City Index is a leading multi-asset broker specialising in CFD and forex trading. It has been operating for 40 years and has had an office in downtown Sydney since 2006. Now boasting more than 1m clients, the company still keeps its focus on the trading experience with Australian account holders benefitting from an onshore based customer service team who are on hand on a 24/5 basis.
The firm is part of StoneX Group Inc (formerly known as INTL FCStone) which is a Nasdaq-listed Fortune 100 company with a market capitalisation of $ 2.57bn. The sense of reliability which runs through the City Index offering is further backed up by the company being regulated and authorised by a series of Tier-1 financial regulators including the Australian Securities and Investments Commission (ASIC).
City Index offers its clients the opportunity to trade a wide range of international and domestic markets. The more than 6,300 markets which can be accessed through the state-of-the-art trading platforms cover asset groups which include stocks, forex, indices, CFDs, commodities, crypto and bullion. There is an extensive range of support services designed to help clients set up in the right way and an impressive collection of analysis and research features which help the broker stand out from the crowd.
What can you trade?
Forex
| Min Deposit | App Support | Max Leverage | Trading Fees |
| $150 | Good | 1:30 | Low |
City Index has a long-held reputation for being an ideal choice for those looking to trade the forex markets. It supports trading in more than 84 currency pairs which means clients can trade major, minor, and exotic currency pairs. Being a global broker means it has direct access to international markets which ensures good liquidity flow and competitive pricing.
Major forex pairs such as EUR/USD have bid-offer spreads as tight at 0.5pips with trade execution backed up by some impressive figures in terms of execution service levels. The broker’s average execution speeds are as low as 0.02 seconds, and 99.99% of all trades are processed successfully.
CFD
| Min Deposit | App Support | Max Leverage | Trading Fees |
| $150 | Good | 1:20 | Low |
City Index support CFD trading in a wide range of markets.
There are more than 20 global indices to trade including the ASX 200 and the big US benchmarks. Spreads in these markets are as tight at 1 point. Commodity CFD spreads are also in line with the multi-asset broker peer group and City Index spreads on oil trading start at 0.4pts, with spot gold spreads being as low as 0.3pts.
The firm appears to be challenging its long-held reputation for being a relatively expensive place to trade ASX listed shares and trading commissions on Australian stocks are now capped at 0.08% of the trade value with a minimum charge of $5.
Crypto
| Min Deposit | App Support | Max Leverage | Trading Fees |
| $8 | Regular | 1:2 | Low |
There are eight crypto markets available at City Index which means clients can gain exposure to the big names such as Bitcoin and Ethereum but also emerging Altcoins such as Litecoin and Ripple. Australian clients can trade the markets using leverage of up to 1:2.
Whilst the number of crypto markets on offer might not be termed excessive the good news for clients is that trading in digital assets is backed up by the all-round security of the City Index corporate structure.
What did our traders think after reviewing the key criteria?
Fees
City Index doesn’t pitch itself as being a low-cost broker. It has instead built its client base by offering a range of additional services which enhance the trading experience. That being said, in most instances the fees and commissions charged by City Index are in line with their peer group and the broker also deserves credit for making its terms and conditions as transparent as possible.
Most of the trading activity on the platform is commission free. Only stocks incur an additional charge. That allows traders to study the bid-offer spreads on the platform and carry out a simple cost-benefit analysis before deciding to trade.
There are no fees charged by City Index on cash deposits and withdrawals made using debit and credit cards or bank transfers. There is a monthly $12 inactivity fee levied on accounts which have not traded for 12 months, and whilst research materials are generally free of charge, some of the premium services do require funds to be deposited before they can being accessed.
Account Types
City Index offers clients the option of four types of account which complement the Demo account that trades using virtual funds.
Standard Account – Provides access to thousands of global markets via desktop platforms and mobile apps. This account can incorporate the TradingView platform and its impressive software and research tools.
MT4 Account – Dedicated to the MetaTrader MT4 platform this account supports trading in 100 of the biggest global markets using algorithm-based automated trading. Includes access to the Expert Advisors service.
Professional – A more exclusive account tailored to high-net-worth individuals. If you meet the selection criteria you can take advantage of improved margin rates, bespoke rebates, priority service, and access to a credit facility.
Corporate – Offering the same trading experience as the Standard account the corporate account can be funded from business accounts. It also allows multiple users to access the account and trade.
Platforms
Trading with City Index can be done using one of three leading trading platforms or via the award-winning mobile App.
The Web Trader platform has been the broker’s core offering for many years. It has crisp aesthetics and is highly customisable. Users can select from a range of different colour configurations, set price charts to up to 14 different timeframes and take advantage of an array of impressive trading tools. Web Trader offers a user-friendly way to access the markets with the 80+ powerful trading indicators being stored in a retractable sidebar which can be easily accessed as and when they are needed.
The TradingView platform deserves a special mention. It has all the features associated with an institution-grade dealing board and can be configured to suit each trader’s personal preference.
