Best Binary Broker 2020!
Perfect for Beginners!
Free Trading Education! Free Demo Acc!
Get Your Sign-up Bonus Now:
City Index – British Trading Platform
✅ This Trading Platform is available in United States
Review of famous financial brokers: City Index
Brokers operate on the global financial market, the history of which, for the most part, begins in the 2000s, more rarely in the 1990s. How many companies can boast that already in the 80s. 20 century, they provided financial services to investors, managers, consultants or individuals? Units And this group of “long-livers” includes the City Index broker, which is quite famous among professional traders and investors. Established in 1983, the company successfully worked in the market of financial betting services, being one of the first exchanges in the UK, which made it possible to make money by changing the rates of financial instruments.
Almost until 2020, the broker was a legally independent firm, but nowadays it has been absorbed by stronger competitors. Today, this brand is owned by GAIN Capital UK Ltd (a division of the famous British holding GAIN Capital Holdings, Inc.).
How City Index cares about its customers
The administration of the presented company states that their trading platform is one of the world leaders in online trading, as well as the largest supplier of CFD contracts. As far as this statement is true, only specialists who are professionally involved in such issues can say. The task is greatly complicated by the fact that the global financial market is constantly evolving. New participants are coming, suddenly powerful institutions or wealthy investors are suddenly declaring bankruptcy to significantly “raise” the rating of mediocre companies, etc. But if you even conduct a superficial City Index survey, you can be sure that the broker is among the strongest companies.
The application and well-known platforms prepared for the City Index ensure fast data processing and reliably protect clients’ operations from the impact of external negative factors. Mandatory verification of personal data is a serious, and often insurmountable, barrier for fraudsters, lovers of “laundering” income of dubious origin, and other dangerous customers. Due to this, the resource does not attract the attention of Interpol and representatives of other law enforcement agencies, and traders can work without fear that the website can be blocked at any time by police officers.
On the website of the company you will find: a phone number, an e-mail address and an online chat to communicate with representatives of the broker. Qualified specialists will help you in the shortest possible time to solve technical and financial problems that have arisen in the process of working on the trading platform.
But the most convincing evidence of the reliability and security of a broker is the presence of a reputable financial regulator. In this case, the functions of the controlling organization are performed by the FCA (Financial Regulation and Supervision Authority). It is worth paying attention to the fact that the authoritative British regulator has been cooperating with GAIN Capital UK Ltd for more than 15 years. During this time, the broker has provided FCA employees with a huge number of reports proving that the company has the right to work in the global financial market. For many experienced traders, this information is quite enough to register a login to the City Index, as well as recommend a broker to your friends and acquaintances.
Apart from a rather extensive introductory section on the broker’s official website, which describes the main nuances of Forex trading, it can be said that there are no full-fledged training courses on this trading platform. Another serious drawback of the site (for many of our compatriots) is the lack of a Russian-language version of the web resource. Although many experienced traders who have never studied English, are well versed and know how to make a deal without the help of an interpreter.
The availability of a demo account on the City Index largely compensates for the lack of full-fledged training courses. This feature is available to all users, and virtual 10 thousand British pounds make it possible to develop your own strategy for the game on the trading floor.
Characteristics and key indicators City Index
Despite the vast experience of work, the broker in question, in some positions, is much inferior to even less reputable companies. For example, as mentioned above, on training, which is practically absent in the City Index. Also, the site does not have an account management service and binary options trading. There is no bonus program and no contests are held, and automated trading is limited to advisors who are in the set of terminals.
Studying the reviews compiled about the City Index, one can notice that some users are dissatisfied with the conditions offered by the broker. In this case, the solid “age” of the company causes various misunderstandings. Throughout its existence, the broker changed some parameters, which is quite natural for any participant in the global financial market. As a result, today, companies attribute the minimum deposit to 100 British pounds and 250, as well as the complete absence of restrictions on this indicator (the last option is relevant).
● The minimum lot is 0.01.
Best Binary Broker 2020!
Perfect for Beginners!
Free Trading Education! Free Demo Acc!
Get Your Sign-up Bonus Now:
● Trading leverage – up to 1: 400.
● Base currencies of accounts – British pound, euro and US dollar.
