City Index vs ThinkMarkets: Which One Is Best?
In our analysis of City Index and ThinkMarkets, traders will uncover both brokers’ strengths and weaknesses. The key to success in forex trading lies in selecting the right broker. Make an informed choice and prioritize safety.
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Our full comparison covers the 10 most important trading factors to help you decide between City Index and ThinkMarkets.
- City Index is regulated by top-tier authorities like the FCA.
- City Index offers a wider range of financial instruments, including options and futures.
- Both brokers have a zero minimum deposit requirement, making them accessible for beginner traders.
- ThinkMarkets offers a ThinkZero account with tighter spreads, but requires a higher minimum deposit.
- City Index charges a commission of $2.50 (USD Base).
1. Lowest Spreads And Fees – ThinkMarkets
This review analyzes the strengths and weaknesses of brokers ThinkMarkets and City Index in forex trading. Both brokers provide competitive pricing, with City Index offering good spreads on standard accounts and ThinkMarkets having tighter spreads on its ThinkZero account, requiring a higher deposit. Both are suitable for cost-conscious traders due to low commissions.
Spreads
The primary cost associated with a RAW account is the spread, which is the difference between the bid and ask prices for currency pairs in the forex market. ThinkMarkets offers tighter spreads on its ThinkZero account compared to City Index’s standard account. For traders who prioritize raw spreads, ThinkMarkets’ ThinkZero account stands out as more competitive, although it requires a higher minimum deposit.
When comparing standard account spreads, City Index provides lower spreads for popular pairs like EUR/USD and USD/JPY. However, ThinkMarkets offers lower spreads for pairs like AUD/USD and USD/CAD. These distinctions highlight that the choice of broker may depend on the specific forex pairs a trader frequently trades. Notably, both brokers provide spreads that are competitive within the industry average, ensuring cost-effectiveness for their clients.
| Standard Account | City Index Spreads | ThinkMarkets Spreads | Industry Spreads |
|---|---|---|---|
| Overall Average | 1.3 | 1.2 | 1.6 |
| EUR/USD | 0.7 | 1.1 | 1.2 |
| USD/JPY | 0.6 | 1.4 | 1.4 |
| GBP/USD | 1.1 | 1.3 | 1.6 |
| AUD/USD | 2.2 | 1.1 | 1.5 |
| USD/CAD | 1.6 | 1.2 | 1.8 |
| EUR/GBP | 1.1 | 1.1 | 1.5 |
| EUR/JPY | 1.6 | 1.2 | 1.9 |
| AUD/JPY | 2.2 | 1.2 | 2.1 |
Commission Levels
RAW accounts come with a fixed commission fee in addition to spreads, which is determined by trade volume. City Index offers a commission of $2.50, making it a more economical choice compared to ThinkMarkets’ $3.50 rate. This price difference positions City Index as a more attractive option for traders looking to minimize commission expenses.
Both brokers offer competitive low commission rates that contribute to lower trading costs overall. Nonetheless, traders should carefully evaluate how commission rates differ across account types and trading volumes, as these elements can significantly impact the total cost of trading.
| USD | AUD | GBP | EUR | |
|---|---|---|---|---|
| City Index | $2.50 | $3.50 | N/A | N/A |
| ThinkMarkets | $3.50 | $3.50 | £2.50 | €3.00 |
This fee calculator shows how reduced spreads affect trading. Choose your base currency, trade amount, and pair to view the cost.
Standard Account Fees
RAW accounts are structured with a fixed commission fee, alongside spreads that vary based on trade volume. City Index charges a competitive commission of $2.50, making it a more cost-effective option than ThinkMarkets, which has a rate of $3.50. This difference in pricing makes City Index particularly appealing for traders who aim to reduce their commission costs.
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Standard Account Spreads
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|---|---|---|---|---|---|
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0.70 | 2.20 | 1.10 | 1.10 | 0.60 |
|
1.10 | 1.10 | 1.10 | 1.30 | 1.40 |
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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1.10 | 1.20 | 1.50 | 1.40 | 1.40 |
|
1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
|
1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
|
1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2025
Both brokers provide attractive low commission rates that help lower overall trading expenses. However, it is crucial for traders to thoroughly assess how commission rates vary among different account types and trade volumes, as these factors can greatly influence the overall cost of trading.
