Is City Index Scam? | City Index Safety and Reliability

Pros

Cons

  • Over 35 years of trading experience
  • +25 awards
  • Listed on NASDAQ
  • Regulated by FCA
  • Segregate account funds
  • Over 295,000 global clients
  • Negative balance protection
  • None

Introduction

City Index is one of the oldest forex and CFD brokers since 1983. It has over 12,000 markets including indices, shares, and forex pairs. City Index is also listed on the stock exchange NASDAQ and regulated by top-tier financial authorities like the FCA in the UK.

Is the City Index Broker Regulated?

The City Index broker is regulated by many financial authorities in different countries like:

  • FCA: Financial Conduct Authority in the UK
  • MAS: Monetary Authority of Singapore
  • ASIC: Australian Securities and Investments Commission

Is City Index a Scam?

City Index broker has a long record as a trading platform since 1983 with more than 295,000 users worldwide and passed through different global crises ending with the coronavirus.

City Index was also awarded with several awards along its history that make City Index reliable.

Client Protection

City Index provides segregated account funds to protect its clients from losing their money. It also has a negative balance protection for the EU and Australian customers and client protection amounts as the following table shows.

City Index Legal Entities Table

Country

Protection amount

Regulator

Broker’s Legal Entity

Australia

No protection

ASIC

StoneX Financial Pty Ltd.

Singapore

No protection

MAS

GAIN Capital Singapore Pte

Other countries

£85,000

FCA

StoneX Financial Ltd.

Negative Balance Protection

Luckily, City Index has a negative balance protection for the EU clients.

Two-step Verification

Unfortunately, City Index lacks the two-step verification method while logging in.

City Index Awards

Since its foundation in 1983, City Index was awards like:

  • 2021
  • Best Platform for the Active Trader in the ADVFN International Financial Awards
  • Best Professional Trading Platform in the Online Personal Wealth Awards
  • Best CFD Provider in the Online Personal Wealth Awards
  • Overall Personal Wealth Provider in the Online Personal Wealth Awards
  • 2020
  • Best CFD Provider in the ADVFN International Financial Awards
  • Best Platform for the Active Trader in the ADVFN International Financial Awards
  • Best Professional Trading Platform in the Online Personal Wealth Awards
  • Best Tablet Application in the Online Personal Wealth Awards
  • Best Professional Trader Service in the London Trader Show
  • Best CFD Provider in the London Trader Show
  • 2019
  • Best CFD Provider in the ADVFN International Financial Awards
  • Best Spread Betting Provider in the Online Personal Wealth Awards
  • Best Trading Platform in the Online Personal Wealth Awards
  • Best Mobile Application in the Online Personal Wealth Awards
  • Best Spread Betting Provider in the Shares Awards
  • Best Professional Trading Platform in the Shares Awards
  • Best Trading Account Margin Rates in the Professional Trader Awards
  • Best Trading Loyalty Program in the Professional Trader Awards

FAQs

  1. How long does it take to verify my account?
  • It happens immediately after submitting your application except if there are some other documents you should submit.
  1. Where is my money held?
  • In segregate accounts.

 

  1. When trading forex, will you lose more than your initial deposit?
  • Both our MetaTrader 4 and City Index platforms are set to automatically close your positions when your margin requirement reaches 100% (stop out level).
  • Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.
  1. Can I login to more than one account from the same computer?
  • Yes, you can do such a thing by using the MT4 Multi Terminal.
  1. Can I login to the same account through different devices?
  • Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices.
  1. Does City Index accept payments from third parties?
  • No, payments should be of your name.


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