Plus500 vs City Index

Plus500 and City Index are both market makers so the spreads should be similar. Lets see if this is the case along with other key features such as leverage, risk tools, customer services and Accounts to decide which is the broker is best for each category.

View our Plus500 vs City Index comparison:

Strengths

1. No Commissions
2. Guaranteed Stop Loss
3. Wide Range of CFDs offered
4. Excellent Client Money Protection
5. 24/7 Customer Support

1. Choice of trading platforms
2. No deposits required or funding fees
3. Great expert analysis resources
4. Large range of markets

Weaknesses

1. Inactivity Fee
2. Overnight Funding Chargest
3. Relatively High Spreads
4. No Automated Trading Available
5. Limited Analysis Tools on Plus500 Platform

1. Demo Account is limited to 12 weeks
2. Inactivity fees
3. MetaTrader spreads may be higher than other platforms
4. No Social trading

Spreads + Commissions

Spread Value

8.5
Commission Value

10
Spread Value

8.
Commission Value

10

Forex Trading Platform

Plus500 platform - iPhone/iPad, Android, Windows Phone App, Windows 10 Trader, Web Trader

MetaTrader 4
AT Pro
Web Trader

Execution Speeds

Trading Speed

8
Trading Speed

8

Leverage

1:300

500:1 (MT4 Platform)
0.20% Margin (CFD Platform)

Risk Management

1. Guaranteed Stop Loss
2. Negative Balance Protection
3. Stop Limit /Stop Loss / Trailing Stop
4. Segregated Accounts
5. ASIC Regulated

Guaranteed Stop Loss Orders
Stops and Limits

Other CFDs (eg Crypto)

1. Indices
2. Energy Commodities
3. Metals
4. Soft Commodities
5. Cryptocurrency
6. Shares CFD
7. Options
8. ETF

1. Forex
2. Indices
3. Equities
4. Cryptocurrencies
5. Bonds
6. Options
6. Commodities (including futures)
7. Interest Rates
8. Shares / Shares CFD

Customer Support

1. 24/7 Chat Support
2. Email via Web Portal
3. No Phone Support
4. No Education Library

1. 24/5 via chat, phone, email
2. FAQ
3. Help

Bonus Programs

1. Trading credits for initial deposit
2. Rebate program

Rebate Program

Funding Methods

1. Bank Transfer
2. Debit/Credit card (Visa, Mastercard)
3. Electronic Wallets (Paypal, Skrill)

1. Visa and MasterCard Credit/Debit
2. Bank Electronic Funds Transfer
3. BPay
4. PayID

Reviews

Trust Pilot 7.1/10 (679 reviews)

2 out 5 stars on TrustPilot

Recommended For

Beginner Traders
Traders who desire risk management tools

Beginner Traders
Risk Averse Traders

  • MetaTrader
  • cTrader
  • ECN Trading Account
  • Deal Cancellation
  • Guaranteed Stop Loss
  • Guaranteed Negative Balance Protection
  • No Fees On Deposits + Withdrawals
  • Stockbroking Services

Recommended For

Beginner Traders
Traders who desire risk management tools

Beginner Traders
Risk Averse Traders

Spreads + Commissions

Spread Value

8.5
Commission Value

10
Spread Value

8.
Commission Value

10

Execution Speeds

Trading Speed

8
Trading Speed

8

 

  • MetaTrader
  • cTrader
  • ECN Trading Account
  • Deal Cancellation
  • Guaranteed Stop Loss
  • Guaranteed Negative Balance Protection
  • No Fees On Deposits + Withdrawals
  • Stockbroking Services
  • MetaTrader
  • cTrader
  • ECN Trading Account
  • Deal Cancellation
  • Guaranteed Stop Loss
  • Guaranteed Negative Balance Protection
  • No Fees On Deposits + Withdrawals
  • Stockbroking Services
Account Features Comparison
 Plus500City Index
ASIC Regulation
No Commissions
Fixed or Variable Spreads?FixedFixed and Variable
Currency Pairs6184
LotsStandard, Micro, MiniStandard, Micro, Mini
Minimum DepositsNo MinimumNo Minimum
Hedging
Expert Advisors
Leverage300:10.20% (500:1) CFD Platform
200:1 MT4 Platform
Social Copying

At the account level both accounts are relatively similar, the main difference of note is that City Index do allow hedging which Plus500 don’t. Hedging is a useful risk management tool as its allows you to protect your position with currency movements.

