Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

BrokerDNA

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

City Index
9.2 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT CITY INDEX
London Capital Group
9.8 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT LONDON CAPITAL GROUP
Axitrader
9.9 /10

The BROKERDNA score tells you, overall, how reputable, suitable, and affordable a broker is compared to other brokers.

This score is algorithmically-generated based on 31 factors. Neither our team, nor the brokers featured on our site, are able to change this without changing their service offering. Learn more here.

VISIT AXITRADER
About

City Index is regulated by the Financial Conduct Authority. City Index have provided Forex trading services since 1983.

London Capital Group is regulated by the Financial Conduct Authority. London Capital Group have provided Forex trading services since 1996.

Axitrader is regulated by the Financial Conduct Authority. Axitrader have provided Forex trading services since 2007.

Why choose them?
  • Yes Over 35 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, ASIC and MAS
  • Yes Over 22 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, CIMA, and CySEC
  • Yes Over 11 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority and ASIC
Headquarters London, UK London, UK 36 Leadenhall Street, London EC3A 1 AT, United Kingdom

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) Yes Yes Yes
CFD Yes Yes Yes
Spread Betting Yes Yes Yes
Social Trading No No Yes
MARKETS & INSTRUMENTS
Forex (currency pairs) 84 66 80
Commodities Offered 26 10 6
Stocks Offered 4500 0
Bitcoin Yes No Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes Yes No
Penny stocks Yes No No
Energies Yes Yes Yes
Metals Yes Yes Yes
Agriculturals Yes Yes Yes
FTSE Yes Yes Yes
Dow Jones Yes Yes Yes
Dax Yes Yes Yes
Nikkei Yes Yes No
ETFs Yes Yes No
IPO No No No
See all instruments

70% of retail investor accounts lose money when trading CFDs with this provider

See all instruments

79% of retail investor accounts lose money when trading CFDs with this provider

See all instruments

68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes Yes Yes
MT5 No No No
MT4 Mac No No Yes
WebTrader Yes Yes Yes
Mirror Trader No No No
ZuluTrade No No Yes
Sirix No No No
cTrader No No No
PAMM Yes No No
Custom Platforms AT Pro, Advantage Web LCG Trader No

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image Yes No Yes
Available Languages

English, Spanish, German, Arabic, Polish, and Chinese

English, Russian, Malaysian, Korean, Swedish, German, French, Indonesian, Turkish, Norwegian, Chinese, Italian, Arabic, Portuguese, Spanish, Polish, Thai, and Vietnamese

English, Chinese, Spanish, Thai, Italian, Polish, German, Vietnamese, Japanese, Russian, Romanian, and Arabic

See platform & features

70% of retail investor accounts lose money when trading CFDs with this provider

See platform & features

79% of retail investor accounts lose money when trading CFDs with this provider

See platform & features

68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by City Index and London Capital Group

Demo account Yes Yes Yes
Mini account Yes Yes Yes
Micro account Yes No Yes
Standard account Yes Yes Yes
ECN Account No Yes Yes
Islamic account No Yes Yes
Zero spread account No Yes Yes
VIP account Yes Yes Yes
Fixed spreads Yes No Yes
Variable spreads Yes Yes Yes
See account options

70% of retail investor accounts lose money when trading CFDs with this provider

See account options

79% of retail investor accounts lose money when trading CFDs with this provider

See account options

68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

TRADING CONDITIONS

Scalping No Yes Yes
Hedging Yes Yes Yes
Expert advisors (EAs) Yes Yes Yes
Virtual private server No No Yes
Direct market access No No Yes
STP broker Yes Yes Yes
Market maker Yes Yes Yes
Min trade 1 Lot £0.50 0.01 Lot
Max trade Varies None 100 Lots
Min deposit $25 $0 $1

RISK MANAGEMENT

Stop losses Yes Yes Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes Yes Yes
Price alerts Yes Yes Yes
Signal trading Yes No Yes

FUNDING METHODS

Credit card Yes Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No No
Neteller No Yes Yes
Skrill No Yes Yes
Payment processing time 2-3 business days Varies Instant via debit/credit card
Withdrawal processing time 2-3 business days Varies Same or next day with local payments. International payments take 3-5 days.
See all funding options

70% of retail investor accounts lose money when trading CFDs with this provider

See all funding options

79% of retail investor accounts lose money when trading CFDs with this provider

See all funding options

68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

DETAILED INFO

Excluded countries US, CA, NZ, JP, BE US, CA, NZ, JP, BE US, JP
Contact email Send Email Send Email Send Email
Phone number 0845 355 0801 44 (0) 207 456 7020 44 207 096 7488
Live Chat Yes Yes No
Website www.cityindex.co.uk www.LCG.com www.axitrader.com
Spreads:
EUR/USD (Average: 0.7 pips) 0.7 pips 0.75 pips + $1.00 0.2 pips
GBP/USD (Average: 1.1 pips) 1.7 pips 1.2 pips + $1.00 0.6 pips
USD/JPY (Average: 1.1 pips) 0.6 pips 0.85 pips + $1.00 0.1 pips
AUD/USD (Average: 0.8 pips) 0.6 pips 0.8 pips + $1.00 0.1 pips
USD/CHF (Average: 2.3 pips) 2.3 pips 1.9 pips + $1.00 0.2 pips
USD/CAD (Average: 2.9 pips) 0.5 pips 1.2 pips + $1.00 0.2 pips
NZD/USD (Average: 3.6 pips) 2.8 pips 1.8 pips + $1.00 0.2 pips
EUR/GBP (Average: 2.4 pips) 0.5 pips 1.1 pips + $1.00 0.2 pips
View all spreads

70% of retail investor accounts lose money when trading CFDs with this provider

View all spreads

79% of retail investor accounts lose money when trading CFDs with this provider

View all spreads

68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FEES

Inactivity Fee Yes No No
Commission 0.0015 Yes (0.1% - 0.25%) Yes
Deposit Fee Varies No None
Withdrawal Fee Varies No None
View All Fees

70% of retail investor accounts lose money when trading CFDs with this provider

View All Fees

79% of retail investor accounts lose money when trading CFDs with this provider

View All Fees

68.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Last update

All information collected from www.cityindex.co.uk. Last updated on 01/09/2019.

