City Index Review: Forex & CFD Trading Account | Finder Singapore
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City Index review: Forex and CFD trading account

Access over 4,500 financial markets via CFDs, including 84 forex currency pairs.

CityIndex logo
warning iconImportant: This broker offers CFDs which are a leveraged product and can result in the loss of your entire capital. Ensure you fully understand the risks before trading.

Quick verdict

Good for
  • Education and market analysis
  • The option of MetaTrader 4
  • Demo account option
Not so great for
  • CFD trading is risky

Who is City Index?

City Index is owned by parent company GAIN Capital Holdings. GAIN Capital is a New York Stock Exchange listed company (NYSE:GCAP) and boasts other major forex brands under their umbrella such as Forex.com and Faraday Research.

While GAIN Capital have their headquarters based in New Jersey, USA, they have a massive global presence with staff across three major continents, North America, Europe and Asia/Australia. The City Index brand itself has its own office in Singapore, ensuring local support is world-class and the company’s regulatory requirements are fully met.

Overall, City Index is renowned for being one of the largest retail forex brokers in the world and a track record of service and delivery that speaks for itself.

What are the key features of City Index forex and CFD trading?

It’s the sheer size and brand name of City Index that puts the company at the top of a forex or CFD trader’s mind. Their trading education, news and choice of markets that clients can trade are key features worth noting.

1. Educational resources

Access free video tutorials and trading examples to improve your skills and boost your confidence. The tool Recognia is a leader in providing premium analysis and trade recommendations, and the AT Pro platform offers over 100 automatic trading strategies.

2. Market News

Just like their trading education section, City Index’s market news is an excellent resource. With a team of dedicated market analysts posting daily blogs covering both fundamental and technical analysis, you can always stay up to date with what’s happening in global markets.

3. Regulated in Singapore

City Index is fully regulated by the Monetary Authority of Singapore (MAS). Access fast deposits and withdrawals through local banks and be assured that there’s a course of action that you can take if something does go wrong.

4. Trade on multiple platforms and devices

You have multiple options when it comes to how you trade with City Index. With a selection of desktop, cloud and mobile-based apps available, you’re never far from your City Index account. Access chart live streaming, full access to markets and live updates at home or on the go.

5. Trade forex and CFDs your way

Use 65+ technical indicators to help identify trends and trading opportunities. Trade your strategy using a number of order types available including stop, limit, market, OCO (one cancels other) and trailing stop orders. With City Index, you’re free to trade your strategy of choice, in your own way.

What markets can I trade with City Index?

As a City Index trader, you’ll have access to the following markets.

  • Forex. Trade forex markets with tight spreads and fast executions. Choose from 84 forex currency pairs and trade them on the City Index platform or via MetaTrader 4 (MT4).
  • Share market CFDs. Go long or short on both Singapore-base and global share market CFDs. Gain access to over 4,500 global shares including names such as Telstra and Apple.
  • Commodities. Trade over 25 global commodities markets such as gold, silver, natural gas and even wheat. If there’s a market for the commodity, then you can trade it on your City Index account.
  • Indices. Trade 21 global stock market indices with spreads as tight as 1 pip. Whether it’s the local STI, Australia 200, the US S&P 500 or even the German DAX 30, the choice is there.
  • Other markets. As well as the standard markets listed above, a City Index account gives you the ability to trade options, interest rates and even bond markets.
  • Cryptocurrencies. The latest markets that City Index gives you the ability to trade, are cryptocurrencies. Find and trade high volatility opportunities across a range of USD denominated crypto markets.

What trading platforms are available with City Index?

Whether you choose to trade on the City Index’s HTML5 based Web Trader platform, their proprietary AT Pro platform, or the popular MetaTrader 4 platform, you can access them all anywhere, anytime via a multitude of desktop and mobile options.

  • Advantage Web. A browser-based trading platform with customisable screen layouts, which lets you create watch lists, view detailed charts, and track prices. Advantage Web is compatible with Windows and Mac operating systems and most browsers, as well as iOS and Android smartphones.
  • AT Pro. A desktop platform for advanced traders which provides powerful analysis tools, auto-trading strategies, advanced charting package and superior speed and efficiency.
  • MetaTrader 4 (MT4). One of the world’s most popular trading platforms, City Index forex traders get exclusive access to MT4 Enhanced features such as customisable leverage and price tolerance for better trades on a volatile market. City Index traders also get access to MT4 on tablet and mobile devices. MT4 is compatible with iOS, Android and Blackberry iOS smartphones, Android and Apple tablets and Windows desktop computers running Windows XP or later operating systems.
  • Web Trader. Customise this platform to suit your individual trading style, with the ability to design the platform to your preferences. Access advanced, custom indicators and advanced trading tools with high-level risk management options. This platform is powered by HTML5 for fast execution and powerful charts.

What account types are available with City Index?

If you choose to trade forex and CFDs with City Index, the following explanation will help you to choose the account type that’s right for your personal circumstances.

  • Personal account. The correct account type if you’re an individual trader. This is the most popular account type and is known for its competitive pricing, execution and dedicated support from the City Index team.
  • Corporate and Trust account. If you’re a corporation or have a trust that you’re trading on the behalf of then this is the account type you’re going to choose. Once again, you’re going to need all of the relevant documentation that supports this.

What customer support options are available from City Index?

Access customer service 24 hours a day, 5 days a week from their office in Singapore. Whether you have a question about your trading platform or a particular trade that has been executed on your account, City Index is known for being able to offer meaningful support when called upon.

  • Popular FAQ Section. This is the support section of the City Index website. It features a range of common questions that have been asked before you. This is your obvious first stop when it comes to support.
  • Live chat. The live chat feature is the most handy support medium a broker can offer. If you need a fast answer to a simple question, then the support team at City Index can answer it here.
  • Email. For deeper support queries that require more than a one off chat, you may need to email enquiries@cityindexasia.com. This allows you to attach documents and easily keep track of the conversation in an email thread.
  • Telephone. The City Index office phone number is +65 6826 9988. Renowned for their customer support, if you’re more of a conversational, people person then this support option is for you.

What are City Index’s spreads, margins and commissions?

The spread is the difference between the buy and sell price on a trade. City Index offers both fixed and variable spreads. The spread varies between markets, but as an example the minimum spread on the forex AUD/USD currency pair is 0.5, while the average is listed as 0.73. Use a third party spread comparison tool, or alternatively click the open account button above and open a City Index demo account test spreads under live market conditions.

Margin on the other hand, is the amount of money needed in your account, for you to open a trade. City Index margins start from 0.5%. The default leverage is 50:1 or a 2% margin. However, you are able to adjust your leverage ratio up or down depending on how comfortable you are with risk.

All CFDs are commission free, except share market CFDs which vary. The commission charged on Singapore share market CFDs is 0.08% (with a $10 minimum).

What are the account funding options on a City Index account?

City Index allows clients a number of options when it comes to funding their account.

  • Card deposits. City Index allows Mastercard/Visa credit and debit options. There’ll be a 2% transaction fee levied by the card processor.
  • Internet banking/FAST/PayNow. Enjoy fee free account funding and withdrawal option. You’ll receive your credit almost instantaneously or within the next business day.
  • Cheque. There’ll be no fees incurred from cheque funding, but it may take up to 3 business days for you to receive the credit.
  • Bill payment. Set up hassle-free bill payment and pick him up from the next business day. None
  • Wire transfer. This free payment mode may take up to 3 business days. Your bank may also apply charges.

Note that there is no charge from City Index to fund your account via debit card, and so long as the names match, you can register up to three cards on your account.

What are the pros and cons of trading forex and CFDs with City Index?

Pros

  • MetaTrader 4 supported. MT4 is the most popular forex trading platform amongst retail traders and the option is a welcome addition.
  • Free educational resources. City Index are a global giant and their market analysts and educators are some of the best in the business.
  • Free demo account. If you’re not ready to go live trading forex or CFDs, then City Index offer a free demo available to practice on.

Cons

  • Risk. Trading CFDs is extremely risky, and you could lose more than your initial capital.

How do I open an account with City Index?

To apply for a trading account with City Index, simply click on “Go to site” button on this page and follow the steps below:

  • Step 1. Fill out an application form online.
  • Step 2. You need to enter your name, address, date of birth and contact information.
  • Step 3. Verify your identity using your NRIC or passport.
  • Step 4. You will also need to provide some information about your trading experience.

Once you’ve done so, a dedicated relationship manager from City Index will contact you to assist further on the application process. You’ll be required to provide supporting documents to complete the application, so make sure you have the following on hand:

a) Duly completed and signed Account Application Form and Risk Disclosure
b) Duly completed and signed Customer Knowledge Assessment Form
c) Identity verification documents – a photo ID and a proof of residential address

Depending on individual circumstance, you may also be requested to submit additional documents and information.

Alternatively, you can sign up for a demo trading account by entering your name, email and contact number to get 12 weeks of unlimited access to thousands of global markets to practice forex trading with $20,000 virtual funds. You can re-apply after 12 weeks if you want to continue trading using the demo account.

City Index frequently asked questions

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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