City Index CFD Broker Review
City Index CFD Broker Review – Overview
City Index are an established CFD broker, owned by US giant Gain Capital. They have set themselves up, it would appear, to approach the market from the ‘premium’ angle. They have some of the best functionality and analysis on offer through their web front end and downloadable desktop application, but their spreads are not the best. If you are more interested in powerful research tools and trading with a giant like Gain Capital, than you are in shaving a pip here and there on your spread, then City Index might be a good option for you.
City Index CFD Broker Review – Products and Spreads
City Index’s spreads are well within the normal range, but it would be stretching a point to call them ‘good’. On the core FX and commonly traded indices, commodities etc they are undeniably more expensive than some of their rivals. But City Index has a strong and loyal brand following in the CFD world and a lot of fans, so they must be doing something right.
They do go the extra mile when it comes to research, even providing the Faraday signsls service free of charge. These tools and research items won’t be free for them, so perhaps this is why they feel the need to charge a greater spread.
If you are a scalper or just very interested in tight spreads, then maybe shop elsewhere. On the other hand, there are a great deal of other things people look for in a broker and City Index generally perform well in these other areas.
City Index CFD Broker Review – Interface and Platforms
Advantage Web, the City Index browser based trading platform is clear, attractive and easy to use. It is also powerful and doesn’t lack tools and indicators. They also have a downloadable desktop application ATPro CI which is a solid bit of kit, although, slightly bizarelly, it bears no resemblance at all to their online platform. It is almost entirely different, both in colour scheme and layout.
This is not to say that it is not a good desktop application – it is – but in look and feel it is closer to MT4 (an option they don’t have) than it is to Advantage Web. It also has similar functionality, with the ability to use automated trading and an extra helping of indicators compared to their web platform.
Andrew Saks-Mcleod of Finance Feeds Comment: “Established for 30 years until its acquisition by North American retail FX giant GAIN Capital two years ago. Technologically and operationally, City Index lagged behind CMC Markets and IG Group, leading to it having become the UK branch of GAIN Capital rather than soldiering on as City Index under its original brand.”
City Index CFD Broker Review – Service
You will get a personal account manager with City Index, but you had better be prepared for them to call you and ask you about your depositing intentions… Strict regulation prevent anything untoward, and a properly run firm like Gain Capital are too smart to pressure sell, but nevertheless there are a lot of offers to ‘show you the platform’ or look at certain features.
If you have opened the account with the full intention of depositing and trading then this is probably a good thing, but if you are ‘just browsing’ you may have a bit more contact than desired.
Once you are up and running with them, then you personal account manager, who will likely be very knowledgeable and personable, is very easily reached – an undoubted plus!
City Index CFD Broker Review – Safety
Gain Capital are a massive US institition who also run the forex.com and Finspreads brands. As such, if you deposit with City Index, you don’t need to worry about them imploding any time soon. (Though, of course, stranger things have happened…) City Index themselves are an independent entity within the group and are fully FCA regulated with a pedigree and client base stretching back many years. They have a London HQ and
City Index CFD Broker Review – Conclusion
City Index are a large brand owned by a massive corporation with full regulation and a solid pedigree. They have a great front end and a plethora of research and analytical tools for you to choose from. The spreads are a touch ‘premium’ but if that doesn’t bother you then you get a bit more meat on the bone with these guys than you do with some of the ‘low spreads at all costs’ brokers. You have to decide what is important to you, but if you choose City Index you will have made a solid choice.