City Index is one of the top spread betting brokers, with excellent trading conditions, low spreads, and a wide range of spread betting markets. I put the broker through its paces, testing everything from spreads to trading platforms, to see how it performs.
City Index Summary
I think City Index is a strong pick for most spread bettors, as it offers a host of features that can help manage and improve your spread betting experience. The low spreads, starting at 1.1 pips on EUR/USD, and a sub-100-ms execution speed means your betting should be cheap and reliable.
City Index covers a range of financial instruments, from forex to stocks. However, I think the Futures markets are an attractive option, as you can place longer-term bets without paying overnight financing.
70% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
City Index offers only one account type for spread betting, with no commissions, including on shares. This means the fee structure is nice and simple.
I used my live City Index account to test the spreads and determine the average during typical trading hours. Over my tests, I found that City Index offers some of the lowest spreads, averaging 1.10 pips on EUR/USD. This puts the broker in my top five cheapest overall.
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Spread Bet Spreads
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1.10 | 1.30 | 1.60 | 1.20 | 1.60 |
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0.80 | 1.10 | 1.40 | 1.00 | 1.40 |
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0.90 | 1.20 | 1.40 | 1.10 | 1.80 |
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1.00 | 1.10 | 1.50 | 1.20 | 1.50 |
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0.85 | 1.40 | 1.40 | 0.82 | 1.77 |
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1.20 | 1.30 | 1.30 | 1.20 | 1.70 |
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1.00 | 1.50 | 1.50 | 1.00 | 1.80 |
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1.00 | 1.30 | 1.60 | 1.30 | 1.50 |
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1.30 | 1.50 | 1.50 | 1.50 | 1.50 |
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0.90 | 1.40 | 1.40 | 1.30 | 2.20 |
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0.90 | 1.20 | 1.60 | 1.50 | 1.80 |
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1.10 | 1.50 | 1.40 | 1.40 | 1.70 |
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1.20 | 1.50 | 1.50 | 1.40 | 1.80 |
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1.90 | 1.20 | 2.00 | 1.00 | 1.70 |
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1.40 | 1.70 | 1.60 | 1.40 | 1.80 |
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1.40 | 1.40 | 1.70 | 1.90 | 1.70 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 03/01/2025
As for City Index’s other markets, the spreads are pretty competitive with the rest of the industry. SpreadBet’s senior analyst Ross Collins said this about the spreads across City Index’s instrument range:
“The spreads are strong across the board, starting from 0.50 points on gold and 1 point on indices like the FTSE 100”, Ross said.
“So, if you like to spread bet across forex, commodities, and stock indices, City Index is a top choice thanks to its attractive pricing.”
| City Index Average Spread | Average Industry Spread | |
|---|---|---|
| EUR/USD | 1.1 | 1.12 |
| AUD/USD | 1.2 | 1.32 |
| EUR/GBP | 1.3 | 1.46 |
| GBP/USD | 1.6 | 1.94 |
| USD/JPY | 1.5 | 1.52 |
| AUD/JPY | 1.7 | 2.13 |
| EUR/JPY | 1.7 | 2.06 |
| USD/CAD | 1.6 | 2.09 |
| USD/SGD | 2.5 | 3.11 |
To help calculate how spreads impact trading fees, I advise you to use the fee calculator I created. This gives you a way to compare City Index with their main competitors.
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After forex spread betting; the second most popular instrument for trading is shares. I reviewed the fees for these markets, and City Index consistently outperforms the industry average across all five of the main categories.
| Share Category | City Index Spread | Industry Average |
|---|---|---|
| UK Shares | 4pt | 5.19pt |
| US Shares | 0.10% | 0.16% |
| Geman Shares | 0.10% | 0.15% |
| Hong Kong Shares | 0.10% | 0.20% |
| Australian Shares | 0.10% | 0.17% |
Our Verdict on City Index’s Spreads
I think City Index ranks highly among the best spread betting brokers when it comes to tight, competitive spreads. These figures didn’t move much throughout my testing, so City Index consistently outperforms many of its competitors.
City Index offers only one spread betting platform – the City Index Web Trader. This platform includes advanced trading tools, as well as charting features you’d expect from third-party software like MT5.
The Web Trader platform impressed me with its integration of TradingView’s excellent charting tools. This platform provides access to over 100 technical indicators, such as moving averages, Bollinger Bands, and the Relative Strength Index (RSI), allowing you to set up virtually any combination of indicators for your strategies.
