IC Markets
City Index
IC Markets vs City Index
A detailed side-by-side comparison based on our hands-on testing across 8 scoring categories.
IC Markets and City Index are both popular choices for forex and CFD traders, but they cater to different needs and experience levels. IC Markets, founded in 2007 and headquartered in Sydney, Australia, is regulated by ASIC, CySEC, FSA and offers spreads starting from 0.0 pips with a minimum deposit of $200. City Index, established in 1983 in London, UK, holds licenses from FCA with spreads from 0.5 pips and a $100 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.
- 🖥️
IC Markets runs on MT4, MT5, cTrader, while City Index uses City Index Platform, MT4 — 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
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
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 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 | 8.8/10 ✓ | 8.2/10 |
| Min Deposit Lower is better | $200 | $100 ✓ |
| Max Leverage | 1:500 | 1:200 |
| Spreads From | 0.0 pips | 0.5 pips |
| Platforms | MT4, MT5, cTrader | City Index Platform, MT4 |
| Regulation | ASIC, CySEC, FSA | FCA |
| Founded Older track record highlighted | 2007 | 1983 ✓ |
| Markets | 2,200+ | 4,500+ ✓ |
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. IC Markets offers spreads starting from 0.0 pips, while City Index starts from 0.5 pips. The minimum deposit at IC Markets is $200, compared to $100 at City Index. 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. IC Markets provides MT4, MT5, cTrader, while City Index offers City Index Platform, MT4. 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. IC Markets is regulated by ASIC, CySEC, FSA (Tier 1), while City Index holds licenses from FCA (Tier 1). IC Markets scores 9/10 and City Index scores 8.5/10 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. IC Markets and City Index 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
IC Markets offers 24/7 Live Chat, Email, Phone and scores 8/10, while City Index provides 24/5 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
IC Markets scores 8.5/10 for deposits and withdrawals, while City Index scores 7.5/10. IC Markets accepts Bank Transfer, Credit Card, PayPal, Skrill, Neteller, UnionPay, and City Index supports Bank Transfer, Credit Card, PayPal. Processing times, fees, and available currencies vary. IC Markets requires a minimum deposit of $200 versus $100 for City Index. Always check withdrawal conditions and any potential fees before funding your account.
Which Broker Is Right for You?
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
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)
🗳️ Which Broker Do You Prefer?
Cast your vote — see what other traders think
Frequently Asked Questions
Is IC Markets better than City Index?
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, IC Markets or City Index?
IC Markets scores higher for trading costs. IC Markets offers spreads from 0.0 pips with a $200 minimum deposit, while City Index starts from 0.5 pips with $100 minimum. Actual trading costs depend on your instrument, volume, and account type.
Is IC Markets safe to trade with?
IC Markets is regulated by ASIC, CySEC, FSA and scores 9/10 for regulation. City Index is regulated by FCA with a score of 8.5/10. Both hold recognized licenses, but verify the specific entity covering your region.
Which has better trading platforms, IC Markets or City Index?
IC Markets scores 9/10 for platforms. IC Markets offers MT4, MT5, cTrader, while City Index provides City Index Platform, MT4. Your ideal platform depends on whether you prefer proprietary tools, MetaTrader, or third-party solutions.
What's the minimum deposit for IC Markets vs City Index?
IC Markets requires a minimum deposit of $200, while City Index requires $100. 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.