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CityPoint Trading Review - Is it scam or safe?

CityPoint Trading Review - is citypointtrading.com scam or good forex broker?

RATING: 3 / 0 REVIEWS CityPoint Trading
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Trading Accounts

 

Account type

Minimum deposit

Min/Max trade size

Maximum leverage 

Spreads  

Individual

$20 000

0.01

1:100

Fixed, 2 pips

 

Retail traders are offered a single Individual account CityPoint Trading. The brokerage also provides several institutional account types (Corporate & Omnibus).

 

The Individual account is intended for professional traders (as the minimum deposit required is very high) and offers fixed spreads and leverage up to 1:100 on two trading platforms.

Islamic accounts, which are swap-free and therefore compliant with the Sharia, are also available at CityPoint Trading.

 

The Company. Security of Funds

 

Company

Country

Regulation

Citypoint Trading Limited

UK

FCA

 

CityPoint Trading is a London-based broker established in 2008. It offers trading in forex, precious metals, indices and energy futures on both the MetaTrader 4 and Vertex platform to traders, financial institutions and banks around the world. The company behind the brand, Citypoint Trading Limited is duly authorized and regulated by the Financial Conduct Authority (FCA).

 

All FCA-licensed brokerages are required to hold net tangible assets amounting to at least 730 000 EUR and are obliged to adhere to a number of standards and procedures, for instance, to hold clients` money in segregated accounts, to send regular reports on trades to the commission, etc. What is more, FCA-regulated companies fall under Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person. Here you may look up more FCA regulated forex brokers.

 

Trading Conditions

 

Minimum Initial Deposit

As we have already mentioned, the minimum initial deposit required by CityPoint Trading is high, amounting to $20 000. Most UK brokers require $200 - $500 as a start, and others (Such as IG and CMC Markets) – none at all.

 

Average spreads 

CityPoint Trading offers commission-free trading and fixed spreads, amounting to 2 pips on EUR/USD, which is average. as we find most fixed-spread brokers offer 2 pips spreads on majors.

 

In comparison, leading UK spread betting and CFDs trading provider IG offers variable spreads averaged 0.8 pips and also doesn’t charge any commission. You may look up real-time spreads of 15 leading brokers here.

 

Maximum Leverage

This broker offers a maximum leverage ratio of 1:100, which is considered average. In comparison, IG provides leverage levels of up to 1:200.

 

Although FCA has recently proposed a leverage cap of 1:50 because of the risks associated with trading with high leverage levels, many other FCA-regulated brokers offer significantly higher leverage rates. For instance, FxPro provides leverage up to 1:500.

 

Trading Platforms

 

like most forex brokers, CityPoint Trading supports the most widely used MetaTrader 4 (MT4), as well as Vertex.

 

Vertex was released in 2005 by Hybrid solutions, adding advanced techniques for closing positions and offering enhanced flexibility with its customizable trading parameters. It is based upon a hierarchical organizational structure which means that actions can apply from a top down approach, which saves time, plus it includes a real-time transaction log that the user or dealing desk can see whenever they need to track any account activity.

 

The MT4 is highly regarded by the online trading community mostly because it is very stable platform and allows users to fully automate their trades by choosing from a wide range of EAs. What is more, it offers a number of technical indicators, extensive back-testing environment and advanced charting package.

 

Methods of Payment

 

The payment methods available to CityPoint Trading` clients are credit/debit cards and bank wire transfers.

 

Conclusion

 

CityPoint Trading is a UK-based forex and CFD broker that offers competitive spreads on two trading platforms. However, the initial deposit it requires is very high. In a nutshell, here are the advantages and disadvantages with regard to CityPoint Trading:

 

Pros Cons
FCA regulation Very high initial deposit required
Choice of trading platforms, MT4 available  
Commission-free trading  

 

Latest news about CityPoint Trading
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Traders` reviews for CityPoint Trading

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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