Written by ForexBrokers.com
In this head to head comparison of City Index vs IC Markets, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
When comparing City Index to IC Markets, it's important to highlight their regulatory credentials and trustworthiness. City Index, founded in 1983, holds an impressive seven Tier-1 licenses, marking it as highly trusted by ForexBrokers.com. It also has one Tier-2 license and boasts a perfect Trust Score of 99. Additionally, City Index is publicly traded, providing further transparency and accountability for investors.
IC Markets, established in 2007, holds two Tier-1 licenses, reflecting its reputable standing, and has a Trust Score of 84, placing it in the trusted category. While IC Markets is not publicly traded, it still provides a solid option for traders, though with slightly less oversight compared to City Index. Neither of these brokers is a bank, allowing them to focus solely on trading solutions.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Year Founded | 1983 | 2007 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 3 |
Comparing commissions and fees, IC Markets typically comes out cheaper than City Index. IC Markets earns 5/5 stars and ranks #5 out of 63 for Commissions & Fees (Best in Class 2024), while City Index scores 4.5/5 stars and ranks #16 out of 63.
City Index pricing sits around the industry average. Its EUR/USD spread averages 0.74 pips (July 2023), and you’ll usually get the best rates on City Index’s own platforms or MetaTrader. Active traders can qualify for the Premium Trader account with a £10,000 deposit for access to better pricing and service. There are also tiered rebates: in the U.K., £4 per million from £25M monthly volume up to £7.5 per million above £300M; in Australia, AUD $4.5 to AUD $14.5 per million depending on tier. Overall, costs are competitive but generally not as low as the very cheapest brokers.
IC Markets is built around low-cost choices. You can pick the commission-free Standard account (average EUR/USD spread around 0.62 pips) or go lower with Raw Spread accounts: cTrader charges $3.00 per side per 100,000 units (about 0.62 pips all-in on EUR/USD), while MT4/MT5 charges $3.50 per side (about 0.72 pips all-in). Pricing varies by platform, account type, and the IC Markets entity (EU, Australia, Seychelles). High-volume traders who exceed 100 standard lots per month can get extra discounts. Compared with City Index, IC Markets’ effective spreads and commissions are usually lower, especially on its Raw Spread options.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Minimum Deposit | £100.00 | $200 |
| Average spread (EUR/USD) - Standard account | 1.4 | 0.62 |
| All-in Cost EUR/USD - Active | 0.9 | 0.62 |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
City Index vs IC Markets: when it comes to range of investments, City Index offers far more to pick from, with 13,500 tradeable symbols compared with IC Markets’ 3,583. Forex traders also get a slightly larger menu at City Index (66 currency pairs) than at IC Markets (61). Both brokers support forex trading as CFDs or spot contracts.
For assets beyond forex, City Index does not offer exchange‑traded shares in the U.S. or on international markets, while IC Markets offers exchange‑traded shares on international exchanges (but not in the U.S.). Both brokers support copy trading and cryptocurrency CFDs, though neither lets you buy actual crypto. Based on ForexBrokers.com, City Index earns 5 stars and ranks #8 of 63 for Range of Investments, while IC Markets earns 4.5 stars and ranks #22—making City Index the stronger pick for sheer variety, with IC Markets appealing if you want access to certain international shares.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 3583 |
| Forex Pairs (Total) | 66 | 61 |
| U.S. Stocks (Shares) | No | No |
| Global Stocks (Non-U.S. Shares) | No | Yes |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
City Index and IC Markets both make it easy to get started with a free demo account and support trading on the web and Windows desktop. City Index adds its own in-house platform alongside MetaTrader 4 (MT4), while IC Markets sticks to third‑party platforms and offers both MT4 and MetaTrader 5 (MT5). If you want MT5, IC Markets has the edge; if you prefer a broker-built platform, City Index stands out. Both brokers support copy trading and let you place orders directly from charts in their platforms.
