IC Markets vs City Index - Fees Review included
Which broker is better IC Markets or City Index? Our expert assessment conducted according to TU’s own methodology showed that IC Markets is one of the top brokers in the financial market with the TU Overall Score of 8.62 out of 10. City Index is one of the top brokers in the financial market with the TU Overall Score of 4.66 out of 10. Find out more about TU Overall Score.
Feature | IC Markets | City Index |
---|---|---|
Overall |
4.7 |
3.9 |
5 |
4.5 |
|
4.9 |
4.7 |
|
4.6 |
4.2 |
|
Investment Instruments |
4.9 |
1 |
Platforms and Charting Tools |
4.4 |
3.7 |
Deposit and Withdrawal |
4.6 |
4.0 |
Research |
4.3 |
4.0 |
Education |
4.4 |
4.5 |
Support |
4.6 |
4.5 |
Bonuses |
2.5 |
3.8 |
|
IC Markets vs City Index: Pros and Cons
IC Markets Trading Company was founded in 2007 in Sydney, Australia. The broker is licensed under the Australian Financial Services License (AFSL) and the Australian Securities and Investment Commission (ASIC). The broker is also a member of the Australian Financial Complaint Authority (AFCA), the governing body that sets the industry standard for the resolution of disputes between consumers and financial service providers, and regularly undertakes audits.
The City Index broker was founded in 1983 in London. This company allows its clients to engage in active trading and place bets on the spread. City Index is licensed and regulated by the UK’s FSA — UK Financial Services Authority (license number 113942). The broker has received tremendous awards numerous times, including "Best Loyalty Trading Program" (2019), "Best Trading Platform" (2019), and "Best CFD Provider" (2020) while providing financial services
IC Markets | City Index | |
---|---|---|
Overall Pros | World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 | a vast array of trading instruments |
Advanced ECN trading | both floating and fixed spreads are available to users | |
Order execution speed 40 mc | MetaTrader 4 terminal is provided for trading, as well as a web terminal and mobile applications | |
Free VPS | ||
Trading servers in New York and London | ||
Strong regulation | ||
2000+ trading assets, 60+ currency pairs | ||
EURUSD Average spread 01 pip | ||
Overall Cons | No forex bonuses | the trading platform periodically malfunctions |
World biggest Forex broker, over 180,000 clients and $1.11 trln monthly turnover in 2022 | shortage of deposit/withdrawal methods | |
a broker can reject an application regarding opening a trading account if the user does not have enough trading experience or his starting capital is not sufficient for trading |
IC Markets vs City Index: Safety and Regulation
Regulated By: | IC Markets | City Index |
---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
Yes |
No |
ASIC (Australia) |
AFCA (Australia) |
No |
Other Regulators |
Yes |
No |
IC Markets vs City Index: Trading Conditions
Trading Conditions | IC Markets | City Index |
---|---|---|
Minimum Deposit |
$200 |
$100 |
Trading Platforms |
MT4, MT5, cTrader |
MT4 |
Max Leverage (Futures) |
1-500 |
1-100 |
Supported Markets |
Forex, futures, CFDs on indices, commodities, metals, stocks and bonds |
Forex, CFDs on stocks, indices, commodities, metals, cryptocurrencies |
Trading assets |
2000+ |
300+ |
Trading Accounts |
cTrader, Raw Spread, Standard |
Real, demo |
Base Account Currencies |
USD, AUD, GBP, CHF, JPY, NZD, SGD, CAD, HKD, BTC |
USD, EUR, GBP |
IC Markets vs City Index: Fees
Forex Trading Fees
Fee | IC Markets | City Index |
---|---|---|
Standard Account EURUSD Average Spread |
0.62 pips |
0.5 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
$3 per lot |
Not supported |
ECN Account EUR Average Spread |
0.02 pip |
Not supported |
CFD Trading Fees
Fee | IC Markets | City Index |
---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
Fee | IC Markets | City Index |
---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
No |
$15 per month after 24 months of inactivity |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
IC Markets vs City Index: Trading Assets
Asset Name | IC Markets | City Index |
---|---|---|
Overall |
2000+ trading assets |
300+ |
Forex |
Yes |
Yes |
Stocks |
Yes (CFD) |
Yes (CFD) |
Metals |
Yes (CFD) |
Yes (CFD) |
Cryptocurrencies |
Yes (CFD) |
Yes (CFD) |
Energy |
Yes (CFD) |
Yes (CFD) |
Indices |
Yes (CFD) |
Yes (CFD) |
ETFs |
Yes (CFD) |
No |
Bonds |
Yes (CFD) |
No |
Mutual funds |
No |
No |
Stock options |
No |
No |
Futures Trading |
Yes (CFD) |
No |
Binary Options |
No |
No |
IC Markets or City Index: Investment Programs
Asset Name | IC Markets | City Index |
---|---|---|
Copy Trading |
Yes |
No |
MAM/PAMM |
Yes |
No |
Managed Accounts |
No |
No |
Other |
No |
No |
Trading Platforms: City Index or IC Markets
IC Markets | City Index | |
---|---|---|
MT4 |
Yes |
Yes |
MT5 |
Yes |
No |
cTrader |
Yes |
No |
Appropriate platform |
IC Markets terminal |
No |
Others |
No |
No |
|
IC Markets vs City Index: Deposit and Withdrawal Methods
Deposit and Withdrawal Method | IC Markets | City Index |
---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
Yes |
No |
Crypto |
No |
No |
IC Markets vs City Index: Research
Research Type | IC Markets | City Index |
---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
No |
IC Markets vs City Index: Education
Education Type | IC Markets | City Index |
