Company

Spread

for EUR/USD

Min.

Deposit

Platforms

Offered

Account

Types

Spread

Type

Funding

Methods

Customer

Support

Execution

Details

City Index

Offers three ways to trade: Forex, CFDs, Spread Betting

 Offers over 12,000 instruments
City Index
See Details Try a Demo
Your capital is at risk
£25Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
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  • Micro
  • Standard
  • VIP
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  • Fixed
  • Variable

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  • Credit cards
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Contact Details
  • Market Maker
  • DMA
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Trust Score:

A

Used by:

140,000

Established in:

1983

Regulated by:

Financial Conduct Authority, A...

CFDs are leveraged products and can result in the loss of your capital. All information collected on 1/11/2017.

The Ultimate Guide to

Choosing a Broker
For South Africa

Not sure which broker is right for you?

Don’t worry - we’ve got you covered. In this guide, you’ll learn:

Ready?

Part 1

Why Choose City Index
For South Africa?

City Index scored best in our review of the top brokers for south africa, which takes into account 120+ factors across eight categories. Here are some areas where City Index scored highly in:

  • 34+ years in business
  • Offers 12500+ instruments
  • A range of platform inc. MT4, Web Trader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 0.5 pips
  • Used by 140,000+ traders
  • Allows hedging
  • 3 languages
  • Leverage up to 1:200

City Index offers three ways to trade: Forex, CFDs, Spread Betting. If you wanted to trade EURUSD through copy trading or other means, skip to part two.

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

City Index have a A trust score, which is good. This is largely down to them being regulated by Financial Conduct Authority, ASiC and MAS, segregating client funds, being established for over 34 years, and much more. For comparison:

Trust Score comparsion

City Index
Trust Score A
Year Established 1983
Regulated by Financial Conduct Authority, ASiC and MAS
Uses tier 1 banks
Company Type Private Private Private
Segregates client funds

The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.

Part 2

Who City Index is (& Isn’t)
Suitable For

As mentioned, City Index allows you to trade in three ways: Forex, CFDs, Spread Betting.

Suitable for:

  • Spread Betting
  • CFD Trading
  • Forex Trading

Not Suitable for:

To trade with City Index, you'll need a minimum deposit of $100. City Index offers a range of different account types for different traders including a micro account, mini account, .

Finally, City Index isn't available in the following countries: CF, TD, CG, CG, CI, CU, GN, ER, GN, FR, GW, HT, IR, IQ, KR, LB, LR, LY, MM, NZ, NG, SL, SO, SD, SY, TM, UZ, VE, EH, YE, ZW. They do not offer islamic accounts either.

Part 3

A Comparison of City Index vs. vs.


Want to see how City Index stacks up against and ? We've compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
City Index
Fixed Spreads
Variable Spreads
EUR/USD Spread 0.5
GBP/USD Spread 2.1
USD/CAD Spread 2.0
USD/JPY Spread 1.6
DAX Spread 1.0
FTSE 100 Spread 1.0
S&P500 Spread 0.4

Comparison of account & trading features

City Index
Spread type Fixed
EUR/USD Spread 1983
EUR/GBP Spread Financial Conduct Authority, ASiC and MAS
Crude Oil Spread
Gold Spread Private Private Private
DAX Spread

Part 4

AvaTrade

www.avatrade.co.za

AvaTrade are a well-known online broker, offering trading services in more than 150 countries across the globe. They are a regulated and licensed company, operating in South Africa under the name ‘Ava Capital Markets Pty Ltd’ and authorised by the South African regulatory body, the Financial Services Board (FSB). Founded in 2006, the company have grown significantly over the years and have over 200,000 registered customers. Their South Africa branch is located in Johannesburg and is one of 11 offices worldwide.

The AvaTrade platform and website are available in more than 23 languages. The company’s website provides educational resources for traders including video tutorials, books, webinars, and several other resources. The company recently launched Sharp Trader, a premium website offering extensive educational material for AvaTrade customers. A demo account is also offered by the company allowing clients to take their service for a test drive before opening a real account.

AvaTrade’s platform enables access to over 200 financial instruments in a variety of markets. Clients can trade in Forex, stocks, cryptocurrency, treasuries, indices, and numerous other markets. Through the AvaTrade platform, clients can trade in some of the most popular indices such as S&P 500, NASDAQ 100, and FTSE 100.

AvaTrade accepts a variety of payment methods including PayPal/Skrill, Credit/Debit card (min $100) and direct bank transfer (min $500), and clients from South Africa can choose to trade with USD, EUR or GBP as their base currency.

IG

www.ig.com/za/

IG are pioneers in online trading with more than 40 years of experience in the industry. They are a licensed company, authorised to operate in South Africa by the Financial Services Board (FSB).

IG’s platform gives clients access to over 15,000 markets worldwide, allowing them to trade in commodities, shares, indices, Forex, and many other markets. Many of the markets that are currently trending in South Africa are available on the IG platform, such as South Africa 40, Wall Street, EUR/ZAR, and Spot Gold.

IG offer professional and friendly support to their customers, as well as offering free, in-person educational seminars for novice traders. Clients can also find data, analysis, and commentary on all of the major platforms offered by IG, and on their website. A free demo account is also available from IG for clients to assess the platform and their trading skills before opening a real account.

Plus500

www.plus500.co.za

Plus500 is one of the leading online brokers in South Africa with a solid reputation. They are a globally recognised company with a current customer base of more than 155,000. Plus500AU Pty Ltd, a subsidiary of the Plus500 platform, operates in South Africa as an Authorised Financial Services Provider.

Clients can trade shares, stocks, cryptocurrencies, Forex, and indices with access to over 2000 financial instruments. Some of the most popular markets in South Africa are available on the company’s platform including the USD/ZAR, gold and oil.

The company’s website and trading platform are available in 32 different languages. Responsive online support is offered to customers along with free, real-time quotes.

A free, unlimited demo account is also available for those wanting to test their skills before going live. A variety of payment methods are accepted by the company including direct bank deposit, Visa/Master cards, and PayPal/Skrill; and the base currency of the trading platform can be selected as the South African rand.

Plus500 is a major partner of the “Plus500 Brumbies”, the 2016 Super Rugby Australian Conference Champions.

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