5 Best City Index Alternatives • Benzinga

City Index is an industry leader in the world of spread betting and contracts for difference (CFDs). The broker offers a wide range of trading tools and a variety of trading assets. Available assets differ depending on where you’re located. 

In business for 40 years, City Index caters to more than a million traders. Still, City Index may not suit your trading style or strategy, and you may be looking for an alternative. 

In this article, Benzinga explores the best City Index alternatives. 

Here are Benzinga’s choices of City Index alternatives  

Interactive Brokers is a well-established and globally recognized online brokerage catering to individual and institutional traders. Users have access to a wide range of financial instruments, including stocks, options, futures, forex and bonds. Interactive Brokers is present in 135 global markets. 

This broker’s advanced trading platform, Trader Workstation (TWS), is renowned for its inclusive features and customizable interface. The platform includes a wide array of research and analysis tools and educational resources. Professional trading tools make it easy for retail traders to manage client accounts. Low commissions, tight spreads and zero inactivity fees ensure that this brokerage continues to draw new clients. 

With a history dating back to 2001, FOREX.com provides traders with access to a broad range of financial assets, including currencies, commodities, indices and cryptocurrencies. The broker offers users an impressive range of currencies with more than 80 available. 

FOREX.com provides users with an intuitive proprietary platform. The mobile and web-based platforms offer identical functionality. They’re equipped with advanced charting tools, real-time market data and customizable features. Traders can also choose to use MT4. 

FOREX.com provides competitive pricing, tight spreads and reliable trade execution. Users have access to comprehensive training materials. Training resources provide for all skill levels from beginners to advanced traders. Advanced research tools boasting more than 90 indicators help traders to make informed decisions.

Founded in 1989, CMC Markets is a well-established brokerage, offering traders a wide range of assets including commodities, forex, cryptocurrencies, stocks, indices and securities. U.K. traders can take advantage of the tax relief available to spread bettors. Users have access to MT4 as well as the proprietary Next Generation with its more than 40 indicators and impressive range of research and charting features. 

Users have access to comprehensive learning materials and an up-to-date newsfeed. Competitive pricing and fast execution offer optimal forex trading conditions. No deposit is required at registration. 

Established in 2011, FXTM provides traders with a wide range of financial instruments, including currencies, commodities, indices and cryptocurrencies. Traders can get direct access to the markets through the Electronics Communications Network (ECN). The company also offers trading with the percentage allocation management module (PAMM) and managed accounts, a great option for traders who prefer not to put their own cash at risk. 

FXTM has three commission-free Standard accounts and three ECN accounts for leveraged trade in forex, metals, stocks and indices. Users can choose between MT4 and MT5 platforms and have access to a library of skills training and analysis tools. Copy traders can use the social trading platform FXTM Invest to follow trades as they learn the ropes. 

Australian broker Pepperstone is a globally recognized online brokerage providing access to forex, cryptocurrency and CFD trading. Users can trade on MT4, MT5 or cTrader. 

Pepperstone offers competitive pricing, low spreads and quick execution. Its Active Trader program offers users rebates for high trade volumes. Rebates are paid in cash and can be used to cover spreads. Pepperstone offers generous leverage with up to 500:1 on forex trades.Two account types cater to different trading needs. It offers plenty of educational resources to encourage traders to improve their forex trading skills and knowledge. Traders also have the option of using Mirror Trade, algorithm-based automatic trading.

Traders are as diverse as the assets in which they trade, but they all have one overriding objective — to maximize profits. Traders will seek different paths in their pursuit of profit. Often the best brokerage for a trader is the one that offers a spread of the right trading assets and a platform that is quick and easy to use. Benzinga’s choice of City Index alternatives represents the diversity of trade and should satisfy the needs of most traders.

Several factors come into play when choosing a City Index alternative.

Look for brokers that offer a simple and streamlined account registration process. Modern forex brokers typically offer online registration and quick acceptance.

Excessive fees will erode your profits. The broker you choose must charge market-related fees. Fees could include spreads, commissions, overnight financing charges and inactivity fees. Compare fee schedules across different forex brokers to ensure that you’re getting a good deal

An effective trading platform should be easy to use and navigate. The platform is your tool of trade, and you’ll want a clear system that quickly executes transactions. Choose a platform that includes essential features like advanced charting tools, technical analysis indicators, risk management tools and order types. 

Check the deposit and withdrawal options available. Ensure that the broker supports convenient and secure payment methods, such as bank transfers, credit/debit cards and e-wallets. Consider associated fees and the deposit and withdrawal processing time.

A good CFD broker should offer a diverse selection of underlying assets, including stocks, indices, commodities, forex pairs and cryptocurrencies. With a wide variety of options, you can diversify your portfolio and take advantage of different market opportunities.

City Index is a reputable broker with 40 years in the trade. Traders can choose from a broad range of tradable assets and have access to several trading tools. 

The City Index product offering may not, however, suit every trader’s strategy or asset requirements. Traders can maximize profits by finding a cost-effective broker that offers the trading tools and assets that meet their needs. One of the five best City Index alternatives should offer a combination of factors to meet the needs of most traders.