It also offers a wide range of drawing tools, such as trend lines, Fibonacci retracements, and Elliot Wave patterns, making plotting advanced strategies easier.
In addition to the decent charts, I found the Web Trader’s “workspace” interface intuitive and easy to navigate, making watch lists and charts readily accessible.
Here’s what my fellow SpreadBet co-founder Noam Korbl liked about the City Index platform:
“One aspect I liked was how City Index categorises markets,” Noam said.
“The broker makes it simple to find and view related instruments quickly. For example, you can get all the EUR or GBP currency crosses with just a click. This is much better than having to filter them, like you would on many other platforms.”
In my own testing, I found that the unique “Market 360” view was great for focusing on a single market. It displays the price chart, relevant economic calendar data, and market news, related to that specific asset in a unified view.
I can see this being a useful feature for scalpers who concentrate their trading on a particular instrument, as it puts all the key information in one place.
One drawback of the City Index Web Trader platform is its lack of support for automated trading strategies. Since it is only a web-based platform, algorithmic trading functionality, like you’d find with tools like MetaTrader’s Expert Advisors (EAs), is simply unavailable. Traders who rely on automation will need to look elsewhere.
For on-the-go trading, City Index offers a free mobile version of its Web Trader platform for iOS and Android devices. I found the City Index app’s experience closely mirrors that of the desktop web platform, as it’s essentially just a mobile view of the same interface.
This is a benefit, as it provides continuity between desktop and mobile trading. You can analyse the same charts across both platforms, accessing all the same technical tools.
The mobile app allows you to set push notifications for price alerts and risk management signals. With these features, you can stay on top of the markets, and react with speed when needed.
Trading Signals
The Web Trader platform includes trading signals from Trading Central, which provide technical insights and professional analyst views on potential opportunities.
While preparing my City Index review, I found the signals are generated frequently throughout the day, across multiple markets and time frames.
You can filter the recommendations to the markets and timeframes, selecting the markets that fit your risk and trading strategies. I personally think filtering is a must here, considering the service generates multiple alerts each day. This can get seriously distracting if you are being alerted to every market.
The level of detail provided by Trading Central can help you learn what to look for and how to spot high-potential bet setups. Additionally, the tools calculate stop loss and take profit order levels for you, so you won’t have to second guess when to cut your losses or exit for a profit with the signals.
Performance Analytics
One of my favourite tools on the City Index platform was the Performance Analytics feature. I linked my spread betting account to track my trading results, automatically while testing the broker in real-time.
The tool shows you key metrics, like average profit per trade. It also analyses the best global markets for you to trade in, and the most profitable spread betting times through the day.
Digging into the data breakdown provided some actionable insights that you can use to support your diverse market research strategy.
For example, I realised I was overtrading on certain forex pairs, which were not producing positive results. The numbers showed I should concentrate my capital on the few markets that were consistently profitable for me.
This type of objective analysis is invaluable, as it allows you to fine-tune your strategies. You get the chance to focus on what is working for you, while eliminating what isn’t.
Verdict On City Index Trading Platforms
Even though City Index only offers its proprietary trading platform, I was impressed with its list of features. The platform offers tools that help it compete with leading platforms like MetaTrader 4. I like that the platform uses TradingView charts, which I think is the best available for technical analysis.
Extra trading tools like Trading Central signals and Performance Analytics are a great addition to the platform, giving you solid tools to improve your betting. However, it would have been great if you could automate your spread bets with City Index.
Yes, City Index is safe. It is one of the largest spread betting brokers, with over 1,000,000 clients and 40+ years of industry experience. It’s regulated by the FCA, ensuring a high level of safety.
The broker is regulated by the UK’s Financial Conduct Authority (FCA), which is a good sign that you’re dealing with a reliable firm. The FCA is known for its stringent regulatory framework, which achieves some of the best financial and client protection found anywhere in the world.
Under FCA regulation, City Index must adhere to strict financial standards, including segregation of client funds and participation in the Financial Services Compensation Scheme (FSCS) – two big plus-points for clients in my view.
Knowing that your funds are protected up to £85,000 in the unlikely event of the broker’s insolvency offers real peace of mind.
