Most of us rely on the trading brokers for reliable tips, guidance, and management of our trading needs as they have the required expertise and exposure to tap the market’s potential and predict reliable prospects. However, not all trading brokers are the same or as competitive. Before committing our hard-earned capital to them, we need to determine their strengths, capability as well as how regulated they are.
Below is a comparison of two of the most dependable forex trading providers and how they fare against each other in terms of their offerings, charges, security, and research.
An overview of CityIndex Vs Forex.com
City Index
- Tightly regulated by FCA United Kingdom, ASIC Australia, and MAS Singapore
- Provides virtual trading, watchlists as well as mobile trading with Android and iOS apps
- Offers trading access in over 12,000 markets across 180 countries
- Various research mechanisms
- Trades in 84 currencies
Forex.com
- Governed by FCA United Kingdom, IIROC Canada, FSA Japan, CTFC United States, ASIC Australia
- Is affiliated to work with four trading platforms
- Trades publicly and has a wide user-base
- Its forex spreads are tight
- Trades in 84 different currencies.
- Traders with all levels of competencies can operate
Fees
City Index
City Index has tighter spreads, and it does not charge any commissions. Their fee is quite low overall. There are no withdrawal charges, and no deposit fee are required. Also, you pay nothing for the account you maintain with City Index. If the account is inactive for more than a year, they do charge an inactivity fee of £12 a month.
Forex.com
Its charges are low, and it is known for providing fixed spreads. The spreads are not dependent on the uncertainness of liquidity or are mutable that vary over time. Forex.com charges an amount of $5 for each 100,000 lot as commission. Moreover, if the account balance is lower than $10,000 and if the account is dormant, an inactivity fee is charged.
Offerings
City Index
- It offers trading in 84 different currencies
- Facilitates over 4500 Contract for Difference or CFDs
- Does not trade in actual cryptocurrencies, instead offers them as CFDs
- Trades in 25+ commodities, including oil, coffee, sugar, and many more
Forex.com
- Presently, it facilitates trade in 84 currencies
- It offers a variety of commodity trading options, including cotton, silver, gold, platinum, corn, etc.
- Offers 200+ different equities
- Keeping with times, it also trades in cryptocurrencies like Ethereum, Litecoin, Bitcoin as well as Ripple.
Trading Platform
City Index
- Proprietary software and is accessible through desktop, web, and mobile
- Integrated with native MetaTrader 4 platform
- Offers virtual trading demos and real-time alerts
- Several charting indicators and drawing tools available
Forex.com
- Traders can trade using multiple mediums such as desktop applications, websites, and mobile app.
- The desktop application offers several trading options, along with in-built analytical skills and trading approaches.
- Visualization is offered in the form of charts and graphs and access to third-party utilities is also enabled
- Integration with Reuters and MetaTrader 4 for updates
Security
Forex.com
Regulated by the FCA United Kingdom, IIROC Canada, CTFC United States, and ASIC (Australia). In Asia, the Monetary Authority, Singapore, as well as FSA (Japan) govern its activities. CIMA also regulates Forex.com.
City Index
It is regulated by FCA United Kingdom, ASIC Australia, and MAS Singapore. Also, FCA UK regulation entails that the clients are protected up to a value of £50,000 per person. It meets stringent compliance standards in terms of financial reporting, releases, and corporate competence.
Research Content
City Index
It offers daily market interpretation, auto charting, as well as foreign exchange news from reputed sources to provide the most recent updates.
Forex.com
Its trading platforms are equipped with several research and analysis tools, as well as real-time updates and news. It also provides visualization in the form of progressive charting and graphs.
Customer Support
City Index
- Offers demo accounts to help clients gain an understanding of the system
- Online support in the form of live chat and emails
- Phone support available 24×7
Forex.com
- Provides round-the-clock support and assistance to clients.
- Offers support through email as well as live chat.
Simple Forex.com vs CityIndex Comparison Table
| Broker | Info | Bonus | Open Account |
|---|---|---|---|
 | Min Deposit: $100 Spread: Starting 0 Pips Leverage: up to 400:1 Regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA | Visit Broker | |
| | Min Deposit: $100 Spread: Starting 0 Pips Leverage: up to 500:1 Regulation: FCA UK, ASIC Australia, MAS Singapore | Visit Broker |
The Verdict
Both trading platforms are great when it comes to forex trading. Both have superior customer support as well as helpful and expert research content. Also, their analysis and visualization features are exemplary. Also, they offer a host of platforms such as desktop as well as web and mobile. However, Forex.com does offer a more extensive customer base and is more seasoned in terms of offering cryptocurrencies. However, City Index has lower charges. So, it kind of boils down to what features and preferences you are looking for in your forex broker.