Compare FP Markets and City Index in our comprehensive broker review. Discover which broker suits your trading needs best, from costs to platforms, and more. We have included our exclusive spread and execution speed data in the comparison.
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Our comprehensive comparison covers the 10 most crucial trading factors you need to know.
Spread
There are noticeable differences in standard account spreads between City Index and FP Markets. City Index has lower spreads across the board, with the lowest being 0.6 for USD/JPY and the highest being 2.2 for AUD/JPY and AUD/USD. On the other hand, FP Markets has slightly higher spreads, ranging from 1.1 for EUR/USD, GBP/USD, and AUD/USD to 1.6 for AUD/JPY.
In my view, City Index appears to be the cheaper option when it comes to standard account spreads. However, it’s worth noting that lower spreads don’t always equate to better trading conditions. Other factors, such as execution speed, customer support, and platform usability, can also have a significant impact on your overall trading experience.
| RAW Account | FP Markets Spreads | City Index Spreads | Industry Spreads |
|---|---|---|---|
| Overall Average | 0.42 | 0.67 | 0.72 |
| EUR/USD | 0.2 | 0.16 | 0.28 |
| USD/JPY | 0.56 | 0.6 | 0.44 |
| GBP/USD | 0.29 | 0.18 | 0.54 |
| AUD/USD | 0.21 | 0.97 | 0.45 |
| USD/CAD | 0.5 | 0.43 | 0.61 |
| EUR/GBP | 0.43 | 0.47 | 0.55 |
| EUR/JPY | 0.3 | 0.46 | 0.74 |
| AUD/JPY | 0.5 | 0.54 | 0.93 |
| USD/SGD | 0.8 | 2.2 | 1.97 |
Standard Account Analysis Updated April 2025[1]April 2025 Published And Tested Data
Comparing these brokers to the industry average, both City Index and FP Markets offer competitive spreads. The industry average ranges from 1.35 for EUR/USD to 2.31 for AUD/JPY. This means that both brokers are offering spreads below the industry average for most forex pairs, making them attractive options for traders looking for cost-effective trading.
Commission
FP Markets charges a commission on its raw accounts, while standard accounts are commission-free but come with wider spreads. City Index, on the other hand, does not charge any commission on forex trades, as costs are included in the spread.
| | USD | AUD | GBP | EUR |
|---|---|---|---|---|
| FP Markets | $3.00 | N/A | £2.25 | €2.75 |
| City Index | $2.50 | $3.50 | N/A | N/A |
Both brokers have their own strengths and weaknesses when it comes to trading costs. Try the City Index vs FP Markets fee calculator below based on the most popular forex pairs and base currencies.
|
Standard Account Spreads
|
|||||
|---|---|---|---|---|---|
|
1.10 | 1.20 | 1.30 | 1.30 | 1.30 |
|
0.70 | 2.20 | 1.10 | 1.10 | 0.60 |
|
1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
|
1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
|
1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
|
1.30 | 1.70 | 2.10 | 1.40 | 1.50 |
|
1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
|
1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2025
Other Fees
FP Markets charges an inactivity fee after a year of no trading activity, while City Index charges this fee after only one month. However, both brokers waive this fee if the client trades at least once during the inactivity period.
Our Lowest Spreads and Fees Verdict
When it comes to trading costs, FP Markets has the edge due to its tighter spreads and more flexible commission structure.
FP Markets ReviewVisit FP Markets
Both FP Markets and City Index offer a variety of trading platforms to cater to different trading styles and preferences.
| Trading Platform | FP Markets | City Index |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | No |
| cTrader | Yes | No |
| TradingView | Yes | Yes |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | Yes |
MetaTrader 4 and 5
Both brokers offer MetaTrader 4 and 5, the most popular trading platforms in the forex industry. These platforms are popular for their sophisticated charting tools, automated trading capabilities, and ability to be customised according to individual preferences.
cTrader and TradingView
FP Markets provides access to cTrader, a platform with advanced order capabilities and an intuitive interface. City Index does not offer cTrader but provides access to TradingView charts, which are known for their social trading features and wide range of technical analysis tools.
Social And Copy Trading
Both brokers offer social and copy trading features. FP Markets offers Myfxbook’s AutoTrade, while City Index offers a proprietary social trading platform.
VPS and Other Trading Tools
Both brokers offer VPS services for automated trading. FP Markets also provides a suite of advanced trading tools, including Autochartist and a Forex VPS for seamless automated trading. City Index also offers a range of tools, including a powerful charting package and a customisable economic calendar.
