City Index was founded in 1983 as a Global CFD and FX broker. It is regulated by the top-tier regulators such as the UK FCA and the Australian ASIC. The broker is considered to be very safe because it has a long track record and its parent company is listed on the stock exchange and regulated as well.
CFDs are complex instruments and pose a high risk of losing money because of their leverage. More than 70 percent of the retail investors lose money when trading with CFDs so it is important to know how they work in order to protect yourself. This is why it is a good idea to learn about this platform as well before you start trading. City Index has low forex fees and has high-quality research tools. The platform has high stock CFD fees and the product portfolio is limited meaning it only provides forex and CFDs.
This broker offers low forex fees but the CFD fees get a little higher. Also, all of the customers around the world are accepted with a few exceptions for the citizens of the United States and Canada. There is no minimum deposit which means that you can start trading with a very low amount.
Users can open an individual or corporate account. If you are a user from the UK, you can trade with SIPP account as well. The procedure to open an account is fully digital and very simple, however, you could end up waiting a few days for your account to get approved. In order to get your account opened, you must first provide personal and financial information, the trading experience you have by filling out a short test and at the end, you will have to verify your ID and residency. You need to upload your ID in order to verify your identity. The utility bill and bank statement are accepted as well as a confirmation for residency verification.
The web trading platform has a lot of great search functions. You can search by typing the product you want and there is also a product list specified in categories such as forex or popular markets. The alert function will let you when an asset reaches the price target.