1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

City Index Asia Pte Ltd

Discussion in 'Scam Alerts' started by pcbg007, Feb 6, 2009.

  1. pcbg007

    pcbg007 Private, 1st Class

    Joined:
    Feb 1, 2009
    Messages:
    72
    Likes Received:
    0
    Hi, I'm from Singapore.

    This broker called City Index Asia Pte Ltd is regulated in Singapore, and they claimed to be a inter-dealer broker. Can ayone here advise what does this mean?

    My trading experience with them has been like repeated nightmares. Let me share them here. After hearing my sharing, can someone kindly recommend a reliable and honest broker that accepts accounts from Singapore, and allowing to-and-fro fund transfers with Credit card or PayPal, but without all the dirty tricks like City Index Asia Pte Ltd practises.

    My daughter funded her accounts with City Index (who bought over FX Solutions) for me to trade, and I encountered the following :

    City Index misrepresented that their retail FX prices are fair and transparent, and that they charged only a fixed deal spread. They also misrepresented that they have expert staff to offer professional services, but chose not to answer my question which is vital and relevant in influencing my trading decisions. Their managers are also unaware of certain very important available functions in their own trading platform, which are relevant and useful to clients' trading decisions - example trading volume. They chose not to tell me what the units in the volume column stands for ( 1 for one mini or standard or? ) despite repeated reminders for an answer since almost 2 months ago.

    However, my findings show that they are reaping their clients off via the following unscrupulous methods:

    1. Repeated and frequent slippages that can add up their clients' trading costs by as high as an additional 100 pips more per lot per trade!
    2. Even when no slippages occurred, the actual price captured in a client's statement is often a few pips more than what appeared on the screen when a trade is executed.
    3. Their dealers entered my open positions and exited them without my instructions. Initially they denied doing so, but eventually offered to compensate me with a few thousand dollars as settlement, but I didn't accept because they cheated me many folds more.
    4. They have dealers to trade against me.
    5. They fixed off-market prices by as high 152 pips, when at that identical time a check with two other brokers' platforms showed no price gaps at all.
    6. They manipulated prices to STOP out trades that have STOP LOSS level set, even as far away as over 100 pips!
    7. They manipulated indicators that traders usually relied upon, to trick them into entering trades in the wrong direction.

    I have documented my findings/report wich is downloadable from :

    www.pchenxu.addr.com/ci/Findings_CityIndex.pdf

    Thanks very much.

    Sincerely, Pierre
     
    #1 pcbg007, Feb 6, 2009
    Lasted edited by : Feb 7, 2009
  2. City Index

    City Index Recruit

    Joined:
    Feb 17, 2009
    Messages:
    1
    Likes Received:
    0
    City Index

    Dear forum users,

    City Index welcomes comments and feedback on our platform, service, product offerings and customers’ trading experience. However, as a matter of practice, we do not respond directly to specific issues raised in forums. This is to protect client details.

    We do ask our clients and other interested parties to contact us directly for clarification and issues resolution. We can be reached on 1800-826 9953 (toll free from Singapore), +65 6826 9953 (outside of Singapore) or via email at enquiries@cityindexasia.com

    In addition, we strongly advise all our clients and indeed clients of other brokers not to share personal financial information with members of the public. If you have questions regarding your statements or contract notes, we suggest you raise these directly with your broker or your financial advisor, who would be more suited to dealing with these matters.

    Best regards,
    City Index Asia
     
  3. Agomes

    Agomes Recruit

    Joined:
    Feb 5, 2009
    Messages:
    4
    Likes Received:
    0
    City Index Representative,

    If your client, that is the above Pierre, is ok with sharing his information with us and states in writing that he doesn't mind City Index sharing his information with us, then I see no reason why City can't. Please give the FPA some concrete reasons for the above claims made by Pierre and not spew out the usual company rhetoric. You will simply gain a bad reputation and validate Pierre's claims.
     
  4. amaro taha

    amaro taha Recruit

    Joined:
    Feb 26, 2009
    Messages:
    5
    Likes Received:
    0
    olahaloo every one
    i whant to know if samo bady listen about fxcbs company i need some imformation about this company .... i have an acount on it but i whant some advices
     
  5. garytan

    garytan Recruit

    Joined:
    Dec 31, 2009
    Messages:
    1
    Likes Received:
    0
    Issue with City Index in Singapore...

