City Index 2021 Review
New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn’t a standard broker. It’s possible to trade through charts, draw on them, use multiple charts and switch across timeframes.
This account needs to be in the same name as the account maintained with City Index. Traders who fall below the City Index margin requirements risk receiving a margin call and having their position closed prematurely. Speculating on interest rates at City Index is based on fixed spreads. Traders eur can refer to the City Index website for the full list of commodities spreads. This section gives you an overall impression of City Index’s trading products. City Index does NOT offer CFDs to traders from, United States, Brazil, Belgium, Hong Kong, and Japan, where CFDs are not permitted by law.
Their most recent offer was a £200 cash bonus for new account holders who deposited £1000 in to their account. This became available directly in to the clients account as soon as at least 3 trades were placed at a minimum of £3 per point. The platform contains a whole host of useful tools that traders can use to improve their trading efficiency. A full technical analysis portal, powered by Trading Central, is the first feature we came across. It scans the markets for chart patterns using a diverse range of indicators and oscillators and presents you with trading opportunities to help you save time as a market researcher. Each potential opportunity is visualized and explained in detail, with proper price ranges, stop/limit levels, and timeframes provided.
What Markets Can You Trade With City Index?
This is a critical reason why City Index should be the provider you should consider to pick up the intricacies of a trading platform. The City Index mobile app design has a clean interface and competes effortlessly with the leaders in the field, such as IG, CMC Markets, and Saxo Bank. MetaTrader 4 is the most popular trading platform in the world as most and more traders begin to trade online Metatrader 4 is available as a web based application available through your web browser. You can enjoy our Raw Pricing trading environment without a Dealing Desk from anywhere in the world. Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features. Often you have to visit and read many broker websites all of which have different uses of language.
Mobile Apps- The City Index is also accessible by using mobile apps developed for iPhones, smartphones, Blackberries, Androids, tablets, iPads and other portable mobile devices. The mobile trading application allows traders to complete access to their trading accounts and the functionality of the City Index trading platform. CedarFX offers access to a wide range of tradable securities, including stocks, futures, major and exotic forex pairs, cryptocurrencies and more. City Index Review Though CedarFX could introduce a few additional educational resources, the broker remains a unique option for traders invested in giving back. FX spot is available only through the MT4, but you will have to pay higher spreads than for spread betting if you want to use MetaTrader 4 with the broker. Fixed spreads might be offered on certain instruments and in certain trading periods. City Index quotes the minimum spread plus the average spread for a historical period.
Trading Tools & Analytics
Once the account base currency is set, you can fund your account only with the same currency. The fees for stock CFDs are high and the desktop trading platform is not user-friendly. Yes, our review of City Index found that this forex broker is regulated by ASIC in Australia, the FCA in the UK, and MAS in Singapore. These are all highly stringent and well-respected regulators that impose safeguarding policies. They also ensure the transparency of the broker’s dealings by requiring segregated accounts.
- The firm also makes money on rollover swaps and funding charges levied of margin trades held open for more than one business day and from hedging the exposure on its risk book.
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- City Index is authorized and regulated under Gain Capital UK Limited, publicly traded on the New York Stock Exchange.
- CityIndex also proved webinars and seminars to teach traders how to use technical analysis and other trading strategies.
- City Index was established in 1983 and was acquired by GAIN Capital in 2014.
- It has Candlestick, Line, Heikin Ashi, HLC Bar, OHLC Bar and Mountain chart types, time frames from tick to yearly and 25+ technical indicators.
Any payments funded to City Index accounts by traders are held in a segregated bank account. Tier 1 is the official measure of a banks financial health and strength. City Index customer service support multiple languages from all over the world. Having a broker that can hire people from various locations in the world who can better communicate with you in your local language is a huge advantage well trying to deal with issues. Most traders need to use stop losses to protect themselves from huge risk unless the trade is hedged against another trade or the trader is not using leverage.
New platforms include AT Pro, Advantage Web Trader, Mobile trading applications and MetaTrader 4. eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services Currencies forex offered by robo-advisors through traditional brokers. Though eToro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.
City Index Minimum Deposit
In 2014, Michael Spencer, the founder and controlling shareholder of City Index, sold the company to GAIN Capital Holdings for $118 million. The combination created a global firm with operations in more than 150 countries and annual trading volumes in excess of $3 trillion. In 2001, the firm forex introduced CFD trading, and in 2006, with the acquisition of IFX Group, City Index entered the forex marketplace. In 2008, City Index expanded its presence in forex with the acquisition of FX Solutions. One-click trading on mobile can also be enabled in a single tap via the top menu.
Professional and clients outside EU or Australia are not covered with any negative balance protection. When we tested withdrawal, it took several weeks becausewe had a problem with credit card withdrawal.The reason for the problem was that City Index can’t send money to some MasterCard and Visa credit cards. Instead of credit cards, we had to withdraw via bank transfer, but before doing so, customer service had to add and approve our bank account. It would be great to know in advance which cards are accepted and which are not. The minimum withdrawal amount is $100 or all your available account balance . City Index has low forex trading fees, and non-trading fees, like withdrawal fees, are also low.
CityIndex is a trusted market provider, with solid reputation and good service exposure to thousands of markets. On the positive side, it has low forex fees, a smooth account opening process and high-quality research tools.
This is the longest standing rivalry in the margin trading space City and IG have been competitors for almost 40 years and know each other well. City’s product mix may change going forward and it’s already offering its clients the chance to buy physical gold and silver through a sister company. Overall the platform is very intuitive to use and it has a clean, clearly laid out interface which most users will like.
The views and opinions expressed on this website are purely the author. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question. New users will get to enjoy the four-week “Learn to Trade” programme and monthly seminars, in addition to the videos and articles that are already on the website to help new users build confidence .
Fixed spreads are offered for defined periods and trading hours, Variable spreads are also offered, depending on the specific market being traded. Another issue is that CFDs shares traders pay market spreads as well as commissions on every trade. The broker does not charge any deposit fees for debit/credit card or bank transfers. For withdrawals, the only time a free is levied is when a CHAPS transfer takes place.
MetaTrader 4 MultiTerminal provides a intuitive easy to use dashboard where traders can administer and supervise several trading accounts. MultiTerminal will let you manage over 100 Accounts simultaneously allowing you to place market orders, pending orders, view live market prices and track all accounts and equity at real time. MultiTerminal doesn’t support Automated Trading scripts like Expert Advisors. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.
Mobile Features Overview
Other tools include a real-time margin calculator and the ability to define stops and limits by price, P&L, or points. There are also 360-degree market view pages, helping you find key trading opportunities, see market analysis from Reuters, and view the latest market details with pricing, news, and charts. City Index offers a very impressive product catalog created to prevent a scenario where investor accounts lose money. The product range includes Forex via MT4, spread bets, CFDs, and options on indexes, shares, commodities, interest rates, bonds, metals, and cryptocurrencies. Adding value to the Trust factor is the stop-loss protection guaranteed by City Index for a premium. Accounts lose money when this feature is not built into trading platforms leaving retail investors accounts with a high risk of losing money. One of the Forex Broker Reviews also shows that a cutting-edge set of conditional orders exists within their trading platforms.
Oddly, the firm’s small Singapore branch utilizes two-factor authentication for added security, but this useful feature wasn’t found at the U.K. The broker acts primarily as a market maker, like most European CFD brokers, raising conflict of interest issues. However, they offer central clearing on “certain markets” as a free service that requires an additional client application. We’ve already mentioned that City Index has a demo account option. It offers unlimited access to their trading platforms for 12 weeks, and a £ 10,000 in virtual cash for try out.