City Index Customer Reviews
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Reliable broker
Been with them for a short time but can see differences to former brokers I have been with. Good service, good number of products and reasonable spreads when trading.
Excellent platform
Great platform, lots of markets available and the app is also excellent
A wide range of markets available and an excellent customer support
Access to an extensive range of tradeable markets and a great service, also a good platform and a great mobile app
Service
Overall the services of the Citi Index is quite good
Don’t use often
Don’t use often
OK
OK
Good depth of information on…
Good depth of information on various shares
reaaly use this platform
reaaly use this platform
Solid reliable platform
Solid reliable platform
Trading was easy, website easy…
Trading was easy, website easy to navigate lots of information
easy to use
easy to use
regular
regular
Ok but not special
Ok but not special
Always worth checking out
Always worth checking out
Ok
Ok
4/5
Pros:
not sure
4/5
2/5
Cons:
no opinion
3/5
2/5
Pros:
Not much
Cons:
More liquid smaller caps
69% of retail investor accounts lose money when trading CFDs with this provider
Expert City Index Review
I opened my first City Index account way back in 2008, when they were one of only a handful of spread betting firms catering to high net worth traders in the City of London. Back then when I was a derivatives broker at MF Global, City Index used to hedge their CFD business through us so I could see they always had a fairly sophisticated client base. But over the years, as traders and investors have become more educated and akin to taking more risk, City Index now takes on more and more private clients.
If you’re thinking about trading with City Index, but haven’t quite made up your mind yet, I’ve tested all their trading platform’s features, visited their offices and interviewed their senior management for my review to hopefully provide enough information for you to decide if they are the right broker for you.
City Index Review
Name: City Index
Description: City Index is one of the oldest spread betting and CFD brokers based in the UK. They were founded in 1983 and offer trading in over 13,500 financial markets, to around 126,000 active clients. City Index is currently owned by StoneX, a US brokerage listed on the NASDAQ valued at $1.75bn.
69% of retail investor accounts lose money when trading CFDs with this provider
Why we like them:
City Index offers some of the best trading tools and analysis to help traders perform better. Their unique post-trade analytics and voice brokerage service make it an excellent choice for large and frequent traders.
Pros
- Excellent trading tools
- Post-trade analytics
- Publically listed (part of StoneX)
Cons
- Trading only, no investment account
- Limited options markets
- No direct market access
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Pricing
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Market Access
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Online Platform
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Customer Service
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Research & Analysis
Overall
4.3Ratings Explained
- Pricing: Always competitive.
- Market Access: Excellent coverage, especially for small-cap stock and exotic currency pairs.
- Platform & Apps: Some excellent added value trading signals and portfolio analytics (even though the desktop version can be a bit fiddly).
- Customer Service: Lots of experienced dealers to help with any issues.
- Research & Analysis: City Index excel here, lots of education, signals and analysis.
I’ve always liked City Index, it’s been a stalwart of the London CFD broker scene since it was founded by Chris Hales and Jonathan Sparke in 1983 as a way for institutions to hedge their exposure through spread betting and CFDs. But soon became popular with more retail traders. 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. But in recent years, it had gone off a bit from its glory days. 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. Well, you could if you happened to be on a yacht with Michael Spencer (the then City Index owner and City grandee), who was convinced he knew which way the Euro was headed and goaded one of his guests into putting the trade on, as the story goes away.
But those days are long gone and incumbent brokers have to fight hard to differentiate themselves against the fintechs nipping at their heels, as well as provide more trader tools to lure new customers back to traditional markets away from the wild west of Crypto.
City Index seems to have matured nicely though, it’s grown out of its lumbering adolescence under the ownership of Gain Capital and is now owned by US Behemoth StoneX (previously INTL FCStone). Since then, the platform has had a few upgrades and long-term investment products will hopefully be added shortly.
Trading Platform
The City Index platform used to have a slightly off-the-rack feel about it, instead, the business relied on word of mouth and friendly referrals from HNW clients who would use experienced dealers to work large orders over the phone. Whilst voice brokerage still forms part of City Index’s offering, they are, as with everyone else, doing the majority of their business online and working hard to make their platform stand out.
Pricing & Spreads
City Index has always been competitive with it’s pricing. As City Index is an OTC broker they charge customers by widening the spread rather than adding commission after you trade. They are one of the cheapest around for trading UK stocks with the bid/offer being widened by only 0.08% (20% less than the industry standard of 0.1%) and for US stocks they only charge 1.8 cents per share (industry standard is 2 cents per share). Overnight financing rates are also inline with what you would expect 2.5% over/under SONIA rates.
