Written by ForexBrokers.com
In this head to head comparison of City Index vs Pepperstone, 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.
When comparing City Index and Pepperstone, both brokers bring distinct strengths to the table, especially in terms of their regulatory credentials. Founded in 1983, City Index holds a commanding presence in the market with 7 Tier-1 licenses, underscoring its status as a highly trusted broker. With a top-tier ForexBrokers.com Trust Score of 99, City Index assures clients of its robust standing. While it is not a bank, City Index is publicly traded, which may imply an added layer of transparency for investors.
Pepperstone, on the other hand, was established in 2010 and has swiftly built trust within the financial community. Holding 3 Tier-1 licenses and 2 Tier-2 licenses, Pepperstone achieves a commendable Trust Score of 95. Not publicly traded and not a bank, Pepperstone still establishes a solid foundation of trust, making it a favorite among traders seeking reliability within a relatively short timeframe. Both City Index and Pepperstone offer secure trading opportunities, yet their regulatory licenses and Trust Scores may guide investors based on individual preferences for market credentials and regulatory oversight.
| Feature |
City Index
|
Pepperstone
|
|---|---|---|
| Year Founded | 1983 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 3 |
| Tier-2 Licenses | 1 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 2 |
City Index and Pepperstone both score 4.5/5 stars for commissions and fees, but Pepperstone ranks higher (#11 of 63) than City Index (#15 of 63) in ForexBrokers.com’s category. For EUR/USD, Pepperstone’s Razor account posted an average spread of 0.10 pips plus a commission-equivalent of 0.70 pips, bringing the all-in cost to 0.80 pips as of July 2024—near the industry average and generally sharper than Pepperstone’s own Standard account (1.1 pips, commission-free). City Index, meanwhile, listed a 0.74‑pip average spread on EUR/USD as of July 2023, which also aligns with industry norms. Pepperstone’s pricing edge tends to show up on Razor, while City Index is competitive—especially when using its proprietary platforms or MetaTrader.
City Index keeps costs in line with peers for CFDs, forex, and spread bets, and it sweetens the deal for high-balance and high-volume clients. The Premium Trader account (typically for deposits above £10,000) offers access to exclusive pricing and dedicated service. Volume discounts are available: in the U.K., professional traders can earn rebates starting at £4 per million for monthly volumes over £25M, rising to £7.5 per million above £300M; in Australia, rebates range from AUD $4.5 to $14.5 per million depending on tier. City Index commissions and fees rating: 4.5/5 stars; category rank: #15 of 63.
Pepperstone is most attractive to cost-conscious, high-volume traders when using the Razor account on TradingView, MetaTrader (MT4/MT5), or cTrader. Its Active Trader program reduces costs further: in the U.K. and EU, professional clients trading at least £20M per month can get a 15% rebate on spreads per lot, improving up to 25% above £200M. In Australia, pros need at least 100 lots over three months to qualify; Tier One cuts spreads by 10% per standard lot, and Tier Three by 30% for more than 3001 lots monthly. Pepperstone commissions and fees rating: 4.5/5 stars; category rank: #11 of 63.
| Feature |
City Index
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | £100.00 | $0 |
| Average spread (EUR/USD) - Standard account | 1.4 | 1.1 |
| All-in Cost EUR/USD - Active | 0.9 | 0.8 |
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
City Index and Pepperstone both support forex trading (offered as CFDs/spot) and each provides copy trading. City Index offers 13,500 tradeable instruments and 66 forex pairs, while Pepperstone lists 1,726 instruments and 65 forex pairs. Neither broker provides access to exchange-traded U.S. or international shares, and neither lets you buy actual crypto; however, both offer cryptocurrency CFDs for trading.
For range of investments, City Index earns 5 stars and ranks #8 out of 63 brokers at ForexBrokers.com, thanks largely to its far wider selection of markets. Pepperstone scores 4 stars and ranks #27, offering a solid lineup but with fewer symbols overall compared to City Index.
| Feature |
City Index
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 1726 |
| Forex Pairs (Total) | 66 | 65 |
| U.S. Stocks (Shares) | No | No |
| Global Stocks (Non-U.S. Shares) | No | No |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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 Pepperstone both make it easy to get started with a free demo (paper) trading account. Each broker offers its own proprietary platform alongside a Windows desktop download and a web-based platform. Copy trading is available at both. MetaTrader 4 (MT4) is supported by City Index and Pepperstone; Pepperstone also supports MetaTrader 5 (MT5), while City Index does not. You can place trades directly from charts with either broker.
