Dive into our dissection of City Index and OANDA. We compare each Forex broker on trading costs, platforms, regulation, and more to help you determine the broker that fits your your trading needs.
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City Index and OANDA are both renowned forex brokers, each with their unique offerings. City Index is known for its broad range of trading instruments and competitive spreads, while OANDA stands out with its powerful trading platform and transparent pricing.
When it comes to trading costs, both City Index and OANDA have their strengths and weaknesses.
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 September 2023[1]September 2023 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.
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.
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.
Both brokers offer free deposits and withdrawals, which is a significant advantage for traders who move money frequently.
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 |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
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.
Verdict: OANDA wins this round due to its regulation by multiple top-tier authorities, providing traders with a high level of trust and security.
| Broker | Regulators |
|---|---|
| City Index | FCA, ASIC, MAS |
| OANDA | FCA, ASIC, MAS, CFTC |
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.
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.
Neither City Index nor OANDA offers cTrader or TradingView platforms.
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 |
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 offering of MetaTrader 4 and advanced trading tools.
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
When it comes to execution speed, both City Index and OANDA perform well. City Index offers fast and reliable trade execution, which is crucial for day traders and scalpers. OANDA is also known for its efficient trade execution, with a reputation for minimal slippage. You can learn more about DMA forex brokers and ECN forex brokers here.
Verdict: It’s a tie in this round. Both brokers offer excellent execution speed, ensuring traders can enter and exit the markets quickly and efficiently.
| Broker | Execution Speed | Limit Orders | Market Orders |
|---|---|---|---|
| City Index | Fast |
7 | 8 |
| OANDA | Fast |
N/A | N/A |
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 |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
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 |
There are several other factors to consider when comparing City Index and OANDA. You can learn more about Copy Trading and Social Trading here.
City Index requires a minimum deposit of $100, while OANDA has no minimum deposit requirement.
Both brokers offer a range of payment methods, including bank transfer, credit card, and PayPal.
City Index offers a wider range of trading instruments, including forex, CFDs, and spread betting. OANDA, on the other hand, offers a more limited range of instruments but excels in forex trading.
Verdict: OANDA wins this round due to its no minimum deposit requirement and its focus on forex trading.
| Criteria | City Index | OANDA |
|---|---|---|
| Minimum Deposit Levels | $100 | No minimum |
| Payment Methods | Bank Transfer, Credit Card, PayPal | Bank Transfer, Credit Card, PayPal |
| Trading Instruments | Forex, CFDs, Spread Betting | Primarily Forex |
| Forex CFD | 84 | 68 |
| Shares CFD | 4500+ | No |
| Cryptos CFD | 25+ | 4 |
| Commodities CFD | 4 Metals 8 Energies 18 Softs |
3 Metals (Gold x 10) (Silver x 10) 3 Energies 4 Softs |
| Indices CFD | 20 | 15 |
| Bonds/Treasuries CFD | 11 | 5 |
| Spread Betting (UK only) | Yes | Yes |
| Other Products | No | No |
| Shares (underlying) | No | No |
Best For Beginner Traders: City Index, with its user-friendly platform, wide range of educational resources, and excellent customer service, is our top pick for beginner traders.
Best For Experienced Traders: OANDA, with its advanced trading tools, transparent pricing, and regulation by multiple top-tier authorities, is our top pick for experienced traders.
| Criteria | City Index | OANDA |
|---|---|---|
| Our Forex Broker Scores | 8.5 | 8.7 |
In conclusion, both City Index and OANDA are excellent forex brokers, each with their unique strengths. Your choice between the two will depend on your individual trading needs and preferences.
Yes, City Index is a good choice for beginners due to its user-friendly platform, wide range of educational resources, and excellent customer service.
Yes, OANDA is suitable for experienced traders due to its advanced trading tools, transparent pricing, and regulation by multiple top-tier authorities.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
