Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs City Index, 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.
Interactive Brokers, founded in 1977, and City Index, established in 1983, are both key players in the online brokerage industry. Each maintains a strong regulatory presence, holding a ForexBrokers.com Trust Score of 99 out of 99, indicating they are highly trusted. Both are publicly traded companies and not registered as banks. However, Interactive Brokers holds a slight edge in regulatory oversight with nine Tier-1 licenses, whereas City Index possesses seven Tier-1 licenses. These licenses, considered the highest level of trust according to ForexBrokers.com, suggest a commitment to stringent regulatory standards.
Additionally, Interactive Brokers holds two Tier-2 licenses, with City Index holding one, furthering their credibility. These Tier-2 licenses signify a trusted status, providing users with an added layer of assurance. Both brokers demonstrate a robust commitment to trust and transparency, making them reliable choices for anyone seeking stability in online trading platforms.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| Year Founded | 1977 | 1983 |
| Publicly Traded (Listed) | Yes | Yes |
| Bank | No | No |
| Tier-1 Licenses | 9 | 7 |
| Tier-2 Licenses | 2 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Interactive Brokers stands out with its competitive pricing, offering forex trading commissions that can start at 0.00002 (0.2 basis points) of the trade value, with a minimum of $2 per order. For particularly active traders, this rate can drop as low as 0.08 basis points. This can make for a cost-effective trading experience, although full transparency is challenging due to the lack of published average forex spreads. The broker charges commissions ranging from $16 to $40 per million round turn, benefiting from its strategy of aggregating prices from major interbank forex dealers. Interactive Brokers earns a stellar rating with 5 out of 5 stars for its commissions and fees and is ranked #2 out of 62 brokers by ForexBrokers.com.
City Index, offering standard industry-average pricing, provides competitive services for trading CFDs, forex, and spread betting. The broker reports an average EUR/USD spread of 0.74 pips, aligning closely with industry standards but slightly trailing leaders like Tickmill. Active traders who deposit over £10,000 can benefit from the Premium Trader account, featuring exclusive pricing and dedicated customer service. City Index also offers rebates for professional traders, both in the UK and Australia, calculated based on trading volumes. The broker is rated 4.5 out of 5 stars for its commissions and fees and holds the #14 rank among 62 brokers according to ForexBrokers.com.
In summary, both Interactive Brokers and City Index offer appealing options for traders, each with unique advantages. Interactive Brokers is particularly suited for active traders with its volume-based discounts and efficient aggregation strategy, while City Index offers a solid option with consistent pricing and additional benefits for committed account holders.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| Minimum Deposit | $0 | £100.00 |
| Average Spread EUR/USD - Standard | 0.59 | 1.4 |
| All-in Cost EUR/USD - Active | 0.59 | 0.74 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When exploring online brokers for a broad range of investments, both Interactive Brokers and City Index stand out, yet they cater to different needs. Interactive Brokers boasts 8,500 tradeable symbols and provides extensive access to both U.S. and international exchange-traded securities, allowing investors to purchase shares such as Apple and Vodafone directly. It also supports forex trading with 90 pairs available as CFDs or spot contracts, and offers the unique ability to purchase actual cryptocurrencies alongside cryptocurrency derivatives. However, it lacks copy trading services.
In contrast, City Index shines with a larger selection of 13,500 tradeable symbols. It offers CFDs for forex trading with 66 available pairs but does not provide access to purchase exchange-traded securities on U.S. or international markets directly. Though it facilitates trading in cryptocurrency derivatives, it doesn't support the acquisition of actual cryptocurrencies. A highlight for City Index is its copy trading feature, enabling users to mimic successful traders' strategies. Both brokers are highly rated, each earning a five-star rating for Range of Investments, yet Interactive Brokers outranks City Index by ForexBrokers.com, holding the top position compared to City Index's eighth place.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 13500 |
| Forex Pairs (Total) | 90 | 66 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | Yes | 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.
Interactive Brokers and City Index both shine with their trading platform offerings, each providing a free virtual demo account for simulated trading, a proprietary in-house platform, and a desktop download for Windows users. As for web-based options, both brokers also offer easy access through browser-based trading platforms. However, they diverge when it comes to copy trading and MetaTrader capabilities. Interactive Brokers does not support copy trading or MetaTrader 4, while City Index allows copy trading and offers MetaTrader 4. Neither broker supports MetaTrader 5, DupliTrade, or ZuluTrade, highlighting their focus on their internal platforms.
When it comes to trading tools, Interactive Brokers leads with 659 fields for watch lists, contrasting sharply with City Index’s 11. While City Index edges ahead with 239 drawing tools compared to Interactive Brokers’ 85, both brokers allow direct trading from stock charts, enhancing chart interactivity. Interactive Brokers is highly rated at five stars, ranking third among 62 brokers for Trading Platforms and Tools, while City Index holds a commendable 4.5 stars and tenth place ranking. Overall, Interactive Brokers might appeal to those seeking extensive technical details, whereas City Index offers a slightly broader range of platform compatibility for traders keen on MetaTrader 4.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 88 |
| Charting - Drawing Tools (Total) | 85 | 239 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 11 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Interactive Brokers and City Index, both offer apps for iPhone and Android users, catering to a wide range of traders. Users can expect features like stock and forex price alerts, watchlist symbol syncing with their online accounts, and the ability to draw trendlines directly on their charts. Both apps also allow traders to view multiple time frames, whether daily, weekly, or intraday. However, one notable distinction is that City Index's app auto saves drawings on charts, while Interactive Brokers' app does not have this feature.
