City Credit Capital Review
City Credit Capital offers two types of live accounts – mini and standard, plus a free demo account with $100 000. The maximum leverage is variable and the spreads are fixed. In addition to the Mini and Standard accounts, the broker offers a Percentage Allocation Money Manager (PAMM) system for wealth managers.
The broker also offers trading in spot forex, commodities and indices, using a Self Invested Personal Pension Plan, or SIPP.
The broker operates a no re-quote and No-slippage Stop Loss policy on all FX pairs, but only during market hours and normal market conditions. Stop Loss and Take Profit orders that close a position originally opened by a Stop Entry may also be subject to slippage.
The Company. Security of Funds
City Credit Capital offers trading in forex and CFDs on indices, precious metals and commodities both for retail and institutional clients. There are 17 of the more ordinary forex pairs and a relatively small selection of the major stock indices.
City Credit Capital is registered and regulated by UK’s Financial Conduct Authority (FCA) and is based in London. Generally, an FCA regulation is a testimony of the stability and reliability of a broker, as the UK regulator has tight rules and high registration fees. Additionally, City Credit Capital is part of the FSCS compensation scheme, which means clients’ funds of up to £50,000 are covered in case of company bankruptcy. Client money is held in segregated accounts in top tier banks. The FCA regulation also means City Credit Capital can operate in other EU countries, at least until the UK leaves the EU.
Minimum Initial Deposit
Depending on the type of account, clients must deposit $500 for the mini account and $5000 for the standard account. The sum is above the average, even though other FCA-regulated brokers like FxPro also requires $100, for all types of accounts and FXCM requires $50.
Spreads & Commissions
City Credit Capital offers fixed spreads, starting from 3 pips on EURUSD, which is rather wide. For other major forex pairs the spreads are even wider: 4 pips on USDJPY and GBPUSD and 5 pips on USDCHF.
Considering that the broker is offering fixed spreads, and wide at that, it is only logical that it does not charge additional commissions.
City Credit Capital offers variable leverage. Other FCA-regulated brokers like XM offer leverage of 1:888, which is rather high, while IG offers a leverage of up to 1:200 and FXPro – 1:500. It is worth noting, that FCA’s proposal to impose a leverage cap of 1:50 for CFDs offered by the brokers regulated by it, would most likely affect all of the aforementioned companies.
City Credit Capital offers trading on its proprietary platform Markets Trader. It has a desktop, web and mobile version – iMarkets Trader for the two major mobile operating systems – iOS and Android. The broker claims it is fast, secure and flexible. It offers 24/7 access to a broad range of liquid financial trading instruments including forex, indices, precious metals and commodities.
Markets Trader platform. Click to enlarge.
Methods of payment
City Credit Capital accepts deposits via bank transfer, credit and debit cards (Visa, MasterCard, Maestro, Visa Electron), Neteller and Skrill.
City Credit Capital is a well-regulated forex and CFD broker. It offers no frills and gimmicks and apparently is not aimed at all and sundry. Obviously it prefers the more affluent traders, as its minimum deposits and margin requirements are higher than the average for the industry. The fixed spreads are also higher than the average.
City Credit Capital Review Conclusion
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