City Index Brokers
- Thread starter DDR
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I've used them sometimes in the past, albeit never as my main "broker", up until about 4 years ago. (I didn't stop using them because of any dissatisfaction with their service or concerns about the safety of funds with them, and I never had a problem withdrawing funds from my account, which I did on many occasions.)
They're certainly well regulated, and my overall impression was that they were about as honest and reliable as any spread betting company can be.
I'd be extremely surprised if you ran into a problem over either deposit safety or withdrawals: they're not a dodgy, Cyprus-based, barely regulated spot forex "broker", after all.
It's probably worth asking people whose experience of them is more up-to-date than mine, of course, but be aware (if you're not already) that very many online/forum/review negative comments about spreadbetting in general arise from a combination of ill-informed opinion, out-of-date "facts" and prejudice.
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Hi Xela
Thank you very much for your time, your post helps. The online reviews seem to suggest poor sportsmanship. IE blaming the broker / market.
Sure - that's going to be the case, largely, for big spreadbetting firms just as it is for big counterparty spot-forex brokers.
One of the main reasons for that is that all these firms - because of their MM business model - specifically set out with their marketing to identify and attract gullible and ill-informed beginners who are the ones most likely to lose money, and when they duly do, this inevitably creates some hostility and ill-will, some of which is evidenced in online chat.
"Blame" isn't the same as "fault". Correlation isn't causation. Some people who shop in Marks & Spencer drop dead from heart attacks, but Marks & Spencer in itself has no additional cardiological risk factors over other supermarkets: what it perhaps has is a higher proportion of overweight, male shoppers in their 60's and 70's who are perhaps at higher risk of coronary arterial disease.
My own personal preference was for CapitalSpreads (now trading under the name London Capital Group, who always owned them anyway) over City, but that's really only a personal preference, and largely formed for reasons which aren't going to apply to you anyway. I didn't mention it before, for that reason, but it could be another one to look at, if you're uneasy about City. They're both regulated by the same regulator and in the same way.
Again, to address your specific concern, I'll be extremely surprised if you have a problem over deposit-safety or withdrawals (from either company).
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Something more to consider
Since joining CI I have found that the candles do not match more accurate providers.
EG: After comparing with 3 other providers as well as Yahoo charts the City Index candles do not match in many examples.
When there is a strong pin bar for long exhaustion on the accurate providers the CI has a full red candle.
Everyone looking for a short signal would prefer the pin signal to the latter.
As well during a consolidation period in an uptrend the CI charts do not shown pins of a buying nature in amoungst that consolidation.
Just some observations for sharing
Since joining CI I have found that the candles do not match more accurate providers.
EG: After comparing with 3 other providers as well as Yahoo charts the City Index candles do not match in many examples.
When there is a strong pin bar for long exhaustion on the accurate providers the CI has a full red candle.
Everyone looking for a short signal would prefer the pin signal to the latter.
As well during a consolidation period in an uptrend the CI charts do not shown pins of a buying nature in amoungst that consolidation.
Just some observations for sharing
