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 |
City Index offers a competitive pricing structure for trading CFDs, forex, and spread-betting products, aligning with the industry average. Traders using City Index’s proprietary platforms or MetaTrader can access the best pricing. Notably, those with a Premium Trader account, achieved by depositing over £10,000, benefit from special pricing and exclusive services. City Index’s spreads, such as the average 0.74 pips on EUR/USD, maintain the industry standard, though they lag behind leading brokers like Tickmill and FP Markets. Additionally, professional traders in the UK and Australia can avail of active trader rebates that range from £4 to £7.5 per million and AUD $4.5 to $14.5 per million, respectively. City Index boasts a solid 4.5-star rating and is ranked #14 out of 63 brokers by ForexBrokers.com in the Commissions and Fees category.
OANDA, however, tends to have higher forex trading costs due to its significant effective spreads. Nonetheless, it stands out for its automated execution across accounts, which may appeal to some traders despite not being a discount broker. OANDA's spreads are similar to FOREX.com and FxPro, with average non-core pricing around 1.61 pips on EUR/USD. Offering a ‘Core Pricing’ model, OANDA features lower spreads for a commission, bringing the total cost slightly below its commission-free options. The firm requires a $10,000 minimum for core pricing, where costs can be more attractive with a total spread of 1.4 pips. Other benefits include flexible trading sizes down to 1 unit and an Elite Trader program with rebates up to $17 per million for high-volume traders. OANDA’s commissions and fees earn it 4 stars and a #34 ranking from ForexBrokers.com.
While both City Index and OANDA have their strengths, City Index takes a slight edge with its lower trading costs and favorable ranking. Those opting for City Index benefit from a slightly higher star rating and more advantageous positioning within the industry according to ForexBrokers.com’s assessment.
| 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.
When it comes to a variety of investments, City Index and OANDA both present solid options for traders, but they cater to different preferences. City Index shines with an impressive offering of 13,500 tradeable symbols, allowing investors to dive into a vast selection of opportunities. It provides 66 forex pairs and supports forex trading as CFDs or spot contracts. Another appealing feature is copy trading, which is also available with OANDA. However, unlike OANDA, City Index does not allow clients to purchase actual cryptocurrencies, though it does offer cryptocurrency derivatives.
OANDA, meanwhile, appeals to traders interested in slightly more forex pair options as it offers 68 and similarly provides the flexibility of forex trading as CFDs or spot contracts. While OANDA's total tradeable symbols stand at 3,928, it does compensate by enabling the purchase of actual cryptocurrencies, a notable advantage for those wanting to invest directly in digital assets. Neither broker provides exchange-traded securities from U.S. or international exchanges. City Index's broader range of products has earned it a 5-star rating and a #8 ranking out of 63 brokers for Range of Investments by ForexBrokers.com, compared to OANDA's 4-star rating and #27 ranking.
| 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.
When comparing the trading platforms and tools of City Index and OANDA, both brokers provide a comprehensive suite of features catering to different trader preferences. City Index offers a free virtual demo account, allowing users to practice trading without risk, a feature that OANDA also provides. Each broker boasts its proprietary trading platform developed in-house, and both cater to users who prefer a Windows-based desktop platform or web-based trading. Copy trading enthusiasts will find suitable options with both City Index and OANDA, while MetaTrader 4 (MT4) is supported by each broker. However, for users interested in MetaTrader 5 (MT5), OANDA is the better choice since City Index does not offer it.
In terms of charting capabilities, City Index provides 239 drawing tools compared to OANDA's 431, but both enable trading directly from a stock chart. City Index offers a more extensive watchlist experience with 11 fields compared to OANDA’s 6. Evaluating these platforms' overall quality, City Index scores a 4.5-star rating for Trading Platforms and Tools, outperforming OANDA's 4-star rating. According to rankings by ForexBrokers.com, City Index ranks higher than OANDA, securing the #11 spot out of 63 brokers, whereas OANDA holds the #15 position.
| 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.
When comparing the mobile trading apps of City Index and OANDA, both brokers offer apps for iPhone and Android devices, ensuring accessibility across the board. Both apps also support price alerts, allowing traders to stay informed about market movements in real time. However, while City Index shines with 88 technical studies available for its charts, OANDA offers 30, making City Index a better choice for those who rely heavily on chart analysis. One key difference lies in watchlist syncing: City Index allows watchlists to sync with a client’s online account, whereas OANDA does not, potentially impacting traders who switch between devices frequently.
Both City Index and OANDA support drawing trendlines and viewing charts in multiple time frames, which is useful for detailed market analysis. They also auto-save drawings on charts, making it easy to continue analysis without losing previous work. Moreover, creating watchlists with real-time quotes is possible on both apps. Despite City Index offering more in terms of technical analysis features, OANDA fares slightly better in user ratings, achieving 5 stars compared to City Index’s 4.5 stars. In rankings, OANDA stands at #7, slightly ahead of City Index at #9 in the ForexBrokers.com Mobile Trading Apps category, which suggests that OANDA's user experience and overall satisfaction could outweigh City Index's feature-rich offering for some traders.
| 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.
City Index and OANDA both provide daily market commentary and forex news from reputable sources like Bloomberg and Reuters. When it comes to technical analysis tools, City Index offers research tools from Trading Central, but lacks offerings from Autochartist. In contrast, OANDA provides tools from Autochartist but doesn't include options from Trading Central. Both brokers have sentiment-based trading tools that offer insights into long or short positions on different financial instruments. While neither broker includes market research from TipRanks or Acuity Trading, they both feature comprehensive economic calendars that keep traders informed about global events.
In terms of research quality, City Index is rated 4.5 stars and ranks 10th out of 63 brokers according to ForexBrokers.com. OANDA leads with a 5-star rating and ranks 5th in the same category. This makes OANDA a top choice for traders prioritizing extensive research tools and insights, whereas City Index still offers competitive features but falls slightly behind in its breadth of analytical tools.
| 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.
When it comes to educational resources for beginners, both City Index and OANDA provide a solid foundation for learning about forex and CFD trading. Each platform offers a variety of educational content, with more than ten dedicated articles, videos, or webinars focused on these subjects. For those who prefer learning through live sessions, both City Index and OANDA host client webinars each month, backed by a searchable archive of past webinars for users to revisit at their convenience. Furthermore, both brokers cater to traders at different experience levels by delivering over ten beginner-focused educational videos, as well as advanced content for seasoned traders. An investor dictionary with over fifty investing terms is also available on both platforms, supporting users in becoming more informed traders.
Despite these similarities, there is a notable difference in user ratings for education. City Index receives a commendable rating of 4.5 stars, while OANDA tops the chart with a 5-star rating. However, ForexBrokers.com ranks City Index higher in their educational category, placing it at #9 out of 63 brokers, whereas OANDA is ranked #22. These ratings and rankings highlight the strong educational offerings of both brokers, with each providing a vast array of materials and tools to assist beginners in their trading journey. Whether users are seeking detailed guides, live interaction through webinars, or a comprehensive glossary, both City Index and OANDA stand out as valuable options for enhancing trading knowledge.
| 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 63 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
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|---|---|---|
| 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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