Our Trading Fees Verdict
ThinkMarkets brings home the gold in this category due to their lowest spreads and fees.
ThinkMarkets ReviewVisit ThinkMarkets
*Your capital is at risk ‘72.55% of retail CFD accounts lose money’
2. Better Trading Platform – ThinkMarkets
The trading platform is your gateway to the forex market, so it’s important to choose a broker that offers a platform that suits your trading style and needs.
Clearyly City Index offers a range of platforms, including MetaTrader 4, AT Pro, and its proprietary Web Trader platform. ThinkMarkets, on the other hand, offers MetaTrader 4, MetaTrader 5, and its proprietary ThinkTrader platform.
| Trading Platform | City Index | ThinkMarkets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | No | Yes |
| cTrader | No | No |
| TradingView | Yes | Yes |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | Yes |
We have created a software questionnaire if you are unsure what platform best suits your trading style. Based on six simple questions, we can recommend the best trading software for your trading needs.
1. MetaTrader 4 and 5
Both brokers offer MetaTrader 4, the most popular forex trading platform in the world. ThinkMarkets also offers MetaTrader 5, the newer and more advanced version of the platform. Both versions of MetaTrader are known for their advanced charting features, customisability, and automated trading capabilities.
2. cTrader and TradingView
While neither broker offers cTrader or TradingView, they both offer their own proprietary platforms, which offer a range of advanced trading tools and features.
3. Social And Copy Trading
Both brokers offer social and copy trading features, allowing you to follow and copy the trades of other successful traders. This can be a great way to learn from experienced traders and potentially improve your own trading performance.
4. VPS and Other Trading Tools
Both brokers offer Virtual Private Server (VPS) services, which can help to improve trading execution speeds. They also offer a range of other trading tools, including economic calendars, market news updates, and technical analysis tools.
Apparently, Both brokers offer a good range of trading platforms and tools. However, ThinkMarkets may have a slight edge due to its MetaTrader 5 and its advanced ThinkTrader platforms.
Our Better Trading Platform Verdict
ThinkMarkets brings home the accolade owing to their better trading platform.
ThinkMarkets ReviewVisit ThinkMarkets
*Your capital is at risk ‘72.55% of retail CFD accounts lose money’
3. Superior Accounts And Features – A Tie
Possessing exceptional accounts and features is a true asset for traders. Such advantages foster client satisfaction and loyalty, significantly boosting trading volume. This, in turn, enhances a broker’s competitiveness and reputation in the forex trading arena.
We see here that City Index and ThinkMarkets offer a range of account types to suit different trading needs. City Index offers a standard account with competitive spreads, while ThinkMarkets offers a standard account and a ThinkZero account, which offers tighter spreads for a higher minimum deposit. Both brokers also offer demo accounts, allowing you to practice trading with virtual funds before risking real money.
| City Index | ThinkMarkets | |
|---|---|---|
| Standard Account | No | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | No | No |
| Active Traders | No | No |
| Spread Betting (UK) | Yes | No |
We can speculate here that ThinkMarkets offers more account types, including its ThinkZero account, which may appeal to more experienced traders. However, City Index’s lower minimum deposit requirement makes it more accessible for beginner traders.
Our Superior Accounts and Features Verdict
It’s a draw for both brokers, ThinkMarkets and City Index, thanks to their superior accounts and feature.
City Index ReviewVisit City Index
*Your capital is at risk ‘70% of retail CFD accounts lose money’
4. Best Trading Experience And Ease – ThinkMarkets
When it comes to trading experience and ease of use, both City Index and ThinkMarkets have their merits. City Index offers a user-friendly interface with its proprietary Web Trader platform, which is perfect for those who are new to trading. On the other hand, ThinkMarkets shines with its ThinkTrader platform, which our own testing has shown to be one of the best trading apps out there.
