Summary

Recommended for forex and CFD traders looking for low forex fees and great research tools

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74% of retail CFD accounts lose money

City Index is a global CFD and FX broker that was founded in 1983. City Index is a trading brand of GAIN Capital, which is listed on the New York Stock Exchange. The company is regulated by top-tier financial authorities, such as the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS). 

City Index is considered safe because it has a long track record, is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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.

Overall Rating
4.6
Fees
4.1
Account opening
5.0
Deposit and withdrawal
4.3
Trading platform
4.1
Markets and products
2.0
Research
4.3
Customer service
4.0
Education
5.0

City Index pros and cons

City Index has low forex and stock index CFD 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.

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.

Pros Cons
Low fees for forex and index CFDs Limited product portfolio
Fast and smooth account opening High stock CFD fees
Diverse research tools Non-user-friendly desktop platform
City Index main features and highlights
🗺️ Country of regulation UK, Australia, Singapore
💰 Trading fees class Low
💰 Inactivity fee charged Yes
💰 Withdrawal fee amount $0
💰 Minimum deposit $100
🕖 Time to open an account 1 day
💳 Deposit with bank card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 8
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD, Crypto
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74% of retail CFD accounts lose money

Author of this review

Ádám Nasli

Author of this review

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

Ádám Nasli

Broker Expert

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

City Index review
Fees

4.1
To know more about trading and non-trading fees, visit City Index
Open account 74% of retail CFD accounts lose money

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Compare to its best reviewed alternative: IG
City Index has low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high and there is an inactivity fee after one year.
Pros Cons
Low forex fees Inactivity fee
No withdrawal fee High stock CFD fees
Low stock index CFD fees
City Index fees snapshot
Assets Fee level Fee terms
S&P 500 CFD Low The fees are built into the spread, 0.4 is the average spread cost during peak trading hours.
Europe 50 CFD Low The fees are built into the spread, 2 is the average spread cost during peak trading hours.
EURUSD Low The fees are built into the spread, 0.8 pips is the average spread cost during peak trading hours.
Inactivity fee Low £12 per month after one year of inactivity

How we ranked fees

We ranked City Index's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let's go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

In the sections below, you will find the most relevant fees of City Index for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.

We also compared City Index's fees with those of two similar brokers we selected, IG and XTB. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of City Index alternatives.

To have a clear overview of City Index, let's start with the trading fees.

City Index trading fees

City Index trading fees are low.

We know it's hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments within each asset class:

  • Stock index CFDs: SPX and EUSTX50
  • Stock CFDs: Apple and Vodafone
  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week, and then selling. For the volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used was:

  • 20:1 for stock index CFDs
  • 5:1 for stock CFDs
  • 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers.

CFD fees

City Index has low stock index CFD fees, but high stock CFD fees.

City Index CFD fees for a $2,000 long position held for one week
  City Index IG XTB
S&P 500 index CFD fee $1.9 $1.9 $1.9
Europe 50 index CFD fee $1.9 $1.6 $1.9
Apple CFD fee $21.9 $31.9 $17.9
Vodafone CFD fee $25.7 $25.7 $19.3

Stock index CFD fees are built into the spreads, while stock CFD fees are charged via commission.

City Index stock CFD fee
Market Commission Minimum fee
US stocks $0.018 per share $10
UK stocks 0.08% of the trade value £10
EU stocks 0.08% of the trade value €10

Forex fees

City Index's forex fees are low, below the levels charged by its selected competitors.

City Index forex benchmark fees of a $20,000 30:1 long position held for one week
  City Index IG XTB
EURUSD benchmark fee $12.5 $16.8 $14.8
GBPUSD benchmark fee $9.6 $14.1 $10.8
AUDUSD benchmark fee $10.7 $14.1 $9.4
EURCHF benchmark fee $6.3 $6.6 $6.4
EURGBP benchmark fee $11.3 $10.2 $9.7

Forex fees are built into the spreads.

Non-trading fees

City Index has low non-trading fees. There is no withdrawal fee or account maintenance fee. 

On the other hand, there is a £12 monthly fee after one year of inactivity.

City Index non-trading fees
  City Index IG XTB
Account fee No No No
Inactivity fee Yes Yes Yes
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

City Index review
Account opening

5.0
To experience the account opening process, visit City Index
Open account 74% of retail CFD accounts lose money

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Compare to its best reviewed alternative: IG
City Index's account opening process is fully digital and there is no minimum deposit required. It took one day for us to have an approved open account.
Pros Cons
Fast None
Fully digital
No minimum deposit

Can you open an account?

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74% of retail CFD accounts lose money

City Index accepts customers from all around the world. There are a few notable exceptions, however, such as the citizens of the US and Canada.

Minimum deposit

The required City Index minimum deposit is $100. This is considered low, as there are other brokers that require a minimum of $2,000 or more.

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. 

