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 and City Index both offer fair, transparent pricing, but they cater to different needs. Saxo earns 5 out of 5 stars for commissions and fees and ranks #9 out of 63 brokers, while City Index earns 4.5 out of 5 stars and ranks #15 out of 63. Saxo tends to shine for high-volume and large-balance traders who can qualify for its top tiers, whereas City Index sits near the industry average with added savings available through rebates for professionals.
For forex, Saxo is commission-free and makes money on the spread; a $3 per side ticket fee applies only if you trade under 50,000 units per month. As of November 2023, average EUR/USD spreads were 1.1 pips (Classic), 1.0 pips (Platinum), and 0.9 pips (VIP), with minimums about 0.2 pips lower (e.g., Classic min 0.9 pips). Platinum and VIP pricing aligns more closely with industry averages, while Classic is slightly higher. The Classic account now has a $0 minimum deposit, Platinum requires $200,000 (AUD 300,000 for Australia-based forex traders), and VIP typically needs $1,000,000 or qualification via Saxo’s loyalty program (roughly $167 million in annual forex volume). Saxo also waives custody fees for share trading if you opt into securities lending.
City Index pricing for CFDs, forex, and spread bets is in line with the market, with an average EUR/USD spread of 0.74 pips as of July 2023. You’ll usually get the best pricing on City Index’s own platforms or MetaTrader. Active traders depositing over £10,000 may qualify for the Premium Trader account, which includes exclusive pricing and service. Professional traders can also earn volume-based rebates: in the U.K., £4 per million starting above £25 million per month and up to £7.5 per million above £300 million; in Australia, AUD $4.5 to $14.5 per million across tiers.
| 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 offer free paper trading with virtual demo accounts, proprietary platforms, Windows desktop downloads, and web-based platforms. Each lets you place trades directly from a chart. For Trading Platforms and Tools, Saxo earns 5 stars and ranks #1 out of 63 brokers on ForexBrokers.com, while City Index earns 4.5 stars and ranks #11.
Key differences: City Index supports copy trading and offers MetaTrader 4 (MT4), whereas Saxo does not support copy trading and does not offer MT4. Neither broker offers MetaTrader 5 (MT5). If you want MT4 or social/copy trading, City Index is the better fit; if you prioritize a highly rated in-house platform experience, Saxo stands out.
| 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 feature-packed mobile trading apps for iPhone and Android. Each app supports price alerts and watchlist syncing, so changes on your phone match your online account. For charting, both let you draw trendlines and automatically save your drawings. City Index offers more built-in technical studies (88) compared with Saxo (64), which may appeal to indicator-focused traders.
When it comes to accolades, Saxo earns a 5-star Mobile Trading Apps rating and is ranked #2 out of 63 brokers by ForexBrokers.com. City Index is close behind with a 4.5-star rating and a #10 ranking. If you want the highest-rated overall mobile experience, Saxo stands out; if you value a wider set of chart indicators, City Index has the edge.
| 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 and City Index both make it easy for beginners to learn the basics. Each broker runs online educational webinars at least once a month and provides 10+ beginner-friendly videos that explain trading essentials like order types, charts, and risk controls. As you progress, both also offer 10+ advanced videos to deepen your skills. Their materials cover forex and CFD topics across clear, easy-to-follow formats such as short videos and live sessions.
How they compare: ForexBrokers.com rates Saxo at 5 stars for Education and ranks it 13th out of 63 brokers, while City Index earns 4.5 stars and ranks 9th out of 63. If a top star score matters most, Saxo leads; if category ranking is your priority, City Index edges ahead. Either way, beginners get consistent webinars and plenty of videos from both providers.
| 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
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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 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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