Written by ForexBrokers.com
In this head to head comparison of City Index vs TopFX, 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.
City Index and TopFX are two online brokers with differing levels of trustworthiness, regulation, and background. Established in 1983, City Index boasts a Trust Score rating of 99 according to ForexBrokers.com, which places it in the high trust category. This rating is supported by City Index's possession of seven Tier-1 licenses and one Tier-2 license. Additionally, as a publicly traded company, City Index offers an extra layer of transparency to its clients. Despite not being a bank, City Index demonstrates strong regulatory and trust credentials in the trading sector.
In comparison, TopFX was founded in 2010 and holds a Trust Score rating of 67, suggesting a higher risk level according to ForexBrokers.com standards. It holds one Tier-1 license and lacks any Tier-2 licenses. Unlike City Index, TopFX is not publicly traded, which may present a lesser degree of transparency for potential investors. While both brokers are not banks, TopFX's regulatory profile may appear less reassuring to those prioritizing high trust and extensive regulation in their trading endeavors.
| Feature |
City Index
|
TopFX
|
|---|---|---|
| Year Founded | 1983 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 1 |
City Index and TopFX offer competitive pricing for traders with varying needs, but they differ in their fee structures. City Index aligns with the industry average for trading CFDs, forex, and spread-betting. Notably, City Index features an average spread of 0.74 pips on the EUR/USD as of July 2023. Their Premium Trader account, geared for active traders depositing over £10,000, presents exclusive pricing and perks. Meanwhile, rebates for professional traders in the UK start at £4 per million traded, ascending to £7.5 per million for hefty volumes above £300M monthly. City Index receives a solid rating of 4.5 stars and ranks 14th out of 62 brokers in ForexBrokers.com’s Commissions and Fees category.
Conversely, TopFX introduces two distinct account types: the spread-only ZERO account and the commission-based RAW account. The RAW account imposes a commission of 2.75 EUR per side and showcases an average spread of 0.33 pips on the EUR/USD in July 2024, culminating in all-in costs of around 0.88 pips, aligning with industry norms. In contrast, the ZERO account offers commission-free trading but with wider spreads, averaging 1.03 pips for the EUR/USD. TopFX holds a respectful 4-star rating and is positioned 40th among 62 brokers by ForexBrokers.com in the same category.
Both City Index and TopFX provide competitive solutions catering to different trading styles. While City Index emphasizes inclusive benefits for high-volume traders, TopFX offers flexibility through its distinct account types, allowing traders to prioritize either lower commissions or tighter spreads. Discerning traders can weigh these options to identify the broker aligning best with their trading strategy and preferences.
| Feature |
City Index
|
TopFX
|
|---|---|---|
| Minimum Deposit | £100.00 | Depends on payment method |
| Average Spread EUR/USD - Standard | 1.4 | 1.03 |
| All-in Cost EUR/USD - Active | 0.74 | 0.88 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the investment offerings of City Index and TopFX, both platforms provide forex trading options as either CFDs or spot contracts, allowing you to engage in currency trading with flexibility. City Index boasts a diverse portfolio with 13,500 tradeable symbols and 66 forex pairs, making it a strong contender for traders looking for variety. On the other hand, TopFX provides access to 655 tradeable symbols and offers 60 forex pairs, catering to those who may not require as extensive a range of options.
Neither City Index nor TopFX offers direct access to U.S. or international exchange-traded securities, meaning investors seeking direct stock purchases will need to look elsewhere. They both facilitate trading in cryptocurrency derivatives but not actual cryptocurrencies, which broadens the scope for digital asset enthusiasts. Additionally, both brokers support copy trading, enhancing opportunities for those interested in mimicking successful trading strategies. With a 5-star rating for investment range, City Index ranks #8 out of 62 brokers, surpassing TopFX, which holds a 3.5-star rating and ranks #46. This makes City Index a more appealing choice for traders seeking expansive investment opportunities.
| Feature |
City Index
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 13500 | 655 |
| Forex Pairs (Total) | 66 | 60 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | 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.
When comparing the trading platforms and tools of City Index and TopFX, both brokers provide traders with a variety of options and features to enhance their trading experience. City Index stands out with its proprietary platform developed in-house, offering a unique experience tailored to its clients. While both brokers provide a demo account for practice, City Index offers a more comprehensive suite with a Windows-based desktop platform, a web-based platform, and MetaTrader 4. Although MetaTrader 5, DupliTrade, and ZuluTrade are not available with either broker, City Index shines with its additional feature of allowing trades directly from stock charts.
