BASIC INFORMATION
City Index is a broker for forex, CFDs and spread betting. The UK company was formed in 1983, making it an industry veteran with over thirty years experience. The company has unsurprisingly expanded in recent years and now has office locations in London, Dubai, Sydney, Shanghai, Hong Kong and Singapore.
REGULATORY INFROMATION: LICENSE
No valid regulatory information. Please be aware of the risk!
MARKETS
Customers of the company can choose to trade in the spot market, CFD market or they can spread bet. In fact, they offer an extensive product list, including:
· 21 market indices
· 84 currency pairs
· 12 types of bonds
· 25+ commodities
· 5 types of metals
· 4,500+ global shares
Options on three interest rate markets
Cryptocurrencies, including bitcoin and ethereum (CFDs on Cryptocurrencies are no longer available to UK traders).
SPREADS & COMMISSION
You will not pay any commissions for spread betting and CFD trading. Having said that, there is a minimum equity CFD commission of $25.
Those interested in forex trading can find the EUR/USD for as low as 0.5 pips. Overall, fixed spreads and prices are around the industry norm.
You can also trade on leverage. This is essentially a loan that may help you capitalize on an opportunity. However, trading on margin can also amplify losses and you do not want to be one of the many who walks away from the markets empty-handed following a margin call.
OTHER TRADING FEES
The main cost charged by City Index to be aware of is a monthly inactivity fee of £12 (or equivalent) if you do not use your account for more than 12 months.
You will also pay a small financing charge on your bitcoin exposure if you hold a position overnight. However, if youre day trading you should avoid all overnight charges.
ACCOUNT TYPES
City Index offers their standard account, for which the minimum deposit is £100/$100 followed by £25/$25 for subsequent deposits. You will encounter zero commissions on spread betting and CFDs, aside from equity CFDs.
However, you also have the option of a VIP account. This you will get a number of benefits, including:
· Flexible margin rates
· Interest paid on cash balances
· Invites to exclusive VIP events
· Improved rates of trade execution
· A senior sales trader on-hand 24 hours a day
PAYMENT METHODS
Before you can generate earnings trading oil and gold futures, you will need to fund your City Index account. Deposits can be made via:
· Debit cards
· Credit cards
· Bank wire transfer
Withdrawing your funds can be carried out in the same way. However, note the minimum withdrawal amount is £50 / $50 or your remaining account balance (whichever is lowest). The maximum withdrawal per transaction is £20,000/$20,000. It usually takes three to five days for international withdrawals and one to two days for the domestic withdrawing of money.
TRADING PLATFORMS
City Index customers get a choice of three different trading platforms. These are:
· Advantage Web
· Web Trader
· AT Pro
· MetaTrader 4
TRADING HOURS
At City Index, you can trade the most popular markets during trading hours, including the FTSE 100 and Germanys Dax 40. In fact, they actually facilitate 24/7 trading with their diverse product list.
CUSTOMER SUPPORT
You get 24/5 support via the phone and email.
