Why choose City Index
City Index is a global CFD broker regulated by many financial authorities, including the top-tier UK FCA.
City Index has low forex trading fees, and non-trading fees like withdrawal fees are also low. Account opening is fast and smooth and a wide range of high-quality research tools are available.
However, City Index provides only forex, CFDs and crypto trading. The fees for stock CFDs are high and the desktop trading platform is not user-friendly.
AwardBroker gave City Index a 4.5/5 rating based on analyzing 600+ criteria and testing via opening a live account.
| ✅ Pros | ❌ Cons |
| ❖ Low fees for forex Fast and smooth account opening Diverse research tools | ❖ Product portfolio limited to forex and CFDs High stock CFD fees Non-user-friendly desktop platform |
City Index at a glance
| 🗺 Country of regulation | UK, Australia, Singapore |
|---|---|
| 🛡️ Negative balance protection | Yes |
| 💰 Apple CFD fee | $23.2 |
| 💰 S&P 500 CFD spread | 0.4 |
| 💰 Inactivity fee charged | Yes |
| 💰 Withdrawal fee | $0 |
| 💰 Minimum deposit | $0 |
| 💵 Available base currencies | EUR, GBP, USD |
| 💵 Conversion fee of deposits in non-base currency | 0.5% charge |
| 💳 Deposit with bank card | Available |
| 👛 With electronic wallet | Available |
| 🕖 Time to open an account | 1 day |
| 🎮 Demo account provided | Yes |
| 🛍️ Products offered | Forex, CFD, Crypto |
Fees
Score: 3.7/5
City Index has low fees for forex trading and there is no withdrawal fee. On the other hand, stock CFD fees are high and an inactivity fee kicks in after one year.
| ✅ Pros | ❌ Cons |
| ❖ Low forex fees ❖ No withdrawal fee | ❖ Inactivity fee ❖ High stock CFD fees |
We compared City Index‘s fees with two similar brokers we selected, CMC Markets and XTB. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of City Index alternatives.
Low FX fees
All fees are built into the spread, so there is no separate commission charged. For example, the EUR/USD spread is 1.1.
| Broker | EURUSD spread | FX commission per lot |
|---|---|---|
| City Index | 1.1 | No commission is charged |
| CMC Markets | 0.7 | No commission is charged |
| XTB | 1.0 | No commission is charged |
Low index CFD fees
All index CFD fees are built into the spread. The spread for S&P 500 index CFDs is 0.4.
| Broker | S&P 500 CFD spread |
|---|---|
| City Index | 0.4 |
| CMC Markets | 0.6 |
| XTB | 0.6 |
High stock CFD fees
The commission for stock CFD trading is the following: $0.018 per share; min $10.
| Broker | Apple CFD |
|---|---|
| City Index | $10.1 |
| CMC Markets | $10.1 |
| XTB | $2.6 |
Low inactivity fee, low withdrawal fee
There is no withdrawal fee or account maintenance fee.
On the other hand, there is a£12 monthly fee after one year of inactivity.
| Broker | Inactivity fee | Withdrawal fee |
|---|---|---|
| City Index | $0 | |
| CMC Markets | $0 | |
| XTB | $0 |
Safety
City Index is regulated by top-tier authorities, such as the UK's FCA. Its parent company, StoneX Group Inc. is listed on the NASDAQ Stock Exchange.
| ✅ Pros | ❌ Cons |
| ❖ Majority of clients belong to a top-tier financial authority ❖ Listed on stock exchange ❖ Negative balance protection | None |
Is City Index regulated?
Yes, City Index is regulated by top tier authorities, like the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS).
Is City Index safe?
To be certain that a brokerage is safe, we highly advise that you check two facts:
- how you are protected if something goes wrong
- the background of the broker.
How you are protected
City Index operates under several legal entities worldwide; which of these will serve you depends on your residency. The investor protection amount you're eligible for depends on the country where the entity serving you is located.
For example, if you are from the UK, you will sign up with StoneX Financial Ltd. and will be eligible for investor protection of £85,000. StoneX Financial Ltd. is regulated by the FCA, the UK's financial authority.
| Client country | Investor protection amount | Regulator | Legal entity |
|---|---|---|---|
| All countries, except for Australia and Singapore | £85,000 | Financial Conduct Authority (FCA) | StoneX Financial Ltd. |
| Australia | No protection | Australian Securities and Investments Commission (ASIC) | StoneX Financial Pty Ltd. |
| Singapore | No protection | Monetary Authority of Singapore (MAS) | GAIN Capital Singapore Pte |
City Index provides negative balance protection for clients under StoneX Financial Ltd. (UK) and StoneX Financial Pty Ltd. (AU) for forex spot and CFD trading, but only for retail clients onboarded under the FCA or ASIC. Professional and clients outside EU or Australia are not covered with any negative balance protection.
