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City Index Alternatives

May 2019
Visit City Index
70% of retail CFD accounts lose money
Our top picks for City Index alternatives
IG
76% of retail CFD accounts lose money
Plus500
80.6% of retail CFD accounts lose money
City Index Alternatives

The best alternatives to City Index are

  1. IG - Global CFD and FX broker
  2. XTB - Global CFD and FX broker
  3. Plus500 - Global CFD and FX broker

Let's see in a bit more detail how the City Index alternatives compare to City Index and each other:

City Index alternatives comparison
City Index IG XTB Plus500
Overall score 4.4 4.5 4.5 4.4
Fees score 3 stars 2 stars 4 stars 4 stars
Account opening score 4 stars 4 stars 5 stars 5 stars
Deposit and withdrawal score 4 stars 5 stars 5 stars 5 stars
Web platform score 4 stars 5 stars 4 stars 4 stars
Markets and products score 2 stars 3 stars 2 stars 2 stars
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70% of retail CFD accounts lose money
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76% of retail CFD accounts lose money
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76% of retail CFD accounts lose money
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80.6% of retail CFD accounts lose money

Why are these brokers considered good alternatives to City Index? There are many areas based on which City Index can be compared with others. When we say a given online broker is a good alternative to City Index we mean these brokers are comparable in the following areas:

  • The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
  • The type of clients they target, i.e. beginners, experienced investors, or day traders.

City Index alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

  • City Index is recommended for cfd and forex traders looking for low forex fees and great research tools
  • IG is recommended for traders with any experience level aiming for a great and easy-to-use trading platform
  • XTB is recommended for forex and cfd traders looking for great funding and withdrawal processes and research tools
  • Plus500 is recommended for experienced traders looking for an easy-to-use platform, with great user experience.

Important factors of finding City Index alternatives

So far Brokerchooser has reviewed 51 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

  • open a live account
  • check over 100 criteria, with weighting based on readers' preferences
  • refresh data regularly

Whether City Index or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. The amounts City Index charges you are considered average. When picking an alternative, you could prioritize brokers that are cheaper than City Index.

Account opening. To open an account some brokers require at least €50,000 to be invested, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At City Index, the account opening is slower than average, so if you consider this important some City Index alternatives can be a good choice.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you can make a deposit with a credit card at City Index, this might not be the case at its alternatives.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given City Index alternative is a must.


Now let's dive into the details of how City Index and its alternatives perform in the most important areas!

City Index alternatives
City Index

4.4 4 stars

City Index logo

City Index was founded in 1983 and it is a Global CFD and FX broker. It is regulated by top-tier regulators, like the UK FCA and the Australian ASIC.

City Index is considered safe because it has a long track record, its parent company is listed on stock exchange, and is regulated by top-tier regulators.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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.

Recommended for cfd and forex traders looking for low forex fees and great research tools

Pros
  • Low forex fees
  • Diverse and high-quality research tools
  • Great customer support
Cons
  • High stock CFD fees
  • Limited product portfolio
  • Not user-friendly desktop platform

Visit broker
70% of retail CFD accounts lose money

Fees 3 stars

City Index has average trading and non-trading fees. Its financing rates are low.
Pros
  • No withdrawal fee
  • Low financing rate
Cons
  • Inactivity fee
City Index alternatives trading fees
City Index IG XTB Plus500
Apple benchmark fee $22.1 $34.9 $18.1 $8.9
Vodafone benchmark fee $30.7 $30.5 $24.4 $7.6
EURUSD benchmark fee $13.6 $12.3 $17.1 $17.6

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker
70% of retail CFD accounts lose money

Account opening 4 stars

City Index account opening is fully digital and there is no minimum deposit. But, it can take more days.
Pros
  • Fully digital account opening
  • No minimum account balance
Cons
  • Slow account opening
City Index alternatives minimum deposit and account open times
City Index IG XTB Plus500
Minimum deposit $0 $0 $250 $100
Time to open account >3 days 1-3 days 1 day 1 day

Learn more about City Index minimum deposit here.

