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City Index Review UK

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City Index is a low-cost, award-winning, spread betting and CFD trading platform with access to the popular MetaTrader 4, as well as their own proprietary web trading platform and mobile app.

City Index is a good option for beginners and mid-level traders seeking an uncomplicated platform from where to access a large number of financial instruments.

City Index would not be a good option for anyone looking to trade real stocks and there is no social trading feature since the closure of City Index Connect.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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 competes well in the online space for trading CFDs and forex. Indeed, their longevity and parent company listing on the NASDAQ Stock Exchange makes it a popular choice among trading platforms.

The range of financial instruments is impressive, with over 4,700 assets available on the commission-free trading account. Forex trading is a strong favourite with over 84 forex pairs available and those trading CFDs won’t be disappointed by the range of 4500 stocks CFDs, indices, commodities, metals, bonds, and interest rates.

Loyalists of the MetaTrader trading platforms can access MetaTrader 4, although you will sacrifice some of the products on offer on the proprietary trading platform, most notably shares. The proprietary platform has much to commend it, winning ADVFN’s coveted award of ‘Best platform for the active trader 2021’. MetaTrader 5 is not available, despite the news that this was due to be launched in 2022.

All in all, I found this to be an excellent, low-cost trading platform with a robust education section and useful tools and market analysis. I strongly recommend you read my full City Index review to identify whether this is the best trading platform for your trading experience and level of activity.

City Index Ratings


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  • Low-cost trading platform
  • Excellent range of research tools
  • Wide range of assets


  • No MetaTrader 5
  • No recent updates to their youtube videos
  • No scalping available
City Index Homepage

Who are City Index?

City Index are a long-standing forex and CFD trading platform that was founded in 1983 in London. It is considered a traditional broker that has adapted to the emergence of online trading platforms with a robust suite of tradable assets alongside impressive tools and features.

Who owns City Index?

Gain Capital founded City Index and today are part of the parent company StoneX Group Inc who are listed on the NASDAQ Stock Exchange. StoneX is a financial services company operating in commercial hedging, global payments, securities, physical commodities, foreign exchange, and clearing and execution services.

City Index product range overview

City Index offers a range of trading platforms for trading CFDs, forex trading, and trading cryptocurrencies across 13,500 global financial markets. There are three account options, a demo account, a live account, and a professional account hosted on a choice of three trading platforms.

In terms of assets available, City Index has more than 84 currency pairs, over 4,700 global equities, and more than 40 global indices and commodities.

City Index demo account

Unlike many of their competitors, City Index do limit the amount of time you can spend on the demo account to 12 weeks. In addition, the virtual money on offer is limited to £10,000. However, the demo account is available to use on both the MetaTrader 4 and the web trader platform.

City Index Live account

This would be the most suitable option for a vast majority of traders. It caters to both beginners and more experienced traders, with no minimum deposit and competitive spreads.

City Index Professional Account

The professional account has won City Index the award of Best Professional Trading Platform 2019 at the ADVFN awards. Traders must answer some questions about their trading experience in order to qualify, however, this account does come with the following features:

  • Much higher leverage (up to 400:1)
  • Reduced margins
  • Priority support with your own dedicated Client Relationship Manager
  • Loyalty rewards program including hospitality events

It’s important for anyone considering the professional account to consider the lack of negative balance protection. This can mean that traders can lose more than their original deposit.

City Index trading platform

City Index have three options when it comes to trading on their platform including MetaTrader4, Webtrader, and their own mobile app.