● Islamic account – no.
● Affiliate program – there is.
● Estimated level of income – up to 80%.
How to withdraw money or deposit money
Looking through brokers’ ratings, it’s hard not to notice that reviews written about the City Index (even if the author is positive towards the company) emphasize ways to deposit / withdraw funds. Indeed, in our time, two options for solving this problem (bank transfer and plastic card) are very few. The administration of a web resource needs to urgently solve something and look for ways to solve this problem.
Users of the trading platform are given the opportunity to enter into transactions using the following tools:
Despite solid experience, reputation, and other positive factors, the City Index broker needs, as quickly as possible, to eliminate some of the negative aspects that may alienate potential users. First of all, it concerns training, ways to replenish the deposit, as well as a very slow verification procedure. If you eliminate these defects, the company will indeed be entitled to the status of one of the strongest in the world.
City Index Review
City Index is the retail Forex broker arm of GAIN capital that has offered CFDs trading for over 35 years. With positive reviews of City Index UK and by Australian CFD traders the FX broker is known for 500:1 leverage, spreads from 0.5 pips and no min deposit.
By Justin Grossbard / Updated: Tuesday, February 18th, 2020
Background To City Index
City Index’s parent company is GAIN Capital Holdings Inc, a large retail and trading provider around the world. GAIN Capital was founded in 1999, with the mission to provide traders with low-cost access to foreign exchange markets. City Index has been serving Australians since 2006 and has an office based in the heart of Sydney. City Index’s Forex trading Australian Financial Services License: 345646
In our comprehensive City Index review, top three key strengths found in the platform were:
Top three key weaknesses found in the platform were:
The overall rating is based on review by our experts
City Index Range of Markets
There is a range of CFD trading options available with City Index. Forex exchange traders can have access in real-time to over 4,500 markets. With a City Index live account, you can trade indices, shares, crypto, forex and commodities through:
- Contract for Difference (CFDs)
- Spread Betting (only for the UK traders)
1) Forex Trading
City Index offers 84 currency pairs for trade through the CFD trading platform MetaTrader 4. As below highlighted minimum spreads start from 0.5 points on EUR/USD and margin (leverage) is 500:1. The Forex broker offers two currency trading accounts. The first which is the most popular option is to trade currency as a contract for difference (CFD). Choosing this option allows other asset classes to be chosen that are explained below. The second option is to use MT4 to trade spot Forex which means you can only trade currency. Below shows the CFD account average spreads.
2) CFD Share Trading
City Index allows the trading of over 4,500 global shares as a CFD. This allows trading with leverage from 20:1 on leading shares from Amazon to Rio Tinto. Commissions start from $5 on Australian shares or 0.08% for larger trades. Traders can speculate on long or short positions using the CFD trading account.
3) Indices Trading
With leverage from 200:1, City Index allows trading on 21 of the leading global indices. This included the Australia 200, UK 100, Singapore and Wall Street index. Fixed spreads start from 1 point with 24-hour support on offer.
4) Cryptocurrency Trading
Crypto trading is highly volatile and is unique against traditional technical analysis CFDs. Trading CFDs with crypto are high risk and spreads differ by the type of cryptocurrency as shown below. Complex instruments are involved so it’s recommended to understand the risks for any retail investor accounts.
City Index clients can stay up to date with the latest prices of the world’s biggest cryptocurrencies (Bitcoin, Litecoin, Ethereum and Ripple). A live account with Citi Index will give you access to 6 crypto pairs. Australian traders can also benefit from trading Bitcoin against the AUD.
5) Interest Rate Trading
Short selling opportunities exist with leverage of up to 400:1 when predicting interest rate changes. This exists across the Eurodollar, Short Sterling and Euribor. Spreads start from 0.02 points across 15 global markets.
Overall, parent company GAIN Capital Holdings market power allows for City Index’s work to span across a range of products from currency, indices to crypto trading with affordable margin requirements. The main account type that allows for the full range of financial markets is the CFD account, whilst the MT4 account allows only for currency trading. Advanced traders are recommended to choose the CFD account while those with MT4 trading experience may prefer the currency trading only account. With law variable spreads and advanced trading tools, City Index has one of the best ranges of markets of any CFD broker.
