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 [email protected]
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.
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?
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.
Today I had a good few trades going with City Index and was about 800% up shorting the FX markets and the Dow Jones when suddenly the trading window shut down for about an hour. By the time it came back up the markets I was trading had miraculously recovered and my short trades had been stopped out And my account wiped out. I know I can add stop losses and amend as the profits rise but I had no need as I was next to my PC all day with a visible window allowimg me to close out at will. I tried to complain by phone but there was over an hours queueing time so I tried the chat line but the assistant was not empowered to help. I have written and letter of complaint and an email and want my account reinstated as it was at 13.30 when the markets miraculously 'Closed' Incidentally friends that trade with IG said no such shut down occurred. I can understand a company having to protect itself but to prevent clients closing trades until the marlets improve and stabilise surely must be illegal.
I await their heir response and will write to the papers and the Financial Ombudsman if I need to but traders beware this is not the first time it's happened to me but it's the biggest profit I was about to enjoy and it seems awfully suspicious to me there may be a scam going on!
Good customer service and prompt withdrawals. Happy to continue using if traders are entered and output of errors not fault broker.
stop loss function well and spreads raissonable.First brokers in the world withdraws money is very quick
I just closed my account with City Index after it became very obvious that they were scamimng me. As many people have said, their platform freezes or becomes sticky the moment you try to close a winning trade. The platform may freeze or continously process the instruction while you watch the price change in the background & by the time it finally allows your instruction to go ahead, you get less than you should have.
They blamed my computer & flash player when I inquired about this. In fact, they claimed not to have a slight clue that such a problem ever occured, but it is obvious from other comments here that this is not a new problem with thier platform.
In my case, I use my computer for other big software based applications which require a high speed & fast machine - and which i have & keep updated regualry. There was no way my computer could be freezing with such a small prgram.
After I did some simple tests, it turned out it was indeed only their Platform which was freezing & sticking. This is deliberate so traders dont get too much profit. Remember that City Index is not ECN/STP. They are Market Makers & traders actually trade directly with City Index computers & staff. It is almost impossible for some traders to make ANY profit.
There are some here who are saying they have not had any problem with City Index but it simply because they have to let some traders win so that they look legit otherwise the majority of their clienst are being scammed. Some poor traders think they are trading on the open market & yet they will just be giving City Index their money.
A City Index Accout is nothing but a Demo account with money invloved. Your trades never leave their computers. When you lose, they make a profit & when you win, they make a loss. How can you expect them to make you rich at their own expense? Might as well spend the day in a betting shop because there is no diffecence.
*** UPDATE Nov 2015: Signs of deterioration. Support forum deserted, tech support sparse, software improvements patchy ( the best improvement I've seen in ages is showing p&l in pips on the Android app ), parts of website content 5 months out of date; important improvements not being even promised. No-one seems to care or know what is going on. ****
I don't understand why some of these reviews are so bad. To me this is by far the best spreadbetting firm anywhere. I've been using them for a couple years now for day-trading ( many trades per day ), on a 5min chart. I trade only the S&P 500 DAILY and the the trade prices are perfect. I have a separate data feed for my other software and (bearing in mind the .15 extra spead) I have never seen a discrepancy between the CityIndex price and the global price, except that for some bizarre reason CityIndex ( and I assume many other SB firms) use a different rollover-date from the one agreed by the global market.
Anyway, the spead on the global e-mini S&P 500 is normally .25 and CityIndex add .15 to that, resulting in a spread of .4, which I think is fixed. So, the spread is probably the tightest in the industry and it seems to be fixed. I generally avoid trading around important news ( I don't think I can compete with speed of the computers designed to win with news trading), but I really doubt that splipage with CityIndex would be much worse than even with a DMA broker around the same location relative to the exchange. And there is a setting to limit the allowed slipage (but you may miss the trade if you don't allow any slippage in a fast moving market). During and after the news the price-candles are correct relative to the global prices from my other feed, so I really think the data is sound.
Their trading platforms are not bad, but thirteen clicks to place a bracketed order is way too many for me, so I very much prefer NinjaTrader for actual trading and finding set-ups.
They also publish an API, which I'm planning to use soon.
So, in short I would say that at least for the US SP 500 Daily Future, they are the best spread betting service by far.
PS. If someone at CI reads this, PLEASE get the damn rollover-dates for the front-month right.
I'd avoid these as well. I was trialing there SB and CFD platform and found issues with closing trades. Out of 31 trades in a 9 day period I had issues closing 12 where the option to close went blank as if the market had closed but had not. 8 trades resulted in slippage in profits and 3 resulted in a loss.
I sent screenshot of the highlighting my concerns. No support. I closed my account.
this customer service is extremely poor, during periods of high volalitiy the system will just lag when you try to close your order, so any profit just disappears, then when you trade is worthless suddenly the lag disappears, complained to the city index staff about this and there was no apology just the following
"this point from our terms and condistions clearly state that we are not liable to you for any loss or profit oportunity"
in other words, we can scam you for every penny now f*** off, AVOID CITY INDEX
Those are the real pirates crook in operation.The worst on the market to use , keep away, on 100 trade tickets on long position 97% went down in price. it obvious they run against people like me and you.
on avarage 100 position going short 96 % of them went up in price, you can never win with those crooks !
I had an open position for almost 3 month, I then closed, as soon I closed, the price went up, I then bought again after a few minutes, and then the price when right down again. So I sold, when I sold again it went right up.
Those are the professional scammer and crooks in operation . Keep away, they will rob you .
everytime I close a position with the speed of light the price went down , and back again . Crooks at work keep away
with all my harth I wish that those pople with all the money they rob is to buy medicines for their families anf themselves !
I have been using the platform for US Crude daily bets for the last 18months as they offer a low minimum stake and reasonable spread as I try out my strategies.
On the good side I have not experienced much slippage.
On the negative side the instrument is often not available online, it rolls to the new monthly contract later than most other platforms which can be confusing when using different charting software. Day Trades are not rolled as on some other platforms.