We dived into key aspects of FOREX.com and City Index, such as trading costs, platforms, and account types, to help you choose the right Forex broker for your trading needs. See how we think the two brokers compare.
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Our full comparison dives into the 10 most crucial trading factors, but here are five quick hits to get you started:
Both City Index and FOREX.com strive to offer competitive pricing to their clients. However, the trading costs can vary depending on several factors such as the type of account, trading platform, and the financial instruments being traded.
Standard Account Spreads
In terms of average spreads for standard accounts, City Index has an average spread of 1.79 pips. This is slightly higher compared to FOREX.com’s average spread. Tight spreads are crucial as they reduce the cost of trading and potentially increase profits. Read more details on our unique research on Standard Account Spreads.
Looking at the data, it’s clear that there are some differences between the standard account spreads offered by City Index and FOREX.com.
City Index seems to offer lower spreads for most forex pairs. For instance, the EUR/USD spread is 0.7 for City Index compared to 1.2 for FOREX.com. This trend continues across most pairs, with City Index consistently offering lower or equal spreads compared to FOREX.com.
| Forex Pair | City Index | FOREX.com | Industry Average |
|---|---|---|---|
| EUR/USD | 0.7 | 1.2 | 1.18 |
| USD/JPY | 0.6 | 1.5 | 1.37 |
| GBP/USD | 1.1 | 1.6 | 1.51 |
| AUD/USD | 2.2 | 1.4 | 1.41 |
| USD/CAD | 1.6 | 2.6 | 1.70 |
| EUR/GBP | 1.1 | 1.5 | 1.56 |
| EUR/JPY | 1.6 | 2.8 | 1.85 |
| AUD/JPY | 2.2 | 2.3 | 2.09 |
Standard Account Analysis Updated September 2024[1]September 2024 Published And Tested Data
However, it’s important to consider these numbers in the context of the industry average. When we do this, we see that both brokers offer competitive spreads. In fact, both brokers offer spreads that are generally below the industry average. This means that traders could potentially save on trading costs by choosing either of these brokers.
In my opinion, while FOREX.com offers competitive spreads, City Index appears to be the cheaper option for most forex pairs. However, it’s always important to consider other factors such as trading platform, customer service, and additional fees when choosing a broker.
RAW Account Spreads
When it comes to RAW account spreads, both brokers offer competitive spreads. However, the exact figures may vary based on market conditions and the specific currency pairs being traded. Read more information on our exclusive research on Raw Account Spreads.
Commission Rates
Commission rates are another crucial factor to consider when comparing trading costs. Both City Index and FOREX.com charge commission based on the Per Side (USD) and Round Turn (USD) amounts. The exact rates may vary based on the type of account and the trading volume.
Deposit & Withdrawal Fees
Both City Index and FOREX.com offer multiple deposit and withdrawal options. However, it’s essential to check if there are any associated fees, as these can add to your overall trading costs.
Other Fees
Other potential costs to consider include inactivity fees, overnight financing charges, and currency conversion fees. It’s always a good idea to read the broker’s terms and conditions to understand all the potential costs involved.
Verdict: Based on the comparison, FOREX.com appears to have slightly lower trading costs, making it the winner in this category.
| Broker | Inactivity Fees | Overnight Financing Charges | Currency Conversion Fees |
|---|---|---|---|
| City Index | Yes | Yes | Yes |
| FOREX.com | Yes | Yes | Yes |
FOREX.com ReviewVisit FOREX.com
Your capital is at risk ‘77.7% of retail CFD accounts lose money with FOREX.com’
City Index and FOREX.com offer a range of trading platforms to cater to different types of traders.
MetaTrader 4 and 5
Both brokers offer MetaTrader 4, the most popular forex trading platform in the world. FOREX.com also provides MetaTrader 5, the latest version of the platform with additional features.
cTrader and TradingView
While neither broker offers cTrader or TradingView, they both provide their proprietary platforms with advanced charting and analysis tools.
