Is City Index better than Saxo Bank? After testing 30 of the best forex brokers over five months, Saxo Bank is better than City Index. For traders that can afford the USD 10,000 minimum deposit (GBP 500 for the UK), Saxo Bank offers competitive pricing, excellent trading platforms, brilliant research, reliable customer service, and over 40,000 instruments to trade.
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Saxo Bank vs City Index 2020
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Overall Rating
| Feature | Saxo Bank | City Index |
| Overall | ||
| Saxo Bank Review | City Index Review | |
| 72% of retail CFD accounts lose money | 71% of retail CFD accounts lose money |
Regulation
| Feature | Saxo Bank | City Index |
| Trust Score | 98 | 93 |
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Year Founded |
1992 | 1983 |
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Publicly Traded (Listed) |
No | Yes |
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Bank |
Yes | No |
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Tier-1 Licenses |
6 | 3 |
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Tier-2 Licenses |
1 | 0 |
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Tier-3 Licenses |
0 | 1 |
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Authorised in the European Union |
Yes | Yes |
Tier-1 Licenses
| Feature | Saxo Bank | City Index |
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ASIC Authorised (Australia) |
Yes | Yes |
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IIROC Authorised (Canada) |
No | No |
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SFC Authorised (Hong Kong) |
Yes | No |
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FSA Authorised (Japan) |
Yes | No |
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MAS Authorised (Singapore) |
Yes | Yes |
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FINMA Authorised (Switzerland) |
Yes | No |
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FCA Authorised (UK) |
Yes | Yes |
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CFTC Registered (USA) |
No | No |
Investments
| Feature | Saxo Bank | City Index |
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Forex: Spot Trading |
Yes | Yes |
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Social Trading / Copy-Trading |
Yes | Yes |
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Currency Pairs (Total Forex pairs) |
182 | 84 |
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CFDs - Total Offered |
35000 | 4500 |
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Cryptocurrency traded as actual |
No | No |
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Cryptocurrency traded as CFD |
No | Yes |
| Offering of Investments | ||
| Winner | check_circle |
Cost
| Feature | Saxo Bank | City Index |
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Average Spread EUR/USD - Standard |
0.6 (as of Sep 19) | 0.8 (Oct 19) |
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All-in Cost EUR/USD - Active |
0.6 (as of Sep 19) | 0.8 (Oct 19) |
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Active Trader or VIP Discounts |
Yes | Yes |
| Commissions & Fees | ||
| Winner | check_circle |
Funding
| Feature | Saxo Bank | City Index |
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Minimum Initial Deposit |
$10,000.00 | £50.00 |
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Bank Wire (Deposit/Withdraw) |
Yes | Yes |
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Visa/Mastercard (Credit/Debit) |
Yes | Yes |
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PayPal (Deposit/Withdraw) |
No | Yes |
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Skrill (Deposit/Withdraw) |
No | No |
Trading Platforms
| Feature | Saxo Bank | City Index |
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Proprietary Platform |
Yes | Yes |
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Desktop Platform (Windows) |
Yes | Yes |
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Web Platform |
Yes | Yes |
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Social Trading / Copy-Trading |
Yes | Yes |
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MetaTrader 4 (MT4) |
Yes | Yes |
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MetaTrader 5 (MT5) |
No | No |
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cTrader |
No | No |
Trading Tools
| Feature | Saxo Bank | City Index |
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Virtual Trading (Demo) |
Yes | Yes |
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Alerts - Basic Fields |
Yes | Yes |
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Watchlists - Total Fields |
12 | 18 |
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Charting - Indicators / Studies (Total) |
55 | 139 |
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Charting - Drawing Tools (Total) |
19 | 25 |
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Charting - Trade From Chart |
Yes | Yes |
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Charting - Drawings Autosave |
Yes | Yes |
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Order Type - Trailing Stop |
Yes | Yes |
| Platform & Tools | ||
| Winner | check_circle |
Mobile Trading
| Feature | Saxo Bank | City Index |
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Android App |
