Take a deep dive into our City Index and FxPro. We’ve evaluated both Forex brokers on factors such as trading expenses, platforms, and regulation to assist you in finding the right broker for your needs.
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City Index and FxPro are both renowned forex brokers, but they cater to different types of traders due to their distinct offerings. City Index is known for its diverse range of trading instruments, comprehensive educational resources, and advanced trading platforms. On the other hand, FxPro stands out with its competitive spreads, advanced execution technology, and a wide range of trading platforms.
When it comes to trading costs, both City Index and FxPro offer competitive pricing, but there are some differences to note.
City Index has an average spread of 0.8 pips for the EUR/USD currency pair, while FxPro’s average spread is slightly higher at 1.43 pips. These are the standard account spreads.
When we delve into the world of forex trading, one of the key factors that can make or break our trading experience is the spread. The spread, in simple terms, is the difference between the buy and sell price of a currency pair. It’s essentially the cost of trading.
Looking at the data, it’s clear that there are some notable differences between the spreads offered by City Index and FxPro. City Index seems to have a lower spread for most of the forex pairs, with the exception of AUD/USD. This means that trading with City Index could potentially be more cost-effective, especially for those who trade frequently.
| Forex Pair | City Index | FxPro | Industry Average |
|---|---|---|---|
| EUR/USD | 0.7 | 1.32 | 1.18 |
| USD/JPY | 0.6 | 1.4 | 1.37 |
| GBP/USD | 1.1 | 1.7 | 1.51 |
| AUD/USD | 2.2 | 1.95 | 1.41 |
| USD/CAD | 1.6 | 1.73 | 1.70 |
| EUR/GBP | 1.1 | 1.37 | 1.56 |
| EUR/JPY | 1.6 | 1.87 | 1.85 |
| AUD/JPY | 2.2 | 3.19 | 2.09 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
However, it’s important to note that the industry average spread is also a crucial benchmark. Interestingly, City Index’s spreads are lower than the industry average for most pairs, while FxPro’s spreads are slightly higher. This suggests that City Index offers competitive pricing in the industry.
But remember, cost isn’t everything. While a lower spread can reduce your trading costs, other factors such as platform features, customer service, and execution speed can also significantly impact your trading experience. So, it’s essential to consider these aspects when choosing a forex broker.
For traders who prefer raw spreads, City Index does not provide this option. FxPro, on the other hand, offers raw spreads with an average of 0.47 pips for the EUR/USD pair. These are the RAW account spreads.
City Index charges a commission of $2.50 per side ($5.00 round turn), while FxPro charges a slightly higher commission of $3.50 per side ($7.00 round turn).
Both brokers do not charge any deposit or withdrawal fees, making it cost-effective for traders to manage their funds.
Other fees, such as inactivity fees or overnight fees, may apply depending on the broker and the type of account. It’s always recommended to check the broker’s fee structure in detail before opening an account.
Verdict: When it comes to trading costs, City Index seems to have a slight edge due to its lower spreads and commission rates. However, FxPro’s raw spreads could be more beneficial for high-volume traders.
| Criteria | City Index | FxPro |
|---|---|---|
| Standard Account Spreads | 0.8 pips | 1.43 pips |
| RAW Account Spreads | N/A | 0.47 pips |
| Commission Rates | $2.50 per side | $3.50 per side |
| Deposit & Withdrawal Fees | No | No |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
Trust and regulation are crucial factors when choosing a forex broker. Both City Index and FxPro are regulated by multiple top-tier authorities, ensuring a high level of investor protection. This is a key aspect of trust and regulation.
City Index is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK, and the Monetary Authority of Singapore (MAS).
FxPro, on the other hand, is regulated by the Cyprus Securities and Exchange Commission (CySEC), the FCA, the Dubai Financial Services Authority (DFSA), and the Securities Commission of The Bahamas (SCB).
Verdict: Both brokers are highly regulated, providing a secure trading environment for their clients. However, FxPro’s regulation by four top-tier authorities gives it a slight edge in terms of trust and regulation.
| Broker | Regulators |
|---|---|
| City Index | ASIC, FCA, MAS |
| FxPro | CySEC, FCA, DFSA, SCB |
Both City Index and FxPro offer a variety of trading platforms to cater to different trading styles and preferences. These include MetaTrader 4 and 5, among others.
Both brokers offer MetaTrader 4 (MT4) and MetaTrader 5 (MT5), the most popular trading platforms in the forex industry. These platforms are known for their advanced charting tools, customisable interface, and automated trading capabilities.
