Our EightCap vs City Index forex broker comparisons found City Index has more currency pairs (84 vs 46) but Eightcap has more Crypto (250 vs 25). Both brokers offer MT4 and MT5 with Eightcap also offering Capitalise.ai and Tradingview.
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Eightcap and City Index are both reputable forex brokers, but they differ in several key areas. Eightcap, for instance, is known for its competitive spreads and access to the MetaTrader 4 and 5 platforms. City Index, on the other hand, offers a wider range of trading instruments and platforms, including its proprietary Web Trader and AT Pro platforms. The broker also stands out for its comprehensive educational resources, making it a good choice for beginner traders.
When it comes to trading costs, both brokers have their strengths.
In terms of forex spreads, Eightcap offers competitive pricing, particularly on its Raw Account where spreads start from 0.0 pips. City Index also offers competitive spreads, especially on major forex pairs like EUR/USD.
Looking at the data, it’s clear that both Eightcap and City Index have their strengths when it comes to standard account spreads. For the EUR/USD, USD/JPY, GBP/USD, USD/CAD, and EUR/GBP pairs, Eightcap offers a lower spread. However, City Index shines with the AUD/USD and AUD/JPY pairs.
In my experience, the lower the spread, the better for the trader. So, if you’re trading pairs where Eightcap has the edge, it could be the more cost-effective choice. But if you’re focusing on the AUD/USD and AUD/JPY pairs, City Index might be your best bet.
| Forex Pair | Eightcap | City Index | Industry Average |
|---|---|---|---|
| EUR/USD | 1.0 | 0.7 | 1.18 |
| USD/JPY | 1.1 | 0.6 | 1.37 |
| GBP/USD | 1.0 | 1.1 | 1.51 |
| AUD/USD | 1.2 | 2.2 | 1.41 |
| USD/CAD | 1.0 | 1.6 | 1.70 |
| EUR/GBP | 1.0 | 1.1 | 1.56 |
| EUR/JPY | 1.2 | 1.6 | 1.85 |
| AUD/JPY | 1.9 | 2.2 | 2.09 |
Standard Account Analysis Updated September 2023[1]September 2023 Published And Tested Data
But let’s not forget about the industry average. When we compare these two brokers to the industry standard, we can see that both Eightcap and City Index offer competitive spreads. In fact, for most pairs, they’re beating the average. This is a testament to the value they’re offering to retail forex traders like us. So, whether you choose Eightcap or City Index, you’re likely to be getting a good deal.
For commissions, both brokers charge competitive rates. Eightcap charges a commission of $7 per lot on its Raw Account, while City Index charges a commission of $7 per lot as well.
Neither Eightcap nor City Index charge fees for deposits or withdrawals, which is a plus for traders who move money frequently.
Both brokers do not charge inactivity fees, which is beneficial for traders who do not trade frequently.
Verdict: In terms of trading costs, it’s a close call between Eightcap and City Index. However, Eightcap edges out slightly due to its lower spreads on the Raw Account.
| Criteria | Eightcap | City Index |
|---|---|---|
| Spreads | Starts from 0 pips on Raw Account | Competitive, varies by instrument |
| Commissions | $7 per lot on Raw Account | $7 per lot |
| Deposit & Withdrawal Fees | No | No |
| Other Fees | No inactivity fees | No inactivity fees |
Based on our exclusive research on execution speeds, both Eightcap and City Index provide a robust trading environment. However, the choice between the two may depend on the specific needs and preferences of the trader.
Verdict: Both Eightcap and City Index offer a high-quality trading environment. The choice between the two would depend on the specific needs and preferences of the trader.
| Criteria | Eightcap | City Index |
|---|---|---|
| Trading Environment | Robust | Robust |
Both Eightcap and City Index offer a range of trading platforms to cater to different types of traders.
Eightcap offers both MetaTrader 4 and 5, popular platforms known for their advanced charting tools and automated trading capabilities. City Index, on the other hand, does not offer MetaTrader 5.
Neither Eightcap nor City Index offer cTrader or TradingView.
| Criteria | Eightcap | City Index |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | No |
| cTrader | No | No |
| TradingView | Yes | Yes |
| Other Platforms | No | City Index WebTrader |
| VPS Services | Free VPS hosting for eligible clients | Yes |
Eightcap offers MetaTrader Signals for social and copy trading. City Index also offers MetaTrader Signals for social and copy trading.
Verdict: Both Eightcap and City Index offer MetaTrader Signals for social and copy trading, making it a tie in this category.