City Index Minimum Deposit
There is no minimum deposit for City Index CFD accounts. There are six main ways to fund a trading account in Australia:
- Credit Cards (Visa and MasterCard)
- Debit Cards
- Electronic Funds (EFT)
Up to three debit or credit cards can be used for an account across Visa and MasterCard. When transferring funds from an Australian bank, no deposit fees are charged, and further no charges for funding through a bank transfer when the account is based in Australia. However, an overseas bank account will require an international bank transfer which may take longer with an extended transfer period.
The account opening procedures are straightforward. City Index offers a multi-currency deposit solution and can accommodate 9 base currencies (EUR, GBP, USD, CHF, HUF, AUD, CHF, JPY, PLN).
City Index Regulation and Support
Another point that’s important in this comprehensive City Index review is the fact that it is fully regulated under the authority of the Australian Securities Investment Commission. Thanks to regulation by this body, traders choosing City Index can be sure that they are doing business with a reputable brokerage that must conform to all Australian investment laws.
Additionally, as a global spread betting broker, City Index is authorized and regulated by tier-one regional entities from across 3 continents (Europe, Asia and Australia). City Index has to comply with the rules and standards imposed by the following global regulatory authorities:
- Australian Securities and Investments Commission (ASIC)
- Financial Conduct Authority (FCA) in the United Kingdom (license number 113942) trading as forex.com
- Monetary Authority of Singapore (MAS) trading as forex.com
- Central Bank of the United Arab Emirates (UAE) trading as forex.com
All Citi Index client funds are held in segregated accounts. Additionally, in an event of insolvency, there is a deposit compensation scheme. Following the money rules imposed by the Financial Services Compensation Scheme (FSCS), investors are entitled to compensation of up to £85,000. However, the compensation scheme only protects forex traders from the United Kingdom and Dubai. It seems that the city of London provides extra security measures due to the FCA rules.
Support and Service
Traders using City Index have multiple ways to reach out to the company’s support staff when they need to, including:
- Live chat assistance
- Email support
- Direct phone support based in Australia
In addition to these methods of contracting support, traders can also try to find the answers to their questions in the FAQ section of the brokerage’s website. This set of common questions will provide answers and solutions for most issues. When more rigorous support is needed, however, City Index’s staff is there to help. The Customer Support is available 24/5 ready to answer all your inquiries.
City Index Trading Platforms
City Index offers two trading platforms that will be determined by the type of trading account chosen.
AT Pro Trading Platform
The more sophisticated CFDs account requires the use of AT Pro desktop platform or their web-based options.AT Pro has built-in strategies and even allows traders to create their own strategies using .NET, Visual Basic or C# coding language.
There are also advanced charting options with over 100 technical indicators.AT Pro also allows for automated trading signals to show exit and entry points through charts. Back-testing facilities also help view the performance of past trading signals.
AT Pro has in-depth market analysis including an economic calendar as well as custom indicators for advanced trading. Advantage web trader is the lighter AT Pro option for mobile trading. This doesn’t require any downloads using reliable and fast HTML 5 technology. Mobile trading is also available through iOS and Android trading apps.
The basic trading software on City Index is MetaTrader 4, which is the dominant standard trading software in the Forex market. On City Index, the standard MT4 platform is upgraded with variable Forex pricing and access to all of City Index’s market analytics. These upgrades, on top of an already well-proven system, give this version of the MT4 platform versatile function while keeping it relatively user-friendly. The MT4 web platform and mobile apps are also ideally suited for mobile trading with stop-loss orders, watchlists functionality and Reuters news integration.
City Index Leverage Structure
A key component of a City Index review for beginner and experienced traders trying to decide whether this platform is right for them is the leverage structure. As stated in the overview, City Index only offers leverage ratios of up to 200:1. Since many Forex brokers now offer leverages of 400:1, 500:1 or in some cases, even more, this puts City Index behind the curve in the leverage department.
