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City Index Review 2018 - Forex Broker Rating

#9 of 11 Forex Broker Comparison - Best UK Forex Brokers

Founded in 1983, the London based company is one of UK’s first spread betting brokers. City Index is a world leading spread betting and CFD brokerage company offering clients the opportunity of selecting from a wide range of instruments. With several satellite locations including offices in Australia, China and Dubai, the online broker has over 400 employees worldwide. Regulated in the UK by FCA, City Index ensures the safety of traders’ deposits and they are also committed to providing clients a market-leading service based on fair and transparent prices, and comprehensive customer support.

Free unlimited demo account T&Cs Apply, 18+


  • FCA regulated broker
  • Up to 84 currency pairs available
  • Allows automated trading and EA integration
  • Has guaranteed stop loss and limit orders
  • Offers VPS services
  • Islamic accounts available

User ratings

01Trading Offer & Conditions 9.0
02Trading Platforms & Demo Account 8.5
03Bonus for New and Existing Customers 7.5
04Mobile Trading 8.5
06Security / Regulation 9.0
07Customer Service 8.0
08Account Opening 9.0
City Index has been around for about 34 years and has gained credibility and trust of traders. Pitching themselves as a leading broker in spread betting and CFD trading, City Index boasts of a solid history. They give clients access to a wide range of global markets by offering traders close to 12,500 markets to choose from, ranging from forex, indices, shares, and commodities. Check out our City Index reviews and share your experience with other traders.

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Trading Offer & Conditions


01 Trading Offer & Conditions

Our City Index review takes a very close look at the trading cost of this broker. The spreads for City Index trading accounts are either fixed or variable. For the fixed spread accounts, the spreads are constant and do not fluctuate according to market conditions such as volatility or liquidity. Fixed spreads may remain constant for specified period, or throughout the entire market hours. Variable spreads often fluctuate throughout the day, depending on varying market conditions such as liquidity or volatility.

City Index has very tight and competitive spreads for most instruments. The table below gives the information about the spreads and required margin for some currency pairs. The average spread as stated below is the average spread taken over time from all quotes over the first quarter of the year (2017).


City Index does not charge any commission on spread betting contracts. No commission is also charged for CFD trading as well as Oanda. Traders should note, however, that commissions are charged on shares CFD trading.

Financing Charges

Financing fee is charged by City Index in order to enable traders open positions overnight. The daily financing fee will be applied to a trader’s account each day a position is held (including weekend days). The financing rates are set at benchmark regional interest rate of +/- 2.5%. As part of our City Index trading review, we have gone in-depth to tell traders what many broker reviews often overlook. City Index charges an inactivity fee of £25 on all accounts that have been inactive for twelve consecutive months or more. Our City Index trading review also took an in-depth look into the market offering of this broker. As a leading broker in spread betting and CFD trading, City Index is one of the few brokers that offer such an extensive number of instruments on their platform. Offering a wide range of currency pairs, commodities bonds, shares and equities, traders have over 12, 500 markets to choose from. City Index offers clients the opportunity of choosing from a very wide range of instruments. The broker offers spread betting and CFD trading on currencies, indices, shares, interest rates and options, equities, energy and commodities. This large number of available instrument makes their position as a market maker less disadvantageous to the trader because there are lots of trading activities due to their large customer base, meaning that clients may often act as counterparties to each other’s trade thereby reducing the incidence of conflict of interest between the broker and trader.
  • No commissions on spread betting and CFD trading
  • More than 12,500 instruments available

Trading Platforms & Demo Account


02 Trading Platforms & Demo Account

Whether you want to test your strategies in real time or you want to check their platform in order to see if they’re the right broker for you, City Index offers traders a 14-day free demo account where traders can have a feel of their platform. One thing about City Index is that a trader can use their demo platform again and again by re-applying after the 14-day period. However, the settings on the previous accounts would be lost.

  • Real-time live prices.
  • Opportunity to test your strategies and robots in real time
  • Default leverage of 1:50
  • 14 days usage
  • £2,500 virtual funds
  • Same list of currency pairs as the live account

Advantage Web

Advantage Web is a highly customisable browser-based platform which is designed to help traders access the markets without having to download the platform on their PCs. This platform has fully customisable screen layouts, fundamental and technical analysis portal and advanced HTML5 charts. This platform is compatible with all Java enabled browsers.

AT Pro

City Index also offers AT Pro, a desktop platform with advanced features that are designed to provide more sophisticated tools for advanced users who want improved efficiency, advanced charting package and auto trading strategies.

MetaTrader 4

The broker also offers the MT4 trading platform to its traders. The MetaTrader4 platform comes with a vast number of features and charting tools which are enhanced by City Index service support and pricing.

Important: City Index offers several platforms to traders. Their trading platforms have 16 chart types with over 80 indicators which are designed to help traders perform comprehensive technical analysis. City Index clients can execute and watch their trades using any of the trading platforms.

Bonus for New and Existing Customers


03 Bonus for New and Existing Customers

During our City Index review, we found out that unlike many brokers that offer special promotions like welcome bonuses, deposit bonuses, trading rebates and other special offers, City Index does not offer any bonuses at the moment. A client referral bonus is also not available at the moment. However, the broker offers rebates on spreads and commissions for new customers. This promotional offer is available for the first 4 weeks of trading, and this particularly applies to stocks CFDs where the minimum commission for this introductory period is £5.

