City Index is one of the oldest and most reliable trading brokers, founded back in 1983. It is a part of the company GAIN Capital, which is listed on the New York Stock Exchange. It is also regulated by three of the most reputable regulatory bodies. Those are the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) or Monetary Authority of Singapore (MAS). Big, catchy names, right? However, no matter how respectable, these names are taken lightly by the City Index platform, which is covering their scamming activities behind the scenes.
I don’t know about you, but I feel pretty safe and assured when I know a bunch of reliable information like this. Still, I was quite disappointed when I started learning a bit more about the platform. For a company that has been around for quite a few walks around the sun, there are many things lacking at City Index. I will go through them, and you can judge for yourself if they are worthy of your time.
Platform and Execution SCORE: 29%
When it comes to platform and execution, the design of the webpage is very user-friendly and approachable. You can also customize it to your own wish by using several of the provided themes. On the downside, however, there isn’t a two step-verification login option. This means that it is not as safe as other trading platforms are these days.
This was a major thing that has taken me aback. For such a respectable platform, it was simply unimaginable to me that they would allow this sort of disadvantage to even exist on their platform. Especially today – when the market is turning around more profit than I could have ever imagined. This lack of security made me think that this platform would not value my information and my money in the same way as I would.
And sure enough, the very first fraudulent tendency came into the shady spotlight that is shedding the light on the City Index platform. I wish I knew this before ever visiting this ungodly broker’s platform. Namely, my account was tempered with since there wasn’t no additional authentication process. Thankfully, I was able to leave only a few dollars on my account by that point, but I am scared to even think about what would have happened with my family and my whole life if I had invested more.
Withdrawal Speed SCORE: 26%
When it comes to withdrawals, City Index does not require any fees to process your request. This is a huge advantage, aside from your request being processed in just a few minutes. Also, you are not required to pay a fee when creating an account, which is another great feature.
Still, there is a reason behind this “generous reward”, that seems more and more like a handout as the time passes. Namely, there are no fees for creating your account – because there aren’t any clients dumb enough to deposit the money and get into their shady business in the first place!
One other thing that comes to mind is that this broker does not accept all of the credit cards. This is another major slide for the company, especially when there are many other brokers that offer many more payment options, and have been present on the market for a much shorter period of time. However, considering the severity of scams this broker has held over the years, maybe this is a good thing – less weapons to use against you while robbing you.
Support and Assistance SCORE: 40%
When it comes to customer support and assistance, this platform takes pride in providing you the most efficient assistance out there. The customer support staff is available for all of the clients at all times, waiting to guide you through all the hardships you may stumble upon along the way.
At least their website says so. But the ugly truth behind it is that the customer support is not, actually available 24/7. And hey, I could even put it past them. I mean, they are people, too. After all, they deserve their free time with family and friends. I’m not judgmental that way. Still, during their office hours, the response via e-mail was quite slow, often lacking completely. Now that I think about it, why would they help me resolve issues that they caused themselves?
Education and Tools SCORE: 39%
City Index knows very well how important education is, which is why they offer a variety of trading courses and tutorials. Whether you are an established trader or a first-timer - you will always find new things to update your current knowledge and skills. In addition, you also need to keep up with the current market news and events. You can track them all in a special section, as well as find top-level advanced analysis from the market experts.
Do these words seem familiar…? Yes? That’s because they sound exactly like reputable platforms, which City Index is not! Moreover, it looks like their team of writers just scrambled up some basic info that they think clients want to hear, and then copy/paste the rest, hoping no one will notice the difference. Shame on you, City Index.