Written by ForexBrokers.com
In this head to head comparison of City Index vs iFOREX, 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 iFOREX are both established players in the online brokerage industry, with City Index founded in 1983 and iFOREX in 1996. However, they differ significantly in regulatory standing and trust. City Index holds a high position with a ForexBrokers.com Trust Score of 99 out of 99, signifying it as a highly trustworthy platform. In contrast, iFOREX has a Trust Score of 75, placing it in the average-risk category. While City Index is publicly traded, giving it an additional layer of transparency, iFOREX is not listed on any stock exchange.
When it comes to regulatory licenses, City Index showcases its strong regulatory track record with seven Tier-1 licenses and one Tier-2 license. These licenses are considered highly trusted and trusted, respectively, by ForexBrokers.com. On the other hand, iFOREX holds just one Tier-1 license and no Tier-2 licenses. Neither of the brokers is a bank, but City Index's multiple regulatory approvals and public trading status provide users with a sense of security that is not as prominent with iFOREX.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Year Founded | 1983 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
City Index and iFOREX both offer online trading platforms, but they differ significantly in terms of commissions and fees. City Index is generally in line with the industry average for trading CFDs, forex, and spread-betting products. Traders can access competitive pricing through City Index's own platforms or MetaTrader. For those who are more active and invest over £10,000, a Premium Trader account is available, which includes exclusive pricing and personalized customer support. Its average spread on the EUR/USD is 0.74 pips, positioning it similarly to many competitors, although it doesn’t quite match the leading brokers like Tickmill and FP Markets. City Index also provides attractive rebates for professional traders, especially those based in the UK or Australia, escalating as trading volume increases.
In comparison, iFOREX may not provide as much transparency, as specific average spread data is unavailable. Without this data, it’s hard to assess how iFOREX stacks up in providing cost-effective trading options. As such, traders looking for clear and upfront cost structures may find City Index's detailed breakdown more appealing.
When rating these brokers on commissions and fees, City Index outshines iFOREX. City Index has earned a commendable 4.5 out of 5 stars, securing a high ranking at 14th among 62 brokers reviewed by ForexBrokers.com. Meanwhile, iFOREX falls short with a 3-star rating and ranks 60th in the same category. These ratings highlight City Index as the more favorable choice for traders who prioritize competitive commissions and fee structures.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Minimum Deposit | £100.00 | $100 |
| Average Spread EUR/USD - Standard | 1.4 | N/A |
| All-in Cost EUR/USD - Active | 0.74 | N/A |
| 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 iFOREX both enable investors to trade forex as CFDs or spot contracts, catering to those interested in the dynamic world of currency trading. City Index stands out with an impressive selection of 13,500 tradeable symbols across various asset classes, making it ideal for investors seeking comprehensive options. In contrast, iFOREX offers a more modest range of 750 tradeable symbols. However, when it comes to forex pairs, iFOREX edges ahead with 88 options compared to City Index's 66, which could be appealing to forex-focused traders.
Both brokers fall short in offering exchange-traded securities on U.S. or international exchanges, meaning clients cannot purchase shares like Apple or Vodafone directly. They also refrain from providing actual cryptocurrency purchases, instead offering derivatives for those interested in digital assets. City Index offers additional features such as copy trading, a tool not available through iFOREX. Given these factors, City Index is highly rated at five stars for its range of investments and ranks 8th among 62 brokers. Meanwhile, iFOREX receives a 3.5-star rating and ranks 41st, reflecting a more limited offering in comparison.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 750 |
| Forex Pairs (Total) | 66 | 88 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | No |
| 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.
City Index and iFOREX present distinct differences in their trading platforms and tools. For those interested in simulated trading, City Index provides a free virtual demo account, while iFOREX does not. Both brokers offer proprietary platforms, but only City Index supports a Windows-based desktop application and MetaTrader 4 (MT4). In terms of web-based trading, both offer browser platforms, yet City Index sets itself apart with additional features such as copy trading. On charting capabilities, City Index offers a greater selection of drawing tools and more fields in watch lists compared to iFOREX.
Evaluating their trading platforms and tools, City Index receives a higher rating of 4.5 stars versus the 4 stars given to iFOREX. This is reflected in their rankings, where City Index is ranked 10th out of 62 brokers by ForexBrokers.com, considerably higher than iFOREX, which sits at 54th. This indicates City Index's commitment to providing a comprehensive and versatile trading experience, appealing to both new and seasoned traders alike.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 88 | 57 |
| Charting - Drawing Tools (Total) | 239 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both City Index and iFOREX offer mobile trading apps for iPhone and Android users, making it convenient for traders to access the markets on the go. When it comes to advanced features, City Index stands out by providing stock and forex price alerts, a capability that iFOREX lacks. City Index also excels in syncing watchlist symbols between its mobile app and online account, which is absent in the iFOREX offering. This means that any watchlist changes made on City Index's platform, whether online or mobile, will be reflected across both platforms seamlessly.