Free unlimited demo account T&Cs Apply
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    Bonus for non-clients too?
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    Free unlimited demo account
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    Trainings and webinars
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    Duration of bonus offers
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    Minimum deposit
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    Tournaments and competitions
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    Personal contact person
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    No deposit bonus
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    Without deposit

    Account opening

Other promotional offers may come up in the near future; therefore it is important for traders to check their website regularly for updates. Even without bonuses, the broker offers attractive services with competitive rates.

Your are looking for a broker with a no-deposit bonus? Than read our experiences. There you get a $25 no-deposit bonus.

  1. 01 | Free unlimited demo account
Open your free unlimited demo account now!

Mobile Trading


04 Mobile Trading

Mobile trading platforms

As part of our City Index forex review, we considered the broker’s mobile trading platform. City Index grants traders the flexibility of executing trades anytime and anywhere using the mobile trading apps. The mobile trading platform which has a lot of charting tools is available on both Android and iOS smartphones and tablets, giving clients the opportunity to execute and monitor their trades on the go. Aside the fact that you get live streaming prices and charts, you also get to follow the news in real time using the Reuters news feed and economic calendar.








Web App

01 | rating

We can confirm their excellent ratings on their various app stores. The mobile app is clear, professional and visually appealing. Their platforms have all important functions and charting tools that are available on the desktop version. This allows you to easily access your trading account with your smartphone or handheld device anytime and anywhere!

02 | tip

As, we recommend that mobile trading should not be your major tool for technical analysis. It is important that you do a comprehensive chart analysis on your PC before monitoring your trades on your mobile devices.
  • Instant account access
  • Trading reports
  • Real-time courses
  • Interactive charts
  • Monitor and manage your open positions anywhere and anytime



05 Payments


Clients have the option of funding their accounts through various means, which include:

  • Debit card: MasterCard Visa, Maestro and Electron
  • Credit card: Visa, MasterCard
  • Bank wire

The broker does not charge on deposits made via debit cards and bank transfer, however, depositing funds through credit cards attract a fee of 1.5%. The minimum amount that a trader can deposit is £50.

Important: Traders get instant funding on all payment methods aside bank transfer. City Index also allows clients to deposit money with more than one card; however, the cards used should be registered in the trader’s name.


All deposits must follow the same path as withdrawals. There is a minimum withdrawal limit of £50, or all the available account balance if a client’s account balance is lower. The maximum amount a client can withdraw in a single transaction is £20,000. If credits cards are used for withdrawals, the maximum amount the trader can withdraw per day is £20,000.

  1. 01 | Option of paying via credit and debit cards
  2. 02 | £50 minimum withdrawal
  3. 03 | £20,000 daily withdrawal limit for credit cards

Security / Regulation


06 Security / Regulation

FCA regulated broker

The most important thing we considered during our City Index forex review was the security of clients’ funds. We checked their regulatory environment and we also looked into the broker’s history. City Index has a solid history.

FCA license 113942
CNMV register number 4160

AFM license Gain Capital UK
Consob register number 122
Regafi register number 72747

The broker is regulated in several jurisdictions worldwide and in the UK by Financial Conduct Authority with FCA Register Number: 113942. VAT number: 524837435. Their regulation under the UK’s financial regulatory authority gives clients peace of mind. Although the company has a large capital base being a subsidiary of Gain Capital Holdings Inc (NYSE: GCAP) which is one of the largest institutional and retail providers in the world with a proven track record, they still further ensure clients’ fund safety by keeping clients’ funds in a segregated account which is separate from institution’s account as required by FCA.

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    Secure payments
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    50,000 GBP Deposit protection
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    Compliance with all MiFID regulations
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    Regulated by FCA
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    Negative balance protection

This allows clients’ funds to be shielded against bankruptcy and liquidation. They further ensure clients’ safety by a guaranteed compensation by FSCS which is £50,000 in the event of liquidation.

  • Deposit insurance up to £50,000 per customer
  • Regular reporting on financial stability
  • Safekeeping of customer funds on segregated accounts
  • In the event of insolvency, creditors do not have access to clients’ capital

Customer Service


07 Customer Service

A trader can easily know the broker to choose by carefully looking at the quality of their customer service department. A customer-focused broker will do well to respond quickly and follow up a customer’s complaints. When you try to reach a broker on a live chat and also drop email messages and they fail to respond, that’s an indication of how they might attend to you when you eventually open an account with them. As we all know, customer service department analysis is not exhaustive on its own, so it is advisable to use a combination of factors to determine which broker is the right one for you.




GAIN Capital UK Limited

Park House, 16 Finsbury Circus, London, EC2M 7EB

[email protected]
0845 355 0801

City Index customer service department is available on live chat, phone or email 24/5 from Monday to Friday. Their customer service is available in English, French, German, Arabic, and Chinese. They have a fairly responsive customer service helpline and they respond to email queries within 48 hours.

Account Opening


08 Account Opening


City Index has 2 different types of accounts; Financial Spread Betting Accounts and CFD Trading Accounts.
Opening an account with City Index is quick and easy. Clients are asked which type of accounts they want to open when setting up their account, their registration portal gives customers a chance to open a spread betting account, CFD account or both. Clients that have previously registered may add the second offering to their choices or may switch from one to another.

Clients’ applications are reviewed and approved within 72 hours. City Index will send a message with the appropriate information including the trader’s account number and other relevant account information.
The entire process takes only a few minutes. Your first deposit can be done without verification. It is important that you provide the proof of legitimation by e-mail or upload function over the next days. If you only want to use the demo account, opening an account would not take a minute.

  1. 01 | Open a CFD or Spread Betting account
  2. 02 | Fund your account after verification
  3. 03 | Trade the markets without restriction
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