City Index review (2022) Review
City Index is a global online financial trading platform founded in 1983. City Index is the trading brand of StoneX Financial Ltd., whose parent company StoneX Group Inc. is listed on the NASDAQ Stock Exchange. The company is regulated by the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS). There is no minimum deposit to open an account and they offer a demo account.
What can be traded with City Index
You can only trade CFDs, forex, shares, indices and cryptos, cryptocurrency trading is available through CFDs, but not available through trading the underlying asset. Other popular assets, like real stocks or funds, are not available. It was very difficult for me to find what account types they offer. From their website, I learnt, that they offer a live and a demo account.
Again, I had a problem looking for their regulation on the website. I found in other reviews, that 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).
City Index demo account
One of the best education supports is a demo account. With this account, you can practice your skills, learn terminology and try to invest without risking because with a demo account you also receive virtual money. With City Index it’s free of charge and comes with pre-loaded virtual money. To register for a demo account, you need to go to “Products” and the option comes up.
City Index fees
They have low fees for forex trading in general and there is no withdrawal fee and no maintenance fee. On the other hand, stock CFD fees are high and an inactivity fee comes up after one year. All involved trading costs with examples are listed, all can be found on their website for you to go through in detail.
Registering for an account
To register you need to fill in a form by clicking “Create account” which is in the top pane of the website at all times. Or go into the Products option as I have mentioned earlier.
The form was filled in under a minute and the next page showed me all my personal details to open an account. The demo account balance is $10 000. I can log in to use the platform or trade using aps.
In a couple of minutes, I received an email from City Index with my login details. I chose the Web Trader as a beginner; I want to try it out before I download any app. The registration was super easy and done in a minute.
You can choose from three web trading platforms:
- Web Trader – City Index’s HTML-based trading platform
- Mobile Trading App – Available for iOS and Android.
- MetaTrader 4 – third-party trading platform, specialized in forex trading
I chose the WebTrader and it seems super easy to me. It has intelligent tools and features to help with trading, it seems like the best trading platform in terms of functionality and design. The platform is available only in English.
There is a green bot, that helps you through, once you log in. You can customize your own workspace or even add more components.
This website was very chaotic for me. I couldn`t find any information about regulations, accounts, and even the first impression was full of numbers and things I`d like to learn first. It just seems too difficult and that could discourage beginners. The top pane offers to register at any point, which is good. You can also choose from other options:
- Forex Markets
- Other Markets
- Platforms and Products
- Market news
I was overwhelmed by their education support. Not only you can have a demo account, but you can also check out their education videos, webinars and articles.
City Index social media
They have accounts with Facebook, Twitter, YouTube and Linked In. On Facebook, they post several times a day. You`ll find news, analysis and all sorts of facts. The same activity is on Twitter.
Advantages and disadvantages of City Index
What was really annoying was looking for information on their website. It doesn’t seem organised and I didn`t like the layout at all. You can contact them via phone, but not at the moment because their lines are busy (as said on their website). The product portfolio is limited, stock CFD fees are quite high but, there are no withdrawal fees, no minimum deposit and the education support is brilliant.
- Chaotic website
- Only phone contact
- High stock CFD fees
- Quick registration
- No minimum deposit
- Low forex fees
- Variable and fixed spreads
Pros / Cons