This is one of the most popular trading platforms available for CFD traders. Whilst many find the interface a bit dated, the platform still retains some of the most advanced features available including

  • Fully customisable charting
  • Expert advisors
  • Automated trading support
  • Strategy backtesting
  • Technical and customisable indicators
  • Copy trading
  • Automated trading strategies
  • Algorithmic trading
  • Built in indicators
  • Buy stop, sell stop, buy limit, and sell limit order types

City Index Web Trader

For those that prefer to conduct their trades on a browser-based platform, City Index offer Web Trader, complete with the TradingView charting package. Whilst this version doesn’t quite live up to its downloadable counterpart, it does still come with nice features that include:

  • 10 chart types
  • Up to 57 tcehnical indicators
  • 360 degree view
  • Trade tickets with advanced risk management options
  • 14 time intervals
  • Customisable workspaces
  • News and analysis
  • SMART signals
  • Performance analytics
  • One click dealing
  • Advanced drawing tools

City Index mobile trading app

City Index provide access to their own prorpriatary app, as well as the MetaTrader 4 mobile app. For the purposes of this review, I have tested the City Index proprietary app.

City Index have experienced some turbulence following the roll out of their updated mobile app. This has resulted in a disappointing score of 2.8 out of 5 on the App Store.

Suffice to say that as of the time of writing this review, these issues still don’t seem to be resolved, with multiple glitches making the app difficult to use.

This is a shame, as fully operational, the City Index app has a lot of excellent features that include:

  • Ability to access your account across multiple devices
  • Live TradingView charts
  • Real-time price alerts
  • Performance analytics
  • One swipe trading
  • Full screen charts
  • Advanced charting
  • Technical indicators
  • Adjustable timeframes

As well as the technical issues that the app seems to be experiencing, there is a lack of two step log in for additional security. All in all, the app is difficult to recommend in its current format.

City Index research

Research tools at City Index are excellent with access to a range of charting tools, a quality news feed, and good trading ideas.

Thanks in part to their Trading Central, City Index have an excellent research facility that provides a good trading ideas resource based on quality technical analysis.

Charting was a strong suit, with excellent charting tools and over 90 technical indicators to choose from in addition to an assortment of drawing tools and trading tools.

The news feed was also of excellent quality, providing City Index traders with quality news from Reuters in addition to analysis from the in-house research team on global markets. There is also an economic calendar and a thriving social media presence that reiterates research and marketing materials for retail investors who are expanding their skills and knowledge.

City Index education

City Index have an excellent range of in-house educational material to suit all levels of trader.

I was impressed with the education at City Index, as well as their ability to provide for such varying levels of expertise. There are articles and videos which can be located under the Training tab on the City Index website. Here you will have access to the following:

  • Training materials for beginners and advanced traders designed to enhance your trading skills using technical analysis, fundamental analysis, trading strategies, risk management, and forex topics.
  • Advanced trading strategies designed to cover your trade entry and exit, running profits, and options strategies. Here you can also take advantage of City Index’s ‘Introduction to Trading’ course designed for complete beginners.
  • A get started section called Introduction to Trading, designed to assist complete novices and help them place their first trade as well as mitigate their exposure to risk.
  • Webinars

City Index customer service review

City Index’ customer service has both good and bad elements. Whilst it is available on multiple channels, with quick responses, there is a general sense of agents being unhelpful in responding to complaints about the mobile app.

Customer service is available 24/5 via several channels including live chat from the City Index platform, email, and phone. Whilst my experience with customer service was a pleasant one, with fast responses from knowledgeable and polite agents, both the app store and Trustpilot (3.7/5) have accounts from customers who have experienced poor customer service, especially in response to technical issues within the app.

City Index opening an account

City Index have a streamlined account opening process which can be done completely online.

Opening an account with City Index is a quick, straightforward endeavour and in my case, my account was verified within one working day. Whilst there is no minimum deposit, there are three account types, two of which can only be accessed with a minimum balance.

  • Trader has no minimum balance and has leverage of 30:1
  • Premium Trader requires a minimum balance of £10,000 and comes with a dedicated account manager
  • Professional requires a minimum £500,000 portfolio or working experience in the financial sector. Leverage here is 400:1 and account holders will all get a dedicated account manager

Opening your City Index account is easy and can be done by completing the following steps:

  1. Select the trading platform that suits you best
  2. Click ‘Open Account’ on City Index’s website
  3. Provide your personal and financial information when prompted
  4. Answer some simple questions in relation to your trading experience
  5. Complete account verification of ID and residency, uploading the appropriate documentation.

