Written by ForexBrokers.com
In this head to head comparison of City Index vs OANDA, 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 OANDA are both reputable options for online trading, each with unique credentials. Founded in 1983, City Index boasts a long history and is publicly traded, which can offer added transparency. On the regulatory front, City Index holds an impressive 7 Tier-1 licenses, indicating high trust, alongside 1 Tier-2 license. This solidifies its impeccable Trust Score of 99 out of 99 according to ForexBrokers.com, suggesting extremely high reliability in the eyes of traders and investors.
OANDA, established in 1996, while not publicly traded, maintains a strong standing with 7 Tier-1 licenses, indicating it is highly trusted. Although lacking Tier-2 licenses, OANDA still achieves a commendable Trust Score of 93 out of 99. Despite fewer licenses compared to City Index, OANDA's score reflects its focus on maintaining trust and security within the trading community.
| Feature |
City Index
|
OANDA
|
|---|---|---|
| Year Founded | 1983 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 7 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing City Index and OANDA for their commission and fee structures, City Index is more in line with industry averages. City Index offers competitive pricing for trading CFDs, forex, and spread-betting products, especially when using their proprietary platform or MetaTrader. Their Premium Trader account offers exclusive benefits for deposits exceeding £10,000. City Index offers an average spread of 0.74 pips on the EUR/USD, which is competitive but not the lowest available when compared to leading brokers such as Tickmill. Additionally, they provide active trader rebates, ranging from £4 to £7.5 per million in the UK, and AUD $4.5 to AUD $14.5 per million in Australia. Rated at 4.5 stars, City Index ranks 14th out of 62 brokers for commissions and fees according to ForexBrokers.com.
On the other hand, OANDA, although not a discount broker, offers an advantage with its automated execution. However, OANDA's forex trading costs are generally higher, with average spreads of 1.61 pips on the EUR/USD as of July 2024, compared to its competitors. They provide a core pricing option with lower spreads but impose a per-side commission, which can make the all-in cost slightly better than their commission-free pricing. OANDA offers a unique ultra-low minimum trade size of 1 unit and an Elite Trader program with various rebates ranging from $5 to $17 per million traded. With a focus on greater transparency, OANDA publishes a trailing average of its spreads. Despite these offerings, they have a slightly lower rating of 4 stars and a rank of 34th out of 62 brokers in the same category.
| Feature |
City Index
|
OANDA
|
|---|---|---|
| Minimum Deposit | £100.00 | $0 |
| Average Spread EUR/USD - Standard | 1.4 | 1.61 |
| All-in Cost EUR/USD - Active | 0.74 | 1.61 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| 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 OANDA are both online brokers that offer forex trading in the form of CFDs or spot contracts, providing an accessible gateway for forex enthusiasts. City Index impresses with 13,500 tradeable symbols and 66 forex pairs, while OANDA offers a compact yet diverse selection of 3,928 tradeable symbols and 68 forex pairs. However, neither broker provides the option to trade exchange-traded securities on U.S. or international exchanges, such as buying shares of Apple or Vodafone, through their platforms.
Both City Index and OANDA allow investors to engage in copy trading, helping users follow successful traders' strategies with ease. Additionally, while both brokers offer cryptocurrency derivatives, only OANDA provides the ability to buy actual cryptocurrencies. In terms of range of investments, City Index is highly rated with five stars and ranks 8th among 62 brokers. OANDA, on the other hand, holds a four-star rating and is ranked 27th in the same category. These features make City Index a strong choice for those seeking extensive trading options.
| Feature |
City Index
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 3928 |
| Forex Pairs (Total) | 66 | 68 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | Yes |
| 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.
City Index and OANDA both offer strong trading platforms and useful tools for traders. Both brokers provide a free virtual demo account for simulated trading, allowing users to practice without financial risk. They each offer proprietary platforms, Windows-based desktop software, and web-based platforms. For traders interested in MetaTrader, both brokers offer the popular MetaTrader 4 platform; however, only OANDA extends support to MetaTrader 5. On the downside, neither broker provides access to services like DupliTrade or ZuluTrade. For charting enthusiasts, OANDA excels with a remarkable 431 drawing tools compared to City Index's 239, though both make it easy to trade directly from stock charts.
When it comes to creating customized watch lists, City Index offers greater flexibility with 11 fields, contrasting with OANDA's 6 fields. As for overall performance, City Index is slightly ahead of OANDA in terms of ratings, boasting 4.5 stars against OANDA's 4 stars for their trading platforms and tools. Additionally, among 62 brokers evaluated by ForexBrokers.com, City Index ranks as the 10th best, while OANDA holds the 15th spot. These nuances make City Index a slightly more favorable choice for those emphasizing platform ranking and customization options, while OANDA offers unique benefits with its extended charting tools.
| Feature |
City Index
|
OANDA
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 88 | 81 |
| Charting - Drawing Tools (Total) | 239 | 431 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
City Index and OANDA both offer mobile trading apps that cater to iPhone and Android users, allowing traders to stay connected and manage their investments on the go. Both brokers provide essential features like price alerts for stocks or forex and the ability to draw trend lines on charts, ensuring traders can keep tabs on market movements. However, City Index stands out with its watchlist symbol syncing feature, allowing seamless integration between mobile and online accounts, while OANDA does not support this functionality. When it comes to technical studies for charting, City Index offers a more comprehensive suite with 88 studies compared to OANDA's 30. Both apps let users view multiple time frames and auto-save chart drawings, maintaining a user-friendly experience.