For trading platforms and tools, City Index earns 4.5 out of 5 stars and ranks #11 out of 63 brokers at ForexBrokers.com, while IC Markets scores 4 stars and ranks #17. Indicator counts and the number of watch list fields weren’t specified. In simple terms: choose City Index if you want a higher-rated toolset and a proprietary platform paired with MT4; pick IC Markets if MT5 compatibility is a must and you’re comfortable with third‑party platforms.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 88 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
City Index and IC Markets both offer mobile trading apps for iPhone and Android, with handy stock or forex price alerts, trendline drawing on charts, and auto‑saving of chart drawings. The key differences show up in charting and convenience: City Index packs 88 technical studies in its app versus 30 at IC Markets, and City Index syncs watchlists between the app and your online account, while IC Markets does not.
Independent ratings back up the gap in features. City Index earns 4.5 out of 5 stars and ranks #9 out of 63 brokers for Mobile Trading Apps on ForexBrokers.com. IC Markets scores 4 out of 5 stars and ranks #22. If you want deeper charting and watchlist syncing, City Index is the stronger pick; if you only need the basics on iPhone or Android with alerts and drawing tools, IC Markets still gets the job done.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 88 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Comparing City Index vs IC Markets for market research: both brokers deliver daily market commentary, top‑tier forex news (from sources like Bloomberg, Reuters, or Dow Jones), sentiment tools that show long/short positioning, and a helpful economic calendar for global events. Each also integrates Trading Central. Neither broker includes TipRanks or Acuity Trading tools.
The key difference is Autochartist: IC Markets offers Autochartist for chart pattern and signal ideas, while City Index does not. According to ForexBrokers.com, City Index is rated 4.5/5 for Research and ranked #10 out of 63 brokers, whereas IC Markets is rated 4/5 and ranked #21. Choose IC Markets if Autochartist is a must-have, or City Index if higher-rated research is your priority.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | Yes | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
City Index vs IC Markets for beginner education: both brokers provide forex and CFD learning that’s easy to access. Each runs online client webinars at least once a month and offers at least 10 beginner videos plus at least 10 advanced videos, so new traders can build skills from basic concepts to more advanced strategies.
For recognition and ratings, City Index holds a 4.5/5 Education score and ranks #9 out of 63 brokers on ForexBrokers.com, while IC Markets scores 4/5 and ranks #16. If top-rated education is a deciding factor, City Index has the edge; IC Markets still delivers frequent webinars and a sizable video library for both beginners and experienced traders.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that City Index is better than IC Markets. City Index finished with an overall rank of #8, while IC Markets finished with an overall rank of #21.
Backed by StoneX Group, City Index is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets.
| Feature |
City Index
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IC Markets
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 84 |
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Online brokers City Index and IC Markets do not offer the ability to buy actual (delivered) cryptocurrency, but both brokers let you trade cryptocurrency via CFDs.
For deposits and withdrawals, City Index supports ACH/SEPA transfers and PayPal but not Skrill, while IC Markets lacks ACH/SEPA yet supports PayPal and Skrill; both brokers accept bank wire transfers.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | City Index | IC Markets | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | City Index Review | IC Markets Review |
| Broker Screenshots | City Index | IC Markets | |
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| Regulation | City Index | IC Markets | |
|---|---|---|---|
| Trust Score | 99 | 84 | |
| Year Founded | 1983 | 2007 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 3 |
| Tier-1 Licenses (Highly Trusted) | City Index | IC Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | City Index | IC Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | City Index | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 3583 | |
| Forex Pairs (Total) | 66 | 61 | |
| U.S. Stocks (Shares) | No | No | |
| Global Stocks (Non-U.S. Shares) | No | Yes | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | City Index | IC Markets | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.4 | 0.62 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.62 | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | No | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | City Index | IC Markets | |
|---|---|---|---|
| Minimum Deposit | £100.00 | $200 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | No |
| Trading Platforms | City Index | IC Markets | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes |
| Trading Tools | City Index | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 88 | 30 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | City Index | IC Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 88 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | City Index | IC Markets | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central | Yes | Yes | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | City Index | IC Markets | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | City Index | IC Markets | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | City Index Review | IC Markets Review |
| Overall | City Index | IC Markets | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | City Index Review | IC Markets Review |
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