City Index

Unreliable, poorly managed, poorly designed operating platform! – Avoid going near City Index, that's the bottom line! The trading platform is one of the worst around! It is also extremely flawed; City Index purposely delays actioning trades, with considerable and lengthy time between trade and active within trade portfolio! The worst encounter with this illegal practice, it took about 11 minutes!!! I wish I could say something worthy, nice and even positive about City Index, but unfortunately there isn't anything: it's all negative!

Platform: it's flawed; slow; been designed by amateurs; difficult to navigate and almost zero guide to do so.

Funding: now this one is a major issue with City Index! Their ability to provide the correct information is far from complete and truthful: state what's required to set up card/bank details to complete process, then "change the goal posts" and keep asking for more info! Then once all documentation and information has been provided, they still either don't verify your card/bank details, as well as continuously have to be chased and harassed to get answers as to the hold up and why they have not action things!

Take note here: they will happily accept deposits to fund your account - even though full verification of your details haven't been completed - yet withdrawal of funds is not allowed! And once you do finally get your details verified, my god, trying to get the funds processed in a timely manner, F*** me...it's like pulling teeth and most of the time never gets completed, resulting in having to chase them time and time again! Longest period to get a withdrawal processed from my account took 3 days and plenty of phone calls, just for them to complete the task. Then another 3 days to receive the money!

Client support: in short, there is no support! Incompetency runs rife with everyone at every level! The City Index staff wouldn't be able to organise a piss up in a brewery, let a lone be able to tie their own shoelaces! And talk about poor attitude!

Spreads: not great, certainly below average compared to other trading platforms!

Margins: again, like the spreads, below average.

CFD options: very very limited! Compared to the majority, what City Index offers is a fraction. When you combine this with poor spreads and margins, it completes the decision to avoid and go with the competition.

Buying in & Closing out of trades: City Index has created a pop up box that suddenly stops you from being able to open or close at your desired price point! This pop up box tells you basically "a decision is being made" as to whether or not City Index will accept your Buy in/Close out price request. And 99% of the time, it takes a considerable period for a decision to be made - I'm talking minutes here, not seconds! That of course results in the stock price changing and missed opportunity as well lost profit! Really one of the biggest scams you could encounter! Beyond me how they continue with this and are not held accountable by the authorities?! Their excuse they use is "a possible lack of liquidity". Yet when compared to another trading platform, I've watched continuous trading with both buying and selling. So basically nothing short of a scam.

Recommend using IG. They have 95% plus more trade optins, better designed platform, better spreads, better margins and far better to deal with with 99% less hassle!

Avoid City Index At All Costs!!! – AVOID CITY INDEX AT ALL COSTS!!! TAKE NOTE: There is a pattern of continual & common problems and faults, showing up within the poor reviews written, going back 5 plus years! 1. The Management Team are dis-organised, incompetent & could not 'organise themselves out of a wet paper bag'! Their departments are not managed and are disorganised! Have continually had to chase staff in multiple departments to get completion of tasks due to failure to action immediately or within a reasonable time frame - tasks such as withdrawal of funds not being completed by the finance team. Complaints & responses go unattended: excuses are given constantly which a reply is received. Key to good management is "be part of the solution, not the problem." 2. Platform is flawed: slow; thwart with errors e.g. continuing incorrect figures shown within the drop-down account balance box; trade close outs don't get executed immediately or soon after: longest period has been 5mins plus! 3. A Quote Request box constantly pops up when you want to buy/sell trades, failing to execute the the buy/sell price immediately or close to immediately - ultimately costing valuable time to close out/buy at the chosen stock price; numerous times I've encountered this, it has resulted in lost profit or failure to buy in at a better market price. This does not occur on any other trade platform I use currently or previously; multiple staff within the Client Services Support team were clueless (no surprise there!), and questioned the authenticity of it (have screenshots taken to prove it, and other reviews also state same or similar!!). Personally, it seems to be a tactic by City Index to wrongly screw over its clients! No other reason for it. 4. Constantly encountering platform shutting down requiring re-signing in - in one week it happened 3 times in one day, and often encountering multiple times per week. Nothing to do with my network, as the other platforms I have open at the same time and they continue to run without fault! 5. Incompetent staff across all levels: poorly trained; even poor knowledge about company website (even to the point of making things up! Something you would expect from a 16 yr old new to the work force! My 4 yr old has a better work attitude than the City Index staff! Better manners too!!!); staff stumble on basic questions and show an inability to provide answers, resulting in the call constantly being put on hold - getting hold of anyone to get a straight and plausible answer for anything is near impossible - either all new or all incompetent!; a lot of staff are quite ignorant! 6. Changing card or bank details is painful, lengthy, to the point City Index makes it impossible to complete - even though on the City Index website it incorrectly states easy and quick process!; due to money laundering laws verification is required, yet City Index don't request this, instead leaving up to you to chase them to have the process started! 7. City Index are not forthcoming in requirements to verify card and bank details - it is like pulling teeth to gain the full and correct information! And when you do provide all documentation they state is required for verification to be approved, they then "change the goal posts" and ask for further information! Furthermore, they fail to notify you when verification is approved or denied, you have to chase them multiple times over to get an answer - which this requires either lengthy on-hold times or being told "someone from the verification team will get back to you...", to which no one does, resulting in more chasing of City Index staff! 8. Website states 24/5 client support - not correct by a long shot - have encountered it a lot of times no one answering the phone with client services, especially around 4pm!; 9. Very very limited CFD and Equity stock options, especially compared to other trade platforms available!!! 10. Margins are poor with a large percentage of what options they do have available, compared to other trade platforms. 11. Spreads are poor, and change almost immediately every time actual market pricing drops, but does not immediately reduce (or it is delayed considerably!) when market pricing increases! This means one thing: the City Index platform is run to benefit City Index 100% and to ensure you, as the client, are wrongly out done of your funds! 12. City Index will not verify new card and account details willingly, period: have refused to release funds.

City Index state they go out of their way to assist and ensure your experience is "enjoyable"...does not happen, complete opposite!

Short is, AVOID CITY INDEX AT ALL COSTS!!! You will surely regret opening an account! Go with the competition!

Not happy with the spreads – Spread too much and therefore faster losses . Close my account after using it for 1 day . Look for broker elsewhere with lower spread, To minimise losses and risk . App is bit slow to close trade and lost few dollar within the 1 second slow app closing trade

Distressed – I would need to do this in parts because my history with a City goes back two years now. Very distressed losing $12983 through back office withdrawals that never showed up in my savings account. And they accessed my savings account stole my savings and lost my most recent withdrawal. Fraudulently access the account and tried to debit big $ without any authorization.

On top of that I have had positions go into the red on a mild trading day and not close off at margin. I like to keep my account low and build and to see this work but fail due too they’re system not coping and then see price fixing on the ASX was so very concerning. Took photos to prove they are wrong and fixing.

One of the biggest concerns was seeing when I was trading and the software converted into RUSSIAN while live trading. Suffice to say I panicked. I contacted them and they said “ oh yes we were trying out our new system”

None stop headaches!

Worst thing about City Index is the withdrawals. Very concerning and I would be very mindful about opening with this company. At your own Peril!

I trade 100k a month during busy markets times.

I’ve been doing this for 26 years and I worked for Gain Capital as a broker in the 90s.

They are the worst I’ve ever seen. Software has improved but no good if the company cent back its own software with integrity and professionalism.