Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.
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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
VISIT CITY INDEX
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. |
Pepperstone
9.3
/10
VISIT PEPPERSTONE
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. |
AvaTrade
9.7
/10
VISIT AVATRADE
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. |
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About |
City Index is regulated by the Financial Conduct Authority. City Index have provided Forex trading services since 1983. |
Pepperstone is regulated by ASIC. Pepperstone have provided Forex trading services since 2010. |
AvaTrade is regulated by the Central Bank of Ireland, ASIC (Australia), FSA (Japan), FSB (South Africa) and BVI. AvaTrade have provided Forex trading services since 2006. |
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Why choose them? |
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Headquarters | London, UK | Melbourne, Australia | Dublin, Ireland | |
TRADING SERVICES OFFERED |
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Spot Forex | ||||
Forex (CFD) | ||||
CFD | ||||
Spread Betting | ||||
Social Trading | ||||
MARKETS & INSTRUMENTS | ||||
Forex (currency pairs) | 84 | 61 | 59 | |
Commodities Offered | 26 | 12 | 16 | |
Stocks Offered | 4500 | 60 | 99 | |
Bitcoin | ||||
Majors | ||||
Indices | ||||
US Stocks | ||||
Penny stocks | ||||
Energies | ||||
Metals | ||||
Agriculturals | ||||
FTSE | ||||
Dow Jones | ||||
Dax | ||||
Nikkei | ||||
ETFs | ||||
IPO | ||||
See all instruments
73% of retail investor accounts lose money when trading CFDs with this provider |
See all instruments
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
See all instruments
79% of retail investor accounts lose money when trading CFDs with this provider. |
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PLATFORM & FEATURES |
See the platforms and features offered by each broker |
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Screenshot |
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MT4 | ||||
MT5 | ||||
MT4 Mac | ||||
WebTrader | ||||
Mirror Trader | ||||
ZuluTrade | ||||
Sirix | ||||
cTrader | ||||
PAMM | ||||
Custom Platforms | AT Pro, Advantage Web | No | AvaTradeAct, AVAOptions | |
APPS |
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iOS |
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Android |
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Windows |
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Available Languages |
English, Spanish, German, Arabic, Polish, and Chinese |
English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic |
English, Italian, German, French, Greek, Hebrew, Spanish, Arabic, Malay, Russian, Chinese, Portuguese and Dutch |
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See platform & features
73% of retail investor accounts lose money when trading CFDs with this provider |
See platform & features
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
See platform & features
79% of retail investor accounts lose money when trading CFDs with this provider. |
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ACCOUNT INFORMATION |
From micro accounts to ECN accounts, compare the accounts offered by City Index and Pepperstone |
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Demo account | ||||
Mini account | ||||
Micro account | ||||
Standard account | ||||
ECN Account | ||||
Islamic account | ||||
Zero spread account | ||||
VIP account | ||||
Fixed spreads | ||||
Variable spreads | ||||
See account options
73% of retail investor accounts lose money when trading CFDs with this provider |
See account options
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
See account options
79% of retail investor accounts lose money when trading CFDs with this provider. |
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TRADING CONDITIONS |
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Scalping | ||||
Hedging | ||||
Expert advisors (EAs) | ||||
Virtual private server | ||||
Direct market access | ||||
STP broker | ||||
Market maker | ||||
Min trade | 1 Lot | 0.01 Lot | 0.01 Lot | |
Max trade | Varies | None | None | |
Min deposit | $25 | $200 | $100 | |
RISK MANAGEMENT |
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Stop losses | ||||
Limit orders | ||||
One-click trading | ||||
Trailing stops | ||||
Price alerts | ||||
Signal trading | ||||
FUNDING METHODS |
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Credit card | ||||
Bank transfer | ||||
Standard account | ||||
Paypal | ||||
Neteller | ||||
Skrill | ||||
Payment processing time | 2-3 business days | Varies | Varies | |
Withdrawal processing time | 2-3 business days | Varies | Varies | |
See all funding options
73% of retail investor accounts lose money when trading CFDs with this provider |
See all funding options
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
See all funding options
79% of retail investor accounts lose money when trading CFDs with this provider. |
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DETAILED INFO |
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Excluded countries | KR,IR,IQ,SY,JP,US,ES | KR,IR,IQ,SY,JP,US,ES | BE,BR,NZ,US,KE,IN,GH | |
Contact email | Send Email | Send Email | Send Email | |
Phone number | 0845 355 0801 | 61 3 9020 0155 | (44) (0) 8005200423 | |
Live Chat | ||||
Website | www.cityindex.co.uk | https://pepperstone.com/ | http://www.avatrade.com/ | |
