City Index: Review & Trader Feedback of the UK Platform

CFD stands for Contract For Difference, which allows investors to trade the difference between an asset’s open and closing price (or price change) without owning the underlying assets.

However, it is hard to determine the candor of such a claim without professional expertise. The global financial market is constantly evolving, with the entrance of new participants and the fallout of others due to bankruptcy. However, superficial research on City Index indicates that the firm is among the most robust trading platforms globally.

“Privacy – like eating and breathing – is one of life’s basic requirements,” to quote Katherine Neville. This is a mantra at City Index. City Index prioritizes users’ security at every tier of their services, operating transparently to increase trust in the eyes of their customers. There are a series of features developed to ensure they keep customer security in mind.

The City Index trading platform ensures every one of its users undergoes a verification process as well as know-your-customer (KYC) to protect against bad actors such as fraudsters and money launderers. In addition, users’ private data are kept confidential and secluded from public access. Its site in Singapore has a two-factor authentication feature which is absent on its UK site.

City index observes due protocols by strictly abiding by the laws guiding financial trading platforms across the different jurisdictions it operates, keeping them out of the purview of security agencies. Client funds are insured by the Financial Services Compensation Scheme (FSCS) on City Index, adding another layer of trust and security.

Likewise, there are different order types and stop losses, allowing users to gain maximum benefits and avoid losses. The company gives precedence to accessibility and ensures communication with users. Their customer support is available by phone or email, and also offers an online chat feature on its site for users and prospective customers to reach out to broker representatives.

The customer center is available 24/5. Regardless of the problem that arises, whether technical or financial, users can be guaranteed a quick response from qualified specialists.

Additionally, the Financial Services Compensation Scheme (FSCS) safeguarded users’ funds, which provides up to £50,000 if the broker defaults. Other regulators that have granted City Index complete authorization are the Australian Securities & Investment Commission (ASIC) and the Monetary Authority of Singapore (MAS).

To make sure your money is safe with a broker, the gold standard to look for is an established financial regulator. In this case, the functions of the controlling organization are performed by the Financial Regulation and Supervision Authority (FCA).

It is worth noting that the authoritative British regulator has overseen 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 markets. For many experienced traders, this information is enough to put their minds at ease that the broker is trustworthy.

This comes with a support database.  The trading courses offer overviews which explain the nuances involved in trading, such as wedge patterns, and guide you on a successful path to profitability.

Another key feature the broker developed is the Demo trading options that help traders practice under actual market conditions. This feature is available to all users, and a virtual 10 thousand British pounds make it possible for you to develop your strategy for succeeding on the trading floor.

A drawback is the absence of a Russian-language version of the web resource. However, the platform is easy enough to use that the English-language version will suffice, even for speakers of other languages.

Trading Terms

Studying clients’ reviews, we can see that City Index maintains high ratings among its customers. There are a few outliers currently dissatisfied with the services offered. Issues related to this can be linked to the series of transitions the company has made over the decades. There is no minimum deposit ($0) required using the City Index.

Minimum lot – 0.01

Trading leverage – up to 1: 400

Base currencies of accounts – British pound, euro, and US dollar

Islamic account – no

Affiliate program – yes

How to Withdraw And Deposit Money

Looking through City Index’s ratings, it’s hard not to notice that reviews written about City Index (even if the author is generally positive towards the company) emphasize dissatisfaction with the methods for depositing and withdrawing funds.

Trading Assets

There’s a wide range of tradable assets for users to enter on the trading platform for the transactions, including:

• Currency pairs
• Cryptocurrencies
• Promotion
• Indices
• Commodities
• Precious metals

There are 13,500 tradable symbols on the platform, forex trading (available in spot and CFD), social trading / copy trading, and cryptocurrency (available in CFD).

Are my funds safe with City Index? 

Founded in 1983, with over 40 years of providing premium services, City Index has kept securing users’ funds at the forefront of their concerns. The parent company, StoneX Group, is Nasdaq listed. Its long-term record and the regulatory license it holds guarantee your funds are secured across whatever trading assets you decide to trade.

How soon can I open a City Index account?

While opening an account is straightforward, the primary determinant of how fast you can have a City Index account depends on how soon your identity is verified. Once verified successfully, you’ll receive a notification, and you’re on your way to enjoying the delightful services of City Index. If not, you might need to provide extra documentation or contact the City Index support team.

Final Thoughts

City Index is widely known and chosen for its functionality and high-level regulatory compliance. It has an easy-to-use and versatile mobile app and website hosting a wide range of features, such as its in-house trading signals and trading platform, making it the go-to choice for many.

It’s a comprehensive platform for traders of any level, beginner or professional. If you’re in search of other brokers that offer premium then we’ve compiled the list for you.

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