FxPro offers cTrader, a platform known for its intuitive interface and advanced order capabilities. City Index, on the other hand, does not offer cTrader but provides access to TradingView charts within its platform.
| Criteria | City Index | FxPro |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | No | Yes |
| cTrader | No | Yes |
| TradingView | Yes | No |
| Other Platforms | City Index WebTrader | FxPro Trading Platform |
| VPS Services | Yes | Yes |
Neither City Index nor FxPro offer built-in social or copy trading features. However, both brokers support third-party plugins that can enable these features.
Both brokers offer Virtual Private Server (VPS) services for automated traders. Additionally, they provide a range of other trading tools such as economic calendars, market news, and analysis tools.
| Broker | Limit Order Speed | Market Order Speed |
|---|---|---|
| City Index | 117 ms | 144 ms |
| FxPro | N/A | N/A |
Verdict: Both brokers offer a comprehensive range of trading platforms and tools. However, FxPro’s offering of cTrader may appeal to traders who prefer this platform.
Execution speed is crucial for traders, especially for those who employ high-frequency trading strategies. Both City Index and FxPro have invested in technology to provide fast and reliable order execution. This is a key aspect of the trading environment.
City Index offers an average execution speed of 0.05 seconds, while FxPro boasts an impressive average execution speed of less than 0.01 seconds.
Verdict: While both brokers offer fast execution speeds, FxPro’s superior technology gives it the edge in this category.
| Broker | Average Execution Speed |
|---|---|
| City Index | 0.05 seconds |
| FxPro | <0.01 seconds |
City Index offers two main types of accounts: a standard account and a premium account. The standard account is suitable for most traders, while the premium account offers additional benefits such as a dedicated account manager and priority service. This is a key aspect of account types.
FxPro offers four types of accounts: MT4, MT5, cTrader, and FxPro Edge. Each account type corresponds to a different trading platform, allowing traders to choose based on their platform preference.
Verdict: FxPro offers more account types, catering to a wider range of trader preferences.
| Broker | Account Types |
|---|---|
| City Index | Standard, Premium |
| FxPro | MT4, MT5, cTrader, FxPro Edge |
Both City Indexand FxPro offer comprehensive customer service, including live chat, phone support, and email. However, City Index stands out with its 24/7 customer service, while FxPro’s customer service is available 24/5.
Verdict: City Index’s 24/7 customer service gives it the edge in this category.
| Broker | Customer Service Availability |
|---|---|
| City Index | 24/7 |
| FxPro | 24/5 |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
There are other factors to consider when choosing a broker. These include minimum deposit levels, payment methods, and trading instruments, among other trading factors.
City Index requires a minimum deposit of $100, while FxPro has a higher minimum deposit requirement of $500.
Both brokers offer a variety of payment methods, including credit/debit cards, bank transfers, and e-wallets.
City Index offers over 12,000 trading instruments, including forex, indices, shares, and commodities. FxPro offers a slightly smaller range of instruments, with over 250 forex pairs and a wide range of CFDs.
Verdict: City Index’s lower minimum deposit and wider range of trading instruments make it more accessible for beginners and traders looking for diversity.
| Criteria | City Index | FxPro |
|---|---|---|
| Minimum Deposit | $100 | $500 |
| Payment Methods | Multiple options | Multiple options |
| Trading Instruments | Over 12,000 | Over 250 forex pairs, CFDs |
| Forex CFD | 84 | 69 |
| Shares CFD | 4500+ | 2031 |
| Cryptos CFD | 25+ | 28 |
| Commodities CFD | 4 Metals 8 Energies 18 Softs |
8 Metals (3 x Gold) 3 Energies |
| Indices CFD | 20 | 18 |
| Bonds/Treasuries CFD | 11 | No |
| Spread Betting (UK only) | Yes | Yes |
| Other Products | No | No |
| Shares (underlying) | No | No |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
Best For Beginner Traders: City Index’s lower minimum deposit, comprehensive educational resources, and 24/7 customer service make it a great choice for beginner traders.
Best For Experienced Traders: FxPro’s advanced trading platforms, fast execution speeds, and raw spreads make it suitable for experienced traders.
| Criteria | City Index | FxPro |
|---|---|---|
| Our Forex Broker Scores | 8.5 | 8.7 |
In conclusion, both City Index and FxPro are excellent choices for forex trading, each with its own strengths. Your choice should depend on your trading needs and preferences.
City Index is generally better for beginner traders due to its lower minimum deposit, comprehensive educational resources, and 24/7 customer service.
FxPro offers faster execution speeds, with an average speed of less than 0.01 seconds.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
