Spread betting and CFD trading
Initially attracted to City Index by their advertising. The headline spreads look great but in practice there are additional costs that aren't immediately obvious. I also get bombarded with promotional emails and phone calls encouraging me to deposit more. The trading itself is fine but the marketing tactics are off-putting.
Pros: Trading platform works adequately
Cons: Hidden costs, aggressive marketing practices
I wanted to transfer my portfolio from another broker to City Index. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Full transparency|Good mobile app
Cons: Limited cryptocurrency options
Where do I even begin with City Index? since I retired last year of broken promises, unanswered tickets, and a platform that feels like it was built in 2010. They spend more on marketing than on actually improving their service. Stay away from this company.
Pros: Two-factor authentication|Multiple order types
Cons: Onboarding videos are outdated
Started with City Index optimistically but my experience has been mixed. The platform itself is good and execution is fast. However, I noticed spreads widen significantly during news events and the swap rates are higher than competitors. Good for day trading, less so for holding positions overnight.
Pros: Good platform, fast execution for day trading
Cons: Wide spreads during news, high swap rates
I had a dispute with City Index and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Two-factor authentication|Transparent fees
Cons: Minimum deposit could be lower|No phone support on weekends