Stocks, Forex, Indices and Commodities
You can buy over 4,700 stocks on City Index as a CFD or financial spread bet, however, you can’t trade equity options or invest in physical shares.
Obviously, they have access to more than the usual forex, index and commodity markets and add value with some nice thematic-themed indices (like ESG), and a good pool of sectors to speculate on. You can also trade options (CFD or spread bets thereof) on a good range of indices and commodities like Natural Gas or EU stocks. Plus, you can trade on synthetic markets. Everyone loves a bit of volatility speculation in choppy markets.
Spread Betting
Spread betting is City Index’s forte, and it’s the product that a lot of their high-net-worth customers use for trading stocks. As one of the original spread betting brokers City Index offers access to one of the widest selections of UK, US and European shares (as well as the major indices). The key advantage of spread betting of course is that profits are free of capital gains tax.
CFD Trading
Unlike spread betting CFD profits are subject to capital gains tax, so are less popular among UK traders. Historically, City Index would offer CFDs to more professional traders and spread betting to smaller clients. CFDs and spread betting are similarly priced with City Index, with the commission being included in the spread, which is slightly wider than the underlying market bid/offer. The main reason why both products are on offer is that spread betting is only available to UK residents, whereas City Index can offer CFD trading to its global client base.
Trading App
I actually prefer the City Index app to the desktop version of the trading platform. Sometimes I can find the desktop version to be a bit clunky, but the app is really slick, and clearly in our mobile-first world, where all the recent development has been focused. And why not, the desktop trading platform is brilliant for research, trading signals and post-trade analytics, but at the point of execution the app is a quick and simple stripped-down version with all the salient features front and centre.
MT4 (MetaQuotes)
You can trade on MT4 and MT5 with City Index, but functionality and market access is not as good as their main proprietary trading platform or some of their MT4 competitors. You can only trade around 84 markets on MT4 through City Index, but if you just want to trade the major markets, City Index is a good broker for MT4 based on their regulation, service and pricing.
Added Value & Research
One example of how they are populating their platform with new trader tools is SMART Signals. Of course, all, or at least most brokers have Trading Central or AutoChartists, (City has Trading Central) whose signals are used by so many platforms that they almost become self-fulfilling, or a barrel for larger traders to shoot down small fry, depending on which way you look at it.
SMART Signals
SMART Signals is a new iteration of GetGo, which I tested and reviewed a few years ago. At the time, it was a stand-alone app, and actually quite fun, and did well highlighting some trading opportunities (full GetGo review here). Now, it’s fully integrated into the City Index platform, so you can look at what trading signals are being spat out by the algorithm and either dive in manually, or opt to trade when the signal is triggered, with corresponding stops and limits in place. It’s a great feature for stimulus and saves you a bit of time if you’re on the hunt for trades.
Whether it can make you money is another thing, but SMART gives a full breakdown of its P&L from previous trading signals, so whether or not you make money will largely depend on what signals you decide to follow and also (as you will know from reading “The Art of Execution”) how you manage the positions once open.
Performance Analytics
Another acquisition from parent StoneX is Chasing Returns, now integrated into the platform as Performance Analytics. Which really drills down into where you are trading well and where you are losing money. Performance Analytics can break down your wins and losses and tell you what markets you trade best, what time of day you are most profitable, if you make money trading in quick succession or, if you do better if you take a break between trades. It’ll even tell you if your first trade of the day is often a winner or loser, or if you are a better bull or bear and also if you are as good at trading volatility as you pretend to enjoy doing, but letting you know if you trade better in calm or erratic markets.
Economic Calendar
One thing though that does let them down is City Index’s economic calendar, it’s terrible. In fact, most brokers, even IG just have a bog standard list of upcoming earnings and economic announcements. But I think you need more from a trading platform these days, especially as when logged into the desktop platform the format is all off. One broker that has absolutely nailed their economic calendar is ThinkMarkets. With TM when you’re logged in you get a really good visualisation of previous data, volatility and most importantly what impact it had on relevant institutions like EURUSD. It’s a great way to see how markets have moved against previous numbers. Honestly, City Index should embed this too as it’s available from Trading Central who they have a deal with anyway.
Extended Hours Trading
You can trade CFDs premarket and after the market closes on a range of US equities in the pre and post-market sessions which bookend regular share trading in New York that takes place between 9.30 a.m. and 4.00 p.m. Eastern time.
The list of 73 stocks available to trade in the pre and post-markets includes leading US shares such as Apple, Microsoft and Nvidia. Widely traded names such as the Ark Innovation ETF, Coinbase, Robinhood and Gamestop.