Favoured TradingView layouts can be accessed on mobile devices as well as the desktop version of the platform which helps make the transfer to one screen to another appear seamless. All of the high-end support tools can also be accessed on all devices. These include the strategy tester tool which is a great way to test out new ideas and the community area of the TV platform which is an extensive source of trading ideas.
Those looking to trade on the go can use the City Index mobile app which won the ‘Best App 2022’ title at the Shares Awards. It comes with 60+ built in technical indicators, price charts which can be set to portrait or landscape layout, and a ‘one-swipe’ trading feature which allows you to trade at speed. Desktop and mobile accounts are linked so that traders can open and close the same trade on both devices.
Usability
The City Index website has been thoughtfully laid out and account management can be done on both the desktop and handheld versions of the platform. Bid offer spreads on all markets are shown using live feeds and the FAQs section does a good job of answering probable questions. That area of the site covers all aspects of trading, from how to set up and fund an account, to developing advanced strategies and improving your trading techniques.
Customer Support
Customer support is an area in which City Index scores very highly. The Sydney based support team can be contacted 24/5 via Live Chat, phone, email or WhatsApp. Having the option of speaking to support staff can’t be underestimated, particularly when markets are volatile.
During our testing we found the staff to be informed and helpful and were able to resolve our queries at the first time of asking.
Payment Methods
There is a $150 minimum account balance requirement at City Index which can be funded using a variety of options.
- Card Payments: Credit card payments are some of the fastest ways to fund an account with the broker accepting payments made using MasterCard and Visa.
- Debit Card Payments: Usually as quick as credit card payments, debit card payment can be completed via MasterCard, Visa, Electron, or Maestro cards.
- Bank Wire Transfer: Bank wire transfers are also possible though these payments can take longer to clear.
- E-Wallets: Funding is also possible via EFT, BPAY, PayID.
City Index does not charge any fees on deposits and withdrawals, but some fees might be applied by third-parties.
Best Offers
One of the strongest features of the City Index offering is the educational and research materials which help their clients develop new skills. Most of the research is free and is presented in written and video formats. One are of the site which is of note is the City Index Training Academy which is a dedicated resource full of guides covering all the features of technical analysis and fundamental analysis.
As well as the library of ‘how to trade’ style materials there are news monitors, an economic calendar, and Week Ahead reports, all of which are regularly updated to allow traders to keep on top of the markets. Those looking for trading ideas can follow webinars which take place on Monday and Friday and feature experienced traders sharing their view on current market trends.
Regulation & Deposit Protection
The long track record of the firm and the fact that it is owned and operated by a publicly listed company offers some security to City Index clients, and that is backed up by the broker being regulated by Tier-1 financial authorities such as the Australian Securities and Investments Commission (ASIC).
Australian clients benefit from the broker having to comply with a range of conditions stipulated by ASIC which include:
- Standardised Margin Close Out – Should your margin level reach the standardised margin close out (MCO) level, for example 50%, then City Index is required to liquidate active trading positions to protect you from possibly incurring further losses.
- Negative Balance Protection – This ensures client losses cannot exceed the size of their deposits.
- Segregated accounts – All client funds are held in a segregated account, not by the broker. This means City Index cannot access them for its own purposes.
The regulatory protection received by each client depends on their country of domicile and the list of authorities which make up the global compliance framework City Index operates under is an impressive list of Tier-1 regulators, which includes: the National Futures Association (NFA), Commodities Futures Trading Commission (CFTC), Financial Conduct Authority (FCA), the Securities and Futures Commission (SFC), the Financial Services Agency (FSA), the Monetary Authority of Singapore, the Canadian Investment Regulatory Organization (CIRO), Cayman Islands Monetary Authority (CIMA), and Cyprus Securities & Exchange Commission (CySEC).
Awards
City Index’s efforts to create the best possible trading experience have seen the firm pick up an extensive list of industry awards, including
- Best CFD Provider 2024 (ADVFN International Financial Awards)
- Best in Class 2023 (Forexbrokers.com)
- #1 New Tool 2023 (Performance Analytics)
- Best App 2022 (Shares Awards)
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City Index FAQs
Yes, at City Index you can trade 24/7. The markets which are open on weekends are those of cryptocurrencies including Bitcoin, Ethereum, Ripple and Litecoin.
If extended trading hours are important to you then it is also worth noting that some of the big US stock names and ETFs can be traded in the hours before and after US exchanges officially open.
You cannot buy physical shares on City Index, but you can gain exposure to the equity sector by buying CFD stocks. Whilst you won’t own the stock outright you will make a profit or loss according to how the underlying asset performs.
There are a lot of reasons to consider City Index reliable. The parent company is a large multinational which is publicly listed so must comply with the reporting requirements of the Nasdaq exchange. In addition, the broker is regulated by an impressive list of Tier-1 financial authorities including the Australian Securities and Investments Commission (ASIC).
