Read what we think.
Our experienced team share
City Index is an FCA regulated broker that offers traders the ability to trade without commissions, instead having a spread based cost-of-trading. They offer access to a number of markets including FX, Crypto, Indices and metals, and their trading platforms are an interesting feature. City Index offers Mt4 and AT Pro platforms, as well as integration with charting software Tradingview! Established in 1983, City Index have over 35 years of experience in the industry and have the reputation to accompany it. We will be challenging this reputation and putting City Index under the BritFX microscope!
Opening a new account
City Index have an extremely streamlined process for opening an account, having a signup process less than 5 minutes, leverage up to 30:1 and a minimum deposit of 100 in base currency. Their website is a bit old school, and gives the impression of those mid 2000’s websites that it’s a bit basic and lacks design quality. Some areas are quite well built but others feel underdeveloped. Their client portal is quite developed but also a bit confusing in layout.
With the max leverage available under the FCA and a quick and seamless signup, City Index have been awarded two points in this section. As they have a minimum deposit of 100 units of base currency they have lost a point, however this really is a small minimum deposit.
|Open new Account||Fast & Easy|
|Deposit & Withdrawals||Easy with a few choices|
|Customer Support||24/5, good quality|
|Education||Great quality and educational offerings|
|Research||Fresh news, technical and fundamentals|
|Speed of Execution||Average, occasional slippage|
|Product Portfolio||Extensive, 4,500+ instruments|
|Hidden Fees||No hidden fees|
As always with a BritFX Review the first thing we dive into is the customer support that Forex Brokers offer. City Index has 24/5 customer support, with live chat, email and phone lines to contact; as usual I tested the live chat. City Index actually have a chat bot to help, which I found quite useful as it was able to answer a number of my questions. I also tested the agent chat function of the live chat, and was paired quickly with an agent (I did have to wait a few minutes). I was happy with the agents knowledge and speed and overall unimpressed with my experience of the client support.
City Index has a really impressive educational offering, with content from written guides to webinars run by third party forex trading education companies. Their resources cater to every level of trader, from beginner to experienced, and can help sharpen any traders edge in the markets. Along with this are a range of Mt4 trader tools.
City Index has a rock solid product portfolio, with over 4,500 tradable products across 5 different markets. They offer access to Indices, shares, crypto, forex and commodity markets, as well as “knockout options” on these markets. They offer these across metatrader, webtrader, and their “HTML5” platform.
City Index’s trading conditions are of good quality, with low order latency, hedging permitted, trading using unrealised profits allowed, scaling in and out and 50% margin closeouts. They also have a guaranteed stop loss feature.
City Index have some great features, and offer all the bells and whistles that a broker with over 30 years experience should have. I was very impressed with several aspects of their forex brokerage.
Spreads, Commissions and Fees
Now, if you’ve read our FxPro or FXCM reviews you may think that we’re not a fan of “no commission” brokers as some forex brokers use “no commissions” to distract from their extremely wide spreads.. That’s actually not the case, as some forex brokers have very competitive pricing on their spreads. City Index’s spreads aren’t terrible, but they aren’t too crash-hot either. Their spreads start from 0.5 pips and are flexible.
City Index also has no hidden fees or costs, getting them a point there.
With reasonable spreads, no commissions and no hidden fees City Index scoops two out of three points on their pricing.
Overall City Index has some innovative and useful features, and is competitive in many aspects of their forex brokerage. Their pricing model is reasonable however it is not highly competitive. Altogether a solid offering as a forex broker, well done City Index!