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 |
City Index offers competitive pricing for trading CFDs, forex, and spread-betting products, aligning with industry averages. However, it slightly trails behind top brokers like Tickmill and FP Markets in forex costs. Traders using City Index's proprietary platforms or MetaTrader can benefit from these costs, and active traders depositing over £10,000 can access the Premium Trader account for exclusive offers. Additionally, City Index provides rebates starting at £4 per million for U.K. professional traders and up to AUD $14.5 per million for Australian traders. With a 4.5-star rating for commissions and fees, City Index ranks #14 among 63 brokers as reviewed by ForexBrokers.com.
IC Markets excels in offering low trading costs with its small effective spreads and low deposit requirements, earning it a 5-star rating and a #5 ranking for commissions and fees. IC Markets provides various account options, including the commission-free Standard account, as well as the Raw Spread and cTrader Raw Spread accounts, which implement commission charges. The cTrader-linked account offers slightly lower commissions compared to the MetaTrader accounts, with a total cost of 0.62 pips on the EUR/USD. Its competitive fees and Best in Class honors make IC Markets a strong contender among brokers.
Both City Index and IC Markets grant attractive options for active traders. City Index offers rebates for those trading above specific volumes, while IC Markets provides discounts to high-volume traders exceeding 100 standard lots monthly. IC Markets boasts one of the lowest spreads among its peers, standing at 0.02 pips for the EUR/USD, further solidifying its status among cost-effective forex brokers under different regulatory entities and platform choices.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Minimum Deposit | £100.00 | $200 |
| Average Spread EUR/USD - Standard | 1.4 | 0.62 |
| All-in Cost EUR/USD - Active | 0.74 | 0.62 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
City Index and IC Markets both cater to traders with a broad array of investment opportunities, yet they have distinct differences in their offerings. City Index impresses with a massive selection of 13,500 tradeable symbols, including 66 forex pairs, while IC Markets offers 3,583 tradeable symbols with 61 forex pairs. Although both platforms provide forex trading as either CFDs or spot contracts, City Index does not offer exchange-traded securities on U.S. or international exchanges. In contrast, IC Markets allows trading in exchange-traded securities on international exchanges, adding versatility to its portfolio.
When it comes to specialized investment options, both City Index and IC Markets present the ability to trade cryptocurrency derivatives, but neither offers the option to buy the actual cryptocurrencies. For those interested in social trading, both platforms support copy trading features. Evaluating their overall range of investments, City Index is rated 5 stars and stands 8th out of 63 brokers according to ForexBrokers.com, highlighting its extensive investment variety. IC Markets, with a rating of 4.5 stars, ranks 25th in the same category, showcasing a solid, albeit more limited, range of trading opportunities.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 3583 |
| Forex Pairs (Total) | 66 | 61 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | 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.
When comparing the trading platforms and tools offered by City Index and IC Markets, both brokers provide users with robust features, though each has its unique advantages. City Index offers a proprietary platform, a feature not available with IC Markets, which can be appealing to those who prefer a tailored trading experience. Both firms support Windows-based desktop and web-based trading platforms, ensuring accessibility from various devices. For those interested in paper trading to hone their skills, both City Index and IC Markets offer free virtual demo accounts. On the front of copy trading, each broker supports this feature, though IC Markets also integrates with ZuluTrade for additional copy trading options. Further differences emerge with MetaTrader support; City Index provides MT4, while IC Markets supports both MT4 and MT5, appealing to traders favoring the latter's advanced features.