As well as established blue chips like Bank of America, Boeing, Procter and Gamble, and Walmart, alongside a selection of index-tracking and thematic ETFs.
69% of retail investor accounts lose money when trading CFDs with this provider
City Index Awards
In our latest awards City Index won “best trader tools” 2023 and has in previous years won best trading platform, best trading app & best forex broker in 2022.
Giles Watts, Senior VP of UK & EU at City Index said after winning best trader tools in 2023: “We are delighted to have been recognized for the added value we provide our clients. Delivering actionable post trade insights direct to the platform, is just one of the reasons our clients stay with us over the long term.”
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69% of retail investor accounts lose money when trading CFDs with this provider
Inside City Index
As part of our City Index review, we visited their offices in The City and spoke to some of the senior management to find out what makes City Index different.
69% of retail investor accounts lose money when trading CFDs with this provider
City Index Video Review
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.
69% of retail investor accounts lose money when trading CFDs with this provider
City Index Facts & Figures
City Index Total Markets | 13,500 |
👉Forex Pairs | 183 |
👉Commodities | 19 |
👉Indices | 40 |
👉UK Stocks | 3500 |
👉US Stocks | 1200 |
👉ETFs | ✔️ |
City Index Key Info | |
👉Number Active Clients | Over 126000 |
💰Minimum Deposit | 100 |
💰 Inactivity Fee | Yes – £12 per month |
📅 Founded | In 1983 |
⬜ Public Company | Yes |
🏢Head Office | London, UK |
📜Regulated? | Yes – by the FCA |
City Index Account Types | |
👉CFD Trading | ✔️ |
👉Forex Trading | ✔️ |
👉Spread Betting | ✔️ |
👉DMA (Direct Market Access) | ❌ |
👉Futures Trading | ❌ |
👉Options Trading | ❌ |
👉Investing Account | ❌ |
City Index Average Fees | |
👉FTSE 100 | 1 |
👉DAX 30 | 1.2 |
👉DJIA | 3.5 |
👉NASDAQ | 1 |
👉S&P 500 | 0.4 |
👉EURUSD | 0.5 |
👉GBPUSD | 0.9 |
👉USDJPY | 0.6 |
👉Gold | 0.8 |
👉Crude Oil | 0.3 |
👉UK Stocks | 0.08% |
👉US Stocks | $0.018 per share |
City Index wins best trading app at Good Money Guide Awards 2024
City Index won Best Trading App this year due to its wide range of markets, from UK and US equities to indices, commodities, and foreign exchange. The app also provides users with trading signals, post-trade analytics, and extensive market research, making it a robust tool for traders. Warren Ruhomon from City Index said after winning
City Index launches tradable US election indices
City Index has launched two indices that track 200 stocks that will be affected if either the Republicans or Democrats win the election. To find out more about them, I spoke with Alexander Ridgers, the Global Head of Dealing at City Index, about the new election indices introduced by City Index in light of the
Is the City Index trading app any good?
Yes, trading on the City Index app is a safe way to trade as they are owned by NASDAQ-listed StoneX and are regulated in the UK by the FCA and in all the regions they operate in by the local regulator. However, it’s important to note that whilst financially secure, the City Index trading app
Is City Index a good trading platform?
Yes, City Index has a very good trading platform. Based on it being developed in-house, and having proprietary trading tools like performance analytics, and SMART trading signals, plus it’s wide range of markets and advanced execution functionality we rank City Index’s trading platform as one of the best around. City Index won “best trading platfor…
Can you trade options with City Index?
Yes, you can trade options with City Index, however, you are limited to trading them as a financial spread bet or a CFD. You can also only trade options on some of the most popular shares (like Tesla) and major indices (like the FTSE or DJIA). This should be enough for the majority of traders
City Index boosts tradable indices with a Magnificent Seven basket
City Index, the UK-based margin trading and spread betting business owned by US-listed StoneX has launched a new index basket based on the Magnificent Seven stocks. The basket, which contains a “who’s who” of US tech and growth stocks, will allow City Index’s clients to get instant exposure to this influential grouping, in a single
Does City Index have a demo account?
Yes, City Index does have a demo account. We have tested the demo platform and reviewed how similar it is to the live trading platform below. You can also see a screenshot of the City Index demo account to give you an idea of the look and feel. Is pricing different on the City Index
Is City Index a good forex trading platform?
