Dive into our dissection of City Index and OANDA. We compare each Forex broker on trading costs, platforms, regulations, and more to help you determine the broker that fits your your trading needs.
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Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between City Index and OANDA:
When it comes to trading costs, both City Index and OANDA have their strengths and weaknesses.
1. Standard Account Spreads
City Index offers competitive spreads on major currency pairs, making it a cost-effective choice for forex trading. On the other hand, OANDA’s spreads are slightly wider, but it compensates with no minimum deposit requirement and no added commissions. You can learn more about Standard Account Testing here.
When it comes to forex trading, one of the key factors that can significantly impact your profitability is the spread. Let’s take a closer look at the average standard account spreads for two major brokers: City Index and OANDA Comparison.
City Index tends to offer tighter spreads for the EUR/USD and USD/JPY pairs, with values of 0.7 and 0.6, respectively. However, when it comes to the AUD/USD pair, City Index’s spread widens to 2.2, which is significantly higher than OANDA’s 0.7. This suggests that if you’re trading the AUD/USD pair, OANDA might be a more cost-effective choice.
On the other hand, OANDA consistently offers lower spreads across most forex pairs, with the exception of AUD/JPY, where data is not available. This suggests that OANDA might be a more cost-effective choice for traders who deal with a variety of forex pairs.
| Forex Pair | City Index | OANDA Comparison | Industry Average |
|---|---|---|---|
| EUR/USD | 0.7 | 0.6 | 1.18 |
| USD/JPY | 0.6 | 0.6 | 1.37 |
| GBP/USD | 1.1 | 0.9 | 1.51 |
| AUD/USD | 2.2 | 0.7 | 1.41 |
| USD/CAD | 1.6 | 0.7 | 1.70 |
| EUR/GBP | 1.1 | 0.8 | 1.56 |
| EUR/JPY | 1.6 | 0.9 | 1.85 |
| AUD/JPY | 2.2 | N/A | 2.09 |
Standard Account Analysis Updated April 2024[1]April 2024 Published And Tested Data
However, it’s also important to consider the industry average. When compared to the industry average, both brokers offer competitive spreads for most forex pairs. This suggests that both brokers are competitively priced and could be a good choice depending on your specific trading needs.
In conclusion, while both brokers offer competitive spreads, OANDA seems to have a slight edge due to its consistently lower spreads across most forex pairs. However, the best choice ultimately depends on your specific trading needs and the forex pairs you’re interested in.
2. RAW Account Spreads
Neither City Index nor OANDA offers RAW accounts, which typically feature tighter spreads and commissions per trade. For more information on RAW accounts, check out our RAW Account Testing.
3. Commission Rates
City Index operates on a spread-only pricing model for forex trading, meaning there are no added commissions. OANDA, on the other hand, offers a core pricing plus commission model, which can result in lower costs for high-volume traders. You can learn more about low commission forex brokers here.
4. Deposit & Withdrawal Fees
Both brokers offer free deposits and withdrawals, which is a significant advantage for traders who move money frequently.
5. Other Fees
City Index charges an inactivity fee after one year of no trading activity, while OANDA charges a monthly inactivity fee after five years.
Verdict
City Index wins this round due to its competitive spreads and no commission charges.
| Criteria | City Index | OANDA |
|---|---|---|
| Standard Account Spreads | Competitive | Slightly wider |
| RAW Account Spreads | Not available | Not available |
| Commission Rates | No commission | Commission for high-volume trading |
| Deposit & Withdrawal Fees | Free | Free |
| Other Fees | Inactivity fee after 1 year | Inactivity fee after 5 years |
View City Index ReviewVisit City Index
*Your capital is at risk ‘70% of retail CFD accounts lose money’
Both City Index and OANDA offer a range of trading platforms to suit different trader needs. You can learn more about the best cTrader forex brokers, best MetaTrader 4 forex brokers, and best MetaTrader 5 forex brokers here.
1. MetaTrader 4 and 5
City Index offers MetaTrader 4, a popular platform known for its advanced charting features. OANDA, on the other hand, does not offer MetaTrader 5, the latest version of the platform.
2. cTrader and TradingView
Neither City Index nor OANDA offers cTrader or TradingView platforms.