In terms of charting tools, City Index offers an impressive 88 technical studies along with the ability to draw trendlines and view multiple time frames on a stock or forex chart. These comprehensive tools make it easier for users to perform in-depth analysis directly from their mobile devices. iFOREX, on the other hand, does not support drawing trendlines or offering multiple time frame views. Additionally, City Index auto-saves chart drawings and allows the creation of watchlists with real-time quotes, giving it a substantial edge over iFOREX, which lacks these functionalities. Overall, City Index's mobile trading app is rated 4.5 stars and is ranked 9th out of 62 brokers by ForexBrokers.com, while iFOREX earns a slightly lower rating of 4 stars with a rank of 55th, reflecting City Index's superior mobile trading capabilities.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 88 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of City Index and iFOREX, both brokers provide daily market commentaries that help traders stay informed. However, City Index sets itself apart with access to forex news from prestigious sources like Bloomberg and Reuters, whereas iFOREX does not have this feature. Both brokers deliver technical analysis tools from Trading Central and include sentiment-based trading tools that display the ratio of long and short positions across various instruments. They also offer comprehensive economic calendars showcasing global news events, allowing traders to make educated decisions.
Looking at their respective ratings, City Index has earned a strong research rating of 4.5 stars and is ranked 10th out of 62 brokers by ForexBrokers.com. In contrast, iFOREX garners a more modest rating of 3.5 stars and is ranked 48th in the same category. Despite both brokers not offering tools from Autochartist, TipRanks, or Acuity Trading, City Index's distinguished resources from top-tier partners place it at a clear advantage in providing superior market insights for traders.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| 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 comparing the educational resources available for beginners, City Index stands out in the realm of online broker services. City Index ensures a comprehensive learning experience by offering a wide array of over 10 educational resources focused on forex and CFDs. For those eager to deepen their understanding, City Index provides monthly live webinars and a searchable archive of past sessions. They also cater to beginners with a collection of over 10 introductory educational videos and extend their offerings with advanced content for experienced traders. City Index further supports new learners with an extensive investor dictionary, which includes definitions for over 50 investing terms. Overall, these efforts contribute to their high education rating of 4.5 stars, positioning them at #9 in the education category out of 62 brokers ranked by ForexBrokers.com.
In contrast, iFOREX presents a more limited educational platform for beginners. While they do offer over 10 beginner-oriented educational videos, iFOREX lacks the diversity in educational materials that City Index boasts. They do not provide monthly webinars or maintain an archive of recorded sessions, which can limit opportunities for continuous learning. Advanced traders looking for specialized educational content might also find iFOREX’s offerings to be insufficient. Additionally, iFOREX does not have an investor dictionary with a broad selection of investing terms, which could be a useful tool for novice traders. As a result, iFOREX earns a lower education rating of 3.5 stars and is ranked #53 by ForexBrokers.com in this category. Overall, beginners looking for a more enriched educational experience with diverse learning resources may find City Index to be the superior choice.
| Feature |
City Index
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
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 iFOREX. City Index finished with an overall rank of #8, while iFOREX finished with an overall rank of #52.
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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iFOREX
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 75 |
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Both City Index and iFOREX do not offer the ability to buy actual, delivered cryptocurrency, but they do provide options to purchase cryptocurrency derivatives.
When comparing online brokers City Index and iFOREX, City Index supports ACH or SEPA transfers, PayPal, Visa/Mastercard, and bank wires for transactions, while iFOREX supports PayPal, Skrill, Visa/Mastercard, and bank wires, lacking ACH or SEPA options but including Skrill which is not available with City Index.
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 | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | City Index Review |
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| Regulation | City Index | iFOREX | |
|---|---|---|---|
| Trust Score | 99 | 75 | |
| Year Founded | 1983 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | City Index | iFOREX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| 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 | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 750 | |
| Forex Pairs (Total) | 66 | 88 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | No | |
| 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 | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | N/A | |
| All-in Cost EUR/USD - Active | 0.74 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | City Index | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | City Index | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 11 | 9 | |
| Charting - Indicators / Studies (Total) | 88 | 57 | |
| Charting - Drawing Tools (Total) | 239 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | City Index | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 88 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | City Index | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | City Index | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | City Index | iFOREX | |
|---|---|---|---|
| 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 |
| Overall | City Index | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | City Index Review |
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