Spreads: | ||||
EUR/USD (Average: 0.7 pips) | 0.7 pips | 0.09 pips + $5.00 | 0.9 pips | |
GBP/USD (Average: 1.1 pips) | 1.7 pips | 0.59 pips + $5.00 | 1.6 pips | |
USD/JPY (Average: 1.1 pips) | 0.6 pips | 0.25 pips + $5.00 | 1.1 pips | |
AUD/USD (Average: 0.8 pips) | 0.6 pips | 0.17 pips + $5.00 | 1.1 pips | |
USD/CHF (Average: 2.3 pips) | 2.3 pips | 0.35 pips + $5.00 | 1.6 pips | |
USD/CAD (Average: 2.9 pips) | 0.5 pips | 0.31 pips + $5.00 | 2.0 pips | |
NZD/USD (Average: 3.6 pips) | 2.8 pips | 1.1 pips + $5.00 | 1.8 pips | |
EUR/GBP (Average: 2.4 pips) | 0.5 pips | 1.0 pips + $5.00 | 1.5 pips | |
View all spreads
73% of retail investor accounts lose money when trading CFDs with this provider |
View all spreads
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
View all spreads
79% of retail investor accounts lose money when trading CFDs with this provider. |
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FEES |
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Inactivity Fee | Yes | No | No | |
Commission | 0.0015 | Yes | No | |
Deposit Fee | Varies | No | No | |
Withdrawal Fee | Varies | No | No | |
View All Fees
73% of retail investor accounts lose money when trading CFDs with this provider |
View All Fees
CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
View All Fees
79% of retail investor accounts lose money when trading CFDs with this provider. |
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Last update |
All information collected from www.cityindex.co.uk. Last updated on 01/01/2021. |
All information collected from https://pepperstone.com/. Last updated on 01/01/2021. |
All information collected from http://www.avatrade.com/. Last updated on 01/01/2021. |
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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. 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. |
Pepperstone provide a trading platform for retail and institutional investors looking for a broker that provides fast execution, reliable technology, award winning customer service all at superior competitive pricing. |
Since 2006, Avatrade have attracted over 20,000 traders to their platform. While their spreads are not the most competitive, they do offer traders a range of great features, such as guaranteed stop losses, the ability to hedge / scalp, and low margins. |
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Popular comparisons |
Popular comparisons feat. City Index
City Index vs IG |
Popular comparisons feat. Pepperstone
Pepperstone vs IC Markets |
Popular comparisons feat. AvaTrade
Avatrade vs LCG |
If you’re a trader looking for a broker that has been established for a long time, City Index is likely a good choice. However, if you want a broker that allows you to scalp as a trading strategy, Pepperstone may be more suitable.
You can determine a broker’s reliability & trustworthiness by looking at eight factors:
Based on these eight factors, we consider City Index to be the more reliable broker. We’ve broken down why below:
City Index is regulated by Financial Conduct Authority, ASIC and MAS, while Pepperstone is regulated by Financial Conduct Authority,UK and ASIC.
AvaTrade are regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI
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 38 years, while Pepperstone have been around for 11 years. Our third alternative broker, AvaTrade, have been around for 15 years.
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.
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 Pepperstone use tier one banks, but we are not sure of which bank specifically.
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 Pepperstone in the past five years.
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.
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.
Both City Index and Pepperstone are privately owned companies.
Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.
City Index are based in London, UK, while Pepperstone are based in Melbourne, Australia .
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:
If you’re looking to trade currency pairs, both City Index and Pepperstone offer forex trading. City Index have a slightly larger variety of currency pairs with 84 pairs, compared to 61 offered by Pepperstone. Also, if you’re looking to trade cryptocurrencies, Pepperstone offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.
Both City Index and Pepperstone allow you to trade commodities like gold, silver and crude oil.
Pepperstone also offer social trading, which allows you to follow the trading activity, engage in discussion, and even copy the trades of other traders.
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 Pepperstone offer this. Pepperstone also offer the new & improved MT5 platform. Our alternative broker, AvaTrade, 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.
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 Pepperstone also allows scalping and hedging. You can trade with EAs (expert advisors) on both City Index and Pepperstone.
In terms of risk management tools, City Index doesn't offer negative balance protection, but Pepperstone 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 Pepperstone accept Paypal.
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 Pepperstone charges 0.00 points. Therefore, Pepperstone 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.
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. Pepperstone 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.