After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare City Index vs IC Markets.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. Both City Index and IC Markets hold a 4.00 star rating.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. City Index alongside IC Markets are regulated in a major hub. City Index is a publicly traded company, while IC Markets is not. As far as how many currency pairs are available for trading, here's the answer. City Index boasts an offering of 84 different currency pairs compared to IC Markets's 63 available pairs.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. Both City Index and IC Markets offer Meta Trader. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. City Index trails IC Markets by 6 total charting tools, with IC Markets offering 31 and City Index offering 25. IC Markets trails City Index by 88 total different indicators (for example, moving averages), with City Index offering 139 and IC Markets offering 51.
Overall, City Index takes the upper hand with 4.50 stars over IC Markets's 4.00 stars. And, when it comes to individual category awards, unfortunately, neither City Index nor IC Markets received awards Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education.