Effectively, 200:1 leverage will limit the volume of currency a trader can work with on any given position relative to his or her personal investment. A trader opens a position with $100 leveraged at 200:1 will be able to trade with $20,000. A more standard leverage ratio of 400:1, by comparison, would let the trader work with double that amount of money. This lower leverage results in:
- Lower potential gains from successful trades
- Lower risks in unsuccessful trades
- ability to open fewer large volume positions simultaneously
Though City Index has some noticeable weaknesses in the area of leverage, it also has some strengths. The fact that the leverage ratio on any given trade can be set anywhere between 20:1 and the maximum of 200:1 can be very helpful for more conservative traders trying to reduce their exposure to risk. For traders who need higher leverage for opening large numbers of positions or as part of their overall trading strategy, however, the 200:1 ratio can be a handicap.
Risk Management For Leverage
Due to the increased risk leverage brings to CFDs trading our City Index review noted that they offered guaranteed stop-loss orders. While placing such an order has increased costs, it means you can’t lose more than the amount set for trade. This means a compensation scheme exists that will refund any losses exceeding the amount set. A traditional stop loss is not a fool-proof risk management strategy as in extreme volatility slippage may occur. This means losses may exceed an amount set as the forex broker couldn’t achieve the price set. Another risk management feature offered it trailing stop-loss orders.
City Index Inactivity Fee
Clients should be aware that there is a fee incurred for inactivity for longer than 24 months or more. the inactivity fee charged by City Index AU is $15 equivalent in the local currency. For +3 years of account inactivity, your trading account will be reactivated only after clients go through the account reactivation form one more time.
Fast Order Execution
City Index’s price improvement technology is equipped to provide forex traders with better prices. With over 35 years of experience in CFD trading, forex and spread betting, City Index’s cutting-edge technology has three main advantages:
- Flexible order types to buy and sell any instrument
- Option to go long and short at the same time
- Potential price improvements
City Index can offer reliable execution due to its large base of over 50 liquidity providers through GAIN Capital’s proprietary ECN, GTX. Below, our team of industry experts will examine the full range of advantages that comes with City Index’s trade execution process:
- Trade using unrealized profits: this innovative feature allows forex traders to maximize their trading opportunities. With City Index, you can use your floating profits as a margin to explore new trade ideas.
- Rollover Discounts: Available for futures trading, this feature allows saving up to 50% on the swap rate.
- Hedging Capabilities: This function allows you to go long and short at the same time and on the same CFD instrument.
- Scale in and Out: This feature allows you to add or to cut from your position. You simply have to select between the FIFO model (first in, first out) and non-FIFO model.
- Automatic stop out level: This is a risk metric that will issue a margin call stop out when your funds will fall below the 50% of the required margin.
Additionally, Citi Index allows customizing your trade settings by offering three very powerful features:
- One-click trading mode
- Preselect your position size
- Feature to fine-tune the amount of slippage you’re willing to tolerate
Compared to other online CFD providers, City Index supports multiple order types and the ability to program your entry and exit points. Like most CFD providers, City Index acts as a Market Maker and is the sole counterpart of your trades. The most advanced order types offered by City Index include:
- One cancels other (OCO) – a complex order that combines stop order and a limit order at the same time
- Guaranteed stop-loss orders – A very powerful risk metric that guarantees no slippage, but comes with an extra cost
- The standard stop-loss orders, limit orders, trailing stops, can be found on the broker’s platform
Guaranteed Stop Loss Orders (GSLO)
Our team of experts felt the obligation to provide our readers with additional information on the guaranteed stop-loss order. While the GSLO order comes as a handy solution to minimize losses, forex traders need to be aware that it can only be used under certain parameters. The GSLO order can be used as follows:
- Only available for 12,000 instruments and doesn’t include the full range of assets offered by City Index
- There is a minimum price distance within which the GSLO order can be placed
- There is a fee charged only when the GSLO order is triggered
- The only positive feedback we can provide is that you can make additional changes to the GSLO order without paying extra fees.
- The GSLO can be viewed as a negative account balance protection
Note* You can reach the Customer support at any type if you have other inquiries about the guaranteed SL.
