City Index Review – one of the World Leaders in CFD Trading
With over 150,000 global traders using their platform and some USD $945 million of client assets held in segregated bank accounts around the world, City Index is a CFD trading giant.
Launched in 1983, City is one of the longest-serving CFD brokers in the industry. With its headquarters based in London, they also have offices in Australia, Dubai and Singapore. They are part of GAIN Capital, an NYSE-listed company. City Index launched in Australia in 2006 and is regulated by ASIC (AFSL: 345646).
City Index World-Leading CFD Broker
Why Trade CFDs With City Index?
- Competitive spreads: City Index are one of the most competitive brokers when it comes to spreads. Their FX spreads start at just 0.5 pips (EUR/USD & AUD/USD) and most of the major indices (Australia 200, German 30 & UK100) are all fixed spreads at 1 point.
- Wide range of markets: You can trade on over 5,000 global markets across Indices, FX, Stocks, Commodities and Cryptos.
- Trusted: They have been around for over 35 years and have a very good reputation. Also, their parent company, GAIN Capital, is listed on the NYSE.
- Excellent trading platforms: Trade using their browser-based Advantage Web platform or use their desktop platform, AT Pro. MT4 is also available, as are some mobile apps.
Which Markets Can I Trade With City Index?
- Stocks: trade over 4,500 global stocks, including ASX, FTSE100 & US stocks
- Indices: including the Australia 200, UK100, German 30, Wall St, Japan 225 + more
- Forex: 84 FX pairs including all the majors; AUD/USD, EUR/USD, USD/JPY + more
- Commodities: Gold, silver, Brent Crude oil, coffee, US Light crude oil + more
- Cryptocurrencies: Bitcoin, Ethereum, Litecoin and Ripple.
City Index Spreads
One of the world’s cheapest CFD brokers, offering reasonably-priced spreads and leverage of 30:1 (ASIC).
City Index offer both fixed and variable spreads. Their spreads vary depending on asset class but are typically very reasonable. Moreover, they are certainly on the cheaper side within the industry which is a great thing.
- Australian stocks: trade ASX shares from just $5 or 0.08%
- Global stocks: trade 4,500+ shares from all around the world – Apple & Amazon; 2 cents per share, plus more.
- Indices: trade the Australia 200 index, the DAX and the UK100 index, all with a fixed spread of 1pt.
- Currencies: trade EUR/USD with an average of around 0.69pts and AUD/USD from 0.73pts. There is no added commission.
- Commodities: trade Gold (3 points), Silver (2 points) and Brent Crude Oil (5 points), plus other commodities. Again, no commission added.
- Cryptocurrencies: trade Bitcoin with a 40 point spread and Ripple from 0.8. Plus other cryptos to choose from.
Does City Index Charge Commission?
All CFD trades with City are commission-free, excluding stock CFDs. The commission charged on Australian shares is 0.08% ($5 minimum).
City Index Leverage
This broker offers a very generous leverage rate of up to a massive 500:1 (outside Australia).
Other Important Features – City Index Review
Education: City offer one of the most comprehensive educational suites available in the industry. Go to their Trading Academy page and find trader courses, trading strategies, videos and tutorials.
Secure funds: all client funds are held in a segregated client account with a Tier 1 AA-rated Australian bank. These funds are not used for hedging purposes, meeting the trading obligations of other clients or in any other business dealings.
Different order types: City offer stop loss orders, limit orders, stop and limit entry orders, one cancels other (OCO) order and trailing orders.
24hr support: they offer a true 24/5 support desk to help with your queries, day and night – through email, phone call and live chat.
ASIC-regulated: City Index is a trading name of GAIN Capital Australia Pty Ltd which holds an AFSL (No. 345646).
City Index Trading Platforms
City Index offer a wide-range of trading platforms, both downloadable and web-based.
- Web Trader: “a powerful new platform built for you“. This fast and reliable trading platform includes features such as advanced charts with customised indicators and customisable work-spaces. Worth a look.
- Advantage Web: City’s highly customisable, web-based trading platform, this platform is extremely popular with its clients. Trade thousands of global markets, whilst utilising over 80 technical indicators, one-click trading capability and intuitive charts.
- AT Pro: AT Pro is City’s popular desktop trading platform designed for more-experienced users.
- MT4: the world’s most popular trading platform – need we say more. Access MT4’s standard array of features, made even better by City’s competitive pricing and top-quality support.
- Mobile Trading Apps: trading apps are available on iPhone, Android and Tablets. Furthermore, access live streaming prices, news-feeds, an economic calendar and more. Open & close positions, add orders, you name it!
City Index Account Types
- Standard: traders can open a standard account with City with a minimum $200 deposit
- Premium: want priority service and a dedicated relationship manager? City Index offer a VIP service to clients who fund (and maintain) an account balance of $10,000 or more. Benefits include loyalty rewards, cash rebates, credit allowance and priority service
- Demo account: traders can test drive City Index’ platform by accessing a demo platform free-of-charge. The demo account is available for up to 12 weeks and they come with a £2,500 virtual balance on them
- MT4 account: try City Index’ MT4 platform for free by utilising their MT4 demo. The MT4 demo comes with a virtual £10,000 balance.
City Index Deposits
To make a deposit, you will need to login to your account and fund by using one of the following options;
- Credit card: only Visa or Mastercard are accepted. Simply click on the FUNDING tab (top-right corner of the trading platform) and then select DEPOSIT > DEBIT/ CREDIT CARD.
- Debit card: City accepts Visa card, MasterCard, Maestro and Electron when it comes to debit card transactions.
- Bank transfer: EFT, BPAY or PayID. Further details, including their bank details, can be found by clicking the FUNDING tab on the trading platform.
Please note, they do not accept cash payments paid directly into their bank account. What’s more, they are unable to accept third-party payments (payments that do not come from you). Deposits with City are free of charge.
Withdrawal Fees and Options
To withdraw funds from your City Index account, please visit the funding section on the platform and select WITHDRAWAL. You can withdraw via bank transfer and/or credit or debit card. All withdrawals are free of charge.
The minimum you can withdraw is $50 and the maximum you can withdraw in one (single) transaction is $20,000.
Bank transfer withdrawals typically take 2-3 business days to be returned. Whilst withdrawals to a debit or credit card can sometimes take up to 10 business days in some cases!
How Do I Apply For a City Index Trading Account?
If you’re interested in applying for a trading account with City, you can do so by clicking the button below. City Index accepts customers from most countries around the world.