Overview of City Index

In another article in the series of reviews on forex brokers, we have reviewed Forex.com, today, we will continue with another trading platform, which is closely related to Forex.com. , that is the City Index. Both exchanges are owned by GAIN Capital Holdings Inc, a financial group specializing in trading services and major retail organizations in the United States.

City Index is a brand operating under the management of GAIN Capital UK Limited, based in London, which is a subsidiary of GAIN Capital. This company is licensed and controlled by FCA – UK Financial Control Authority, license number 113942, is the world's most prestigious forex industry regulator. The rules in FCA strictly control the operation of brokers and protect investors.

To ensure the security of investor accounts, City Index is committed to separating client accounts from corporate accounts and depositing them in major banks in the UK. Besides, City Index also participated Financial Service Compensation Program protect investor rights with up to £ 85,000.

Having been operating in the market since 1983, City Index has become a famous broker with traders all over the world for spread betting, forex trading and CFDs. With over 12,000 financial instruments, from forex, indices to stocks, commodities and even cryptocurrencies, City Index has helped its customers access markets globally.

Last year is probably a quite successful year for City Index as this forex broker has consistently won great awards for its services and trading platform. Some of the prestigious awards that City Index has achieved are the “Best Mobile Application” of OPWA Awards 2019 (Online Personal Wealth Awards) and “Best digital trading platform” of OPWA. The 2018 Awards, the “Best CFD Trading Provider” were awarded by ADVFN International Financial Awards 2019, the “Best trading platform” and “Best spread betting provider” of both OPWA Awards 2019. and 2019 Shares Awards.

As mentioned above, in addition to forex and CFDs, City Index also offers spread betting, however, in the context of this article, we only assess the conditions and trading platforms related to forex. and CFDs.

Trading products

The product portfolio at City Index is quite diverse and almost meets the needs of investors.

  • Forex: offers up to 84 currency pairs, including major pairs, currency pairs and exotic – exotic pairs.
  • Index: more than 20 stock indices from many different markets such as the US, Hong Kong, France, England, Germany, India, Italy, Singapore, Switzerland, Spain … The index is traded through spot CFDs. and future CFDs.
  • Share: offers thousands of stocks of companies across the globe.
  • Cryptocurrencies: City Index allows investors to trade the 5 most popular and current market capitalization coins, namely Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple.
  • Metal: including gold, silver, copper, platinum and palladium
  • Bonds: more than 10 major bonds of UK, US and EU markets
  • Interest rate: is a product that very few floors offer. City Index allows investors to trade CFDs on 3 types of interest rates: Eurodolla, Euribor 3mnth and Short Sterling 3mnth.
  • Choice: in City Index, investors can also trade options on an underlying asset that is an index.
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Trading Account

City Index offers 3 types of trading accounts, including Trader, Premium Trader and Professional Trader.

Trader account

Standard account for both small and large clients with lots of experience. This account is provided with the most basic services of the floor and is limited to some services for professional customers.

Some features and services offered on Trader accounts:

  • The maximum leverage ratio (forex) is 1:30
  • To apply the policy of protecting the negative balance
  • Supported 24/5
  • To trade all products being offered at the floor

Premium account

This account is for large, professional traders who receive an invitation to open an account with the request to maintain a minimum account balance from £ 10,000. In addition to features and services such as a Trader account, this account is also offered a number of special services such as:

  • The maximum leverage ratio (forex) is 1:30
  • There is a personal consultant
  • Receive invitations to participate in premium events on the floor
  • Receive economic news and market reports on demand

Professional Trader account

An account suitable only for extremely professional traders, trading with large volumes and high risk tolerance. This account will receive City Index's best services, including:

  • The highest leverage ratio among the 3 types of accounts is 1: 400
  • Receive rewards and attend premium events
  • Used advanced trading platform
  • Enjoy other preferential services only for professional customers

However, the Professional Trader account will have some restrictions

  • No negative balance protection policy
  • Some FCA customer protection terms will not apply to this account
  • This forex trading platform will use more complex languages ​​to exchange with you instead of the common languages, easy to understand for small customers.

To register for a Professional Trader account, an investor must meet the following conditions:

  • Make at least 10 transactions with significant volume in each quarter within the past year. Significant quantities can be categorized as follows: £ 10,000 for stock trading and £ 50,000 for forex and the rest of the products. These transactions can be made on City Index and / or other brokers.
  • Owning a portfolio of financial instruments with a total value of 500,000 euros (not accepting pensions, non-tradable assets such as houses, cars, jewelry …)
  • Must have worked in a professional position in the financial field for at least one year.

Trading platform

City Index provides 3 trading platforms, of which the most popular one is MT4 software and the other 2 platforms are designed specifically for their customers, the platform. Web Trader and AT Pro.

MT4 software

Perhaps it is familiar to all traders in the forex market or for those who have just approached the market will know it. A software that is not too complicated, but offers full features for basic to advanced transactions.