Forex traders have the option to explore the market using more sophisticated trading tools and advanced charting package. Forex traders are depending on these technical tools to make sound trading decisions. The core technical tools can be summarized below:
- A technical research portal – can be used as a scanning tool, in-depth market analysis, market research, SL and TP levels determine by an in-house algorithm, price alerts
- Fundamental analysis tool – stock valuation, best stocks, company metrics, global data, stock filter
- Auto-trading strategies – including over 100 built-in strategies
- Real-time news from Reuters
The charting solution offered by City Index is excellent. The charting software comes with a lot of built-in features that are designed to help forex traders to spot new opportunities in the financial markets. It’s essential for forex charting software to come with particular features. City Index charts have a plethora of advantages including:
- 16 years of price history
- Visual orders displayed directly on the charts
- Over 65 customizable indicators
- Chart overlay feature to compare the price of two or more assets
- Extensive drawing tools
City Index Trading Academy
When you open an account with City Index you also gain access to an impressive educational trading academy. City index offers retail investors and professional traders hundreds of lessons available at their fingertips. The educational material encompasses a broad range of topics from lessons on how CFDs work and a trading strategy course that is valued at over $5,000.
You can learn to trade with City Index Training Academy and have access to the following types of educational material:
- Understand how CFDs work course
- Technical analysis and fundamental analysis guides
- Trading strategy guides
- City Index research tool guide
- Expert news and analysis
- Free webinars
- Earnings Report
- Economic calendar
The global research team at City Index has been awarded multiple times by their level of professionalism. The market analyses that can be found on the city index section are constantly featured on the mainstream media (MSM) publications such as The Guardian, The Telegraph, BBC or Sky News.
The weekly forex outlooks and forecasts published every Monday morning at 10.00 am is another insightful tool that will prepare forex traders for the week ahead.
Trader Development Program
City clients can also join the exclusive trader development program if they want to learn from an ex-Goldman Sachs professional trader. The program is run by Tony Sycamore from TECHFX TRADERS, which has over 20 years of trading experience. The trading strategy course is divided into three main sections that are intended to take a complete novice trader and turn him into a professional trader:
- The first part (Demystifying Forex) is dedicated to learning the key concepts of forex trading
- The second part (Learn to trade course) is dedicated to the basics of fundamental and technical analysis
- The last segment (Trade like a Pro) is dedicated to advanced concepts and trading strategies
Note, to have access to the trader development program one would only need to open an account with City Index and make a minimum deposit.
City Index Review: Final Impressions
Overall City Index is a strong brokerage that beginning and intermediate Forex trading Australia enthusiasts should consider when looking for a new place to trade online. Although limits exist in regards to its trading platforms and leverage restrictions – these may be issues for some traders, not enough to offset the advantages this brokerage offers.
City Index Review
A trading firm of the international holding GIAN Capital Holding Inc., that offers favorable trading conditions for more than 4500 assets.
|Headquarters||Park House, 16 Finsbury Circus, London, EC2M 7EB|
|Support Number||+44-203-194-1801, 0845-355-0801, +65-6826-9988, +971-04-5671222, 1800-354-182|
|Support Types||Phone, Email, Website Feedback Form, Chat, Help Center|
|Trading Platform||AT Pro, MetaTrader 4, WebTrader|
|Minimum 1st Deposit||1 USD|
|Spread||From 0.5 pips|
|Free Demo Account||Open Demo|
|Account Types||Demo, Trader, Premium Trader, Professional Trader|
|Deposit Methods||Bank Transfer, Debit Cards, Credit Cards|
|Withdrawal Methods||Bank Transfer, Debit Cards, Credit Cards|
|Number of Assets||4500+|
|Types of Assets||Currency pairs, Stocks, Cryptocurrency, Indices, Commodities, Precious metals, Bonds|
|Account Currency||EUR, USD, GBP|
|US Traders Allowed|
Can we trust such a major provider of services? City Index is a bubble scheme or a respectable and competitive product? We`ll see now.
Trading terms with City Index
On the website cityindex.co.uk we are proposed to choose one of the 3 trading accounts:
- Trader including 50% Margin Call, negative balance insurance, Forex credit leveraging of 1:30 and access to the analytics/training base.
- Premium Trader – in addition to the above mentioned, a special support line (personal manager), participation in the loyalty programme and offsite events are proposed.
- Professional Trader – all the above mentioned conditions (except for the fact that the maximum credit leveraging amounts to 1:400 including possible increase in this value) plus the credit line.
