City Index Review
City Index has been one of the oldest and most reputable spread betting companies since launching way back in 1983 (9 years after the original IG Index started).
City Index now offers markets for CFDs, Spread Betting and FX trading, and is now a part of IPGL, a private holding company who also own 20% of ICAP plc (estimated market capitalisation of £4.3 billion), of which Michael Spencer is a director and CEO. Since 1983, City Index has made several high profile acquisitions including IFX Markets and FinSpreads in 2005 and FX Solutions in 2008.
Why Join City Index? – Sign up to City Index Here!
It’s no secret that City Index is one of the most successful spread betting firms in the world. With over 4 million customers and over 1 million trades handled per day, City Index’s reputation is 2nd class to no one.
One of the best reasons for signing up an account at City Index is their 4 week “Learn to Trade” program, which for a limited period of time offers exclusive small trades of just 25p per point (normally a minimum of £1p per point) across all of their markets. This contrasts with other platforms such as Capital Spreads which offer a minimum of £1 per point. The 25p minimum trades are excellent for beginners because they allow you to begin trading with a smaller deposit amount and with lower risks.
In terms of size City Index is one of the biggest spread betting companies in the world and provides spreads on more than 12,000 global markets. You can also open a 2 week demo account for spread betting (CFDs optional) which gives you £2,500 in virtual cash to practice trading with.
City Index has customers in 50 different countries and services over 1.5 million trades per month (more than FinSpreads does per year). This makes City Index favoured by many stockbrokers and traders. City Index also provide professional trading services to retail and small institutional clients from all over the world.
Best Mobile Trading Platform
City Index’s commitment to technology and innovation also led to them launching the first ever iphone spread betting app “City Trader” in 2009 which allows customers to check market prices, open/close orders, set stop-losses and edit trading charts on the go. In my opinion, the iphone App is pretty good and the fact that you can get live streaming news from the DowJones is quite handy.
City Index were awarded the “Best Mobile Trading Platform” Award by MoneyAM in 2010 and also offer an Android and Blackberry trading platform in addition to the iPhone.
Range of Markets and Spreads
The City Index has quite literally a massive range of markets. In total there are 12,000 markets that users can speculate on, including global shares, commodities, options, binaries, currencies, rolling dailies and all of the major financial indices (FTSE 100, S&P 500, DAX etc..).
When you spread bet with City Index, you can rest assure knowing that you are trading with one of the largest and safest institutions in spread betting – any quotes given to you on-screen are firm quotes. You can also flip between CFDs and share trading on the same platform without having to switch.
|UK Top 100 Shares:||0.1 – 0.15% either side|
|UK FTSE 350:||0.3-0.4%|
|FTSE 100:||1 point|
|Wall Street:||1 point|
Software & Usability
Pioneers for vision, City Index’s platform offers several advantages to other spread betting companies. A 2-week trial lets you use the Demo account with £2,500 in free money and for a 4 week “Learn to Trade” period you can make trades from as low as 25p per pip. These low trades are excellent for new users and allow you to begin trading with a lower deposit amount and with less risk..
Risk management is also a lot easier and cheaper with automated guaranteed stop-losses starting from a premium of 1 pip, the ability to place linked contingent orders and plenty of other advanced tools for to reduce your trading risks. You can also place stop-losses, limit orders and OCOs through the iPhone app.
Learn to Trade Programme
New users will get to enjoy the four-week “Learn to Trade” programme and monthly seminars, in addition to the videos and articles that are already on the website to help new users build confidence (reduced rate spreads of 25p are a part of this package too). The 25p minimum trades are great for beginners because they allow you to trade with a smaller deposit amount and lower risks.
City Index also runs weekly seminars on Wednesday (held at their London Office) which includes presentations covering technical analysis, risk management and trading on fundamentals. All very helpful for beginners and a great way to make more contacts!
City Index lets new traders open a free online Demo account which gives you £2,500 in virtual cash to practise making trades with. The City Index Demo provides a real-life simulation of the actual platform, and allows you to open/close trades, monitor your positions, execute stop-losses and limit orders. You can also use the various technical charts and tools and learn how to use them properly.
Overall the City Index Demo account helps you become acquainted with the City Index software and trading tools.
Finally, City Index provides access to real-time financial news and analysis feeds from Dow Jones Newswires plus their interactive technical analysis tools are superb. These are both great for experienced traders looking to go the extra mile in spread betting.