Detailed City Index Review:
City Index is an international brokerage company that is registered in the UK and, at the time of preparing the review, has 36 years of providing services in the forex industry. The company continues to grow, focuses on comprehensive customer support and strives to become the best forex broker in the world. Let’s try to figure out what benefits you will get by starting to work with City Index.
We analyze trading conditions, highlight features, find differences from competitors and draw conclusions.
First of all, a poorly structured site with incomprehensible navigation and the lack of multilingual support is thrown. The main trading instruments are displayed in the header, by clicking on any of which you will receive three types of information: instrument data, technical instructions and the characteristics of the City Index broker. There is no separate menu item with information about the company on the site, so it will be difficult for a newcomer without knowledge of English to navigate – you need to spend time to study the site and remember where and what is located.
If you are patient and find the “About Us” section, it will indicate that City Index is under the supervision of the FCA regulator (there is a link to check the license) and uses segregated accounts to store client deposits separately from the company’s funds. The fx broker also has a compensation fund managed by FSCS – if a crisis occurs and the City Index goes bankrupt, then clients can expect compensation of £ 85,000.
General information about City Index
|Year of foundation||1983|
|Platforms||Web Trader, Advantage, MetaTrader 4, AT Pro|
|Markets and Products||Currency pairs, indices, commodity market assets, CFDs on shares, cryptocurrency|
|Spreads||From 0.1 pips|
|Minimum deposit||100 £|
|Maximum leverage||1: 400|
|Account Types||Trader, Premium Trader, Professional Trader|
|Deposit and withdrawal||Bank Transfer, Visa, Maestro, MasterCard, Electron|
Web Trader is provided for working through a browser – here you will find advanced graphics and a custom workspace designed using html5 technology. For mobile trading, the Advantage application is provided, which is supported by gadgets on iOS and Android, has a built-in economic calendar and Reuters news feed. There are two desktop versions of the terminal for working on a PC: the standard MetaTrader 4 and the AT Pro analytic platform for advanced traders (high speed, more templates, more charts and tools for professional trading).
The asset line is constantly updated and at the time of the review consists of the following tools: 21 indexes, 4500 CFD-contracts for shares, 84 currency pairs, and 25 products of the commodity market. This list is also constantly updated with popular cryptocurrencies that can be used to buy and sell transactions.
Fees and charges
A complete list of all fees charged is provided in the Pricing and Charges section. Here are different types of spreads (floating or fixed), accrued depending on the type of the selected trading instrument. Separately, a price tag is set for margin, which is calculated based on the bet made (5-20%) and is taken to open each trading position.
There is also a commission for working with CFD-contracts, payments for long retention of positions, payments for transferring a transaction to the next day and other types of expenses accrued depending on the individual preferences of the client. No additional fees are charged for replenishment and withdrawal of funds, however, there remains the cash collection of the payment systems themselves.
The Contact Us section is responsible for feedback from managers. You can find the answer to your question through the database of ready-made answers, ask for help by phone or send a request by e-mail. You can also use the “Chat” section and solve the problem online using a bot assistant or a consultant – technical support is in touch five days a week. Feedback on online chat comes almost immediately, but without knowing the English language, it will not work out with any serious problem.
The site provides for the “Learn to Trade” section, which contains materials based on technical and fundamental analysis, the rules for choosing a high-quality trading strategy, setting up risk management and working with different exchange instruments. All information is systematized, supplemented by video materials and is available for free study in English.
The site provides for the Partnerships section, which offers different formats of partnerships with the City Index: you can receive additional income for attracting new customers or become the owner of your own brokerage business from scratch.
Exness: advantages and disadvantages
- FCA oversees the work of the broker, there are a compensation fund and segregated accounts.
- The broker offers different types of trading platforms and is not limited to the standard MetaTrader 4.
- A large line of trading instruments, among which the central place is occupied by the number of CFD-contracts for shares.
- Operational technical support, for the connection of which many modern methods are provided.
- For beginners, a free educational program is provided that affects all key aspects of trading in the forex currency market.
- There is an affiliate program for additional income and building a brokerage business.
- Inconvenient navigation and lack of a multilingual interface.
- There is a margin for opening transactions and there are many additional payments for those services that are provided for free in most other brokerage companies.
- A complicated registration procedure, which consists of four stages and is accompanied by detailed data entry forms: you need to indicate the address of residence, birthday, the amount of the planned first deposit, general education, education in the field of trading, occupation and many more details. Plus you need to come up with a creative pseudonym, a business nickname, agree to many trading conditions and come up with a complex password. Only when you do everything will you get into your account. Further, until you upload documents and pass verification, you will not be able to work with a demo account and perform any actions inside the City Index account. If at any stage you have a question, you will have to correspond with English technical support, which once again understands machine translation. In general, it will be difficult for a newcomer to understand.