Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare City Index vs Interactive Brokers.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. City Index received a rating of 4.5 stars over Interactive Brokers's 4 stars.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. City Index alongside Interactive Brokers are regulated in a major hub. City Index alongside Interactive Brokers are publicly traded companies. How many currency pairs are available to trade? Interactive Brokers offers its clients access to 115 different currency pairs while City Index has 84 available pairs, a difference of 31.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. City Index offers Meta Trader while Interactive Brokers does not. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. City Index boasts an offering of 25 charting tools compared to Interactive Brokers's 9 available charting tools. Interactive Brokers trails City Index by 18 total different indicators (for example, moving averages), with City Index offering 139 and Interactive Brokers offering 121.
Overall, both City Index and Interactive Brokers are rated 4 stars. And, when it comes to individual category awards, both City Index and Interactive Brokers found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018.