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 |
When comparing commissions and fees, City Index comes out ahead of HFM. City Index’s pricing for CFDs, forex, and spread-betting products is generally in line with the industry average, and traders can often get the best rates by using the broker’s own platform or MetaTrader. It also offers discounts for active traders, including a Premium Trader account for deposits over £10,000, plus rebates for high-volume professional clients. City Index is rated 4.5 out of 5 stars for commissions and fees and is ranked #16 out of 36 brokers by ForexBrokers.com.
HFM’s trading costs are slightly above the industry average overall. Its standard account typically shows a 1.2-pip spread, while the Zero account can work out to an effective 0.7 pips after commission, though that figure is not presented as an average. HFM is rated 4 out of 5 stars for commissions and fees and is ranked #28 out of 36 brokers, putting it behind City Index in this category.
In simple terms, City Index offers the better value for most cost-focused traders, especially those who trade often or can qualify for lower pricing tiers. HFM may still appeal to some traders, but based on commissions and fees alone, City Index has the edge.
| 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. Both brokers support forex trading, copy trading, and cryptocurrency CFDs, but neither offers direct access to exchange-traded shares on U.S. or international stock exchanges, and neither allows buying actual cryptocurrency. Where City Index stands out is scale: it lists 13,500 tradeable symbols and 66 forex pairs, compared with HFM’s 344 symbols and 38 forex pairs.
This broader selection is reflected in ratings and rankings too. City Index is rated 5 stars for Range of Investments and ranks #8 out of 36 brokers in ForexBrokers.com’s category comparison, while HFM is rated 4 stars and ranks #28. For traders looking for a more varied product list, City Index has the edge over HFM.
| 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 strong mix of platform choices and useful trading tools. Each offers a free demo account, its own proprietary platform, desktop and web-based platforms, copy trading, MetaTrader 4, and the ability to trade directly from a chart. The main difference is that HFM also supports MetaTrader 5, while City Index does not, which may matter for traders who want the newer MetaTrader setup.
In overall platform quality, City Index comes out ahead. ForexBrokers.com rates City Index 4.5 out of 5 stars for Trading Platforms and Tools and ranks it #11 out of 36 brokers, compared with HFM’s 4 out of 5 stars and #33 ranking. For traders comparing online brokers on platform choice and tools, City Index has the edge, while HFM still covers the essentials and adds MT5.
| 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, plus stock and forex price alerts. Each app also lets users draw trendlines on charts and automatically saves those drawings, which helps keep chart work organized between sessions. That said, City Index has a clear edge when it comes to mobile charting tools, offering 88 technical studies compared with just 5 at HFM.
City Index also stands out for convenience, since its watchlists sync between the mobile app and online account, while HFM does not offer this feature. These differences are reflected in third-party ratings as well: City Index earns 4.5 out of 5 stars and ranks #9 out of 36 brokers for mobile trading apps, while HFM scores 4 out of 5 stars and ranks #32. Overall, City Index offers the stronger mobile trading experience.
| 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 |
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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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