Plus500 Account Details

Plus500 Account

City Index Account Details

Plus500 vs City Index - Accounts of City Index

Trading Spreads and Other Fees – Plus500 vs City Index

Both Plus500 and City Index are known as market makers with dealing desk. This mean the brokers are always the counter party when you execute a trade. This trading model is sometimes known as B-book as the brokers keep the customers trades on their own books.

Although market maker type broker profits when your trades lose and can be therefore seen to be working against you, there are still good reasons to consider choosing a market maker. These include:

  1. Your spreads will generally be fixed. Advantages of this include
    • Easier to trade when large market shocks occur
    • Better consistency during peak and off peak trading hours
  2. No commissions add-ons to your costs
  3. You trades are more likely to filled even when liquidity in general market is low
  4. Market maker spreads need to be competitive due to competition so spreads will generally reflect market prices.

Spreads comparison

SpreadsEUR/USDUSD/JPYAUD/USDGBP/USD
Plus500 (31/07/2019)0.600.700.601.11
City Index (CFD)0.690.770.731.22
City Index (MT4)1.72.21.52.1

Looking at out sample of spreads, it does appear that Plus500 spreads are slightly more narrow than City Index using each brokers own platforms.  Spreads on MT4 for City Index are wider and so therefore more costly.

It is worth noting that City Index spreads are taken from their website and is a time weighted average for first quarter of 2017. Plus500 on the other hand don’t provide a time weighted average and instead provide real time quotes.

Given we are comparing spreads across a different time period, we can’t say with certainty that Plus500 spreads are going to be narrower than City Index but w can say they are likely to be very similar.

Open a demo account >>Visit Plus500 >>

Other Costs

2. Guaranteed Stop Loss Order (GSLO) –

  • Both brokers offer GSLO for a small premium

3. Inactivity Fees

  • If you don’t trade with your City Index account for a 24 month period then you will incur a monthly $15 charge.
  • If you don’t log into your account for 3 month, Plus500 will charge you USD$10 once a month until you log back in.

5. Deposit and Withdrawal Charges / Funding Charges

 Plus500City IndexPlus500 Minimum (Deposit)City Index Minimum (Withdrawals)
Debit / Credit Card (Visa/MasterCard)No ChargeNo Charge20050
PayPalNo ChargeNot Offered20050
SkrillNo ChargeNot Offered20050
Bank TransferNo ChargeNo Charge50050
BPayNo ChargeNo Charge10050
PayIDNot OfferedNo ChargeN/AN/A

Additional Notes:

  1. City Index allow a maximum $20,000 for single transaction
  2. City Index allow $20,000 per 24 hours when you withdraw online with credit cards

Spreads Conclusion – Plus500 vs City Index

We noted that Plus500 had slightly cheaper spreads than City Index however we realise we have applied sample spreads for different time period. If choosing between Plus500 and City Index we suggest looking at other criteria as part of your selection as this is where the most noticeable differences will be found.

Open a demo account >>Visit Plus500 >>

Leverage – Plus500 vs City Index

If you are using City Index CFD Platform (not MT4) the you will have access to the maximum allowable leverage in Australia for an ASIC broker.

City Index offer 0.20% margin rate which is the equivalent of 500:1 leverage. This means when you open a position you must have 0.20% funds in your account (If you opt to trade with the maximum).

Plus500 by contrast only offer leverage of 300:1.

If you trade with City Index using the MT4 platform then you will only have access to leverage of 200:1.

Leverage can be see as a way to supercharge your earnings as the brokers will lend you greater levels of cash for each dollar your deposit in your account. Generally, forex currency pairs do not change enough for major savings to occur however with greater funds invested, you can increase you profits despite marginal changes in currency.