Our Better Trading Platform Verdict
It’s a tie in this category. Both brokers offer a wide range of platforms and tools, catering to different types of traders.
FP Markets offers two main types of accounts: Standard and Raw. The Standard account offers higher spreads but no commissions, while the Raw account offers lower spreads but includes a commission per trade.
City Index, on the other hand, offers a single type of account with competitive spreads and no commissions. For beginners, this simplifies the process but for experienced traders, it reduces flexibility.
| FP Markets | City Index | |
|---|---|---|
| Standard Account | Yes | No |
| Raw Account | Yes | Yes |
| Swap Free Account | Yes | No |
| Active Traders | Yes | No |
| Spread Betting (UK) | No | Yes |
Our Superior Accounts and Features Verdict
FP Markets wins this category due to its more flexible account options.
FP Markets stands out for its fast trade execution speed of just 30 ms. This is particularly important for traders who depend on high-frequency trading strategies. City Index isn’t too shabby either, but at 50 ms, you might notice the difference.
City Index does offer some unique features like guaranteed stop-loss orders, which can be a lifesaver in volatile markets. However, if speed and ease of use are your top priorities, FP Markets is the clear winner.
| | Limit Order Speed | Limit Order Global Rank | Market Order Speed | Market Order Global Rank |
|---|---|---|---|---|
| FP Markets | 225ms | 31/36 | 96ms | 8/36 |
| City Index | 95ms | 12/36 | 131ms | 14/36 |
Our Best Trading Experience and Ease Verdict
For traders prioritising speed and a user-friendly experience, FP Markets takes the lead.
City Index has a higher trust score of 67 than FP Markets with 60. Each broker has its own strengths – in regulation, reputation, and/or user reviews.
City Index Trust Score
FP Markets Trust Score
Both FP Markets and City Index are highly regulated brokers. FP Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). City Index is regulated by the Financial Conduct Authority (FCA) in the UK, the Monetary Authority of Singapore (MAS), and the Australian Securities and Investments Commission (ASIC).
| City Index | FP Markets | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) MAS (Singapore) | ASIC (Australia) CYSEC (Cyprus) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | FSA-S (Seychelles) FSC-M (Mauritius) FSCA (South Africa) |
Reputation
City Index, founded in London in 1983, has been in business for longer than FP Markets, which was established in Sydney, Australia in 2005.
Having said that, FP Markets gets searched more at 27,100 Google hits, while City Index only has 12,100.
Reviews
City Index has a TrustPilot score of 4.3 out of 5.0 from 284 reviews, while FP Markets has a 4.9 score from 5,478 reviews.
Our Stronger Trust and Regulation Verdict
It’s a tie in this category. Both brokers are highly regulated, providing a high level of trust and security for traders.
City Index ReviewVisit City Index
Your capital is at risk ‘70% of retail CFD accounts lose money with City Index’
Both FP Markets and City Index offer a diverse range of products, but City Index has a slight edge in terms of variety.
| CFDs | FP Markets | City Index |
|---|---|---|
| Forex Pairs | 63 | 84 |
| Indices | 19 | 40+ |
| Commodities | 4 Metals (vs USD, AUD, EUR) 4 Energies 5 Softs | 6 Metals 8 Energies 13 Softs |
| Cryptocurrencies | 12 | 5+ |
| Shares CFDs | 10000+ (with IRESS) 814 (with MT5) | 4700+ |
| ETFs | 46 | 4 |
| Bonds | 2 | 11 |
| Futures | No | No |
| Treasuries | 2 | 11 |
| Investment | No | No |
Our Top Product Range and CFD Markets Verdict
For traders looking for a wide array of trading options, City Index offers a more extensive range of CFDs and markets.
City Index ReviewVisit City Index
Your capital is at risk ‘70% of retail CFD accounts lose money with City Index’
FP Markets offers a decent range of educational resources, but City Index goes above and beyond.
Our Superior Educational Resources Verdict
Based on our testing scores of 7 for City Index and 5 for FP Markets, City Index is the go-to broker for superior educational resources.