City Index offers 239 drawing tools for charting, surpassing TopFX's 15, providing more flexibility in technical analysis. Moreover, City Index supports 11 columns in watchlists, compared to TopFX's 7, enriching the monitoring of assets. Reflecting these features, City Index holds a trading platform and tools rating of 4.5 stars out of five, and is ranked 10th out of 62 brokers by ForexBrokers.com. On the other hand, TopFX, rated 4 stars and ranked 45th, provides solid offerings but falls short in comparability. Despite this, both brokers support copy trading and offer efficient platforms for both new and experienced traders.
| Feature |
City Index
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 88 | 30 |
| Charting - Drawing Tools (Total) | 239 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
City Index and TopFX both offer iPhone and Android apps, making it convenient for users to trade on the go. Both apps provide features such as stock or forex price alerts, the ability to draw trendlines on charts, and the option to view multiple time frames. City Index, however, gives an edge with a higher number of technical studies for charting—88 compared to TopFX's 30. Additionally, City Index offers watchlist symbol syncing between the mobile app and the online account, a feature not available with TopFX.
Both platforms allow users to create watchlists with real-time quotes and auto save drawings on charts. When it comes to ratings, City Index scores a higher 4.5 stars for its mobile trading app compared to TopFX's 4 stars. In the competitive landscape of 62 brokers, City Index holds a stronger position by ranking #9 for its mobile app, while TopFX is placed at #51. This comparison highlights City Index as a more feature-rich option for mobile trading, catering to those who appreciate comprehensive charting tools and seamless device synchronization.
| Feature |
City Index
|
TopFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 88 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of City Index and TopFX, City Index clearly takes the lead in delivering daily market commentary, a service not provided by TopFX. Both brokers keep their users informed with forex news from reputed sources like Bloomberg and Reuters. However, City Index offers additional advantages, such as Trading Central tools known for their technical analytics and a sentiment-based trading tool to provide insights into market movements.
Despite both platforms providing essential tools such as an economic calendar, City Index's offerings result in a superior research experience, reflected in its 4.5-star rating out of five, compared to TopFX's 3-star rating. This difference in quality is further highlighted in their rankings by ForexBrokers.com, where City Index is placed at the 10th position among 62 brokers, while TopFX holds the 59th spot. Such distinctions make City Index a more appealing choice for traders prioritizing comprehensive market research tools.
| Feature |
City Index
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources for beginners offered by City Index and TopFX, City Index clearly has the advantage. City Index provides an extensive range of educational materials, including more than 10 pieces such as articles, videos, and archived webinars focused on forex and CFDs. They also host monthly educational webinars and offer access to a searchable archive of past webinars. This approach ensures their clients can continuously learn and adapt to market changes. Additionally, City Index caters to a wide range of trading knowledge levels with both beginner and advanced educational videos and includes an investor dictionary with over 50 investing terms. City Index's dedication to education earns them a commendable 4.5-star rating and a 9th place ranking out of 62 brokers in the education category by ForexBrokers.com.
In contrast, TopFX falls short in providing educational resources for beginners. They do not meet the minimum offering of 10 educational pieces related to forex or CFDs, nor do they host monthly webinars or provide an archive of past sessions. The absence of beginner and advanced educational videos and an investor dictionary highlights their limited focus on education. As a result, TopFX receives a lower education rating of 3 stars and ranks 60th among 62 brokers in educational offerings, according to ForexBrokers.com. These differences make City Index a more appealing choice for those seeking comprehensive educational resources to enhance their trading skills.
| Feature |
City Index
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that City Index is better than TopFX. City Index finished with an overall rank of #8, while TopFX finished with an overall rank of #61.
Backed by StoneX Group, City Index is a trusted brand known for its versatile trading platforms, excellent mobile app, diverse market research, and extensive range of tradeable markets.
| Feature |
City Index
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TopFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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Both City Index and TopFX do not provide the option to purchase actual (delivered) cryptocurrencies, but they both offer the ability to trade cryptocurrency derivatives.
Comparing online brokers City Index and TopFX, City Index provides ACH/SEPA transfers and PayPal for deposits and withdrawals but lacks Skrill, while TopFX doesn't offer ACH/SEPA transfers, supports PayPal and Skrill, and both brokers facilitate Visa/Mastercard and bank wire transactions.
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 | City Index | TopFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | City Index Review | TopFX Review |
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| Regulation | City Index | TopFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1983 | 2010 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | Yes | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 1 |
| Tier-1 Licenses (Highly Trusted) | City Index | TopFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| 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) | City Index | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | City Index | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 13500 | 655 | |
| Forex Pairs (Total) | 66 | 60 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | 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 | City Index | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | 1.03 | |
| All-in Cost EUR/USD - Active | 0.74 | 0.88 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | City Index | TopFX | |
|---|---|---|---|
| Minimum Deposit | £100.00 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | City Index | TopFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | City Index | TopFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 11 | 7 | |
| Charting - Indicators / Studies (Total) | 88 | 30 | |
| Charting - Drawing Tools (Total) | 239 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | City Index | TopFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 88 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | City Index | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | City Index | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | City Index | TopFX | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | City Index Review | TopFX Review |
| Overall | City Index | TopFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | City Index Review | TopFX Review |
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