City Index vs IC Markets Comparison

City Index vs IC Markets Broker Comparison

City Index versus IC Markets
Online BrokerMinimum DepositTrading PlatformsMarketsRegulated
NoneMT4, Advantage Web, Web Trader, AT Pro12,000+FCA, MAS, ASIC
$200MT4, MT5, cTrader230+ASIC

City Index and IC Markets Comparison

City Index is a CFD and spread betting broker, while IC Markets is an ECN broker, also offering CFDs. IC Markets has a smaller number of individual markets available and can offer very low spreads with a commission charge. City Index provides tight spreads without a commission charge (except for Shares CFDs).

Each offers MT4, and says that they can provide fast order execution on this platform (and have a similar number of markets). City Index additionally provides two web traders and the downloadable platform AT Pro, which have many more markets. IC Markets has MT5 and cTrader.

Both have features for discretionary and automated traders, just one is an ECN broker and one has a large range of markets on some of its platforms. These brokers are each regulated by the ASIC in Australia. City Index is additionally regulated by the FCA in the United Kingdom, and the MAS in Singapore.

Quick comparison

These brokers each offer MT4, with a similar number of markets. On its web traders and AT Pro, City Index can offer many more. IC Markets also has MT5, where it has most markets compared with its other platforms. In terms of advanced platforms, City Index offers AT Pro, while IC Markets has cTrader.

Minimum deposit and account types

City Index does not have a minimum deposit. The minimum deposit for IC Markets is $200.

  • City Index offers CFD trading and spread betting. City Index provides a news feed, market reports and a Trading Academy.
  • IC Markets offers four account types. These are Standard, True ECN, Islamic (Swap Free) and the cTrader ECN account.
  • IC Markets's Standard account does not charge a commission, but the True ECN account charges a commission. The cTrader ECN also charges commissions.
  • IC Markets says that the True ECN and cTrader accounts are more suited to EAs and Scalpers, but all trading styles are welcome on each account type. IC Markets provides Forex news, video tutorials and and economic calendar on its website.

Markets

  • City Index on the Web Trader, Advantage Web and AT Pro provides Forex, Indices, Energy, Soft Commodities, Bonds, Cryptocurrencies, Stocks, ETFs, Metals, Options, IPOs and Interest Rates, with 12,000+ available.
  • On MT4, City Index offers Forex, Indices, Energy, Soft Commodities and Metals, with 110+ available.
  • IC Markets provides Forex, Indices, Energy, Soft Commodities, Bonds, Cryptocurrencies, Stocks, ETFs and Precious Metals, with 230+ available.
  • On MT4, IC Markets offers Forex, Indices, Energy, Soft Commodities, Precious Metals, Futures and Cryptocurrencies, with 105+ available.

City Index Australia and City Index Singapore have less markets (5,000+), as they do not offer spread betting. City Index offers 80+ Forex pairs (on MT4), IC Markets offers 60+ Forex pairs.

Cryptocurrencies

  • City Index offers Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ripple (for CFD trading or spread betting).
  • IC Markets offers Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Dash, Emercoin, Namecoin, Peercoin and EOS CFDs.

Spreads and leverage

  • City Index provides variable spreads, from 0.5 for EUR/USD, 1 for UK100, 0.3 for Gold and 0.04 for US Oil.
  • Spreads at IC Markets are variable and are from -0.3 for EUR/USD (on cTrader), 1 for UK100, 0.3 for Gold, and 0.01 for US Crude Oil. For the Standard account EUR/USD spreads are from 1.

Maximum leverage for City Index (FCA regulated) is . Maximum leverage for City Index (ASIC regulated) is 200:1. Maximum leverage for IC Markets is 500:1.

Platforms

City Index offers Advantage Web, Web Trader, MT4 and AT Pro. IC Markets offers MT4, MT5, cTrader and a webtrader based on MT4. Both brokers have a minimum trade size of 0.01 lots for Forex on MT4.

Why City Index or IC Markets ?

IC Markets is arguably for traders who wish to use avail of ECN trading, on a core group of markets. City Index is arguably for traders who wish to trade many more markets either as CFDs or in the UK, spread bet them. Their respective platform offerings reflect this different focus: IC Markets has MT4, MT5 and cTrader, all platform used for ECN trading and offering support for automated trading (and discretionary trading). City Index on the other hand has two web traders and AT Pro (AT Pro provides signals and has a large offering of technical indicators, further supporting the discretionary trading process). City Index though also offers MT4, where it has a number of markets comparable to IC Markets.

Comparison summary

  • City Index is a CFD and spread betting broker
  • IC Markets is an ECN broker
  • IC Markets can offer very low spreads with a commission charge
  • IC Markets can also provide STP spreads without a commission charge
  • City Index can offer low spreads without a commission charge
  • IC Markets provides MT4, MT5 and cTrader
  • City Index offers MT4, AT Pro and two web trading platforms
  • City Index can provide more markets on the web traders and AT Pro
  • IC Markets has a very competitive number and range of markets for an ECN broker
  • Both brokers are ASIC regulated
  • City Index is also FCA and MAS regulated

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