Minimum deposit, currency type and other terms and conditions at this stage are not specified – you need to register. But when signing up for an account, you can choose the type of currency to use for trading: US dollars, Euro or British Pounds. The amount credited may be chosen at the client`s discretion: you simply need to enter the required value (digits). Currency pairs spreads are announced to be small: starting from 0.5 pips. Additionally, tools free of charge are accessed: SMS-notifications (trading signals) about pricing changes (for variations within 0.25%-2%), technical indicators, markets screening, metrics, economic calendar and etc.
A free demo-account (operations with training terminals) with the limit of up to Euro 10 000 is provided for training. The currency is conditional only and has no monetary value: you are actually playing with funny money. Moreover, you can find reference books, courses, a multimedia library and etc. for those who are just entering trading (Forex trading training).
Support can be provided by telephone (leased lines for the UK, Singapore, the Middle East, Australia and international telephone numbers), by e-mail, by live chat or via the feedback form.
Forex trading can be executed using three basic platforms:
- MetaТrader 4. The most popular model of terminals among traders that is fitted with the largest set of tools and user-friendly interface. It can be configured for user`s tasks by loading additional trading templates, it can be run for all types of devices (PC, tablet, telephone), both off-line and on-line.
- WebТrader. This platform is available only in the web-format (it requires access to internet). It enables switching between several custom-made screens (up to 8); it supports MT 4 plug-ins and has similar interface, it is fitted with an integrated on-line calculator for transactions profitability.
- AT Pro. This is a desktop platform including 100+ indicators, the function of creating your own trading templates C#,.NET и Visual Basic and back-testing. It can be installed for Windows 7 and higher.
For the purposes of security, accounts verification is introduced: upon registering on the web-site cityindex.co.uk, the client must provide his/her ID card (driving license, passport) and address confirmation (a bank statement, utilities bills, bank card report) by downloading them in the user account.
Forex is represented by 84 currency pairs: EUR/USD, GBP/JPY, AUD/CAD etc. Liquidity providers are not specified. It is not possible to compare the broker`s quotes with other quotes in real time using special services, that is why the accuracy of financial quotes is still an open issue.
City index demo account
As we have already mentioned, a demo-account is opened in City Index with the limit of up to Euro 10 000 (to be more exact, using the equivalent of this currency with no monetary value). Moreover, time limits for the use of this account are set: 120 days. You can use training terminals MT4 and AT Pro. But firstly, you need to register and specify your full name, country of residence, e-mail and telephone number. The log-in and password are generated automatically by the provider. Using this log-in and password you can log in the web-platform or mobile application.
City Index has its own mobile application for platforms operation using thin-window devices: smartphones and tablets with Android, iOS and Windows operation systems. The possibilities include:
- Trading 4500 and more assets.
- View of financial quotes and market moves.
- Single-click trading.
- Templates and favourites.
- Analytics, unloadable reports.
Users evaluation of the software is not quite high: 3.3 scores out of 5 in Google Play Market and 2.9/5 in App Store. Traders do not like usability, often slow execution, freezing up and undue (in their judgement) completion of transactions, fees and etc.
City Index bonuses
Bonuses of the City Index are not available for any trader. Professional Trader and Premium Trader statuses give access to the loyalty programme and remunerations for every transaction. Promo conditions are not publicly available: a client becomes aware of them only upon signing up for an account, verification and replenishment. You can also become partner of the company by choosing either of the 3 directions (or variations):
- IB (introducing broker). Attraction of clients and earnings based on transactions fees.
- White Label. Establishment of your own trading company including the software and the tools but under your own trademark.
- Referral programme. Up to $650 using CPA (placing of your individual link on your web-site, in your blog, chat, on social networking sites pages, where a broker can get his/her new clients, and from whose transactions a programme participant can get interests).
Deposit and withdrawal
Depositing/withdrawing may be performed only using the card (VISA, MasterCard). But the broker does not cover the fees charged by paying agents for the transfer and conversion into the account currency (USD, GBP, EUR) – you have to pay them. All transactions become possible only after the identity verification on the web-site cityindex.co.uk. The security office shall process all the requests within several days and take a decision concerning the approval or refusal to fulfil the request.