City Index account types
  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. If you 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 steps of City Index account opening:

  1. Provide your personal and financial information.
  2. Indicate your trading experience and fill out a test on your knowledge.
  3. 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

City Index review
Deposit and withdrawal

4.3
To find out more about the deposit and withdrawal process, visit City Index
Open account 74% of retail CFD accounts lose money

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Compare to its best reviewed alternative: IG
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 Problem with credit card withdrawal
Free withdrawal
No deposit fee

Account base currencies

At City Index, you can choose from 8 base currencies: EUR, GBP, USD, CHF, HUF, AUD, JPY, PLN.

Base currencies at City Index vs similar brokers
  City Index IG XTB
Number of base currencies 8 6 5

If you would like to change the base currency of your account, you have to reach out to the City Index support team.

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 don'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 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.

Compare digital banks

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.

City Index deposit options
  City Index IG XTB
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

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.

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). 

City Index withdrawal fees and options
  City Index IG XTB
Bank Transfer Yes Yes Yes
Credit/Debit card Yes Yes No
Electronic wallets Yes Yes No
Withdrawal fee $0 $0 $0

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?

  1. Log in to your City Index account
  2. Go to 'Funding'
  3. Select 'Withdraw'
  4. Enter withdrawal amount
  5. Initiate the withdrawal

Compare to other brokers

City Index review
Web trading platform

4.3
To try the web trading platform yourself, visit City Index
Open account 74% of retail CFD accounts lose money

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Compare to its best reviewed alternative: IG
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 No two-step (safer) login
Good customizability (for charts, workspace)
Good variety of order types
City Index platforms to choose from
Trading platform Score Available
Web 4.3 stars Yes
Mobile 4.3 stars Yes
Desktop 3.0 stars Yes

You can choose from three web trading platforms:

  • Web Trader – City Index's HTML-based trading platform
  • Advantage Web – City Index's older web trading platform
  • MetaTrader 4 – third-party trading platform, specialized in forex trading

We tested Web Trader as it seems the best trading platform in terms of functionality and design. The platform is available only in English.

Look and feel

City Index's web trading platform is user-friendly and looks great.

It is extremely customizableIt is easy to add, remove, or change the size and position of tabs to create your own unique trading platform. It also lets you pick between a light or dark theme and between 'one-click' or 'two-click' trading.

City Index review - Web trading platform

Login and security

City Index provides only a one-step login. Two-step authentication would be safer here.

Search functions

We really liked the search functions of the web trading platform. You can search by typing the name of the product you're looking for or browsing a categorized product list.

City Index review - Web trading platform - Search

Placing orders

You can use many order types, including some more sophisticated ones:

  • Market
  • Limit
  • Stop
  • Trailing stop
  • One-cancels-the-other (OCO)

If you are not familiar with the basic order types, read this overview.

There are also several order terms available:

  • Good 'til canceled (GTC)
  • Good 'til end of the day (GTD)
  • Good 'til time (GTT)
City Index review - Web trading platform - Order panel

Alerts and notifications

You can set alerts or notifications to know when an asset reaches a price target or when your order gets fulfilled. On the web platform, this feature appears either as an icon or a browser notification. On mobile, you will be informed via a push notification.

Portfolio and fee reports

City Index has clear portfolio and fee reports. You can find these under the 'Reports' tab and download them in PDF, XLS, XML or CSV format.

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74% of retail CFD accounts lose money

City Index review
Mobile trading platform

4.3
To try the mobile trading platform yourself, visit City Index
Open account 74% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: IG
City Index's mobile trading platform has a modern design and is easy to use. However, there is no two-step or biometric authentication.
Pros Cons
User-friendly No two-step (safer) login
Good search function No Touch/Face ID login
Good variety of order types

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 'Take a tour' 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 quite slow to load. 

City Index review - Mobile trading platform

Login and security

City Index provides only a one-step login.

You can't log in using biometric authentication. Offering this feature would make the login process more convenient.

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:

  • Market
  • Limit
  • Stop
  • Trailing stop
  • OCO

However, we didn't find an option to set order time limits.

City Index review - Mobile trading platform - Order panel

Alerts and notifications

You can easily set alerts and notifications on the City Index mobile platform.

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74% of retail CFD accounts lose money

City Index review
Desktop trading platform

3.0
To try the desktop trading platform yourself, visit City Index
Open account 74% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: IG
City Index's desktop platform has the same functions as the web trading platform but lags behind in user-friendliness.
Pros Cons
Clear fee report Not user-friendly
Good customizability (for charts, workspace) No two-step (safer) login
Good variety of order types Outdated design

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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74% of retail CFD accounts lose money

City Index review
Markets and products

2.0
To dig even deeper in markets and products, visit City Index
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At City Index, you can only trade with CFDs, forex, and cryptos. Other 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.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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.

City Index has great selection of forex and an average selection of CFD products.

