CityIndex Review

User Rating: 4

Overnight Financing Costs: LIBOR +/-2.5%

Key Spreads and Margin Requirements:

FTSE100 Daily: Spread: 1 (6)* Margin Requirement: 60
Dow Jones Daily: Spread: 1 (4)* Margin Requirement: 120
GBP/USD Spot: Spread: 1 Margin Requirement: 160
EUR/USD Spot: Spread: 1 Margin Requirement: 140
Gold Spot: Spread: 6 Margin Requirement: 350
US Crude Futures: Spread: 8 Margin Requirement: 160
UK Shares Rolling Daily: Spread: 0.20% Margin Requirement: 5%
US Shares Rolling Daily: Spread: 0.20% Margin Requirement: 10%
* - Spreads in brackets indicate 'out of market hours' spreads.

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About CityIndex

Trading across some 50 countries from every corner of the globe, CityIndex is a market leader in the provision of spread betting brokerage services online. Starting up in 1983 as a rival to originator IG Markets, CityIndex broke through to become a highly viable choice for traders looking to set up a spread betting account with several notable innovations and an eternally low price point for spread betting positions.

Accepting orders from traders around the clock, even beyond market opening hours, CityIndex covers thousands of different markets and stocks and quotes throughout the day to ensure up to date spread pricing. Deposit rates start at just 1%, and with the help of the CityIndex mobile trading platform you can execute orders throughout the day without recourse to your trading computer or desk.

With some 600 full-time staff on the books and over 18million transactions processed every year, CityIndex is a titan of the spread betting brokerage market.

Notable Benefits

City Index is renowned for its innovation, and nowhere is this more obvious than in its mobile trading application. One of the first of its kind, the trading app allows you to execute trades as you normally would through the convenience of your mobile handset, giving access to your account wherever you may roam - whether your trading a demo account, or your trading for real.

The simply CityIndex interface translates well to the mobile format, and makes for easy mobile trading - so much so, that several notable competitors rely on the CityIndex system to provide a platform for their spread betting clients.

Incentives & Bonuses

CityIndex is particularly suitable for beginners, with a range of features and educational resources to help new traders get started. The Learn To Trade programme focuses on taking new traders through the motions to help them place their first trades, while the demo account functions and webinar series help solidify any knowledge gaps to encourage successful trading.

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City Index Customer Reviews

There are 14 customer review(s).

Review by Adrian on 2011-11-10

Rating: 1
The broker wins

cant close trades on profit, losses exceed . tight stops taken straight away. Small position higher stop loss guranteed my recent profits using proper analysis. If u leave tight stops thats it they just come after it . Trade from daily charts minimised risk but intraday trades causes huge loss .

Review by Jonathon on 2011-11-10

Rating: 10
Price action

started first day trading which caused losses more than gains, the spread brokers love it when u trade everyday. Changed strategy trading only daily charts price action only its more profitable than sitting everyday and stops are higher they cant close your position.

Review by jimmy on 2011-11-10

Rating: 10
wider spreads

Trade during news releases and market open you will get burnt. /the influx of orders and stops create a fire of sharp movements in price , rather wait till the market picks a direction dont blame brokers but your emotions , its your mistake they profit from and your strategy. Plan the trade trade the plan.

Review by Scott woods on 2011-11-01

Rating: 3
Poor service

I recently opened an account with city index. Trying to close trades can sometimes be impossible. It took over half an hour to close a trade which was moving against me the other day. Their chart system packed up today as well while trying to close out of yet another trade which was also impossible until I had lost enough money that I was automatically closed out due to lack of margin left. While their chart system was down I logged onto ig markets to use their charts and the ftse was showing a 14 point discrepancy between ig and city. I queried this on the phone and was told that it doesn't matter as they are not ig. I thought that ftse would be at the same level on every ones trading platforms, perhaps I'm mistaken about that. Their pricing regularly slows to halt and sometimes freezes altogether, and you can watch the price roll by your stop losses without ever triggering them so you can watch your losses accumulate while trying to get them to answer the phone which I gave up on.