City Index is also regulated by other authorities across several countries, adding weight to the broker’s safety credentials. Being multi-regulated means the broker is committed to high standards, which is a great sign for me. City Index’s regulators include:
With over 1,000,000 clients, City Index has built up a loyal user base over its 40-year history. Retaining this many active traders isn’t easy, and it shows that most people have a positive experience with the broker. I just don’t think we’d be seeing these kinds of numbers if there were widespread issues.
Looking at independent customer reviews on Trustpilot, I found that City Index scores an impressive score. When I looked at this in January 2025, the score was 4.3 out of 5 – up from 4.1 in 2024, and considered “Great” according to Trustpilot’s own rating system.
It’s worth noting that while no broker is perfect, any score above 4 on TrustPilot is a truly excellent result for a business in the financial services industry.
As a subsidiary of StoneX Group, City Index benefits from its position within a large, well-capitalised, and highly-transparent public company. StoneX Group is listed on the NASDAQ exchange under the ticker SNEX.
Being part of a US public company adds an extra layer of trust, as the parent company must file audited financial statements, disclose risks, and meet strict reporting requirements from the Securities and Exchange Commission (SEC) in the U.S.
With a market cap of nearly $1 billion, the parent company’s financial strength should ensure City Index remains stable and well-funded.
Verdict on City Index’s Trustworthiness
The backing from StoneX, and the multiple layers of regulation, are two big positives for City Index in my book. On top of this, a client roster of 1,000,000, and a four-decade trading history, are proof of a solid reputation.
City Index is a multi-asset spread betting broker, offering an impressive 8,500 financial spread betting markets. From forex to commodities, its range allows you to trade multiple markets with a single spread betting account.
Forex
With 84 currency pairs available for spread betting, City Index has positioned itself as one of the UK’s top choices for forex trading.
During my testing, I saw that their selection covers all the major and minor pairs you’d expect, plus various exotic options. For instance, you can trade popular pairs like EUR/USD and GBP/JPY and less common ones like USD/MXN or EUR/TRY.
Commodities
City Index offers access to 14 commodity markets, which cover the essentials most traders look for. You have all the main commodities, such as gold, silver, and oil, and even a few less common instruments, like orange juice.
Stock Indices
I found over 20 markets on City Index, covering all the major global indices you’d expect, including the FTSE 100, S&P 500, and DAX.
Shares
For share trading, City Index impressed me by offering 4,700 stocks from major exchanges like the NYSE, NASDAQ, and LSE. I like that you can spread bet on popular shares like Tesla, Apple, and Amazon, which are typically reserved for CFD markets.
When spread betting on non-UK stocks, you don’t need to pay currency conversion fees. This is great, as conversions can eat into profits and expose you to currency fluctuations. Instead, all your bets are in GBP, which will certainly simplify your trading and potentially improve your overall returns.
Futures Spread Betting
I found City Index’s futures spread betting offerings to be a valuable addition to their product range. The ability to profit from longer-term market movements without incurring overnight fees is, in my opinion, a significant advantage for certain trading strategies.
However, it’s important to note that the spreads are wider on futures. You’ll need to factor this into your trading costs, and these markets aren’t ideal for short-term betting.
Verdict On City Index Trading Products
I think the range of financial markets City Index offers is impressive. With over 8,500 markets, it outperforms the industry average by quite a bit, and also adds other financial products like Futures for longer-term traders.
This makes the broker a solid pick if you trade multiple markets or like to bet on both short-term and longer-term betting styles.
City Index offers various deposit methods, including standard options like debit cards and bank transfers. However, what sets them apart is the ability to deposit via PayPal, which I find a convenient and secure option that not all spread betting providers offer.
One aspect of City Index that I appreciate is the lack of a minimum deposit requirement when funding your account via bank transfer. This flexibility allows you to control your starting balance without being forced into a big investment straight out of the blocks.
While there is no minimum bank transfer deposit, there is a minimum margin requirement. For the EUR/USD pair, the lowest possible margin is £30, so I’d recommend depositing at least £100 initially if you want to make several trades.
I did find a few minimum deposit requirements attached to other payment methods. With a debit card, you’ll need to deposit at least £100. With PayPal, it is much lower, at £50.
As for deposit methods, City Index provides a better selection than most brokers. In addition to the standard options of bank transfer and debit cards (Mastercard/Visa), they allow you to use PayPal to make deposits.
I opted for the bank transfer method, which is supposed to take the longest at 3-5 business days. However, I was pleasantly surprised to be able to start trading within just two days. It’s worth noting that City Index does not charge any fees for depositing funds, which is a definite plus.
