City Index

in Brokers / Spread Betting & CFDs


Country: United Kingdom

Ranked #21 of 59 Brokers

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Aug 17, 2017

BEST ADVISE: BE CAREFUL WITH CITYINDEX..IF NOT READY LOOSE!

Until yesterday I was buying and selling 200 and 100 and made money. Today to open 20 they do re quote at higher price ..Today I have a trade that I wanted to sell at 380£ and with re quote I have got 220..a trade with 224 in profit closed at -12£. ..If you are losing they will gain anyway but if you are making money..they want make money of you so that you lose!

Member (1 review, 0 posts)

0 of 0 members found this review helpful.

Oct 27, 2016

City Index spelt with an "SH" - Scum of the highest order!

Dear Mr XXXX

30 Day Closure Notice.

In accordance with clause 30.4 of our General Terms, we hereby give you 30 days written notice of our intention to close your Account(s) with us. You will only be entitled to close any Open Positions during this period as we reserve the right to refuse to allow you to enter into any further Trades or Orders, which may lead to you holding further Open Positions.

If open positions remain on your Account as at 24.11.2016 they will be closed. You will be able to close these positions of your own volition, at any point up until the time of your Account closure.

If you wish to close your Account(s) before the 30 day notice period ends, you may do so in accordance with clause 30.5 of our General Terms by notifying us in writing.

Please call our Client Management Team on 0845 355 0801should you have any outstanding balances that need to be returned to you.

Yours Sincerely,

Client Management Team

Newbie (1 review, 0 posts)

0 of 0 members found this review helpful.

Jul 12, 2016

City index is a scam

Yes I concur with those who recognize that this broker is a scam. I was with GFT for about 4 years before they were bought out by Gain Capital, who then closed GFT and moved all their clients over to City Index. I was genuinely keen to give them a fair chance to keep up the good name of GFT. But I was scammed by exactly the same technique too-suddenly you get platform freeze (I was using their proprietary, stand-alone software platform not the web-based) or something similar when you try to close out a position. I was losing on the day, down about 30 points or something trading the Dow Jones CFD, and then took a quick trade which kited up 70 points: great, take some profits! But not so with City. The platform just didn't work. Just refused to execute the order and close out the position. I didn't put any real money on after that, cut back my positions and was wary. I have never seen anything like that before in 10 years of trading. I think about two or maybe three more times over the next week or two I got the same kind of unresponsive platform problem at times that were always beneficial for them. Never had any trouble closing out a losing position. Of course I just stopped trading with them and opened an account with another broker. I cannot see how they can stay in business like this. I think they are genuine scammers. What a pity! GFT was an excellent broker with a great, stable, but unsophisticated program. That's okay because I don't use sophisticated technical indicators anyway. I cannot believe that the mistakes that I witnessed in the 2 weeks I traded with City can be put down to genuine technical errors. It must be planned. Stay away from them.

Member (1 review, 0 posts)

3 of 3 members found this review helpful.

Apr 11, 2016

City Index - terrible service, execution and prices

Dear Everyone,
I am a professional and recently started trading with City Index and to my horror, I cannot believe the way the company deals with clients and positions.
I am given conflicting information of margin calls and then my position is forced closed at very poor prices.
Their trading application is flawed and is greyed out so you cannnot trade and the office in Dubai is manned by one person and their offie telephone no isnt always working.
They advised me that they didnt want to be regulated by the DFSA and be located in the DIFC as the cost of regulation is too high and and rent of an offie in the DIFC is much more than what tehy pay now.
So they are regulated by the Central bank of the UAE.
The initial response I have had from them internally to my complaint is very poor and they stand by their trading desks decision, but this is something I will not accept at any cost.
I have been trading long enough to know when it is unfair.
I have seen considerable comments all over the web about how they execute orders and the dissatisfaction, so I would like to hear from everyone so that we can all get together and take some action.
I welcome anyone who feels they have been treated badly by City Index (you can be in Dubai, UK or anywhere) and we can discuss where to launch a formal complaint with the regulators or even through the courts as this sort of actions from a regulated entity cant be accepted.
My email is munafali1@gmail.com
If enough of us get together and standup to them, they wont be able to do this and the courts and regulators will be very interested to see why so pany people are complaining about a reggulated trading company.
Thank you everyone.
MA

Member (1 review, 0 posts)

2 of 2 members found this review helpful.

