City Index
Phillip Nova
VS
Higher Rated
City Index
Capital at risk · T&Cs apply
Choosing between City Index and Phillip Nova depends on your trading style, preferred markets, and budget. City Index is headquartered in London, UK, while Phillip Nova operates from Singapore. City Index has the longer track record, established in 1983, compared to Phillip Nova which was founded in 2005. This in-depth comparison covers regulation, fees, platforms, markets, and overall ratings to help you decide which broker is the better fit in 2026.
City Index
Phillip Nova
| City Index | Phillip Nova | |
|---|---|---|
| BrokerRank Score | 4.1/5 ✓ | 3.4/5 |
| Min. Deposit | $0 | $0 |
| Spread from | 0.5 pips ✓ | 0.6 pips |
| Max Leverage | 1:200 ✓ | 1:20 |
| Regulation | FCA, ASIC, MAS ✓ | MAS |
| Platforms | Proprietary Web, Proprietary Mobile, MT4 | Proprietary Web, Proprietary Mobile, POEMS |
City Index is the better choice overall, scoring 4.1/5 vs 3.4/5 on BrokerRank's independent rating. On fees, City Index offers lower spreads (0.5 pips).
See full side-by-side comparison belowCity Index
WinnerPhillip Nova
City Index
Lower feesPhillip Nova
City Index holds licences from FCA, ASIC, MAS. Phillip Nova is regulated by MAS.
Both brokers offer access to Cfd, Forex, Indices, Commodities markets. City Index additionally covers Stocks. Phillip Nova adds Crypto.
On spreads, City Index is more competitive with EUR/USD spreads from 0.5 pips, compared to 0.6 pips at Phillip Nova.
City Index supports Proprietary Web, Proprietary Mobile, MT4. Phillip Nova offers Proprietary Web, Proprietary Mobile, POEMS. Both brokers are available on Proprietary Web, Proprietary Mobile.
City Index requires no minimum deposit, while Phillip Nova sets no minimum deposit. This makes City Index accessible to traders with any budget.
BrokerRank scores City Index at 4.06/5 and Phillip Nova at 3.39/5, based on 50+ data points covering regulation, fees, platforms, markets, and user experience. City Index leads overall with a clear advantage.
City Index
4.1/5
Choose City Index if you want…
Phillip Nova
3.4/5
Choose Phillip Nova if you want…
Similar strengths to City Index — compare below.
City Index scores higher overall on our independent rating system. City Index holds a 4.1/5 rating vs Phillip Nova's 3.4/5. The best choice ultimately depends on your trading style — see our full verdict above for a detailed breakdown.
City Index offers spreads from 0.5 pips, while Phillip Nova starts at 0.6 pips. Check the fees section above for a full breakdown.
City Index requires a minimum deposit of $0. Phillip Nova requires $0.
City Index is regulated by FCA, ASIC, MAS, while Phillip Nova holds licences from MAS.
City Index supports Proprietary Web, Proprietary Mobile, MT4. Phillip Nova supports Proprietary Web, Proprietary Mobile, POEMS.
Yes, you can hold accounts at multiple brokers simultaneously. Many traders diversify across platforms to access different markets and tools.
Only 26% of Brokers Are Truly Fee-Free
BrokerRank Research — Hidden costs across 345 brokers
58% of Brokers Hold a Single Licence
BrokerRank Research — Regulation quality analysis
71% of Retail Traders Lose Money
BrokerRank Research — Loss rates across 50 EU brokers
76% of Brokers Use Proprietary Platforms
BrokerRank Research — MT4 vs MT5 vs proprietary
Trading involves risk. Past performance is not indicative of future results. Capital at risk. Full risk disclosure.