City Index Review: Check This Broker Review
City Index is a trading name of StoneX Financial Ltd from the UK. We read some complaints against the broker pointing to platform and withdrawal issues.
Thus, we decided to do a quick City Index Review and see the facts. Hopefully, we have shed light on this case and shown the risks of dealing with the City Index broker.
|Broker status:||Regulated Broker|
|Owned by:||StoneX Financial Ltd.|
|Supported Platforms:||WebTrader, MT4|
|Minimum Deposit:||100 $|
|Types of Assets:||FX, Indices, Shares, Commodities, Bonds|
|Free Demo Account:||Available|
|Accepts US clients:||Yes|
Is City Index a Licensed And Regulated Trading Broker?
City Index is run by StoneX Financial Ltd from the UK. Actually, City Index is just one of the eight trading names of this company. We found out about this on the website of the UK’s financial regulator, the FCA.
Yes, StoneX Financial Ltd is regulated by a renowned Tier 1 regulator in the FCA. How could an entity like that be suspected of fraud? Well, if you look at the trading names in the register, you’ll see a certain Gain Capital.
Of course, this brokerage used to be run by Gain Capital UK Limited, which is a subsidiary of Ney York Stock Exchange-listed Gain Capital from the US. By the way, the parent of Gain Capital is StoneX Group Inc. Starting to see the pattern?
Some trading names belong to offshore domains (the Cayman Islands). Maybe that’s the scheme here. The company is running a backdoor offshore brokerage while presenting itself as the FCA-licenced City Index broker.
Nevertheless, we cannot be certain but some traders claim they have been defrauded by City Index. That’s why extreme caution is necessary with this broker.
City Index is a trademark of StoneX Financial Ltd from the UK. The broker offers FX and CFD trading. Traders from the UK, US, Australia, Thailand and Italy had issues with City Index.
City Index Software – Platform Comparison
City Index trading platforms include MetaTrader 4 and WebTrader. The former is also available for mobile while the latter is browser-based, i. e. doesn’t require downloading.
For some bizarre reason, City Index made a platform comparison on its website. MT4 is far superior to a lackluster platform such as WebTrader, there’s no question about it.
MT4 is truly a gem of a platform. It came along and made the world of trading a better place. Traders can use advanced tools such as automated trading, live market reports, 30+ timeframes, instant execution, etc.
We highly recommend MT4 but you have to be careful with the broker given the complaints about its platform.
City Index Mobile Apps
City Index offers mobile apps for MT4. Traders can download the mobile versions of mT4 on both Android and iOS.
The broker advertises flexibility and in-depth analysis when it comes to its mobile apps. In general, mobile trading is good on the go and makes quick adjustments.
Unlike MT4, WebTrader doesn’t need to be downloaded. It is accessed via a browser. Also, the platform is pretty lackluster and is missing all the neat options and tools that MT4 offers. Traders have just some basic charts and graphs at their disposal.
City Index’s Trading Assets and Instruments
City Index’s main offer includes FX pairs and CFDs on popular assets such as metals, indices, and shares. Also, the broker offers bonds – corporate & government, options, and interest rates. Here’s a list of broker trading assets with some examples:
- FX pairs – EUR/USD, AUD/CAD, CHF/GBP…
- Indices – S&P500, NIKKEI225, NASADQ100…
- Commodities – gold, silver, crude oil…
- Shares – Amazon, Samsung, Adidas…
- Bonds – Euro Bund, UK Long Gilt, US T-Notes…
City Index Broker’s Active Locations
Since City Index is regulated by the FCA, many doors are open for the broker. Traders accept it as it is. However, some fraudulent activity was noticed. Here’s what we found out in terms of where the broker provides services:
On similarweb.com, we saw that in the last three months, the broker website was visited over 140k times each month. UK traders accounted for over 60% of visits.
City Index List of Account Types
Here’s an overview of the broker account types:
We guess the Standard account comes with WebTrader. Somewhere i the FAQ section, we found out that the minimum deposit with City Index is 100 GBP. The corporate account is for businesses, not natural persons. The professional account allows higher leverage.
Leverage, Spreads and Fees
Since the broker is regulated by the FCA, it has to have a leverage cap of 1:30 for retail clients. Professional clients, however, can go all the way up to 1:200. That way, they can lock in higher profits but the risks are huge.
For some account types, the broker doesn’t charge commissions. When it does charge them, they amount to 10 GBP. Spreads range from 0.5-0.8 pips, which is competitive.
Can a Trader Use a Demo Account?
Yes. Traders can open a free demo account and use a virtual 10,000 GBP for practice. The demo account lasts for 12 weeks. This is great but please be careful if you open a live account and invest real money.
About City Index Terms and Conditions
As of lately, traders wrote complaints against this broker, claiming the broker violated terms and conditions. Specifically, they had problems with withdrawals.
Unable to withdraw available funds in almost a week. No urgency to resolve in a volatile market but they blame Braintree for not processing payments, interesting that they can still process deposits. In response to making a negative review my account was closed…
- Trustpilot user, February 17, 2023.
There are positive reviews as well. So, we conclude that this isn’t an outright scam but we still cannot exclude the possibility of brokers defrauding traders from time to time.
What Should I Do If I Have City Index Problem?
If you’re having issues with this broker, please inform us about it. We would like to hear your story and give you guidelines for the future.
Our team of experts can help you get a chargeback. Also, we shall inform the FCA of your negative experience and show evidence of City Index’s fraudulent activity.
If you were scammed by a broker, let us know.
What Is City Index?
City Index is a UK-based broker that offers FX and CFD trading. The broker is run by StoneX Financial Ltd.
Is City Index a Regulated Broker?
Yes. City Index is regulated by the FCA, although some clients complained against the broker.
Is City Index Available in the United States or UK?
City Index is available to traders from both the US and the UK.
Does City Index Offer a Demo Account?
Yes. Traders can open a free demo account with virtual funds of 10,000 GBP and practice for 12 weeks.