Written by ForexBrokers.com
In this head to head comparison of Saxo vs City Index, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Saxo and City Index are two well-established online brokers with strong regulatory standings. Saxo was founded in 1992 and operates as a bank, while City Index, founded in 1983, is publicly traded but not a bank. Both brokers hold a total of seven Tier-1 licenses, which are considered highly trusted by ForexBrokers.com, and one Tier-2 license, marking them as reliable platforms for investors.
In terms of trustworthiness, both Saxo and City Index boast a perfect Trust Score of 99 out of 99, demonstrating their high levels of customer confidence. Whether you're looking for a bank-backed broker like Saxo or a publicly traded option like City Index, both offer secure and regulated environments for trading with top-tier regulatory compliance.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Year Founded | 1992 | 1983 |
| Publicly Traded (Listed) | No | Yes |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 7 |
| Tier-2 Licenses | 1 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing Saxo and City Index for commissions and fees, Saxo stands out with its top-notch pricing, particularly for active traders and those who maintain large account balances. As of November 2023, Saxo offers competitive spreads on its various account types. For the Classic account, the average spread on EUR/USD is 1.1 pips, while the Platinum and VIP accounts offer more favorable pricing at 1.0 and 0.9 pips, respectively. Saxo's Classic account requires no minimum deposit, whereas the Platinum account has a $200,000 minimum, and the VIP account demands $1,000,000 or significant trading volume to qualify for upgrades. Notably, Saxo is commission-free, though a $3 ticket fee applies for low-volume traders. Saxo earns a 5-star rating and ranks #9 out of 62 brokers for commissions and fees.
City Index provides pricing that aligns with the industry average for CFD, forex, and spread-betting products. With a focus on proprietary platforms or MetaTrader for the best pricing, the average spread for CFDs on EUR/USD is 0.74 pips, competitive within the industry. Their Premium Trader account, available with a deposit of over £10,000, offers exclusive pricing, events, and customer service. City Index also has a rebate program for professional traders, with discounts ranging from £4 to £7.5 per million traded, depending on volumes. Yet, it slightly trails behind leading brokers such as Tickmill and FP Markets. City Index receives a 4.5-star rating and ranks #14 among 62 brokers in the commissions and fees category.
In conclusion, Saxo offers lower pricing and more significant benefits for high-volume traders, making it a preference for those who meet the requirements for their Premium accounts. City Index provides competitive industry-average pricing with valuable rebates for highly active traders, making it a strong choice although slightly behind Saxo in overall pricing and rank. Both brokers bring their unique strengths to cater to different trading preferences and requirements.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Minimum Deposit | $0 | £100.00 |
| Average Spread EUR/USD - Standard | 1.1 | 1.4 |
| All-in Cost EUR/USD - Active | 0.9 | 0.74 |
| Active Trader or VIP Discounts | Yes | Yes |
| ACH or SEPA Transfers | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and City Index for their range of investments, both online brokers offer forex trading as CFDs or spot contracts. Saxo stands out with an impressive selection of 70,000 tradeable symbols, including 190 forex pairs, while City Index provides 13,500 symbols and 66 forex pairs. Saxo allows clients to invest in exchange-traded securities on U.S. and international exchanges, making it possible to buy shares like Apple and Vodafone. In contrast, City Index does not offer direct investment in these securities, focusing instead on CFD trading.
Both brokers facilitate cryptocurrency derivatives but not the actual purchase of cryptocurrencies. They also support copy trading, enabling users to replicate the strategies of successful investors. Saxo is highly commended with a 5-star rating for its range of investments, and it ranks third among 62 brokers according to ForexBrokers.com. City Index matches Saxo’s 5-star rating but ranks eighth in the same study. This indicates that while both brokers excel in providing diverse investment options, Saxo offers a broader selection, especially in traditional securities and forex pairs.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 13500 |
| Forex Pairs (Total) | 190 | 66 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When choosing a trading platform, both Saxo and City Index stand out as strong contenders, each offering a range of tools designed to cater to different trading needs. Both platforms provide a virtual demo account, allowing users to practice their strategies with simulated trading. Each offers a proprietary platform developed in-house, accessible via Windows desktop downloads and web-based browsers. For traders interested in copy trading, both Saxo and City Index provide this feature, enhancing the social trading experience. City Index distinguishes itself by offering MetaTrader 4, a popular platform among retail traders, although neither broker provides access to MetaTrader 5, DupliTrade, or ZuluTrade.
