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 approaches to pricing. City Index sits around the industry average for forex, CFDs, and spread betting, while HFM skews slightly higher overall. Based on our ratings for commissions and fees, City Index earns 4.5 out of 5 stars and ranks #16 of 63 brokers at ForexBrokers.com, whereas HFM earns 4 out of 5 stars and ranks #28 of 63.
City Index’s typical EUR/USD spread averaged 0.74 pips as of July 2023, which puts it near the market average (though not among the very cheapest). You’ll generally find the best prices on City Index’s own platforms or on MetaTrader. High-balance and high-volume traders can trim costs further: the Premium Trader account (for deposits above £10,000) offers exclusive pricing plus dedicated support, and professional traders can qualify for volume rebates—starting at £4 per million GBP for over £25M traded monthly and reaching £7.5 per million above £300M; in Australia, rebates range from AUD $4.5 to $14.5 per million depending on tier.
HFM’s pricing is a touch higher than average. The company cites a typical 1.2-pip spread on its Standard account, though no date range is provided, so the true average could be wider. Its Zero account can bring the effective cost to about 0.7 pips after commission, but that figure is not presented as an average either. If minimizing trading costs is a priority, City Index generally has the edge on transparency and average spreads, while HFM may appeal if you plan to use the Zero account and can consistently achieve its quoted effective pricing.
| 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 and HFM both let you trade forex as CFDs or spot, and both support copy trading. City Index stands out for its wide catalog of 13,500 tradeable symbols, while HFM lists about 500. If you focus on currency markets specifically, HFM offers more forex pairs (102) than City Index (66), which may appeal to traders who want a larger choice of currency crosses.
Neither broker provides true share dealing on U.S. or international exchanges (only CFDs are available), and neither lets you buy actual cryptocurrencies; however, both offer cryptocurrency CFDs. For range of investments, City Index is rated 5 out of 5 stars and ranks #8 out of 63 brokers at ForexBrokers.com, whereas HFM earns 4 out of 5 stars and ranks #28, reflecting City Index’s broader overall lineup and HFM’s strong selection of forex pairs.
| Feature |
City Index
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 500 |
| Forex Pairs (Total) | 66 | 102 |
| 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 tick the key boxes for trading platforms and tools. Each broker offers a free demo account, a proprietary platform, Windows desktop software, and a web-based platform. Both support copy trading and let you place trades directly from charts. MetaTrader 4 is available at both brokers, while MetaTrader 5 is only offered by HFM, which may appeal if you want the newer MetaTrader features.
In independent testing, City Index scores higher for platforms and tools, earning 4.5/5 stars and ranking #11 out of 63 brokers at ForexBrokers.com, compared with HFM’s 4/5 stars and #33 ranking. Both brokers include technical indicators for charting and watchlists you can tailor to your needs; exact counts vary by platform. If you need MT5, HFM stands out; if overall platform experience is your priority, City Index has the stronger rating.
| 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 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
City Index and HFM both offer mobile trading apps for iPhone and Android, and each supports stock and forex price alerts to help you stay on top of market moves. A key difference is watchlist syncing: City Index syncs watchlists across devices and your online account, while HFM does not. If you like your lists and preferences to follow you from desktop to phone, City Index has the edge.
For charting, City Index provides 88 technical studies versus 30 with HFM, and both apps let you draw trendlines and automatically save your drawings. In terms of quality scores, City Index earns 4.5 out of 5 stars and ranks #9 out of 63 brokers for Mobile Trading Apps at ForexBrokers.com, while HFM holds 4 stars and ranks #32. Traders who want deeper charting tools and seamless syncing may prefer City Index, while HFM still covers the essentials on both iOS and Android.
| 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 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
City Index and HFM both cover the basics traders expect for market research: daily market commentary, forex news from top-tier sources (such as Bloomberg, Reuters, or Dow Jones), an economic calendar, and a sentiment tool that shows the balance of long versus short positions. Their main difference lies in third-party tools. City Index integrates Trading Central for technical and fundamental insights, while HFM provides Autochartist for pattern recognition. Neither broker includes TipRanks or tools from Acuity Trading.
When it comes to independent ratings, City Index scores higher for research with 4.5/5 stars and ranks #10 out of 63 brokers at ForexBrokers.com; HFM earns 4/5 stars and ranks #18. Choose City Index if you want Trading Central’s analysis, or pick HFM if Autochartist is more your style—both offer daily commentary, timely news, and easy-to-follow market calendars.
| 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 | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
City Index and HFM both deliver forex and CFD education with libraries that meet the threshold of 10+ dedicated pieces, making them solid picks for beginners. Each broker runs client webinars at least once a month and offers deep video catalogs: 10+ beginner videos to explain the basics and 10+ advanced videos for when you’re ready to level up. This mix of on-demand lessons and live sessions helps new traders learn at their own pace and ask questions in real time.
For overall education quality, City Index holds the edge. It earns 4.5 out of 5 stars and ranks #9 out of 63 brokers for Education on ForexBrokers.com, while HFM scores 4 out of 5 stars and ranks #29. In short, both platforms give newcomers a complete path from beginner to advanced topics, but City Index is rated higher and may offer a more polished learning experience.
| 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 | 86 |
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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 | 86 | |
| 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 | 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 (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 SCA 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. 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 | 15 | |
| 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 | 30 | |
| 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 | 86 | |
| Winner | check_circle | ||
| Review | City Index Review | HFM Review |
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