Written by ForexBrokers.com
In this head to head comparison of City Index vs Octa, 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 Octa are both prominent online brokers, offering trading services across various financial markets. Established in 1983, City Index is a well-established broker that is publicly traded, while Octa, founded in 2011, remains privately held. Neither of the brokers operate as banks, but City Index stands out with a stellar ForexBrokers.com Trust Score of 99 out of 99, signifying a high level of trust amongst users.
In terms of regulatory credentials, City Index holds an impressive seven Tier-1 licenses, recognized as highly trusted by ForexBrokers.com, alongside one Tier-2 license. In comparison, Octa possesses one Tier-1 license and one Tier-2 license, earning it a Trust Score of 72, which is deemed to represent an average level of risk. These regulatory distinctions highlight City Index's commitment to secure and reliable trading services when compared to Octa.
| Feature |
City Index
|
Octa
|
|---|---|---|
| Year Founded | 1983 | 2011 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
City Index offers a competitive pricing structure for CFDs, forex, and spread-betting products, aligning with industry averages. Traders using proprietary platforms or MetaTrader can expect average spreads, such as 0.74 pips on the EUR/USD as of July 2023. While City Index is not the cheapest in the sector, active traders with deposits over £10,000 might benefit from a Premium Trader account for exclusive pricing and services. City Index provides rebates for professional traders, starting at £4 per million units traded in the UK, reaching up to £7.5 for higher volumes, and equivalent discounts in Australia. City Index receives an impressive 4.5 out of 5 stars for commissions and fees, ranking 14th out of 63 brokers by ForexBrokers.com.
Octa has made significant strides in its pricing strategy, becoming more competitive among low-cost MetaTrader brokers. It offers the advantage of no slippage on 97.5% of orders and no overnight carry costs, although certain restrictions may limit high-frequency trading. Octa’s fee structure depends on the account type and regulatory entity, with European clients generally receiving slightly better spread pricing. For example, Octa lists an average spread of 0.5 pips for the EUR/USD pair under its EU entity compared to 0.9 pips elsewhere. However, Octa does not provide date-based spread data, which could aid in transparency. Despite this, Octa has improved its costs significantly, earning a 4-star rating and ranking 29th among 63 brokers in the Commissions and Fees category, according to ForexBrokers.com.
| Feature |
City Index
|
Octa
|
|---|---|---|
| Minimum Deposit | £100.00 | $25 |
| Average Spread EUR/USD - Standard | 1.4 | 0.9 |
| All-in Cost EUR/USD - Active | 0.74 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| 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 Octa both cater to forex enthusiasts, with each offering forex trading as a Contract for Difference (CFD) or as a spot contract. If you're looking to explore a wide array of investment options, City Index stands out with an impressive selection of 13,500 tradeable symbols, including 66 forex pairs. In contrast, Octa offers a more modest range with 300 tradeable symbols and 35 forex pairs. However, Octa makes up for this with the unique opportunity to trade exchange-traded securities on international exchanges, an option not available with City Index.
Both brokers support cryptocurrency derivatives, but neither allows the purchase of actual cryptocurrencies. Additionally, both City Index and Octa provide opportunities for copy trading, appealing to those who prefer a more hands-off investment approach. When evaluated for their range of investments, City Index earns a stellar 5-star rating and ranks 8th out of 63 brokers according to ForexBrokers.com, while Octa receives a 3.5-star rating and is ranked 52nd, highlighting City Index’s more extensive offerings.
| Feature |
City Index
|
Octa
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 300 |
| Forex Pairs (Total) | 66 | 35 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | 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.
City Index and Octa offer a range of tools and features for traders, both providing simulated trading with free virtual demo accounts. They each have proprietary platforms and support Windows-based desktop downloads and web-based trading platforms. Both brokers also enable copy trading and support MetaTrader 4 (MT4). However, only Octa extends its platform choices to include MetaTrader 5 (MT5). When it comes to charting, City Index surpasses Octa with 239 drawing tools compared to Octa's 15, and City Index allows trading directly from stock charts as does Octa.
While both brokers offer comprehensive watchlist options, City Index offers 11 columns for custom watchlists, which is greater than Octa’s 7 columns. In terms of user rankings, City Index shines with a 4.5-star rating for its trading platforms and tools, whereas Octa holds a respectable 4-star rating. According to ForexBrokers.com, City Index is ranked significantly higher at number 11 compared to Octa's ranking at number 37 out of 63 brokers in the trading platforms and tools category. These distinctions reflect City Index's broader set of features and higher user satisfaction in comparison to Octa.
| Feature |
City Index
|
Octa
|
|---|---|---|
| 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 | 30 |
| Charting - Drawing Tools (Total) | 239 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing City Index and Octa for their mobile trading apps, both platforms offer convenient accessibility with iPhone and Android apps. You'll find essential features like stock or forex price alerts and the ability to draw trendlines on charts available on both apps. While City Index and Octa provide options for viewing various time frames on charts and auto-saving drawings, City Index shines with advanced features such as watchlist symbol syncing. This allows watchlists in the mobile app to sync seamlessly with a user's online account, a perk absent in Octa's offering.
