To find the top fx brokers
, the team here at ForexBrokers.com collected over 6,000 data points during a seven month review of the forex industry. In this fx broker comparison, we will compare City Index vs Saxo Bank.
To assess both of these forex brokers, we will begin with cost. Comparing two fx brokers on cost is not easy. First, not every broker publicizes their average spreads. And, for the brokers that do publish their data, the formulas used to calculate average spreads can vary. Furthermore, the currency pair you are trading can impact cost, as well as the execution policies of the broker. Dealing desk or no dealing desk? The list goes on and on. To make comparing cost easy, we have a star rating that takes everything into account. Saxo Bank is a better option with a 4.50 star rating over City Index's 4.00 star rating.
Next to commissions and fees, regulation and currency availability are important to take into consideration. You want to trust and have confidence the forex broker you choose. City Index and Saxo Bank both are regulated in a major hub. City Index is a publicly traded company, Saxo Bank isn't. And, when it comes to total currency pairs available to trade, a quick comparison is helpful. Saxo Bank boasts an offering of 182 different currency pairs compared to City Index's 84 available pairs.
To round out our comparison of City Index vs Saxo Bank, let's look at the tools and features most used by forex traders. For trading platforms, traders are all familiar with MetaTrader. City Index makes Meta Trader available to clients, while Saxo Bank does not. With a platform picked out, looking at charts is a must so they should be of high-quality. As part of our research, we count the number of drawing tools and total technical indicators available. Saxo Bank trails City Index by 8 total charting tools, with City Index offering 25 and Saxo Bank offering 17. City Index offers its clients access to 139 different indicators (for example, volume) while Saxo Bank has 45 available indicators, a difference of 94.
Overall, Saxo Bank boasts 5.00 stars versus City Index's 4.50 stars. And, when it comes to individual category awards, Saxo Bank was rated Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018, while City Index was rated none of these.