image SpreadEx VISIT SPREADEX image IC Markets VISIT IC MARKETS image City Index VISIT CITY INDEX
About

SpreadEx is regulated by the Financial Conduct Authority. SpreadEx have provided Forex, CFDs, and spread betting services since 1999.

IC Markets is regulated by ASIC. IC Markets have provided Forex trading services since 2007.

City Index is regulated by the Financial Conduct Authority. City Index have provided Forex trading services since 1983.

Why choose them?
  • Yes Over 19 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority
  • Yes Over 11 years in business
  • Yes Segregates clients funds
  • Yes Regulated by ASIC
  • Yes Over 35 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, ASIC and MAS
Headquarters St Albans, UK Sydney, Australia London, UK

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) Yes No Yes
CFD Yes No Yes
Spread Betting Yes No Yes
Social Trading No Yes No
MARKETS & INSTRUMENTS
Forex (currency pairs) 51 84
Commodities Offered 16 26
Stocks Offered 1000 0 4500
Bitcoin Yes No Yes
Majors Yes Yes Yes
Indices Yes No Yes
US Stocks Yes No Yes
Penny stocks Yes No Yes
Energies Yes Yes Yes
Metals Yes Yes Yes
Agriculturals Yes Yes Yes
FTSE Yes Yes Yes
Dow Jones Yes No Yes
Dax Yes Yes Yes
Nikkei Yes Yes Yes
ETFs Yes No Yes
IPO Yes No No
See all instruments

67% of retail investors lose money when trading spread bets and CFDs with this provider.

See all instruments

67% of retail investors lose money when trading spread bets and CFDs with this provider.

See all instruments

67% of retail investors lose money when trading spread bets and CFDs with this provider.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 No Yes Yes
MT5 No Yes No
MT4 Mac No No No
WebTrader Yes Yes Yes
Mirror Trader No Yes No
ZuluTrade No Yes No
Sirix No No No
cTrader No Yes No
PAMM No No Yes
Custom Platforms Spreadex No AT Pro, Advantage Web

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image No No Yes
Available Languages

English

English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, and German

English, Spanish, German, Arabic, Polish, and Chinese

See platform & features

67% of retail investors lose money when trading spread bets and CFDs with this provider.

See platform & features

Losses can exceed deposits

See platform & features

72% of retail investor accounts lose money when trading CFDs with this provider

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by SpreadEx and IC Markets

Demo account Yes Yes Yes
Mini account No Yes Yes
Micro account No No Yes
Standard account Yes Yes Yes
ECN Account No Yes No
Islamic account No Yes No
Zero spread account No Yes No
VIP account No No Yes
Fixed spreads Yes No Yes
Variable spreads Yes Yes Yes
See account options

67% of retail investors lose money when trading spread bets and CFDs with this provider.

See account options

Losses can exceed deposits

See account options

72% of retail investor accounts lose money when trading CFDs with this provider

TRADING CONDITIONS

Scalping Yes Yes No
Hedging Yes Yes Yes
Expert advisors (EAs) No Yes Yes
Virtual private server No Yes No
Direct market access No Yes No
STP broker No Yes Yes
Market maker Yes Yes Yes
Min trade 0.01 Lot 0.01 Lot 1 Lot
Max trade Variable None Varies
Min deposit $1 $200 $25

RISK MANAGEMENT

Stop losses Yes Yes Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes Yes Yes
Price alerts Yes Yes Yes
Signal trading No Yes Yes

FUNDING METHODS

Credit card Yes Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No No
Neteller No Yes No
Skrill Yes No No
Payment processing time Varies Varies 2-3 business days
Withdrawal processing time Varies Varies 2-3 business days
See all funding options

67% of retail investors lose money when trading spread bets and CFDs with this provider.

See all funding options

Losses can exceed deposits

See all funding options

72% of retail investor accounts lose money when trading CFDs with this provider

DETAILED INFO

Excluded countries AF, GN, SL, BW, IR, SY, MM, IQ, TG, KH, LS, YE, CI , LR, ZW, CU, LY, TZ, CG, ML, BO, LR, NE, AO, GM, NG, AG, GH, KR, KG, GN, SN, NA AF, GN, SL, BW, IR, SY, MM, IQ, TG, KH, LS, YE, CI , LR, ZW, CU, LY, TZ, CG, ML, BO, LR, NE, AO, GM, NG, AG, GH, KR, KG, GN, SN, NA US, CF, TD, CG, CG, CI, CU, GN, ER, GN, FR, GW, HT, IR, IQ, KR, LB, LR, LY, MM, NZ, NG, SL, SO, SD, SY, TM, UZ, VE, EH, YE, ZW
Contact email Send Email Send Email Send Email
Phone number 44 (0) 1727 895 000 No 0845 355 0801
Live Chat No No Yes
Website https://www.spreadex.com/ http://www.icmarkets.com/ www.cityindex.co.uk
Spreads:
EUR/USD (Average: 0.7 pips) 1.0 pips 1.0 pips + $4.00 0.5 pips
GBP/USD (Average: 1.1 pips) 0.9 pips 1.0 pips + $4.00 0.5 pips
USD/JPY (Average: 1.1 pips) 0.7 pips 1.0 pips + $4.00 1.6 pips
AUD/USD (Average: 0.8 pips) 0.6 pips 1.0 pips + $4.00 0.5 pips
USD/CHF (Average: 2.3 pips) 1.5 pips 1.0 pips + $4.00 1.6 pips
USD/CAD (Average: 2.9 pips) 1.7 pips 1.0 pips + $4.00 0.5 pips
NZD/USD (Average: 3.6 pips) 2.0 pips 1.0 pips + $4.00 2.3 pips
EUR/GBP (Average: 2.4 pips) 0.9 pips 1.0 pips + $4.00 0.5 pips
View all spreads

67% of retail investors lose money when trading spread bets and CFDs with this provider.