Interactive Brokers stands out with an impressive 97 technical studies available for charting, compared to City Index's 88. Both apps support creating watchlists with real-time quotes, keeping traders updated on market movements. In terms of user satisfaction, Interactive Brokers is rated five stars for its mobile trading app and ranks 4th out of 62 brokers according to ForexBrokers.com. Meanwhile, City Index follows closely with a rating of 4.5 stars and a ranking of 9th. While both platforms provide excellent functionalities, Interactive Brokers takes a slight edge, especially in features like technical studies and overall ratings.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 97 | 88 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to daily market commentary and elite forex news, both Interactive Brokers and City Index offer commendable options, linking clients with insights from top-tier sources like Bloomberg and Reuters. Where they differ, however, is in their partnerships for more extensive market research tools. Both brokers offer analysis tools from Trading Central, which can help investors make more informed decisions. Despite this shared feature, Interactive Brokers takes a step further by integrating market research support from TipRanks and Acuity Trading, enhancing the breadth of insights available to its users.
Beyond these tools, both brokers provide sentiment-based trading resources and comprehensive economic calendars to stay updated with global financial events. Nevertheless, Interactive Brokers has been rated higher for research, earning five stars compared to City Index's 4.5 stars. Additionally, Interactive Brokers holds the #3 spot among 62 brokers for research on ForexBrokers.com, whereas City Index ranks at #10. This suggests that Interactive Brokers may offer a more thorough research experience for those seeking a comprehensive market analysis toolkit.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Interactive Brokers and City Index both provide a wide array of educational resources to help beginners. Both platforms supply a minimum of 10 educational pieces, such as articles, videos, and webinars, focused on forex or CFDs. They each offer online client webinars at least once a month and maintain searchable archives of previously recorded webinars, which can be a valuable resource for those starting their trading journey. For video learning, both brokers provide over 10 beginner-focused educational videos, ensuring that newcomers have access to content tailored specifically for them. In addition, they host a wealth of advanced educational videos designed to cater to more experienced traders seeking to deepen their knowledge.
Both brokers enhance the learning experience with an extensive investor dictionary containing definitions of over 50 investing terms, which can be particularly useful to those just beginning to navigate the financial landscape. When it comes to educational content quality, Interactive Brokers scores an impressive 5 stars, ranking 3rd out of 62 brokers on ForexBrokers.com. City Index also offers strong educational support, earning a 4.5-star rating and securing the 9th position in the same category. This makes both platforms solid choices for beginners looking for comprehensive educational materials, though Interactive Brokers slightly edges out in terms of rankings and ratings.
| Feature |
Interactive Brokers
|
City Index
|
|---|---|---|
| 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 Interactive Brokers is better than City Index. Interactive Brokers finished with an overall rank of #2, while City Index finished with an overall rank of #8.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
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City Index
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| Trust Score | 99 | 99 |
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Interactive Brokers allows users to buy actual (delivered) cryptocurrency and offers cryptocurrency derivatives, while City Index provides only the option to buy cryptocurrency derivatives and does not support the purchase of actual cryptocurrency.
Interactive Brokers and City Index both offer ACH or SEPA transfers and bank wires for depositing or withdrawing funds, but City Index additionally supports PayPal and Visa/Mastercard, whereas Interactive Brokers does not offer these 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 | Interactive Brokers | City Index | |
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| Trust Score | 99 | 99 | |
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| Review | Interactive Brokers Review | City Index Review |
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| Regulation | Interactive Brokers | City Index | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1977 | 1983 | |
| Publicly Traded (Listed) | Yes | Yes | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 9 | 7 | |
| Tier-2 Licenses | 2 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | City Index | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Interactive Brokers | City Index | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | Yes | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | City Index | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 13500 | |
| Forex Pairs (Total) | 90 | 66 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | Yes | 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 | Interactive Brokers | City Index | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | 1.4 | |
| All-in Cost EUR/USD - Active | 0.59 | 0.74 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | City Index | |
|---|---|---|---|
| Minimum Deposit | $0 | £100.00 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | Interactive Brokers | City Index | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Interactive Brokers | City Index | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 11 | |
| Charting - Indicators / Studies (Total) | 155 | 88 | |
| Charting - Drawing Tools (Total) | 85 | 239 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | City Index | |
|---|---|---|---|
| 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 | 97 | 88 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | City Index | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | City Index | |
|---|---|---|---|
| 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 | Interactive Brokers | City Index | |
|---|---|---|---|
| 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 | Interactive Brokers Review | City Index Review |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | City Index Review |
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