When it comes to charting tools and watch lists, City Index takes a leading role. It offers 239 drawing tools compared to the 15 tools available at IC Markets, enhancing flexibility in chart analysis. Moreover, City Index's watch lists consist of 11 columns, surpassing IC Markets' seven, which assists in better portfolio management. Both brokers, however, excel in enabling direct trading from stock charts. Despite these distinctions, City Index gains a slightly higher rating of 4.5 stars for its trading platforms and tools, as opposed to IC Markets' 4 stars. Finally, ForexBrokers.com ranks City Index at number 11 out of 63 brokers for this category, whereas IC Markets falls slightly behind at number 16, making City Index the more highly regarded choice for many traders seeking innovative trading solutions.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 88 | 30 |
| Charting - Drawing Tools (Total) | 239 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both City Index and IC Markets have made strides in mobile trading by offering iPhone and Android apps, ensuring traders can engage with the markets on the go. Both platforms deliver key features such as stock and forex price alerts and the ability to draw trendlines on charts. However, City Index takes the upper hand when it comes to syncing watchlist symbols between its mobile app and the online account, a feature absent in IC Markets. City Index also outshines with a more extensive range of technical studies, providing users with 88 options compared to IC Markets' 30.
City Index also leads in user reviews and ratings, achieving a score of 4.5 out of 5 stars for its mobile trading app, compared to IC Markets' 4-star rating. In a comparison of 63 brokers by ForexBrokers.com, City Index stands at position #9, reflecting its superior mobile app features, while IC Markets is ranked #22. With both platforms supporting multiple time frames and auto-saving drawings, City Index's comprehensive toolkit and syncing capability make it a top choice for traders looking for seamless integration and detailed analysis on mobile devices.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 88 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing City Index to IC Markets in terms of market research offerings, both brokers provide a solid array of tools and insights to help traders stay informed. Both City Index and IC Markets offer daily market commentary and access to forex news from reputable sources such as Bloomberg and Reuters. Additionally, each broker provides traders with sentiment-based trading tools and offers technical analysis tools from Trading Central. However, a distinction arises with IC Markets providing technical research tools from Autochartist, whereas City Index does not. Neither broker offers market research from TipRanks or tools from Acuity Trading.
City Index takes a slight edge with its additional features and services. Both brokers offer an economic calendar, but City Index secures a higher research rating of 4.5 stars compared to IC Markets’ 4 stars. This is reflected in their rankings by ForexBrokers.com, where City Index holds the #10 spot, outperforming IC Markets, which ranks at #23. For traders prioritizing research and market insights, City Index might be the better choice with its more comprehensive offerings and higher industry rankings.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing educational resources for beginners between City Index and IC Markets, both online brokers excel in offering a variety of materials focused on forex and CFD trading. Each platform provides more than 10 educational pieces, including articles, videos, and archived webinars, all aimed at enhancing the skills of new traders. Both City Index and IC Markets conduct regular, monthly educational webinars and maintain searchable archives of recorded sessions, allowing users to learn at their own pace.
City Index and IC Markets also supply a substantial selection of beginner and advanced educational videos, catering to traders of all experience levels. Additionally, both brokers offer an investor dictionary with over 50 investment terms, serving as a valuable reference tool. Despite these similarities, City Index holds a slight edge with a 4.5-star education rating, compared to IC Markets' 4-star rating, and ranks #9 out of 63 brokers, while IC Markets ranks #16 according to ForexBrokers.com. This makes City Index a slightly more favored platform for educational content in the trading community.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | 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 #20.
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
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 84 |
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City Index and IC Markets both provide options for trading cryptocurrency derivatives, but neither platform offers the option to purchase actual, delivered cryptocurrency.
City Index provides ACH or SEPA transfers, PayPal, Visa or Mastercard, and bank wires for managing account funds, while IC Markets supports PayPal, Skrill, Visa or Mastercard, and bank wires but lacks ACH or SEPA transfer options.
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 |
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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 (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| 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) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | City Index | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 3583 | |
| Forex Pairs (Total) | 66 | 61 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | 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 | 1.4 | 0.62 | |
| All-in Cost EUR/USD - Active | 0.74 | 0.62 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| 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 | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | City Index | IC Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | City Index | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 11 | 7 | |
| Charting - Indicators / Studies (Total) | 88 | 30 | |
| Charting - Drawing Tools (Total) | 239 | 15 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 88 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | City Index | IC Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | City Index | IC Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | City Index | IC Markets | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| 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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