RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
City Index is forex and CFD broker, regulated by the FCA in the UK, which is offering some 84 global FX pairs, as well as CFDs on precious metals like gold, silver and platinum, commodities including oil, coffee, sugar and copper, stocks, bonds, interest rates, options, 21 global indices and even crypto coins – namely Bitcoin, Bitcoin Cash Ethereum Litecoin and Ripple.
Especially for its UK customers City Index provides the option for spread betting, where under the UK Law profits are not taxable with Stamp Duty.
Forex pairs include some exotic currencies like Chinese Yuan, Singapore Dollar, Czech Krona, Danish Krone, Honk Kong Dollar, Hungarian Forint, Mexican Peso, Norwegian Krone, Polish Zloty, Swedish Krona, Turkish Lira, South African Rand.
City Index trading conditions
City Index has three account types, depending on the deposit amount and the qualification of the trader. And while with the Trader and the Trader Premium Accounts, the leverage is capped at 1:30, in line with the new European Securities and Markets Authority (ESMA) regulations, with the Trader Professional Account one can trade with a leverage as high as 1:400. For such an account, however, you will have to prove your trading experience and to deposit at least 500 000 EUR.
Spreads at City Index start as low as 0.7 pips, which we consider quite tight, having in mind that the broker does not take a commission on the trade except for stock CFDs.
And while there is no fixed minimum deposit requirement, the broker recommends that you deposit at least 100 GBP before start trading, so that you can have sufficient margin to sustain any significant moves against your position.
City Index trading platforms
City Index offers a choice between several trading platforms, including MetaTrader4, AT Pro Downloadable Platform and the Advantage Web trading platform.
However, as the first two platforms – the AT Pro Downloadable Platform and the MetaTrader4 are available only with the premium Trader Professional Account, here we will say a few words about the Advantage Web trading platform – it has user friendly interface, an option for one-click dealing and over 80 integrated market indicators.
City Index regulation & safety of funds
City Index is one of the trading names of GAIN Capital UK Limited., which as we have already noted, is regulated by the Financial Conduct Authority (FCA) – one of the most respected financial regulators on the market.
Actually, City Index was founded some 35 years ago and was one of the first brokers in the UK to offer CFD trade. Years latter, in 2015, the company was bought for 148 million USD by the New Jersey based GAIN Capital Holdings inc., which is publicly traded on the New York Stock Exchange. GAIN Capital UK Limited is a subsidiary of GAIN Capital Holdings inc.
Besides its good reputation City Index has a very sound regulatory status as well. The FCA license is one of the most highly valued in the world, as all FCA broker have to follow strict financial and ethical rules, including to keep all clients funds in a segregated, protected form creditors, trust account, to maintain a certain minimum capital adequacy ratio and even to insure traders money.
So if you trade with a FCA broker you will be granted 50 000 GBP of your trading capital, in case something with the broker goes wrong.
City Index/withdrawal methods and fees
With City Index you can deposit and withdraw funds with all major credit and debit cards like VISA and MasterCard and a bank transfer. As we have noted, City Index does not have a minimum deposit requirement, but still they recommend you to invest at least 100 GBP in order to have sufficient margin to sustain your positions.
We should note as well, that to open a Trader Premium Account you will have to invest over 10 000 GBP, while for a Trader Professional Account the minimum deposit requirement, as we mentioned, is 500 000 EUR.