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.
In the world of online brokerage, City Index and HFM offer distinct experiences for traders looking at their trust ratings and regulatory oversight. Founded in 1983, City Index is a veteran in the industry, publicly traded, and holds an impressive 99 Trust Score from ForexBrokers.com. This designation is backed by 7 Tier-1 licenses, making it one of the most highly trusted brokers. On the other hand, HFM, established in 2010, is not publicly traded and has a Trust Score of 86, which is considered a trusted rating. HFM maintains 2 Tier-1 licenses, showing it has a solid regulatory foundation but doesn't quite match the experience and regulatory prowess of City Index.
Both City Index and HFM are not banks and have additional Tier-2 licenses, with City Index holding 1 and HFM having 3 Tier-2 licenses. While both brokers offer reliability, City Index's extensive regulatory licenses and public trading status might appeal to those seeking a well-established platform. HFM provides a reputable option for traders who prioritize a moderately trusted broker with a respectable regulatory track record. Whether you're drawn to the longstanding reputation of City Index or HFM's reliable credentials, both brokers cater to diverse trading needs with their distinct offerings.
| 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 and HFM take different tacks on trading costs. City Index lands around the industry average for CFDs, forex, and spread betting, with an average EUR/USD spread of 0.74 pips as of July 2023 on its CFD account. You’ll generally get the best pricing on City Index’s own platforms or MetaTrader. HFM’s costs tend to run a bit higher than average: the company cites a typical 1.2-pip spread on its Standard account (no date range provided), while its Zero account can deliver an effective 0.7-pip spread after commission—though that figure isn’t an average. For commissions and fees, City Index is rated 4.5 out of 5 stars and ranks #15 of 63, while HFM is rated 4 out of 5 stars and ranks #32 of 63.
High-volume traders may find extra savings at City Index. The Premium Trader account (for deposits over £10,000) offers access to exclusive pricing, events, and dedicated support. Professional traders in the U.K. can earn rebates starting at £4 per million for more than £25M traded per month, rising to £7.5 per million above £300M; in Australia, rebates range from AUD $4.5 to $14.5 per million depending on tier. By contrast, HFM’s published spreads don’t include a dated average, so real-world costs can vary; its Zero account’s quoted 0.7 pips is an all-in example after commission rather than an averaged figure.
| Feature |
City Index
|
HFM
|
|---|---|---|
| Minimum Deposit | £100.00 | $0 |
| Average Spread EUR/USD - Standard | 1.4 | 1.2 |
| All-in Cost EUR/USD - Active | 0.74 | 0.7 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
City Index vs HFM: Both brokers let you trade forex as CFDs or spot, and both support copy trading. City Index lists 13,500 tradeable symbols, far more than HFM’s 500. However, HFM offers more forex pairs (102 vs. 66). Neither broker lets you buy exchange-traded stocks directly on U.S. or international exchanges, and neither supports buying real (delivered) crypto—though both offer cryptocurrency derivatives.
For the widest overall selection, City Index stands out, earning 5 stars and ranking #8 out of 63 brokers for Range of Investments. HFM earns 4 stars and ranks #37, but appeals to traders who want a larger choice of forex pairs. In short: pick City Index for breadth across markets, or HFM if your priority is a deeper list of currency pairs—knowing that both provide copy trading and crypto derivatives but no direct stock or real-crypto purchases.
| Feature |
City Index
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 500 |
| Forex Pairs (Total) | 66 | 102 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | 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.
City Index and HFM both make it easy to get started with a free demo account and offer their own in-house platforms alongside MetaTrader 4. Each broker supports a Windows desktop download, a web-based platform, copy trading, and trading directly from charts. If you need MetaTrader 5, however, HFM has it while City Index does not. Neither broker integrates DupliTrade or ZuluTrade.
For charting tools, City Index stands out with 239 drawing tools versus HFM’s 30, while the exact number of technical indicators isn’t specified for either. City Index also gives you more watchlist fields (11 vs. 7). Independent ratings from ForexBrokers.com favor City Index for platforms and tools (4.5/5, ranked 11th of 63) over HFM (4/5, ranked 43rd). In short, pick City Index if you want more drawing tools and watchlist customization, or choose HFM if MT5 support is a must-have.
| Feature |
City Index
|
HFM
|
|---|---|---|
| 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) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 88 | 15 |
| Charting - Drawing Tools (Total) | 239 | 30 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
City Index and HFM both offer mobile trading apps for iPhone and Android with key features traders expect: price alerts, trendline drawing, multiple time frames, auto-saved chart annotations, and real-time quote watchlists. The biggest differences are charting depth and syncing. City Index packs in 88 technical studies versus HFM’s 30, and City Index syncs watchlists between the mobile app and your online account, while HFM does not.