Withdrawing funds from City Index is straightforward. The funds are sent back using the same method you used to make your deposit. Whether you choose bank transfer, debit card, or PayPal, there are no fees associated with withdrawing your money, which I greatly appreciate.
Opening a trading account with City Index is an easy online process. The application includes standard questions regarding your market knowledge, risk tolerance, and financial/employment details, which are mandatory for all spread betting brokers due to FCA requirements.
I found the process user-friendly and completed it within just 5 minutes. After submitting my verification documents, I was approved within an hour, which I consider an impressive turnaround time.
Verdict On City Index Funding
I found City Index to be convenient for depositing and withdrawing from your spread betting account with no additional fees.
The broker uses the most popular forms of funding, such as debit cards and bank transfers, while I thought the addition of PayPal was a nice touch.
When choosing a spread betting broker, I think it’s really important to consider their trading conditions and execution speeds. These metrics help you ensure a smooth betting experience.
Execution Speed
During my tests of City Index’s execution speeds, I found their performance solid. I conducted my tests during the London trading session, known for its high liquidity, and I didn’t encounter any issues with order fills.
In my tests, City Index achieved an average limit order execution speed of 93ms, which aligns with my personal experience, as my stop losses and pending orders were executed reliably without any rejections.
| Broker | Overall | Limit Order Speed | Limit Order Rank | Market Order Speed | Market Order Rank |
|---|---|---|---|---|---|
| Pepperstone | 1 | 77 | 1 | 100 | 1 |
| City Index | 2 | 95 | 2 | 131 | 2 |
| Admiral Markets | 3 | 132 | 3 | 182 | 5 |
| CMC Markets | 4 | 138 | 4 | 180 | 4 |
| IG | 5 | 174 | 5 | 141 | 3 |
| ThinkMarkets | 6 | 161 | 6 | 248 | 6 |
When testing market execution orders, I recorded an average speed of 131ms. This translates to near-instant execution of bets, making the trading conditions excellent for scalping/day trading.
While these speeds aren’t the very fastest I’ve tested, they’re certainly up there. You can expect a smooth trading and reliable experience with the broker.
Execution Type
City Index provides these competitive execution speeds by using the market maker execution model. This model allows City Index to act as the counterparty to your bet, ensuring liquidity and fast execution speeds.
Even though City Index operates as a market maker, it still sources its pricing from top-tier liquidity providers, helping ensure that the prices you receive are competitive and in line with the broader market.
Verdict on City Index’s Trading Conditions
The trading conditions on City Index are among the best, and the broker’s fast execution speeds placed it second overall for execution speed in my testing.
I experienced reliable order filling without requotes or slippage while using the broker, which are strong signals of great trading conditions for me.
During my testing, I had a great experience with City Index’s customer service. One aspect that stood out was how seamlessly the live chat connected using my account details.
This was quite a big plus for me, as it removed the hassle of re-entering information. I’m sorry to say that the experience is not always quite so easy with some of the other brokers I’ve tested.
The quality of support I received was excellent. The customer support team was prompt in their responses, and demonstrated a high level of expertise. They provided helpful and detailed answers to my queries, crucial for spread bettors who often need quick, accurate information.
It’s reassuring to know that support is available 24 hours a day, five days a week, matching the market’s trading hours. This means you can get assistance whenever the markets are open, which is crucial as a spread bettor.
While live chat is convenient for simple queries, sometimes you need to discuss a more complex issue, or want an urgent response. Having the option to pick up the phone and talk to someone directly is valuable in those situations.
Verdict On City Index Customer Service
City Index has done a great job providing a decent customer service experience through its staff training and methods of contacting the broker. The customer service team were knowledgeable and accurate with their prompt responses, so I didn’t spend much time waiting for a solution.
With live chat and phone call options to contact the broker for help, it’s great to see they are available 24/5, across market trading hours.
City Index offers solid market analysis from its in-house analysts and external research from Trading Central. For those new to spread betting, the City Index Academy provides a good foundation for learning the basics.
Research by Trading Central
I was impressed with the automated trading signals from Trading Central on the City Index Web Trader platform. I liked that each signal came with commentary from the analyst, explaining the reasoning behind the trade idea.
They also include the relevant chart and price pattern, leaving it up to you to decide if you agree with their analysis.
I found these signals helpful for day trading, as I could potentially uncover new trading opportunities in markets I may not normally follow. This greatly expanded my profit potential with thorough and well-reasoned research.
