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Is CITY INDEX one of the best Australian Forex Brokers? We conducted an in-depth review in November 2018 to find out the answer and bring it to you!


Another complete and unbiased Review from Engine Forex

City Index is part of the ‘GAIN Capital’ group, which was founded in 1999 and is one of the largest online trading providers in the world. Operating under GAIN Capital FOREX.com Australia Pty Ltd, their business includes global CFD and the FOREX.com and City Index Forex brands, as well as GTX, a fully independent FX ECN for institutions, and a futures group, which provides access to the world's major commodity and derivatives trading on over 30 global exchanges.

GAIN Capital is headquartered in Bedminster, New Jersey/USA, and has a global presence with 800+ staff in 12 offices across North America, Europe and Asia Pacific. Their client base exceeds well over 200,000 traders across 180 countries. After acquiring City Index in 2015, GAIN Capital consolidated its retail brand FOREX.com under City Index for the Australian market. The brand City Index had been established in 1983, and their Australian office is currently located in Sydney.


City Index

Our Rating

The overall rating is based on review by our experts

7.7 3.9 1
  • Reliability 8 / 10
  • Spread 7 / 10
  • Customer Service 7 / 10
  • Offers 7 / 10
  • Speed of Execution 9 / 10
  • Uptime 8 / 10

This post is also available in: deDeutsch itItaliano

City Index - Overview

Trading Conditions

  • Max Leverage
    500:1
  • Platform
    MetaTrader4 City index_plat
  • Min Deposit
    $100
  • Spread
    From 0.5 Pips
  • Cuts out Dealing Desk
    No

Methods of deposit and offers

  • Deposit / Withdraw
    VISA , MasterCard Bank Transfer BPay
  • Welcome offer
    n/a
  • Rebates Engine Forex
    Coming soon!

Extras

  • Crypto
    Bitcoin Ethereum Ripple Litecoin Bitcoin-cash
  • Headquarter
    Sydney

SECURITY, MARGINS AND TECHNOLOGY

SECURITY AT CITY INDEX

In Summary

  • ASIC regulated
  • Licensed in 7 different jurisdictions
  • High-level web security
  • High-level transparency

As a global market giant, GAIN Capital and its brands take security very seriously. Authorised and regulated in Australia by the Australian Securities and Investment Commission (ASIC), they ensure that all client money is held safely in a segregated bank account and is never used for hedging or any other operational purposes.

Overall, GAIN Capital and its subsidiaries hold licenses and are regulated in seven different jurisdictions: Australia, the US, Canada, Hong Kong, Singapore, the UK and Japan.   

As an international, publicly listed company on the New York Stock Exchange, GAIN Capital ensures the highest levels of corporate governance, financial reporting and transparency.

As a global market giant, GAIN Capital and its brands take security very seriously. Authorised and regulated in Australia by the Australian Securities and Investment Commission (ASIC), they ensure that all client money is held safely in a segregated bank account and is never used for hedging or any other operational purposes.

Spreads Comparison

CITY INDEX
90
PEPPERSTONE
100
THINK MARKETS
80
IC MARKETS
100
OANDA
60
FXTM
100

CHARGES AND MARGINS AT CITY INDEX

In Summary

  • Spread mark-up or
  • Min. $5 commission per standard lot round-turn
  • Up to 500:1 leverage

As is the case with most brokers, clients pay a spread mark-up instead of a fixed commission.

City Index offers low spreads, albeit not the lowest on the market, starting from 0.5 on Forex pairs with a maximum 500:1 leverage.

Thousands of equity CFDs are available for trading at the real market price, and City Index takes a small commission per side starting from 0.08% for ASX-listed shares such as BHP Billiton, Commonwealth Bank of Australia or Woolworths, for example. Minimum charges for both online or phone orders start from $5 in Australia and margin requirements start from 5%.

City Index further offers a range of global stock indices. Spreads on index CFDs start from 1 point (Australia 200 or UK 100, for example) with a margin per contract of 0.5% on Australia 200, Wall Street, UK FTSE 100 or Japan 225, as examples. On several stock indices, clients can be take a position 24 hours on any day, even when the markets are closed.

Metals, such as gold, silver, copper, platinum and palladium, can be traded from 0.3 points spreads (gold) with a margin requirement of 0.5%.

A wide range of commodities is also available for trading including energies, soft markets or grain. Commodity CFD spreads start from 1 point with a minimum margin requirement per contract of 1% on oil (Brent Crude or US Crude) or 3% on natural gas.

Additional trading tools on offer from City Index include bonds, with spreads starting from 0.02 points and 0.5% margins; interest rates, with spreads from 0.03 points and 0.25% margin requirements; and binary options starting from 4-point spreads and 0.5% margins.

TECHNOLOGY

In Summary

  • Excellent trade execution
  • Own proprietary platform & MT4
  • Highly customisable 
  • Access to Recognia

City Index has invested their 30 years of industry knowledge and know-how to put together a great suit of technology and premium tools that can benefit any type of trader.

Offering a range of platforms that are fully customisable, City Index has built their own platforms from which traders can access all markets (10,000+ CFD markets and range of Forex pairs). The platforms also allow MetaTrader 4 usage, with enhanced features, but with which only Forex can be traded.

