fbpx
Global Prime vs CityIndex - 2024 Comparison | FxScouts
AuthorAuthor: Björn MichelsPublished: October 21, 2020
EditorEditor: Chris CammackUpdated: November 15, 2023

Last Updated On November 15, 2023

Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FxScouts, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

Scroll for more detailsPreviousNext
Broker Score
Risk Statement
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Acct
Trading Platforms
Funding Methods
Trading Commission
11110.54.04/ 5
N/A of retail CFD accounts lose money
GBP 0
ASIC Regulated Brokers
Vanuatu
ECN/DMA
Bonds
Commodities
Cryptocurrencies
Forex
Indices
56
40
  • Regulated by ASIC VFSC and the FSA (Seychelles)
  • No minimum deposit is required but a 200 USD starting balance is recommended
  • Supports MT4 and TraderEvolution platforms along with additional tools like TradingView and VPS services
  • Offers some of the tightest spreads in the industry starting at 0.00 pips on its commission-free account
  • Offers high leverage up to 500:1 which can be considered a drawback due to the increased risk of significant losses
  • Charges fees for access to comprehensive educational courses and materials
  • Offers a more limited selection of tradable assets compared to other large international brokers
111104/ 5
111115/ 5
111104/ 5
11110.54.5/ 5
10.50001.5/ 5
11110.54.5/ 5
111104/ 5
0
500:1
0 pips
Comission Free ECN
Commission Based ECN
Institutional
Raw Account
Standard Account
Bank Transfer
Mastercard
Visa
Neteller
Skrill
Fasapay
BPay
POLi
Paypal
7 USD / lot
11110.54.38/ 5
73% of retail CFD accounts lose money
GBP 0
FCA Regulated Forex Brokers
ASIC Regulated Brokers
Monetary Authority of Singapore
CySEC Regulated Brokers
Cayman Islands Monetary Authority
Financial Services Agency
Market Maker
Bonds
Commodities
Stock CFDs
Forex
Indices
Interest Rates
Metals
84
6
  • Well regulated
  • Wide range of assets
  • Excellent market analysis
  • Low deposit and tight spreads
  • Slow withdrawals
  • Limited demo account
111115/ 5
111115/ 5
11110.54.5/ 5
110.5002.5/ 5
11110.54.5/ 5
11110.54.5/ 5
1110.503.5/ 5
73%
30:1
0.50 pips
Premium
Professional
Standard
WebTrader
Visa
Mastercard
Maestro
Paypal
Bank Transfer
Fees Included in Spread

How do CityIndex and Global Prime stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

CityIndex

Global Prime

At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare CityIndex and Global Prime, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does CityIndex or Global Prime have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that CityIndex holds four Tier 1 and one Tier 2 licences, and Global Prime holds one Tier 1 and no Tier 2 licences.

 

Is CityIndex financially regulated?

Yes CityIndex was founded in 1983 and is regulated by ASIC, CIMA, CySEC, FCA, FSA-Japan and MAS.

 

Is Global Prime financially regulated?

Yes Global Prime was founded in 2011 and is regulated by ASIC and VFSC.

 

Based on these findings, CityIndex earned a higher trust rating than Global Prime.

Does CityIndex or Global Prime have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that CityIndex has overall lower trading costs than Global Prime. 

Scroll for more detailsPreviousNext
Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
Global Prime
111115/ 5
AUD, USD, EUR, GBP, SGD, CAD, JPY
0.00 pips
USD 7
0.16 pips
0.75 pips
0.39 pips
USD 7
CityIndex
111115/ 5
EUR, USD, GBP, AUD
0.50 pips
USD 5
0.50 pips
1.80 pips
0.60 pips
USD 0

 

Does CityIndex or Global Prime offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, CityIndex offers support for and Global Prime offers support for . 

Do the brokers offer copy trading?

In this case both CityIndex and Global Prime offer copy trading.

Scroll for more detailsPreviousNext
Broker
Platform Choice
Copy Trading
Platforms
Global Prime
111104/ 5
CityIndex
11110.54.5/ 5
WebTrader

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that CityIndex offers a greater range and depth of instruments to trade than Global Prime. CityIndex offers 84 Forex pairs to trade and Global Prime offers 56 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, Global Prime offers 40 cryptocurrencies while CityIndex offers 6 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with Global Prime.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither CityIndex nor Global Prime charges a withdrawal fee. Overall, Global Prime has better deposit and withdrawal processes than CityIndex. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

CityIndex has better educational support than Global Prime. Both CityIndex and Global Prime offer educational support for more experienced traders.

Scroll for more detailsPreviousNext
Broker
Beginner Course
Advanced Course
CityIndex

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that CityIndex offers better research analysis than Global Prime and that both CityIndex and Global Prime offer frequent webinars.

Scroll for more detailsPreviousNext
Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
Global Prime
CityIndex

 

Our overall Verdict on CityIndex

Founded in 1983, CityIndex is one of several brokers that pre-dates the internet and the subsequent online trading boom. Owned by NASDAQ-listed StoneX, CityIndex is a good broker for traders looking for simple account options and a large range of financial instruments on the MT4 trading platform.

A well-regulated broker, CityIndex offers one live commission-free account with no minimum deposit requirement and spreads that start at 0.50 pips on the EUR/USD, which is much tighter than similar brokers. CityIndex offers a choice between MT4 and its own proprietary web trader platform – an advanced automated trading platform with deep customisation and back-testing.

CityIndex's financial instrument offering is impressive, with over 4700 assets available for trading, including 84 Forex pairs, 4500 stock CFDs, indices, commodities, bonds, metals, and interest rates.

City Index’s education section is useful for beginners who want to get up to speed quickly, and its market analysis provides excellent trade ideas. Overall, a good all-round broker that competes well with other traditional brokers of its size and type.

Our overall Verdict on Global Prime

With excellent trading conditions and a variety of trading tools, Global Prime appeals to traders looking for a new MT4 broker with a low-cost trading environment.

An ASIC-regulated broker, Global Prime's trading conditions include some of the tightest spreads in the industry, with spreads that start at 0.00 pips on its commission-free account, low commissions on its ECN account, and no minimum deposit requirements. Global Prime also charges low non-trading fees, a welcome development in an industry in which fees are charged on almost every transaction.  

Global Prime offers support for the MT4 and TraderEvolution platforms, alongside a variety of trading tools, including FIX API, TradingView, Zulutrade, Myfxbook Autotrade, and VPS services.  However, traders should note that most of these tools are available at an extra cost.

While Global Prime provides excellent educational courses for beginner traders, it provides virtually no market analysis.  Additionally, in order to access the educational materials, traders will have to pay a fee of 299 USD and a monthly subscription of 50 USD.  

Which broker has the highest overall rating?

CityIndex has an overall rating of 4.38 and Global Prime has an overall rating of 4.04. For more detail please read our reviews of CityIndex and Global Prime.

Others Also Visit

Scroll for more detailsPreviousNext
Visit
AvaTrade
4.59 /5
Read Review
Visit
Tickmill
4.58 /5
Read Review
Visit
XM
4.45 /5
Read Review
Visit
Pepperstone
4.61 /5
Read Review
Visit
XTB
4.39 /5
Read Review
Visit

Stay updated

This form has double opt in enabled. You will need to confirm your email address before being added to the list.

Close
>