- City Index offers MetaTrader 4, AT Pro, and its proprietary Web Trader platform.
- ThinkMarkets provides MetaTrader 4, MetaTrader 5, and its proprietary ThinkTrader platform.
- Both brokers offer social and copy trading features.
- Virtual Private Server (VPS) services are available from both brokers to improve trading execution speeds.
Now, if you’re someone who values a seamless mobile trading experience, ThinkMarkets has the edge. Their ThinkTrader app was even listed as the “Best Trading App” in our own testing. But don’t discount City Index; their Web Trader platform is incredibly intuitive and offers a range of advanced trading tools.
| Limit Order Speed | Limit Order Global Rank | Market Order Speed | Market Order Global Rank | |
|---|---|---|---|---|
| City Index | 95ms | 12/36 | 131ms | 14/36 |
| ThinkMarkets | 161ms | 25/36 | 248ms | 35/36 |
We can easily say here that ThinkMarkets takes the cake with its award-winning ThinkTrader app for their best overall trading experience and ease of use.
Our Best Trading Experience and Ease Verdict
ThinkMarkets takes the gold due to having the best trading experience and ease.
ThinkMarkets ReviewVisit ThinkMarkets
*Your capital is at risk ‘72.55% of retail CFD accounts lose money’
5. Stronger Trust And Regulation – City Index
A competitive and reputable forex broker boasts remarkable scores in trust and regulation, ensuring that traders enjoy a secure and transparent trading environment.
City Index Trust Score
ThinkMarkets Trust Score
Trust and regulation are critical factors when choosing a forex broker. Both City Index and ThinkMarkets are regulated by top-tier authorities, ensuring a high level of investor protection. City Index is regulated by the Financial Conduct Authority (FCA), one of the world’s leading financial regulatory bodies, while ThinkMarkets is regulated by the Australian Securities and Investments Commission (ASIC), another well-respected regulator. Both brokers also hold additional licenses from other regulatory bodies, further enhancing their credibility.
| City Index | ThinkMarkets | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) MAS (Singapore) | ASIC (Australia) FCA (UK) CYSEC (Cyprus) |
| Tier 2 Regulation | JFSA | |
| Tier 3 Regulation | FSCA (South Africa) FSA-S (Seychelles) CIMA (Cayman) FSC-M (Mauritius) |
Based on our studies, both brokers are highly trustworthy and well-regulated. However, City Index, being one of the FCA regulated brokers, may offer a higher level of investor protection, especially for UK traders.
Our Stronger Trust and Regulation Verdict
City Index steals the crown in this section due to their stronger trust and regulation.
City Index ReviewVisit City Index
*Your capital is at risk ‘70% of retail CFD accounts lose money’
6. Top Product Range And CFD Markets – City Index
When it comes to the range of products and CFD markets, which is vital for traders as it allows to capitalise on different market conditions and asset classes, both City Index and ThinkMarkets offer a diverse selection. City Index provides a wide range of financial instruments, including options and futures, which can be a real boon for traders looking to diversify their portfolios. ThinkMarkets, on the other hand, doesn’t fall short either; it offers a robust range of CFD markets, including cryptocurrencies, which are increasingly popular among traders.
| CFDs | City Index | ThinkMarkets |
|---|---|---|
| Forex Pairs | 84 | 46 |
| Indices | 40+ | 16 |
| Commodities | 6 Metals 8 Energies 13 Softs | 4 Metals (3 x Golds) (3 x Silver) 3 Energies |
| Cryptocurrencies | 5+ | 27 |
| Shares | 4700+ | 3670 |
| ETFs | 4 | 352 |
| Bonds/Treasuries | 11 | No |
| Other Products(Options,Futures) | No | No |
ThinkMarkets is also noteworthy for its ThinkZero account, which offers tighter spreads on a variety of markets. This could be particularly appealing for traders who are focused on cost efficiency. City Index, however, offers a more comprehensive range of products, making it a one-stop shop for all your trading needs.
And we can assume that City Index is clearly performing great here with its broader selection of financial instruments for the most extensive range of CFD markets and top product range.
