trading signals, the platform includes charts with over 100 indicators and a back-testing Excel tool to analyze trade signals against historical data.
- MT4 Trading Platform – for traders that have been using the popular MT4 platform, City Index combines its integrated trading tools with tight variable spreads. The platform comes with customizable indicators, charting and the Expert Advisor feature, which lets you automate your trading strategies.
A screenshot of the Advantage Web trading platform offered by City Index.
As the image above shows, City Index’s Advantage Web trading platform integrates charting, trading positions and popular markets, as well as the trader’s equity and other relevant data. Both the Advantage Web and AT Pro trading platforms include a Reuters News feed, which can be extremely useful to traders of all types. City Index also offers its clients a mobile trading platform, with apps for both Android and iOS.
The company’s advanced trading platform, AT Pro, offers seasoned traders access to over 100 trading signals to complement your trading plan. Options for trading strategies include a moving average cross system, an MACD fast line/signal line cross system, and the Heikin-Ashi candlestick reversal systems.
Deposits and Withdrawals
City Index recommends a minimum deposit of £100 or an amount sufficient to cover the margin on your first trade. Deposits can be made through a Visa, MasterCard, Electron or Maestro debit card, a Visa or MasterCard credit card, or using a bank wire transfer.
City Index requires a £50 minimum withdrawal amount or the available account balance, whichever is lower. The maximum withdrawal amount is £20,000, or £20,000 per day to a credit or debit card. Withdrawals are free of charge unless you require a CHAPS payment, for which there is a £25 fee for payments under £5,000. Credit and debit card withdrawals typically take three to five working days, while bank transfers can be completed with one to two working days. Banks with subscriptions to faster payment services can usually complete a withdrawal within one working day.
City Index offers its clients 24/5 customer support via local or international telephone and email, as well as using a live chat feature. The chat feature can be accessed from any of their webpages and is available in multiple languages depending on the location of the client. In addition, the company’s Help and Support page offers extensive information on City Index services for their clients.
In addition, the company offers an extensive education and training program, with video tutorials, webinars and trading tips through their City Index Trading Academy. The firm’s trading platform also includes a very useful Reuters news feed.
City Index – Conclusion
As one of the original spread betting and CFD brokerages, City Index has over 34 years in the business, which is more than any other online broker that this writer is familiar with. The company’s extensive Trading Academy also offers good educational materials for new traders, while its sophisticated AT Pro trading platform is appropriate for more seasoned traders.
Furthermore, the company’s narrow variable dealing spreads, its choice of three trading platforms — including an option for traders to use MT4 — access to the valuable Reuters news feed via the company’s own trading platform, and other excellent platform features all combine to make City Index a reputable and viable option to consider for traders at any skill level.
Trading CFDs, Spread Bets and Foreign Exchange carries a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for everyone. Ensure you fully understand the risks involved and seek independent advice if necessary.