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City index South Africa

City index South Africa offers an extensive range of products and makes its platform welcoming to multi-asset traders. It equally offers highly competitive spreads and premium research tools. Traders can access great platform options and the customer service is reliable. The company is fully backed by GAIN Capital, which is among the largest retail Forex brokers in the world.

Its top features

We spent about 5 months testing up to 30 of the best Forex brokers for South African traders and our findings are as follows:

  1. This broker belongs to GAIN Capital, a publicly-traded company. The broker is regulated by 3 tier-1 jurisdictions and this means it is a safe place to trade both CFDs and Forex.
  2. Traders using the proprietary platforms offered here will have access to low-cost trading.
  3. Both the traders using the MetaTrader platforms and the company’s proprietary platforms will have access to a series of great tools, various tradeable products and market research tools. The broker supports copy trading, but it is not considered among the best copy trading Forex brokers.

Is the broker safe?

The risk of trading Forex on this platform is low and its Trust Score is 93 out of 99. The broker is publicly traded and operates no bank. As mentioned earlier. City Index is regulated by 3 tier-1 jurisdictions, no tier-2 regulators and 1 tier-3 regulator. The following tier-1 regulators regulate this platform:

  • Australian Securities & Investment Commission
  • Monetary Authority of Singapore
  • Financial Conduct Authority

Its many features

  • The company was founded in 1983
  • It is publicly traded
  • It has no bank
  • It is also licensed by 3 tier-1 regulator, no tier-2 regulators and 1 tier-3 regulator

Offering of investments

The following are the various investment products offered by this broker:

  • Other offerings: The trader can trade many of the CFD products offered here as a spread bet. UK residents will find this to be useful some spread-betting comes with tax efficiencies of residents of that country.

Available offerings

  • It offers Spot Trading.
  • It offers up to 84 currency pairs.
  • It also offers 4500 CFDs.
  • The broker supports Social Trading.
  • Cryptocurrency can only be traded as CFD and not as actual.

Commissions & Fees

The pip spread offered on this platform is highly competitive in spread-betting, CFDs and Forex products. The average pip spread on the proprietary platform is lower than what obtains on MT4. City index South Africa is the Best in Class in terms of cost. The trader can access both the variable and fixed options of spread pricing.

  • Advanced Trader: The average typical spread was 0.8 pips for EUR/USD as of October 2019. The all-in cost for every trader can be compared to the default pricing on CMC Markets or any other pricing leader.
  • MetaTrader: The broker charges a higher pip spread on MT4 platform where the average pip spreads on the EUR/USD is 1.7 pips. Traders cannot access price tolerance settings on the MT4, but this feature is available on the proprietary platform.

Its features are as below:

  • The minimum initial deposit is GBP 50.
  • Its average pip spread is 0.8 on EUR/USD.
  • Its all-in cost for EUR/USD is 0.8.
  • The broker offers VIP or Active Trader Discounts.

Platforms & tools

You can access MetaTrader 4 on the platform. You can also access two proprietary platforms here, which are Web Trader (web-based) and AT Pro (desktop-based). The trading experience on this platform is of top quality.

AT Pro

It is not a platform for beginners but for professional Forex traders. This is because of its complex features. It comes with several advanced functions for a more professional approach to trading. The charting features are robust; it offers 25 draining tools and 139 indicators. It also offers a Development Studio that has automated trading functions, like the ability to use historical data for back-testing a potential Forex trading strategy. Additionally, AT Pro comer pre-loaded with more than 100 strategies.

Web Trader

This proprietary platform from City index is developed using HTML5. As a result, it is easy to use, fast and flexible. Its indicators are not as many as what you will find on the AT Pro and it is the better choice for casual traders.

Research

The Forex broker offers top quality market research that is among the best in the Forex industry. Some of the highlights are:

  • AutoChartist for MetaTrader
  • Economic calendar powered by FXStreet
  • Thompson Reuters news headlines
  • Trading Central

Mobile trading

The mobile app may not be the best in the Forex industry, but it competes favorably with Saxo Bank, CMC Markets, IG and several other brokers. The app is free of bugs and clean in its design. As a result, it can run smoothly when placing trades, reading news, depositing money or adding alerts.

Mobile tools: The charts are from Trading View charts and feature 74 indicators for fundamental analysis with trend lines and charting. The mobile app comes integrated with Trading Central also and features many modules, including Analyst Views, featured Ideas and Technical Insights.

Customer service

We partnered with Customerwise for scoring the customer service on City index South Africa. The results are given below:

  • Average connecting time is 1 to 2 minutes.
  • Average Net Prompter Score is 7.6 out of 10.
  • Average Professionalism Score is 7.9 out of 10.
  • Overall score is 8.0 out of 10.
  • The broker is ranked 10th out of 22 brokers.

Final thoughts

This Forex broker offers multiple options doe Forex traders via its offerings in Asia and Europe. As a result, the traders can access more than 10,000 CFDs on various trading platforms, 15 forwards and 65 spot Forex pairs. It does not matter if the Forex trader is experienced or otherwise, his needs will be met perfectly on this platform. When rated based on Beginners, Education, Research, Commissions & Fees and Offering of Investments, the Forex broker came tops among other brokers for South African traders.

About City Index

The broker started operation in the United States in 1983. It has grown in popularity since them to become one of the best brokers as far as the number of assets is concerned. The company was acquired by GAIN Capital Holdings in 2015 and it is listed on the New York Stock Exchange as GCAP. This Forex broker shares the same office with Forex.com and the needs of the traders with this broker is also met by Forex.com. The two brokers even share the same office.

This broker had been around for many decades and has acquired a lot of experience over the years. It has been providing various services like spread-betting, Forex and CFDs for this length of time and can be trusted for top quality services at all times. At a later date, the broker acquires both FX Solutions and IFX Markets and this helps it to expand its Forex offering even more.

Trading features available

  • Virtual trading is available.
  • Proprietary platform is available.
  • Desktop platform is also available.
  • You can access the web platform here.
  • The broker equally supports social trading.
  • You can access both the MT4 and MT5 platforms here also.
  • There is no cTrader platform.
  • Traders can access up to 139 indicators and 25 drawing tools.
  • You will also be able to trade from chart.
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