CityPoint Trading review
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.
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.
CityPoint Trading offers fixed spreads, amounting to 2 pips on EUR/USD, which is average.
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.
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.
The support service is available via phone, e-mail, and live chat.
The payment options available to CityPoint Trading’ clients are credit/debit cards and bank wire transfers.
CityPoint Trading 2/10 (votes 2182)