Yes, for forex traders that want a bit of added value rather than just a click-and-trade account, they also offer free Forex trading signals through SMART Signals City Index also provides some insightful analysis of your previous forex trading with their Performance Analytics. City Index won “best forex broker” in our 2022 awards as they
Is City Index Commodity Trading CFDs, Spot, DMA or Futures?
When you trade commodities with City Index you are either trading a CFD or financial spread bet as an OTC product. City Index are not a DMA commodities broker. You are not trading on exchange futures with DMA access. However, you can trade spot commodities against the USD, or quarterly contracts that mirror the futures
Does City Index offer MT4 & MT5 (MetaQuotes)?
Yes, City Index does offer MT4, but functionality and market access is not as good as their main proprietary trading platform or some of their MT4 competitors like Pepperstone. You can only trade around 84 markets on MT4 through City Index and there are better brokers for trading on MT4. But if you just want
Is City Index CFD Trading DMA (Direct Market Access)?
City Index is an OTC CFD Broker, which means it does not offer DMA CFD trading, you can only trade as an OTC CFD or as a financial spread bet. If you want direct market access to exchanges for equities trading you can compare DMA brokers here. However, City Index CFD pricing is tight enough
Is City Index a good spread betting broker?
I would say that overall City Index is a better spread betting broker than CMC Markets, especially if you are trading a broad range of shares, particularly smaller cap shares. CMC Markets is more focussed on the most liquid markets like EURGBP and indices and can have tighter pricing. But, for an all-round service, City
Which trading platform is best, CMC Markets or City Index?
Looking at the data in our broker matrix we find that City Index offers the most trading instruments with 12,000 available to its customers versus just 9300 offered at CMC Markets. When we look at trading costs City Index edges ahead of CMC Markets as far as average FX spreads are concerned. In commodity markets,
City Index launches a dedicated Artificial Intelligence (AI) Index
City Index has created and launched an index that tracks the performance of 11 stocks associated with “Generative AI”. The index is cap-weighted, so the larger members within the basket should, in theory, have a bigger influence on its pricing. The makeup of the index will be reviewed quarterly, on the third Friday of the
City Index adds extended trading hours for select US equities and ETFs
City Index clients will be able to trade US equities in the pre and post-markets through either CFD trading or financial spread bets, and they can take long or short positions just as they can in the regular session. Clients can find the extended-hours equities by logging on to their web trader or mobile dealing
Inside City Index with Giles Watts, Senior VP of UK & EU
In this episode of Good Money Guide TV we visit the offices of City Index in London, and talk to Giles Watts, Senior VP of UK & EU, Ann Hunt, Head of Client Performance and Warren Ruhomon, VP of Marketing of UK & EU about makes City Index different from all the other online trading
City Index has a new look, introduces Playmaker plus adds more options and extended trading hours on US stocks
City Index, one of the most established spread betting and margin trading brokers, has revamped its branding and services. The new-look moves the firm away from its distinctive yellow and black colour scheme and logo, to something more subtle. However, it’s the new services that accompany the re-branding that are likely to be of most
City Index parent company StoneX unearths rock solid earnings
StoneX Group, the owner of Gain Capital and forex broker City Index, updated the market on its recent performance this week, with the release of its Q2 2022 results, a period which ended on March 31st. Quarterly operating revenues rose by +16.0% to $544.70 million whilst net income for the quarter came in at $64.0
City Index owner Stonex reports bumper figures that were boosted by CFD and FX trading
CFD trading platform City Index and Gain Capital owner Stonex posted its Q1 2022 earnings this week and the figures, which covered the 3 months to December 31st, were positively received. What data did the Q 1earnings contain? At a headline level, quarterly revenues rose by +19.0% to $450.50 million whilst net income on the
City Index owner Stonex acquires Chasing Returns to help traders understand what they are getting right (and wrong)
Stonex Group the owner of Gain Capital and City Index has made another acquisition in the retail trading space, however, this time it hasn’t bought a brokerage. Why has City Index owner Stonex Group bought Chasing Returns? Nasdaq-listed StoneX Group Inc. (SNEX) has splashed the cash to acquire a Dublin based fintech business, Chasing Returns,
City Index launches knockout options – but only in Australia and Singapore
Gain Capital (recently acquired by StoneX) subsidiary City Index has launched a new options product via its Singapore and Australian offices. The new product is an exotic option known as knockout, these type of options are not new to the market as a whole, but historically they have been the have largely been confined to
Is City Index up for sale again?