It is important to note, currency movements can be either favourable or unfavourable. When currency movements don’t move in your favour, you will can make large losses which will need to be paid to the broker.

It is therefore important to use leverage responsibly. This means assess the risks with your trade and the level of leverage you are willing to take on.

Conclusion

Provided you are using the City Index CFD trading platform, City Index offer more leverage for forex when we compare with Plus500. More leverage simply means the broker will lend you more funds for you to trade with.

If 500:1 is more than you need, you can select a lower level of leverage.  For this reason we recommend City Index but only using the CFD platform not the MetaTrader 4 platform as this only offer 200:1 leverage.

If you are looking to trade other contracts-for-difference (CFDs) on leverage, see our CFD section for leverage for each CFD.

Risk Management Inclusions

Spread betting carries risks but there there are tools that can help protect your investments against risk.

Risk ToolsPlus500City Index
Stop Loss Order
Guaranteed Stop Loss Order
Limit Orders
Trailing Stops
Margin Call / Negative Balance Protection
Guaranteed Negative Balance Protection
Stop Limits
Price Alerts
If-Done Orders
One-Cancel the Other
Signal Trading
Hedging

Both brokers offer the option of guaranteed stop loss orders (GSLO).  GSLO provide a level of security for each trade you execute for a small premium in your spreads. These are useful if you lack experience in trading or are trading in a volatile market.

Plus500 include guaranteed negative balance protection when you sign up with them and do not charge for this. Negative balance protection is a feature not offered by many brokers. Most brokers will only offer a margin call system which will notify you to top up your account when savings are below required limits and try (but not guarantee) to close your positions if you account balance looks like going into negative.

Beyond the standard risk management tools that all brokers offer such as stop loss and trailing stops and price alerts City Index offer some features Plus500 do not. These include

  • IF Done-Orders –  A contingent order is actioned only in the event criteria for the first is fulfilled.
  • One Cancel the Other – This is when you two orders are placed simultaneously. In the event one order is filled, the other will order will immediately close.
  • Hedging

Pepperstone vs City Index Risk Management Tools

Conclusion – Plus500 vs City Index

Both brokers offer a better range of risk management features than you will find with most brokers. City Index in particular has a larger mix of unique risk management tools however we personally favour Plus500. The reason we like Plus500 is because they have include guaranteed negative balance protection. Given Plus500 appear to have spreads that match City Index’s spreads and also include guaranteed negative balance protection means you will not paying extra to protect your funds.

Open a demo account >>Visit Plus500 >>

Trading Platforms – Plus500 vs City Index

Plus500 Trading Platform

Plus500 have their own propriety platform, they do offer MetaTrader which is commonly available with other brokers. The platform is available for web, desktop and mobile. Regardless which medium you use for trading, the platform is the same for all tools meaning you can seamlessly switch between trading mediums.

One unique feature is that the platform is available in 30 languages. This may appeal to you if English is not you preferred language.

The platform main feature is it user friendly design. Its clean interface and ease of navigation is exceptionally good for those new to trading as they will not be overwhelmed with too much information.  The main catch with this design is that the platform has limited customisation features.

On the main screen you will find all the information you need along with 4 tabs where you can access your past and current positions.

The platform allows you access to 2000+ instruments and you can choose from over 100 technical indicators.

One issue some users may find with the platform is that one cannot add 3rd party tools to the platform. This means you can only use Plus500 tools.

City Index Trading Platforms

Web Trader Platform

Released in December 2018,  Web Trader is City Index’s online platform will Advantage Web which is being phased out. Web Trader is built using HTML5 rather than Flash which means better loading performance with less power.

