Written by ForexBrokers.com
In this head to head comparison of City Index vs Eightcap, 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 Eightcap are both reputable online brokers, but they differ in history and trust ratings. Founded in 1983, City Index has established a strong presence in the trading industry. It is publicly traded, although not a bank, and holds 7 Tier-1 licenses, indicating a high level of trust. With a perfect Trust Score of 99 from ForexBrokers.com, City Index stands as a highly trusted broker in the financial market.
In comparison, Eightcap, established in 2009, is privately owned and not publicly traded. Like City Index, it is not a banking institution. While Eightcap holds 3 Tier-1 licenses, reflecting a fair amount of trust, it lacks Tier-2 licenses altogether. It has a Trust Score rating of 85, which suggests it is a trusted but not top-tier option in comparison to City Index. Both brokers offer distinct advantages, but City Index leads in terms of industry trust and regulatory standing.
| Feature |
City Index
|
Eightcap
|
|---|---|---|
| Year Founded | 1983 | 2009 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 3 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
When comparing the commissions and fees of City Index and Eightcap, both brokers offer competitive pricing, though City Index appears to provide a slightly better overall value. City Index aligns its pricing for trading CFDs, forex, and spread-betting products with the industry average. By using City Index’s proprietary platforms or MetaTrader, traders can access favorable pricing. City Index offers a Premium Trader account for active traders who deposit more than £10,000, providing them with exclusive pricing, events, content, and dedicated customer service. Their CFD account lists an average spread of 0.74 pips on the EUR/USD as of July 2023, keeping the cost on par with industry averages.
Eightcap, on the other hand, provides two account types, the Raw account and Standard account, each with different pricing structures. The Raw account features an average spread of 0.06 pips but includes a per-side commission of $3.50 per trade, leading to an all-in cost of approximately 0.76 pips, slightly under the industry average of 0.8 pips. Despite this, Eightcap's overall pricing remains slightly above the lowest-cost brokers in the market.
For their commissions and fees, City Index receives a commendable rating of 4.5 stars and is ranked 14th out of 62 brokers by ForexBrokers.com. Conversely, Eightcap holds a 4-star rating and is ranked 26th, indicating that while both brokers provide solid options, City Index may be the more cost-effective choice for traders seeking competitive pricing and reliable service.
| Feature |
City Index
|
Eightcap
|
|---|---|---|
| Minimum Deposit | £100.00 | $100 |
| Average Spread EUR/USD - Standard | 1.4 | 1.0 |
| All-in Cost EUR/USD - Active | 0.74 | 0.76 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| 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 Eightcap both provide a variety of investment options, yet they differ significantly in their offerings. City Index presents an impressive array of 13,500 tradeable symbols, overshadowing Eightcap's 736. Both brokers allow forex trading through CFDs or spot contracts; however, City Index offers a slight edge with 66 currency pairs compared to Eightcap's 56. Neither platform offers direct purchase of exchange-traded securities on U.S. or international exchanges.
In terms of alternative investment offerings, both City Index and Eightcap provide access to cryptocurrency derivatives, although neither supports buying actual cryptocurrencies. They also enable copy trading, catering to investors interested in automated strategies. Ratings wise, City Index excels with a 5-star rating in the Range of Investments category, ranking 8th out of 62 brokers on ForexBrokers.com. In contrast, Eightcap holds a 3.5-star rating and ranks 40th, reflecting a more limited range of investment opportunities.
| Feature |
City Index
|
Eightcap
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 736 |
| Forex Pairs (Total) | 66 | 56 |
| 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 | 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.
When it comes to trading platforms and tools, both City Index and Eightcap provide a comprehensive range of options to suit various trader preferences. Both brokers offer free virtual demo accounts, allowing users to practice without financial risk. City Index stands out with its proprietary trading platform, alongside standard web-based and Windows desktop platforms. Eightcap, on the other hand, lacks a proprietary platform and relies on the widely popular MetaTrader 4 and MetaTrader 5, the latter being absent from City Index's offerings. Both brokers support copy trading and provide web-based trading solutions, ensuring users can access their accounts from any browser.
In terms of technical tools, City Index offers a significant advantage with 239 drawing tools compared to Eightcap's 15, which can be beneficial for traders who rely heavily on charting for analysis. Both brokers enable trading directly from a stock chart and provide multiple columns for watch lists, though City Index provides a broader range with 11 versus Eightcap's 7. City Index garners a higher rating for its trading platforms, achieving 4.5 stars and ranking 10th in the Trading Platforms and Tools category by ForexBrokers.com. Eightcap is rated at 4 stars and ranks 38th, indicating a solid offering but perhaps less comprehensive compared to City Index's exceptional platform versatility and toolset.
| Feature |
City Index
|
Eightcap
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| 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.