More Visit broker
70% of retail CFD accounts lose money

Deposit and withdrawal 4 stars

City Index deposit and withdrawal are free and user-friendly. On the flip side, electronic wallets are missing and you cannot select your account currency.
Pros
  • Credit/Debit card deposit and withdrawal
  • Free withdrawal
  • No deposit fee
Cons
  • Missing electronic wallets
  • Base currencies cannot be selected
City Index and alternatives withdrawal options and fees
City Index IG XTB Plus500
Bank Transfer Yes Yes Yes Yes
Credit/Debit card Yes Yes No Yes
Electronic wallets No No No Yes
Withdrawal fee $0 $0 $0 $0

More Visit broker
70% of retail CFD accounts lose money

Web trading platform 4 stars

City Index web trading platform is extremely customizable. It also has a lot of order types. On the flip side, there is no two-step login.
Pros
  • User-friendly
  • Clear fee report
  • Good search function
Cons
  • No two-step (safe) login
City Index - Web trading platform
City Index and alternatives trading platform scores
City Index IG XTB Plus500
Web platform score 4 stars 5 stars 4 stars 4 stars
Mobile platform score 4 stars 5 stars 4 stars 5 stars
Desktop platform score 3 stars - 4 stars -

Learn more about City Index's web trading platform in the detailed City Index review.

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70% of retail CFD accounts lose money

Markets and products 2 stars

At City Index, you can trade only with CFDs, forex, and cryptos.
City Index and alternatives markets and products
City Index IG XTB Plus500
Stock No Yes Yes No
ETF No Yes Yes No
Forex Yes Yes Yes Yes
Fund No No No No
Bond No No No No
Options No Yes No No
Futures No No No No
CFD Yes Yes Yes Yes
Crypto Yes Yes Yes Yes

More Visit broker
70% of retail CFD accounts lose money

Verdict

In our City Index review, we tested City Index thoroughly and here is the verdict. It is an ok broker, especially if you want to concentrate on CFD and forex trading. 

On the bright side, it has low forex fees, high-quality research tools, and great customer support.

It has some drawbacks though. The CFD fees are quite high, the product portfolio is limited, and the desktop platform is not easy-to-use.

As there is no minimum balance, no withdrawal fee and inactivity fee only kicks in after one year, feel free to try it out.

City Index
Summary City Index is a global CFD broker, regulated by top-tier regulators, like FCA. Its parent company, GAIN Capital is listed on the New York Stock Exchange.
Fees score 3 stars
Recommended for CFD and forex traders looking for low forex fees and great research tools

More Visit broker
70% of retail CFD accounts lose money

City Index alternatives
IG

4.5 5 stars

Best FX broker

IG logo

IG was established in the UK in 1974 and is one of the biggest CFD providers in the world. It is regulated by several bodies globally, including top-tier authorities like the FCA. IG Group is listed on the London Stock Exchange.

IG is considered safe because it is listed on a stock exchange, discloses its financials, and is overseen by top-tier regulators.

IG is primarily a CFD broker. If you are from the US, you can only trade with forex. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.

Recommended for traders with any experience level aiming for a great and easy-to-use trading platform

Pros
  • Easy-to-use web trading platform
  • Helpful and reliable customer service
  • Great deposit and withdrawal tools
Cons
  • High trading fees
  • Limited product portfolio
  • Limited research tools

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76% of retail CFD accounts lose money

Fees 2 stars

IG's trading fees are high and non-trading fees are average. Its financing rate is one of the best.
Pros
  • Low financing rate
  • Transparent fee structure
Cons
  • High trading fees
  • Inactivity fee
City Index vs. IG: Trading fees
IG City Index
Apple benchmark fee $34.9 $22.1
Vodafone benchmark fee $30.5 $30.7
EURUSD benchmark fee $12.3 $13.6

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker
76% of retail CFD accounts lose money

Account opening 4 stars

The account opening process is fast, user-friendly, and fully digital. On the other hand, the sales team is quite pushy.
Pros
  • Fast account opening
  • Fully digital account opening
  • No minimum deposit for bank transfer
Cons
  • The sales team is quite pushy, prompting you regularly to fund your account
City Index vs. IG: Minimum deposit, time to open an account
IG City Index
Minimum deposit $0 $0
Time to open account 1-3 days >3 days

If you are interested more in IG minimum deposit, this overview will help you.

