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CityIndex brands itself as a spread betting and CFD trading broker company. They have a huge customer base of over a million worldwide and pride itself as an award-winning brokerage company.
CityIndex review 2022 shows that within the year, they have been able to scoop two awards for the best CFD provider and the Best Trading platform. Last year they had a total of three awards. They exist in over 13,500 markets and have fast execution speeds.
For this CityIndex review 2022, let’s look at the top features that will provide an in-depth view of what they offer.
Legit or Scam?
As far as the CityIndex review 2022 goes, the company has set itself as a legit broker open for everyone to trade with. Tier 1, 2, and 3 regulators ensure they are safe company for their traders.
They are regulated by the Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC), and the Monetary Authority of Singapore (MAS). These tier 1 regulatory authorities regulate CityIndex making it a safe broker to trade with. At the same time, they are licensed by the Financial Services Compensation Scheme (FSCS), which ensures their client’s funds are protected.
They have an interactive web design that makes it simple for the trader to create an account with them. To create an account:
- Go to their homepage at CityIndex.com and click on the TRADE NOW button
- In the next step, you will be required to provide your personal details
- On the next page, you will be required to fill in your residential details
- Proof of residence and other details will be required on the third step
- The final step will be the verification process
And just like that, you have an account with them. Notably, CityIndex has a minimum deposit of 100 euros or $100. Trading with CFD will also require that the trader have a minimum amount of $25 in their account.
Commission, Fees, and Spreads
CityIndex review 2022 determined that this broker does not charge commissions to their traders.
However, they charge spreads on trades placed by the trader. The good thing is that the spreads they charge are low and can start from as low as 0.5 pips for major currency pairs such as the EURUSD. The spreads for other instruments are also low, with CFDs having a pip of 1.1. The spread charged is determined by your account type and the trading instruments.
They further have inactivity fees charged to their members. An account that has been inactive for a year will have to pay an inactivity fee of 12 euros with no additional charges. Holding a bitcoin position overnight will also attract a fee; therefore, it is advisable to day trade without holding the position overnight.
Trading on CFDs also attracts a trading fee ranging from $1 to as high as $20 or more, depending on the CFD you are trading. Overall, they are at the average level per their clients’ commissions, fees, and spreads.
The account types offered by CityIndex include:
- Standard Account
- MT4 Account
- Demo Account
These are the top types of accounts that they open to their customers. They vary in their traders’ features, such as having a relationship manager.
The main trading platform in this CityIndex review 2022 is the MT4 trading platform. They also have MT5, cTrader, webtrader as other trading platforms that their clients can use.
The trading platforms are accessible through mobile devices, PCs, and the web. At the same time, the trading platforms under CityIndex allow for traders to social trade. They have over 100 indicators, drawing tools, and 20 watchlist fields.
It is worth noting that they have an extensive library of educational and research resources open for their traders at any time. They offer educational videos and material that can be used by both experienced and beginner traders.
Customers can reach customer service through phone calls, live chat and email. These are the only ways that they can be reached.
The number they provide is ever at the back of the clients operating 24/5. The live chat is a robot that automatically responds to questions asked. It is effective, but the recommended method of talking to customer support is email or phone. Phone calls are much faster.
CityIndex review 2022 has proven that CityIndex is a safe and legit broker that people can engage with. On the other hand, they are transparent in their dealings, making them an even more secure broker that could be recommended for both beginner and experienced traders.
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