View all spreads

Losses can exceed deposits

View all spreads

72% of retail investor accounts lose money when trading CFDs with this provider

FEES

Inactivity Fee No No Yes
Commission No Yes 0.0015
Deposit Fee No Varies Varies
Withdrawal Fee 0, minimum £50 No Varies
View All Fees

67% of retail investors lose money when trading spread bets and CFDs with this provider.

View All Fees

Losses can exceed deposits

View All Fees

72% of retail investor accounts lose money when trading CFDs with this provider

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Last update

All information collected from https://www.spreadex.com/. Last updated on 01/07/2019.

All information collected from http://www.icmarkets.com/. Last updated on 01/07/2019.

All information collected from www.cityindex.co.uk. Last updated on 01/07/2019.

Company

Spreadex is a leading provider of spread betting services and have captured an estimated 10% of the financial spread betting market. Spreadex understand the importance of security and trust and therefore all client funds are held in a segregated Barclays bank account in accordance with the Financial Conduct Authority, whom they are regulated by. Spreadex is perfect for those that are looking for an established and trusted spread betting broker.

For more information about trading with Spreadex, we have put together an indepth Spreadex review with all the pros and cons about this broker.

IC Markets is an online forex trading service provider who are regulated by the ASIC. To open an account with IC Markets, minimum deposits start from $200.
With IC Markets you can trade Forex, indices, commodities and CFDs. If you like to trade on the go, IC Markets have iPhone, iPad and Android apps so you can trade from anywhere on your phone.
IC Markets offer MetaTrader 4, MetaTrader 4 iPhone, MetaTrader 4 Android, MetaTrader 4 Apple Mac, cTrader, cTrader Web, cTrader Mobile, cTrader cAlgo, cMirror, MetaTrader 5, MAM/PAMM, Myfxbook Autotrade, FIX API, Trading Servers, ZuluTrade, Signal Trader, Web Trader platforms to make your trades and support 91 different languages.
They also offer traders a micro account for traders who want to start with smaller accounts. The spreads offered by IC Markets for the most popular instruments are: 1 EUR/USD, 1 FTSE 100, 42 GOLD,1 GBP/USD, 1 DOW/JONES, 0.04 Crude Oil, see all the spreads here.

For more information about trading with IC Markets, we have put together an indepth IC Markets review with all the pros and cons about this broker.

Since establishing themselves as one of the first spread betting providers in the UK. , City Index have grown to a global company in over 50 countries completing over two million trades every month. City Index provide some of the most competitive spreads across thousands of markets including indices, shares, currencies, commodities and many more.

City Index have continued to innovate and were the first to provide a downloadable Android and iPhone app for spread betting and CFD trading and with over 30 years experience in the industry, you know you can trust Cityindex to handle your trades.

For more information about trading with City Index, we have put together an indepth City Index review with some of the pros and cons about this broker.

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SpreadEx or IC Markets?

Low spreads or access to MT4?

If you’re a trader looking for a broker with low spreads on popular instruments like EUR/USD, SpreadEx is likely a better option. However, if you want a broker that offers MetaTrader4 as a trading platform, IC Markets may be more suitable.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider SpreadEx to be the more reliable broker. We’ve broken down why below:

Who are they regulated by?

SpreadEx is regulated by Financial Conduct Authority, while IC Markets is regulated by ASIC.

As the Financial Conduct Authority are one of the most stringent regulators in the world, SpreadEx will have very strict guidelines to follow to ensure they protect their retail trader clients.

City Index are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

SpreadEx has been around for 20 years, while IC Markets have been around for 12 years. Our third alternative broker, City Index, have been around for 36 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

Both SpreadEx and IC Markets use tier one banks, but we are not sure of which bank specifically.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on SpreadEx or IC Markets in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both SpreadEx and IC Markets are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

SpreadEx are based in St Albans, UK, while IC Markets are based in Sydney, Australia .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both SpreadEx and IC Markets offer forex trading. SpreadEx have a slightly larger variety of currency pairs with 51 pairs, compared to offered by IC Markets. Also, if you’re looking to trade cryptocurrencies, SpreadEx offers a handful of cryptocurrency CFDs to trade, including Bitcoin, Ethereum and Ripple.

If you’re looking to trade commodities like gold, silver or oil, SpreadEx may be a better fit as IC Markets does not offer commodity trading.

IC Markets also offer social trading, which allows you to follow the trading activity, engage in discussion, and even copy the trades of other traders.

Platforms & Account Types

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. City Index, for example, offer a mini account, standard account and VIP account.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

SpreadEx does allow scalping and hedging. While IC Markets also allows scalping and hedging. You can't trade with EAs (expert advisors) on SpreadEx but you can trade EAs (expert advisors) with IC Markets.

In terms of risk management tools, neither SpreadEx or IC Markets offers negative balance protection. Negative balance protection prevents you owing your broker more than you’ve deposited.

SpreadEx also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

SpreadEx accept Skrill while IC Markets accept Neteller.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, SpreadEx charges 0.60 points, while IC Markets charges 0.00 points. Therefore, IC Markets is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: SpreadEx or IC Markets?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, SpreadEx is more reliable based on our criteria above. SpreadEx has a wider range of instruments to trade. SpreadEx offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.