Their own Advantage Web platform is a highly customisable online trading platform that allows traders to access all City Index’s financial tools. It is highly intuitive and further allows for advanced charting; for example, offering traders instant access to multiple interactive technical indicators on which they can undertake research on price trends.

AT Pro is City Index’s latest downloadable platform in their award-winning suit of platforms/tools. Similar to the Advantage Web platform, it is highly customisable and offers improved speed, reliability and charting functionalities. Advanced traders can benefit from the range of tools available, which include advanced charting options, the ability to choose from hundreds of built-in algorithms and trading strategies, and the option to create/code their own trading system!

Clients who wish to use MT4 as their standard trading platform can do so with a City Index account; however, this can only be used to trade Forex pairs. City Index offers advanced MT4 features such as EAs (Expert Advisors), one-click dealing and customisable leverage of up to 200:1.

The customisable leverage feature is missing from both their Advantage Web and AT Pro platforms but is available on all mobile device apps.

In addition to their range of available platforms, City Index offers account holders access to another powerful tool: Recognia. Recognia is a leader in providing premium analysis and trade recommendations. Its research helps traders validate investment decisions, manage risk and identify trade ideas. It provides coverage on tens of thousands of instruments on 85 exchanges worldwide, including shares, Forex, indices and commodities.

AT Pro is City Index’s latest downloadable platform in their award-winning suit of platforms/tools. Similar to the Advantage Web platform, it is highly customisable and offers improved speed, reliability and charting functionalities. Advanced traders can benefit from the range of tools available, which include advanced charting options, the ability to choose from hundreds of built-in algorithms and trading strategies, and the option to create/code their own trading system!

Execution of Speed Comparison

CITY INDEX
90
PEPPERSTONE
100
THINK MARKETS
90
OANDA
80
IC MARKETS
100
FXTM
90

CUSTOMER SERVICE, TRADING OPTIONS AND SPECIAL FEATURES

AN OVERVIEW OF CITY INDEX' CUSTOMER SERVICE AND CLIENTS

In Summary

  • 24/5 customer support
  • Global presence with large client base
  • 1 account type to access all platforms

With more than 200,000 clients worldwide, GAIN Capital has one of the largest client bases in the world of online trading. Over 800 highly trained staff across the globe ensure a high level of customer satisfaction.

City Index alone has more than 400 staff and offices in Australia, the UK, Singapore, China, Malaysia and Dubai.

They offer a friendly 24/5 support helpdesk that is available via live chat, phone and email, as well as dedicated account managers. An online FAQ and help section is also available.

City Index clients can only select one type of real live account with which any of their suit of platforms can be accessed.

FOREX AND OTHER TRADING OPTIONS AT CITY INDEX

In Summary

  • 84 currency pairs & 5 cryptocurrencies
  • More than 10,000 markets
  • 30 commodities & metals
  • 21 indices CFDs

City Index offers access to thousands of financial instruments, many of which are available to trade 24 hours a day. 

Spread sizes on Forex start from 0.5 pips and traders can choose from 37 major and minor currency pairs. Indices start from 1 points. City Index offers a very competitive 500:1 leverage and their clients can start trading with deposits as low as $100 (initial) and $25 (subsequent deposits). 

As one of the world’s and Australia’s top CFD providers, City Index offers clients the option to choose from a huge variety including more than 10,000 markets, Forex, global indices, shares, commodities, bonds, binaries and more.

Trading options on indices include Australia 200, Wall Street, FTSE 100, Germany 30, etc.

City Index offers tight spreads on thousands of shares worldwide including those listed in Australia, the UK, US, Europe, New Zealand and Asia.

Clients can, for example, trade Australian shares with commissions from just AU$5.

SPECIAL FEATURES OF CITY INDEX

In Summary

  • Top-notch technology including unique MT4 add-ons
  • Very tight spreads & leverage up to 500:1
  • CNS VPS offering

In addition to a long-standing presence of more than 30 years, the back-up of their mother company and trading giant GAIN Capital and the large selection of trading opportunities, City Index provides an interesting and unique range of trading platforms that incorporate numerous smart features.

City Index offers a large choice of unique charting options, analysis tools and customisable platform features, including the option for traders to code their own trading strategies. There is also a range of 10,000+ financial instruments on offer.

Traders also benefit from access to Recognia, which offers in-depth research that can help them to validate investment decisions, manage risk and identify trade ideas. It also provides coverage on tens of thousands of instruments on 85 exchanges worldwide, including shares, Forex, indices and commodities.

In addition to a long-standing presence of more than 30 years, the back-up of their mother company and trading giant GAIN Capital and the large selection of trading opportunities, City Index provides an interesting and unique range of trading platforms that incorporate numerous smart features.

Max Leverage Comparison

CITY INDEX
500:1
PEPPERSTONE
500:1
THINK MARKETS
400:1
OANDA
100:1
IC Markets
500:1
FXTM
1000:1

IN CONCLUSION

City Index is one of the oldest and long-standing brokers on the market and one of Australia's top Forex addresses. The overall trading environment and conditions are more than decent and at a competitive level. Clients have access to thousands of markets, including Forex, commodities, shares, indices and cryptocurrencies.