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 earns 5 stars for commissions and fees and ranks #8 out of 63 brokers at ForexBrokers.com; City Index earns 4.5 stars and ranks #16. Both are competitively priced, but Saxo is especially attractive for active, high‑volume traders or those with larger balances, while City Index generally sits around the industry average and offers its best pricing on its own platforms or MetaTrader.
At Saxo, average EUR/USD spreads as of November 2023 were 1.1 pips on the Classic account, 1.0 on Platinum, and 0.9 on VIP; minimums were about 0.2 pips tighter (for example, Classic minimum 0.9 pips). Forex trading is commission‑free, with one exception: if you trade under 50,000 units per month, a $3 per side ticket fee applies. The Classic account now has a $0 minimum deposit. Platinum requires a $200,000 minimum (AUD 300,000 in Australia) or an upgrade via Saxo’s loyalty program; VIP typically requires a $1,000,000 deposit or qualifying trading volume, and offers the greatest pricing discounts. Saxo also waives share‑trading custody fees if you opt into securities lending.
City Index’s pricing is in line with the market, with an average EUR/USD spread of 0.74 pips as of July 2023. Active traders can improve their costs via programs such as the Premium Trader account (eligible with £10,000+ deposits) and regional rebates. For U.K. professional traders, rebates start at £4 per million for monthly volumes over £25 million and rise to £7.5 per million above £300 million; in Australia, rebates range from AUD $4.5 to $14.5 per million depending on tier. Overall, City Index offers fair, accessible pricing with meaningful discounts for higher 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 vs City Index: for range of investments, Saxo offers far more markets. Saxo lists about 71,000 tradeable symbols and 190 forex pairs, while City Index provides about 13,500 symbols and 66 forex pairs. Both brokers let you trade forex as CFDs or spot. Saxo also offers exchange-traded securities (not CFDs) on U.S. and international exchanges, so you can buy shares like Apple on NASDAQ or Vodafone in London; City Index does not offer direct share dealing on those exchanges.
For extras, both Saxo and City Index support cryptocurrency trading via CFDs, but neither lets you buy actual crypto. City Index offers copy trading, while Saxo does not. Both earn 5 out of 5 stars for Range of Investments from ForexBrokers.com; Saxo is ranked #3 out of 63 brokers, and City Index is #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 vs City Index: both brokers check the core boxes for trading platforms and tools. Each offers a free demo account for paper trading, in-house proprietary platforms, a Windows desktop download, and a web-based platform. You can place trades straight from charts with either. Key differences: City Index supports copy trading and MetaTrader 4 (MT4), while Saxo does not. Neither broker offers MetaTrader 5 (MT5).
For overall platform quality, Saxo earns 5 stars and ranks #3 out of 63 brokers for Trading Platforms and Tools, while City Index scores 4.5 stars and ranks #11. Choose Saxo if you want a high-rated, integrated platform experience. Pick City Index if MT4 and copy trading are must-haves alongside a capable proprietary platform and web/desktop access.
| 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 deliver capable mobile trading apps for iPhone and Android. Each app offers price alerts, synced watchlists between mobile and web, trendline drawing tools, and auto-saving of chart annotations. For charting depth, City Index provides more built-in technical studies (88) compared with Saxo (64), which may appeal to traders who use many indicators.
When it comes to recognition, ForexBrokers.com rates Saxo at 5 stars and ranks it #3 out of 63 brokers for Mobile Trading Apps, while City Index earns 4.5 stars and ranks #9. Choose Saxo if you want a top-rated, polished mobile experience; pick City Index if having a wider selection of technical studies matters most. Both apps cover the essentials across iPhone and Android, including alerts, synced watchlists, and strong charting tools.
| 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.
When it comes to daily market commentaries and updates, both Saxo and City Index ensure their traders are well-informed with timely insights. Each offers forex news from respected sources like Bloomberg and Reuters. However, they differ in their collaboration with specialized analysis and research tool providers. Saxo utilizes tools from Autochartist for technical and fundamental research while City Index partners with Trading Central for technical analytics. Both platforms feature sentiment-based trading tools as well as economic calendars highlighting global economic events.
Saxo enjoys a slight edge in research rankings, earning a 5-star rating and securing the number one spot out of 63 brokers on ForexBrokers.com, while City Index follows closely with a 4.5-star rating and a tenth-place ranking. Though both brokers offer comprehensive market research, their distinct partnerships and features cater to different trading preferences, allowing traders to choose based on which tools best complement their trading strategies.
| 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 vs City Index for beginner education: both brokers give new traders plenty to learn from. Each hosts client webinars at least once a month and offers a large library with 10+ beginner videos, plus advanced videos you can grow into. Lessons cover core trading topics beginners care about, including how forex and CFDs work, risk basics, and platform tips. In our ratings, Saxo earns 5 stars for Education, while City Index scores 4.5 stars—so if you value video depth and a steady webinar schedule, either platform is a strong pick, with Saxo getting a slight edge on star score.
Rankings tell a slightly different story: out of 63 brokers reviewed by ForexBrokers.com, City Index places higher for Education at #9, while Saxo comes in at #12. That means City Index ranks a bit better in the category overall, even though Saxo holds the higher star rating. Bottom line: beginners will be well served on both platforms; choose Saxo if you want the highest-rated education experience, or City Index if you prefer a provider that ranks a touch higher in the education category.
| 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 an exclusive 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
|
|---|---|---|
| Overall Rating |
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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 SCA 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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