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
| Broker | Social And Copy Trading Platform |
|---|---|
| Eightcap | MetaTrader Signals |
| City Index | MetaTrader Signals |
Both Eightcap and City Index support automated trading. Eightcap users can use Expert Advisors (EAs) on MetaTrader 4 and 5, while City Index users can use automated trading strategies on the AT Pro platform.
Verdict: Eightcap has a slight edge in this category due to its additional offering of Capitalise.ai with MT4 for automated trading.
| Broker | Trading Tools |
|---|---|
| Eightcap | Expert Advisors (EAs), Capitalise.ai (with MT4) |
| City Index | Expert Advisors (EAs) |
Eightcap offers free VPS hosting to clients who meet certain criteria, which can be beneficial for traders using EAs or algorithmic trading strategies. City Index does not offer VPS hosting but provides a range of other trading tools, including advanced charting tools and a customizable trading workspace.
Verdict: In terms of trading platforms, Eightcap wins for its support of both MetaTrader 4 and 5 and its free VPS hosting for eligible clients.
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
Eightcap offers two account types: the Standard Account and the Raw Account. The Standard Account offers zero commission trading with slightly higher spreads, while the Raw Account offers lower spreads with a commission per lot. City Index, on the other hand, offers a single account type with competitive spreads and no commissions. The broker also offers a demo account for beginners to practice their trading strategies.
Verdict: City Index wins this round for its simplicity and its provision of a demo account for beginners.
| Criteria | Eightcap | City Index |
|---|---|---|
| Account Types | Standard Account, Raw Account | Single Account, Demo Account |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
Both Eightcap and City Index are well-regulated brokers. Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC). City Index, on the other hand, is regulated by the Financial Conduct Authority (FCA) in the UK, the Monetary Authority of Singapore (MAS), and the Australian Securities and Investments Commission (ASIC).
Verdict: City Index wins this round for its regulation by multiple top-tier regulatory bodies.
| Broker | Regulator |
|---|---|
| Eightcap | ASIC, VFSC, SCB |
| City Index | FCA, MAS, ASIC |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
Both Eightcap and City Index offer excellent customer service. Eightcap offers 24/5 customer support via live chat, email, and phone. City Index also offers 24/5 customer support via live chat, email, and phone, and additionally provides comprehensive educational resources and market analysis.
Verdict: City Index wins this round for its comprehensive educational resources and market analysis in addition to its 24/5 customer support.
| Criteria | Eightcap | City Index |
|---|---|---|
| Customer Service | 24/5 via live chat, email, phone | 24/5 via live chat, email, phone, educational resources, market analysis |
Eightcap requires a minimum deposit of $100 for both its account types. City Index, on the other hand, does not require a minimum deposit, which makes it more accessible for beginner traders.
Both Eightcap and City Index offer a variety of payment methods, including credit card, debit card, and bank transfer. Eightcap also accepts e-wallet payments.
City Index offers a wider range of trading instruments, including forex, indices, shares, commodities, and cryptocurrencies. Eightcap offers forex and CFD trading.
Verdict: City Index wins this round for its wider range of trading instruments and no minimum deposit requirement.
| Criteria | Eightcap | City Index |
|---|---|---|
| Minimum Deposit | $100 | No minimum deposit |
| Payment Methods | Credit card, debit card, bank transfer, e-wallets | Credit card, debit card, bank transfer |
| Trading Instruments | Forex, CFDs | Forex, indices, shares, commodities, cryptocurrencies |
| Trading Instruments | ||
| Forex CFD | 42 | 84 |
| Shares CFD | 400+ | 4500+ |
| Cryptos CFD | 86 pairs | 25+ |
| Commodities CFD | 2 Metals (vs USD, AUD, EUR) 2 Energies |
4 Metals 8 Energies 18 Softs |
| Indices CFD | 10 | 20 |
| Bonds/Treasuries CFD | No | 11 |
| Spread Betting (UK only) | No | Yes |
| Other Products | No | No |
| Shares (underlying) | No | No |
Best For Beginner Traders
City Index is the best choice for beginner forex traders. Its comprehensive educational resources, no minimum deposit requirement, and wide range of trading instruments make it a great platform for those new to trading.
Best For Experienced Traders
Eightcap, with its competitive spreads, support for MetaTrader 4 and 5, and free VPS hosting for eligible clients, is a more suitable choice for experienced traders.
City Index is better for beginner traders due to its comprehensive educational resources, no minimum deposit requirement, and wide range of trading instruments.
Eightcap is more suitable for experienced traders due to its competitive spreads, support for MetaTrader 4 and 5, and free VPS hosting for eligible clients.
No commission account spread propiety testing data and published wesbite spread information, centralised on our standard account spread page..