Social And Copy Trading
While neither broker offers social or copy trading services, they both provide a range of educational resources and market analysis tools to help traders make informed decisions.
VPS and Other Trading Tools
Both brokers offer VPS services for traders who use automated trading strategies. They also provide various trading tools such as economic calendars, market news updates, and technical analysis tools.
Verdict: Both brokers offer robust trading platforms, but FOREX.com has a slight edge due to its offering of MetaTrader 5.
| Broker | Limit Order Speed | Market Order Speed |
|---|---|---|
| City Index | 117 ms | 144 ms |
| FOREX.com | N/A | N/A |
FOREX.com ReviewVisit FOREX.com
Your capital is at risk ‘77.7% of retail CFD accounts lose money with FOREX.com’
City Index offers a range of account types including a standard account, a professional account, and a demo account. FOREX.com, on the other hand, offers standard, commission, and DMA accounts, as well as a demo account.
Verdict: Both brokers offer a variety of account types, but FOREX.com offers more options, making it the winner in this category.
| Broker | Account Types |
|---|---|
| City Index | Standard account, professional account, demo account |
| FOREX.com | Standard, commission, DMA accounts, demo account |
FOREX.com ReviewVisit FOREX.com
Your capital is at risk ‘77.7% of retail CFD accounts lose money with FOREX.com’
When it comes to trading experience, City Index and FOREX.com both have their merits. City Index offers a more intuitive interface, making it easier for traders to navigate. The platform is designed with user experience in mind, which is a big plus for those who are new to trading.
FOREX.com, on the other hand, offers a broader range of technical indicators. This is particularly useful for traders who rely heavily on technical analysis. The platform also supports automated trading strategies.
Verdict: While both brokers offer solid trading experiences, City Index stands out for its user-friendly interface and quicker execution speeds, making it the better choice for traders who value ease of use and efficiency.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
FOREX.com Trust Score
City Index Trust Score
Trust and regulation are paramount in the world of online trading. Both City Index and FOREX.com are regulated by top-tier regulators, ensuring a high level of investor protection.
City Index is regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK. On the other hand, FOREX.com is regulated by the FCA, the Cyprus Securities Exchange Commission (CySEC), and the Commodity Futures Trading Commission (CFTC) in the US.
| City Index | FOREX.com | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) MAS (Singapore) |
FCA (UK) CIRO (CANADA) NFA/CFTC (USA) CYSEC (Cyprus) |
| Tier 2 Regulation | JFSA (Japan) | |
| Tier 3 Regulation | CIMA (Cayman) |
Verdict: Both brokers are highly regulated, but FOREX.com has a slight edge due to its additional regulation by the CySEC and CFTC.
FOREX.com ReviewVisit FOREX.com
Your capital is at risk ‘77.7% of retail CFD accounts lose money with FOREX.com’
City Index and FOREX.com both offer a wide range of CFDs and markets, but there are some differences worth noting.
| Product/Market | City Index | FOREX.com |
|---|---|---|
| Forex | ✅ | ✅ |
| Commodities | ✅ | ✅ |
| Indices | ✅ | ✅ |
| Shares | ✅ | ✅ |
| Cryptocurrencies | ✅ | ❌ |
| ETFs | ❌ | ✅ |
| Bonds | ❌ | ✅ |
| Options | ❌ | ✅ |
| Futures | ❌ | ✅ |
| Spread Betting | ✅ | ❌ |
Verdict: City Index offers a more diversified range of CFDs and Markets, making it a better choice for traders looking for variety in their trading portfolio.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
City Index and FOREX.com both offer educational resources, but the quality and range differ.
Verdict: Based on our scores and the variety of resources available, FOREX.com offers a more comprehensive educational package, making it the go-to choice for traders keen on learning and improving their skills.