---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
Yes |
Yes |
Videos |
Yes |
Yes |
Cent account |
No |
No |
City Index vs IC Markets: Support
Support Features | IC Markets | City Index |
---|---|---|
Working Days |
24/5 |
24/5 |
Yes |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
IC Markets vs City Index: Forex Bonuses and Promo
Promo | IC Markets | City Index |
---|---|---|
Forex Bonus |
Not offered |
No |
Affiliate Program |
% of trading commissions |
For each invited client, a trader can receive from $150 to $650 |
Other Promos |
No |
|
|
Top 5 Reviews on City Index
-
Comment
There is no promised fast fulfillment. Rather, it disappeared after a day of successful trading. Now the execution takes from 3000 to 5000 ms, and the connection has nothing to do with it. Technical support says nonsense intelligible. This practice is used in all kitchens of this type.
-
Comment
These are scammers! Not only is the money withdrawn for a very long time and there are always only replies, but the money also disappears from the account. Apparently, things are really bad in City Index and in this way they are trying to earn money. Do not mess with this broker!
-
Comment
Broker City Index chose in the first place because it is one of the oldest companies that operate in the financial markets. In addition, it is accredited by the FCA, which, unlike some offshore firms, not only collects money for issuing a license, but also exercises strict supervision over the activities of controlled companies. I started trading on the usual Metatrader 4, as I was sure that the author's platforms were not suitable for conducting a full-fledged technical analysis. But for the sake of interest on a demo account, I tried to open a couple of deals on At Pro from City Index specialists. Now I work only on this terminal. Simple interface, many tools. Free trading signals are very helpful.
-
Comment
Look before you leap, but having leapt never look back. It's the same with City Index: there's nothing to do here for beginners. The more assets and settings on trading platforms, the more likely you are to get confused and lose everything. The experienced folks here have something to play with. It is good for gaining experience with different markets, but it is still controversial for constant trading. Let's see how the broker will show itself with the withdrawal of funds.
-
Comment
I'm quite happy with the conditions in the City Index. All the tools are there, there were no questions with the replenishment and withdrawal yet, which is important. I also did not observe any sudden price changes. But there’s a problem with the payment systems... I want more of them. I want updates also - maybe for investment programs, for example. It always gets annoying if the broker doesn’t try to be a better version of itself. I hope that City Index is not the type, but just in case I don’t keep all of my assets here.
Top 5 Reviews on IC Markets
-
Comment
I decided to use the services of IC Markets not long ago. Now I think that not all negative reviews are justified. This is a good broker and I have already withdrawn profits several times, everything went without problems. IC Markets’ rates differ from those of other brokers. But you can adapt to this problem.
-
Comment
I initially paid $3000 to start with and an account manager demonstrated a growth of $500 in quick time. A specialist then came in and tried to get me to invest $25000 to which I bluntly denied and they tried with $20K, then $10K and even $5K to all of which I refused! They have now kept me hanging and I asked for a refund to which they are asking for more money from me and I don't know what more to do! Also as of yesterday, the site itself is DOWN!! I cannot log in anymore and the email contact i had from there, when i sent the email to check it came back saying that domain does not exist anymore!! I am at loss of words and my hard earned money unfortunately i was able to recover my money back with the help of Olivia teams get in touch with them oliviatrader 44 at gmail com WhatApp +1 (423) 248 - 2140
-
Comment
I was looking for a reliable broker and noticed the long existence and good reputation of ICMarkets. Moreover, my friend, who has been trading for a long time, recommended contacting them. After several years, I have become a more experienced trader and I am satisfied with the work of the broker.
-
Comment
I have been trading with IC Markets for some time now and I can draw some conclusions. The platform works stably, which indicates a serious approach to its work. Spreads are quite optimal, although for cryptocurrencies they are higher than average as compared to those of its competitors. Slippages occur, there is nothing you can do about it. But there are no problems with requotes at all. In general, I think it’s possible to rate IC Markets “good”.
-
Comment
There are many advantages to IC Markets broker. First, of course, is the presence of a license from a reputable regulator. Accounts can be opened for citizens of many countries. Second, the platform works very well. Order execution speed is high, and you can actively trade manually or with the help of an advisor. I am quite satisfied with IC Markets as a broker.
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FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.