Looking at the data in our broker matrix we find that City Index offers the most trading instruments with 12,000 available to its customers versus just 9300 offered at CMC Markets.
When we look at trading costs City Index edges ahead of CMC Markets as far as average FX spreads are concerned. In commodity markets, it’s less clear cut with CMC Markets having the tightest spread on gold, whilst City Index is cheaper on Brent crude for example.
In equity indices, CMC markets are the leader with an average spread, in the products we sampled, of 3.28 points compared to City’s 4.48 points.
CMC Markets is UK listed and a FTSE 250 constituent, whilst City Index is part of the StoneX Group, which is listed on Nasdaq
Which trading platform has the best customer reviews?
Good Money Guide uses a unique multifactor scoring system to assess and rank customer reviews. CMC Markets come out as the clear winner here both in terms of the average scores in our system and on key metrics such as the number of customer reviews posted and app store ratings. City Index comes second in 6 out of 7 of our multifactor criteria.
Which trading platform offers the most markets?
City Index offers the most markets for clients to trade, 33% more in fact than rivals CMC Markets. Though CMC does have the upper hand as far as commodity markets are concerned with 33 markets available compared to City Index’s 25, and also in equity indices, where CMC Markets offers 22 instruments compared to City’s 21.
Which trading platform offers the most platforms?
This time it’s a dead heat between the two firms, each of which offers a web-based trading platform, alongside android and iOS mobile versions. Both brokers also offer the Metaquotes MT4 platform, in its desktop and mobile versions.
Which trading platform offers the most different types of accounts?
Once again it’s is a dead heat, with each broker offering FX, CFD and Spread Betting accounts, to both retail and professional customers.
Neither firm currently has accounts that offer Direct Market Access (DMA) or on-exchange futures and options trading. Nor do they have accounts for physical share dealing and investment.
Which trading platform is a more established business?
City Index wins out here having been established in 1983, six years before CMC markets were founded. City Index has been through several owners including Gain Capital and the Stonex Group. Whilst CMC Markets was in private ownership before listing on the London Stock Exchange.
Which trading platform has the lowest trading costs?
The answer to this question depends on what you want to trade-in. If it’s FX then City Index has the lowest average spreads across the 10 actively traded pairs that we sampled. Whilst in equity indices CMC Markets have the tightest spreads and therefore the lower trading costs. When it comes to trading individual equities CMC markets are cheaper for CFD and Spread Bets on UK stocks whilst City Index is the most competitive in US equities.
Which trading platform offers the most margin?
Both firms offer their retail customers the standard FCA /ESMA margin rates across all products so there is nothing to choose between them. When it comes to professional clients, who are not subject to these restrictions, CMC is the more generous providing leverage of up to 500:1 compared to City Index’s maximum leverage of 400:1
Which trading platform offers the lowest overnight financing rates?
CMC Markets and City Index use different calculation methods for many of their overnight financing charges and in some cases, these vary by instrument as well.
In those markets where we can market a direct comparison such as UK equities, CMC markets are more expensive than City Index, charging +/- 2.93% over LIBOR or an equivalent sterling benchmark. City Index charge +/- 2.50% over the interest benchmark. City Index is also cheaper than CMC Markets when it comes to the overnight funding of US equity positions.
Which trading platform offers the most added value?
CMC Markets just edges ahead here, offering 6 points of added value compared to the 5 points provided by City Index. The main point of difference is the sentiment and positioning tools that CMC offers its customers, whilst City Index does not have these. Though each of these brokers trading platforms are feature-rich and both firms offer educational programs, alongside research and analysis.
With over 35 years of finance experience, Darren is a highly respected and knowledgeable industry expert. With an extensive career covering trading, sales, analytics and research, he has a vast knowledge covering every aspect of the financial markets.
During his career, Darren has acted for and advised major hedge funds and investment banks such as GLG, Thames River, Ruby Capital and CQS, Dresdner Kleinwort and HSBC.
In addition to the financial analysis and commentary he provides as an editor at GoodMoneyGuide.com, his work has been featured in publications including Fool.co.uk.
As well as extensive experience of writing financial commentary, he previously worked as a Market Research & Client Relationships Manager at Admiral Markets UK Ltd, before providing expert insights as a market analyst at Pepperstone.
Darren is an expert in areas like currency, CFDs, equities and derivatives and has authored over 260 guides on GoodMoneyGuide.com.
He has an aptitude for explaining trading concepts in a way that newcomers can understand, such as this guide to day trading Forex at Pepperstone.com
Darren has done interviews and analysis for companies like Queso, including an interview on technical trading levels.
A well known authority in the industry, he has provided interviews on Bloomberg (UK), CNBC (UK) Reuters (UK), Tiptv (UK), BNN (Canada) and Asharq Bloomberg Arabia.
