City Index

City Index: UK Trading Broker Review

When I first tested City Index, I already knew its reputation as one of the oldest and most established brokers in the industry. Founded in 1983, City Index has been a go-to option for UK traders for decades, especially for those who appreciate a wide range of tradable markets and user-friendly platforms.

Despite being such a well-known name, I wanted to see how it measures up against newer brokers like EightCap and XTB. I also wanted to see how it would measure up to it’s famous sister site – Forex.com.

After weeks of exploring their platform, fees, execution speeds, and other features, I can confidently say that City Index deserves its place as one of the top brokers for UK traders, especially when it comes to spread betting. Here’s my breakdown of everything you need to know before deciding if City Index is the right broker for you.

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Is City Index a Good Broker?

City Index is undoubtedly a solid choice for UK traders, particularly for those who value a diverse range of tradable assets and reliable execution. While it lacks MT5 for retail traders, it more than makes up for it with competitive spreads, robust trading tools, and FCA oversight.

Whether you’re a beginner or an experienced trader, City Index’s platform selection and market variety provide plenty of opportunities.

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What Can I Trade on City index?

Trading Markets – 5 / 5 Stars

City Index offers one of the most diverse ranges of markets I’ve ever seen, second only to IG in terms of the number of tradable assets, with access to over 13,500 instruments. It’s the kind of variety that makes you feel like you’ll never run out of options—whether you’re into forex, indices, shares, or commodities.

What You Can Trade

• Forex: City Index really goes all out with its forex offerings. There are over 80 currency pairs, covering everything from majors like EUR/USD to more niche exotics. I found the spreads on major pairs (starting at 0.8 pips) to be tight and competitive, especially for standard accounts. This made scalping and day trading feel like a breeze.
• Indices: If you’re an indices trader, you’ll love City Index. With access to big names like the FTSE 100, NASDAQ 100, and S&P 500, there’s plenty of room to diversify. The spreads here are a dream for day traders, starting as low as 0.4 points on major indices.
• Commodities: City Index’s commodities selection is another strong point. Alongside popular choices like gold and crude oil, you can also trade soft commodities like coffee and wheat. Spreads are fair—gold starts at 0.3 points—but they’re not quite the lowest I’ve come across.
• Shares and ETFs: This is where City Index truly shines. You get access to thousands of shares and ETFs from global markets, including the UK and US. Whether you’re trading high-profile stocks like Apple or experimenting with sector-focused ETFs, the choices feel endless.
• Cryptocurrencies: Due to FCA regulations, cryptocurrencies are limited to professional traders. Retail traders won’t find crypto CFDs here, but if you qualify as a pro, you’ll find Bitcoin, Ethereum, and other key players available.

My Experience

I spent most of my time trading forex and indices, and let me tell you—City Index knows how to impress. I tested GBP/USD and EUR/USD during both volatile and quieter periods, and the tight spreads held up well. Execution speeds were lightning-fast (more on that later), making even quick scalping strategies viable.

Indices like the FTSE 100 and NASDAQ 100 stood out for their low spreads and reliability. Whether I was testing day trades or longer-term positions, the costs stayed predictable, and the platform handled even the busiest market sessions without a hitch.

The range of shares was another highlight for me. I loved being able to explore both UK blue-chip stocks and US tech giants. It’s rare to find a broker with this level of flexibility in a single account.

Verdict

If variety is what you’re after, City Index delivers in spades. Its range of instruments is unmatched, and whether you’re into forex, indices, or shares, you’ll have plenty to trade.

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What Are the Fees for City Index?

Fees – 3 / 5 Stars

City Index’s fee structure strikes a great balance between competitiveness and transparency. From tight forex spreads (0.7 pips) to fair CFD commissions (£10 minimum), it’s clear they’ve designed their pricing with traders in mind. Whether you’re trading forex, indices, shares, or commodities, the costs are laid out clearly, making it easy to understand what you’re paying for.

What to Expect

• Forex Spreads: Spreads on forex pairs start at 0.7 pips for popular pairs like EUR/USD and GBP/USD. This is competitive within the industry and more than suitable for day traders and swing traders alike.
• Indices Spreads: Trading indices like the FTSE 100 or S&P 500 comes with spreads as low as 0.4 points. During my testing, I found these spreads remained consistent, even during periods of moderate volatility.
• Shares CFDs: For share CFDs, City Index charges a commission. UK shares have a rate of 0.08% per trade with a £10 minimum (higher than XTB but on par with IG), while US shares are charged at 1.8 cents per share with a $10 minimum.
• Commodities Spreads: Commodities like gold and oil have spreads starting at 0.3 and 3.0 points respectively, which is competitive but not the lowest I’ve encountered.
• Inactivity Fees: A £12 monthly fee applies after 12 months of inactivity. This is fairly standard across major brokers, but it’s worth bearing in mind if you don’t trade regularly.

