City Credit Capital Review
City Credit Capital is an FCA regulated broker that has its head office in a principal part of the London Financial District. The company was incorporated in 2001, during a period when the Forex industry witnessed an unprecedented growth due to the culmination of the internet and advanced trading software development. City Credit Capital, or more popularly known as CCC, has cashed in on the popularity of Forex trading by designing a unique online dealing services offering for all types of investors ranging from retail traders to large institutional investors and banks.
City Credit Capital primarily deals in Forex, CFDs, equities, indices, commodities, and precious metals, by catering to all types of traders from all over the world, except the United States. The company has its representative branch offices situated in Hong Kong and South America, namely in Brazil and Chile, and promises to offer custom-tailored services according to each client’s individual needs. The highly-rated City Credit Capital regulation status with the FCA does certainly provide a safe and secure environment for traders, owing to the significant degree of trust that traders have placed on the operational guidelines of the Financial Conduct Authority. The FSCS compensation scheme also offers an insurance policy for all client investments of up to £50,000 in the case of broker insolvency or bankruptcy.
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Setting Up A City Credit Capital Trading Account & Trade Execution
City Credit Capital only offers two different choices for setting up a trading account, a Mini Account or a Standard Account. Both the Mini as well as the Standard account is similar to each other regarding order execution and other trading aspects, with the only visible difference being the initial deposit amount and the minimum lot size. The Mini account starts at a $500 initial deposit that has an initial margin of $100 and a minimum lot size of 10,000, while the Standard account starts at $5000 with an initial margin of $1000 and a minimum lot size of 100,000. The broker offers a maximum City Credit Capital leverage of 1:100, which along with a comparatively higher initial deposit can potentially alienate traders with a tiny amount of trading capital.
City Credit Capital is a market maker broker that does not provide an ECN account, which is a huge disadvantage for the company. Several established Forex brokers offer a full-fledged ECN account for deposits that are significantly lower than the $500 currently required for opening a City Credit Capital account. Perhaps the company’s saving grace can be attributed towards their trade execution policies that promise absolutely zero re-quotes and zero slippage.
City Credit Capital spreads are also a bit on the higher side, with the average spread on the EUR/USD pair starting at 3 pips. Comparatively, even white label brokers or introducing brokers have known to keep their spreads well below 2 pips for the major currency pairs, which make it slightly expensive to trade currency pairs and CFDs at City Credit Capital.
Traders receive access to other City Credit Capital resources such as market research, Dow Jones News feeds, market commentary, professional charting software, and of course, access to a dedicated relationship manager. The broker tries to concentrate on offering a client-centric brokerage service that aims to improve the overall customer service experience. City Credit Capital customer service channels are also available 24 hours a day, and traders can receive professional support through a team of knowledgeable and friendly customer support agents.
Choose From Proprietary City Credit Capital Platforms & Multiple Account Funding Options
City Credit Capital has been in the Forex brokerage services industry for well over 15 years. Therefore, they have indeed made use of the time to develop a proprietary City Credit Capital trading platform instead of choosing other platforms such as the MT4. The company only offers two different versions of the MarketsTrader platform for both desktop and mobile trading.
The traditional MarketsTrader is designed for desktop, web, and mobile trading either through an installable interface for the desktop or by using the browser-based application for both desktop and mobile trading. However, for dedicated City Credit Capital mobile platforms, traders can turn towards the company’s iMarketsTrader platform that is designed for iOS and Android devices, which can be downloaded and installed from the respective app stores.
The MarketsTrader platform is certainly an excellent trading tool and is only slightly different from the highly popular MT4 platform. Nevertheless, MarketsTrader is easy to understand, and traders will have no trouble in getting familiar with the interface. New clients can also take advantage of a City Credit Capital demo account to test the platform using virtual money to avoid making any costly trading decisions.
Account Funding & Other Broker Considerations
City Credit Capital offers four different types of funding options that include bank transfers, credit card deposit/withdrawal, Neteller, and Skrill payments. Since the broker is regulated by the FCA, the company requires their clients to complete a lengthy account opening procedure that involves signing different documents and accepting various disclaimers, which ensures that traders adhere to the restrictions put forward by regulatory agencies.
The long account opening procedure can be a cumbersome process, and the initial deposit amount may also be considered as significantly larger than the other brokers, but City Credit Capital is a broker that adheres to the best regulatory protocols to ensure a safe and secure trading environment. There are several disadvantages with the broker that include higher spreads and lower leverage, but these drawbacks are compensated by some excellent services that aim to instill a sense of trust and confidence into a trader’s mind.