Global CFD and FX broker, City Index UK was founded in 1983. US-based GAIN Capital Holdings Inc. (NYSE: GCAP) is the parent company of City Index, they also have a head office in the UK. The platform offers an impressive spread of products and research facilities to match the requirements of traders, investors, retailers and organizations that are keen on a fast and efficient trading platform. City Index specializes in CFDs, spread betting derivatives, Forex, indexes, cryptocurrencies, bonds etc. and has access to around 12000 global markets.
City Index is a well-organized trading platform; it’s authorized and regulated by the Financial Conduct Authority (FCA). The trading platform maintains complete transparency in its operations; it completely segregates the clients’ money from its own funds. The clients also have the provision of being compensated up to £85,000 by Financial Services Compensation (FSCS) in the event of a liquidation. The platform is highly recommended for traders of CFD and Forex who are looking for a comprehensive platform with excellent research tools while charging a low Forex fee.
City Index Review to understand the finer functionalities of the platform:
Trading Fees & Commissions:
City Index charges low Forex fees but a higher fee is charged in case of CFDs. The platform launched active trading pricing in 2018 to cater to its high volume traders. There’s also a provision of both fixed and variable spreads pricing.
The minimum initial deposit is £100 and the average spread in EUR/USD is 0.77 pips currently. City Index allows free withdrawals, however, a fee of 12 is charged on a monthly basis on accounts that do not have any activity for a year or longer.
Platforms & Tools:
City Index offers two platform suites AT Pro and Web Trader, to meet the requirements of most brokers and traders. AT Pro which is a desktop software for Windows with advanced technical analysis tools having more than 100 indicators and detachable charts. The platform allows customization and is only available to its professional traders. City Index’s Web Trader has automated trading functions that lets a user see the comprehensive test results of a strategy based on its historical data.
City Index also has mobile versions for both iOS and Android. Both versions allow synching between platforms and have organized menus. Users can set their own customized alerts for prices and conduct basic charting.
City Index UK offers 84 currency pairs for trading, the total numbers of CFDs on offer are 4500 and cryptocurrency can be traded as CFD. Cryptocurrency CFD was introduced alongside the launch of Bitcoin pairs, such as BTC/USD, BTC/GBP and BTC/AUD. Its cryptocurrency spread is limited to five major global markets.
The platform offers a really impressive catalogue of products, clients are allowed to trade up to 4000 shares via multiple exchanges.
Research & Education:
The portal has an inbuilt research segment wherein in-house analysts provide daily market updates through webinars, videos and other technical reports. The research material is well organized and many categories can be accessed. There is some content which requires a paid subscription, other than that, the platform offers a lot of trading ideas which are based on diverse market approaches. The research tab is divided between technical and fundamental scanners. City Index’s fundamental scanner has a number of filters and also includes current market prices as opposed to the broker’s calculations.
The platforms training section has in-depth ‘how to trade’ tutorials. There is also detailed information available on major trading venues along with complete help and support database.
The platform offers 24/5 phone support through its London local and international phone numbers. For new and prospective clients the option of online chat is available. The platform supports interactive Chatbot for initial queries before getting the assistance of a dedicated customer representative.
Support is offered through phone, chat and email, embracing the current social media trend, strong support is offered through its social media presence. The broker’s help support and FAQ’s section is organized and capable of resolving several basic queries.
To sum up, City Index UK is an excellent choice for new and mid-level traders who are looking for a platform that offers excellent research opportunities, education, has reliable customer support along with a range of competitive trading markets. The broker is established in the UK for the past 36 years and has a strong GAIN, US backing.