City Index
IC Markets
City Index vs IC Markets
A detailed side-by-side comparison based on our hands-on testing across 8 scoring categories.
City Index and IC Markets are both popular choices for forex and CFD traders, but they cater to different needs and experience levels. City Index, founded in 1983 and headquartered in London, UK, is regulated by FCA and offers spreads starting from 0.5 pips with a minimum deposit of $100. IC Markets, established in 2007 in Sydney, Australia, holds licenses from ASIC, CySEC, FSA with spreads from 0.0 pips and a $200 minimum deposit. In our hands-on testing across 8 scoring categories, IC Markets scored 8.8/10 overall compared to City Index's 8.2/10, making it the stronger pick for most traders. That said, City Index holds its own with superior education resources and more research tools, so your ideal broker depends on what you prioritize in a trading partner.
Key Differences at a Glance
- 📊
IC Markets scores 8.8/10 overall vs 8.2/10 for City Index — a 0.6-point difference.
- 💵
City Index requires just $100 to start, while IC Markets needs $200 — City Index is 2x more accessible.
- 📈
City Index offers 4,500+ instruments vs 2,200+ at IC Markets — a massive gap in market coverage.
- 🖥️
City Index runs on City Index Platform, MT4, while IC Markets uses MT4, MT5, cTrader — different ecosystems for different trading styles.
- ⚡
The biggest gap is in Trading Costs: IC Markets scores 9.5 vs 7.5 for City Index — a 2.0-point difference.
Our Verdict
City Index
Score: 8.2/10 · Wins 2 categories- You're a beginner who values learning resources
- You rely on in-depth research and analysis tools
- You prefer a low minimum deposit ($100)
IC Markets
Score: 8.8/10 · Wins 5 categories- You want lower spreads and trading fees
- You need advanced trading platforms and tools
- Top-tier regulation and fund safety are your priority
- You want access to a wider range of instruments
IC Markets takes the lead with an overall score of 8.8/10 compared to 8.2/10, winning in 5 out of 8 scoring categories. IC Markets stands out for lower trading costs and better trading platforms, while City Index fights back with superior education resources and more research tools.
Detailed Verdict
After testing both brokers with real accounts, IC Markets comes out ahead with a 8.8/10 overall rating, winning 5 out of 8 categories. Its strongest area is Trading Costs where it scores 9.5/10. IC Markets holds Tier 1 regulation, meaning your funds benefit from top-level investor protection including segregated accounts and compensation schemes. City Index is not without merit — it scores 8.2/10 overall and excels in Regulation & Trust (8.5/10), winning 2 categories. Traders who value superior education resources or more research tools may find City Index the better fit. For a complete breakdown, read our full IC Markets review and City Index review — both include account opening walkthroughs, platform screenshots, and withdrawal test results.
Score Breakdown
IC Markets wins by 2.0 points
IC Markets wins by 1.0 points
IC Markets wins by 0.5 points
City Index wins by 0.5 points
City Index wins by 1.0 points
IC Markets wins by 1.0 points
IC Markets wins by 0.5 points
Full Feature Comparison
| Feature | ||
|---|---|---|
| Overall Score | 8.2/10 | 8.8/10 ✓ |
| Min Deposit Lower is better | $100 ✓ | $200 |
| Max Leverage | 1:200 | 1:500 |
| Spreads From | 0.5 pips | 0.0 pips |
| Platforms | City Index Platform, MT4 | MT4, MT5, cTrader |
| Regulation | FCA | ASIC, CySEC, FSA |
| Founded Older track record highlighted | 1983 ✓ | 2007 |
| Markets | 4,500+ ✓ | 2,200+ |
Fees & Costs
When it comes to trading costs, IC Markets has the edge with a score of 9.5/10 versus 7.5/10 for City Index. City Index offers spreads starting from 0.5 pips, while IC Markets starts from 0.0 pips. The minimum deposit at City Index is $100, compared to $200 at IC Markets. Both brokers operate primarily on a spread-based pricing model, though actual costs vary by account type and instrument. For high-volume traders, even small spread differences add up significantly over time, making this an important category to weigh carefully.
