City Index Review Australia & Test 2021
Is City Index Safe Or Scam?
City Index Australia is an online broker that provides its users with the opportunity to trade with a number of different forex currency pairs and a host of different CFDs as well.
Our City Index review found over 80 different currency pairs to trade with MetaTrader 4. If major and minor currency pair diversity is what you are after then let City Index be your forex guru. The rest of our review gives you insight into how to create your account, what fees you might encounter and what payment methods are available.
There is currently no new customer offer available at City Index. Setting up your account with City Index Australia is simple enough though as all you will need to do is complete a few steps. The process is very similar to other Australian brokers as you can see in our TradeStation review.
Firstly, you’ll just need to provide City Index with the basics like your name, surname, email address and your home address. All the nitty-gritty little personal details about yourself. From there, you need to fill out a “test”. It’s not so much a test as a measuring stick for your previous trade experience. City Index Australia does this so they can tailor your trading experience on the site.
Your last step, as it is with so many other brokers, is to verify your identity. You’ll do this by sending a copy of one of your identification documents to City Index Australia. You’ll also have to send through some proof of residences like a utility bill or a recent bank statement.
After taking some time to play around on the site, our City Index review Australia found the layout and design to be of a quality standard. Everything you need can be found in the tabs at the top of the homepage including cryptos, forex, platforms and tools and all the other bells and whistles on the site. You can also easily locate the “create account” option in the top right-hand corner.
Navigating around the site was a breeze but what really stood out was how quickly each web page loaded. There were hardly any waiting times when we switched between educational pieces and the cryptos page. In fact, there were hardly any loading times at all. City Index Australia have clearly put in a whole lot of effort to curate a site that is efficient, easy on the eyes and even easier to use. Our City Index ranking was most certainly impacted by the overall quality of the platform’s design.
Our City Index review Australia found that there are currently three different account types for new traders to choose from. Users can choose to open a personal trader, premium trader or professional trader account with City Index Australia. There are a couple of differences between these accounts but every available account has the same access to the 4,500+ markets and trading tools and platforms.
The trader account won’t require any minimum account balance to be maintained and sticks to the standard $500 minimum deposit limit on the site. This account type is ideal for newer traders on the site but is also suitable for more experienced traders as well. The personal trader account has fairly tight spreads starting from 1 point on global Indices, 0.5 pips on FX pairs and from $5 commission on Australia 200 shares.
The premium trader account can only be accessed by invitation from City Index Australia themselves. The benefits to being able to use this account include but are not limited to exclusive invitations to premium events, priority service and dedicated broker-assisted dealing.
The professional trader account is a whole different kettle of fish. In order to access this account, you will need to manage a portfolio of at least $500,000 on the platform. You’ll have access to much higher leverage, a premium subscription to TradingView and the Wall Street Journal and a dedicated account manager. This account is truly only for people who dedicate their everyday lives to trading. Check out our St George Directshares review to see what another broker offers by way of accounts.
Fees – clear cut fees at City Index Australia
Nobody enjoys paying fees on their trades but in this industry, it is part and parcel of the experience. There are a number of different fees to contend with on the City Index Australia platform that we found.
Indices trading starts from a margin of 5% and generally has a fixed minimum spread of 1 pip. If you are trading shares your margin starts from 20% with varying degrees of commission payments per share when trading in CFDs. The forex minimum fixed spreads start from 0.5 pips with margins starting from 3.33%. There is a multitude of different spreads and fees on the site but thankfully City Index Australia have made the wholly accessible on their “pricing and charges” page. You can check out all the pricing for available trading instruments on the platform.
All in all, we found the City Index pricing and charges to be on par with the industry standard. If anything, their forex average spreads and their fixed spreads for indices are slightly more favourable than most other brokers. Check out our TD Ameritrade review to compare the costs to that of the City Index.
From what we could gather from conducting our City Index review Australia, there are only two trading platform options for you to use on the. You can make use of the WebTrader platform or the industry favourite in Metatrader 4.
WebTrader provides users with exceptional charting tools with custom indicators. The platform prides itself on its smarter trade tickets with advanced risk management options and a real-time margin calculator. There are a few extra nifty features on the WebTrader platform that can be used but the big selling point here is just how much you can customise your own experience on the platform.
MetaTrader 4 really needs little introduction but for our readers who are fairly new to online trading, we will enlighten you as to why this trading platform is so popular. MT4 is a dedicated forex trading platform that provides users with access to over 80 different currency pairs on City Index Australia. You can download automated trading strategies or even create your own, all while making use of the exceptional charting tools.
You can access MetaTrader 4 through the City Index Australia portal, as a downloaded platform on your computer or via the IOS app. It is convenient, it is efficient and it’s probably your best choice.
Before you can get to using the superb MetaTrader 4 trading platform, you first need to fund your City Index Australia account. Our City Index review found that there is a decent selection of payment methods on the site for your deposits and withdrawals.
Users can make deposits using PayPal, BPay, bank transfers, PayID, credit/debit cards or EFTs. That’s not a bad selection at all, especially considering that they make PayPal available as well. Your minimum deposits will vary somewhat from method to method but for the most part, you can’t deposit less than $150. Although you can make a minimum deposit of $50 if you use PayPal.
It would appear that all of the above-mentioned methods can be used for making withdrawals except for a small number of credit cards. The maximum you are allowed to withdraw in one transaction from your account is $20,000. Typically, you’ll need to wait three days for your request to be processed before your withdrawal reflects in your account.
Every quality online brokerage firm makes sure that its customer service is efficient and friendly. Our City Index review made an effort to contact some of the support members on the broker’s site to see how quickly and professionally they answered our questions. We are not left disappointed. The service we received was impeccable and each of the support members we spoke to really seemed to know their stuff.
While we opted to give City Index Australia support members a call, you can also contact them via their live chat feature which generally sees your queries responded to within a couple of minutes at most. You can also send them an email but our City Index review found that of all the available contact options, you will wait for the longest for a response using an email.
All in all, our City Index rating has seen an increase as a result of the stellar customer support that we received on the site. Should you run into any issues or just need a simple question answered you can contact the support team 24/5.
Our City Index review delved a little deeper to make sure that the broker is regulated by an official financial authority. We found that City Index is regulated by a few of these financial authorities including the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Monetary Authority of Singapore (MAS). We’re pretty confident that there is no City Index scam happening here.
Users can also feel safe in the knowledge that their funds are stored in a separate trust account by City Index Australia. This is a means of protecting users on the site from ever having their capital be used to cover the debts of City Index Australia themselves.