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.
City Index vs Pepperstone: City Index was founded in 1983 and is publicly traded, while Pepperstone began in 2010 and is not publicly traded. Neither broker is a bank. On the ForexBrokers.com scale (90–99 highly trusted; 80–89 trusted; 70–79 average risk; 60–69 high risk; under 59 not trusted), City Index scores 99 and Pepperstone 94—both in the highly trusted range.
Regulation: City Index holds 7 Tier-1 licenses and 1 Tier-2 license; Pepperstone holds 3 Tier-1 and 2 Tier-2 licenses. Tier-1 licenses are considered highly trusted and Tier-2 trusted by ForexBrokers.com, indicating both brokers are well regulated, with City Index offering broader top-tier coverage.
| 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 earns 4.5/5 stars for commissions and fees and ranks #16 out of 63 brokers. Its pricing for CFDs, forex, and spread betting sits around the industry average, with the best quotes typically found on City Index’s own platforms or MetaTrader. As of July 2023, City Index listed an average EUR/USD spread of 0.74 pips. High-balance and high-volume traders can lower costs further: the Premium Trader account (for deposits over £10,000) adds exclusive pricing and dedicated service, while professional rebates start at £4 per million for over £25M in monthly forex volume and rise to £7.5 per million above £300M. In Australia, rebates range from AUD $4.5 to AUD $14.5 per million across tiers.
Pepperstone scores 5/5 stars and ranks #6 out of 63 for commissions and fees. Its Razor account is commission-based and can be used on TradingView, MetaTrader, or cTrader. As of July 2024, the Razor account showed a 0.10-pip average spread on EUR/USD; once you add the commission equivalent of 0.70 pips, the all-in cost is about 0.80 pips, near the industry average. Pepperstone’s Standard account is commission-free but carries a higher 1.1-pip average spread on EUR/USD, making it pricier than Razor. Active Trader rebates can trim costs for high-volume clients: in the U.K. and EU, professional traders get 15% per-lot rebates from £20M in monthly volume, scaling to 25% above £200M; in Australia, the program starts at 100 lots over three months, with spread reductions of 10% at Tier One and up to 30% at Tier Three.
Comparing headline costs, City Index’s quoted 0.74-pip EUR/USD spread (July 2023) edges out Pepperstone’s Razor all-in 0.80 pips (July 2024), while Pepperstone’s Standard account is the most expensive of the two brokers’ options. That said, Pepperstone’s higher star rating and category ranking reflect its strong value for active traders who can unlock meaningful rebates, whereas City Index appeals to traders seeking straightforward, average spreads with optional discounts via Premium Trader and volume-based rebates.
| 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.
Comparing City Index vs Pepperstone for range of investments, City Index offers a far larger selection with 13,500 tradeable symbols, while Pepperstone lists 1,726. Both brokers support forex trading (CFD or spot) with similar coverage of currency pairs—66 at City Index and 65 at Pepperstone. Neither broker lets you buy real, exchange-traded stocks on U.S. or international exchanges. However, both support copy trading and cryptocurrency as CFDs (not delivered coins), giving traders alternative ways to access markets and mirror strategies.
For overall breadth, City Index earns 5 stars and ranks #8 out of 63 brokers for Range of Investments, compared to Pepperstone’s 4 stars and #23 ranking, according to ForexBrokers.com. If you want the widest mix of instruments, City Index has the edge; if you’re comfortable with a smaller lineup that still covers forex, crypto CFDs, and copy trading, Pepperstone remains a strong option.
| 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 tick the key boxes for platform access and tools. Each offers a free demo account for paper trading, a proprietary platform, a Windows desktop download, and a web-based platform. They both support MetaTrader 4 (MT4), enable copy trading, and let you trade directly from charts. Pepperstone also supports MetaTrader 5 (MT5), which may appeal if you prefer the newer MetaTrader suite.
For Trading Platforms and Tools, ForexBrokers.com rates City Index at 4.5/5 (ranked #11 of 63) and Pepperstone at 4/5 (ranked #21 of 63). If MT5 access matters, Pepperstone stands out; if overall platform scoring is your guide, City Index has the edge. Specific counts for technical indicators and watch list columns weren’t provided, so check each broker’s platform for the latest details.
| 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 vs Pepperstone: both brokers deliver full-featured mobile trading apps for iPhone and Android. Each app supports price alerts for stocks and forex, synced watchlists across mobile and web, and chart tools that let you draw trend lines with drawings saved automatically. The key difference is charting depth: City Index offers 88 built-in technical studies, while Pepperstone provides 30, which may matter if you rely on many indicators for analysis.
Ratings also tilt toward City Index. ForexBrokers.com rates City Index 4.5 out of 5 stars and ranks it #9 out of 63 brokers for Mobile Trading Apps, compared with Pepperstone’s 4 stars and #19 ranking. If you want a wider set of technical studies and a higher-rated app, City Index has the edge. If you prefer the essentials and already trade with Pepperstone, its app still covers the core tools most traders need.
| 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 make beginner forex and CFD education accessible. Each broker hosts ongoing client webinars at least once a month and offers sizable video libraries with 10+ beginner lessons to cover trading basics, platforms, risk management, and market analysis. When you’re ready to go deeper, both also provide 10+ advanced videos, so you can progress from fundamentals to more sophisticated strategies with a mix of live and on‑demand learning.
In ForexBrokers.com’s Education category, both brokers earn a 4.5/5 score, with City Index ranked #9 out of 63 and Pepperstone ranked #15. If you want the slightly higher‑ranked education hub, City Index has the edge. If you’re leaning toward Pepperstone, you’ll still find a strong path for beginners through frequent webinars and a wide range of beginner‑friendly videos focused on forex and CFD trading.
| 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 #17.
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 | 94 |
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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 | 94 | |
| 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 | 94 | |
| 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 CMA 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 | 94 | |
| Winner | check_circle | ||
| Review | City Index Review | Pepperstone Review |
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