The following key features are available:

Customisation

  • 10 workspaces that you can build with your desired charts, news, positions and watch lists.
  • Single click between workspaces. and ability to switch between them with a single click.
  • Advanced charts which consists of custom indicators and drawing tool which can capture precise information
  • Charts with overlay of 2 different markets

Charts

  • 10 different chart types powered by Trading View
  • Trade within charts
  • 57 indicators

City Index Charts

Intelligent Tools

  • Improved search functionality
    • Search by market name
    • Search by stock code
    • Browse by product
    • Browse by region
  • P&L balance bar
  • Risk management features in the smart trade ticket
    • Set ticket by P&L, price or  points away.
    • Real time ‘Margin required’ shown on the ticket price.
    • Set more than one stops and limit for each position on the trade ticket
    • hedging via trade ticket

360° Market view

  • Reuters
  • Latest ,arket prices
  • Economic Calendars

City Index Web Trader Platform

City Index AT Pro

Available as a download on desktop, AT Pro is for advanced users as it offers the most powerful trading features in the City Index trading suite. The following features are available:

  • Creation custom templates  with .NET, C# or Visual Basic
  • 140 indicators
  • Backtesting tools
  • 25 drawing tools
  • 15 timeframes

City Index At Platform

City Index Apps for IOS and Android
  • Apple. Android mobiles and tablets
  • 60 indicators are available

City Index Mobile Platform Features

MetaTrader 4 (MT4) – City Index

City Index offer MetaTrader 4. MataTrader 4 is the most commonly used trading platform for both traders and brokers. Its popularity means you can sure to find all the essential features you will need for successful trading.

As MT4 is common it means you can easily change to other brokers without needing to learn a new trading platform.

MT4 is best if you trade Forex or other decentralised assets such as commodities. It is not the best platform for assets that trade via a centralised exchange such as shares or stocks. .

Pepperstone vs City Index MT4 Platform

 

Conclusion – Plus500 vs City Index

Normally we would recommend MetaTrader 4 platform however we have previously noted that spreads with MT4 for City Index is wider so we advise looking at one of the brokers custom platforms.

Choosing between Plus500 or City Index custom platforms is a case of personal preference. We are impressed with City Index Web Trader platform because it all the charts, timeframes and indicators the majority of traders will require and is built to HTML5 meaning faster speeds and therefore less slippage.

We suggest signing up for a demo of each brokers platform and testing them out for yourself.

Open a demo account >>Visit Plus500 >>

Contracts for Difference (CFDs) – Plus500 vs City Index

CFDsPlus500 OptionsCity Index Options (Range) / Spread (Points)Plus500 MarginsCity Index Maximum Leverage and Margins
Share Markets CFDs1900+ Range4500 Range1:20 Leverage1:20 Leverage
Soft Commodities10 Range17 Range1:150 Leverage 1% to 3% Margin
- Sugar (Futures) 0.03 Points 0.06 Points 1% Margin 3% Margin
- Coffee (Futures) 0.02 Points 0.9 Points 1% Margin 3% Margin
- Wheat (Futures) 0.55 Points 1 Points 0.67% Margin 3% Margin
Hard Commodities12 Range14 Range1:150 Leverage1:200 Leverage
- Gold 0.28 Points 0.3 Points 0.67% Margin 0.5% Margin
Indices67 Range21 Range with Fixed 1 Point spread1:300 Leverage1:500 Leverage
Interest RatesN/A3 RangeN/A4:1 Leverage
- Short Sterling 0.02 Points 0.25% Margin
BondsN/A12 choices
(0.02 to 0.06 points)
N/A200:1 Leverage
Options25+201:5200:1 Leverage
- UK100 CFD Mnth 1.8 Points 4 Points 0.33%Margin 0.5% Margin
Cryptocurrency14 Range5 Range1:20 Leverage Maximum4:1 Leverage
-BitCoin 55 35 5% Initial Margin 25% Initial Margin
-Ethereum 2 1.2 5% Initial Margin 25% Initial Margin
ETF50+ N/A1:100 LeverageN/A

The above table shows the range of available CFDs each broker offers along with a sample of CFD. The tables also shows maximum leverage and typical required margin, these however may vary for each individual asset traded. For example BitCoin offer leverage of 2:1 up to 45 contracts and after this 1:1 for each contract. Ethereum also offer 2:1 but this is up to 215 contracts and 1:1 thereafter.

Some points to note

Shares:

If you buy shares CFDs with City Index then you will pay 0.08% / $5 for Australian shares and 2 cents per share / $15 for international shares.

