Deposit and withdrawal options are limited to bank wires, credit/debit cards, and PayPal. More alternative funding options would be a welcome change, and this is an area of improvement that City Index should consider. The minimum withdrawal is £50, with a maximum online amount of £20,000 per single transaction. City Index does not levy transaction fees, but third-party charges may apply. The required information is standard operating procedure and grants traders access to the back-office. Per regulatory requirements, a verification process to satisfy AML/KYC requirements are necessary.
Spread betting is ideal for UK-based traders, as it is free of capital gains tax and stamp duty. MT4 is one of the best-known dedicated forex trading platforms in the industry around the world. They are the leader in terms of having https://broker-review.org/ a robust, easy-to-use, and customizable trading platform that is hugely reliable. As well as all of the custom indicators, professional charting capabilities, and more, you will have access to the Expert Advisors feature.
- We established a rating scale based on our criteria, collecting over 3,000 data points that we weighed into our star scoring system.
- Spread betting is also available though only to UK traders due to regulatory requirements.
- In a break from the norm, City Index’s Trading Academy is a video series produced in the style of a reality show.
- Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry.
- It also incorporates the various trading tools right into the platform, such as the customizable economic calendar.
If you want to trade more markets on the weekend you need a broker like IG that offers a wide range of financial markets on Saturday and Sunday. Always advertising on billboards in the City, always having a colourful client base, always being bought and sold at the whim of billionaires and bigger boys. Back in the good ol’ days, you could open an account and put on a million-dollar trade over the phone with no ID, no deposit, and no idea. John Bringans is the Senior Editor of BrokerNotes.co and ForexBrokers.com.
A demo account is the best place you can get started either as a new trader trying to learn or as a new client checking out the broker. At City Index, you can choose between a demo account that replicates their CFD, spread betting, joint CFD, and MT4 accounts. There are certainly also several advantages to note when you decide to trade with City Index. Of these, you will find that the no minimum deposit is very popular and helps keep the broker accessible to all traders along with the tight spreads. Forex traders can gain access to forex markets through spread betting, CFDs and foreign exchange spot transactions. The City Index Economic Calendar provides quick access to key market events affecting the UK, US, Australia, Japan, Germany, and France.
Overall, spread betting is very well catered for by the broker and a popular choice for those interested in betting on more than 8,000 global markets offered, including 65 forex pairs for spread betting. Finally, unlike many of the top forex brokers, you will not find a swap-free account at City Index. This is certainly a downside for Islamic traders who would require such an account type. The City Index fundamental and technical analysis portal offers you practical trading ideas as well as the resources to do in-depth market research.
Professional Account
The charge on inactive accounts is £12 per month (for accounts dormant for longer than 12 months) but brokers do need some kind of scheme to incentivise their clients to engage in good housekeeping. Unlike some other brokers, City Index has embraced cryptocurrency trading and offers a range of 17 different city index review markets. The coins covered include Bitcoin and also some alt-coins such as Litecoin, Ethereum and Ripple. City Index runs a market-maker pricing model through its proprietary dealing desk. In other words, City Index creates its own market for retail traders to buy and sell financial instruments.
Trading Platforms 💻
They give critical information at a look about what a market’s pricing has been historically and where it is currently. Charts are very significant to Technical Analysts because they think that historical patterns are based on human behaviour and that they frequently repeat themselves. AT Pro is intended for advanced traders who want more powerful analytical tools that are faster and more efficient. It has a completely customizable layout, allowing you to create your own customised trade templates or select from hundreds of pre-built trading templates. In our City Index video review we test the platform with real money, put some trades on and highlight some of the broker’s unique features.
FXView Review
All other traders are advised to take advantage of the AT Pro platform. With over 12,000 assets across nine categories, the selection is outstanding for all types of traders and asset management firms. Proper cross-asset diversification is possible, and every trading strategy has numerous opportunities across the global financial system. Pure Forex traders have access to 84 currency pairs, complemented by commodity CFDs and a primary cryptocurrency selection.
Forex Risk Disclaimer
According to the website, a trader must meet two of the three requirements in order to be eligible for inclusion as a Professional Trader. DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money.
What Are City Index Account Types?
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA). No, based on your detected country of NL, you can’t open an account with this broker. Annual average prices rose in all provinces in 2023, but at a slower pace than in 2022. Price growth for goods eased to 3.2% in 2023, down from 8.7% in 2022, amid the continued easing of supply chain pressures.
The markets are always changing, and platforms need also to make adjustments and making this process trader-led is a real positive for the site. They offer the reassurance of having been operating in the sector for decades and an appetite to adhere to all the latest regulatory rules and regulations. The range of markets and instruments available to trade is hard to beat and a very nice-to-have for UK domiciled traders is the option to trade using spread bets as well as CFDs. Individual circumstances would need to be considered but for many trading using spread bests is more tax efficient.
We tested the account opening process for various forex brokers and scored City Index 8 out of 15. While a dedicated account manager was automatically assigned, the account opening process took days, and establishing an MT4 account required intervention from the account manager. More experienced traders may want to check out the City Index MT4 or AT Pro platforms. Traders should consult the City Index products section of the website for specific leverage allowances for each financial instrument. Each financial instrument also has specific City Index margin requirements that traders must maintain. The broker offers both fixed and variable spreads depending on the specific market being traded.
One-Click Trading
It is also advanced enough for experienced traders executing large orders and needing post-trade analytics or voice brokerage as backup. Their offer of CFDs is somewhat limited so that can be considered a drawback. City Index’s trading platforms are versatile and well-made, but advanced traders will find better trading platforms.