City Index Market Analysis
The market analysis provided directly by City Index’s analysts on the Web Trader platform is also useful. They offer daily market updates covering all the major trading sessions, including opening and closing commentary, to stay on top of key developments.
In addition, the City Index analysts provide their trade ideas with detailed articles explaining the setup and using technical analysis to support the idea. I thought these were insightful and provided an in-depth look at the trade thesis. It’s a valuable resource for generating trading ideas.
City Index Trading Courses
For educational content, City Index offers nine online lessons focused on technical analysis. They are all text-based without any video content, which is a bit of a letdown. However, explanations and examples still get the key points across effectively.
They also provide three courses covering trading fundamentals, advanced strategies, and risk management. These courses can help beginners learn core concepts, and develop a foundation in spread betting and technical analysis.
City Index Demo Account
City Index provides a demo account funded with £10,000 in virtual money, so you can practice spread betting risk-free. You can access the demo account for 12 weeks, which should be plenty of time to test strategies and get comfortable with the platform.
I think it’s a generous demo offering, especially since it allows you to fully explore the City Index Web Trader platform, so you can decide if you like the tools and interface for spread betting. It’s a great way to test-drive the platform before committing real money.
Verdict On City Index Research and Education
I found that City Index offered quality and in-depth research through multiple channels. My highlights were the automated signals from Trading Central and the in-house market analysis, which provided actionable trade ideas with solid rationale.
As for educational resources, while a bit basic in delivery, the trading courses cover the key topics well. I believe you will find these really helpful if you are just starting out.
I’m impressed with City Index, as they tick all the boxes I look for when choosing a top spread betting broker. The competitive spreads, particularly on EUR/USD, and fast execution speeds stood out during my testing. While limited to one option, the Web Trader platform impressed me with its TradingView charts and unique features, like Market 360.
It offers one of the best ranges of markets I’ve seen, allowing you to bet on most major instruments. I appreciated the access to the Futures markets, which allow you to bet on longer-term ideas without paying overnight financing.
City Index’s customer service was prompt and knowledgeable, and I found their research and educational resources, especially the Trading Central signals, to be valuable additions.
City Index is a well-established and trustworthy brokerage with a strong reputation in the industry. Founded in 1983, it has a long track record of reliable service. Top-tier financial authorities, including the FCA in the UK and ASIC in Australia, regulate the broker.
City Index also offers negative balance protection and segregated client funds, further enhancing its trustworthiness. Finally, the broker is part of StoneX Group Inc. This group owns several forex brokers, like Gain Capital and Forex.com, and is a respected name in the industry.
City Index primarily earns money through spreads and overnight financing charges on its CFDs and spread bets.
Try out spread bet calculator to learn more about how profits and losses work with spread betting.
Yes, City Index is well-regulated by multiple top-tier authorities. These include the Financial Conduct Authority, and overseas authorities like the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS), and CySEC for European clients.
Learn about spread betting regulation including leverage caps set by the FCA.
Yes, City Index offers a free demo account loaded with £10,000 in virtual funds. With this, you get to practise for 12 weeks.
It provides access to City Index’s full range of markets, including 80+ forex pairs, and trading tools like Trading Central.
Yes, City Index is an excellent choice for beginners. It provides educational resources, including a Trading Academy with courses and lessons, and the free demo account is ideal for new traders to practice in a risk-free environment.
In addition, the broker also offers premium tools like Performance Analytics and Trading Signals to help new traders develop their skills. View the full list of spread betting beginner brokers.
No, the Financial Conduct Authority restricts spread betting cryptocurrencies for retail investor accounts. While professional spread bettors are allowed to access crypto markets, such instruments are not available at City Index.
Spread betting and CFD trading are both derivatives, which allow you to speculate on financial markets without owning the underlying assets.
However, there are some key differences. The major difference is that spread betting is exempt from capital gains tax, allowing you to keep all your profits.
Trading CFDs also requires you to purchase in the asset’s currency, while spread betting is always conducted in GBP. This protects you from currency risk if you bet on international markets, and avoids any currency conversion fees.
Learn more about our review methodology.
Ask an Expert
How competitive are City Index’s spreads on major markets?
City Index offers competitive spreads, particularly on major markets like forex and indices.
Is customer service at City Index responsive?
Customer service at City Index is generally responsive, with support available via chat, phone, and email.