Plus500 on the other hand don’t charge commission for trading share CFDs.

Commodities:

City Index offer both cash CFD and futures for trade. Cash CFDs are ideal for short term trading and have tighter spreads. Futures are better for long term trade and have wider spreads but you wont incur overnight finance charges.

 

City Index CFDs

 

Conclusion – Plus500 vs City Index

City Index offer a greater range of CFD options however Plus500 do appear to generally offer (but not always) slightly better spreads and leverage. We recommend deciding on the CFDs you may wish to trade with and investigate the spreads, margins/leverage each broker offers or will require.

Open a demo account >>Visit Plus500 >>

Customer Service – Plus500 vs City Index

Customer Support ToolsPlus500City Index
Phone
Email
Online Chat
Whatsapp
Contact Hours24/724/5
FAQ
Glossary

It is interest to note that Plus500 don’t offer phone contact with their customer services. If you desire human interaction for you support then City Index will be a better option for you.

City Index Customer Support

Research and Education:

ResearchPlus500City Index
Daily Market Commentary
Webinars
Economic Calendar
Technical Analysis Tools.Trading Central
- Opportunities
- Market Analysis
- Alert Notifications
- Screening of Markets
Fundamental Analysis ToolsTrading Central
- Stock valuations
- Best buys
- Company metrics
- Global data
In-House Analysts
CFD analysis

Plus500  offer little in the way of research tools. Research tools are valued by traders as it can help them makes the right trading decisions in order to be profitable. Many of City Index’s research tools are powered by Trading Central.  This company specialises in providing award winning analysis and patter recognition tools that help traders better participate in financial markets.

EducationPlus500City Index
Trading Strategy Course
Trading Instructional Videos
Webinar Masterclasses
Introduction to Trading Series

As you can see Plus 500 don’t offer Education tools. City Index however offer a wealth of research tools.

City Index offer a training course that will teach you all about training strategy. This course is values at $5000 and is developed by TECHFX TRADERS. The course covers 3 difference modules “including forex”, “learn to trade” and “How to trade like a pro”

TECHFX TRADERS are an independent firm that offer top quality and timely technical analysis to traders. They know the trading industry inside and out so are able to provide information that will help grow your trading knowledge.

TECHFX TRADERS also manage run the City Index Webinars. Here a range of trading topic are covered over the web, where you will have the opportunity to ask questions as part of the session.

City Index Education

Demo Account:

Demo AccountPlus500City Index
Time LimitNoYes - 12 Weeks
Virtual FundsUnlimited$20,000
Easy switch between real and demo accountsYesYes

With City Index you can choose if you wish to use City Index CFD platform or MT4. The demo account has a limit of 12 weeks however, you can contact support and they will reactivate the account at the end of the 12 week period. This refresh means you will lose access to existing virtual funds.

Plus500 however offer unlimited access with their demo account. If your virtual funds dip below $200 then your virtual funds will reset to default.

 

City Index Demo Account

Conclusion – Plus500 vs City Index

Without a doubt City Index offer better customer support tools. If you need assistance, City Index have contact you can use to directly reach customer service for support. Plus500 do provide support however their customer support team don’t have the same immediate presence City Index have. For example support contact in Australia.

City Index also offer free custom services like research and education tools. Plus500 do not offer any of these.

We do however like the fact Plus500 offer unlimited time/funds platform demo. This is a feature we would like to see offered by more brokers.

Bonus Programs – Plus500 vs City Index

Plus500

The Plus500 offer a rebate and first deposit program. The higher your initial deposit to start trading is, the more trading credits Plus500 will reward you with. Likewise, the more you trade each month, the more T-points for trading credits you receive.

Plus500 First Deposit Program

Plus500 Trade Credits

Plus500 Rebate Program

For every $1500 traded, you will receive different amount of TP points depending on your chosen currency pair.

City Index

A cash rebate program is on offer with City Index. City Index will reward you with rebates provided you reach a certain level of trading volumes. Rebates will vary depending on your chosen asset class.

 Rebate