City Index and Eightcap both offer comprehensive mobile trading apps for iPhone and Android users, equipped with essential features like price alerts and watchlist syncing between devices. While both platforms support drawing trendlines and multiple time frame views on their charts, City Index stands out with 88 technical studies available for charting compared to Eightcap's 30. This extensive range of studies can be a decisive factor for traders who rely heavily on technical analysis. Additionally, both apps allow users to create watchlists with real-time quotes, enhancing the trading experience on the go.
When it comes to user ratings and industry rankings, City Index receives a higher score, earning 4.5 stars compared to Eightcap’s 4 stars. Furthermore, City Index is ranked #9 by ForexBrokers.com for Mobile Trading Apps out of 62 brokers, showcasing its competitive edge in the field. Eightcap, on the other hand, holds the 38th spot, indicating its position as a solid choice but not quite at the forefront in this arena. Overall, for traders seeking a mobile app with extensive charting capabilities and higher user satisfaction, City Index appears to be the preferred option, while Eightcap still offers a reliable and straightforward platform.
| Feature |
City Index
|
Eightcap
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| 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.
When comparing City Index and Eightcap for market research features, both platforms excel in providing daily market commentary to customers. However, City Index distinguishes itself by offering forex news from prestigious sources like Bloomberg and Reuters, which Eightcap does not provide. Additionally, City Index utilizes Trading Central for advanced technical analysis, which Eightcap lacks. Both brokers allow traders to benefit from sentiment-based trading tools, helping them understand market position ratios for various instruments. Where neither broker supports are resources from companies like Autochartist, TipRanks, or Acuity Trading.
Both City Index and Eightcap provide an economic calendar with global news events to aid traders in staying informed. In terms of research quality, City Index rates higher with 4.5 stars compared to Eightcap's 3.5 stars. This distinction is further highlighted by their rankings by ForexBrokers.com, where City Index is positioned at #10 out of 62 brokers, significantly outperforming Eightcap, which ranks at #39. Overall, City Index offers a more comprehensive package for research-oriented traders seeking high-quality news and analytical tools.
| Feature |
City Index
|
Eightcap
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| 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 Eightcap both provide a range of educational materials for those interested in forex and CFDs. Each broker offers a minimum of 10 resources such as articles, videos, and archived webinars focused on these subjects. However, City Index distinguishes itself by hosting regular monthly webinars and providing an extensive library of past webinars that users can search through, offering beginners and experienced traders alike ample opportunities to deepen their understanding of trading. Both brokers offer over 10 beginner-focused educational videos, but only City Index includes a selection of advanced videos for experienced traders, providing a comprehensive educational experience.
In addition to webinars and videos, both City Index and Eightcap include an investor dictionary with definitions of over 50 trading terms, helping beginners ease into the complexities of investing language. Despite these similarities, City Index takes the lead in education with a 4.5-star rating compared to Eightcap's 3.5 stars, and according to ForexBrokers.com, City Index is ranked #9 among 62 brokers in the education category, while Eightcap sits at #40. Thus, for those seeking a broader and more detailed educational offering, City Index proves to be a more fitting option.
| Feature |
City Index
|
Eightcap
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| 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 Eightcap. City Index finished with an overall rank of #8, while Eightcap finished with an overall rank of #38.
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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Eightcap
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 85 |
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Both City Index and Eightcap provide options for trading cryptocurrency derivatives without offering the ability to purchase actual, delivered cryptocurrency.
In comparing online brokers, City Index stands out with its support for ACH and SEPA transfers, PayPal, Visa or Mastercard, and bank wires, while Eightcap offers PayPal, Skrill, Visa or Mastercard, and bank wires but does not support ACH or SEPA transfers.
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 | Eightcap | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | City Index Review | Eightcap Review |
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| Regulation | City Index | Eightcap | |
|---|---|---|---|
| Trust Score | 99 | 85 | |
| Year Founded | 1983 | 2009 | |
| 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 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | City Index | Eightcap | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| 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 | 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 | Eightcap | |
|---|---|---|---|
| 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 | Eightcap | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 736 | |
| Forex Pairs (Total) | 66 | 56 | |
| 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 | 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 | Eightcap | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | 1.0 | |
| All-in Cost EUR/USD - Active | 0.74 | 0.76 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | City Index | Eightcap | |
|---|---|---|---|
| Minimum Deposit | £100.00 | $100 | |
| 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 | No |
| Trading Platforms | City Index | Eightcap | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| 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 | Eightcap | |
|---|---|---|---|
| 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 | Eightcap | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| 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 | Eightcap | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | City Index | Eightcap | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | City Index | Eightcap | |
|---|---|---|---|
| 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 | Eightcap Review |
| Overall | City Index | Eightcap | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | City Index Review | Eightcap Review |
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