Written by ForexBrokers.com
In this head to head comparison of City Index vs IC Markets, 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 to IC Markets, it's important to highlight their regulatory credentials and trustworthiness. City Index, founded in 1983, holds an impressive seven Tier-1 licenses, marking it as highly trusted by ForexBrokers.com. It also has one Tier-2 license and boasts a perfect Trust Score of 99. Additionally, City Index is publicly traded, providing further transparency and accountability for investors.
IC Markets, established in 2007, holds two Tier-1 licenses, reflecting its reputable standing, and has a Trust Score of 84, placing it in the trusted category. While IC Markets is not publicly traded, it still provides a solid option for traders, though with slightly less oversight compared to City Index. Neither of these brokers is a bank, allowing them to focus solely on trading solutions.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Year Founded | 1983 | 2007 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 3 |
When comparing City Index and IC Markets for their commissions and fees, City Index stands as a strong contender with competitive pricing that aligns with the industry average. Traders using City Index’s proprietary platforms or MetaTrader can expect pricing in CFDs, forex, and spread-betting products that is competitive, although slightly outpaced by top brokers like Tickmill and FP Markets. Traders who deposit over £10,000 can opt for a Premium Trader account that offers exclusive access and enhanced customer service. UK-based professional traders can benefit from rebates starting at £4 per million for trading volumes over £25 million monthly. City Index achieves a star rating of 4.5 out of 5, securing the #14 rank among 62 brokers for commissions and fees.
IC Markets, on the other hand, is celebrated for its low trading costs, earning Best in Class honors for Commissions & Fees in the 2024 Annual Awards. With three regulatory entities spanning Europe, Australia, and Seychelles, traders can choose from three accounts: the Standard account which is commission-free, and the Raw Spread and cTrader Raw Spread accounts, which are commission-based. The average spread on the EUR/USD is 0.02 pips, and when factoring in commissions, the total cost remains competitively low. IC Markets garners a perfect 5-star rating and ranks #5 out of 62 brokers, making it a top choice for those prioritizing cost-efficiency.
Both brokers offer favorable conditions for active traders, with City Index providing rebates for high-volume trading, and IC Markets extending discounts to those trading over 100 standard lots monthly. While City Index delivers solid services and competitive pricing, IC Markets shines with its lower effective spreads and flexible account offerings, making it a leading option for cost-conscious traders. The choice between the two will largely depend on the specific needs and trading styles of individual investors.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Minimum Deposit | £100.00 | $200 |
| Average Spread EUR/USD - Standard | 1.4 | 0.62 |
| All-in Cost EUR/USD - Active | 0.74 | 0.62 |
| Active Trader or VIP Discounts | Yes | Yes |
| 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 IC Markets both offer forex trading as contracts for differences, providing traders with access to currency markets. City Index stands out with a broad selection of tradeable symbols, offering 13,500 options compared to IC Markets' 3,583. For forex specifically, City Index offers 66 pairs, slightly outpacing IC Markets, which provides 61 pairs. Neither platform offers the opportunity to trade exchange-listed U.S. stocks, such as Apple, but IC Markets does allow trading of international shares, a feature not available with City Index. Both brokers support copy trading and cryptocurrency derivatives, though they do not facilitate the purchase of actual cryptocurrencies.
In terms of investment range ratings, City Index scores an impressive 5 stars, positioning itself at number 8 out of 62 brokers in the Range of Investments category, according to ForexBrokers.com. IC Markets, while slightly behind with a 4.5-star rating, maintains a respectable rank of 25 in the same category. Traders looking for an extensive choice of tradeable instruments might prefer City Index for its variety, though both brokers offer strong options for those focused on forex and cryptocurrency derivatives.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 3583 |
| Forex Pairs (Total) | 66 | 61 |
| 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.
When comparing the trading platforms and tools of City Index and IC Markets, both offer valuable resources for traders. City Index provides a proprietary platform that's developed in-house, alongside the well-known MetaTrader 4 (MT4). On the other hand, IC Markets does not have its own proprietary software but supports both MT4 and the more advanced MetaTrader 5 (MT5), appealing to those who prefer using these platforms. While both brokers offer free virtual demo accounts and the ability to trade directly from stock charts, City Index includes substantially more drawing tools—239 compared to IC Markets' 15—offering enhanced charting capabilities for in-depth analysis.
