Review of City Index Financial Spread Betting Platform
Review of City Index Financial Spread Betting Platform
City Index was established in 1983, and is a broker for Forex and Contracts for Difference, as well as spread betting. It has offices around the world, and also trades under the names Finspreads, FX Solutions and IFX Markets. In addition to these owned brokerages, City Index provides services for other brands, such as Barclays, Halifax and TD Waterhouse.
A City Index account gives you access to an iPhone application called City Trading via free download, which some people will find valuable. The traditional online interface is very easy to use, and includes the latest news feeds. There are a series of video tutorials about the platform if you have any doubts about using it.
City Index makes much of its commitment to fair and transparent pricing, and promises competitive spreads and good margins. The spreads are good, if not the best available, and City Index account holders report that the prices are stable, and seldom vary from those displayed, meaning that you will suffer minimum slippage.
There are not any new account offers or bonuses offered at the present time, and the free demo account which allows two weeks of practice trading with 2,500 virtual cash is difficult to find. Against this, they have 24-hour online trading, access to thousands of markets, and a long history with good capitalization. Other plus features include the facility for a guaranteed stop loss, should this suit your trading plan, and credit is available for your account. The account can be in Sterling, US dollars or Euros, which can save you some currency conversion charges.
Some users have reported difficulties with the platform "freezing", particularly at times when trading is heavy, and the only answer may be to log in again. Such a happening is hard to pin down, and others who admittedly appear to have light trading habits have had no difficulty. These things may also occur because of factors outside City Index's control, such as the computer, the internet connection, etc., so you should form your own conclusions how well the platform works with your personal setup during the free trial.
Conclusion and Overall Review of City Index's Offering
City Index is one of the older and well established spread betting providers and has a reasonable set of financial products on offer. While the spreads may not look the most competitive (and they are actually not too bad), user experience suggests that you are not likely to find much re-quoting when you come to place your trades. A spread that is available beats competitive spreads that are not there when you want them. City Index are certainly worth looking at and trying a demo account if you are seeking a spread betting provider for your future trades. We rate them as good value.
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