Both brokers allow users to create watchlists with real-time quotes, enhancing the ability to monitor and react swiftly to market changes. In terms of user ratings, OANDA slightly surpasses City Index with a 5-star rating for its mobile trading app, compared to City Index's 4.5 stars. According to ForexBrokers.com, OANDA ranks higher, at #7 out of 62 brokers, while City Index holds the #9 spot in the Mobile Trading Apps category. Both apps provide solid functionality, but traders prioritizing extensive technical tools and seamless account syncing may find City Index more appealing, whereas those seeking a top-rated overall app experience might lean towards OANDA.
| Feature |
City Index
|
OANDA
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 88 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Both City Index and OANDA provide traders with comprehensive market research tools, including daily market commentary and forex news updates from top-tier sources like Bloomberg and Reuters. While both brokers offer sentiment-based trading tools to gauge trader positions on various currency pairs, there are differences in the technical analysis offerings. OANDA includes advanced research tools from Autochartist, while City Index relies on Trading Central's Technical Analytics to support their traders. Both platforms also provide an economic calendar to keep investors informed on global news events.
Despite these similarities, OANDA edges out City Index in overall research ratings with a perfect 5-star score compared to City Index's 4.5 stars. According to ForexBrokers.com, OANDA ranks higher at #5, while City Index is positioned at #10 among 62 brokers in the research category. Neither broker, however, offers market insights from TipRanks or Acuity Trading's Signal Centre. These rankings reflect the subtle differences in the range and accessibility of research tools provided, making OANDA a slightly more favored choice for research-centric traders.
| Feature |
City Index
|
OANDA
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | No |
| 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.
City Index and OANDA both provide a wealth of educational resources to cater to beginner traders interested in forex and CFDs. Each platform offers a minimum of 10 educational pieces, including articles, videos, and archived webinars, ensuring a solid foundation for new investors. Both City Index and OANDA conduct at least one online educational client webinar per month and provide searchable archives of these sessions. Beginners can benefit from 10 or more educational videos from both brokers, aimed specifically at those new to trading, helping them to grasp essential concepts with ease. Furthermore, each broker offers an investor dictionary featuring definitions of at least 50 trading terms, a helpful tool for demystifying industry jargon.
However, there are slight differences in their offerings for more experienced traders. City Index and OANDA each provide 10 advanced educational videos on complex trading strategies, catering to experienced users seeking deeper insights. While both brokers are highly regarded for educational resources, OANDA edges out City Index with a perfect 5-star rating, compared to City Index’s commendable 4.5-star rating. Interestingly, despite its top-rating, OANDA is ranked 22nd by ForexBrokers.com in the Education category, while City Index ranks higher at 9th among 62 brokers, highlighting slight variations in expert evaluations. Thus, both brokers deliver excellent educational content, making either choice a strong contender for traders eager to learn.
| Feature |
City Index
|
OANDA
|
|---|---|---|
| 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 62 of the best forex brokers, our research and account testing finds that City Index is better than OANDA. City Index finished with an overall rank of #8, while OANDA finished with an overall rank of #12.
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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OANDA
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 93 |
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When comparing online brokers City Index and OANDA, OANDA provides the option to purchase actual delivered cryptocurrency, while both City Index and OANDA offer the ability to trade cryptocurrency derivatives.
Both City Index and OANDA provide multiple options for depositing and withdrawing funds, including ACH or SEPA transfers, PayPal, Visa or Mastercard, and bank wires, but while OANDA also supports Skrill, City Index does not.
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 | OANDA | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | City Index Review | OANDA Review |
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| Regulation | City Index | OANDA | |
|---|---|---|---|
| Trust Score | 99 | 93 | |
| 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 | 7 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | City Index | OANDA | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | Yes | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | Yes | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | City Index | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 3928 | |
| Forex Pairs (Total) | 66 | 68 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | Yes | |
| 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 | OANDA | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | 1.61 | |
| All-in Cost EUR/USD - Active | 0.74 | 1.61 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | City Index | OANDA | |
|---|---|---|---|
| Minimum Deposit | £100.00 | $0 | |
| 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 | Yes |
| Trading Platforms | City Index | OANDA | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | City Index | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 11 | 6 | |
| Charting - Indicators / Studies (Total) | 88 | 81 | |
| Charting - Drawing Tools (Total) | 239 | 431 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | City Index | OANDA | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 88 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | City Index | OANDA | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | City Index | OANDA | |
|---|---|---|---|
| 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 | City Index | OANDA | |
|---|---|---|---|
| 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 | OANDA Review |
| Overall | City Index | OANDA | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | City Index Review | OANDA Review |
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