City Index surpasses Octa with 88 technical studies for charting compared to Octa's 30, giving traders a broader range of analysis tools. Both apps enable the creation of watchlists with real-time quotes, but City Index's more comprehensive feature set is reflected in its higher rating of 4.5 stars out of five, placing it at #9 in the Mobile Trading Apps category according to ForexBrokers.com. Octa, while still a solid choice with a 4-star rating, ranks #36 among 63 brokers, making City Index a more favored option for those seeking a comprehensive mobile trading experience.
| Feature |
City Index
|
Octa
|
|---|---|---|
| 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 Octa are strong contenders when it comes to market research, offering daily market commentary and forex news from top-tier sources like Bloomberg and Reuters. However, they differ significantly in their specialized tools. City Index provides insights through Trading Central's technical analytics and boasts a sentiment-based trading tool to gauge market trends through long and short positions. In contrast, Octa does not offer any tools from Trading Central or sentiment-based analysis, but it does incorporate Autochartist's technical analysis tools, catering to a different set of trading preferences.
While both brokers include an economic calendar for tracking global news events, the additional strengths of City Index culminate in a research rating of 4.5 stars, ranking it 10th out of 63 brokers according to ForexBrokers.com. Octa trails slightly behind with a 4-star rating, positioned at 27th. Overall, City Index may better suit traders interested in a more comprehensive set of research tools and detailed market analysis, while Octa could appeal to those who prioritize tools from Autochartist.
| Feature |
City Index
|
Octa
|
|---|---|---|
| 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 | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When exploring educational resources for beginners in the world of online trading, both City Index and Octa stand out as solid choices. Both brokers provide a wide range of educational content specifically focused on forex and CFDs, offering at least 10 pieces, including articles, videos, and webinars. They also host online client webinars at least once a month and maintain a searchable archive to let learners revisit past sessions. For those at the start of their trading journey, both platforms supply over 10 beginner-friendly videos on a variety of trading topics. Moreover, eager learners will find comprehensive investor dictionaries at both brokers, each featuring definitions for more than 50 investing terms to build foundational knowledge.
Advanced traders aren't left out either, as City Index and Octa supply over 10 videos tailored for experienced traders seeking to deepen their expertise. However, when considering overall educational offerings, City Index edges out with a commendable 4.5-star rating compared to Octa's 4-star rating. This is further reflected in their standings from ForexBrokers.com, where City Index ranks 9th out of 63 brokers for education, a substantial lead over Octa, which comes in at 42nd. Whether you are starting or seeking advanced insights, both platforms provide valuable resources, but City Index seems to hold a slight advantage in educational quality and popularity.
| Feature |
City Index
|
Octa
|
|---|---|---|
| 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 Octa. City Index finished with an overall rank of #8, while Octa finished with an overall rank of #47.
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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Octa
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 72 |
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Both City Index and Octa do not offer the ability to buy actual delivered cryptocurrency, but they both provide the option to invest in cryptocurrency derivatives.
In comparing online brokers, City Index offers diverse deposit and withdrawal options including ACH/SEPA transfers, PayPal, Visa/Mastercard, and bank wires, while Octa supports Skrill, Visa/Mastercard, and bank wires but lacks ACH/SEPA and PayPal services.
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 | Octa | |
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| Trust Score | 99 | 72 | |
| Winner | check_circle | ||
| Review | City Index Review | Octa Review |
| Broker Screenshots | City Index | Octa | |
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| Regulation | City Index | Octa | |
|---|---|---|---|
| Trust Score | 99 | 72 | |
| Year Founded | 1983 | 2011 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | City Index | Octa | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | City Index | Octa | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | City Index | Octa | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 300 | |
| Forex Pairs (Total) | 66 | 35 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | 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 | City Index | Octa | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | 0.9 | |
| All-in Cost EUR/USD - Active | 0.74 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | City Index | Octa | |
|---|---|---|---|
| Minimum Deposit | £100.00 | $25 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | City Index | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 11 | 7 | |
| Charting - Indicators / Studies (Total) | 88 | 30 | |
| Charting - Drawing Tools (Total) | 239 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | City Index | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| 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 | No | |
| Economic Calendar | Yes | Yes |
| Education | City Index | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| 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 | Octa Review |
| Overall | City Index | Octa | |
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| Trust Score | 99 | 72 | |
| Winner | check_circle | ||
| Review | City Index Review | Octa Review |
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