City Index Review

Christened the best online spread betting service in 2013 at the Money AM Online Finance Awards, City Index has become one of the most well known CFD brokers around. They have been in operation for over 25 years and aren’t just one of the leading trading platforms in the UK, but a global force within the CFD trading community. City Index pride themselves on delivering low IMRs, tight spreads and customer service system that you can count on.

Trading Platform

City Index opts for a more browser-based approach when it comes to trading platforms, with their goal to be a mobile-friendly CFD brokerage firm. It means that no download is required in order to work within City Index’s platform, all you need is a working browser and a device that can connect to the internet and you’re up and running. They allow users to stay on top of their trades wherever they maybe, via a standard web browser, or iOS, Blackberry, Android or Google device. Should you wish to make small trades via such platform, you can do over the phone for a minimum of 50p.

Account Types

When you choose City Index to handle your CFD trading needs, you won’t be greeted with options when it comes to account types, as there is only one available. The benefits of using the City Index CFD trading account include such added extras as stamp duty free trading, portfolio hedging and leveraged trading. In order to open an account with City Index, you will need to make an initial deposit of £100 or more; such deposit can only be made via credit or debit card. It should be noted that City Index does not accept cheque or wire transfer when it comes to account deposits.

Commissions and Spreads

City Index operates both their spread betting and CFD ventures without commission, apart from equity CFDs that will be subject to commission charges. Such charges obviously vary from market to market. However, for those trading in the UK and EU equities expect the charge to be 0.1%, with US and Asian equities being up to 0.2%. City Index also operates a minimum commission rate of £15, which should be noted by people who want to utilise small trades. For more detailed information on what commission charges are applicable, be sure to check the information section on City Index’s trading platform.

Pros

City Index presents a well-rounded product to customers, which has incentives such as a £250 credit bonus on any initial £1000 deposit. Once you’re signed up to City Index, you can expect them to deliver a quality mobile CFD trading platform that has vast market availability.

Cons

Depositing via credit or debit card is where City Index can at times fall short. They add 1.5% commission charge to all MasterCard and Visa payments. This may not be considered anything too outrageous initially, but taking into consideration that the majority of UK debit and credit cards are Visa, such figure becomes something to question.

Spreadbetting, CFD trading and Forex are leveraged. This means they can result in losses exceeding your original deposit. Ensure you understand the risks, seek independent financial advice if necessary. The value of shares and the income from them may go down as well as up. Nothing on this website constitutes a solicitation or recommendation to enter into any security or investment.