City Index is a top broker 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 safe 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 will be cheaper and executed faster than most others.
City Index covers a range of financial instruments, from forex to stocks. However, I think the Futures markets make an attractive option, letting you place longer-term bets without paying overnight financing.
69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
City Index limits its account types to one for spread betting, which is spread only, with no commissions (even on its shares), keeping the fee structure simple. I used my live City Index account to test the spreads and determine the average spread during typical trading hours. In my tests, I found that City Index has some of the lowest spreads, averaging 1.10 pips on EUR/USD, making the broker one of the cheapest overall based on my results.
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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 01/01/2025
As for City Index’s other markets, I found the spreads competitive with the rest of the industry. Spreads start from 0.50 points on gold and 1 point on indices like the FTSE 100. So, if you like to spread bet across forex, commodities, and stock indices, City Index is a top choice with 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, use the fee calculator I created to compare City Index with their main competitors.
Calculate Your Cost To Spread Bet
Total Cost of Spread Bet
Total Cost of Spread Bet
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City Index doesn’t just focus on forex spread betting; it also offers other popular trading instruments, such as shares. I reviewed the fees for these markets, and City Index consistently outperforms the industry average across all five markets.
| 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% |
My 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. The spreads didn’t move much throughout my testing, delivering consistently tighter spreads than most of the industry.
City Index offers only one spread betting platform, the City Index Web Trader, that includes advanced trading tools and charting you’d expect from third-party providers like MT5.
City Index Web Trader
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. One feature I liked was how City Index categorises markets, making it simple to find and view related instruments quickly. For example, seeing all the EUR or GBP currency crosses is just a click away, rather than having to filter for them like on many other platforms.
The unique “Market 360” view is great for focusing on a single market. It displays the price chart, relevant economic calendar data, and market news, all impacting 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, such as using Expert Advisors (EAs) on MT4, 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 mobile experience closely mirrors 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 so you can analyse the same charts with all your technical analysis available across both platforms.
The mobile app allows you to set push notifications for price alerts and risk management signals, enabling you to stay on top of the markets and react fast 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.
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 think filtering is a must, considering the service generates multiple alerts a day. It can get distracting if you are 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, they give you your stop loss and take profit order levels, 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. It shows key metrics like average profit per trade and analyses your best markets to trade and the most profitable times of the day.
Digging into the data breakdown provided some actionable insights that you can use to optimise your trading strategy. For example, I realised I was overtrading certain forex pairs that 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 and focus on what is working 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 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.
Financial Regulation
The broker is regulated by the UK’s Financial Conduct Authority (FCA), which is a significant trust signal as they are considered the gold standard for regulators. The FCA is known for its stringent regulatory framework, providing you with some of the best financial and client protection.
I particularly appreciate the benefits of FCA regulation. It means City Index must adhere to strict financial standards, including segregation of client funds and participation in the Financial Services Compensation Scheme (FSCS). Knowing that your funds are protected up to £85,000 in the unlikely event of the broker’s insolvency offers peace of mind.
City Index is also regulated by other authorities across several countries, adding weight to the broker’s safety. Being multi-regulated means the broker is held to high standards across different authorities, which is a big plus in my book. Here’s a list of City Index’s regulators:
Reputation
With over 1,000,000 clients, City Index has built up a large and loyal user base over its 40-year history. Maintaining this many active traders isn’t easy, and it shows that most people have a positive experience with the broker. I would expect to see the client base shrink rather than grow if there were widespread issues.
Looking at independent customer reviews on Trustpilot, I found that City Index scores an impressive 4.1/5 rating, considered “Great”, based on over 300 reviews from UK clients. It’s worth noting that while no broker is perfect, a score above 4 on TrustPilot is a decent effort for the financial services industry.
Part of the StoneX Group
As a subsidiary of StoneX Group, City Index benefits from being part of a large, well-capitalised, and 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 its parent company has to file audited financial statements, disclose risks, and meet strict reporting requirements from the SEC. With a market cap of nearly $1 billion, the parent company’s financial strength should help ensure City Index remains stable and well-funded.