FOREX.com ReviewVisit FOREX.com
Your capital is at risk ‘77.7% of retail CFD accounts lose money with FOREX.com’
Customer service is a crucial aspect of any broker. City Index offers 24/5 customer support, while FOREX.com extends it to weekends.
| Feature | City Index | FOREX.com |
|---|---|---|
| 24/5 Support | ✅ | ❌ |
| Weekend Support | ❌ | ✅ |
| Live Chat | ✅ | ✅ |
| Email Support | ✅ | ✅ |
| Phone Support | ✅ | ✅ |
| Language Support | Multiple | Multiple |
Verdict: Based on our scores and the availability of weekend support, FOREX.com takes the lead in customer service, making it a more reliable option for traders who may need assistance outside of regular trading hours.
FOREX.com ReviewVisit FOREX.com
Your capital is at risk ‘77.7% of retail CFD accounts lose money with FOREX.com’
Both brokers offer a variety of funding options, but FOREX.com has a slight edge with more choices.
| Funding Option | City Index | FOREX.com |
|---|---|---|
| Credit Card | ✅ | ✅ |
| Debit Card | ✅ | ✅ |
| Bank Transfer | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Skrill | ❌ | ✅ |
| Neteller | ❌ | ✅ |
Verdict: FOREX.com offers a broader range of funding options, making it more convenient for traders who prefer varied methods for depositing and withdrawing funds.
FOREX.com ReviewVisit FOREX.com
Your capital is at risk ‘77.7% of retail CFD accounts lose money with FOREX.com’
City Index requires a minimum deposit of $100, while FOREX.com has a $50 minimum deposit requirement.
| Broker | Minimum Deposit |
|---|---|
| City Index | $100 |
| FOREX.com | $50 |
Verdict: FOREX.com offers a lower minimum deposit, making it more accessible for new traders who are cautious about committing large sums of money upfront.
FOREX.com ReviewVisit FOREX.com
Your capital is at risk ‘77.7% of retail CFD accounts lose money with FOREX.com’
FOREX.com is the winner because it appears to have slightly lower trading costs, making it the winner in this category. The table below summarises the key information leading to this verdict.
| Criteria | City Index | FOREX.com |
|---|---|---|
| Lowest Spreads And Fees | ❌ | ✔️ |
| Better Trading Platform | ❌ | ✔️ |
| Superior Accounts And Features | ❌ | ✔️ |
| Best Trading Experience And Ease | ✔️ | ❌ |
| Stronger Trust And Regulation | ❌ | ✔️ |
| Top Product Range And CFD Markets | ✔️ | ❌ |
| Superior Educational Resources | ❌ | ✔️ |
| Superior Customer Service | ❌ | ✔️ |
| Better Funding Options | ❌ | ✔️ |
| Lower Minimum Deposit | ❌ | ✔️ |
City Index is better suited for beginner traders due to its user-friendly interface and lower minimum deposit.
FOREX.com is the go-to for experienced traders, thanks to its advanced charting tools and comprehensive educational resources.
City Index has lower costs, especially when it comes to spreads. For example, the EUR/USD spread is 0.7 for City Index compared to 1.2 for FOREX.com. For more on low-cost brokers, check out our lowest spread forex brokers in the UK.
Neither City Index nor FOREX.com are the top choices for MetaTrader 4. If MT4 is your priority, consider looking at our best MT4 brokers.
Neither City Index nor FOREX.com offer social or copy trading. If social trading is your thing, you might want to explore our best copy trading platforms in the UK.
City Index offers spread betting, while FOREX.com does not. For more on this, you can visit our best spread betting brokers in the UK.
In my opinion, neither City Index nor FOREX.com are the top choices for Australian traders. Both are ASIC regulated but founded overseas. For more options, check out our Best Forex Brokers In Australia.
In my opinion, City Index is superior for UK traders. It’s FCA regulated and offers a more comprehensive trading experience. For more UK-specific info, visit our Best Forex Brokers In UK.
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
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