City Index is an industry leader in the world of spread betting and contracts for difference (CFDs). The broker offers a wide range of trading tools and a variety of trading assets. Available assets differ depending on where you’re located.
In business for over 40 years, City Index caters to more than a million traders. Still, City Index may not suit your trading style and strategy, or you may be relocating somewhere its services aren't offered.
In this article, we've researched and reviewed the best City Index alternatives based on comparable product offerings, regulations, trust scores and upgraded features.
Quick Look: Best City Index Alternatives
- Best for Dedicated Forex Traders: FOREX.com
- Best for Retail Traders: Interactive Brokers
- Best for an Excellent Trading Conditions: Pepperstone
- Best for Multi-Asset Traders: BlackBull Markets
- Best for Beginners: AvaTrade
Best City Index Alternatives
Here are Benzinga’s choices of City Index alternatives
1. Best for Dedicated Forex Traders: FOREX.com
- Best For:Earning Cashback on TradesVIEW PROS & CONS:securely through Forex.com's website
With a history dating back to 2001, FOREX.com provides traders with access to a broad range of financial assets, including currencies, commodities, indices and cryptocurrencies. The broker offers users an impressive range of currencies with more than 80 available.
FOREX.com provides users with an intuitive proprietary platform. The mobile and web-based platforms offer identical functionality. They’re equipped with advanced charting tools, real-time market data and customizable features. Traders can also choose to use MT4 or MT5.
FOREX.com provides competitive pricing, tight spreads and reliable trade execution. Users have access to comprehensive training materials. Training resources provide for all skill levels from beginners to advanced traders. Advanced research tools boasting more than 90 indicators help traders to make informed decisions.
2. Best for Retail Traders: Interactive Brokers
- Best For:Active and Global TradersVIEW PROS & CONS:Securely through Interactive Brokers’ website
Interactive Brokers is a well-established and globally recognized online brokerage catering to individual and institutional traders. Users have access to a wide range of financial instruments, including stocks, options, futures, forex and bonds. Interactive Brokers is present in 135 global markets.
This broker’s advanced trading platform, Trader Workstation (TWS), is renowned for its inclusive features and customizable interface. The platform includes a wide array of research and analysis tools and educational resources. Professional trading tools make it easy for retail traders to manage client accounts. Low commissions, tight spreads and zero inactivity fees ensure that this brokerage continues to draw new clients.
3. Best for an Excellent Trading Conditions: Pepperstone
- Best For:Scalpers and Trader Using Expert AdvisorsVIEW PROS & CONS:securely through Pepperstone's website
Australian broker Pepperstone is a globally recognized online brokerage providing access to forex, cryptocurrency and CFD trading. Users can trade on MT4, MT5, TradingView or cTrader.
Pepperstone offers competitive pricing, low spreads and quick execution. Its Active Trader program offers users rebates for high trade volumes. Your discount depends on the number of standard lots you trade each month—the more you trade, the higher your commission discount. Unlike most programs, rebates are refunded daily and deposited directly into your trading account the day after a position is closed.
Pepperstone also offers generous leverage on forex trades, max retail is 1:400 depending on the jurisdiction, Max Pro 1:500. Two account types cater to different trading needs. It offers plenty of educational resources to encourage traders to improve their forex trading skills and knowledge. Traders also have the option of using Mirror Trade and algorithm-based automatic trading.
2. Best for Multi-Asset Traders: BlackBull Markets
- Best For:Lightning Fast Execution SpeedVIEW PROS & CONS:securely through BlackBull Markets's website
BlackBull Markets offers a places for beginning and advanced traders to make the most of their portfolios. The platform features:
- Pips starting at 0.0
- 500:1 leverage
- Fast execution
- Multiple trading platforms
- Educational tools
You can sign up and get started with BlackBull right away and begin to build the portfolio that works best for you or learn how to work the markets, build a portfolio and save for the future or generate an income.
5. Best for Beginners: AvaTrade
- Best For:Non U.S. Forex & CFD TradersVIEW PROS & CONS:securely through AvaTrade's website
AvaTrade is a forex trading platform that offers various features and tools for traders of all levels. The platform is recognized for its user-friendly interface and intuitive design, making it simple for beginners to navigate and execute trades. AvaTrade operates under 7 regulations in 6 continents, including Europe, Australia, Japan, British Virgin Islands, UAE, and South Africa.
The platform offers a wide range of assets, leading platforms, and favorable trading conditions, including leverage of up to 400:1. The platform is recognized for its user-friendly interface and intuitive design, making it simple for beginners to navigate and execute trades.
Why These Are Great Alternatives to City Index
Traders are as diverse as the assets in which they trade, but they all have one overriding objective — to maximize profits. Traders will seek different paths in their pursuit of profit. Often the best brokerage for a trader is the one that offers a spread of the right trading assets and a platform that is quick and easy to use. Benzinga’s choice of City Index alternatives represents the diversity of trade and should satisfy the needs of most traders.
- Best For:CFD and Forex TradersVIEW PROS & CONS:securely through City Index Australia's website
Factors to Consider when Choosing City Index Alternatives
Several factors come into play when choosing a City Index alternative.
Account Opening
Look for brokers that offer a simple and streamlined account registration process. Modern forex brokers typically offer online registration and quick acceptance.
Fees
Excessive fees will erode your profits. The broker you choose must charge market-related fees. Fees could include spreads, commissions, overnight financing charges and inactivity fees. Compare fee schedules across different forex brokers to ensure that you’re getting a good deal
Web Trading Platform
An effective trading platform should be easy to use and navigate. The platform is your tool of trade, and you’ll want a clear system that quickly executes transactions. Choose a platform that includes essential features like advanced charting tools, technical analysis indicators, risk management tools and order types.
Deposit and Withdrawal Methods
Check the deposit and withdrawal options available. Ensure that the broker supports convenient and secure payment methods, such as bank transfers, credit/debit cards and e-wallets. Consider associated fees and the deposit and withdrawal processing time.
Available Products
A good CFD broker should offer a diverse selection of underlying assets, including stocks, indices, commodities, forex pairs and cryptocurrencies. With a wide variety of options, you can diversify your portfolio and take advantage of different market opportunities.
Find a Broker That Suits Your Needs
City Index is a reputable broker with 40 years in the trade. Traders can choose from a broad range of tradable assets and have access to several trading tools.
The City Index product offering may not, however, suit every trader’s strategy or asset requirements. Traders can maximize profits by finding a cost-effective broker that offers the trading tools and assets that meet their needs. One of the five best City Index alternatives should offer a combination of factors to meet the needs of most traders.
Frequently Asked Questions
Is City Index reliable?
City Index is reliable, has been trading for 40 years and has won multiple awards over that period.
Are there different types of brokers?
Traders use different types of brokers to best suit their trading strategy. The main types of forex broker are Market Makers, Electronic Communication Network (ECN) Brokers, Straight Through Processing (STP) Brokers and Direct Market Access (DMA) Brokers.
Can you trade without a broker?
You can’t trade without a broker as you need a broker platform to effect transactions.
Get a Forex Pro on Your Side
FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade.
You can also tap into:
- EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
- Powerful, purpose-built currency trading platforms
- Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program
Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.
About Anna Yen
Anna Yen, CFA is an investment writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about investment topics ranging from traditional asset classes and derivatives to alternatives like cryptocurrency and real estate. Her work has been published on sites like Quicken and the crypto exchange Bybit.