City Index is a derivative brokerage firm that offers customers a platform for spread betting and trading forex and Contracts for Difference (CFDs). CFDs allow traders to speculate on asset prices without owning them. City Index is a Financial Conduct Authority (FCA) regulated broker with global operations, most notably in the UK, Australia, Singapore, and the United Arab Emirates.
City Index is a well-regulated broker that offers its customers access to over 12,000 markets across forex, indices, shares, commodities and – in limited countries – cryptocurrencies. Customers can take comfort in the broker’s 38-year operating history and strong financial backing from its publicly traded parent company.
City Index offers a wide variety of trading platforms, including robust mobile applications on iOS and Android for on-the-go traders.
This City Index review covers facts about the broker, explores major advantages and disadvantages, and whether City Index is available for traders in India.
City Index offers some of the best trading tools and analysis to help traders perform better. Their unique post-trade analytics and voice brokerage service make it an excellent choice for large and frequent traders.
Pros
Excellent trading tools
Post-trade analytics
Publically listed (part of StoneX)
Cons
Trading only, no investment account
Limited options markets
No direct market access
Account Types and Requirements
City Index offers a standard trading account, a professional account (invitation only), and two types of demo accounts.
There is no minimum deposit to open a real trading account, although City Index recommends $/£/€100 to get started.
Traders can use demo accounts for up to twelve weeks, and City Index provides them free of charge. The City Index demo account comes with 10,000 demo credits and allows access to all features of the platform.
The MT4 demo account also comes with 10,000 demo credits, along with access to the forex market.
Account Requirements
After you click the green “Create Account” button the website, City Index, asks you a few questions related to:
1. Your personal details
2. Which products you want to trade in your account (spread betting, CFDs or both)
3. Your financial status
4. Your trading experience
When opening an account, traders can choose whether they want a CFD account, a spread betting account, or a single account with both products.
City Index doesn’t have specific criteria to qualify new traders but aims to ensure some competence and understanding due to the risks involved.
Trading Platform
The City Index platform used to have a slightly off-the-rack feel about it, instead, the business relied on word of mouth and friendly referrals from HNW clients who would use experienced dealers to work large orders over the phone. Whilst voice brokerage still forms part of City Index’s offering, they are, as with everyone else, doing the majority of their business online and working hard to make their platform stand out.
City Index Trading Products
This section gives you an overall impression of City Index’s trading products. City Index offers trading on CFDs for indices, shares, forex, cryptocurrencies (not in US/Canada), and other markets.
Customer Support
The City Index team are available 24 hours-a-day, 5 days-a-week via:
Live chat
Phone
support Email
More, City Index offers various support materials, not including their main library of educational resources. Traders can access tutorials on getting started via the web trader.
Awards
In our latest awards City Index won “best trader tools” 2023 and has in previous years won best trading platform, best trading app & best forex broker in 2022.
Is City Index a Worthwhile Platform?
All in all, City Index offers multiple cross-platform trading applications, 24/5 customer support, and a variety of asset classes and products to choose from.
The broker covers many major and minor markets globally, with over 12,000 products.
A 12-week demo account with 10,000 credits is available for both retail and professional traders to explore and make a clear decision on whether City Index is a worthwhile broker.
I understand the global.......
I understand the global outage, but you ring to close a trade and guess what no answer. Meanwhile you lose money and there’s nothing you can do. Other platforms affected yet up and running again.
I don’t really understand how.......
Can’t open account with them with no reason, from UK
Excessive charges
Left an open position for xmas period as I did not want to close at a loss. Fully aware that I would pay a charge linked to interest as I have done previously on many occasions.However 1st day into holidays and nearly £100 was deducted.2nd day over £90 expecting the same today. At this rate by the time of opening of the indicative market I will be close to having £500 deducted.Absolutely no justification for this and no one to talk to. Possible 2 reasons the first could be additional and unreasonable interest charges the 2nd could be an error. Not hopeful of the latter. I will attempt at the first opportunity for them to respond officially and I will update accordingly. But at this moment in time I feel aggrieved.
3 Star Service
To date I have had nothing but average experiences with City Index, my dealings have been with Charles Carpenter and he has been no knowledge any queries I have had.
Would certainly recommend.”
I’ve worked with better companies
When the platform works it’s good. The app continues to have bugs and the company seems to take no interest in fixing them. When problems arise the communication is very poor compared to their peers. Interactions with their staff are regularly very poor and on that front i’d rate them a 0
There was a glitch in the system.
There was a glitch in the system.. it is on-line, these things happen but the kid on the live chat’s approach was, all clients are wrong and stupid. Basically he refused to believe it was a glitch yet it was something that was physically impossible to action at my end. Live chat workers must have a really hard job and I think a little unfair to have to work like that however, this kid was unable to connect with me at all. He said, that is your ‘opinion’ I had to explain, that was not my opinion it was how my account is set up. He also typed things like ‘you are not accepting want I am saying’ ‘it is easy to understand, I could not be any clearer’ He was claiming I did something that was physical impossible. Very unpleasant experience.
Unreliable Service and Poor Customer Support
I have been using City Index for the past two years, and unfortunately, my experience with their funding process has been extremely disappointing. Out of three attempts to deposit funds into my account, two have resulted in issues, giving me just a 33.3% success rate. This is unacceptable for a financial platform.
Most recently, after submitting all required documents for a simple deposit, I was repeatedly told that my issue would be resolved “soon.” However, after multiple chat conversations and a phone call with a support representative named Martin, I was still left without a clear answer. I was told to “wait until tomorrow,” and now, even after following up via email, I have been completely ignored.
What makes this even more frustrating is that just a week before, I successfully funded my account using the same debit card from the same country. Yet now, I am facing unexplained issues with no proper communication or resolution from City Index.
A trading platform should ensure smooth and efficient transactions, but City Index fails in this regard. If you are looking for reliability and competent customer service, I strongly advise considering other options.
Updated Review – Issue Resolved, But Service Needs Improvement
I previously posted a negative review regarding my deposit issues with City Index. I want to acknowledge that the funds have now been successfully credited to my account. However, my concerns remain regarding the overall communication and efficiency of the support team.
The resolution only happened after multiple attempts to get answers, including chats, phone calls, and emails. The lack of proactive updates made the situation more frustrating than it needed to be. While I appreciate that City Index ultimately resolved the issue, I believe their customer service and transparency need significant improvement.
If you’re considering this platform, be prepared for possible delays and ensure you follow up persistently if issues arise.