Complaints against City Index
There are few reviews of the City Index in the internet. And even fewer that look more or less credible. However, we found some comments on the broker in application stores among software ratings. Most of them are negative. Users complain about frauds implying withdrawal and replenishment of funds.
The currency just gets «dead» and the technical support either is not able to help you or ignores your requests. Moreover, there are cases when the administration charges fees for non-active account which, according to its owner, is not really such (transactions are made using this account).
If we find complaints about City Index, we will post it on social media. Follow us to be well informed:
City Index broker regulator
GAIN Capital Holding Inc. (the owner of the City Index brand) comprises 3 subsidiaries, each of them is responsible for its own region and is governed by an individual jurisdiction:
- GAIN Capital UK Limited (Great Britain, Middle East). Regulated by United Kingdom FCA, license number – 113942.
- GAIN Capital Singapore Pte Limited. Regulated by FIDReC (No number in the regulator’s register).
- GAIN Capital Australia Pty Limited (Австралия). Regulated by ASIC, registration number ACN 005 574 603.
There is a website created for each subsidiary, where just residents of the relevant country may register.
Terms and conditions of cityindex.co.uk
User`s relations determine rights and responsibilities of the holder of the account opened with the City Index, and the broker with respect to each other. The document covers both directions – Forex and CFD. Thus, par. 3.5 specifies that you are liable for the information you provide about yourself. And you shall notify the company of any changes: surname change, address change and so on.
You shall also be liable for monitoring of opened items and any other activities; you shall control any possible errors (cl. 3.11).
You will be refused to withdraw your funds based on one of the following reasons (all the conditions are described in par. 13.1 of the Agreement):
- in case of losses on the account.
- in case withdrawal of funds in the required amount will result in the negative balance.
- in case some funds are required to meet the margin requirements.
- in case some funds belong to the company.
- in case it is prohibited by law (for example, in case of fraud proceedings).
- in case you have not fulfilled the terms and conditions of the contract.
In case of violation of the payment terms for the services of a broker, from the next day after the announced payment date, a daily penalty will be charged within 4% of the outstanding balance. Even if the fact of a fraud, deliberate deception or negligence by the company is revealed, the latter shall not be liable for any losses of the account holder, if the causes investigation results in the conclusion that all these events happened as a result of an error. The provider shall be entitled at any time to suspend the operation of the web-site and other resources to perform maintenance (cl. 25.2). But the provider also mentions that he/she will not always be able to warn you about such actions in advance.
However, the provider shall not be liable (neither shall his partners) for the accuracy of the posted information as well as for any possible losses due to the loss of access to the platform (cl. 25.8.3).
In paragraph 27.7 the services provider reserves the right to use your funds if required (for example, as reimbursement for expenses incurred due to non-payment of debts by other users). And at the same time the provider does not guarantee that your need for them will be subsequently and in due time satisfied.
Is City Index a scam?
City Index is a product of a powerful corporation, it is characterized by its features set and well-considered legal support (a long and rather complicated user agreement, individual licenses for every scope). And yet, according to the reviews posted on reliable platforms, (Google Play Market and App Store, from our point of view, can be considered as reliable, since to place a review in App Store you need to download and start using the application, that cannot be done without an opened and verified account), clients of the company come across problems with payments receipt or even simple replenishment of the account. And support in this case, as people say in their reviews, does not always act correctly. It therefore means that the operator regardless of all its advantages is not really that client-oriented, as it wants to look like. City Index is not a bubble scheme but a broker (probably due to its status and wide spread occurrence) that has some problems with the service.
City Index offers quite favourable trading conditions: deposits within the range identified by the trader, narrow spreads, a huge range of free tools and training programmes, the possibility to train using a demo-account (albeit some limits). Moreover, the broker is legally operating and has obtained licenses within reliable jurisdictions.
The only thing that mars the idea of the company is its policy as related to clients. Of course, if you have such a tremendous users base you stop treating every single claim with due concern. But however the reputation of the services provider is gradually starting to damage. And it is to be hoped that the company owners will be able to see the problem and adjust the company policy.
Best Binary Broker 2020!
Perfect for Beginners!
Free Trading Education! Free Demo Acc!
Get Your Sign-up Bonus Now: