City Index

City Index Spread Betting Review: UK 2024

City Index is one of those brokers you’ve probably heard of – it was established in 1983 (older than me I must admit) and it’s been around longer than many other popular trading platforms. It has a solid reputation, particularly in the UK and Australia.

What caught my attention is City Index’s broad range of markets, from CFDs to spread betting, all wrapped up in some seriously impressive trading platforms like MT4 and their own proprietary Web Trader. But is this broker actually worth your time (and money)? Let’s dive into the details.

Overall Rating – 4.9 / 5 stars

In summary: City Index brings a wealth of options to the table with access to over 13,500 trading instruments, including forex, indices, commodities, and shares. It’s regulated by the FCA, offers flexible platforms, and has competitive spreads, though there’s no cryptocurrency offering for retail traders due to UK regulations. For UK traders seeking a well-rounded, traditional trading experience, City Index is definitely worth considering.

What Makes City Index Stand Out?

City Index offers multiple platforms, excellent educational resources, and flexible account options. But what I found most intriguing was their low spread costs for popular markets like forex, indices, and commodities. Plus, they’ve got the FCA stamp of approval plus a host of additional licenses.

Pros

Cons

1. Trading Markets – 5 / 5 stars

City Index’s range of instruments is vast. We’re talking 12,000+ markets across forex, indices, commodities, shares, and cryptocurrencies (which is seriously impressive!). Here’s a breakdown:

• Forex: With over 80 currency pairs, City Index covers the forex landscape comprehensively, from majors like EUR/USD and GBP/USD to exotic pairs for more niche strategies. The forex spreads start at around 0.8 pips, which, while not the lowest in the industry, is definitely competitive for standard retail trading.
• Indices: A favorite for many, the index offerings at City Index include popular markets like the FTSE 100, S&P 500, and DAX 30. Spreads on indices are tight, often as low as 0.4 points, which is particularly attractive for day traders and those focusing on indices.
• Commodities: Major commodities are available, including popular choices like gold, silver, and oil. The spreads on commodities are fair – around 3.0 on Brent Crude – making it a solid option for those interested in the commodities market but without excessive fees.
• Shares: You have access to thousands of shares across the UK, US, and global markets, giving you a diverse choice of equities to trade. This makes City Index a flexible choice if you’re looking to build a portfolio that spans industries and geographies.
• Cryptocurrencies: Due to FCA regulations, cryptocurrency trading is limited to professional traders, so retail clients won’t have access to this asset class. This may be a drawback if you’re keen on crypto, but City Index is still rich in options across other, more traditional instruments.

Verdict: If you’re after a broker with options, City Index is impressive, covering nearly all bases from forex to shares. They simply have the largest range of instruments I’ve ever seem and you’re unlikely to feel limited.

2. Fees – 4.5 / 5 stars

Here’s how the fee structure works:

• Forex Spreads: Spreads start from 0.8 pips on major pairs like EUR/USD, which is well within the standard range. It’s not the absolute lowest, but it’s competitive enough to be worthwhile for frequent forex traders who prioritize reliable execution over ultra-tight spreads.
• Commission: For CFDs on shares, City Index charges a commission, which varies by region. For UK shares, it’s 0.08% per trade with a minimum of £10. US shares are charged at 1.8 cents per share with a $10 minimum, which is reasonable and keeps costs manageable even for smaller trades.
• Inactivity Fees: After 12 months of inactivity, a £12 monthly fee kicks in. While this isn’t uncommon in the industry, it’s something to keep in mind if you don’t plan to be a regular trader.
• Deposit and Withdrawal Fees: Deposits are free, which is always a plus. Withdrawals are also free for standard bank transfers in the UK, but if you need same-day processing, fees may apply. It’s straightforward, and as long as you aren’t moving money in and out daily, it’s unlikely to rack up costs.

Verdict: In general, the fee structure at City Index is transparent and reasonable. Their spreads are competitive, especially for forex and indices, and the additional fees are predictable and clear. For high-volume traders, it might be worth comparing these fees to some lower-cost brokers, but for most retail traders, City Index offers a fair and accessible fee setup.

3. Trading Platforms – 4.5 / 5 stars

One of City Index’s standout features is its versatile platform selection. Whether you’re a fan of MetaTrader or prefer a broker’s proprietary solution, City Index provides options that fit a range of trading styles. Here’s what they offer:

• MetaTrader 4 (MT4): A favorite among forex traders, MT4 is widely known for its customizable charts, numerous indicators, and automated trading capabilities. This is great for those who already have experience with MT4 and prefer its robust features.
• Web Trader: The Web Trader platform is proprietary to City Index and is user-friendly, with intuitive navigation, quick execution, and essential tools for charting and analysis. It’s a reliable option for traders who want an all-in-one experience without downloading additional software.
• Mobile App: The City Index mobile app provides quick access to trading on the go. It’s responsive, easy to navigate, and includes useful features like one-tap execution and price alerts. If you’re often mobile, this app covers all the essentials.

With a choice of platforms that cater to different experience levels, City Index has managed to create a versatile environment for traders. Each platform is reliable and packed with useful features. However, one potential drawback is the absence of MetaTrader 5 (MT5), which may leave some traders looking for more features. Still, the available platforms are more than sufficient for most traders’ needs.

Verdict: Whether you’re new or experienced, City Index’s platform selection has something for everyone. Personally, I found the Web Trader to be enough with its level of customisation and technical tools.

4. Execution Speed – 5 / 5 stars

One of the things that surprised me about City Index was the reliability and speed of its trade execution, particularly when using the Web Trader and MetaTrader 4 platforms. Thanks to Direct Market Access (DMA), execution times are nearly instant, which is a major benefit if you’re into scalping or other high-frequency strategies. It’s one thing to promise fast trades, but City Index consistently delivered – my trades felt seamless, with little to no slippage even during high-volatility periods.

DMA means you’re getting prices directly from liquidity providers, and City Index has clearly invested in creating an infrastructure that prioritizes fairness and transparency in pricing. The result is an execution experience that’s hard to beat, and it’s ideal for anyone who needs that extra edge to make the most out of tight market moves.

If you’re a day trader, scalper, or high-frequency trader, this speed makes a difference. Even for less active traders, the speed and reliability just add to the overall smooth experience, allowing you to focus on the strategy rather than technical delays.

Verdict: City index is a speedy, all-round decent broker when it comes to execution where there is minimal slippage and excellent execution speeds. Top marks.

5. Deposit & Withdrawal – 4.5 / 5 stars

Deposits and withdrawals with City Index were smooth and straightforward, though not quite the fastest I’ve come across. They offer several payment methods, including debit/credit cards, bank transfers, and PayPal, which is convenient if you prefer flexibility in managing funds.

• Payment Methods: I found that using a debit card was almost instant, while PayPal was another solid option for speed and ease. Bank transfers took a bit longer, as expected, but if you need your funds quickly, you might want to stick with cards or PayPal.
• Processing Times: Withdrawals generally processed within 1-2 business days, which is solid but may not be the fastest out there. For most traders, this will be quick enough, though if you’re looking for instant withdrawals, you might find it a touch slow.
• Fees: Deposits are completely fee-free, which is always nice to see. For UK clients, there’s no fee on standard withdrawals either, but international transfers could incur charges. One thing to note is that same-day withdrawals may come with fees depending on the amount and method, so plan ahead if you’re in a hurry.

Verdict: Depositing and withdrawing with City Index is simple and smooth, and with fee-free standard withdrawals for UK users, it’s cost-effective. For frequent withdrawals, just keep the potential same-day fees in mind, but otherwise, it’s a reliable system that works well for most trading styles.The process is smooth, though not exceptionally fast, so if you’re looking for instant withdrawals, keep this in mind.

6. Regulation and Safety – 5 / 5 stars

Safety is a big reason why City Index is so well-regarded, particularly in the UK, where it’s regulated by the Financial Conduct Authority (FCA). With additional oversight from ASIC in Australia and MAS in Singapore, you know you’re dealing with a broker that has met the standards of top-tier regulatory bodies. This means your funds are held in segregated accounts, and the broker provides negative balance protection – two features that help protect your assets in volatile markets.

The FCA’s involvement is especially comforting for UK traders because it offers protection through the Financial Services Compensation Scheme (FSCS). This means if anything were to happen to City Index, your funds are insured up to £85,000, adding an extra layer of security. In a world where trading comes with inherent risks, knowing your broker is solidly regulated can be a game-changer, especially for long-term traders who want peace of mind.

Verdict: City Index scores highly here, not just for its FCA regulation but also for the added credibility of ASIC and MAS regulation. If you prioritise a secure trading environment, City Index is among the top choices.

7. Onboarding – 4.5 / 5 stars

Opening an account with City Index was relatively quick, though there are a few verification steps:Getting started with City Index was a straightforward experience. The digital registration process is smooth and took me around 10 minutes, including the usual ID and address verification steps. What I liked about the onboarding here was how transparent everything felt; there were no hidden hoops to jump through, and the process was refreshingly user-friendly.

• Minimum Deposit: The minimum deposit is £100, which is fairly standard and manageable for new traders testing the waters. I found this amount to be just right; it’s accessible enough for beginners, yet sufficient for exploring multiple asset classes if you want to diversify right away.
• Account Verification: The verification process was reasonably quick – I had access to the platform within a day. They request standard documents, like proof of ID and address, but nothing unexpected or overly complex. For non-UK residents, verification might take a bit longer due to additional checks, but overall, City Index has streamlined the onboarding as much as possible.
• Account Types: City Index offers Standard, Professional, and Spread Betting accounts. The Professional account provides higher leverage (if you qualify), while the spread betting account is great for UK clients seeking tax-free trading. The range of account options allows you to pick what best fits your trading goals, and the support team is always there to clarify any questions.

Verdict: Whether you’re a beginner or an experienced trader, City Index’s onboarding experience is well-structured and accessible. I’d recommend taking advantage of the demo account first if you’re new – it’s fully loaded with virtual funds and lets you get a feel for the platform without any risk.

8. Education – 5 / 5 stars

City Index does a great job on the educational front: City Index delivers an impressive suite of educational resources, and as someone who values continual learning, this is where I felt the broker really shone. The range of materials on offer is comprehensive enough for both newbies and advanced traders, with video tutorials, webinars, and market insights available at your fingertips.

• Webinars: City Index hosts weekly webinars on various topics, from trading strategies to current market trends. I found the sessions particularly insightful, with knowledgeable presenters who dive deep into actionable trading tips.
• Learning Hub: The platform’s Learning Hub is well-organized and covers everything from basic trading concepts to advanced strategies. Whether you’re looking to understand charting basics or refine a more sophisticated trading strategy, there’s something here for everyone.
• Market Analysis: City Index’s market analysis section is robust, featuring daily updates and forecasts. They also provide economic calendars and market insights to keep you informed on potential trading opportunities. These reports are clear, concise, and backed by solid research – definitely helpful if you’re trying to stay on top of key market movers.

Verdict: City Index’s educational resources are some of the best I’ve seen, especially for traders in the UK who benefit from the focus on regional markets. I’d highly recommend exploring their materials if you’re new to trading or looking to hone your skills, as they strike a great balance between depth and accessibility.

9. Customer Support – 4.5 / 5 stars

Customer support is a crucial part of the trading experience, and City Index didn’t disappoint here. Their support is available 24/5, covering you through the weekdays, which is usually when most of the action happens in the markets. I reached out via both live chat and phone to test the response times and was pleased with how quickly they responded.

• Availability: You can get help via live chat, email, and phone, with live chat being my preferred option for quick answers. The live chat response was almost immediate, which was refreshing, especially when needing help during high-stakes trading moments.
• Response Quality: The support team is knowledgeable and friendly, and they didn’t rush me through my questions. Whether it was about account features, trading tools, or fees, they were thorough in explaining and providing helpful guidance.
• Languages: While the primary language for support is English, they offer multilingual support, which is great if you’re not a native speaker. This focus on accessibility is a nice touch, making City Index a viable choice for a global audience.

Verdict: City Index scores highly on customer support for its accessibility, prompt response times, and the quality of answers. If you’re like me and appreciate having support readily available, especially in time-sensitive situations, then City Index’s support team will likely meet your expectations.

FAQs

1. Can You Spread Bet with City Index?

Yes, absolutely. Spread betting is one of City Index’s main offerings for UK clients. This allows you to trade tax-free on a wide range of markets, from forex and indices to commodities. The benefit of spread betting is that any profits made are free from UK Capital Gains Tax and Stamp Duty, making it an efficient way to trade, especially if you’re in the UK. Just remember that tax laws are subject to change, so it’s always wise to check the latest regulations.

2. What Platforms Does City Index Offer?

City Index offers a mix of popular and proprietary platforms to suit a variety of trading styles:

• Web Trader: Their proprietary Web Trader platform is perfect for browser-based trading. It’s straightforward, user-friendly, and offers decent charting tools and market analysis.
• MetaTrader 4 (MT4): This is the go-to platform for many forex traders due to its extensive features, including customizable indicators, automated trading, and robust charting. If you’re used to MT4, you’ll feel right at home here.
• AT Pro: This is the standout platform for those who like to dive deep into technical analysis. It’s customizable, with built-in tools for creating and testing trading algorithms (using C# or .NET), making it ideal for advanced traders.

Overall, City Index’s platform selection caters to traders who value flexibility, whether you’re looking for simplicity or advanced trading tools.

3. Does City Index Offer Islamic Accounts?

Yes, City Index does offer swap-free accounts for Islamic traders. These accounts are designed to comply with Sharia law, avoiding interest charges on overnight positions. If this is something you require, you can reach out to their support team during onboarding to request this account type. It’s good to see brokers accommodating diverse trading needs, and City Index has done well to make this option accessible.

4. Is City Index Regulated?

Yes, and this is where City Index really shines. They’re regulated by:

• FCA (Financial Conduct Authority) in the UK, which ensures your funds are segregated and protected.
• ASIC (Australian Securities and Investments Commission) for clients in Australia.
• MAS (Monetary Authority of Singapore) for clients in Singapore.

This multi-jurisdictional regulation means City Index meets strict standards of financial integrity and client safety. For UK clients, the FCA regulation also provides negative balance protection, adding an extra layer of security if you’re trading with leverage.

5. How Does City Index Handle Withdrawals?

Withdrawals at City Index are straightforward, with a good variety of options, including debit/credit cards, bank transfers, and PayPal. Most withdrawals are processed within 1-2 business days, and there are no fees for UK clients unless you’re using an international bank transfer, which might incur a small charge.

Tip: Always check the estimated processing time when making a withdrawal, especially if you rely on fast access to your funds.

Is City Index a Good Broker?

After thoroughly exploring City Index’s offerings, it’s clear that this broker has a lot going for it. With over 13,000+ tradable instruments, a variety of platforms, and a strong focus on security, it’s a great choice for both beginners and experienced traders.

The spreads are competitive, particularly on forex and indices, and I was impressed by the depth of their educational resources – a real plus if you’re looking to level up your trading skills.

While City Index may not offer MT5 or ultra-low spreads across the board, it compensates with robust regulation, spread betting options, and a flexible platform lineup that caters to a wide range of trading preferences. Overall, it’s a solid choice for UK traders looking for a comprehensive trading experience backed by reliable customer support and extensive market access.

Bottom Line: City Index is a versatile, well-regulated broker that’s especially suited to UK traders interested in spread betting and CFD trading. It’s worth a look if you’re after a platform that combines flexibility, security, and a user-friendly experience across multiple asset classes.

Author Profile

James Warwick

Director of SpreadBet & Experienced Trader at Spread Bet | Website

James is a former FTSE100 AI Director and trader with 10+ years trading his own capital. He is the Managing Director of SpreadBet.AI and currently trades his own capital through both CFD trading & spread betting as well as working with one of the leading prop firms in the world.