Yes | Yes |
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Apple iOS App |
Yes | Yes |
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Trading - Forex |
Yes | Yes |
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Trading - CFDs |
Yes | Yes |
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Alerts - Basic Fields |
Yes | Yes |
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Watch List |
Yes | Yes |
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Watch List Syncing |
Yes | Yes |
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Charting - Indicators / Studies |
41 | 74 |
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Charting - Draw Trend Lines |
Yes | Yes |
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Charting - Trend Lines Moveable |
Yes | No |
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Charting - Multiple Time Frames |
Yes | Yes |
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Charting - Drawings Autosave |
Yes | No |
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Forex Calendar |
Yes | Yes |
| Mobile Trading | ||
| Winner | check_circle |
Research
| Feature | Saxo Bank | City Index |
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Daily Market Commentary |
Yes | Yes |
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Forex News (Top-Tier Sources) |
Yes | Yes |
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Weekly Webinars |
Yes | No |
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AutoChartist |
Yes | Yes |
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Trading Central (Recognia) |
No | Yes |
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Delkos Research |
No | No |
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Social Sentiment - Currency Pairs |
Yes | Yes |
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Economic Calendar |
Yes | Yes |
| Research | ||
| Winner | check_circle |
Education
| Feature | Saxo Bank | City Index |
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Has Education - Forex |
Yes | Yes |
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Has Education - CFDs |
Yes | Yes |
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Client Webinars |
Yes | Yes |
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Client Webinars (Archived) |
Yes | Yes |
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Videos - Beginner Trading Videos |
Yes | Yes |
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Videos - Advanced Trading Videos |
Yes | Yes |
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Investor Dictionary (Glossary) |
Yes | Yes |
| Education | ||
| Winner | check_circle |
Major Forex Pairs
| Feature | Saxo Bank | City Index |
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GBP/USD |
Yes | Yes |
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USD/JPY |
Yes | Yes |
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EUR/USD |
Yes | Yes |
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USD/CHF |
Yes | Yes |
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USD/CAD |
Yes | Yes |
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NZD/USD |
Yes | Yes |
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AUD/USD |
Yes | Yes |
Overall
| Feature | Saxo Bank | City Index |
| Saxo Bank Review | City Index Review | |
| Overall | ||
| Winner | check_circle |
Comparing forex brokers side by side is no easy task. For our 2020 annual forex broker review, we spent hundreds of hours assessing 30 forex and CFD brokerages to find the best forex broker. Let's compare City Index vs Saxo Bank.
Does City Index or Saxo Bank offer lower pricing?
Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spreads data, and pricing structures vary. Based on our thorough annual assessment, Saxo Bank offers better pricing overall for traders.
Is City Index or Saxo Bank safer for forex and CFDs trading?
At ForexBrokers.com, we track where each forex and CFD broker is regulated across over 20 international regulator databases. Here's our findings. Saxo Bank holds 6 global Tier-1 licenses, while City Index holds 3. Saxo Bank holds 1 global Tier-2 licenses, while City Index holds 0. All regulators considered, Saxo Bank has a Trust Score of 98.00, while City Index's Trust Score is 93.00.
Which trading platform is better: City Index or Saxo Bank?
To compare the trading platforms of both City Index and Saxo Bank, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Saxo Bank offers a better experience. With research, Saxo Bank offers superior market research. Finally, we found Saxo Bank to provide better mobile trading apps.
What about MetaTrader and copy trading?
For forex and CFDs traders, copy trading and MetaTrader are both popular platform options. City Index and Saxo Bank both offer copy trading. Both City Index and Saxo Bank offer MetaTrader 4 (MT4).
How many forex pairs and CFDs are available to trade?
Saxo Bank provides traders 182 currency pairs (e.g., EUR/USD) compared to City Index's 84 available pairs. Forex pairs aside, Saxo Bank offers traders access to 35000 CFDs while City Index has 4500 available CFDs, a difference of 30,500.
Overall, between City Index and Saxo Bank, Saxo Bank is the better forex broker.
City Index ReviewSaxo Bank Review
Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.
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