BASIC INFORMATION:
CIX Markets is an industry-leading broker for forex, CFDs and spread betting. The UK company was formed in 1983, making it an industry veteran with over thirty years experience. The company has unsurprisingly expanded in recent years and now has office locations in London, Dubai, Sydney, Shanghai, Hong Kong and Singapore.
REGULATORY INFROMATION: LICENSE
City Index was regulated by the Financial Conduct Authority (FCA) at the United Kingdom with the regulatory license number of 232015
MARKETS
Customers of the company can choose to trade in the spot market, CFD market or they can spread bet. In fact, they offer an extensive product list, including:
· 21 market indices
· 84 currency pairs
· 12 types of bonds
· 25+ commodities
· 5 types of metals
· 4,500+ global shares
TRADING FEES
CIX Markets offers fixed and variable spreads starting from 1 pip for major currency pairs such as EUR/USD. Index CFDs are around 3 points for the FTSE 100 and for crude oil, target spreads are $0.04. The broker does not charge trading commissions but swap fees may apply to overnight positions
LEVERAGE
As per FCA restrictions, the maximum retail leverage available is 1:30 on FX majors. The broker provides a breakdown of the margin requirements in the Markets Information Sheet. For higher leverage rates, clients may need to turn to offshore providers but that can mean less regulatory scrutiny and limited trader protection.
ACCOUNT TYPES
CIX Markets offers a single live account which can be opened in a few steps. Traders will need to submit their identity documents and proof of address. Theres no strict minimum deposit requirement, but the broker recommends at least $500 initially. The minimum trade size is 0.1 lots
PAYMENT METHODS
CIX Markets accepts funding via bank wire, credit/debit cards including Visa, MasterCard and Maestro, as well as Skrill and Neteller. Deposits are available in GBP, EUR or USD. The minimum initial deposit is $500. Funds generally take 24 hours to clear.
DEMO ACCOUNT
New and experienced traders can test their skills in the brokers trial account free of charge, with $50,000 in demo funds. CIX Markets offers full access to the trading platforms with real-time conditions for 4 weeks. After the month trial period, clients have the option to register for a real-money account
TRADING PLATFORMS
· CIX Trader
· MetaTrader 4
TRADING HOURS
Dealing hours for FX and some commodities are 24 hours, from Sunday at 22:30 (UK time) to Friday at 16:45 (NY time) with a daily trading break between 17:00 and 17:02 (NY time). All other times can be found in the trading platforms or in the brokers Markets Information Sheet.
CUSTOMER SUPPORT
You can get in touch with CIX Markets 24/5 via email, telephone or live chat, though we were unable to connect with the live chat service at the time of writing. This is a concern as lots of providers offer reliable customer support.
· Telephone – +44 (0) 20 7614 4688
· Email – customerservice@cixmarkets.com
· Office – 12th Floor, 110 Bishopsgate, London, EC2N 4AY
