Oanda vs CityIndex Broker Comparison
Are you trying to figure out which is a better broker, Oanda or CityIndex? After rigorously testing both brokers and putting each through our accurate and extensive reviewing process, we have concluded that CityIndex is the better of the two. CityIndex offers 4,500+ instruments, licenses from FCA, ASIC, and fair trading fees.
In the tables below, you can compare the features of Oanda and CityIndex side by side, to work out which suits your trading needs best. You can also carry on reading to find out why our experts ranked CityIndex higher than Oanda.
Does Oanda or CityIndex have lower trading costs and fees?
To compare the costs of trading at different brokers, our experts analyze both trading-specific fees, such as spreads, and non-trading fees, such as inactivity charges and payment costs.
To give an overall view of how cheap or expensive Oanda and CityIndex are, we first considered the common fees on Standard Accounts. At Oanda the average spread for the EUR/USD currency pair is 0 pips, whilst at CityIndex the spread is 0.5.
This shows that Oanda is the better option for low-cost forex trading.
When it comes to non-trading fees, Oanda charges for . CityIndex charges for inactivity. With this in mind, Oanda has lower non-trading fees.
When our experts analyzed the specific costs of both brokers, we found that CityIndex is the better option.
*Based on Standard account type.
Which broker is safer, Oanda or CityIndex?
In order to decide how safe our top-rated brokers are, our experts look at a number of factors. This includes what licenses the broker holds and how reputable those licenses are. We also consider the history of the broker, as a long-standing broker is often more reliable and trustworthy than a newer one.
Oanda is regulated by FCA, ASIC, FSA(SVG), NFA, IIROC, MAS and does not offer client protection. CityIndex is regulated by FCA, ASIC and does not offer client protection.
Considering these two factors, and the general reputation and history of both brokers, we believe that CityIndex is the safer broker.
How many trading instruments are available at Oanda and CityIndex?
Oanda provides traders with 126 instruments. This includes 45 currency pairs, cryptocurrencies, and stocks and shares. With Oanda, you cannot trade CFDs.
In comparison, CityIndex boasts 4,500+ tradable instruments. CityIndex offers 84 currency pairs, 5 cryptocurrencies, and 4,500 stocks and shares. CityIndex also allows CFD trading.
As both brokers offer the same total number of instruments, both are great choice if you are wishing to diversify your trading portfolio.
Which broker offers the best trading platform, Oanda or CityIndex?
When our experts review a broker, they open their own accounts and place trades via the broker’s trading platform. This allows them to fully evaluate the quality of the platform, how easy it is to use and what features it offers.
Oanda provides you with the ability to trade via 3 trading platforms, and CityIndex has 3 trading platforms, too. Both brokers also offer research and trading tools, however CityIndex has more.
Overall, our experts agree that CityIndex boasts the better trading platform offering.
Which is better for beginners, Oanda or CityIndex?
To decide how well-suited a broker is for beginner traders, our experts look at what educational materials are available, how accessible the minimum deposit limits are, the range of account types and whether or not you can practice trading with a demo account first.
Considering this, our reviews show that CityIndex is the better broker for beginner traders as it offers a larger range of educational tools and materials. CityIndex also has a minimum deposit of $.