  • 3 types of price charts and 9 time frames
  • 6 types of pending orders
  • System of EAs and testing strategies
  • More than 50 technical indicators and tools to support chart analysis with the ability to customize parameters according to each person's strategy
  • Get access to services at MQL5 Community, a platform that offers great forex services from MetaTrader
  • Used on computers and mobile devices, ipad …
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Web Trader platform

Designed on HTML5 browser, users experience fast and reliable processing speed. The Web Trader platform was born to bring convenience to traders, the platform has many outstanding features such as being able to customize the work area to your liking, receive the latest market analysis from Reuters, analysis. Advanced chart, simple and beautiful interface.

AT Pro

This platform is designed for advanced, professional customers with extremely creative and fully customizable functions. Some salient features of AT Pro:

  • More than 100 indicators and chart analysis tools
  • Provide advanced order types such as Stop, Limit, OCO or If done
  • Providing trading signals, helping traders identify entry and exit points directly on the chart
  • Choose from hundreds of available chart templates and customize them to your liking
  • Get real-time economic news from Reuters
  • Provides economic calendar and the ability to customize directly on the platform
  • In particular, the platform provides an ecosystem that includes a lot of tools, technical analysis features and effective trading alerts such as Trading Central technical analysis system.

Besides, City Index also provides trading platforms through mobile applications on iOS and Androi. The mobile application offers the convenience of being on the go and is compact, but it will not take full advantage of the chart analysis features, so we recommend that you use the mobile platform for management activities. Account management such as depositing, withdrawing or monitoring the market rather than analyzing charts and placing orders.

In addition to the great features that trading platforms offer, City Index also provides investors with free trading alerts / signals sent via SMS daily.

Leverage, commission and spread

Lever

The maximum leverage used at City Index is quite low, 1:30 for Trader and Premium Trader (due to FCA) and 1: 400 for Professional Trader, while currently there are many exchanges. forex support for traders trading with rates up to 1: several thousand.

The leverage ratio depends on the type of product, including:

  • Trader and Premium Trader accounts: forex is 1:30, index is 1:20, stocks are 1: 5, cryptocurrency 1: 2 and the rest is 1:10.
  • Professional accounts: forex and indices are 1: 400, stocks are 1:33, cryptocurrencies 1:20 and the remaining products are 1: 200.

Besides, the leverage depends on the size of the transaction, the greater the volume of transactions, the lower the leverage used, this is one of the risk management policies for investors.

Commission

City Index only charges commission for stock transactions. Rates are different for each market and are as follows:

  • UK Shares: 0.08%, minimum of 10 GBP
  • European stocks: 0.08%, minimum of EUR 10
  • Australian stocks: 0.08%, minimum of AUD 5
  • Asian stocks: 0.08%, minimum of SGD 10
  • US stocks: 1.8 CPS, minimum USD 10

Spread

City Index applies fixed spread for trading stock indexes, bonds and interest rates, the remaining products apply floating spread.

Trader and Premium Trader accounts have similar spreads. Spread on Professional accounts is not published by City Index.

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The average spread (pip) of some basic forex pairs on the market

In general, the spread at City Index is quite high, except for a few main forex pairs. You can imagine the difference in spread between City Index and the famous reputable forex market today when we try to compare it with IC Markets, one of the leading reputable forex market. For EUR / USD, the average spread at City Index is 0.8 pips, while at IC Markets it is only 0.5 pips and the lowest spread on this pair at City Index is 0.5 pips while IC Markets is only 0.1 pips.

Forms of deposit and withdrawal

City Index offers only 3 basic deposit and withdrawal methods: Wire transfer, Visa / Master card and Paypal.

Recharge:

  • No minimum deposit is required, but 100 GBP is the suggested amount.
  • City Index does not charge a deposit fee but the fee may come from an investor's bank
  • Deposits will be credited to your account immediately, except for Wire transfer from 1-3 business days

Withdrawal

  • The minimum withdrawal amount is 50 GBP
  • The maximum one-time withdrawal amount is 20,000 GBP, for credit cards this limit is applied for one day
  • Free money withdrawal
  • Time for money from 3 to 5 working days

Summary of pros and cons

Advantages

  • Licensed by reputable agency
  • Information about the company, legal status, transparent financial statements
  • Diverse transaction products
  • Good trading platform with lots of advanced features and lots of trading tools
  • Transaction with no commission or low fee (stocks)
  • Spread on some major forex pairs is low
  • Deposit, withdraw money without charge
  • Enthusiastic customer support, support time 24/5

Defect

  • There is only a single choice of trading account for Vietnamese traders, especially small traders with little capital
  • Low maximum leverage ratio
  • Provide few deposit and withdrawal channels
  • Website and trading platform that do not support Vietnamese (except MT4)

Compared to the common ground in the market today, the City Index is one of the names that deserves our attention. A long-standing reputable forex platform, along with good conditions and trading platform, will facilitate the success of traders in the market. For new investors, you can open a Trader account with a small deposit to both trade on the Live account and experience the services on the floor or can start from the Demo account to test first. , if it is appropriate to your needs, you may consider opening a Live account.


You have just read the article: “Reviewing the latest City Index floor 2020”

Author: Tin Nguyen

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