3. Social And Copy Trading
OANDA offers social and copy trading through its partnership with Myfxbook. City Index does not offer social trading. You can learn more about the best forex brokers for copy trading here.
| Criteria | City Index | OANDA |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | No | No |
| cTrader | No | No |
| TradingView | Yes | Yes |
| Other Platforms | City Index WebTrader | OANDA Trade |
| VPS Services | Yes | Yes |
4. VPS and Other Trading Tools
Both brokers offer VPS services for automated trading and other advanced trading tools like advanced charting, custom indicators, and backtesting capabilities.
| Broker | Limit Order Speed | Market Order Speed |
|---|---|---|
| City Index | 117 ms | 144 ms |
| Saxo Markets | N/A | N/A |
Verdict
City Index wins this round due to its MetaTrader 4 and advanced trading tools.
View City Index ReviewVisit City Index
*Your capital is at risk ‘70% of retail CFD accounts lose money’
City Index offers a range of account types, including a standard trading account, a professional account, and a demo account. OANDA offers a standard trading account, a premium account for high-volume traders, and a demo account. You can learn more about the best forex broker demo accounts and forex brokers with micro accounts here.
Verdict
City Index wins this round due to its wider range of account types, catering to different trader needs and experiences.
| Broker | Account Types |
|---|---|
| City Index | Standard, Professional, Demo |
| OANDA | Standard, Premium, Demo |
View City Index ReviewVisit City Index
*Your capital is at risk ‘70% of retail CFD accounts lose money’
In our comprehensive review of City Index and OANDA, we dug deep into the user experience and ease of trading. Both brokers have made significant strides in ensuring that traders, whether beginners or seasoned professionals have a seamless experience. From our findings:
From our own testing, as well as feedback from the trading community, it’s evident that both brokers have put a lot of effort into ensuring a great trading experience. However, there are subtle differences that might sway a trader’s preference.
Verdict
OANDA slightly edges out with its recognition as one of the best for beginners, ensuring a more tailored experience for those new to the trading world.
OANDA Trust Score
City Index Trust Score
City Index is regulated by the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS). OANDA, on the other hand, is regulated by several top-tier authorities, including the FCA, ASIC, MAS, and the Commodity Futures Trading Commission (CFTC) in the US. You can learn more about ASIC regulated brokers and FCA regulated brokers here.
| OANDA | City Index | |
|---|---|---|
| Tier 1 Regulation | NFA/CFTC (USA) MAS (Singapore) CIRO (CANADA) FCA (UK) ASIC (Australia) |
ASIC (Australia) FCA (UK) MAS (Singapore) |
| Tier 2 Regulation | JFSA (Japan) KNF (Poland) MFSA (Europe) |
|
| Tier 3 Regulation | FSC-BVI |
Verdict
OANDA wins this round due to its regulation by multiple top-tier authorities, providing traders with a high level of trust and security.
When it comes to product range and CFD markets, both City Index and OANDA have their unique selections that cater to different types of traders. City Index is known for its extensive range of trading instruments, including shares, indices, and commodities. On the other hand, OANDA focuses primarily on forex trading but also provides commodities and indices.
| Product/Market | City Index | OANDA |
|---|---|---|
| Forex | Yes | Yes |
| Indices | Yes | Yes |
| Commodities | Yes | Yes |
| Shares | Yes | No |
| Cryptocurrencies | No | No |
| Bonds | Yes | No |
| ETFs | Yes | No |
| Options | No | Yes |
| Metals | Yes | Yes |
| Energies | Yes | Yes |
| Agricultural | Yes | No |
From our own testing, we found that City Index offers a more diversified range of products and markets, making it a suitable choice for traders looking for variety. OANDA, while limited in its selections, excels in the forex market and provides a robust trading experience in that area.
Verdict
City Index offers a more comprehensive range of CFDs and markets, making it the better choice for traders looking for variety.
View City Index ReviewVisit City Index
*Your capital is at risk ‘70% of retail CFD accounts lose money’
When it comes to educational resources, both City Index and OANDA have their merits, but they differ in several key areas. Our team has conducted extensive testing to provide you with the most accurate comparison.
Verdict
Based on our testing, OANDA offers a more comprehensive set of educational resources with a total score of 7, compared to City Index’s score of 5.5.
