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CMC Markets vs City Index 2022

BrokerNotes.co

Written by BrokerNotes.co

Last updated August 30, 2022
Published April 26, 2022

Trying to decide between CMC Markets and City Index? We’ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, CMC Markets ranks more highly than City Index.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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.
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Overall Rating expand_moreexpand_less CMC Markets City Index IG
Overall Rating 9.4 / 10 8.7 / 10 9.7 / 10
Account Type expand_moreexpand_less CMC Markets City Index IG
Standard Account Yes Yes Yes
Mini Account Yes Yes Yes
Micro Account Yes Yes Yes
Islamic Account No No No
Copy Trading expand_moreexpand_less CMC Markets City Index IG
Social Trading / Copy Trading Yes Yes Yes
DupliTrade No No No
ZuluTrade No No No
Cryptocurrency expand_moreexpand_less CMC Markets City Index IG
Cryptocurrency (Physical) No No No
Cryptocurrency (CFD) Yes Yes Yes
Bitcoin Yes Yes Yes
ethereum Yes Yes Yes
Forex Trading (Spot or CFDs) expand_moreexpand_less CMC Markets City Index IG
Forex Trading Yes Yes Yes
Trading - Forex or CFDs Yes Yes Yes
Indices (Index CFDs) expand_moreexpand_less CMC Markets City Index IG
DAX Yes Yes Yes
Dow Jones Yes Yes Yes
FTSE Yes Yes Yes
NASDAQ 100 Yes Yes Yes
Nikkei Yes Yes Yes
SP 500 Yes Yes Yes
Investments expand_moreexpand_less CMC Markets City Index IG
Forex Trading Yes Yes Yes
Trading - Forex or CFDs Yes Yes Yes
Spread Betting Yes Yes Yes
Social Trading / Copy Trading Yes Yes Yes
Metals Yes Yes Yes
Energies Yes Yes Yes
Agriculturals Yes Yes Yes
ETF Yes Yes Yes
U.S. Stocks (CFD) Yes Yes Yes
Trading Platforms expand_moreexpand_less CMC Markets City Index IG
Apple iOS App Yes Yes Yes
Android App Yes Yes Yes
Proprietary Platform Yes Yes Yes
Desktop Platform (Windows) Yes Yes Yes
Web Platform Yes Yes Yes
MetaTrader 4 (MT4) Yes Yes Yes
MetaTrader 5 (MT5) No No No
Regulatory Licenses expand_moreexpand_less CMC Markets City Index IG
Tier-1 Licenses 5 3 7
ASIC Authorised (Australia) Yes Yes Yes
IIROC Authorised (Canada) Yes No No
FCA Authorised (U.K.) Yes Yes Yes
SFC Authorised (Hong Kong) No No No
MAS Authorised (Singapore) Yes Yes Yes
FINMA Authorised (Switzerland) No No Yes
CFTC Registered (USA) No No Yes
Tier-2 Licenses 1 1 2
Tier-3 Licenses 0 0 1
Research, Education expand_moreexpand_less CMC Markets City Index IG
Trading Central (Recognia) Yes Yes No
Forex News (Top-Tier Sources) Yes Yes Yes
Daily Market Commentary Yes Yes Yes
Autochartist Yes No Yes
Investor Dictionary (Glossary) Yes Yes Yes
Videos - Beginner Trading Videos Yes Yes Yes
Client Webinars (Archived) Yes Yes Yes
Trading Costs expand_moreexpand_less CMC Markets City Index IG
Minimum Initial Deposit $0 £100.00 £250.00
Average Spread EUR/USD - Standard 0.73 (August 2021) 1.1 (August 2021) 0.828 (September 2021)
All-in Cost EUR/USD - Active N/A 1.1 (August 2021) 0.365 (May 2020)
Active Trader or VIP Discounts Yes Yes Yes
Bank Wire (Deposit/Withdraw) Yes Yes Yes
Visa/Mastercard (Credit/Debit) Yes Yes Yes
PayPal (Deposit/Withdraw) Yes Yes Yes
Trading Tools expand_moreexpand_less CMC Markets City Index IG
Watchlists - Total Fields 9 20 14
Mobile Watchlist Yes Yes Yes
Charting - Indicators / Studies (Total) 86 139 32
Mobile Charting - Indicators / Studies 29 88 32
Trust Factors expand_moreexpand_less CMC Markets City Index IG
Year Founded 1989 1983 1974
Publicly Traded (Listed) Yes Yes Yes
Bank No No Yes
Authorised in European Union Yes Yes Yes
Trust Score 99 99 99
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CMC Markets vs City Index Comparison

Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare CMC Markets vs City Index.

Can I trust CMC Markets?

CMC Markets has a trust score of 99, giving it a "Highly Trusted" trust label. Here's what each trust score label means:

  • "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
  • "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
  • "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
  • "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
  • "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.

Can I trust City Index?

City Index has a trust score of 99, giving it a "Highly Trusted" trust label.

Is CMC Markets a good broker?

CMC Markets is a highly trusted multi-asset broker that features excellent pricing and a huge selection of markets on its powerful Next Generation proprietary trading platform (available for web and mobile), alongside high-quality research and educational materials.

Is City Index a good broker?

City Index, part of StoneX Group, is a trusted broker with a long history of offering forex and CFDs across its global offices. City Index provides a large range of markets on its flagship trading platform suite, but pricing is just average, and only a few markets are available on City Index's MetaTrader platform.

What tier-1 jurisdictions is each broker regulated in?

Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. CMC Markets is ASIC Authorised (Australia), IIROC Authorised (Canada), MAS Authorised (Singapore), FMA Authorised (New Zealand) and FCA Authorised (U.K.), while City Index is ASIC Authorised (Australia), MAS Authorised (Singapore) and FCA Authorised (U.K.)., neither have SFC Authorised (Hong Kong), CBI Authorised (Ireland), FSA Authorised (Japan), FINMA Authorised (Switzerland) and CFTC Registered (USA)

What tier-2 jurisdictions is each broker regulated in? What about tier-3?

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, CMC Markets is DFSA / Central Bank Authorised (UAE), while City Index is CySEC Authorised (Cyprus)., neither have CBRC Authorised (China), NSE Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa) and SEC Authorised (Thailand). When comparing tier-3 licenses unfortunately, neither CMC Markets nor City Index are SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands), CIMA Authorised (Cayman Islands), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu)., neither have VFSC Authorised (Vanuatu).

Which broker offers more trading platforms?

Both CMC Markets and City Index offer a Proprietary Platform and Desktop Platform (Windows)., neither have cTrader, DupliTrade and ZuluTrade

Does CMC Markets offer MetaTrader? Does City Index offer MetaTrader?

Both CMC Markets and City Index offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4., neither have MetaTrader 5 (MT5)

How do CMC Markets and City Index differ in terms of minimum deposit? What about average spreads and funding options?

CMC Markets requires a minimum deposit of $0, while City Index requires a minimum deposit of £100.00. From our testing we found CMC Markets offers spreads of 0.73 (August 2021), while City Index offers spreads of 1.1 (August 2021). Both CMC Markets and City Index offer Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and PayPal (Deposit/Withdraw) for deposits., neither have Skrill (Deposit/Withdraw)

Which brokers offers more tradeable asset classes, CMC Markets or City Index?

Both CMC Markets and City Index allow you to trade Forex Trading, Trading - Forex or CFDs, Spread Betting, Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD). Looking at total tradeable symbols, CMC Markets has 11927, compared to 12000 from City Index.

Can I trade cryptocurrency with CMC Markets or City Index?

Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither CMC Markets nor City Index allow you to trade physical cryptocurrencies.

Who offers more research tools, CMC Markets or City Index?

In terms of research and research tools CMC Markets gives traders the following tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading. In comparison City Index has the tools listed here: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading.




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