Written by ForexBrokers.com
In this head to head comparison of Saxo vs City Index, 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.
Saxo and City Index are two well-established online brokers with strong regulatory standings. Saxo was founded in 1992 and operates as a bank, while City Index, founded in 1983, is publicly traded but not a bank. Both brokers hold a total of seven Tier-1 licenses, which are considered highly trusted by ForexBrokers.com, and one Tier-2 license, marking them as reliable platforms for investors.
In terms of trustworthiness, both Saxo and City Index boast a perfect Trust Score of 99 out of 99, demonstrating their high levels of customer confidence. Whether you're looking for a bank-backed broker like Saxo or a publicly traded option like City Index, both offer secure and regulated environments for trading with top-tier regulatory compliance.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Year Founded | 1992 | 1983 |
| Publicly Traded (Listed) | No | Yes |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 7 |
| Tier-2 Licenses | 1 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Saxo comes out ahead on commissions and fees, earning 5 out of 5 stars and ranking #8 out of 36 brokers for this category. It offers commission-free forex trading, with costs mainly built into the spread, and its pricing is especially strong for active traders, high-volume traders, and clients who keep larger balances. As of November 2023, EUR/USD average spreads were 1.1 pips on the Classic account, 1.0 pip on Platinum, and 0.9 pip on VIP, with lower minimum spreads available. Saxo also waives custody fees for share trading if you opt into securities lending, and the Classic account now has a $0 minimum deposit for new customers.
City Index is also competitive, but its fees are a bit more in line with the industry average. It earns 4.5 out of 5 stars and ranks #16 out of 36 brokers for commissions and fees. On its CFD account, City Index reported an average EUR/USD spread of 0.74 pips as of July 2023, which keeps all-in costs reasonable, though still not at the very lowest end of the market. Traders using City Index’s own platforms or MetaTrader may find the best pricing, while active traders can also look into rebates and discounts in the U.K. and Australia.
Overall, Saxo is the better choice for pricing if you qualify for its higher account tiers or trade in larger volumes, while City Index offers solid everyday pricing that sits closer to the market average. Saxo’s biggest savings are in Platinum and VIP, though the entry-level Classic account is less competitive than its top tiers. City Index is a good middle-ground option for traders who want fair fees without needing very large deposits or extremely high trading volumes.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Minimum Deposit | $0 | £100.00 |
| Average spread (EUR/USD) - Standard account | 1.0 | 1.4 |
| All-in Cost EUR/USD - Active | 0.8 | 0.9 |
| Non-wire bank transfer | No | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo and City Index both give traders access to forex as CFDs or spot contracts, and both offer crypto CFDs, but neither lets you buy actual cryptocurrency. Where Saxo stands out is in the sheer size of its market list, with about 71,000 tradable symbols and 190 forex pairs, compared with City Index’s 13,500 symbols and 66 forex pairs. Saxo also lets clients buy real shares on U.S. and international exchanges, while City Index does not offer exchange-traded securities outside CFDs.
For extra tools, City Index has copy trading, while Saxo does not. Even so, both brokers earn 5 stars for Range of Investments, which shows that each offers a wide selection overall. In ForexBrokers.com’s ranking of 36 brokers for this category, Saxo places higher at #3, while City Index comes in at #8.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 13500 |
| Forex Pairs (Total) | 190 | 66 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | 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.
Saxo and City Index both give traders a wide range of platform choices, including a free demo account, their own in-house platforms, a Windows desktop app, and a web-based platform. Both also let users place trades directly from a chart, which can be handy for quick decisions and active trading. In ForexBrokers.com’s Trading Platforms and Tools review, Saxo is rated 5 stars and ranked #3 out of 36 brokers, while City Index is rated 4.5 stars and ranked #11.