Background
City Index is a brand of StoneX Group Inc., a US-based investment company. This is important as a strong parent company lowers the chance that the company will go bust.
The fact that StoneX Group is listed on the NASDAQ Stock Exchange is a big plus for safety as City Index releases financial statements regularly and in a transparent manner.
City Index was established in 1983 and was acquired by GAIN Capital in 2014. GAIN Capital was acquired by StoneX Group in 2020. The longer the track record of a broker, the more proof we have that it has successfully weathered previous financial crises.
Having a parent company listed on a stock exchange, providing financial statements and being regulated by a top-tier authority are all great markers of City Index's safety.
Deposit and withdrawal
Score: 4.4/5
City Index provides multiple deposit and withdrawal options, all free of charge. However, withdrawal is not possible with some credit cards.
| ✅ Pros | ❌ Cons |
| ❖ Credit/Debit card available ❖ Free withdrawal ❖ No deposit fee | ❖ Problem with credit card withdrawal |
Account base currencies
At City Index, you can choose from the following 3 base currencies: EUR, GBP, USD.
This selection falls behind competing brokers. Both CMC Markets and XTB offer more base currencies.
If you would like to change the base currency of your account, you have to reach out to the City Index support team.
This selection falls behind competing brokers. Both CMC Markets and XTB offer more base currencies.
| Broker | Number of base currencies |
|---|---|
| City Index | 3 |
| CMC Markets | 10 |
| XTB | 5 |
Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you won't have to pay a conversion fee.
A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.
Deposit fees and options
City Index charges no deposit fees.
Besides bank transfer, you can use credit/debit cards and PayPal to deposit funds. Once the account base currency is set, you can fund your account only with the same currency.
| Broker | Bank transfer |
|---|---|
| City Index | |
| CMC Markets | |
| XTB |
A bank transfer can take several business days, while payment with a credit/debit card is instant. You can only deposit money from accounts that are in your name.
There are a lot of deposit options at City Index, including electronic wallets such as PayPal.
City Index review – Deposit and withdrawal – Deposit
City Index withdrawal fees and options
City Index charges no withdrawal fees. The options for withdrawing funds are the same as for deposits. The minimum withdrawal amount is $100 or all your available account balance (whichever is lower).
| Broker | Bank transfer |
|---|---|
| City Index | |
| CMC Markets | |
| XTB |
You can only withdraw money to accounts in your name.
How long does it take to withdraw money from City Index? Withdrawals usually take 3-5 business days.
When we tested withdrawal, it took several weeks because we had a problem with credit card withdrawal. The reason for the problem was that City Index can't send money to some MasterCard and Visa credit cards. Instead of credit cards, we had to withdraw via bank transfer, but before doing so, customer service had to add and approve our bank account. It would be great to know in advance which cards are accepted and which are not.
How do you withdraw money from City Index?
- Log in to your City Index account
- Go to ‘Funding'
- Select ‘Withdraw'
- Enter withdrawal amount
- Initiate the withdrawal
Account opening
Score: 5/5
City Index‘s account opening process is fully digital and there is no minimum deposit. It took one day for us to get the account approved.
| ✅ Pros | ❌ Cons |
| ❖ Fast ❖ Fully digital ❖ No minimum deposit | None |
Can you open an account?
No, you can't open an account at City Index if you live in the United States!
the United States
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City Index accepts customers from selected countries including Australia, Singapore and the UK.
What is the minimum deposit at City Index?
The required City Index minimum deposit is $0.
Account types
City Index provides three account types, which differ in the account balance required, the maximum level of leverage and the provided additional services.
| Trader | Premium Trader | Professional* | |
|---|---|---|---|
| Minimum account balance | £0 | £10,000 | £0 |
| Leverage | Up to 30:1 | Up to 30:1 | Up to 400:1 |
| Additional services | – | Relationship manager | Relationship manager |
*This account requires that you hold a minimum €500,000 portfolio or have working experience in the financial sector.
Based on ownership, you can open an individual or corporate account. Ifyou are from the UK, you can also trade using a Self-Invested Personal Pension (SIPP) account.
How to open your account
The account opening is fully digital and it takes only 1 day until your account is approved.
The three stepsof City Index account opening:
- Provide your personal and financial information.
- Indicate your trading experience and fill out a test on your knowledge.