City Index deposit and withdrawal

City Index provide a good range of deposit and withdrawal options without any fees to be aware of.

There are four base currencies to choose from at City Index, EUR, GBP, USD, and AUD. This selection can help traders avoid currency conversion fees. Deposits and withdrawals can be made using the following methods:

  • Bank transfer
  • Credit/debit card
  • Electronic wallet

For instant deposits, traders should use credit/debit card.

Withdrawals take between 3-5 business days.

City Index safety

City index is regulated by the Financial Conduct Authority (FCA) and has customer protection from the Financial Services Compensation Scheme.

Whilst there is little doubt that trading CFDs comes with a high risk of losing some, or all of your funds, City Index has taken all the necessary steps to protect client funds and trading activity.

Is City Index regulated? City Index are authorised and regulated by several bodies including

  • Financial Conduct Authority (FCA)
  • The Australian Securities and Investments Commission (ASIC)
  • The Monetary Authority of Singapore (MAS)

In the UK, City Index is part of StoneX Financial Ltd. As well as being regulated, customers of StoneX Financial have cover of up to £85,000 from the Financial Services Compensation Scheme.

Retail investors are also protected using negative balance protection.

City Index fees

City Index is a low-cost broker with a transparent fee structure. They are especially low-cost for trading forex when compared to other brokers.

City Index trading fees

City Index have low trading fees and this is particularly true when trading forex. They publish live, minimum, and average spreads on their website in order to be completely transparent and so traders can calculate the costs and take into account the variable spread according to market volatility and trade volume.

When I compared the fees at City Index to those at CMC Markets, City Index came in slightly cheaper for trading forex.

At the time of this City Index review, there are four base currencies at City Index.

In addition, traders at City Index will be charged an overnight financing charge on leveraged trades that are held overnight. This is applied at 17.45 on each day that you hold an open position. The fee you pay is calculated according to the interest rate benchmark, minus a fee of 2.5% on a short or long position.

It is worth taking into consideration the platform you use to trade at City Index, as pricing and spreads can vary on the MT4 platform.

City Index non-trading fees

In keeping with their low-cost model, the non-trading fees are at City Index are also low. That being said, there is a high inactivity fee of £12 per month should your account remain inactive for more than 12 months.

The City Index withdrawal fees and deposit fees are non-existent.

Who is City Index suitable for?

With their competitive pricing and robust selection of educational materials, City Index is suitable for novice traders and mid-level traders. However, this is also a viable option for professional traders who qualify for the professional account, especially in light of City Index receiving the award of Best Professional Trading Platform 2019 at the ADVFN awards.

Useful Information

This section contains useful information to make your experience at City Index as seamless as possible.

How do I contact City Index?

One of the most efficient ways of getting in touch with City Index is via the live chat on the City Index website. On all the occasions that I tested this method, my queries were answered almost immediately.

Alternatively, you can call City Index on 1800 354 182 or email [email protected]

How do I withdraw money from my City Index savings account?

For withdrawals follow these simple steps:

  1. Log into your City Index account
  2. Go to ‘Funding’
  3. Select ‘Withdrawal’
  4. Enter the amount you wish to withdraw and confirm

How do I close my account at City Index?

In order to close your account at City Index, you will need to inform the Client Management Team via email using the address [email protected].

Is City Index Safe?

Yes, City Index has all the appropriate regulation and take all the necessary steps to protect client data and funds.

City Index FAQs

Is City Index a market maker?

Yes, City Index has been a traditional Market Maker, offering over 12,000 CFDs since 1983.

Does City Index have leverage?

Yes, City Index offers leverage but only of up to 30:1 whereas many other forex brokers will offer leverage of 400:1.

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