Impressed with the fast service and fast payment of City Index. Been trading with them for 7 years, it's been a genuine and progressive experience and they've shown considerable improvement over the last few years.
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!
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.
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.
City Index - terrible service, execution and prices
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 firstname.lastname@example.org
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.
On 24.04.2016 I had a problem I couldnt sell when my margin dropped to %93 and the platform didnt 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.
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.
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.