Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs City Index, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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Interactive Brokers, founded in 1977, and City Index, established in 1983, are both key players in the online brokerage industry. Each maintains a strong regulatory presence, holding a ForexBrokers.com Trust Score of 99 out of 99, indicating they are highly trusted. Both are publicly traded companies and not registered as banks. However, Interactive Brokers holds a slight edge in regulatory oversight with nine Tier-1 licenses, whereas City Index possesses seven Tier-1 licenses. These licenses, considered the highest level of trust according to ForexBrokers.com, suggest a commitment to stringent regulatory standards.
Additionally, Interactive Brokers holds two Tier-2 licenses, with City Index holding one, furthering their credibility. These Tier-2 licenses signify a trusted status, providing users with an added layer of assurance. Both brokers demonstrate a robust commitment to trust and transparency, making them reliable choices for anyone seeking stability in online trading platforms.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| Year Founded | 1977 | 1983 |
| Publicly Traded (Listed) | Yes | Yes |
| Bank | No | No |
| Tier-1 Licenses | 9 | 7 |
| Tier-2 Licenses | 2 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Interactive Brokers offers competitive pricing for forex trading, although it does not publish average spreads for forex. In the third quarter of 2024, the average spread for EUR/USD at Interactive Brokers was 0.19 pips, leading to an effective all-in spread of 0.59 pips after commissions. The broker charges commissions starting at 0.00002 (0.2 basis points) of the U.S. dollar trade value with a minimum of $2 per order. Active traders can benefit from reduced commission rates, which drop to 0.08 basis points depending on trading volume. For those dealing in higher volumes, discounts are available, making it a great fit for heavy traders. Overall, Interactive Brokers shines in the commissions and fees category with a 5-star rating, placing it 2nd out of 63 brokers reviewed by ForexBrokers.com.
City Index aligns with industry averages in terms of pricing for trading forex, CFDs, and spread-betting products. The broker's average spread for EUR/USD is 0.74 pips as of July 2023. Active traders enjoy benefits like the Premium Trader account, available to clients depositing over £10,000, which offers exclusive access to pricing, events, content, and customer service. Professional traders can access rebates depending on monthly trade volumes, with UK-based traders receiving up to £7.5 per million for high-volume trading. In Australia, rebates range from AUD $4.5 per million for lower tiers to AUD $14.5 per million for higher tiers. City Index holds a 4.5-star rating in the commissions and fees category, ranking 14th among 63 brokers reviewed by ForexBrokers.com.
Both Interactive Brokers and City Index provide distinct advantages tailored to different types of traders. Interactive Brokers stands out for experienced, high-volume traders seeking competitive commission rates and efficient execution, while City Index caters to traders looking for industry-standard pricing with benefits for maintaining larger deposits and high trade volumes. City Index's proprietary platforms offer a worthy alternative for traders who prefer a more integrative trading experience.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| Minimum Deposit | $0 | £100.00 |
| Average Spread EUR/USD - Standard | 0.59 | 1.4 |
| All-in Cost EUR/USD - Active | 0.59 | 0.74 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Interactive Brokers and City Index both stand out in the crowded field of online brokers with their rich offerings, though they cater to different investment needs. Interactive Brokers provides a vast menu of 8,500 tradeable symbols, including 90 forex pairs, and gives investors access to exchange traded securities on both U.S. and international exchanges. This means users can buy shares of major companies like Apple and Vodafone directly, along with actual cryptocurrencies, delivering a comprehensive and versatile investment experience. On the other hand, City Index boasts a larger total of 13,500 tradeable symbols and supports copy trading, but it specializes more in CFD trading and does not offer direct ownership of U.S. or international exchange securities or actual cryptocurrencies.
Both brokers excel with a five-star rating for their range of investments, yet they are distinguished by their unique offerings and specialties. Interactive Brokers claims the top position out of 63 brokers ranked by ForexBrokers.com for its investment range, while City Index commands a respectable eighth place. The choice between them hinges on whether you prioritize direct investment in global exchange securities and cryptocurrencies, as offered by Interactive Brokers, or the extensive CFD offerings and copy trading capabilities of City Index.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 13500 |
| Forex Pairs (Total) | 90 | 66 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | Yes | 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 Interactive Brokers and City Index in terms of trading platforms and tools, both brokers offer considerable features. Interactive Brokers provides a powerful platform experience, catering to experienced traders with Windows-based desktop and web-based options. The broker supports paper trading, allowing users to hone their skills with a virtual demo account. On the other hand, City Index mirrors these offerings with its proprietary platform that includes both desktop and web versions. City Index sets itself apart by enabling copy trading and supporting the widely popular MetaTrader 4, which is absent in Interactive Brokers. Despite these differences, both brokers have developed in-house solutions tailored to diverse trading needs.
