After spending seven months and hundreds of hours researching 43 different forex brokers
for trading FX, our team at ForexBrokers.com team collected over 6,000 data points. For this review, we will compare City Index vs Saxo Bank.
To compare these two FX brokers, we will first take a look at the fees charged for trading (no easy task). Not every forex broker publicizes their average spreads, spreads data can vary, as can execution policies and how commissions are charged. Specifically, is the broker a dealing desk (market maker), no dealing desk (agency broker) or are both execution methods offered (dealing desk + STP/ECN)? To simplify this research, we assessed everything for you and provide a single star rating for cost. Both City Index and Saxo Bank hold a 4.5 star rating.
Commissions and fees aside, let's take a look at regulation and currency availability. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. City Index and Saxo Bank both are regulated in a major hub. City Index is a publicly traded company, Saxo Bank isn't. As far as how many currency pairs are available for trading, here's the answer. City Index trails Saxo Bank by 98 total currency pairs (for example, EUR/USD), with Saxo Bank offering 182 and City Index offering 84.
Next, let's look at the tools and features fx traders desire. With trading platforms, forex traders are all familiar with MetaTrader. City Index has Meta Trader, Saxo Bank doesn't. Regardless of the trading platform you use, charting should be feature rich. To help compare these two brokers, we counted the number of drawing tools and total technical indicators made available. City Index offers its clients access to 25 charting tools while Saxo Bank has 17 charting tools, a difference of 8. Saxo Bank trails City Index by 92 total different indicators (for example, moving averages), with City Index offering 139 and Saxo Bank offering 47.
Overall, Saxo Bank boasts 4.5 stars versus City Index's 4 stars. And, when it comes to individual category awards, Saxo Bank was rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2018, while City Index was rated none of these.