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City Index Singapore Review – is it scam or safe?

City Index Singapore Review – is www.cityindex.com.sg scam or safe?

RATING: 3 / 0 REVIEWS City Index Singapore


Trading Accounts


Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Standard S$500 0.01 lot 1:50 0.7 pips


City Index Singapore offers just one type of a live trading account, which is a pretty standard modus operandi for the brokers in Singapore. There is also a free demo account.


The broker has a portfolio of over 65 forex pairs – major, minor and exotics, plus CFDs on over 5000 CFD markets. Compared to local Singapore brokers like  UOBBFUOBKHKGIiOCBC, City Index has the most extensive forex pairs portfolio, which is explicable, considering that it is a retail OTC brand of the major broker Gain Capital, along with Forex.com. On the other hand, however, another major global broker with a Singapore license – IG, offers trading in more than 300 forex pairs.



The Company. Security of Funds


Company Country Regulation
Gain Capital Singapore Pte Ltd Singapore MAS


City Index Singapore is a brand of Gain Capital Singapore, which holds a Leveraged Foreign Exchange Trading license from the Monetary Authority of Singapore (MAS). This is in line with the legal requirements in Singapore, which stipulate that all financial companies, including the forex brokers, must have a license from MAS in order to operate in the country. This license ensures they provide high level of customer protection, including but not limited to keeping client funds in segregated accounts, not creating unfavorable trading conditions for clients and having sufficiently competent and experienced staff. MAS has complete authority over the companies to impose fines and revoke licenses, if it finds any violations.


The strict requirements and oversight make the MAS-regulated brokers among the more reliable. Major global forex brokers like IG, OandaCMC MarketsSaxo Bank, are also holders of a license from MAS.



Trading conditions


Minimum initial deposit

Of most Singapore forex brokers, City Index has among the lowest initial deposit requirements with its S$500. Most local brokers start from S$1000 upwards. The large international brokers, however, have far more attractive offers. IG, for example, requires $0, Oanda - $1 and CMC Markets - $25.


Spreads and commissions

City Index Singapore claims it offers tight spreads and it is indeed the case with floating spreads starting from 0.5 pips for major pairs and an average of 0.7 pips. It does not charge commissions either.


Those spreads are comparable to those of IG, which offers spreads of 0.8 pips on some types of accounts.



The typical forex leverage offered by City Index Singapore, according to its site, is 1:20, but can go as high as 1:50. This surely is not much, but most likely complies with limitations set by MAS for better client protection.



Trading platform


Unlike a significant portion of the Singapore forex brokers, City Index Singapore offers the extremely popular platform MetaTrader 4 (MT4). It is preferred by traders and brokers alike for its ease of use, multiple options, charting and analysis tools and the availability of various third-party add-ons.


City Index Singapore also offers its own platform AT Pro. It offers new trading functionality, plus specialist features for our more advanced traders, auto-trading, comprehensive charting tools, technical indicators and alerts, built-in trading strategies and the option for traders to write their own code.



Methods of payment


City Index Singapore provides a little more payment options than many of its local peers. Clients can fund their accounts through bank transfer, credit card, the Singapore payment system NETS, cheque, ATM, internet banking and wire transfer. Still it does not offer popular payment options like PayPal, for instance.





From a client's point of view, City Index Singapore appears rather attractive, in comparison to some of its Singapore peers. First off, its minimum deposit is fairly low and the spreads are fairly tight and no commission is charged. Another big plus is the availability of the popular MT4 platform, which makes the broker more attractive. Then there are the payment options, which are more extensive than the usual fare offered by other brokers in Singapore.


Pros Cons
MAS regulation  
Payment options  
Tight spreads  





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