Dive into our detailed comparison of Forex broker’s City Index and ThinkMarkets to find the best fit for your trading needs. We look at the key features you should know such as trading platforms, spreads and regulation.
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City Index and ThinkMarkets, while both being reputable brokers, have some key differences. City Index, for instance, offers a wider range of financial instruments, including options and futures, while ThinkMarkets is known for its advanced trading platforms and competitive spreads. Additionally, City Index has a lower minimum deposit requirement, making it more accessible for beginner traders. On the other hand, ThinkMarkets offers a ThinkZero account with tighter spreads for a higher minimum deposit, which could be more appealing to experienced traders.
Trading costs can significantly impact your profitability, so it’s important to choose a broker with competitive pricing. City Index offers competitive spreads on its standard account, while ThinkMarkets offers tighter spreads on its ThinkZero account, which requires a higher minimum deposit. However, both brokers offer low commission forex trading, making them a good choice for cost-conscious traders.
When it comes to standard account spreads, both brokers offer competitive pricing. However, based on our Standard Account Testing, ThinkMarkets may have a slight edge due to its tighter spreads on major currency pairs.
When it comes to standard account spreads, it’s a tight race between City Index and ThinkMarkets. Both brokers offer competitive spreads across various forex pairs, but there are some key differences to note.
City Index tends to have lower spreads for pairs like EUR/USD and USD/JPY, which are some of the most traded pairs in the forex market. This could potentially lead to cost savings for traders who frequently trade these pairs. However, for the AUD/USD pair, City Index’s spread is significantly higher than ThinkMarkets’, which could be a deciding factor for traders who often trade this pair.
On the other hand, ThinkMarkets consistently offers lower spreads for pairs like AUD/USD and USD/CAD. This could make ThinkMarkets a more cost-effective choice for traders who primarily trade these pairs.
| Forex Pair | City Index | ThinkMarkets | Industry Average |
|---|---|---|---|
| EUR/USD | 0.7 | 1.1 | 1.18 |
| USD/JPY | 0.6 | 1.4 | 1.37 |
| GBP/USD | 1.1 | 1.3 | 1.51 |
| AUD/USD | 2.2 | 1.1 | 1.41 |
| USD/CAD | 1.6 | 1.2 | 1.70 |
| EUR/GBP | 1.1 | 1.1 | 1.56 |
| EUR/JPY | 1.6 | 1.2 | 1.85 |
| AUD/JPY | 2.2 | 1.2 | 2.09 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
However, when we compare these brokers to the industry average, both City Index and ThinkMarkets offer competitive spreads. In fact, for some pairs, both brokers offer spreads that are lower than the industry average. This shows that both brokers are committed to offering competitive pricing to their clients.
In conclusion, the choice between City Index and ThinkMarkets could come down to the specific forex pairs that a trader frequently trades. Both brokers offer competitive spreads, but the best choice would depend on the individual trader’s needs and trading habits.
For traders who prefer raw spreads, ThinkMarkets offers a ThinkZero account with tighter spreads. However, this account requires a higher minimum deposit. Based on our RAW Account Testing, ThinkMarkets’ ThinkZero account offers more competitive spreads compared to City Index’s standard account.
Both brokers offer low commission rates, which can help to reduce trading costs. However, it’s important to note that commission rates can vary depending on the account type and trading volume.
Neither broker charges fees for deposits or withdrawals, which is a significant advantage for traders who frequently move funds in and out of their trading account.
Both brokers charge overnight financing fees, also known as swap fees, for positions held open overnight. These fees can add up over time, so it’s important to consider them when calculating your potential trading costs.
Verdict: ThinkMarkets may offer lower trading costs due to its tighter spreads on the ThinkZero account. However, City Index’s lower minimum deposit requirement and competitive spreads on its standard account make it a good choice for traders with a smaller budget.
| Criteria | City Index | ThinkMarkets |
|---|---|---|
| Standard Account Spreads | Competitive | Tighter |
| RAW Account Spreads | N/A | Tighter |
| Commission Rates | Low | Low |
| Deposit & Withdrawal Fees | None | None |
| Other Fees | Yes (overnight financing fees) | Yes (overnight financing fees) |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
Trust and regulation arecritical 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.