Verdict on City Index’s Trustworthiness
Two big positives in my book for City Index are that a large financial institution like StoneX backs the broker and is multi-regulated. However, the biggest test is the broker’s having over 1,000,000 clients and being in business for over 40 years, which is only possible if the broker has a solid reputation for being trustworthy.
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 that most traders look for. You have access to the main commodities, such as gold, silver, and oil, with low spreads and access to less common commodities 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
When it comes to share trading, City Index impressed me with their offering of 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 pay currency conversion fees (from GBP to USD), which can eat into profits and expose you to currency fluctuations. Instead, all your bets are in GBP, simplifying your trading and potentially improving your overall returns without being affected by the fluctuation in the GBP/USD currency rates.
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 while still benefiting from the tax-exemption spread betting brings.
However, it’s important to note that the wider spreads mean you must factor this into your trading costs, as these markets aren’t ideal for intraday or 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 already offers above the industry average while adding new financial products like Futures to profit from longer-term trading ideas. 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 not all spread betting providers offer.
One aspect of City Index that I appreciate is the no minimum deposit requirement when funding your account via bank transfer. This flexibility allows you to control your starting balance without being forced to overdeposit just to get started.
While there is no strict minimum, I recommend depositing at least £100 initially, considering the lowest margin requirement for EUR/USD is £30. I found that if you want to deposit with your debit card, there is a small minimum deposit of £100; with PayPal, this is much lower at £50.
When it comes to deposit methods, City Index provides a better selection compared to 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 typically takes the longest (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, it’s crucial to consider their trading conditions and execution speeds to 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 |
For market execution orders, I recorded an average speed of 131ms, which resulted in near-instant execution of my bets, making the trading conditions excellent for scalping/day trading.
While these speeds aren’t the fastest I’ve tested, they’re certainly competitive, and you can expect a smooth trading 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 solid trading conditions.
During my review, 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, saving me the hassle of re-entering information like some other brokers require. This small touch made accessing the customer support team quick and easy.
The quality of support I received was excellent. The representatives were 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 hours. This means you can get assistance whenever the markets are open, which is crucial for 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 solid 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 during 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 reason behind the trade idea. They also include the relevant chart and price pattern to assess if you agree with their analysis.
I found these signals helpful for day trading to potentially uncover new trading opportunities in markets I may not normally follow, expanding my profit potential. The research seems thorough and well-reasoned to support the trade ideas.
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. While they are all text-based without any video content, which is a bit of a letdown, the 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 the 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 to 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 to 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 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 and will be helpful if you are just starting out.
I’m impressed with City Index as they tick all the boxes when choosing a top spread betting broker. Its 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, allowing you to bet on most major markets. I appreciated its 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.
69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
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. The broker is also part of StoneX Group Inc., which owns and backs several forex brokers, like Gain Capital and Forex.com.
City Index primarily earns money through the spreads and overnight financing charges on the CFDs and spread bets it offers. As a market maker, it earns money from the difference between its buy and sell prices (the spread). Additional revenue comes from fees like inactivity charges. Try our spread bet calculator to understand how profits and losses work with spread betting.
Yes, City Index is well-regulated by multiple top-tier authorities, including the Financial Conduct Authority and other overseas authorities. These authorities include 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, allowing you to practise on the demo account for 12 weeks. It provides access to City Index’s full range of markets, including 80+ forex pairs, and access to the broker’s 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. However, elective professional traders are allowed to spread bet crypto markets.
Spread betting and CFD trading are both derivatives that allow you to speculate on financial markets without owning the underlying assets (forex to interest rates). However, there are some key differences, with the major one being that spread betting is exempt from capital gains tax, allowing you to keep all your profits. Trading CFDs requires purchasing in the asset’s currency, while spread betting is in GBP, protecting you from currency risk if you bet on international markets and avoiding 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.