Our Top Product Range and CFD Markets Verdict
City Index comes out on top with their top product range and CFD market.
City Index ReviewVisit City Index
*Your capital is at risk ‘70% of retail CFD accounts lose money’
7. Superior Educational Resources – City Index
Learning is a journey that never truly ends. Each day offers us new lessons as we go through life. In the business of forex trading, education serves as the key for achieving success. It empowers traders with the knowledge and skills necessary to make informed decisions and thrive in the market.
When it comes to educational resources, both City Index and ThinkMarkets have a lot to offer. City Index provides a comprehensive educational section on its website, featuring webinars, articles, and even a trading academy. ThinkMarkets isn’t far behind, offering a range of educational materials, including eBooks and video tutorials.
- City Index offers a trading academy with structured courses.
- ThinkMarkets provides a series of eBooks for different trading levels.
- City Index features regular webinars hosted by industry experts.
- ThinkMarkets offers video tutorials covering various trading topics.
- Both brokers provide a glossary of trading terms.
- City Index and ThinkMarkets offer demo accounts for practice.
ThinkMarkets also has a dedicated section for market analysis, which can be particularly useful for traders looking to deepen their understanding of market trends. City Index, on the other hand, offers a more structured approach to learning with its trading academy, which can be invaluable for beginners.
Based on our own testing, it’s a close call for both brokers, but City Index slightly edges out ThinkMarkets in offering superior educational resources.
Our Superior Educational Resources Verdict
City Index outperforms the challenger thanks to having superior educational resources.
City Index ReviewVisit City Index
*Your capital is at risk ‘70% of retail CFD accounts lose money’
8. Superior Customer Service – City Index
It’s empowering to recognize that a brokerage prioritizes exceptional customer service for its clients. Their commitment ensures that traders enjoy an outstanding trading experience while confidently navigating the complexities of the trading world.
Based on studies, both City Index and ThinkMarkets offer comprehensive customer service, including live chat, phone support, and email support. However, City Index offers more extensive phone support hours, which could be a significant advantage for traders who prefer to speak with a representative directly.
| Feature | City Index | ThinkMarkets |
|---|---|---|
| Live Chat Support | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| Support Hours | 24/5 | 24/7 |
| Multilingual Support | Yes | Yes |
In conjecture, both brokers offer comprehensive customer service, City Index may have a slight edge due to its more extensive phone support hours.
Our Superior Customer Service Verdict
City Index rules in this category in light of their superior customer service.
City Index ReviewVisit City Index
*Your capital is at risk ‘70% of retail CFD accounts lose money’
9. Better Funding Options – ThinkMarkets
For traders seeking a broker that provides greater flexibility and convenience, this section presents a comprehensive comparison of the funding options offered by these two brokers, highlighting which one stands out as the best choice.
When it comes to funding options, both City Index and ThinkMarkets offer a variety of methods to make the process as smooth as possible. City Index provides traditional methods like bank transfers and credit/debit cards but also includes PayPal for those who prefer digital wallets. ThinkMarkets, on the other hand, offers a similar range, but adds Skrill and Neteller to the mix, which can be a plus for traders who use these services.
ThinkMarkets also offers a zero-fee policy on deposits and withdrawals, which is a significant advantage for cost-conscious traders. City Index, while not charging for most deposit methods, does have a fee for withdrawals via bank transfer. This could be a deciding factor for traders who are looking to move large sums of money.
| Funding Option | City Index | ThinkMarkets |
|---|---|---|
| Credit Card | Yes | Yes |
| Debit Card | Yes | Yes |
| Bank Transfer | Yes | Yes |
| PayPal | Yes | Yes |
| Skrill | No | Yes |
| Neteller | No | Yes |
| Crypto | Yes | Yes |
| Rapid Pay | No | No |
| POLi / bPay | Yes | Yes |
| Klarna | No | No |
Our Better Funding Options Verdict
ThinkMarkets excels in this section by the reason of their better funding options.