In terms of web-based and Windows desktop platforms, both brokers meet the needs of modern traders by providing both options. However, City Index also offers a wider range of watch list customization with 11 available fields compared to IC Markets' 7. While both brokers support copy trading, IC Markets has an edge with ZuluTrade. Reviewing their ratings, City Index scores 4.5 stars for trading platforms and tools, ranking #10 out of 62 brokers according to ForexBrokers.com, whereas IC Markets holds 4 stars and ranks at #16. So, traders seeking a mix of proprietary innovation and tool variety may lean towards City Index, while those using the latest MetaTrader iterations might prefer IC Markets.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| 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 | Yes |
| 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 IC Markets both provide their users with mobile trading apps available for iPhone and Android devices, offering essential features like stock and forex price alerts and the ability to draw trendlines on charts. While both platforms enable users to view multiple timeframes on charts and create watchlists with real-time quotes, City Index stands out by offering the ability to sync watchlist symbols across mobile and online accounts, a feature not available with IC Markets. Additionally, City Index provides an extensive selection of 88 technical studies for charting, compared to IC Markets’ 30 studies, which may appeal to traders looking for more in-depth analysis tools.
When it comes to app ratings and rankings, City Index holds a slight edge. With a rating of 4.5 stars versus IC Markets' 4 stars, and a higher ranking of #9 compared to #22 out of 62 brokers according to ForexBrokers.com, City Index's mobile app seems to cater better to trader preferences and needs. Both apps save chart drawings automatically, ensuring that users' analyses are retained for future reference. Overall, while both brokers provide comprehensive mobile trading solutions, City Index’s added features and higher rankings could make it a preferable choice for those heavily reliant on mobile trading.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| 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.
When examining market research resources, both City Index and IC Markets offer a comprehensive range of services that cater to traders' needs. Each platform provides daily market commentary and forex news sourced from high-profile providers like Bloomberg, Reuters, and Dow Jones, making sure traders stay updated with the latest market movements. Users of both brokers also have access to tools from Trading Central and sentiment-based trading tools that help evaluate long and short positions across various currency pairs. Additionally, they each provide an economic calendar highlighting critical global events. However, City Index does not offer tools from Autochartist, a feature available with IC Markets.
In terms of rating and ranking, City Index emerges slightly ahead with a 4.5-star rating for research, positioning it as the 10th best option among 62 brokers, according to ForexBrokers.com. IC Markets, while still strong in its offerings, has a 4-star research rating, ranking at number 23. Neither broker offers market research from TipRanks or tools from Acuity Trading, like Signal Centre. The subtle differences in research tool availability and rankings could influence traders' decisions when choosing between these two well-regarded online brokers.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | Yes |
| 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 IC Markets offer a wide range of options to help novice traders get started in the world of forex and CFDs. Each broker provides more than 10 educational materials such as articles, videos, and archived webinars, all focused primarily on forex or CFDs, making them accessible to new traders. They both hold monthly webinars for clients and maintain a searchable archive of past webinars. Additionally, each broker supplies at least 10 beginner-focused videos to cover essential trading topics, ensuring that newcomers have a strong foundation.
For more experienced traders looking to deepen their knowledge, City Index and IC Markets both offer at least 10 advanced educational videos. They also include investor dictionaries with definitions of over 50 investing terms to help demystify the trading jargon. In terms of ratings, City Index scores 4.5 stars for its educational offerings, ranking 9th among 62 brokers according to ForexBrokers.com. Meanwhile, IC Markets garners a respectable 4 stars, coming in at 16th place. These resources ensure that whether you're starting out or refining your skills, both platforms cater to a wide range of educational needs.
| Feature |
City Index
|
IC Markets
|
|---|---|---|
| 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 62 of the best forex brokers, our research and account testing finds that City Index is better than IC Markets. City Index finished with an overall rank of #8, while IC Markets finished with an overall rank of #20.
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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IC Markets
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 84 |
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City Index and IC Markets both provide options for trading cryptocurrency derivatives, but neither platform offers the option to purchase actual, delivered cryptocurrency.
City Index provides ACH or SEPA transfers, PayPal, Visa or Mastercard, and bank wires for managing account funds, while IC Markets supports PayPal, Skrill, Visa or Mastercard, and bank wires but lacks ACH or SEPA transfer options.
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 | IC Markets | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | City Index Review | IC Markets Review |
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| Regulation | City Index | IC Markets | |
|---|---|---|---|
| Trust Score | 99 | 84 | |
| Year Founded | 1983 | 2007 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 3 |
| Tier-1 Licenses (Highly Trusted) | City Index | IC Markets | |
|---|---|---|---|
| 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 | 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 | IC Markets | |
|---|---|---|---|
| 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 | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 3583 | |
| Forex Pairs (Total) | 66 | 61 | |
| 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 | IC Markets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | 0.62 | |
| All-in Cost EUR/USD - Active | 0.74 | 0.62 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | City Index | IC Markets | |
|---|---|---|---|
| Minimum Deposit | £100.00 | $200 | |
| 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 | IC Markets | |
|---|---|---|---|
| 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 | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | City Index | IC Markets | |
|---|---|---|---|
| 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 | IC Markets | |
|---|---|---|---|
| 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 | IC Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | City Index | IC Markets | |
|---|---|---|---|
| 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 | IC Markets | |
|---|---|---|---|
| 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 | IC Markets Review |
| Overall | City Index | IC Markets | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | City Index Review | IC Markets Review |
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