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.
City Index and IC Markets are both online brokers, but they differ in age and corporate profile. City Index, founded in 1983, is publicly traded (and not a bank), while IC Markets, founded in 2007, is privately held (also not a bank). On ForexBrokers.com’s Trust Score scale—where 90–99 is highly trusted and 80–89 is trusted—City Index scores 99/99 (highly trusted) and IC Markets scores 83/99 (trusted).
In terms of regulatory information, City Index holds seven Tier-1 licenses (the highest level of oversight) plus one Tier-2 license, while IC Markets holds two Tier-1 licenses and no Tier-2 licenses. If top-tier regulatory coverage and the highest Trust Score matter most, City Index has the edge; if a trusted rating with fewer top-tier licenses suits your needs, IC Markets may still be a fit.
| 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 |
When it comes to commissions and fees, City Index offers pricing that is generally in line with the industry average for CFDs, forex, and spread betting. Its best pricing is usually available on its own trading platforms or MetaTrader, and active traders may qualify for the Premium Trader account with extra perks if they deposit more than £10,000. City Index also offers rebate programs for high-volume traders, with U.K. professional clients and Australian traders able to unlock lower rates as trading activity increases. City Index is rated 4.5 out of 5 stars and ranked #16 out of 36 brokers for commissions and fees by ForexBrokers.com.
IC Markets is usually the better choice for low trading costs, thanks to its tight spreads and commission-based account options. Traders can choose between the commission-free Standard account and the Raw Spread or cTrader Raw Spread accounts, with the cTrader version carrying slightly lower commission costs than the MetaTrader raw spread account. IC Markets’ pricing is competitive enough to sit near the top of the low-cost broker group, and it also offers discounts for active traders who trade more than 100 standard lots per month. IC Markets is rated 5 out of 5 stars and ranked #5 out of 36 brokers for commissions and fees by ForexBrokers.com.
Overall, IC Markets has the edge on commissions and fees for most traders, especially those focused on keeping spreads and trading costs as low as possible. City Index still offers fair, average-level pricing and can be a good fit for traders who want access to its platform features, rebate programs, and premium account benefits. If lower trading costs are the main priority, IC Markets is the stronger pick.
| 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 and IC Markets both give traders access to forex as CFDs or spot contracts, copy trading, and cryptocurrency CFDs, but neither broker lets you buy actual shares on U.S. or international exchanges, or own delivered crypto. For forex traders, City Index offers 66 currency pairs, while IC Markets offers 61, so both provide a solid choice of major and minor markets for everyday trading.
Where City Index stands out most is the size of its overall market range. It lists 13,500 tradeable symbols compared with 7,435 at IC Markets, which gives City Index a broader spread of investment opportunities overall. That wider selection is reflected in its stronger Range of Investments score, with City Index rated 5 stars and ranked #8 out of 36 brokers by ForexBrokers.com, while IC Markets is rated 4.5 stars and ranked #22.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 7435 |
| Forex Pairs (Total) | 66 | 61 |
| U.S. Stocks (Shares) | No | No |
| Global Stocks (Non-U.S. Shares) | No | No |
| 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 give traders a wide choice of platform options, including a free demo account, web trading, Windows desktop software, copy trading, and the popular MetaTrader 4. Both also let users trade straight from a chart, which can be helpful for placing orders quickly. City Index stands out with its own in-house platform, while IC Markets does not offer a proprietary platform and instead focuses on third-party options such as MT4 and MT5.
For trading platforms and tools, City Index has the edge overall. It is rated 4.5 out of 5 stars and ranks #11 out of 36 brokers at ForexBrokers.com, compared with IC Markets at 4 out of 5 stars and #17 out of 36. One key difference is that IC Markets offers MetaTrader 5, while City Index does not, so traders who want MT5 may prefer IC Markets. Still, City Index may appeal more to those looking for a broker with its own platform and a slightly stronger overall rating in this category.
| 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 | 32 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
City Index and IC Markets both make it easy to trade on the go, since each broker offers iPhone and Android apps, plus stock or forex price alerts. Both apps also let you draw trendlines on charts and automatically save those drawings, which is helpful if you switch between devices or come back to your analysis later. For everyday mobile trading, both platforms cover the core features most traders expect.
Where City Index pulls ahead is in app-to-account syncing and chart tools. Its mobile watchlists stay synced with the online account, while IC Markets does not offer this feature. City Index also gives traders 88 technical studies in its mobile charting tools, compared with 30 at IC Markets. These differences likely help explain why City Index is rated 4.5 out of 5 stars and ranks #9 out of 36 brokers for Mobile Trading Apps, while IC Markets is rated 4 stars and ranks #22.
| 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.
City Index and IC Markets both give traders plenty of market research tools, including daily market commentary, news from top sources like Bloomberg and Reuters, Trading Central tools, sentiment data, and an economic calendar. Neither broker includes Autochartist or Acuity Trading, but IC Markets does go a step further by also offering TipRanks research, which City Index does not. This gives IC Markets a small edge for traders who want an extra source of insight.
Overall, City Index comes out ahead in research quality, with a 4.5-star rating and a ForexBrokers.com ranking of #10 out of 36 brokers, compared with IC Markets’ 4-star rating and #21 rank. Both are solid choices for market analysis, but City Index has the stronger research offering overall, while IC Markets still provides a well-rounded set of tools for everyday trading decisions.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central | Yes | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners looking to learn about forex and CFDs, both City Index and IC Markets offer plenty of helpful education. Each broker provides at least 10 pieces of forex or CFD-focused learning material, runs online educational webinars at least once a month, and offers 10 or more beginner videos as well as 10 or more advanced videos. That means new traders can find guidance at different skill levels with either platform.
City Index has the edge overall, though. It is rated 4.5 out of 5 stars for education and ranks #9 out of 36 brokers at ForexBrokers.com, while IC Markets is rated 4 out of 5 stars and ranks #16. So while both brokers give beginners a solid set of learning tools, City Index stands out as the slightly stronger choice for education.
| 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 | 83 |
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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 | 83 | |
| Winner | check_circle | ||
| Review | City Index Review | IC Markets Review |
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| Regulation | City Index | IC Markets | |
|---|---|---|---|
| Trust Score | 99 | 83 | |
| 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 CMA 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 | 7435 | |
| Forex Pairs (Total) | 66 | 61 | |
| U.S. Stocks (Shares) | No | No | |
| Global Stocks (Non-U.S. Shares) | No | No | |
| 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 | Yes | |
| 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 | 32 | |
| 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 | No | |
| Trading Central | Yes | Yes | |
| TipRanks | No | Yes | |
| 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 | 83 | |
| Winner | check_circle | ||
| Review | City Index Review | IC Markets Review |
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