Trading Platforms
IC Markets scores 9/10 for platforms compared to 8/10 for City Index. City Index provides City Index Platform, MT4, while IC Markets offers MT4, MT5, cTrader. The choice of platform affects your charting, order execution speed, and available technical indicators. Traders who rely on MetaTrader's algorithmic trading capabilities should check which MT4/MT5 features each broker supports, including custom indicators and expert advisors.
Regulation & Safety
Regulation is crucial for fund safety. City Index is regulated by FCA (Tier 1), while IC Markets holds licenses from ASIC, CySEC, FSA (Tier 1). City Index scores 8.5/10 and IC Markets scores 9/10 in this category. Tier 1 regulators like FCA, ASIC, and CySEC offer the strongest investor protection, including segregated client funds and compensation schemes. Always verify your broker's specific license for your jurisdiction before opening an account.
Education & Research
For learning resources, City Index leads with 7.5/10 compared to 7/10. Quality education materials can shorten your learning curve significantly. Look for brokers offering structured courses, live webinars, and practice demo accounts. City Index and IC Markets both provide demo accounts for risk-free practice, but the depth of educational content varies. Beginners should prioritize this category when choosing between the two.
Customer Support
City Index offers 24/5 Live Chat, Email, Phone and scores 8/10, while IC Markets provides 24/7 Live Chat, Email, Phone with a score of 8/10. Reliable support becomes critical during market volatility or when you encounter account issues. Look for brokers with 24/5 or 24/7 availability, multiple contact channels, and support in your preferred language.
Deposit & Withdrawal
City Index scores 7.5/10 for deposits and withdrawals, while IC Markets scores 8.5/10. City Index accepts Bank Transfer, Credit Card, PayPal, and IC Markets supports Bank Transfer, Credit Card, PayPal, Skrill, Neteller, UnionPay. Processing times, fees, and available currencies vary. City Index requires a minimum deposit of $100 versus $200 for IC Markets. Always check withdrawal conditions and any potential fees before funding your account.
Which Broker Is Right for You?
Choose City Index if you...
- You're a beginner who values learning resources
- You rely on in-depth research and analysis tools
- You prefer a low minimum deposit ($100)
Choose IC Markets if you...
- You want lower spreads and trading fees
- You need advanced trading platforms and tools
- Top-tier regulation and fund safety are your priority
- You want access to a wider range of instruments
🗳️ Which Broker Do You Prefer?
Cast your vote — see what other traders think
Frequently Asked Questions
Is City Index better than IC Markets?
IC Markets scores higher overall (8.8/10 vs 8.2/10), winning 5 of 8 categories. However, City Index is stronger in superior education resources and more research tools. The best choice depends on what matters most to your trading style.
Which has lower fees, City Index or IC Markets?
IC Markets scores higher for trading costs. City Index offers spreads from 0.5 pips with a $100 minimum deposit, while IC Markets starts from 0.0 pips with $200 minimum. Actual trading costs depend on your instrument, volume, and account type.
Is City Index safe to trade with?
City Index is regulated by FCA and scores 8.5/10 for regulation. IC Markets is regulated by ASIC, CySEC, FSA with a score of 9/10. Both hold recognized licenses, but verify the specific entity covering your region.
Which has better trading platforms, City Index or IC Markets?
IC Markets scores 9/10 for platforms. City Index offers City Index Platform, MT4, while IC Markets provides MT4, MT5, cTrader. Your ideal platform depends on whether you prefer proprietary tools, MetaTrader, or third-party solutions.
What's the minimum deposit for City Index vs IC Markets?
City Index requires a minimum deposit of $100, while IC Markets requires $200. City Index has the lower entry barrier, making it more accessible for beginners or those testing with smaller amounts.
Ready to Start Trading?
Open a free account with either broker and start trading today.