My Experience

While testing, I focused on forex and indices. The 0.8-pip spread on EUR/USD was solid, staying consistent throughout my trades. I found the costs to be in line with other top brokers like IG and Vantage.

The share CFD commissions were fair, especially given the variety of stocks available. Although £10 might feel steep for smaller trades, the competitive percentage rates work out well for medium to large trades. I liked the transparency of the fee structure—it’s easy to calculate costs before you make a trade.

One downside was the inactivity fee, which can add up if you’re not actively trading. However, City Index provides plenty of reminders to keep your account active, so it’s easy to avoid this charge.

Verdict

City Index delivers competitive fees across most asset classes. Forex and indices traders will find the costs reasonable, while the commissions on share CFDs are fair, though not the cheapest.

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What Are City Index’s Trading Platforms?

Trading Platforms – 4 / 5 Stars

City Index’s platform lineup feels like it’s been designed with every type of trader in mind. Whether you’re a fan of MetaTrader 4 or prefer something semi-proprietary, there’s a solution here for you.

What’s Available

• MetaTrader 4 (MT4): For forex and algo traders, MT4 is a no-brainer. It comes packed with customisable indicators, automated trading via EAs, and robust charting tools. City Index’s integration is great, making it easy to get started.
• Web Trader: City Index’s (semi-)proprietary Web Trader platform is intuitive and feature-rich. It’s browser-based, so there’s no need for downloads, and it includes advanced charting tools, fast execution, and one-click trading functionality. However, it is once again a TradingView based iFrame embedded into a platform so whilst the broker execution side of things if handled by City Index themselves, the actual charting software is handled by TradingView. While this may not be a determining factor in anyone’s book, it would have been nice to see such a storied broker develop something proprietary.
• Mobile App: The City Index mobile app is available for iOS and Android. The mobile app mirrors the Web Trader experience, letting you trade and analyze the markets on the go. I especially liked the real-time alerts and customizable dashboard—it felt like I wasn’t sacrificing functionality by stepping away from my desk.

My Experience

I spent the bulk of my time using the Web Trader platform, which I found intuitive and easy to navigate. The custom charting tools and technical indicators were more than sufficient for my needs, and placing trades was quick and hassle-free.

MetaTrader 4 was as reliable as ever, especially for testing automated strategies. I set up a few EAs during my testing and found execution speeds to be excellent, with no noticeable delays.

The mobile app was a pleasant surprise. It’s rare to find an app that genuinely feels like a full trading platform rather than a stripped-down version. I was able to monitor positions, place trades, and even perform technical analysis with ease.

Verdict

City Index’s platform variety is one of its strongest points. Whether you prefer MT4 or want a sleek, proprietary option, the broker delivers. While the absence of MetaTrader 5 might be a drawback for some, the existing platforms are more than sufficient for most traders.

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Does City Index have Good Execution Speeds?

Execution Speed – 5 / 5 Stars

In Short: Yes, City index is one o the fastest CFD & Spread Betting platforms for execution speed. They operate a no-dealing desk (NDD) model, ensuring that trades are executed directly in the market with minimal interference.

My Experience

I tested execution across multiple asset classes, including forex, indices, and shares, and found the performance to be top-notch. Orders were executed almost instantly, even during periods of high market volatility.

For forex trading, I noticed minimal slippage, which is a huge plus when trading high-volume or during fast-moving market conditions. Indices were equally smooth, with tight spreads maintained even during news releases.

Share CFD execution was reliable, and I didn’t experience any noticeable delays, even when trading smaller-cap stocks that are typically less liquid.

Verdict

City Index excels in execution speed, making it ideal for scalpers, day traders, and anyone relying on precise order placement. The no-dealing desk model ensures fair pricing and minimal slippage, giving traders confidence in their strategies.

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Is it Easy to Deposit and Withdraw from City index?

Deposit & Withdrawal – 4 / 5 Stars

City Index makes depositing and withdrawing funds straightforward, with a variety of payment methods available to suit UK traders.

What You Can Use

• Debit/Credit Cards: Most deposits are processed instantly.
• Bank Transfers: These can take 1–3 business days, depending on your bank.
• PayPal: A convenient option for those who prefer e-wallets.

My Experience

Depositing funds was easy enough. I used a debit card for my initial deposit, and the funds appeared in my account almost instantly. Withdrawals were equally smooth—I requested a withdrawal via bank transfer, and the funds arrived in my account within two business days.

The best part? There are no deposit or withdrawal fees on City Index’s end. However, it’s worth checking with your bank or payment provider to avoid surprises. However, third-party fees (e.g., from your bank) may still apply, so it’s worth double-checking.

