Gain Capital’s City Index offers the trading of over 12000 assets across FX, CFDs and Spread Betting to its traders. The company launched way back in 1983 and is FCA regulated
|#||Broker's Features||HYCM Availability||CITY INDEX Availability|
|#||Accepts US traders||❌||✔|
|#||24 hour trading||❌||❌|
|#||Trading by phone||❌||❌|
|#||1st deposit bonus||❌||❌|
|#||Forex contests competitions||❌||❌|
|#||Interest charges on the balance||❌||❌|
|#||24 hour support||✔||❌|
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will compare HYCM vs City Index.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. HYCM offers Online Financial Trading and Investment Services Such as Currencies, indices, commodities, Stocks, Cryptocurrencycurrency, while City Index offers Currencies, Commodities, Indices, Stocks, Bonds, Cryptocurrency, Futures, ETFs.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. HYCM is Market Maker, ECN, STP, while City Index is Dealing Desk, Market Maker, STP.
Minimum Deposit Requirement: To compare these two FX brokers, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. HYCM recommended minimum capital is 100, while City Index has a Minimum Deposit Requirement of .
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. HYCM is regulated by CySEC, FCA, MiFID, DFSA, SFC, while City Index regulated by ASIC, FCA, FSA, IIROC, MAS, NFA. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Account currencies: Next lets consider the Account currencies each broker offers. HYCM offers EUR, USD, GBP, AED, RUB, KWD different account currencies for each account types, while City Index offers USD, EUR, GBP, JPY, CHF, AUD, NZD, ZAR account currencies.
Languages Available: Next lets have a look at each broker's different Language options. HYCM offers English, Chinese, Russian, Arabic, Indian, while City Index offers English, Spanish, German, Arabic, Polish, Chinese Customer Support Languages.
Payment methods: Next lets have a look at each broker's payment options. HYCM offers Credit/Debit Cards, PayPal, Bank Wire Transfer, WebMoney, Bitcoin different payment methods for each account types, while City Index offers Credit/Debit Cards, Bank Transfer, Payoneer payment methods.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, HYCM makes MT4 available to clients, while City Index offers MT4, WebTrader.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, City Index is more reliable based on our criteria above. Only City Index offers demo account, allowing you to test their platform to see which is suitable for you. Regulations play a huge role in protecting the traders/investors interest as they compel the financial service providers such as forex brokers to act in a fair and ethical manner. City Index broker is regulated in more major hubs. City Index offers a wider range of platforms making it easier for the traders to choose one that matches their needs most. City Index offers a wider range of Account currencies. Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged. Customer service in your national language might not be a major concern for traders based in English-speaking countries, but it is a defining requirement for traders from other regions such as Asia and South America. City Index has a wider range of languages in which customer service is offered making the broker more accessible. As a market maker, City Index may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
City Index has low forex fees. It has also high-quality and diverse research tools. Lastly, the customer service is superb.
City Index has quite high stock CFD fees. Its product portfolio is limited, providing only forex and CFDs. The desktop trading platform is not user-friendly.
Finally, if you're really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable Personalised Broker based on your precise requirements here.