- Verify your ID and residency. You can upload a national ID, passport or driver's license for verifying your ID. Utility bills or bank statements are accepted for residency verification.
City Index review – Account opening
Mobile app
Score: 4.5/5
City Index‘s mobile trading platform has a modern design and is easy to use. However, there is no two-step authentication.
| ✅ Pros | ❌ Cons |
| ❖ User-friendly ❖ Good search function ❖ Good variety of order types | ❖ No two-step (safer) login |
You can use City Index‘s own or the MetaTrader 4 mobile trading platform. Both are available on iOS and Android. In this review, we tested City Index‘s own mobile trading platform.
Look and feel
The City Index mobile trading platform is user-friendly and well-designed.
We liked the ‘Platform tips' option on the menu, which provides a demo of the mobile platform's functions. Another great feature is the embedded economic calendar, which has advanced filter options and can be customized on a high level.
On the negative side, features were sometimes a bit slow to load.
City Index review – Mobile trading platform
Login and security
City Index provides only a one-step login for its mobile platform. A two-step authentication would be more secure and adding this feature should be high on any company's list of security changes.
You can log in using biometric authentication, which is a convenient feature.
Search functions
The search functions are good.
You can search by typing the name of the asset you're looking for or browse product categories.
City Index review – Mobile trading platform – Search
Placing orders
You can use the following order types on the mobile trading platform:
- Limit
- market
- stop
- stop trailing
- guaranteed stop
- OCO
There are also order time limits you can use:
- Good till Canceled (GTC)
- Good 'till Time (GTT)
City Index review – Mobile trading platform – Order panel
Alerts and notifications
You can set alerts and notifications on the City Index mobile platform.
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Desktop platform
Score: 4.5/5
City Index‘s web trading platform is user-friendly and extremely customizable, with lots of order types. On the negative side, there is no two-step login.
| ✅ Pros | ❌ Cons |
| ❖ User-friendly ❖ Good customizability (for charts, workspace) ❖ Good variety of order types | ❖ No two-step (safer) login |
City Index offers two desktop platforms, the Advanced Trading Platform and MetaTrader 4. Similarly to the web trading platform, we tested the Advanced Trading Platform as this is City Index‘s own platform, while MetaTrader 4 is a third-party platform.
City Index's desktop trading platform has the same functionality as the web trading platform. For example, you can use the same order types or price alerts
On the downside, the desktop trading platform is less user-friendly and the design feels outdated. It was hard to navigate on the platform and it felt too crammed with functions.
City Index review – Desktop trading platform
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70% of retail CFD accounts lose money
Product selection
Score: 2.3/5
At City Index, you can only trade CFDs, forex and cryptos. Other popular asset classes, like real stocks or funds, are not available.
City Index is a CFD and forex broker. To learn more about CFDs read our CFD trading tips.
City Index has an average selection of forex and CFD products.
| Broker | Currency pairs (#) |
|---|---|
| City Index | 84 |
| CMC Markets | 338 |
| XTB | 57 |
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FCA bans the sale of crypto-derivatives to UK retail consumers from 6 January 2021.
Leverage
You can't change leverage levels. This is a drawback.
Changing the leverage manually is a very useful feature when you want to lower the risk of your trade. Be careful with forex and CFD trading, as the preset leverage levels may be high.
FAQ
We recommend City Index for forex and cfd traders looking for low forex fees and great research tools.
Below you can find links to all aspects of City Index in this comprehensive collection.
Lower fees, lower costs?
We detailed this in our City Index fees article.
What about the minimum deposit?
Our ultimate guide to the City Index minimum deposit is updated regularly.
How to start your City Index account?
Look no further than our evaluation of the City Index account opening.
How's their trading app?
Here's our expert view after checking the City Index trading app.
Is the quality of customer service satisfactory?
All you need to know about the City Index customer service.
Legit or scam?
Is City Index legit features all the key aspects you need to look at to see if a broker is safe and legit.
Free or premium? Or both?
A glance at actual costs and whether City Index is really free.
Is this broker good for beginners?
We checked it in Is City Index good for beginners.
Should you buy your silver bullets on City Index?
Research for silver bugs in the Silver buy on City Index guide
I want to trade options, are they available at City Index?
We explored the topic in Can you trade options on City Index?
What is the minimum account balance at City Index?
Check out the current account balance requirements at City Index in our What is the minimum account balance at City Index article.
Looking for commission and fees data for City Index?
We collected them in City Index commission and fees.
How do you withdraw money from City Index?
We tested it and collected the options and costs in How to withdraw money on City Index.