Despite City Index of Singapore (Cityindex.com.sg) offering an excellent selection of markets to trade, they are well-known for using underhand tactics that contribute towards the losses of their traders.
Such a broker will fail you even if you have a working trading system, education, experience or signal alerts.
In addition to promising competetive spreads, in-depth education and safety of funds, CityIndex boasts of a powerful trading platform with excellent charting capabilities. These promises are easy to believe, thanks to their professionally-designed website and their MAS licensing status.
MAS is the Monetary Authority of Singapore. It regulates Forex and CFDs brokers in the country. But City Index seems to pass all the quality checks because even its parent company, StoneX Group, is listed on the NASDAQ exchange. This gives the broker a strong profile such that if they promise fast execution and total pricing transparency, you will have no option but to believe them.
City Index (Cityindex.com.sg) Review: What you need to know
The broker has expanded its presence across the globe using several country specific domain versions of its website. Therefore, the broker also owns cityindex.eu for Europe and cityindex.com.au for Australia.
They also claim to have 35 years of experience providing Forex and CFDs trading. Every trader than signs up does so because they believe City Index will give them a superior trading experience. These traders end up crying because they got the exact opposite experience.
CityIndex Account Type, minimum deposit and trading platform
The broker only has 1 account type which requires a minimum deposit of $500. This is on the higher side because most professional brokers have a very low minimum threshold. This is beneficial for welcoming customers who either don’t have enough trading experience or are not 100% comfortable with the service.
CityIndex is also running the popular MT4 trading software with customers accessing both demo and live account in the broker’s servers. They provide Forex, Stocks, Shares, Indices and Commodities. The emphasis is on CFDs mostly.
City Index Pricing and other fees
The broker appears to have a lot of fees and charges. This has put them at loggerheads with customers who accuse them of not being so trasparent.
In addition to this, City Index also has dracognian fees in their terms and conditions as they state that if you don’t trade your account for 24 hours, it will attract inactivity fees.
What they are trying to tell you is that you should trade daily even if there are no good trade setups that will bring you money.
This policity is a motivator for losing money and the broker is the only entity that stands to gain if you lose since a broker with such a policy is clearly not a true ECN.
Is CityIndex legit or a scam?
I consider user reviews before I can answer this question. Allow me to show you a few customer complaints against this illegal Forex and CFDs broker. The quotes are as follows:
keep away from cityindex warning they will make sure you lose your shirt ilost 12000
but when I started getting back half the lose in two weeks they close my account keep away from CITYINDEX YOU WILL NEVER MAKE A cent FROM THEM THEY ARE THE BIGGIST SCAM,Faisal, source: FPA
It’s unbelieveable how they charge 19GBP for a single stocks order, the commision is not shown anywhere when you buy, only after few weeks I have realized all my money went for commisions. Such a scam. The pricing is so not transparent. I will close it as soon as I get out of my trades.Vojtek, source: FPA
I have seen many more negative reviews that accused this broker of mishandling and even scamming traders.
Complaints are ranging from disconnecting platform during high volatility to commission changing from low to high without notice.
This is clearly an illegal broker that seeks to exploit traders and make their life hell on earth.
What to do if you were scammed by City Index
Anything is possible with a scam broker. So chances are high that many people have lost money in the hands of Cityindex since they seem to be hellbent to reap from your wallet anyway.
You need to fill out the form above or live chat with an agent. Once you present your case (of course it does not come with comittment or obligation), a professional will get back to you and help you file a successful chargeback.
They lack transparency and the reason is because they love your money and care less of your losses. Avoid.