City Index Has The Best Forex Bonus Offer for Australian Traders
City Index’s parent company is GAIN Capital Holdings Inc, a large retail and trading provider around the world. GAIN Capital was founded in 1999, with the mission to provide traders with low cost access to foreign exchange markets. City Index has been serving Australians since 2006, and has an office based in the heart of Sydney. City Index’s Forex trading Australian Financial Services License: 345646
- Number 1 bonus offer in the Australian market
- Australia’s most established OSCA Broker
- Offers both AT PRO & MT4 Trading platforms
- ASIC Regulated
- Outstanding customer service
- City Index has an enviable record of winning top trading awards
City Index Has the Best Forex Bonus Deposit Offer
City Index’s bonus offers are tiered, operating on two levels. They satisfy the broker’s overall aim of catering to new and mid-level traders. The bonus offers are quite simple to receive and require minimum trading and deposits that beginner and intermediate traders would deem as appropriate.
The first a $200 bonus is received once you’ve completed two simple steps!
(1) $1,000 has been deposited into your new account.
(2) Place at least 6 trades either through:
a. FX, with a minimum notional value of $3.3 million AUD
b. Equity CFDs with a minimum notional value of $90,000 AUD
c. Other CFDs with a minimum notional value of $660,000 AUD
City Index’s second bonus offer operates for traders either with more experience or perhaps more to invest. The bonus offer being $1,000.
(1) A minimum of $7,500 has been deposited into your new account
(2) Place at least 12 trades either through:
a. FX, minimum notional value of $31.2 million AUD
b. Equity CFDs with a minimum notional value of $450,000 AUD
c. Other CFDs with a minimum notional value of $2.3 million AUD
These bonus offers are known as Instant Bonuses, immediately added to your Forex account. They are strong incentives to try out a specific platform and develop a relationship between broker and trader. Retail traders are likely to get excited by the opportunity to obtain bonuses, open an account and begin trading to simply receive the bonus offer.
Although there is a significant deposit, to secure the bonus on offer, City Index offers one of the highest deposit bonus offers in the market, with many brokers requiring significant account movement and a long list of transactions prior to awarding bonuses.
There are other bonus offers available in the market, but for traders looking for a starting point to seek their teeth into, City Index’s offers seem ideal.
Omnibus Segregated Clearing Account (OSCA) sets City Index Apart
City Index offers central counterparty clearing on ‘certain markets.’ This isn’t the same as DMA access as the broker still operates a dealing desk, first executing the trade and then transferring the client’s credit exposure to the central clearinghouse. The OSCA nature of segregation, allows for funds to be held with other retail client funds, pertaining to no account fees and full trading features available.
City Index Trading Platforms
AT Pro Trading Platform
The more sophisticated CFDs account requires the use of AT Pro desktop platform or their web based options.AT Pro has built in strategies and even allows traders to create their own strategies using .NET, Visual Basic or C# coding language.
There are also advanced charting options with over 100 technical indicators.AT Pro also allows for automated trading signals to show exit and entry points through charts. Back-testing facilities also help view the performance of past trading signals.
AT Pro has in-depth market analysis including an economic calendar as well as custom indicators for advanced trading. Advantage web trader is the lighter AT Pro option for mobile trading. This doesn’t require any downloads using reliable and fast HTML 5 technology. Mobile trading is also available through iOS and Android trading apps.
The basic trading software on City Index is MetaTrader 4, which is the dominant standard trading software in the Forex market. On City Index, the standard MT4 platform is upgraded with variable Forex pricing and access to all of City Index’s market analytics. These upgrades, on top of an already well-proven system, give this version of the MT4 platform versatile function while keeping it relatively user-friendly. The MT4 web platform and mobile apps are also ideally suited for mobile trading with stop loss orders, watchlists functionality and Reuters news integration.
Regulated by several agencies
City Index receives regulatory oversight from several agencies. The FCA regulates the firm in the UK, while the Markets in Financial Directive allows the company to operate as a regulated entity throughout the European Union. Australian operations fall under ASIC.
ASIC’s oversight ensures that client money is held in a trust and completely separate from City Index’s own money. Unlike in other jurisdictions, there is no additional compensation scheme in place to cover your deposit. This doesn’t mean its unsafe to deposit with City Index, rather you are offered only the legal protection afforded by the Australian legal system.
Diverse Range of Payment Methods
There are different funding methods for your City Index account, including Credit or Debit Cards, EFT, BPAY or PayID.
To obtain more information about payment and depositing funds, click on the ‘Funding’ tab on the top-right corner of the trading platform, then select ‘Deposit.’ There is a maximum of three cards that can be registered to an account at any time.
Traders using City Index have multiple ways to reach out to the company’s support staff when they need to, including:
- Live chat assistance
- Email support
- Direct phone support based in Australia
In addition to these methods of contracting support, traders can also try to find the answers to their questions in the FAQ section of the brokerage’s website. This set of common questions will provide answers and solutions for most issues. When more rigorous support is needed, however, City Index’s staff is there to help.
A key component of a City Index review for beginner and experienced traders trying to decide whether this platform is right for them is the leverage structure. As stated in the overview, City Index only offers leverage ratios of up to 200:1. Since many Forex brokers now offer leverages of 400:1, 500:1 or in some cases even more, this puts City Index behind the curve in the leverage department.
Effectively, 200:1 leverage will limit the volume of currency a trader can work with on any given position relative to his or her personal investment. A trader opening a position with $100 leveraged at 200:1 will be able to trade with $20,000. A more standard leverage ratio of 400:1, by comparison, would let the trader work with double that amount of money. This lower leverage results in:
• Lower potential gains from successful trades
• Lower risks in unsuccessful trades
• Ability to open fewer large volume positions simultaneously
Though City Index has some noticeable weaknesses in the area of leverage, it also has some strengths. The fact that the leverage ratio on any given trade can be set anywhere between 20:1 and the maximum of 200:1 can be very helpful for more conservative traders trying to reduce their exposure to risk. For traders who need higher leverage for opening large numbers of positions or as part of their overall trading strategy, however, the 200:1 ratio can be a handicap.
City Index Is Award Winning
City Index has won multiple awards from Global Banking & Finance Review, including:
– Best Forex Broker Australia (2018)
– Best CFD Broker Australia (2018)
– Best FOREX Education Provider (2018)
When it comes to integrating bonus offers into the wider interface of a Forex Broker, City Index provides conservative and intermediate traders with the right incentives to deposit money into their account. Bonus Offers come in different shapes, sizes and amounts – however City Index should be the first stop for any individual looking to open an account for the sake of trading bonuses with instant reward.