Verdict

City Index’s deposit and withdrawal process is quick, hassle-free, and fee-free on their side. The variety of payment methods adds a layer of convenience, making it easy to manage your funds efficiently.

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Is City Index a Legit & Regulated Broker?

Regulation and Security – 5 / 5 Stars

When it comes to choosing a broker, regulation is one of the first things I look at—it’s non-negotiable. With City Index, you’re in safe hands. They’re regulated by the FCA (Financial Conduct Authority) in the UK, one of the most respected regulatory bodies in the world amongst others worldwide (see above). This means your funds are protected, and the broker is held to strict standards of transparency and fairness.

My Experience

From the moment I started trading with City Index, I felt reassured knowing they follow FCA rules. My funds were held in segregated accounts, meaning they’re kept separate from the broker’s operational money—so even in the unlikely event something goes wrong, my money is safe.

I was also impressed by their negative balance protection, which ensures that retail traders can’t lose more than their account balance. This is especially important if you’re using leverage, as markets can move quickly.

For UK traders, there’s an added layer of protection with the Financial Services Compensation Scheme (FSCS). This guarantees your funds up to £85,000 if the broker becomes insolvent. Thankfully, I didn’t need this(!), but it’s a comforting safety net.

Verdict

City Index’s regulation and security measures are top-tier. With FCA oversight, segregated funds, and negative balance protection, it’s hard to find fault here. If peace of mind is a priority, City Index has you covered.

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How Easy is it to get Started with City Index?

Onboarding – 4.5 / 5 Stars

Opening an account with City Index was one of the smoothest onboarding experiences I’ve had with any broker. It’s quick, easy, and designed with traders in mind—whether you’re a complete beginner or a seasoned pro.

My Experience

I filled out the online application in under 10 minutes. The form asked for basic details like my name, address, and trading experience. Once completed, I uploaded a copy of my photo ID and a utility bill for proof of address. Within 24 hours, my account was verified, and I was ready to go.

One thing I appreciated was how beginner-friendly the process felt. City Index provides clear instructions at every step, so there’s no confusion about what’s needed. Plus, they offer a demo account with virtual funds, which is fantastic for testing strategies before trading real money.

Verdict

City Index makes onboarding simple and efficient. From a fully digital sign-up process to quick verification times, the experience is seamless. The demo account is a nice touch for beginners looking to build confidence.

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Is City Index Beginner-Friendly?

Education – 4 / 5 Stars

City Index isn’t just about trading; they genuinely want to help you improve. Their educational resources are some of the best we’ve seen, comprehensive and packed with something for traders at every level. They are one of the few brokers who actually built out a full ‘Academy’ for beginners. It features, courses, a glossary, webinars and a whole bunch more!

What’s Available

• Trading Academy: A series of video tutorials covering everything from beginner basics to advanced trading strategies.
• Webinars: Regular live webinars hosted by industry experts, focusing on market trends and trading tips.
• Market Analysis: Daily updates on market movements, economic events, and key trading opportunities.
• Tools and Add-ons: Advanced trading tools, including Smart Signals and technical indicators, to help refine your strategies.

My Experience

As someone who loves digging into market analysis, I found City Index’s daily updates incredibly useful. The analysis is concise but detailed enough to help me plan my trades. I also attended a couple of their webinars, which were well-organized and packed with actionable insights.

For newer traders, the Trading Academy is a goldmine. I explored some of the beginner tutorials to see how they’d measure up, and they were clear, engaging, and easy to follow. That said, more advanced traders might find the educational material a bit basic compared to other brokers.

That said… and I have to look hard here for something to fault, but I would’ve loved to have more video content upfront – just make it clear that you offer exceptional content by having an introduction video or something to let traders know you help them.

Verdict

City Index’s educational resources are well-rounded and accessible, especially for beginners. While there’s room to expand for advanced traders, the mix of video tutorials, webinars, and market analysis makes this a strong offering.

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FAQs

1. Is City Index regulated?

Yes, City Index is regulated by the FCA (UK), ensuring a secure and transparent trading environment.

2. What account types are available?

City Index offers a single account type with competitive spreads, flexible leverage, and access to all their platforms.

3. Does City Index offer negative balance protection?

Yes, retail clients are protected from losing more than their account balance.

4. Are there fees for deposits or withdrawals?

No, City Index does not charge fees for deposits or withdrawals, but third-party charges (e.g., from your bank) may apply.

5. Can I trade cryptocurrencies with City Index?

Cryptocurrency CFDs are only available to professional traders due to FCA regulations.

6. What platforms does City Index offer?

City Index provides access to MetaTrader 4, a proprietary Web Trader, and a fully-featured mobile app.