City Index owner Gain Capital has been approached about a takeover by a US rival according to the weekend press. The interested party is said to be INTL FCStone a US commodities broker and a member of the influential Fortune 500 list of major US corporations. INTL FCStone, which is a listed company trading on
City Index adds PayPay as a deposit and withdrawal method
It’s now a little easier to send money to CIty Index as they add PayPal to their deposit and withdrawal methods. It’s probably cost them a load of money in fees to do so as you need extra regulation and PayPal will no doubt be charging City Index a premium for making it quicker for
Charting Changes At City Index
Gain Capital’s spread betting and margin trading business City Index made an announcement earlier this week, concerning changes to the company’s charting packages. The changes that spread betting broker City Index are going to make may sound low key, but they may have some interesting ramifications and highlight the inflexibility inherent in some very popular
City Index has a shinny new Web Trader platform for your trading pleasure
We’ve always liked City Index, from the old school spivvy client base to the City Supremo founder Michael Spencer. Granted there have been a lot of changes over the years, including, and not limited to the fact that they are now owned by our friends across the pond. But City Index still remains one the
Former City Index COO Simon Bird becomes executive chairman of Ikon Finance
Simon Bird, the former COO of financial spread betting broker City Index, has been named as non-executive chairman of Ikon Finance Limited, part of the multinational Ikon Group. The announcement confirms rumours that began in the autumn that Bird was set to return to the industry with Ikon, which is due to re-launch in 2018.
City Index launches Bitcoin trading on spread betting and CFDs from 50p a point.
City Index, one of the leading spread betting and CFD brokers in the UK has launched Bitcoin trading with fixed spreads, low margins and competitive pricing. City Index also sources pricing from multiple Bitcoin exchanges to increase reliability. Please note that since this article was written the FCA has banned retail traders from trading cryptocu…
City Index parent company Gain Capital sees shares rise sharply after results
Shares in the parent company of City Index, one of the best CFD brokers have risen sharply after their latest financial results. Gain Capital, the owner of top CFD broker City Index, saw their shares rise by more than 10 per cent on the back of a landmark $30 million buy-back program. City Index are
City Index: One of UK’s largest CFD brokers tightens forex spreads
City Index, one of the world’s leading CFD brokers has reduced its spreads across a wide range of major foreign exchange pairs. City Index, the top CFD broker, has changed the spreads on some of the most popularly traded pairs, promising to offer traders better value than ever before. AUD/USD, EUR/USD and USD/JPY will now
City Index spread betting boss Glenn Stevens criticises regulators over Cypriot loop holes
The Evening Standard reported yesterday that the new boss of City Index (the second-largest spread betting company) has “slammed” the FCA for allowing Cyprus based and regulated brokers to compete for spread betting, CFD and Forex business in the UK. The comments come after the acquisition of City Index by Gain Capital the NYSE listed broker
69% of retail investor accounts lose money when trading CFDs with this provider
City Index FAQs:
City Index offer spread betting and CFD trading on forex, indices, shares and fixed-income products. One of their unique selling points is their integrated trading signals on their app and trading platform.
Yes, based on our data matrix, testing, analysis and the fact they are regulated by the FCA City Index is a good broker. Your funds are also protected under the FSCS with City Index.
You can trade FX on Sunday nights with City Index when the forex markets open around 10 p.m. for UK traders. But you cannot trade indices, stocks or commodities on the weekend. 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.
Yes, City Index is a highly trusted broker as they are well established, well respected in the industry, have a sophisticated and high-net-worth client base and most importantly, are regulated in multiple jurisdictions.
City Index was founded in 1983 and is regulated by the FCA which means they have to keep client funds safe and segregated from their own money. Your money is also protected by the FSCS.
Retail clients trading with City Index get leverage of 5:1 for indices, 30:1 for FX, 10:1 for commodities and 5:1 for UK and international share trading. It is possible to increase your leverage rates if you apply for a professional trading account.
No, City Index is not available to US residents. However, City Index is owned by StoneX, which is a US broker that US citizens can trade through. City Index is also part of the group that own Forex.com which offers forex trading in America.
Yes, City Index does allow scalping for short-term high frequency trading. For more information see our guide to scalping.
Yes, City Index is a good platform for day trading as they have low spreads, access to a wide range of markets and intra-day trading signals provided by SMART Signals.
City Index has its own trading platform called Web Trader but also offers trading via their mobile app, TradingView and MT4.
No, the FCA has banned retail derivatives brokers in the UK from offering welcome bonuses.
City Index makes money through charging commissions (either added to CFD trades or built into the spreads of financial spread bets). Other revenue streams include overnight financing charges, where City Index levies extra interest on top of what it lends you to trade on leverage.
69% of retail investor accounts lose money when trading CFDs with this provider
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
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