Verdict: Both brokers are highly trustworthy and well-regulated. However, City Index, being regulated by the FCA, may offer a higher level of investor protection, especially for UK traders.
| Criteria | City Index | ThinkMarkets |
|---|---|---|
| Regulation | FCA, ASIC, and others | ASIC, FCA, and others |
| Investor Protection | Yes | Yes |
| Segregated Accounts | Yes | Yes |
| Negative Balance Protection | Yes | Yes |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
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. 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.
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.
While neither broker offers cTrader or TradingView, they both offer their own proprietary platforms, which offer a range of advanced trading tools and features.
| Criteria | City Index | ThinkMarkets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | No | Yes |
| Proprietary Platform | Web Trader | ThinkTrader |
| Social and Copy Trading | Yes | Yes |
| VPS Services | Yes | Yes |
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.
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.
| Broker | Limit Order Speed | Market Order Speed |
|---|---|---|
| City Index | 117 ms | 144 ms |
| ThinkMarkets | N/A | N/A |
Verdict: Both brokers offer a good range of trading platforms and tools. However, ThinkMarkets may have a slight edge due to its offering of MetaTrader 5 and its advanced ThinkTrader platform.
Execution speed is crucial for traders, especially for those who trade frequently or use high-frequency trading strategies. Both City Index and ThinkMarkets claim to offer fast execution speeds, with ThinkMarkets stating that it has one of the fastest execution speeds in the industry. However, it’s important to note that execution speed can vary depending on a range of factors, including market conditions and the type of order placed.
Verdict: While both brokers offer fast execution speeds, ThinkMarkets may have a slight edge due to its claim of having one of the fastest execution speeds in the industry.
| Criteria | City Index | ThinkMarkets |
|---|---|---|
| Execution Speed | Fast | Very Fast |
| Slippage Protection | Yes | Yes |
| Order Types | Market, Limit, Stop, Trailing Stop, OCO | Market, Limit, Stop, Trailing Stop, OCO |
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.
Verdict: 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.
| Criteria | City Index | ThinkMarkets |
|---|---|---|
| Standard Account | Yes | Yes |
| Premium/VIP Account | No | Yes (ThinkZero) |
| Demo Account | Yes | Yes |
| Islamic Account | Yes | Yes |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
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.
Verdict: While both brokers offer comprehensive customer service, City Index may have a slight edge due to its more extensive phone support hours.
| Criteria | City Index | ThinkMarkets |
|---|---|---|
| Live Chat | Yes | Yes |
| Phone Support | Yes (24/5) | Yes |
| Email Support | Yes | Yes |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
In addition to the factors discussed above, there are several other factors that can influence your choice of broker.
City Index has a lower minimum deposit requirement than ThinkMarkets, making it more accessible for beginner traders. However, ThinkMarkets offers a ThinkZero account with tighter spreads for a higher minimum deposit, which could be more appealing to experienced traders.
Both brokers offer a range of payment methods, including credit/debit card, bank transfer, and e-wallets. This makes it easy to deposit and withdraw funds from your trading account.
Other factors to consider include the range of financial instruments available, the availability of educational resources, and the broker’s reputation and regulatory status.
Verdict: Both brokers offer a good range of trading factors. However, City Index’s lower minimum deposit requirement and wider range of financial instruments make it a good choice for beginner traders, while ThinkMarkets’ ThinkZero account may appeal to more experienced traders.
| Criteria | City Index | ThinkMarkets |
|---|---|---|
| Minimum Deposit | Lower | Higher |
| Payment Methods | Multiple Options | Multiple Options |
| Other Considerations | Wide Range of Instruments, Educational Resources | Tighter Spreads on ThinkZero Account, Advanced Trading Platforms |
After a comprehensive comparison, it’s clear that both City Index and ThinkMarkets have their strengths. However, the best broker for you will depend on your specific trading needs and preferences.
Best For Beginner Traders: City Index, with its lower minimum deposit requirement, wide range of financial instruments, and comprehensive educational resources, is a great choice for beginner traders.
Best For Experienced Traders: ThinkMarkets, with its advanced trading platforms, ThinkZero account with tighter spreads, and fast execution speeds, is well-suited to experienced traders.
| Broker | Our Forex Broker Scores |
|---|---|
| City Index | 4.5/5 |
| ThinkMarkets | 4.3/5 |
City Index is generally better for beginner traders due to its lower minimum deposit requirement, wide range of financial instruments, and comprehensive educational resources.
Both brokers offer good trading platforms, but ThinkMarkets may have a slight edge due to its offering of MetaTrader 5 and its advanced ThinkTrader platform.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
