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 City Index to IC Markets in terms of trading platforms and tools, both brokers offer a simulated trading experience with a free virtual demo account. City Index distinguishes itself by offering a proprietary trading platform developed in-house alongside Windows-based desktop and web-based options. IC Markets, while also providing Windows and web-based platforms, does not have a proprietary offering. Both platforms support MetaTrader 4 (MT4), but only IC Markets provides access to MetaTrader 5 (MT5). In terms of copying trades, both brokers facilitate this functionality, though only IC Markets collaborates with ZuluTrade for additional copy trading options.
For charting enthusiasts, City Index takes the lead with 239 drawing tools compared to IC Markets' 15. Both brokers offer the ability to trade directly from a stock chart. When it comes to organizing market information, City Index presents 11 columns for watch lists, whereas IC Markets offers seven. City Index's trading platforms and tools earn a 4.5 out of 5-star rating and are ranked #10 out of 62 brokers by ForexBrokers.com, showcasing its strengths in this area. IC Markets receives a solid 4-star rating and ranks #17. This makes City Index a slightly more feature-rich choice for traders seeking comprehensive platform capabilities.
| 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 comparing the market research offerings of City Index and IC Markets, it's clear that both brokers excel in delivering daily market commentary and forex news from top-tier sources such as Bloomberg and Reuters. They each provide a sentiment-based trading tool that displays the ratio of long and short positions, and both include an economic calendar to help traders stay informed on global events. However, a distinct edge can be seen when examining their respective technical analysis tools. While both offer features from Trading Central, only IC Markets provides additional tools from Autochartist, which could provide more options for traders keen on advanced technical analysis.
Despite their common strengths, City Index edges ahead with a higher research rating of 4.5 stars compared to IC Markets' 4 stars, according to ForexBrokers.com. This slightly higher rating helps City Index secure a more favorable rank at #10 out of 62 brokers, while IC Markets ranks at #22 in the same category. Neither platform integrates research tools from TipRanks or Acuity Trading. This comparison highlights City Index as the slightly stronger contender for traders prioritizing comprehensive research, although IC Markets' unique offerings may appeal to those looking for specific analysis tools.
| 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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