Interactive Brokers shines with an impressive array of 659 columns for watch lists and 85 drawing tools for charting, offering traders highly detailed insights. City Index, with its 239 charting tools, balances simplicity with technical analysis needs but falls behind with only 11 watch list fields. Both platforms facilitate trading directly from stock charts, making execution swift and seamless. Interactive Brokers is rated five stars for trading platforms and tools, ranking 3rd out of 63 brokers by ForexBrokers.com. Meanwhile, City Index earns a respectable 4.5 stars, coming in at 11th place, highlighting the strong but slightly less comprehensive capabilities compared to its competitor.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 88 |
| Charting - Drawing Tools (Total) | 85 | 239 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 11 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Interactive Brokers and City Index offer mobile apps for iPhone and Android, making it convenient for users to trade on the go. Both apps provide essential features like stock and forex price alerts and syncing of watchlist symbols with the client's online account, ensuring seamless integration. Users can enjoy the functionality of real-time quote watchlists and multiple time frame charts on both platforms. While both apps allow drawing trendlines on charts, City Index takes a slight edge with the ability to auto-save drawings, a feature not available with Interactive Brokers.
In terms of charting tools, Interactive Brokers stands out with 97 technical studies compared to City Index's 88. This might be a deciding factor for traders who rely heavily on technical analysis. Interactive Brokers achieves a high user satisfaction rating with 5 stars, while City Index follows closely with 4.5 stars. Additionally, Interactive Brokers is ranked higher by ForexBrokers.com at #4, compared to City Index's #9 ranking, reflecting its strong reputation within the industry. Overall, Interactive Brokers appears to cater slightly better to traders looking for more comprehensive technical study options, while City Index offers the convenience of automatically saving chart drawings.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 97 | 88 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of Interactive Brokers and City Index, both platforms provide valuable resources for traders. They each offer daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters. Additionally, both brokers incorporate Trading Central's tools for technical analysis, and they provide sentiment-based trading tools to gauge market positions. Furthermore, they offer comprehensive economic calendars to keep traders informed of global financial events. However, Interactive Brokers shines with its inclusion of market insights from TipRanks and research tools from Acuity Trading, which City Index does not provide.
This extra layer of resources contributes to Interactive Brokers receiving a stellar 5-star rating for research, compared to City Index's impressive yet slightly lower 4.5-star rating. Within the ForexBrokers.com rankings, Interactive Brokers holds the #3 spot out of 63 brokers in the research category, which further underscores its strong research capabilities. Meanwhile, City Index is also highly regarded, occupying the #10 slot, but it falls short of the offerings and accolades associated with Interactive Brokers, especially in the depth of market analysis tools available.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Interactive Brokers and City Index both provide value-rich educational resources for those dipping their toes into investing, particularly in forex and CFDs. Both platforms offer a wide array of educational content, including over ten articles, videos, or webinars focused on forex and CFDs, ensuring comprehensive coverage of these complex subjects. They also host monthly online webinars to help clients deepen their understanding and have a searchable archive of these sessions, making it easy for users to revisit past materials anytime. Furthermore, both brokers support beginners with a suite of over ten introductory videos catering to novice traders, alongside advanced content for more experienced individuals.
Interactive Brokers and City Index also include an investor dictionary with over 50 essential investing terms, catering to those still getting familiarized with industry jargon. According to ForexBrokers.com, Interactive Brokers outshines City Index slightly, receiving a stellar 5-star rating and ranking third out of 63 brokers in the Education category. Meanwhile, City Index is commendable with a 4.5-star rating and ninth place ranking, still reflecting its commitment to educating its clients. Overall, both platforms stand out as excellent choices for beginners seeking to bolster their trading knowledge, with Interactive Brokers leading slightly in terms of educational excellence.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| 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 Interactive Brokers is better than City Index. Interactive Brokers finished with an overall rank of #2, while City Index finished with an overall rank of #8.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
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City Index
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|---|---|---|
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| Trust Score | 99 | 99 |
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Interactive Brokers allows users to buy actual (delivered) cryptocurrency and offers cryptocurrency derivatives, while City Index provides only the option to buy cryptocurrency derivatives and does not support the purchase of actual cryptocurrency.
Interactive Brokers and City Index both offer ACH or SEPA transfers and bank wires for depositing or withdrawing funds, but City Index additionally supports PayPal and Visa/Mastercard, whereas Interactive Brokers does not offer these 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 | Interactive Brokers | City Index | |
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| Trust Score | 99 | 99 | |
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| Review | Interactive Brokers Review | City Index Review |
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| Regulation | Interactive Brokers | City Index | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1977 | 1983 | |
| Publicly Traded (Listed) | Yes | Yes | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 7 | |
| Tier-2 Licenses | 2 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | City Index | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | City Index | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | Yes | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | City Index | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 13500 | |
| Forex Pairs (Total) | 90 | 66 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | Yes | 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 | Interactive Brokers | City Index | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | 1.4 | |
| All-in Cost EUR/USD - Active | 0.59 | 0.74 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | City Index | |
|---|---|---|---|
| Minimum Deposit | $0 | £100.00 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | Interactive Brokers | City Index | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Interactive Brokers | City Index | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 11 | |
| Charting - Indicators / Studies (Total) | 155 | 88 | |
| Charting - Drawing Tools (Total) | 85 | 239 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | City Index | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 97 | 88 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | City Index | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | City Index | |
|---|---|---|---|
| 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 | Interactive Brokers | City Index | |
|---|---|---|---|
| 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 | Interactive Brokers Review | City Index Review |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | City Index Review |
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