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CityPoint Trading review

CityPoint Trading


On-line since: 2008
Country of origin: United Kingdom
Regulation: FCA
Payment options: bank transfers, credit cards
Minimum account size: $500
Minimum lot size: 0.01 lots
Leverage: up to 1:100
Spreads: fixed

About the company:

CityPoint Trading is a London-based broker established in 2008. It offers trading services in the forex, precious metals, indices and futures markets on both the MetaTrader 4 and Vertex platforms to traders, financial institutions and banks around the world.

Company. Security of Funds

The company behind the brand, Citypoint Trading Limited is regulated by the Financial Conduct Authority (FCA).

All FCA-licensed brokerage companies are required to hold net tangible assets amounting to at least EUR 730,000 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 for up to £50,000 per person.

Trading Conditions

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

The Individual account is intended for professional traders and offers fixed spreads and leverage up to 1:100 on two trading platforms.

Islamic accounts are also available at CityPoint Trading.

Minimum Initial Deposit

The minimum initial deposit required by the company is $20,000. Most UK brokers require $200 - $500 as a start; and others, $1.

Spreads

CityPoint Trading offers fixed spreads, amounting to 2 pips on EUR/USD, which is average.

Leverage

This broker offers a leverage ratio of 1:100, which is considered average. In comparison, other brokers provide leverage levels of up to 1:200 or even 1:1,100.

Although FCA has recently proposed a leverage cap of 1:50 because of the risks that trading with high leverage levels may cause, many other FCA-regulated brokers offer significantly higher leverage rates.

Trading Platforms

Like most forex brokers, CityPoint Trading supports MetaTrader 4 (MT4), as well as Vertex.

Vertex was released in 2005. It offers flexible trading through customizable parameters. It is based upon a hierarchical organizational structure, which implies the top-down approach that saves time. Besides, it includes a real-time transaction log that the user or dealing desk can see whenever they need to track any account activity. MT4 is highly regarded by the online trading community mostly because it is a very stable platform that 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.

Support service

The support service is available via phone, e-mail, and live chat.

Payment methods

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

Pros:

  • FCA regulation
  • Choice of trading platforms
  • Commission-free trading.

Cons:

  • High initial deposit.

CityPoint Trading 2/10 (votes 2182)
Author of CityPoint Trading: Briella | Date 2021-10-21
My experience at CityPoint Trading was quite disappointing. I was only able to trade with them for a month and I closed my account. This is because their platform never worked properly. There was always a delay, glitch, or a bug.
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Author of CityPoint Trading: Manaya | Date 2021-07-19
I can say that CityPoint Trading broker is not a good broker. I'm not enjoying my trade with them due to slow order executions, awful spreads, and slippage happen too often. I was trading in EUR/USD and put $500 as a deposit, but I lost $283 in single trade because they delayed executing my order. I have called them, but they are not responsible for that. So, I decided to take the rest of the balance and stop trading with them. I closed my account at this broker.
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Author of CityPoint Trading: Hexia | Date 2020-12-15
I am using CityPoint Trading since August so far this is the most excellent forex broker. Instant execution of orders and no reroute on their Vertex trading platform. Basically I am a scalper, at the beginning I tried run my own scalping EA on thier Vertex trading platform during the news time and I got success on it. I invested $1k initially with CityPoint Trading and I was able to generate over $2500 this 5 months. Until now, I have made four withdrawal via bank transfers r and my every withdrawal were processed within 5 hours. This is the other reason I like CityPoint Trading.
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Author of CityPoint Trading: Nelson | Date 2020-10-12
I was supposed to open an account at CityPoint Trading as it was often mention in the forum I frequently visit. However, their minimum deposit requirement is too high for me. That is why I just did not push through. Now, I can say that I am a bit thankful that I was not able to afford it because complaints started to arise in the forum. The clients were complaining about how terrible the platform is and how unresponsive the customer support is.
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