For quality and recognition, City Index earns 4.5 out of 5 stars and ranks #9 out of 63 brokers for Mobile Trading Apps on ForexBrokers.com, compared with HFM’s 4 out of 5 stars and #40 ranking. If you value advanced chart tools and cross-device watchlist syncing, City Index is the stronger pick; if you just need the essentials across iPhone and Android, HFM covers the basics.
| Feature |
City Index
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 88 | 30 |
| 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.
City Index and HFM both provide valuable market research offerings, each catering to a range of trader needs. Both platforms feature daily market commentary and forex news from top-tier sources like Bloomberg and Reuters, ensuring that users stay well-informed about financial market trends. They also provide sentiment-based trading tools that help traders understand the ratio of long or short positions across various instruments. Furthermore, both City Index and HFM offer economic calendars highlighting global news events. However, City Index leverages tools from Trading Central to support technical analysis, whereas HFM fulfills this role with services from Autochartist.
While neither broker utilizes research tools from companies like TipRanks or Acuity Trading, the overall research capabilities and tools available on each platform differ slightly, affecting their ratings and rankings. City Index is rated 4.5 out of 5 stars for research and is ranked 10th out of 63 brokers by ForexBrokers.com. Meanwhile, HFM earns a 4-star rating and holds the 20th position in the same list. These differences highlight City Index's slight edge in research offerings, catering to traders seeking comprehensive market analysis and insights.
| Feature |
City Index
|
HFM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | No |
| 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 City Index and HFM offer a strong selection to help newcomers understand the world of forex and CFDs. Each platform provides over 10 educational pieces including articles, videos, and archived webinars focusing on these subjects. They also host online educational webinars for clients at least once a month and maintain a searchable archive of past webinars, allowing users to revisit essential content at their convenience. These resources are supplemented by beginner-friendly videos exploring various trading topics, ensuring that learners have ample materials to begin their trading journey.
Both City Index and HFM also cater to more advanced traders with a library of educational videos designed for experienced investors. Additionally, they offer comprehensive investor dictionaries containing definitions of at least 50 investing terms to help users become familiar with essential jargon. While both platforms excel in their educational offerings, City Index holds a slight edge with a 4.5-star rating compared to HFM's 4-star rating. According to ForexBrokers.com, City Index is ranked 9th out of 63 brokers in the Education category, whereas HFM is positioned at 37th, which may influence users looking for a slightly higher-rated educational experience.
| Feature |
City Index
|
HFM
|
|---|---|---|
| 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 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 #30.
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 | 86 |
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Both City Index and HFM do not provide the option to purchase actual (delivered) cryptocurrency, but they do offer the ability to trade in cryptocurrency derivatives.
When comparing City Index to HFM for online trading, City Index allows deposits and withdrawals via ACH or SEPA transfers, PayPal, Visa, Mastercard, and bank wires, while HFM supports Skrill, Visa, Mastercard, and bank wires but lacks ACH, SEPA, and PayPal options.
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 | 86 | |
| Winner | check_circle | ||
| Review | City Index Review | HFM Review |
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| Regulation | City Index | HFM | |
|---|---|---|---|
| Trust Score | 99 | 86 | |
| 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 (SFC 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/Central Bank 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 | 500 | |
| Forex Pairs (Total) | 66 | 102 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | 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 | City Index | HFM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | 1.2 | |
| All-in Cost EUR/USD - Active | 0.74 | 0.7 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | City Index | HFM | |
|---|---|---|---|
| Minimum Deposit | £100.00 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | City Index | HFM | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | City Index | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 11 | 7 | |
| Charting - Indicators / Studies (Total) | 88 | 15 | |
| Charting - Drawing Tools (Total) | 239 | 30 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 88 | 30 | |
| 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 | City Index | HFM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | City Index | HFM | |
|---|---|---|---|
| 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 | City Index | HFM | |
|---|---|---|---|
| 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 | City Index Review | HFM Review |
| Overall | City Index | HFM | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | City Index Review | HFM Review |
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