Written by ForexBrokers.com
In this head to head comparison of City Index vs HFM, 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.
City Index and HFM differ most in trust and regulation. City Index, founded in 1983, is publicly traded and earns a 99/99 Trust Score from ForexBrokers.com—rated highly trusted. HFM, founded in 2010, is not publicly traded and has an 85/99 Trust Score—rated trusted. Neither broker is a bank.
Licensing also tilts in City Index’s favor: it holds seven Tier-1 licenses (the most highly regarded) and one Tier-2 license. HFM holds two Tier-1 and three Tier-2 licenses. In simple terms, City Index offers more top-tier regulatory oversight, while HFM combines fewer Tier-1 approvals with additional Tier-2 coverage.
| Feature |
City Index
|
HFM
|
|---|---|---|
| Year Founded | 1983 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 3 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 2 |
City Index has commissions and fees that are generally in line with the industry average for CFDs, forex, and spread betting. Its pricing is usually best when you trade on the broker’s own platform or MetaTrader, and active traders may qualify for the Premium Trader account if they deposit more than £10,000. City Index also offers rebates for high-volume traders, with U.K. professional traders able to earn discounts from £4 per million up to £7.5 per million, depending on monthly trading volume.
HFM’s trading costs are slightly above the industry average overall. On its standard account, HFM says spreads typically start at 1.2 pips, while its Zero account can work out to an effective spread of 0.7 pips after commission. Even so, HFM does not clearly provide enough average-spread detail to make its pricing look as competitive as some lower-cost brokers.
Looking at ratings and rankings, City Index scores 4.5 out of 5 stars for commissions and fees and ranks #16 out of 36 brokers at ForexBrokers.com. HFM scores 4 out of 5 stars and ranks #29 out of 36. Overall, City Index appears to offer the better value on trading costs, especially for active traders.
| Feature |
City Index
|
HFM
|
|---|---|---|
| Minimum Deposit | £100.00 | $0 |
| Average spread (EUR/USD) - Standard account | 1.4 | 1.8 |
| All-in Cost EUR/USD - Active | 0.9 | 1.1 |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
City Index offers a wider range of investments than HFM, making it the stronger choice for traders who want more market choice. City Index lists 13,500 tradeable symbols and 66 forex pairs, while HFM offers 344 symbols and 38 forex pairs. Both brokers support forex trading as CFDs or spot contracts, and both also offer copy trading and cryptocurrency CFDs. However, neither broker lets you buy real, delivered cryptocurrencies or exchange-traded shares on U.S. or international stock exchanges.
For range of investments, City Index is rated 5 stars and ranks #8 out of 36 brokers on ForexBrokers.com, compared with HFM’s 4 stars and #29 ranking. In simple terms, if having more instruments to trade is important to you, City Index has the broader selection overall.
| Feature |
City Index
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 344 |
| Forex Pairs (Total) | 66 | 38 |
| U.S. Stocks (Shares) | No | No |
| Global Stocks (Non-U.S. Shares) | No | No |
| Copy Trading | Yes | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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.
City Index and HFM both give traders a good range of platform choices, including free demo accounts, in-house platforms, Windows desktop downloads, web-based trading, copy trading, and MetaTrader 4. Both also let users trade directly from charts, which can make order entry quicker and more convenient. For traders who want a familiar setup and flexible ways to access the markets, each broker covers the main bases well.
The biggest difference is that HFM also offers MetaTrader 5, while City Index does not. City Index is rated slightly higher for trading platforms and tools, with 4.5 out of 5 stars and an overall ForexBrokers.com rank of #11 out of 36, compared with HFM’s 4 stars and #34 ranking. That makes City Index the stronger pick overall for platform quality, though HFM may appeal more to traders who want MT5 alongside the other platform options.
| Feature |
City Index
|
HFM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 88 | 38 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
City Index and HFM both make it easy to trade on the go, with iPhone and Android apps, price alerts, trendline drawing, and automatic saving for chart drawings. Both apps cover the basics well, but City Index has a clearer edge for active traders who want more from mobile charting and account syncing.
