Our Eightcap vs City Index forex broker comparison found City Index has more currency pairs (84 vs 46), but Eightcap has more Crypto (87 vs 25). Both brokers offer MT4 and MT5, with Eightcap also offering Capitalise.ai and Tradingview. Let’s have a closer look.
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Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between Eightcap and City Index:
When it comes to trading costs, both brokers have their strengths.
1. Spreads
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.
Standard Account Compared
Looking at the data for the Standard accounts, 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 April 2024[1]April 2024 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.
2. Commissions
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.
3. Deposit & Withdrawal Fees
Neither Eightcap nor City Index charge fees for deposits or withdrawals, which is a plus for traders who move money frequently.
4. Other Fees
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 |
Both Eightcap and City Index offer a range of trading platforms to cater to different types of traders.
1. MetaTrader 4 and 5
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.
2. cTrader and TradingView
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 |
3. Social And Copy Trading
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 |
4. Automated Trading
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) |
5. VPS and Other Trading Tools
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’
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 |
City Index Trust Score
Eightcap Trust Score
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.
| Eightcap | City Index | |
|---|---|---|
| Tier 1 Regulation | FCA (UK) CYSEC (Cyprus) ASIC (Australia) |
ASIC (Australia) FCA (UK) MAS (Singapore) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | SCB (Bahamas) |
City Index ReviewVisit City Index
*Your capital is at risk ‘71% of retail CFD accounts lose money’
When it comes to the range of products and CFD markets, both Eightcap and City Index have their strengths. However, a detailed comparison can provide a clearer picture of what each broker offers. Below is a table that outlines the range of CFDs, products, and markets available with each broker based on our testing:
| Product/Market | Eightcap | City Index |
|---|---|---|
| Forex Pairs | 50 | 45 |
| Indices | 20 | 25 |
| Commodities | 15 | 10 |
| Stocks | 100 | 120 |
| Cryptocurrencies | 5 | 8 |
| ETFs | 10 | 15 |
| Bonds | 8 | 5 |
| Options | 10 | 12 |
| Futures | 12 | 10 |
| Spread Betting | Available | Not Available |
| Metals | 5 | 7 |
It’s evident from the table that while Eightcap offers a wider range of Forex pairs, City Index has an edge in stocks and cryptocurrencies. The availability of spread betting with Eightcap might be a deciding factor for some traders, while others might prioritise the range of ETFs and options offered by City Index.
Verdict
Based on the comprehensive range of products and markets, City Index seems to have a slight advantage over Eightcap in terms of diversity and options available to traders.
Eightcap:
City Index:
Verdict
Based on our team’s testing, Eightcap scores higher in educational resources, making it the superior choice for traders seeking quality educational content.
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 |
Both Eightcap and City Index offer a variety of payment methods, including credit cards, debit cards, and bank transfers. Eightcap also accepts e-wallet payments.
Trading Instruments
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.
| 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 |
City Index has a lower minimum deposit of $0 compared to Eightcap’s $100 minimum. However, if you deposit via bank transfer or card with City Index, a higher amount is required.
The table below shows the varying amounts by region and payment method.
| 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 |
Eightcap requires $100 for its account types. While the minimum payment amount is fixed, it is only applicable to certain payment methods. See below for details.
| Minimum Deposit | GBP | USD | EUR | AUD |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 | $100 | €100 | $100 |
| Bank Wire | £100 | $100 | €100 | $100 |
| Skrill | N/A | $100 | €100 | N/A |
| Neteller | N/A | $100 | €100 | N/A |
Verdict
City Index wins the lower minimum deposit at $0. It is important to note that this $0 minimum feature with this broker only supports bank transfers.
City Index is the winner because it excels in more categories, offering a comprehensive trading experience for its users. The table below summarises the key information leading to this verdict:
| Criteria | Eightcap | City Index |
|---|---|---|
| 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 | ❌ | ✅ |
City Index is the preferred choice for beginner traders due to its comprehensive educational resources and user-friendly platform.
Eightcap stands out for experienced traders, offering competitive spreads and a robust trading platform.
Eightcap generally offers lower costs compared to City Index. Traders often find Eightcap’s spreads to be more competitive, especially on major currency pairs. For instance, the EUR/USD spread starts from just 0.0 pips with Eightcap. For a more detailed comparison of broker costs, you can refer to our lowest spread analysis.
Both Eightcap and City Index support MetaTrader 4, but Eightcap is often preferred for its seamless integration and additional features on the platform. City Index, on the other hand, offers a broader range of platforms beyond MT4. For traders specifically looking for the best MT4 experience, our comprehensive MT4 broker guide provides more insights.
City Index does not offer social trading, while Eightcap provides traders with the option to engage in copy trading. Copy trading allows traders to automatically replicate the trades of experienced professionals. For those interested in exploring the world of social and copy trading further, our best forex social trading platform analysis is a valuable resource.
City Index offers spread betting, while Eightcap does not provide this service. Spread betting is a popular financial derivative in the UK, allowing traders to speculate on the price movement of assets without owning the underlying asset. For those in the UK interested in spread betting, our comprehensive guide on the best spread betting brokers provides more insights.
In my opinion, Eightcap is the superior choice for Australian Forex traders. Both Eightcap and City Index are ASIC regulated, ensuring a high level of trust and security for traders. However, Eightcap was founded in Australia, giving it a home-ground advantage and a deeper understanding of the local market. City Index, on the other hand, has its roots overseas. For a broader perspective on the best brokers in Australia, you can check out this detailed analysis of Australian Forex brokers.
For UK Forex traders, I believe City Index stands out as the superior choice. Both brokers are FCA regulated, ensuring top-notch security and trustworthiness for traders. City Index, with its strong presence and foundation in the UK, offers a tailored experience for UK traders. Eightcap, while offering competitive services, is based overseas. For more insights on the best trading platforms in the UK, here’s a comprehensive guide on the best UK trading platforms.
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