More Visit broker
76% of retail CFD accounts lose money

Deposit and withdrawal 5 stars

You have several options to transfer money. The transfer process is user-friendly and fast.
Pros
  • Credit/Debit card deposit and withdrawal
  • Several account base currencies
  • User-friendly
Cons
  • Not transparent on available base currencies
City Index vs. IG: Withdrawal options
IG City Index
Bank Transfer Yes Yes
Credit/Debit card Yes Yes
Electronic wallets No No
Withdrawal fee $0 $0

More Visit broker
76% of retail CFD accounts lose money

Web trading platform 5 stars

IG's web platform is great. It is easy to use, has all necessary functions and can be customized. Even first-time users can familiarize themselves with it instantly.
Pros
  • User-friendly
  • Two-step (safe) login
  • Good search function
  • Good customizability (for charts, workspace)
Cons
None
Web trading platform of IG, a City Index alternative
City Index vs. IG: Trading platform scores
IG City Index
Web platform score 5 stars 4 stars
Mobile platform score 5 stars 4 stars
Desktop platform score - 3 stars

Learn more about IG's web trading platform in the detailed IG review.

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76% of retail CFD accounts lose money

Markets and products 3 stars

At IG, most clients can only trade with CFDs, forex and options. There are literally thousands of CFDs available to trade. The UK and some other clients can also trade with shares.
City Index vs. IG: Markets and products
IG City Index
Stock Yes No
ETF Yes No
Forex Yes Yes
Fund No No
Bond No No
Options Yes No
Futures No No
CFD Yes Yes
Crypto Yes Yes

More Visit broker
76% of retail CFD accounts lose money

Verdict

IG is one of the biggest and most reliable CFD brokers. It is regulated by several financial authorities around the world. IG Group is listed on the London Stock Exchange.

IG has the best web trading platform Brokerchooser tested. Its customer service is professional and relevant. The deposit and withdrawal conditions are also great.

The biggest drawback is the fee structure. IG is quite pricey, especially when you trade with lower amounts. IG's product portfolio is limited to forex, CFDs and options; however, in the UK and some other countries, stocks are also available. US clients can trade only with forex.

It is quite easy to test IG's first-class trading platform since there is no minimum funding for bank transfer and you can easily open a demo account. 

IG
Summary IG is a CFD and forex. It is listed on the London Stock Exchange and regulated several authorities globally, including the top-tier FCA.
Fees score 2 stars
Recommended for Traders with any experience level aiming for a great and easy-to-use trading platform

More Visit broker
76% of retail CFD accounts lose money

City Index alternatives
XTB

4.5 5 stars

Best CFD broker

XTB logo

XTB is primarily a forex and CFD broker, while in some countries you can also trade with stocks. XTB is a global broker with more than ten offices worldwide. In Europe, it serves clients via the UK or a Polish entity. We tested the UK entity but will provide info on all entities.

XTB is listed on the Warsaw Stock Exchange. A listed company is more transparent, as it discloses its financials regularly. XTB is authorized and regulated by different regulators, including the UK FCA.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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.

Recommended for forex and cfd traders looking for great funding and withdrawal processes and research tools

Pros
  • Fast deposit and withdrawal
  • Fast and user-friendly account opening
  • Good research tools
Cons
  • Limited product portfolio, mostly CFD and FX
  • Sales team can be pushy
  • No 24/7 customer support

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76% of retail CFD accounts lose money

Fees 4 stars

XTB has average trading fees and low non-trading fees.
Pros
  • Low non-trading fees
  • No withdrawal fee
  • No inactivity fee
Cons
None
City Index vs. XTB: Trading fees
XTB City Index
Apple benchmark fee $18.1 $22.1
Vodafone benchmark fee $24.4 $30.7
EURUSD benchmark fee $17.1 $13.6

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker
76% of retail CFD accounts lose money

Account opening 5 stars

XTB account opening is hassle-free and straightforward. Your account is ready for trading on the same day. However, the sales team is very pushy.
Pros
  • Fast account opening
  • Fully digital account opening
  • User-friendly
Cons
  • Sales team pushy
City Index vs. XTB: Minimum deposit, time to open an account
XTB City Index
Minimum deposit $250 $0
Time to open account 1 day >3 days

If you are interested more in XTB minimum deposit, this overview will help you.

