Also City Index is regulated by Financial Conduct Authority , Australian Securities and Investments Commission , Monetary Authority of Singapore . We should say something about negative balance protection with City Index.
If you have a hedged position open overnight, you will be charged overnight financing on both sides of the trade. CFD equity commissions vary by market, for UK and most European equities the charge is 0.08% of the consideration, for most US equities it is 1.8CPS and for most Asian equities it is 0.2%. City Index does not charge any additional commissions on spread bet markets.
With this in mind, you need to be very careful not to land in the hands of unreliable forex brokers. City Index has a Training tab on its website that offers educational resources for traders at all levels.
Once your live account is ready, you can start trading shares, indices, forex, commodities, and cryptocurrencies. Trades are done through CFDs and spread betting which is allowed only for UK customers. The powerful City Index Advantage Web platform features advanced customisable charts with a range of intelligent trading tools and custom indicators. It incorporates fast and reliable HTML5 technology for a reliable trading experience.
Can You Trade Metals With City Index?
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .
- The MetaTrader 4 demo account starts with a £10,000 virtual balance and gives users access to the forex market.
- Many traders throughout the world select City Index due to their scalping services.
- This is beneficial for people who often trade, for example daily or weekly trading.
- Additionally, City Index does not offer CFDs based on cryptocurrencies to UK retail traders, or clients in the US/Canada.
- Client’s money is protected by being held in segregated top-tier bank accounts, separate from their own.
- About 70% of clients who trade CFDs with this broker lose their money.
I am one of those whose account has been transferred from GFTUK to City Index. Last Thursday it was first time I actually traded on their MT4 platform. I had awful experience with their services, their platform MT4 and Web freeze through out the afternoon, this has psychologically screwed me up a bit. I don’t know the real reason behind this, I will continue to test their services in the coming weeks, if I am not happy I will move on.
It was hard to navigate on the platform and it felt too crammed with functions. We really liked the search functions of the web trading platform. You can search by typing the name of the product you’re looking for or browsing a categorized product list. It is extremely customizable.It is easy to forex add, remove, or change the size and position of tabs to create your own unique trading platform. It also lets you pick between a light or dark theme and between ‘one-click’ or ‘two-click’ trading. We tested Web Trader as it seems the best trading platform in terms of functionality and design.
The help and support FAQs are well-organized, allowing for quick retrieval of needed information. The City Index API through GAIN Capital appears restricted to institutional and white-label partnerships, lowering the value of the AT Pro backtesting and automated trading capacities. In addition, they offer no VPS hosting, missing an obvious business opportunity. No trading volume discounts were City Index Review found, discouraging large-sized and higher skill traders from opening accounts, despite Premium and Professional tiers that provide secondary bonuses. A Training section features written how-to-trade tutorials that are organized into six sections. However, just four of the six open to standard course materials while the others duplicate research or marketing content found in other sections.
Before starting to trade, potential clients of City Index should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading. City Index traders can take advantage of good charting tools, trading ideas, and quality news, although it may lack fundamental data. One of the first things a potential trader needs to establish is whether a broker like City Index is safe to trade with. One of the surest benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watchdogs over its actions. City Index offers CFD trading on 17 indices from Asia, Europe, the US, and Australia, CFD trading on more than shares of popularly traded public companies in the world. Forex trading, also called currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.
Financial results are publicly available with full transparency. Forex.com is another trading broker under the same umbrella which further emphasises the size of the company. In this detailed City Index review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Based on ownership, you can open an individual or corporate account. If you are from the UK, you can also trade using a Self-Invested forex analytics Personal Pension account. .This is considered low, as there are other brokers that require a minimum of $2,000 or more.
When you place a Guaranteed Stop Loss Order, there is no upfront charge. The details of the charges for triggered Guaranteed Stop Loss Orders are on the market information sheets via the trading platform. For some examples, the current charge for UK 100 CFD is three times the quantity of CFDs charged in the base currency.
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City Index Fees
There’s absolutely no minimum time over which a transaction has to be kept open. The agents provide premium customer service which rewards customers with advantages. Direct educational materials include webinars, both live and previously recorded ones which are archived. Clients can take advantage of the information regarding trading strategies, real-time news courtesy of Reuters, and expert analysis.
Bitcoin ($) has a spread from $40, margin rates from 50 percent, and overnight finance of 0.08 percent. For commodities, US Crude Oil has a spread of 0.4 points , spread pricing around market spread, and margin from 10 percent.
This information can be found on the broker’s website, with a few of the markets available to trade on with the City Index. As you start collecting some trading experience, your account type is also improving. In any case, you won’t have a feeling you will miss something unless you upgrade since the more premium accounts don’t invalidate the basic ones. The City Index website is very comprehensive with a wide range of trading tools and market intelligence information at your finger tips. The web trader interface is well designed and easy to use and you also have the option of using AT Pro or Meta Trader if you prefer. Accounts opened in Australia are regulated and authorized by the Australian Securities and Investments Commission , which does not include a deposit compensation scheme. Accounts opened in Singapore are authorized and regulated by the Monetary Authority of Singapore and do not offer a deposit compensation scheme, either.
This type of account delivers credit facility as well as broker-assisted dealing and a dedicated client relationship manager. These accounts also have margin rates as low as 0.25 percent, but you should keep in mind that professional clients can accumulate losses exceeding deposits. It delivers priority service and a dedicated relationship manager for active retail clients. There is also risk management on each trade you place, competitive pricing, and the knowledge that you will never lose more money than your deposit. There are demo accounts available on City Index for CFD, spread betting, spread bet and MT4, and joint CFD accounts.
Expert Market Analysis
With over 16 chart types, real-time news from Reuters, and 80+ technical indicators, the City Index trading platforms can be customized to suit individual traders’ needs. You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews.
The Premium Trader account is available via invitation only and provides users with the same bundle of benefits as the Professional Trader account, with the addition of better overall pricing. However, the exact terms for getting this invitation are unclear. City Index clients have access to Indices, Shares, Forex, Crypto, Commodities, Interest Retail foreign exchange trading Rates, and Options. Unlike companies such as FXCM and 24Option, City Index has never been involved in any scandals or noteworthy legal charges. They have a very good reputation and a long track record, which is not the case for most brokers in the forex world. Good range of offerings including CFDs, forex, and cryptocurrencies.
In turn, the minimum account balance is the amount on your margin account or on your account for trading leveraged products that you’re required to maintain to avoid fees. City Index is an excellent online brokerage platform, particularly for those planning to conduct CFD trades. First, the platform offers commission-free CFD trading for all assets aside from stocks. Additionally, the commission fees it does charge are competitive with Singapore’s other top online brokerages. City Index offers spread betting and CFD trading to traders around the world. Established in 1983, it has earned a strong reputation since its inception.