We delved into key aspects of FOREX.com and City Index such as trading costs, platforms, 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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City Index and FOREX.com are both well-established players in the forex trading industry. City Index, founded in 1983, is renowned for its broad range of markets and competitive spreads. FOREX.com, on the other hand, established in 2001, is known for its advanced trading platforms and comprehensive educational resources. The main differences lie in their trading costs, platform offerings, regulatory oversight, and customer service.
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.
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 2023[1]September 2023 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.
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 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.
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 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 ‘71% of retail CFD accounts lose money’
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.
Verdict: Both brokers are highly regulated, but FOREX.com has a slight edge due to its additional regulation by the CySEC and CFTC.
| Broker | Regulators |
|---|---|
| City Index | ASIC, FCA |
| FOREX.com | FCA, CySEC, CFTC |
FOREX.com ReviewVisit FOREX.com
*Your capital is at risk ‘71% of retail CFD accounts lose money’
City Index and FOREX.com offer a range of trading platforms to cater to different types of traders.
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.
While neither broker offers cTrader or TradingView, they both provide their proprietary platforms with advanced charting and analysis tools.
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.
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 ‘71% of retail CFD accounts lose money’
The trading environment is crucial for a seamless trading experience. Both brokers offer a stable and user-friendly trading environment.
City Index offers a customisable trading environment with advanced charting tools, a wide range of technical indicators, and a flexible trade ticket feature. On the other hand, FOREX.com provides a highly intuitive trading environment with a fully customisable layout, advanced charting tools, and integrated trading strategies.
Verdict: Both brokers offer excellent trading environments, but City Index’s flexible trade ticket feature gives it a slight edge.
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
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 ‘71% of retail CFD accounts lose money’
Both brokers offer excellent customer service. City Index provides 24/5 customer support via phone, email, and live chat. FOREX.com also offers 24/5 customer support via phone and email, but it does not offer live chat support.
Verdict: While both brokers offer excellent customer service, City Index’s live chat support gives it a slight edge.
| Broker | Customer Service |
|---|---|
| City Index | 24/5 customer support via phone, email, and live chat |
| FOREX.com | 24/5 customer support via phone and email |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
There are several other factors to consider when choosing a forex broker.
City Index requires a minimum deposit of $150, while FOREX.com requires a minimum deposit of $100.
Both brokers offer a variety of payment methods including credit/debit cards, bank transfers, and e-wallets.
Other factors to consider include the range of trading instruments, the availability of educational resources, and the broker’s reputation in the industry.
Verdict: Both brokers offer a comprehensive trading offering, but FOREX.com’s lower minimum deposit requirement gives it a slight edge.
| Broker | Minimum Deposit | Payment Methods |
|---|---|---|
| City Index | $150 | Credit/debit cards, bank transfers, e-wallets |
| FOREX.com | $100 | Credit/debit cards, bank transfers, e-wallets |
FOREX.com ReviewVisit FOREX.com
*Your capital is at risk ‘71% of retail CFD accounts lose money’
Best For Beginner Traders: City Index, with its user-friendly platform and excellent customer service, is a great choice for beginner traders.
Best For Experienced Traders: FOREX.com, with its advanced trading platforms and competitive pricing, is an excellent choice for experienced traders.
In conclusion, both City Index and FOREX.com are excellent choices for forex trading. The best broker for you will depend on your individual trading needs and preferences.
| Broker | Best For |
|---|---|
| City Index | Beginner Traders |
| FOREX.com | Experienced Traders |
FOREX.com ReviewVisit FOREX.com
*Your capital is at risk ‘71% of retail CFD accounts lose money’
The choice between City Index and FOREX.com depends on individual trading needs. City Index is great for beginners due to its user-friendly platform, while FOREX.com is suitable for experienced traders due to its advanced platforms and competitive pricing.
Yes, both City Index and FOREX.com offer demo accounts, allowing traders to practice trading strategies without risking real money.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