More Visit broker
76% of retail CFD accounts lose money

Deposit and withdrawal 5 stars

XTB's deposit and withdrawal are cost-friendly, fast, and can be done in several forms. Fees for electronic wallet deposits are quite high.
Pros
  • Credit/Debit card deposit and withdrawal
  • Quick funding and withdrawal -within 3 days
  • User-friendly
Cons
  • High fees for electronic wallet deposits
City Index vs. XTB: Withdrawal options
XTB City Index
Bank Transfer Yes Yes
Credit/Debit card No Yes
Electronic wallets No No
Withdrawal fee $0 $0

More Visit broker
76% of retail CFD accounts lose money

Web trading platform 4 stars

XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, we missed the two-step login, the leverage setting option and the more sophisticated order types.
Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No two-step (safe) login
  • Limited order types
Web trading platform of XTB, a City Index alternative
City Index vs. XTB: Trading platform scores
XTB City Index
Web platform score 4 stars 4 stars
Mobile platform score 4 stars 4 stars
Desktop platform score 4 stars 3 stars

Learn more about XTB's web trading platform in the detailed XTB review.

Visit broker
76% of retail CFD accounts lose money

Markets and products 2 stars

UK residents, Hungarians and non-Europeans can trade only with CFDs and forex. All other Europeans can also trade with stocks and ETFs.
City Index vs. XTB: Markets and products
XTB City Index
Stock Yes No
ETF Yes No
Forex Yes Yes
Fund No No
Bond No No
Options No No
Futures No No
CFD Yes Yes
Crypto Yes Yes

More Visit broker
76% of retail CFD accounts lose money

Verdict

XTB is a good broker. It is regulated by more than 10 authorities globally, including the UK FCA, and it is listed on the Warsaw Stock Exchange. 

On the plus side, the deposit and withdrawal process is fast. We liked the seamless and hassle-free account opening. The research tools are easy-to-use.

XTB has some drawbacks though. Its product range is mainly limited to FX and CFDs, but there are stocks trading is also available in some countries. When opening the account the sales team can be pushy. We also missed the 24/7 customer support.

We recommend XTB for clients who prefer forex and CFD trading and are looking for fast account opening, cheap money withdrawal and great research tools. Feel free to test it via the demo account.

XTB
Summary XTB is a global CFD broker, listed on the Warsaw Stock Exchange, regulated by regulators, like FCA and KNF, the polish regulator.
Fees score 4 stars
Recommended for Forex and CFD traders looking for great funding and withdrawal processes and research tools

More Visit broker
76% of retail CFD accounts lose money

City Index alternatives
Plus500

4.4 4 stars

Plus500 logo

Plus500 is a CFD broker, established in Israel. It is listed on the Main Market of the London Stock Exchange. Plus500 subsidiaries are authorized and regulated by different regulators, including top-tier regulators like the FCA from the UK.

Plus500 is considered safe because it is listed on a stock exchange, discloses its financials, and is regulated by top-tier regulators.

Plus500 is a CFD and forex broker. 80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Daytraders!: At Plus500 scalping is defined as "A trading strategy where a significant portion of the customer's positions are opened and closed by him/her within 2 minutes." If Plus500 believes you were following this strategy, your account might be blocked and closed. Therefore, if you plan to execute trades within 2 minutes, Plus500 is not your broker

Recommended for experienced traders looking for an easy-to-use platform, with great user experience.

Pros
  • Easy to use platform
  • Low spreads
  • Listed on AIM section of the London Stock Exchange
Cons
  • Limited product portfolio, only CFDs
  • High financing rates
  • Minimal research tools

Visit broker
80.6% of retail CFD accounts lose money

Fees 4 stars

Plus500 has low trading fees and average non-trading fees. Financing rates are very high.
Pros
  • Low trading fees
  • No withdrawal fee
Cons
  • Inactivity fee
  • High financing rate
  • Financing rate calculation is non-transparent
City Index vs. Plus500: Trading fees
Plus500 City Index
Apple benchmark fee $8.9 $22.1
Vodafone benchmark fee $7.6 $30.7
EURUSD benchmark fee $17.6 $13.6

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker
80.6% of retail CFD accounts lose money

Account opening 5 stars

Plus500 account opening is seamless, fast and fully digital. You can open your trading account within a day.
Pros
  • Fast account opening
  • Fully digital account opening
  • User-friendly
Cons
None
City Index vs. Plus500: Minimum deposit, time to open an account
Plus500 City Index
Minimum deposit $100 $0
Time to open account 1 day >3 days

If you are interested more in Plus500 minimum deposit, this overview will help you.