ThinkMarkets ReviewVisit ThinkMarkets
*Your capital is at risk ‘72.55% of retail CFD accounts lose money’
10. Lower Minimum Deposit – A Tie
With both City Index and ThinkMarkets having a $0 minimum deposit requirement for their Standard Accounts, we are awarding the brokers a tie.
A couple of things to consider when choosing between the two: City Index recommends a minimum deposit of $150 for both its Standard and RAW FX accounts, while ThinkMarkets requires at least a $500 deposit to use their Thinkzero account.
The table below shows the brokers’ overall minimum deposit requirements.
| Minimum Deposit | Recommended Deposit | |
| City Index | $0 | $150 |
| ThinkMarkets | $0 | $500 |
Let us assume, for example, that you are not using ThinkMarket’s ThinkZero account, still, ThinkMarkets will allow you to sign up with $0 deposit; this is the same with City Index. No needing to use your own funds allow you to explore each broker’s offering with with minimum fuss.
Our Lower Minimum Deposit Verdict
Both brokers are tied in this category thanks to their lower minimum deposit.
ThinkMarkets ReviewVisit ThinkMarkets
*Your capital is at risk ‘72.55% of retail CFD accounts lose money’
Is ThinkMarkets or City Index The Best Broker?
ThinkMarkets takes the cake in this review because it excels in key areas such as lower spreads and fees, better trading platforms, and more flexible funding options. The table below summarises the key information leading to this verdict:
| Categories | City Index | ThinkMarkets |
|---|---|---|
| Lowest Spreads And Fees | No | Yes |
| Better Trading Platform | No | Yes |
| Superior Accounts And Features | Yes | Yes |
| Best Trading Experience And Ease | No | Yes |
| Stronger Trust And Regulation | Yes | No |
| Top Product Range And CFD Markets | Yes | No |
| Superior Educational Resources | Yes | No |
| Superior Customer Service | Yes | No |
| Better Funding Options | No | Yes |
| Lower Minimum Deposit | No | Yes |
City Index: Best For Beginner Traders
For beginner traders, City Index offers a more structured educational platform, making it the better choice.
ThinkMarkets: Best For Experienced Traders
For experienced traders, ThinkMarkets provides a more comprehensive trading experience with lower fees and a wider range of trading platforms.
FAQs Comparing City Index Vs ThinkMarkets
Does ThinkMarkets or City Index Have Lower Costs?
ThinkMarkets has lower costs when it comes to spreads and fees. They offer a ThinkZero account with tighter spreads, starting from 0 pips on major currency pairs. For more information on low-cost brokers, you can visit this comprehensive guide on low commissions.
Which Broker Is Better For MetaTrader 4?
Both City Index and ThinkMarkets offer MetaTrader 4 as one of their trading platforms. However, ThinkMarkets provides a more comprehensive MetaTrader 4 experience with additional features. For a detailed comparison, check out this list of the best MT4 brokers.
Which Broker Offers Social Trading?
Both City Index and ThinkMarkets offer social and copy trading features. This allows traders to follow and copy the trades of experienced traders. For more on social trading platforms, you can read this guide on the best copy trading platforms.
Does Either Broker Offer Spread Betting?
City Index offers spread betting as an option. This is especially advantageous for UK traders due to tax benefits. For a deeper understanding of spread betting brokers, you can explore this best spread betting broker guide for beginners.
What Broker is Superior For Australian Forex Traders?
In my view, ThinkMarkets stands out for Australian Forex traders. Both brokers are regulated by ASIC, but ThinkMarkets has its roots in Australia. For more insights, you can check out this comprehensive list of the Best Forex Brokers In Australia.
What Broker is Superior For UK Forex Traders?
For those trading in the UK, I’d lean towards City Index. Both are FCA regulated, but City Index has a more robust UK presence. For further details, you can read this ultimate guide to the Best Forex Brokers In UK.
Article Sources
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
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Is ThinkMarkets allowed in the USA?
ThinkMarkets is not licenced and regulated by the NFA or CFTC so are not authorised to offer trading services in the USA. If you wish to trade in the USA, consider OANDA US, Forex.com US, IG Group US or TD-AmeriTrade. Just note that trading products will be spot or futures products not CFD products.