City Index
OANDA
VS
Compare
City Index
Capital at risk · T&Cs apply
City Index and OANDA are both well-regarded brokers, but they cater to different types of traders with distinct offerings. City Index, with its strong presence in the UK and over 40 years of industry experience, appeals to traders seeking a broad market selection and robust research tools, especially those interested in CFDs without a minimum deposit requirement. In contrast, OANDA, headquartered in the US, is favoured by traders who value regulatory oversight across multiple jurisdictions and access to historical data and API tools, although it offers a more limited product range and slightly wider spreads. The key difference lies in City Index's extensive market variety versus OANDA's focus on forex and CFD trading with broader regulatory coverage.
City Index
OANDA
| City Index | OANDA | |
|---|---|---|
| BrokerRank Score | 4.1/5 | 4.1/5 ✓ |
| Min. Deposit | $0 | $0 |
| Spread from | 0.5 pips ✓ | 0.6 pips |
| Max Leverage | 1:200 ✓ | 1:50 |
| Regulation | FCA, ASIC, MAS | FCA, CFTC, ASIC ✓ |
| Platforms | Proprietary Web, Proprietary Mobile, MT4 | MT4, Proprietary Web, Proprietary Mobile |
City Index (4.1/5) and OANDA (4.1/5) are closely matched. City Index has lower spreads; the better pick depends on your priorities.
See full side-by-side comparison belowCity Index
OANDA
City Index
Lower feesOANDA
City Index, established in 1983 and headquartered in London, UK, is a well-regulated broker under the jurisdiction of the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS). As part of the StoneX Group, which is listed on NASDAQ, City Index benefits from a robust financial backing and offers client fund protection through the Financial Services Compensation Scheme (FSCS) in the UK.
OANDA, founded in 1996 and based in New York, USA, is also highly regulated, being governed by the FCA, the Commodity Futures Trading Commission (CFTC), ASIC, and MAS, among others. It has a longstanding reputation in the industry and provides client fund protection through various schemes depending on the region. OANDA's broad regulatory reach in seven jurisdictions underscores its commitment to safety and compliance.
City Index offers competitive spreads starting from 0.5 pips on major forex pairs with no additional commission fees, making it attractive for traders looking to minimise costs. The broker does not require a minimum deposit, which is advantageous for beginners and casual traders. However, City Index charges an inactivity fee, which may be a consideration for less active traders.
OANDA provides spreads starting from 0.6 pips, slightly wider than City Index, but also charges no commissions. Like City Index, OANDA has a no minimum deposit policy, making it accessible to a wide range of traders. OANDA's overnight fees are competitive, but its spreads can be higher compared to some ECN brokers. The leverage offered by OANDA is capped at 1:50, aligning with regulatory standards in the US.
City Index offers a proprietary web and mobile trading platform alongside the popular MetaTrader 4 (MT4). Their platforms are well-suited for a variety of trading styles and include strong research tools from Refinitiv. OANDA offers its own proprietary web and mobile platforms, as well as MT4, but does not support MT5. OANDA's platforms are known for their user-friendly interface and comprehensive API access, appealing to tech-savvy traders.
For beginners, OANDA edges out due to its user-friendly platform and robust regulatory oversight. Professionals might prefer City Index for its extensive market offerings and leverage options. On fees, City Index offers a slight advantage with tighter spreads and no inactivity fee concerns for active traders.
City Index
4.1/5
Choose City Index if you want…
OANDA
4.1/5
Choose OANDA if you want…
City Index (4.1/5) and OANDA (4.1/5) are closely matched on our independent rating scale. The better choice depends on your priorities — fees, regulation, platforms, or available markets. See the full comparison above.
City Index offers spreads from 0.5 pips, while OANDA starts at 0.6 pips. Check the fees section above for a full breakdown.
City Index requires a minimum deposit of $0. OANDA requires $0.
City Index is regulated by FCA, ASIC, MAS, while OANDA holds licences from FCA, CFTC, ASIC, MAS.
City Index supports Proprietary Web, Proprietary Mobile, MT4. OANDA supports MT4, Proprietary Web, Proprietary Mobile.
Yes, you can hold accounts at multiple brokers simultaneously. Many traders diversify across platforms to access different markets and tools.
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Trading involves risk. Past performance is not indicative of future results. Capital at risk. Full risk disclosure.