City Index vs Forex.com: Comparison and Analysis

City Index vs Forex.com: A Comparison Summary

Choosing the right broker is crucial to success in trading, and comparing different brokers can help traders make informed decisions. In this comparison summary, we will compare City Index and Forex.com, two popular brokers, based on different aspects such as security, account opening, social-copy trading, markets, trading fees, platforms, education/customer care, and more.

Security

Both City Index and Forex.com are regulated by multiple regulatory bodies, such as FCA, ASIC, MAS, CySEC, JFSA, NFA, and CFTC, making them safe and trustworthy brokers. However, Forex.com has a slightly higher security rating (95) compared to City Index (94), which indicates a higher level of security and reliability.

Demo Account

City Index and Forex.com offer demo accounts with virtual funds for traders to practise their trading skills and strategies. The City Index demo account lasts for 12 weeks, and the virtual funds can be restored by contacting customer support. The Forex.com demo account lasts for 30 days and can also be restored by contacting customer support.

Account Opening

The minimum deposit to open an account with both brokers is $100. City Index offers multiple account types, such as MT4 account, standard account, CFD account, spread betting account, and professional account for experienced traders, and accepts more than 10 currencies for account funding, while Forex.com offers a wider range of account types, including standard account, MT4 and MT5 account, commission account, corporate account, DMA account, STP Pro account, Islamic account, and professional account for advanced traders. However, Forex.com charges a currency conversion fee for depositing with different currencies than USD, EUR, or GBP.

Social-Copy Trading

City Index and Forex.com do not offer social-copy trading, which allows traders to copy the trades of other successful traders automatically.

Markets

City Index offers a wide range of markets, including 84 forex pairs, 26 commodities, 21 indices, 20 crypto assets, and over 4500 stocks, making it a good choice for traders who want to diversify their portfolio. Forex.com offers a smaller selection of markets, including 80 forex pairs, 12 commodities, 18 indices, 80 crypto assets, and over 220 stocks, as well as one futures and options market. However, Forex.com’s focus is mostly on CFD trading, which is better suited for short-term trading and price speculation.

Trading Fees

Both brokers offer variable spreads, but City Index also offers fixed spreads during certain time periods or trading hours. City Index’s spreads start from 0.5 pips on forex, while Forex.com’s spreads start from 0.2 pips on forex, which is lower than the market average. However, the actual spreads may vary depending on the account type and the trader’s country of residence. Forex.com also offers fixed spreads on commodities.

Platforms

Both brokers offer the popular MetaTrader 4 (MT4) platform, which is available on desktop and mobile devices. Forex.com also offers the MetaTrader 5 (MT5) platform and its proprietary platform, which is available on web and mobile devices and offers over 130 charting, trading, and drawing tools. City Index, on the other hand, only offers the MT4 platform.

Education/Customer Care

Both brokers offer educational materials, such as webinars, video tutorials, educational articles, and market analysis, to help traders improve their trading skills and knowledge. They also offer customer support via email, phone, and live chat. However, City Index supports 5 languages, while Forex.com only offers English and Chinese.

Conclusion

Both City Index and Forex.com are reputable brokers with multiple regulatory licences, competitive trading fees, and a wide range of markets to trade. While City Index offers more account types and a longer demo account period, Forex.com has a higher security rating, lower spreads, and a proprietary platform with advanced tools. Ultimately, traders should consider their specific trading needs and preferences when choosing between the two brokers.