All information collected from www.LCG.com. Last updated on 01/09/2019.

All information collected from www.axitrader.com. Last updated on 01/09/2019.

Company

Since establishing themselves as one of the first spread betting providers in the UK. , City Index have grown to a global company in over 50 countries completing over two million trades every month. City Index provide some of the most competitive spreads across thousands of markets including indices, shares, currencies, commodities and many more.

City Index have continued to innovate and were the first to provide a downloadable Android and iPhone app for spread betting and CFD trading and with over 30 years experience in the industry, you know you can trust Cityindex to handle your trades.

For more information about trading with City Index, we have put together an indepth City Index review with some of the pros and cons about this broker.

London Capital Group is an online forex trading service provider who are regulated by the Financial Conduct Authority. To open an account with London Capital Group, minimum deposits start from No minimum, except for $10,000 for ECN and premium accounts respectively.

With London Capital Group you can trade Forex, indices, shares, commodities, bonds and interest rates. If you like to trade on the go, London Capital Group have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

London Capital Group offer LCG Trader, MT4 platforms to make your trades and support 1 different languages.

The spreads offered by London Capital Group for the most popular instruments are:
0.95 EUR/USD, 1.0 FTSE 100, 0.4 GOLD,
1.8 GBP/USD, variable DOW/JONES, 4.0 Crude Oil,
see all the spreads here.

For more information about trading with London Capital Group, we have put together an indepth London Capital Group review with all the pros and cons about this broker.

Axitrader is an online forex trading sevice provider who are regulated by the Financial Conduct Authority and ASIC. To open an account with Axitrader, minimum deposits start from $200.

With Axitrader you can trade 61 FX pairs, metals, and CFDs. If you like to trade on the go, Axitrader have iPhone, iPad and Android apps so you can trade from anywhere on your phone.

Axitrader offer MT4 for PC, MT4 for Mac, MT4 for Mobile, MT4 NexGen, MT4 Trading Signals, AxiTrader's Multi Account Manager platforms to make your trades and support 6 different languages.

They also offer a free demo account for traders who want to refine their trading skills.

The spreads offered by Axitrader for the most popular instruments are:
0.6 EUR/USD, 0.5 FTSE 100, 0.5 GOLD,
1 GBP/USD, 1 DOW/JONES, 0.5 Crude Oil,
see all the spreads here.



For more information about trading with Axitrader, we have put together an indepth Axitrader review with all the pros and cons about this broker.

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City Index or London Capital Group?

A wide range of instruments or ECN execution?

If you’re a trader looking for a broker that offers a wide variety of instruments to trade, City Index is likely the better option out of these brokers. However, if you want a broker with ECN execution, London Capital Group may be more appropriate.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider City Index to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

City Index is regulated by Financial Conduct Authority, ASIC and MAS, while London Capital Group is regulated by Financial Conduct Authority, CIMA, CYSEC.

As the Financial Conduct Authority are one of the most stringent regulators in the world, both City Index and London Capital Group will have very strict guidelines to follow to ensure they protect their retail trader clients.

Axitrader are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

City Index has been around for 36 years, while London Capital Group have been around for 23 years. Our third alternative broker, Axitrader, have been around for 12 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both City Index and London Capital Group use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on City Index or London Capital Group in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

City Index is more popular with over 140,000 traders.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

City Index is a privately owned company, while on the other hand London Capital Group is still a publicly listed company.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

Both City Index and London Capital Group are based in London, UK .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both City Index and London Capital Group offer forex trading. City Index have a slightly larger variety of currency pairs with 84 pairs, compared to 66 offered by London Capital Group. Also, if you’re looking to trade cryptocurrencies, City Index offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

Both City Index and London Capital Group allow you to trade commodities like gold, silver and crude oil.

Platforms & Account Types

If you trade forex, there’s a good chance you might want a broker that offers the popular MT4 trading platform. If that’s the case, both City Index and London Capital Group offer this. Our alternative broker, Axitrader, also offers MT4 and MT5.

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. City Index, for example, offer a mini account, standard account and VIP account.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

City Index does not allow scalping but allows hedging. While London Capital Group also allows scalping and hedging. You can trade with EAs (expert advisors) on both City Index and London Capital Group.

In terms of risk management tools, City Index doesn't offer negative balance protection, but London Capital Group does. Negative balance protection prevents you owing your broker more than you’ve deposited.

City Index also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

City Index accept Payoneer while London Capital Group accept Neteller.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, City Index charges 0.50 points, while London Capital Group charges 0.30 points. Therefore, London Capital Group is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: City Index or London Capital Group?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, City Index is more reliable based on our criteria above. City Index has a wider range of instruments to trade. City Index offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.