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 account | 1.4 | 1.2 |
| All-in Cost EUR/USD - Active | 0.74 | 0.7 |
| 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 support forex trading (available as CFDs or spot) and offer copy trading. City Index stands out for breadth, with about 13,500 tradeable symbols compared with HFM’s roughly 500. That said, HFM lists more currency pairs (102 vs. 66), which can appeal to active forex traders. Neither broker offers direct stock dealing on U.S. or international exchanges (no real shares), and both provide cryptocurrency trading only via CFDs—not actual coins.
For range of investments, City Index earns 5 stars and ranks #8 out of 63 brokers, while HFM earns 4 stars and ranks #37. In short: pick City Index if you want the widest selection of markets; choose HFM if having more forex pairs is your top priority.
| 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 vs HFM for trading platforms and tools: both brokers offer free demo (paper) accounts, their own proprietary platforms, Windows desktop downloads, and web-based platforms. Each supports copy trading, MetaTrader 4 (MT4), and lets you place trades directly from charts. The key difference is MetaTrader 5 (MT5): HFM offers MT5, while City Index does not.
In ForexBrokers.com testing, City Index earned 4.5 stars for Trading Platforms and Tools and ranks #11 out of 63 brokers, while HFM earned 4 stars and ranks #43. Choose HFM if MT5 access is essential; choose City Index if you want a higher-rated platform experience overall. Both deliver flexible trading on web and desktop with copy trading and MT4.
| 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. Each app supports stock and forex price alerts, trendline drawing, and auto-saving of chart drawings. The key difference is watchlist syncing: City Index syncs watchlists between the mobile app and the online platform, while HFM does not. For charting depth, City Index provides 88 technical studies compared with HFM’s 30, which can be important if you rely on indicators.
Ratings reflect these gaps. City Index earns 4.5 out of 5 stars and ranks 9th out of 63 brokers for Mobile Trading Apps on ForexBrokers.com. HFM scores 4 stars and ranks 40th. If you want advanced chart tools and seamless watchlist syncing, City Index has the edge; if you just need core features like alerts and basic drawing tools on both iOS and Android, either app will work.
| 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 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 (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.
For beginner traders looking at education, both City Index and HFM deliver forex and CFD learning that comfortably meets the 10-piece benchmark. Each broker runs online client webinars at least once a month and offers sizable video libraries, with 10+ beginner-focused lessons as well as 10+ advanced videos for when you’re ready to level up. This mix of regular webinars and structured video content makes it easier to start with the basics and progress at your own pace.
City Index stands out for quality, earning 4.5 out of 5 stars for Education and ranking #9 out of 63 brokers on ForexBrokers.com. HFM is solid too, with a 4-star Education rating and a #37 ranking. If education is your priority, City Index has the edge, while HFM remains a good option if you want frequent webinars and plenty of beginner and advanced video lessons.
| 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 #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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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 (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, 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 | 1.2 | |
| All-in Cost EUR/USD - Active | 0.74 | 0.7 | |
| 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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