    Hi all, I am new here.

    I've an account and have been trading with City Index for about a year. Unfortunately, I am facing some issues with them and their platforms.

    The latest case is today, 31st Dec 2009, USD/JPN pair.

    When I called for customer service support for clarification, the person's name is Nick, claimed to be based in London, their attitude is indifferent and apathetic.

    As I explained to them further about reliability in their platform and their support, they retorted by saying "you could write in if you have any issue!"

    Even though the information is incorrect, they issue a "too bad, you just have to deal with it".

    Several anomalies happened before some months back, however, the customer support was still alright back then.

    Does anyone have any experience with them?
     
  6. fxdhtrader

    fxdhtrader Recruit

    Joined:
    Feb 28, 2011
    Messages:
    1
    Likes Received:
    0
    Issue with City Index in Singapore

    I used to have an account with them. Its true that the platform lags. Prices suddenly stop updating.
    When that happens, you cant exit a trade or place new trades.

    I wont know whether it is deliberate or not but all i can say is it is not usable.
    If this does not bother you then continue with them.
     
  7. Brenda Siu

    Brenda Siu Recruit

    Joined:
    Nov 21, 2011
    Messages:
    3
    Likes Received:
    0
    Totally agree with you City Index platform is not usable for traders!!!! City Index is by far the cheapest in commissions but it is also the most LOUSY platform that will make you lose money (I guarantee that). When you enter a trade, it may or not may not be triggered depending on the performance of the platform at that time. This means that when you short or long any of your existing trade, it may or may not trigger at the price you click 'cos the performance of the platform is unable to manage the load of the transactions. Most likely, will be a losing trade by the time your entry is accepted. Don't expect your complains to be entertained as it's run by the Ang Mohs - goes over their head and nothing gets done. Is this company another scam to make money on unsuspecting clients?
     
  8. Brenda Siu

    Brenda Siu Recruit

    Joined:
    Nov 21, 2011
    Messages:
    3
    Likes Received:
    0
    Shut the damn bloody platform down!!! It's useless !
     
  9. trade-chaser

    trade-chaser Recruit

    Joined:
    Aug 29, 2013
    Messages:
    2
    Likes Received:
    0
    Have you solved your issues yet?

    I have had the same issues with about a dozen brokers, and I have learned a lot since then. The ideal broker for you depends all on your personal circumstances, like funds, markets, the time you have available to trade. And a few other factors.
    I came across you post as I am looking for some feedback on the same broker, for a review post I am planning.

    let me go how you are getting along, I am quite often on Google+ there are some useful posts there.

    Regards,

    Mark

     
  10. LAWSP

    LAWSP Recruit

    Joined:
    Aug 18, 2015
    Messages:
    1
    Likes Received:
    0
    I am from Singapore. My experience with CityIndex is terrible. I open an account and funded it but then say I need some funds urgently. The Senior relationship manager (Rebecca Goh) says I cannot withdraw within 1 week of opening and I must trade a few trader before she lets me withdraw the funds after I funded the account. Before that everything can be done but after that everything changes. Very very unethical behaviour.

    That is terrible before I open the account she say I can withdraw anytime without any conditions. Now I cannot withdraw within a week of funding and I must make several trade in order to withdraw.

    To make it much worse. To process my withdrawal they need 2 working days at least and then choose a GIRO method of transfer that takes 3 days. That is a total of 5 days.
    There is a fast transfer that is instant but they purposely choose a 3 days transfer for a local interbank transfer. What kind of a broker is this ? AVOID this broker that lies and refuse to process your withdrawal and uses the slowest method to add to the pain.
    It has no customer service just like the previous reviewer say. "Cannot care less " .
    The senior relationship is just such a liar and you cannot trust such a company. A senior executive of the company behaves in such an unethical manner.

    Indifferent about customer needs. CityIndex asia will close down very soon.

    AVOID at all cost. REALLY. You will regret it.
     

Share This Page