City Index ReviewVisit City Index
Your capital is at risk ‘70% of retail CFD accounts lose money with City Index’
FP Markets offers 24/5 customer service, while City Index extends its support to the weekends. Both offer live chat, but FP Markets goes the extra mile with a call-back service.
| Feature | FP Markets | City Index |
|---|---|---|
| Live Chat Support | Yes | Yes |
| Email Support | Yes | Yes |
| Phone Support | Yes | Yes |
| Support Hours | 24/7 | 24/5 |
| Multilingual Support | Yes | Yes |
Our Superior Customer Service Verdict
Based on our customer service scores, City Index edges out FP Markets with a score of 8 compared to 7, making it the better choice for responsive and versatile customer support.
FP Markets offers a broader range of funding options, including cryptocurrencies, which gives traders more flexibility. City Index, on the other hand, sticks to the basics like credit cards and wire transfers.
| Funding Option | FP Markets | City Index |
|---|---|---|
| Credit Card | ✓ | ✓ |
| Wire Transfer | ✓ | ✓ |
| PayPal | ✓ | ✓ |
| Skrill | ✓ | ✗ |
| Neteller | ✓ | ✗ |
| Cryptocurrency | ✓ | ✗ |
| UnionPay | ✓ | ✗ |
| FasaPay | ✓ | ✗ |
| POLi | ✓ | ✗ |
| BPay | ✓ | ✗ |
Our Better Funding Options Verdict
If you’re looking for diverse and flexible funding options, FP Markets is your best bet.
City Index offers a lower minimum deposit of $0 vs $100 by FP Markets. While both brokers have the same minimum deposit requirements when using deposit and credit cards like Visa and Mastercard, City Index are a better choice if using PayPal and Bank Transfer.
In the table below, we highlight City Index’s minimum deposit requirements.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $150 |
| Paypal | £50 Minimum Deposit | $50 Minimum Deposit | €50 Minimum Deposit | $150 |
| Bank Wire | £0 Minimum Deposit | $0 Minimum Deposit | €0 Minimum Deposit | $150 |
| Skrill | N/A | N/A | N/A | N/A |
In contrast, FP Markets’ deposit requirements are more straightforward. You will notice that they offer a consistent $100 minimum deposit in the table below.
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Paypal | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Bank Wire | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Skrill | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| | Minimum Deposit | Recommended Deposit |
| FP Markets | $100 | $100 |
| City Index | $0 | $150 |
Our Lower Minimum Deposit Verdict
City Index’s $0 minimum deposit is the lowest of the two brokers however this only applied if using bank transfer, it’s still much lower than FP Markets’ fixed $100 minimum. PayPal is also a better choice with City Index.
FP Markets is the winner because it consistently outperforms City Index in key areas like trading experience, customer service, and funding options. The table below summarises the key information leading to this verdict.
| Criteria | FP Markets | City Index |
|---|---|---|
| Lowest Spreads And Fees | Yes | No |
| Better Trading Platform | Yes | Yes |
| Superior Accounts And Features | Yes | No |
| Best Trading Experience And Ease | Yes | No |
| Stronger Trust And Regulation | Yes | Yes |
| Top Product Range And CFD Markets | No | Yes |
| Superior Educational Resources | No | Yes |
| Superior Customer Service | No | Yes |
| Better Funding Options | Yes | No |
| Lower Minimum Deposit | No | Yes |
For beginner traders, FP Markets is the better choice due to its user-friendly interface and educational resources.
For experienced traders, FP Markets still takes the cake with its advanced features and faster execution speeds.
FP Markets has lower costs. They offer an average spread for EUR/USD at 0.1 pips, compared to City Index’s 0.5 pips. This makes a significant difference in the long run. For more information on low-cost brokers, check out our lowest spread forex brokers in the UK.
FP Markets is the superior choice for MetaTrader 4 users. They offer more features and better integration. For a more detailed comparison, you can visit our Best MT4 Brokers.
Neither FP Markets nor City Index offers social or copy trading. If social trading is a priority for you, you might want to consider other options. Here’s our list of best copy trading platforms.
City Index offers spread betting, while FP Markets does not. This makes City Index a better choice for UK traders interested in this form of trading. For more information, check out our best spread betting brokers in the UK.
In my opinion, FP Markets is superior for Australian Forex traders. They are ASIC-regulated and founded in Australia, offering a sense of local trust. For more details, you can visit our Best Forex Brokers In Australia page.
For UK traders, City Index is the better choice. They are FCA-regulated and have a strong presence in the UK market. For more information, you can check out our Best Forex Brokers In UK page.
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
Ask an Expert
What is the stop out level in FP Markets?
For retail traders, FP Markets default stop out level is 50%.