City Index Spread Betting and Broker Review
The CityIndex site is divided into various sections with plenty of emphasis and explanation of how financial spread betting works and how to get started. I'd say that the City Index spread betting site and trading platform is fairly user friendly especially after the last revamp of the site earlier this year. CityIndex says that it is happy to welcome the smaller clients although the website admittedly does not make it entirely obvious what it defines as small. It also offers a demo account which allows users to give spread betting a go without losing real money.
Licensed and regulated in the UK City Index offers 24/7 support and a good level of customer service (although mind you they seem to prefer telephone contact), a wide range of deposit methods and a good range of markets on which you can speculate on including all FTSE 250 stocks, commodities, indices, foreign exchange and a good range of international and USA shares.
CityIndex like other providers has slashed spreads on some main markets to 1 points. The only thing is that this is limited to just a few markets like the FTSE 100, Wall Street, Germany 30 and France CAC 40 and you really aren't going to trade just these markets with them. Generally speaking, unfortunately CityIndex don't provide the tightest spreads and thus use these 1 point spreads as a teaser and will make their money through other markets.
In any case this doesn't matter, I have several companies I trade with, and no problem to switch between them. It is also good from a security point of view with regards to hedging if necessary. I have not previously traded with Cityindex due to the fact the spread have been too wide in the past, especially on the indices I am trading but I might give them another try now.
It is worth noting that thoughout the year, City Index spread betting organises number of free introductory and technical analysis seminars and webinars on spread betting and CFDs around the UK. The spread betting basic workshops typically last about 2 hours and and include an extensive introduction to spread betting and an interactive ‘risk free' trading session.
Verdict: While financial spread betting ever increasing in popularity having now became a solid alternative to traditional shares dealing, spread betting at City Index is a good place to start a financial spread betting experience with one of the better financial spread betting providers.
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