Written by ForexBrokers.com
In this head to head comparison of City Index vs iFOREX, 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 iFOREX are both established players in the online brokerage industry, with City Index founded in 1983 and iFOREX in 1996. However, they differ significantly in regulatory standing and trust. City Index holds a high position with a ForexBrokers.com Trust Score of 99 out of 99, signifying it as a highly trustworthy platform. In contrast, iFOREX has a Trust Score of 75, placing it in the average-risk category. While City Index is publicly traded, giving it an additional layer of transparency, iFOREX is not listed on any stock exchange.
When it comes to regulatory licenses, City Index showcases its strong regulatory track record with seven Tier-1 licenses and one Tier-2 license. These licenses are considered highly trusted and trusted, respectively, by ForexBrokers.com. On the other hand, iFOREX holds just one Tier-1 license and no Tier-2 licenses. Neither of the brokers is a bank, but City Index's multiple regulatory approvals and public trading status provide users with a sense of security that is not as prominent with iFOREX.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Year Founded | 1983 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing City Index to iFOREX in terms of commissions and fees, City Index emerges as the more economically favorable option for traders. With a rating of 4.5 stars, City Index ranks 14th out of 63 brokers, according to ForexBrokers.com. It offers competitive pricing, especially for trading CFDs, forex, and spread-betting products, matching the industry average. For traders looking for optimal pricing, utilizing City Index's proprietary platforms or MetaTrader is advisable. Those who qualify for the Premium Trader account by depositing over £10,000 gain the benefit of exclusive pricing and dedicated customer service.
City Index also accommodates active traders with rebates and discounts. For clients based in the UK, rebates start at £4 per million for trades over £25 million monthly, potentially escalating to £7.5 per million for higher volumes. Similarly, Australian traders can benefit from rebates ranging from AUD $4.5 to AUD $14.5 per million depending on their trading tier. With an average spread of 0.74 pips on the EUR/USD pair, City Index aligns its costs with industry standards, although it may not be as competitive as top brokers like Tickmill and FP Markets.
In contrast, iFOREX garners a lesser rating of 3 stars and holds the 61st position in the same review, suggesting a less cost-efficient approach to trading. While average spread data isn't available for iFOREX, the lower star rating and ranking indicate higher commissions and fees compared to City Index.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Minimum Deposit | £100.00 | $100 |
| Average Spread EUR/USD - Standard | 1.4 | N/A |
| All-in Cost EUR/USD - Active | 0.74 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| 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 iFOREX are both online brokers offering a diverse range of investment opportunities, but they cater differently to individual preferences. City Index gives traders access to an impressive 13,500 tradeable symbols, including 66 forex pairs. In contrast, iFOREX offers 750 tradeable symbols with a focus on a larger variety of forex pairs, totaling 88. Both brokers facilitate forex trading through CFDs or spot contracts and provide access to cryptocurrency derivatives, allowing traders to explore digital currencies without owning the actual assets.
While neither broker offers direct purchase of exchange-traded securities from U.S. or international exchanges, City Index stands out with its copy trading feature, enabling users to follow and replicate the strategies of successful traders. In terms of their overall range of investments, City Index receives a superior rating of 5 stars and ranks #8 among 63 brokers, whereas iFOREX garners a 3.5-star rating and ranks #41. This comparison highlights City Index as a more comprehensive option for those seeking varied investment possibilities, while iFOREX might appeal to traders focused on forex pairs.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 750 |
| Forex Pairs (Total) | 66 | 88 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | No |
| 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 iFOREX, City Index stands out with a number of features that cater to both novice and experienced traders. City Index provides a free virtual demo account, which is an excellent tool for beginners who want to practice trading without risking real money. Both brokers offer proprietary platforms, but City Index additionally supports MetaTrader 4 (MT4), giving users more options for trading strategies. City Index also offers a Windows-based desktop platform alongside its web-based platform, while iFOREX only offers web-based trading. Moreover, City Index includes copy trading, whereas iFOREX does not, allowing City Index users to replicate the trades of seasoned traders, which can be advantageous for learning or enhancing opportunities.
In terms of technical tools, City Index further impresses with a wide array of drawing tools for chart analysis, offering 239 compared to iFOREX's 25. Both brokers allow trading directly from stock charts, but City Index provides greater customization for watch lists, with 11 columns, compared to iFOREX's 9. These differences in offerings reflect their respective ratings, with City Index earning 4.5 stars in Trading Platforms and Tools, while iFOREX scores 4 stars. Furthermore, in ForexBrokers.com's rankings, City Index is ranked #11 out of 63 brokers for its impressive trading platforms and tools, whereas iFOREX is positioned at #54. For traders seeking a comprehensive suite of trading tools, City Index presents a more compelling choice between the two.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 88 | 57 |
| Charting - Drawing Tools (Total) | 239 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When choosing between the mobile trading apps of City Index and iFOREX, there are some key differences to consider. Both brokers offer iPhone and Android apps, providing accessibility across popular platforms. City Index stands out with several advanced features including stock and forex price alerts, and efficient watchlist symbol syncing that integrates seamlessly with a client’s online account. Additionally, City Index provides extensive charting capabilities, offering 88 technical studies and allowing users to draw trendlines and view multiple time frames on charts. The app also supports auto-saving for any chart drawings and enables the creation of watchlists with real-time quotes, making it a comprehensive tool for traders on the go.