The main differences are in extra features. City Index supports copy trading and MetaTrader 4, while Saxo does not offer either one. Neither broker offers MetaTrader 5. For traders who want a simple, flexible platform setup with strong tools, both are solid options, but Saxo appears stronger overall in this category, while City Index may appeal more to traders who want MT4 access or copy trading.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| Charting - Indicators / Studies (Total) | 61 | 88 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and City Index both offer mobile trading apps for iPhone and Android, along with stock and forex price alerts, watchlist syncing, trendline drawing, and auto-saving chart drawings. In other words, both apps cover the core tools most traders want when managing positions on the go. Saxo’s mobile app is rated 5 stars for Mobile Trading Apps and is ranked #3 out of 36 brokers by ForexBrokers.com, while City Index is rated 4.5 stars and ranked #9.
Where City Index has an edge is charting depth, offering 88 technical studies compared with Saxo’s 64. Saxo, however, still delivers a highly polished mobile experience overall, especially for traders who value a top-rated app and strong all-around usability. If your priority is more chart indicators, City Index may appeal more; if you want the higher-rated app with a stronger overall mobile ranking, Saxo stands out.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 88 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Saxo and City Index both give traders a strong set of market research tools. Each offers daily market commentary, forex news from major sources like Bloomberg, Reuters, or Dow Jones, a sentiment tool that shows long and short positioning, and an economic calendar for tracking upcoming events. Neither broker includes TipRanks or Acuity Trading research tools.
Where they differ is in the extra analysis features they provide. Saxo includes Autochartist, while City Index does not, and City Index offers Trading Central tools, which Saxo does not. That broader research range helps explain Saxo’s higher Research score of 5 stars and its #1 ranking out of 36 brokers, compared with City Index’s 4.5 stars and #10 ranking.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central | No | Yes |
| Client sentiment data | Yes | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Saxo and City Index both give beginners plenty of learning support, with each offering forex and CFDs education, regular online webinars, and at least 10 beginner videos plus 10 advanced videos. That means new traders can find basic guides as well as more advanced lessons on both platforms, which is helpful if you want to build skills over time.
When comparing the two, Saxo earns a 5-star Education rating from ForexBrokers.com and is ranked #12 out of 36 brokers, while City Index scores 4.5 stars and ranks #9. In simple terms, both are strong choices for education, but City Index edges ahead in the ranking, while Saxo gets the slightly higher star rating.
| Feature |
Saxo
|
City Index
|
|---|---|---|
| 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 Saxo is better than City Index. Saxo finished with an overall rank of #3, while City Index finished with an overall rank of #8.
Saxo is a multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
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City Index
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|---|---|---|
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| Trust Score | 99 | 99 |
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Comparing Saxo vs City Index for crypto trading: neither broker lets you buy actual (delivered) cryptocurrencies, but both offer trading in cryptocurrency CFDs.
In a head-to-head comparison of deposit and withdrawal methods, Saxo supports bank wire transfers only—no ACH/SEPA, PayPal, or Skrill, with Visa/Mastercard availability unspecified—while City Index offers bank wires plus ACH/SEPA and PayPal (no Skrill; Visa/Mastercard unspecified), giving City Index broader funding flexibility.
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 | Saxo | City Index | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Saxo Review | City Index Review |
| Broker Screenshots | Saxo | City Index | |
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| Regulation | Saxo | City Index | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1992 | 1983 | |
| Publicly Traded (Listed) | No | Yes | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 7 | |
| Tier-2 Licenses | 1 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Saxo | City Index | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | ||
| 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) | Saxo | City Index | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) |
| Investments | Saxo | City Index | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 13500 | |
| Forex Pairs (Total) | 190 | 66 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | 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 | Saxo | City Index | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.0 | 1.4 | |
| All-in Cost EUR/USD - Active | 0.8 | 0.9 | |
| Inactivity Fee | Yes | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | Yes | Yes |
| Funding | Saxo | City Index | |
|---|---|---|---|
| Minimum Deposit | $0 | £100.00 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | Yes |
| Trading Platforms | Saxo | City Index | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No |
| Trading Tools | Saxo | City Index | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 61 | 88 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | City Index | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 88 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Saxo | City Index | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central | No | Yes | |
| TipRanks | No | No | |
| Client sentiment data | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | City Index | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Saxo | City Index | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Saxo Review | City Index Review |
| Overall | Saxo | City Index | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Saxo Review | City Index Review |
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