In terms of charting capabilities, City Index impresses with 239 drawing tools, significantly more than Saxo's 20, but both platforms allow direct trading from a stock chart. Saxo excels with 60 watchlist columns, adding a layer of customization that City Index's 11 columns cannot match. As for their ratings, Saxo achieves a perfect 5-star rating for its trading platforms and tools, ranking first among 62 brokers, while City Index is rated at 4.5 stars, securing a respectable 10th place ranking. These distinctions highlight Saxo as a top choice for those prioritizing a highly-rated and diverse platform, although City Index still offers a competitive suite of tools for traders.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 88 |
| Charting - Drawing Tools (Total) | 20 | 239 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 11 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
For traders seeking capable mobile trading platforms, both Saxo and City Index offer compelling apps for iPhone and Android users. Both apps deliver essential features like stock and forex price alerts and the capability to sync watchlists between mobile and online accounts. Traders can also draw trend lines on charts, with both apps auto-saving these drawings for future reference. Additionally, users can monitor multiple timeframes, such as daily, weekly, or intraday. While both apps provide these fundamental tools, Saxo outpaces City Index in the number of technical studies available, offering 64 compared to City Index's 88.
When evaluating overall service satisfaction, Saxo slightly edges out City Index with a perfect 5-star rating for its mobile trading app, compared to City Index's 4.5 stars. In the broader landscape, as assessed by ForexBrokers.com, Saxo achieves an impressive second place out of 62 brokers in the Mobile Trading Apps category, while City Index holds a respectable ninth position. These rankings underscore Saxo's slight advantage in the competitive world of mobile trading app offerings.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 88 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Both Saxo and City Index excel in providing daily market commentary and forex news from reputable sources like Bloomberg and Reuters, making them excellent choices for traders seeking informed insights. Saxo distinguishes itself by offering tools from Autochartist for technical and fundamental analysis, while City Index lacks this feature. On the flip side, City Index provides Trading Central tools for technical analytics, an offering Saxo does not match. Both brokers equip traders with sentiment-based trading tools and maintain comprehensive economic calendars to track global events.
When it comes to overall research quality, Saxo is rated with a stellar 5 stars and holds the top position among 62 brokers in the ForexBrokers.com rankings. City Index follows closely with a commendable 4.5-star rating, securing the 10th spot. Although neither broker provides research from TipRanks or Acuity Trading, their robust offerings in market analysis tools keep them competitive. If you prioritize a broader range of analytical tools, Saxo might be your best bet, whereas City Index shines with its Trading Central resources.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both Saxo and City Index offer extensive materials to help new traders get started. Saxo provides a variety of educational content including over ten articles, videos, and archived webinars specifically focused on forex and CFDs. Similarly, City Index matches Saxo in offering an equivalent number of educational pieces covering the same topics. In addition to articles and videos, both brokers also host online educational webinars monthly and feature an accessible archive of past webinars, which can be exceptionally helpful for beginners looking to build foundational knowledge over time at their own pace.
For those just starting out, facing trading can be daunting, but Saxo and City Index both consider the needs of beginners by offering over ten videos that specifically address fundamental trading concepts. They also cater to more seasoned individuals with similarly structured advanced content. If you're looking to understand trading jargon, an investor dictionary with definitions for at least 50 key investing terms is part of the package with both brokers. While Saxo has a perfect score of five stars for educational offerings and is ranked 13th in this category by ForexBrokers.com, City Index isn’t far behind with a 4.5-star rating and a slightly higher rank of 9th. Ultimately, both platforms provide excellent resources to empower new traders, with slight differences in user ratings that might sway personal preferences.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that Saxo is better than City Index. Saxo finished with an overall rank of #3, while City Index finished with an overall rank of #8.
Saxo is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 99 |
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Both Saxo and City Index do not offer the ability to buy actual (delivered) cryptocurrency, but they both provide options to purchase cryptocurrency derivatives.
When comparing online brokers Saxo and City Index, City Index offers more flexible deposit and withdrawal options including ACH or SEPA transfers and PayPal, while both platforms accept Visa, Mastercard, and bank wires, but neither supports payments via Skrill.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Saxo | City Index | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Saxo Review | City Index Review |
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| Regulation | Saxo | City Index | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1992 | 1983 | |
| Publicly Traded (Listed) | No | Yes | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 7 | |
| Tier-2 Licenses | 1 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | City Index | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes |
| Tier-2 Licenses (Trusted) | Saxo | City Index | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | City Index | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 13500 | |
| Forex Pairs (Total) | 190 | 66 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Saxo | City Index | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 1.4 | |
| All-in Cost EUR/USD - Active | 0.9 | 0.74 | |
| Active Trader or VIP Discounts | Yes | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | Saxo | City Index | |
|---|---|---|---|
| Minimum Deposit | $0 | £100.00 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | Yes |
| Trading Platforms | Saxo | City Index | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | City Index | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 11 | |
| Charting - Indicators / Studies (Total) | 64 | 88 | |
| Charting - Drawing Tools (Total) | 20 | 239 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | City Index | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 88 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Saxo | City Index | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | City Index | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Saxo | City Index | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | Saxo Review | City Index Review |
| Overall | Saxo | City Index | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Saxo Review | City Index Review |
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