Both City Index and OANDA offer robust customer service. City Index provides 24/5 customer support via phone, email, and live chat. OANDA also offers 24/5 customer support via phone, email, and live chat, and it has a comprehensive FAQ section on its website.
Verdict
It’s a tie in this round. Both brokers offer excellent customer service, ensuring traders can get the help they need when they need it.
| Broker | Customer Service |
|---|---|
| City Index | 24/5 via Phone, Email, Live Chat |
| OANDA | 24/5 via Phone, Email, Live Chat, FAQ |
When it comes to funding your trading account, both City Index and OANDA offer a variety of options, but there are some key differences that could tip the scales for you. City Index provides a broader range of base currencies, which can be a significant advantage for international traders. OANDA, on the other hand, keeps it simple but effective, offering fewer base currencies but still covering the most commonly used ones.
Here’s a quick comparison table to help you understand the funding options available:
| Funding Options | City Index | OANDA |
|---|---|---|
| Base Currencies | ✅ (9) | ✅ (5) |
| Visa/MasterCard | ✅ | ✅ |
| Wire Transfer | ✅ | ✅ |
| PayPal | ✅ | ❌ |
| Neteller | ❌ | ❌ |
| Skrill | ❌ | ❌ |
| Rapid Pay EUR/GBP | ❌ | ❌ |
| POLi / bPay AU/NZ | ✅ | ✅ |
| Klarna | ❌ | ❌ |
| Other Methods | ✅ | ✅ |
Verdict
When it comes to funding options, City Index offers a slightly more versatile range, especially with the availability of PayPal and a greater number of base currencies.
View City Index ReviewVisit City Index
*Your capital is at risk ‘70% of retail CFD accounts lose money’
Both City Index and OANDA require a $0 minimum deposit to start trading. However, both brokers impose a minimum in certain regions and payment methods.
While there is no minimum amount required via bank transfers in OANDA, you will have to deposit at least $25 when using Trustly or cards.
The table below shows the respective minimum amounts with OANDA for each payment method and region.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Bank Wire | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $0 |
| Trustly | £25 Minimum Deposit | $25 Minimum Deposit | €25 Minimum Deposit | $25 |
| Paypal | N/A | N/A | N/A | N/A |
City Index’s minimum deposit amounts are shown in the table below:
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $150 |
| Paypal | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $150 |
| Bank Wire | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $150 |
| Skrill | N/A | N/A | N/A | N/A |
Verdict
While both brokers originally had a $0 minimum deposit requirement, they are still neck and neck with the varying minimum across different payment methods and regions. OANDA has a lower amount of $25 via credit cards and debit cards, but City Index is not too far off with its $50 minimum via Paypal.
City Index is the winner because it excels in a majority of the categories, including spreads and fees, trading platforms, and product range. The table below summarizes the key information leading to this verdict.
| Criteria | City Index | OANDA |
|---|---|---|
| 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 | ✅ | ✅ |
For beginner traders, OANDA is the better choice due to its zero minimum deposit requirement and superior educational resources.
For experienced traders, City Index offers a more comprehensive trading platform and a wider range of products and markets.
City Index has lower costs when it comes to spreads and fees. The broker offers competitive spreads starting as low as 0.5 pips for major currency pairs. For more information on low-cost trading, you can visit this low commissions guide.
City Index is the better choice for MetaTrader 4 users. The broker provides a seamless integration with the platform, offering a range of customizable features. For a comprehensive list of the best MT4 brokers, check out this best MT4 brokers guide.
Neither City Index nor OANDA offers social or copy trading as a core feature. However, there are other brokers that specialize in this area. For those interested in social trading, you can explore options on this best forex social trading platforms guide.
City Index offers spread betting as one of its trading options. This feature allows UK traders to take advantage of tax benefits associated with spread betting. For more details, you can explore this list of top spread betting brokers in the UK.
In my opinion, OANDA is the superior choice for Australian Forex traders. Both brokers are ASIC regulated, but OANDA has a more user-friendly platform and offers a wider range of currency pairs. For more insights, you can visit this comprehensive review of Australian Forex brokers.
Personally, I find City Index to be the better option for UK Forex traders. Both brokers are FCA-regulated, but City Index was founded in the UK and has a long-standing reputation for reliability and customer service. For a comprehensive look at the best trading platforms in the UK, you can check out this ranking of top UK trading platforms.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
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