In comparison, iFOREX’s mobile trading app lacks several of these features. It does not provide stock or forex price alerts, nor does it support watchlist symbol syncing. Charting capabilities are also limited, with no trendline drawing options or multiple time frame views available, and the app does not auto-save chart drawings. Additionally, while watchlist creation is possible, it does not include real-time quotes. According to ForexBrokers.com, City Index receives a higher rating of 4.5 stars and ranks 9th out of 63 brokers for mobile trading apps, whereas iFOREX holds a 4-star rating and ranks 55th. Overall, City Index’s app may offer a more feature-rich experience for traders who prioritize detailed analytics and synchronization features.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 88 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When comparing City Index and iFOREX for market research offerings, both provide traders with valuable insights through daily market commentary and comprehensive economic calendars that track global news events. However, City Index stands out by providing forex news from top-tier sources like Bloomberg and Reuters, while iFOREX does not. Both brokers offer access to Trading Central’s technical analysis tools which support traders in informed decision-making. Additionally, each offers sentiment-based tools to gauge market positions, although neither broker includes resources from Autochartist, TipRanks, or Acuity Trading.
Regarding research quality, City Index earns a higher rating of 4.5 stars for its offerings, compared to iFOREX, which has a rating of 3.5 stars. This difference is further highlighted in their rankings, with City Index at number 10 and iFOREX at number 48 out of 63 brokers in the Research category on ForexBrokers.com. These distinctions make City Index a more comprehensive choice for those seeking robust market commentary and top-tier news, positioning it as a more attractive option for traders focused on thorough market analysis.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| 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 the educational resources available for beginners at City Index and iFOREX, City Index clearly provides a more comprehensive offering. City Index excels by providing numerous educational materials, including a minimum of 10 pieces focused on forex or CFDs, along with monthly online educational webinars and a searchable archive of past webinars. Beginners looking to deepen their knowledge can also access over 10 beginner-friendly trading videos and an impressive range of advanced videos, plus an investor dictionary with over 50 terms. This extensive array of resources earns City Index a 4.5-star rating for education, securing its position at the ninth spot out of 63 brokers ranked by ForexBrokers.com.
On the other hand, iFOREX falls short with limited educational options. While it offers at least 10 beginner trading videos, it lacks a variety of other important educational tools. There are no regularly scheduled webinars, archived webinars, or a comprehensive investor dictionary. Additionally, iFOREX does not provide advanced educational videos for experienced traders, resulting in a lower education rating of 3.5 stars and a rank of 53 out of 63 brokers, according to ForexBrokers.com. For beginners seeking an enriched learning experience, City Index offers a broader and more valuable educational platform compared to iFOREX.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
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 iFOREX. City Index finished with an overall rank of #8, while iFOREX finished with an overall rank of #52.
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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iFOREX
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 75 |
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Both City Index and iFOREX do not offer the ability to buy actual, delivered cryptocurrency, but they do provide options to purchase cryptocurrency derivatives.
When comparing online brokers City Index and iFOREX, City Index supports ACH or SEPA transfers, PayPal, Visa/Mastercard, and bank wires for transactions, while iFOREX supports PayPal, Skrill, Visa/Mastercard, and bank wires, lacking ACH or SEPA options but including Skrill which is not available with City Index.
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 | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | City Index Review |
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| Regulation | City Index | iFOREX | |
|---|---|---|---|
| Trust Score | 99 | 75 | |
| Year Founded | 1983 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | City Index | iFOREX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| 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 | Yes | |
| 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 | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 750 | |
| Forex Pairs (Total) | 66 | 88 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | No | |
| 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 | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | N/A | |
| All-in Cost EUR/USD - Active | 0.74 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | City Index | iFOREX | |
|---|---|---|---|
| Minimum Deposit | £100.00 | $100 | |
| 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 | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | City Index | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 11 | 9 | |
| Charting - Indicators / Studies (Total) | 88 | 57 | |
| Charting - Drawing Tools (Total) | 239 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | City Index | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 88 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | City Index | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | City Index | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | City Index | iFOREX | |
|---|---|---|---|
| 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 |
| Overall | City Index | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | City Index Review |
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