More Visit broker
80.6% of retail CFD accounts lose money

Deposit and withdrawal 5 stars

Plus500's deposit and withdrawal are both great. You have many options, the process is easy-to-do and usually free of charge.
Pros
  • Credit/Debit card deposit and withdrawal
  • No deposit fee
  • User-friendly
  • Five withdrawal per month is free
Cons
None
City Index vs. Plus500: Withdrawal options
Plus500 City Index
Bank Transfer Yes Yes
Credit/Debit card Yes Yes
Electronic wallets Yes No
Withdrawal fee $0 $0

More Visit broker
80.6% of retail CFD accounts lose money

Web trading platform 4 stars

Plus500 trading platform is very easy-to-use and also looks great. On the flip side, it cannot be customized. 
Pros
  • User-friendly
  • Two-step (safe) login
  • Good search function
  • Available in several languages
Cons
  • Limited customizability (for charts, workspace)
Web trading platform of Plus500, a City Index alternative
City Index vs. Plus500: Trading platform scores
Plus500 City Index
Web platform score 4 stars 4 stars
Mobile platform score 5 stars 4 stars
Desktop platform score - 3 stars

Learn more about Plus500's web trading platform in the detailed Plus500 review.

Visit broker
80.6% of retail CFD accounts lose money

Markets and products 2 stars

At Plus500 you can trade only with CFDs and forex. There are a lot CFDs, you can choose from almost 2,000.
City Index vs. Plus500: Markets and products
Plus500 City Index
Stock No No
ETF No No
Forex Yes Yes
Fund No No
Bond No No
Options No No
Futures No No
CFD Yes Yes
Crypto Yes Yes

More Visit broker
80.6% of retail CFD accounts lose money

Verdict

Plus500 is a good broker. It is for traders aware of the risks of CFD trading.

Is plus 500 safe? It is considered safe because it is listed on the London Stock Exchange and regulated by the FCA. If you are not from the UK, you will be most likely served by Plus500 Cyprus, and hence the Cypriot investor protection will apply.

Daytraders! At Plus500 scalping is defined as "A trading strategy where a significant portion of the customer's positions are opened and closed by him/her within 2 minutes." If Plus500 believes you were following this strategy, your account might be blocked and closed. So if you plan to execute trades within 2 minutes, Plus500 is not your broker.

On the bright side, Plus500 platform is easy-to-use with a great user experience. Even the first time user can navigate the app with ease. Spreads are competitive, but there are really high financing rates. Therefore, fees can be really high. For this fee level, some research tools would have been nice. 

As there is no minimum balance, no withdrawal fee above $100, withdrawal and inactivity fee only kicks in after three months, feel free to try it out.

Plus500
Summary Plus500 is a global CFD broker, listed on the London Stock Exchange, regulated by many regulators, including the FCA and Cysec.
Fees score 4 stars
Recommended for Experienced traders looking for an easy-to-use platform, with great user experience.

More Visit broker
80.6% of retail CFD accounts lose money

City Index alternatives
Bottom line

Based on our analysis, there are several good alternatives to City Index. They all offer similar products and target similar customers. Here's a recap of the results in a table.

City Index alternatives
Broker Info Recommended for
City Index Global CFD and FX broker CFD and forex traders looking for low forex fees and great research tools
IG Global CFD and FX broker Traders with any experience level aiming for a great and easy-to-use trading platform
XTB Global CFD and FX broker Forex and CFD traders looking for great funding and withdrawal processes and research tools
Plus500 Global CFD and FX broker Experienced traders looking for an easy-to-use platform, with great user experience.

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.

AUTHOR

Dan Sallai
Dan Sallai
CMO
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
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