Review by Richard on 2011-09-04

Rating: 8
Pretty Good

Been using CI for over a year. I've made over a hundred separate trades and both deposited and withdrawn money many times. Noticed that the feedback wasn't too kind but can only call as i see it and they have always settled to agreed timescales. Occasional problems with larger trades but in the main they are reliable and trust worthy. A professional outfit. Invest with confidence.

Review by James on 2011-08-08

Rating: 2
Unfortunately I have to agree

I have recently opened a city index account, and although I am new to spreadbetting, I am not new to trading. The platform is just awful. Trades will not open promptly, they do not close promptly, the computer frequently sends back an error message if it sends anything at all (sometimes it just doesn't respond) all of which leads to frustration and emotion which causes mistakes. The charting system is quite primitive compared to other offerings and does not help very much with the trading process. Avoid.

Review by jo on 2011-07-25

Rating: 1
shamefull service

do not use these guys the ages to close a profitable trade they dont play fair avoid

Review by Tom Dale on 2011-05-27

Rating: 9
Most Improved Provider

I've been a long-time user of City Index, so I'm probably in a better position than most to comment on the improvement in service in the last 12 months or so. The mobile trading function is the best in the industry and the online trading platform offers a range of tight spreads. The free seminars and webinars are a nice touch too - keep up the good work CI.

Review by Jon M on 2011-04-04

Rating: 8
The mobile app is the best out there

I've been using City Index for 4 months now, and I have to say that it seems all of the below issues have been ironed out. I've found the platform to be very useable, especially the mobile app, which is by far the best out there. they don't have great cash incentives, but the spreads are generally pretty good.

Review by James Stocks on 2010-12-03

Rating: 1
I couldn't close my positions

I ignored some of the comments I read on this website before I opened an account with City Index, but I shouldn't have and I now understand why. Their trading platform is completly unreliable. Some days, half of my orders were not accepted for no reason - It's very frustationg not be able to close a winning or even a losing position. Don't bother with them - It's a very serious advice. IG Index, or probabbly any other one, is a much better option.

Review by Andrew on 2010-11-28

Rating: 1
Sharp Practitioners

I have lost a significant amount of money due to CityIndex's extremely poor client services. In my case they changed the Terms and Conditions without informing me, terminating several positions simultaneously, losing me significant funds. I made no profit with CityIndex: I initially made significant losses having been advised by their subsidiary Galvans (how on Earth they won those awards is anyone's guess). Having abandoned Galvan's 'advice' I began to make money back (but still in the red) before CI closed my positions without warming. I am in the process of making a complaint to the Ombudsman but am somewhat alarmed to hear previous posters claim that CI fabricate evidence. I am already witnessing this in my case. Still, it's well worth a try taking these scoundrels on.

Review by Oli on 2010-01-28

Rating: 1
Rubbish

City Index is not a CFD trading website I would recommend, principally because of their horrible service. I also experienced a major technical fault with their website and was unable to close out a trade, which ended up costing me several hundred pounds, but my so called `representative' there clearly did not take my complaint seriously enough to warrant a response to my lengthy email - utterly useless. In addition, if you want to deposit money online that is not a problem but if you want to withdraw, you have to call them which is very annoying to say the least. Unless they dramatically improve their service, I would recommend staying away from this third-rate provider.

Review by John Kelker on 2009-11-07

Rating: 1
City Index Scoundrels

City Index operate Interactive Investor CFDs. This company has screwed me something rotten & cost me over £14,000. They have a deliberate policy of lying to cover-up their mistakes, especially when a client takes their complaint to the Financial Ombudsman Service. Do not deal with them or any of their subsidiaries. They are out to fleece you in a similar way the way the 'Bucket Shops' in the USA did to their punters in the early 1900s. I do not write this lightly; they are cheats, thieves & liers.

Review by Marc Walker on 2009-09-23

Rating: 1
Dreadful service

As a user of City Index for about a year i can only describe the experience as dreadful. There customer service never bother to return any calls if asked and they are very quick to cancel out all your trades as per their new arrangements if you hit the minimum margin level. Rather then selecting some of the trades they clear them all thus profiting themselves from your mistake.