City Index vs IG Markets: Comparison and Analysis

City Index vs IG Markets: A Comparison Summary

When it comes to choosing a broker, investors need to consider a wide range of factors, including security, trading fees, markets available, and customer care. In this comparison summary, we will compare two popular brokers: City Index and IG Markets, based on their security, demo accounts, account opening, social-copy trading, markets, trading fees, platforms, education, and customer care.

Security

Both City Index and IG Markets are regulated by several reputable financial authorities worldwide, including the FCA, ASIC, and MAS. IG Markets, however, has a broader range of regulatory coverage, including the NFA in the US and several other countries’ regulators, which makes it a more global broker. IG Markets also has a higher security rating of 98, compared to City Index’s 94.

Demo Accounts

City Index offers a demo account with a duration of 12 weeks and virtual funds of $10,000, which can be restored by contacting customer support. On the other hand, IG Markets offers an unlimited demo account with virtual funds of $30,000, which can also be restored through customer support.

Account Opening

City Index requires a minimum deposit of $100, depending on the trader’s country of residence. It offers ten account currencies and various payment methods, including wire transfers, credit/debit cards, and e-wallets. City Index offers several account types, including MT4, standard, CFD, spread betting, and professional accounts. IG Markets requires a minimum deposit of $300 for most countries and offers three account currencies and similar payment methods as City Index. IG Markets offers a broader range of account types, including standard, limited risk, spread betting, option, Turbo24, share dealing, Islamic, professional, and select accounts.

Social-Copy Trading

Neither City Index nor IG Markets offers social or copy trading features.

Markets

City Index offers 84 forex pairs, 26 commodities, 21 indices, 20 crypto assets, and over 4,500 stocks, with no ETFs. IG Markets, on the other hand, offers 90 forex pairs, 35 commodities, 80+ indices, 12 crypto assets, over 16,000 stocks, and 5,400+ ETFs, along with futures and options trading. IG Markets is more suitable for short-term investments, as it offers a broader range of CFD assets.

Trading Fees

City Index offers both variable and fixed spreads, with spreads starting from 0.5 pips on forex, depending on the account type chosen. IG Markets offers only variable spreads, with spreads starting from 0.6 pips on forex, in line with the market average. IG Markets also offers commission-free trading on US stocks for FCA, ASIC, DFSA, JFSA traders.

Platforms

Both brokers offer the MetaTrader 4 platform, with City Index also offering it on mobile devices. IG Markets has a proprietary platform available via web and desktop, along with the L2 Dealer for stockbroking and the ProRealTime platform for advanced chart analysis.

Education/Customer Care

Both City Index and IG Markets offer clients access to educational materials, including webinars, video tutorials, educational articles, and market analysis. City Index has customer care available in five languages, while IG Markets has customer care available in over 13 languages, along with an Academy App.

Conclusion

Both City Index and IG Markets are well-regulated brokers with a broad range of markets available for trading. However, IG Markets offers more account types, broader regulatory coverage, an unlimited demo account, more markets, and a higher security rating. On the other hand, City Index offers fixed spreads, a more extended demo account, and a broader range of account currencies. Ultimately, the decision of which broker to choose will depend on individual preferences and requirements. Traders who are looking for a more global broker with a broader range of markets and account types may prefer IG Markets, while traders who prioritise fixed spreads and a more extended demo account may prefer City Index. Regardless of the choice, both brokers offer a reliable trading experience with excellent customer care and educational resources to help traders make informed investment decisions.