The biggest difference is that City Index supports watchlist syncing between the mobile app and online account, while HFM does not. City Index also offers 88 technical studies in its app, compared with just 5 at HFM, which gives traders far more tools for mobile analysis. That stronger feature set is reflected in its 4.5-star mobile app rating and #9 ranking out of 36 brokers, versus HFM’s 4-star rating and #33 ranking.
| Feature |
City Index
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 88 | 5 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
City Index and HFM both give traders useful market research features, including daily market commentary, forex news from major sources like Bloomberg, Reuters and Dow Jones, a sentiment tool that shows long and short position ratios, and an economic calendar for tracking key events around the world. That means both brokers make it easy to stay on top of market news and plan trades around important updates.
Where they differ is in the research tools they provide. City Index includes Trading Central tools, while HFM offers Autochartist and Acuity Trading, such as Signal Centre. In third-party ratings, City Index comes out ahead with a 4.5-star Research score and a #10 ranking out of 36 brokers at ForexBrokers.com, compared with HFM’s 4-star score and #18 ranking.
| Feature |
City Index
|
HFM
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | Yes | No |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
City Index and HFM both give beginners plenty of learning support, including forex and CFD education, regular online webinars, and at least 10 beginner and 10 advanced videos on trading topics. That means new traders at either broker can find a good mix of basic lessons and more detailed material as they build skills. Both brokers also run educational client webinars at least once a month, which is helpful for anyone who wants live guidance and the chance to learn from market updates in real time.
Where City Index stands out is in its stronger education rating and higher industry rank. It scores 4.5 out of 5 for Education and places #9 out of 36 brokers at ForexBrokers.com, while HFM scores 4 out of 5 and ranks #29. In simple terms, both brokers offer useful learning resources, but City Index appears to provide a better overall educational experience for beginners.
| Feature |
City Index
|
HFM
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that City Index is better than HFM. City Index finished with an overall rank of #8, while HFM finished with an overall rank of #27.
Backed by StoneX Group, City Index is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets.
| Feature |
City Index
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HFM
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 85 |
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City Index vs HFM: neither online broker offers the ability to buy actual (delivered) cryptocurrency, but both allow cryptocurrency trading via CFDs.
City Index vs HFM: For deposits and withdrawals, City Index supports ACH/SEPA, PayPal, and bank wire transfers, whereas HFM supports Skrill and bank wires but not ACH/SEPA or PayPal; Visa/Mastercard availability is not specified for either broker.
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 | City Index | HFM | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | City Index Review | HFM Review |
| Broker Screenshots | City Index | HFM | |
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| Regulation | City Index | HFM | |
|---|---|---|---|
| Trust Score | 99 | 85 | |
| Year Founded | 1983 | 2010 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 1 | 3 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 2 |
| Tier-1 Licenses (Highly Trusted) | City Index | HFM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | |||
| 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) | City Index | HFM | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | City Index | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 344 | |
| Forex Pairs (Total) | 66 | 38 | |
| U.S. Stocks (Shares) | No | No | |
| Global Stocks (Non-U.S. Shares) | No | No | |
| Copy Trading | Yes | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 | City Index | HFM | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.4 | 1.8 | |
| All-in Cost EUR/USD - Active | 0.9 | 1.1 | |
| Inactivity Fee | Yes | Yes | |
| Order execution: Agency | No | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | City Index | HFM | |
|---|---|---|---|
| Minimum Deposit | £100.00 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | No |
| Trading Platforms | City Index | HFM | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No |
| Trading Tools | City Index | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 88 | 38 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | City Index | HFM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 88 | 5 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | City Index | HFM | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central | Yes | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | City Index | HFM | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | City Index | HFM | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | City Index Review | HFM Review |
| Overall | City Index | HFM | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | City Index Review | HFM Review |
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