For trading platforms and tools, City Index earns 4.5 stars and ranks #11 out of 63 brokers with ForexBrokers.com, while Pepperstone scores 4 stars and ranks #22. If MT5 access matters to you, Pepperstone is the pick. If higher third-party ratings and rankings are important, City Index has the edge.
| Feature |
City Index
|
Pepperstone
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 88 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
City Index and Pepperstone both deliver full-featured mobile trading apps for iPhone and Android. Each app supports price alerts, synced watchlists between mobile and web, and the ability to draw trendlines on charts—with drawings saved automatically so your work carries over between sessions.
For charting depth, City Index offers 88 technical studies compared with Pepperstone’s 30, making City Index a stronger pick for indicator-heavy analysis. That edge shows in our ratings: City Index scores 4.5 out of 5 stars and ranks #10 out of 63 brokers for Mobile Trading Apps at ForexBrokers.com, while Pepperstone earns 4 out of 5 stars and ranks #21. Both are solid choices; traders who prioritize more indicators and higher-rated mobile charting may prefer City Index, while Pepperstone still covers the essentials with price alerts, syncing, and reliable drawing tools.
| Feature |
City Index
|
Pepperstone
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 88 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
City Index and Pepperstone both excel in providing daily market commentary and offer forex news from reputable sources like Bloomberg, Reuters, and Dow Jones. When it comes to technical analysis tools, City Index partners with Trading Central to offer a range of analytics, while Pepperstone collaborates with Autochartist, providing a robust suite of research tools for traders focused on technical strategies. Both brokers also offer sentiment-based trading tools that display the ratio of long to short positions, enhancing traders’ decision-making processes.
In terms of rankings and ratings, City Index and Pepperstone are equally rated at 4.5 stars for research. Although City Index edges out slightly in rankings by ForexBrokers.com at #10 compared to Pepperstone’s #12, both brokers offer comprehensive resources, including an economic calendar, allowing traders to stay informed about global economic events. While neither broker provides research from TipRanks or Acuity Trading’s Signal Centre, their overall offerings make them strong choices for those looking to enhance their trading strategies through informed insights.
| Feature |
City Index
|
Pepperstone
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | Yes | No |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
City Index and Pepperstone both deliver beginner-friendly education for forex and CFD trading. Each broker offers dedicated forex/CFD learning hubs that easily exceed the 10-piece benchmark, with articles, videos, and archived webinars that explain basics like market orders, chart reading, risk management, and platform tips. Both run online client webinars at least monthly and maintain large beginner video libraries (10+ videos) so newcomers can follow step-by-step lessons at their own pace.
For long-term learning, both brands also provide 10+ advanced videos for when your skills grow. On quality signals, the two are rated 4.5 out of 5 stars for Education by ForexBrokers.com; however, City Index holds a higher category ranking (#9 of 63) compared with Pepperstone (#17 of 63). In short, you’ll find strong, beginner-focused education from either broker, with City Index earning a slight edge in the rankings while Pepperstone remains an excellent alternative.
| Feature |
City Index
|
Pepperstone
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | 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 Pepperstone. City Index finished with an overall rank of #8, while Pepperstone finished with an overall rank of #16.
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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Pepperstone
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| Overall Rating |
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| Trust Score | 99 | 95 |
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City Index vs Pepperstone: neither broker lets you buy actual (delivered) cryptocurrency, but both offer cryptocurrency CFDs for trading exposure.
City Index vs Pepperstone: both online brokers support ACH/SEPA transfers, PayPal, and bank wire deposits and withdrawals, while neither supports Skrill.
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 | Pepperstone | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | City Index Review | Pepperstone Review |
| Broker Screenshots | City Index | Pepperstone | |
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| Regulation | City Index | Pepperstone | |
|---|---|---|---|
| Trust Score | 99 | 95 | |
| Year Founded | 1983 | 2010 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 3 | |
| Tier-2 Licenses | 1 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 2 |
| Tier-1 Licenses (Highly Trusted) | City Index | Pepperstone | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| 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 | Pepperstone | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | City Index | Pepperstone | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 1726 | |
| Forex Pairs (Total) | 66 | 65 | |
| U.S. Stocks (Shares) | No | No | |
| Global Stocks (Non-U.S. Shares) | No | No | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 | Pepperstone | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.4 | 1.1 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.8 | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | No | Yes | |
| Order execution: Market Maker | Yes | Yes |
| Funding | City Index | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | £100.00 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | Yes |
| Trading Platforms | City Index | Pepperstone | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes |
| Trading Tools | City Index | Pepperstone | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 88 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | City Index | Pepperstone | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 88 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | City Index | Pepperstone | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central | Yes | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | City Index | Pepperstone | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | City Index | Pepperstone | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | City Index Review | Pepperstone Review |
| Overall | City Index | Pepperstone | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | City Index Review | Pepperstone Review |
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