Mar 25, 2016

This City Index is a fraud

On 24.04.2016 I had a problem I couldnít sell when my margin dropped to %93 and the platform didnít liquidate my position at %80 and allowed it to go to 0; did anyones complaint or any other actions have any outcome? Your advice would be greatly appreciated.

Member (1 review, 0 posts)

2 of 3 members found this review helpful.

Mar 07, 2016

Can be better if you delete Cache in the browser.

Hi Guys,

Had slow performance too.

Deleted browser cache entirely and it was back to normal.

Give it a try.

Best

the Baptisit

Member (2 reviews, 715 posts)

2 of 3 members found this review helpful.

Mar 02, 2016

A very dodgy platform

I have been using the City Index Advantage Web platform to trade CFDs and what can I say:

- Frequent disconnections (connection status goes to red), occurs more frequently when you're in a trade
- Inability to close trades for several minutes and sometimes longer. You get a continuous spinning wheel in the trade box and no response from the platform.

The only solution is to try closing the browser and logging in again - you may need to do this several times and after your 4th or 5th log in, the trade buttons might actually work!

Others have alluded to why this might be happening....all I can say is that the platform is not fit for purpose.

Member (1 review, 1 post)

2 of 2 members found this review helpful.

Feb 19, 2016

BAD

I have been using cityindex singapore for the past 3 years. The platform interface is pretty good and user friendly. However, recently after few withdrawal of fund. I am unable to close my position due to error message which I do not understand and they mess up my position. They would always suggest to clear the cache which doesnt really help much. The customer support did not really answer to my issue and just brush me off using standard email reply.

Member (1 review, 0 posts)

2 of 2 members found this review helpful.

Sep 14, 2015

My withdraw request hasn't been processed for the last 12 days!

Am new to City Index, not by choice. I have been with GFT for the last five years. I have always done routine withdrawals via bank wire without hitch with GFT. 1-2 days my money would be back on my account. GFT had a very user friendly withdraw form. The withdraw process with City Index is vague and their actions over the last two weeks have been confusing and apparently dishonest. First they asked me for a statement, which I promptly furnished. But I thought I already had one on record with GFT which should have been just a call away. If GFT could return money in 1-2 days, why can't City Index? I put in my request on 31st August. I furnished them with all the details and they even withdrew the requested funds from my trading account but up to now I have not received it. I have tried to complain and ask for explanations. First they told me my bank returned the funds. I have crosschecked with my bank and found this is not true. then they said they've sent the money again. I am still waiting! Are they being really honest? How I miss the GFT withdraw process. Unfortunately GFT removed their contact information from their website and replaced it with the one of city index who take 2 days to respond to emails. It is hard to get any useful information from live chat. It's all bureaucratic jargon. I am giving City Index a benefit of doubt, may be they are still overwhelmed by the new clients from GFT. But surely they should be able to communicate better than they are doing. The last two weeks have been a nightmare. I have now entered a third week waiting for my funds. Hello, City Index are you there?

Member (1 review, 0 posts)

6 of 6 members found this review helpful.

Aug 26, 2015

City Index rorting traders by preventing platform access at critical times...active policy to liquidate members

As per PJK comments on Monday-the exact same scenario has happened to me 3 times now. Platform becomes inactive for no reason and CityIndex traders basically liquidate all your positions as you do not have the ability to trade or get any customer support.

Latest episode happened last Friday on the 21-8-15. Having traded very successfully all day up $30k trading CFD indices. Then as soon as I made some large trades just before the Dow Jones opened, platform access just stalled. Could not trade for over an hour. Logged back on several times to refresh-but could still do anything with my trades but watch..... Could see losses mounting but powerless to do anything. Called several customer support numbers-but just went on hold...live chat was not working.
Bottom line-got liquidated and hit for a $36k loss. 3rd time something like this has happened. Always resulting in huge losses.

Have escalated and lodged formal complaint. City full of excuses but the bottom line is they target successful traders-the London Office clearly driving this. They access your account-which is why it stalls and make sure that you lose a fortune...as they then make a fortune...as Market Makers.


Thought it was just me-but clearly this fraud is being perpetrated on a wider scale by CityIndex.

Would love to know if anyone else has had similar experiences..as would be great to raise a class action here...Need to inform this orchestrated fraud to regulatory authorities.

Would love feedback folks.

Member (1 review, 0 posts)

8 of 8 members found this review helpful.

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