City Index product selection
  City Index IG XTB
Currency pairs (#) 84 205 49
Stock index CFDs (#) 22 78 42
Stock CFDs (#) 4,500 10,500 1,800
ETF CFDs (#) 690 1,900 114
Commodity CFDs (#) 29 47 22
Bond CFDs (#) 12 13 -
Cryptos (#) 6 8 25

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.

City Index review
Research

4.3
To check the available research tools and assets, visit City Index
Open account 74% of retail CFD accounts lose money

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Compare to its best reviewed alternative: IG
City Index has great and diverse research tools. You can take advantage of good charting tools, trading ideas and quality news. On the other hand, it lacks fundamental data.
Pros Cons
Good interactive chart No fundamental data available
Trading ideas
Quality news flow

You can find City Index's research tools on the trading platforms or on the website under 'Market News'.

Trading ideas

City Index provides trading ideas based on technical analysis. You can find them on the platform if you click on 'Trading Central'. 

City Index review - Research - Recommendations

Fundamental data

City Index does not provide any fundamental data on assets.

Charting

We really liked the great charting tools. There are 90 technical indicators to choose from, which is an impressive selection.

There are also chart analyses provided by Autochartist, a third-party technical analysis firm. 

City Index review - Research - Charting

News feed

The news feed is high-quality. You can read news provided by Reuters, as well as analyses written by City Index's own research team.

With the help of the economic calendar, you can see important coming events. When you select an event, you can read a quick summary about it and check its historical data. For example, you can see what the EU employment data means and how it has changed over time.

City Index review - Research - Economic calendar

Compare research pros and cons

City Index review
Customer service

4.0
To find customer service contact information details, visit City Index
Open account 74% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: IG
City Index customer service is great. You can reach them in many ways and get fast and relevant answers via phone and chat. On the negative side, email support is really slow.
Pros Cons
Live chat No 24/7 support
Great phone support Slow email support

You can contact City Index via:

  • phone
  • live chat
  • email

Phone support is great. We connected with an agent instantly and received relevant answers.

If you prefer using live chat, click 'Chat'. It opens a chatbot, which can answer only some basic questions, like "How can I deposit?". It's a bit more tricky if you want to talk to a real person. You have to type 'agent', after which the chatbot offers to connect you with a sales or support agent.

We received relevant but slow answers via email. On some occasions, it took as much as 6 days to get an answer, or even more during the summer holiday season. 

City Index's customer service is not fully 24/7, but is available 24/5 from 5 p.m. Sunday to 5 p.m. Friday EST.

City Index review - Customer Service

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74% of retail CFD accounts lose money

City Index review
Education

5.0
To check the available education material and assets, visit City Index
Open account 74% of retail CFD accounts lose money

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Compare to its best reviewed alternative: IG
City Index does a great job in education. It provides many ways to learn, from a demo account to educational videos.
Pros Cons
Demo account None
Trading platform tutorial
Educational videos

At City Index you have many options to improve your trading skills:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • Webinars
  • Quality educational articles

We liked the useful and high-quality platform tutorial videos.

City Index review - Education

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74% of retail CFD accounts lose money

City Index review
Safety

To find out more about safety and regulation, visit City Index
Open account 74% of retail CFD accounts lose money

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Compare to its best reviewed alternative: IG
City Index is regulated by top-tier authorities, such as the UK's FCA. Its parent company, GAIN Capital, is listed on the New York Stock Exchange.
Pros Cons
Majority of clients belong to a top-tier financial authority None
Listed on stock exchange
Negative balance protection

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 if a brokerage is safe, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

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 GAIN Capital UK Ltd and will be eligible for investor protection of £85,000. GAIN Capital UK Ltd is regulated by the FCA, the UK's financial authority.

City Index investor protection
Client country Investor protection amount Regulator Legal entity
All countries, except for Australia and Singapore £85,000 Financial Conduct Authority (FCA) GAIN Capital UK Ltd
Australia No protection Australian Securities and Investments Commission (ASIC) GAIN Capital Australia Pty Ltd
Singapore No protection Monetary Authority of Singapore (MAS) GAIN Capital Singapore Pte

City Index provides negative balance protection for clients under GAIN Capital UK for forex spot and CFD trading, but only for retail clients onboarded under the FCA. Professional and non-EU clients are not covered with any negative balance protection.

Background

City Index is a brand of GAIN Capital, 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 GAIN Capital is listed on the New York 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. 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.

Find your safe broker

City Index review
Bottom line

Visit City Index if you are looking for further details and information
Open account 74% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: IG

City Index is a great CFD and forex broker regulated by top-tier financial authorities, such as the UK's FCA.

On the positive side, it has low forex and stock index CFD fees, a smooth account opening process and high-quality research tools.

It has some drawbacks though. The product portfolio is limited, stock CFD fees are quite high and the desktop platform lags behind its competitors.

As there is no minimum balance required, no withdrawal fee, and an inactivity fee only kicks in after one year, feel free to try City Index.

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74% of retail CFD accounts lose money

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