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. Both City Index and Interactive Brokers are rated 4.00 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? City Index trails Interactive Brokers by 20 total currency pairs (for example, EUR/USD), with Interactive Brokers offering 85 and City Index offering 65.
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 has Meta Trader, Interactive Brokers doesn't. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. City Index offers its clients access to 31 charting tools while Interactive Brokers has 9 charting tools, a difference of 22. Interactive Brokers boasts an offering of 121 different indicators (for example, moving averages) compared to City Index's 51 available indicators.
Overall, both City Index and Interactive Brokers are rated 4.50 stars. And, when it comes to individual category awards, unfortunately, neither City Index nor Interactive Brokers received awards 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.