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City Index vs TopFX 2025

ForexBrokers.com

Written by ForexBrokers.com

February 05, 2025

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.

City Index
5/5 Stars Overall
  • Minimum Deposit: £100.00
  • Trust Score: 99
  • Tradeable Symbols (Total): 13500
TopFX
3.5/5 Stars Overall
  • Minimum Deposit: Depends on payment method
  • Trust Score: 67
  • Tradeable Symbols (Total): 655

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.

Regulation

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 logoCity Index
TopFX logoTopFX
Year Founded info 1983 2010
Publicly Traded (Listed) info Yes No
Bank info No No
Tier-1 Licenses info 7 1
Tier-2 Licenses info 1 0
Tier-3 Licenses info 0 0
Tier-4 Licenses info 1 1

Fees

Comparing commissions and fees, both City Index and TopFX land near the industry average, but they get there in different ways. City Index leans on competitive spreads and rebates for high-volume traders, while TopFX gives you a choice between a spread-only account and a lower-spread, commission-based setup. If you’re focused on EUR/USD costs and platform choice, City Index tends to be sharpest on its own platforms and MetaTrader, whereas TopFX offers both MetaTrader and cTrader with transparent pricing across two account types.

City Index lists an average EUR/USD spread of 0.74 pips (July 2023) on its CFD account, which puts its all-in cost around the industry norm. Active traders can apply for the Premium Trader account (typically for deposits above £10,000) for access to exclusive pricing and dedicated service. There are also volume-based rebates: in the U.K., from £4 per million for over £25M traded per month up to £7.5 per million above £300M; in Australia, AUD $4.5 to $14.5 per million depending on tier. For commissions and fees, City Index is rated 4.5 out of 5 stars and ranks #15 out of 63 brokers.

TopFX offers two clear choices: the RAW account with tighter spreads plus commission, and the ZERO account with no commission but wider spreads. On the RAW account, average EUR/USD spreads were 0.33 pips in July 2024, with a commission of 2.75 EUR per side (5.50 EUR round turn per standard lot). That brings the estimated all-in cost to roughly 0.88 pips—about average. The ZERO account charges no commission, but the average EUR/USD spread was 1.03 pips in July 2024. For commissions and fees, TopFX is rated 4 out of 5 stars and ranks #41 out of 63 brokers.

Feature City Index logoCity Index
TopFX logoTopFX
Minimum Deposit info £100.00 Depends on payment method
Average Spread EUR/USD - Standard info 1.4 info 1.03 info
All-in Cost EUR/USD - Active info 0.74 info 0.88 info
Active Trader or VIP Discounts info Yes No
ACH or SEPA Transfers info Yes No
PayPal (Deposit/Withdraw) info Yes Yes
Skrill (Deposit/Withdraw) info No Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
Bank Wire (Deposit/Withdraw) info Yes Yes

Dive deeper: Best Low Spread Forex Brokers.

Featured Offers


Range of investments

City Index offers a much wider market selection than TopFX, with about 13,500 tradeable symbols versus 655 at TopFX. For forex, City Index lists 66 currency pairs compared with 60 at TopFX, and both support forex trading either as CFDs or spot contracts. Neither broker lets you buy exchange-traded shares directly in the U.S. or abroad; equity access is via derivatives. Both provide copy trading. For digital assets, you can trade cryptocurrency derivatives at either broker, but you can’t buy actual coins.

On ForexBrokers.com’s Range of Investments ratings, City Index earns 5 stars and ranks 8th out of 63 brokers, while TopFX scores 3.5 stars and ranks 47th. If you want the broadest choice of markets and forex pairs, City Index stands out; if you need a smaller lineup with copy trading and crypto derivatives, TopFX may still fit.

Feature City Index logoCity Index
TopFX logoTopFX
Forex Trading (Spot or CFDs) info Yes Yes
Tradeable Symbols (Total) info 13500 655
Forex Pairs (Total) info 66 60
U.S. Stock Trading (Non CFD) info No No
Int'l Stock Trading (Non CFD) info No No
Social Trading / Copy Trading info Yes Yes
Cryptocurrency (Physical) info No No
Cryptocurrency (Derivative) info 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.

Trading platforms and tools

City Index vs TopFX for trading platforms and tools: both brokers offer free demo (paper) accounts, web-based and Windows desktop platforms, and the ability to place trades directly from charts. City Index provides its own in-house platform alongside MetaTrader 4 (MT4), while TopFX focuses on MT4 only. Neither broker offers MetaTrader 5 (MT5). Both support copy trading, and neither integrates ZuluTrade.

For day-to-day use, City Index includes more watchlist fields (11 vs 7 for TopFX), which can make it easier to sort and track markets. Reflecting these differences, City Index earns 4.5 stars and ranks #11 out of 63 brokers for Trading Platforms and Tools on ForexBrokers.com, while TopFX holds 4 stars and ranks #46. If you want a choice between a proprietary platform and MT4 with added watchlist flexibility, City Index stands out; if you prefer a straightforward MT4-only setup, TopFX could fit well.

Feature City Index logoCity Index
TopFX logoTopFX
Virtual Trading (Demo) info Yes Yes
Proprietary Desktop Trading Platform info Yes No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info Yes Yes
MetaTrader 4 (MT4) info Yes Yes
MetaTrader 5 (MT5) info No No
DupliTrade [DELETED] info
ZuluTrade info No No
Charting - Indicators / Studies (Total) info 88 30
Charting - Drawing Tools (Total) [DELETED] info
Charting - Trade From Chart info Yes Yes
Watchlists - Total Fields info 11 7

Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.

Forex trading apps

City Index vs TopFX: both brokers deliver mobile trading apps for iPhone and Android with the essentials covered. You can set price alerts, build watchlists with real-time quotes, draw trendlines, switch among intraday, daily, and weekly time frames, and your chart drawings save automatically.

The differences matter if you trade often. City Index syncs watchlists between mobile and web, while TopFX does not. City Index also offers more charting depth with 88 technical studies versus 30 on TopFX. In independent testing by ForexBrokers.com, City Index earned 4.5/5 stars and ranked #9 out of 63 for Mobile Trading Apps; TopFX received 4/5 stars and ranked #52. For advanced charting and seamless cross-device lists, City Index is the stronger choice; for basic on-the-go trading on iPhone or Android, TopFX gets the job done.

Feature City Index logoCity Index
TopFX logoTopFX
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Watchlist Syncing info Yes No
Mobile Charting - Indicators / Studies info 88 30
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info Yes Yes
Mobile Watchlist info Yes Yes

Dive deeper: Best Forex Trading Apps.

Market research

Comparing City Index vs TopFX for market research, City Index publishes daily market commentary, whereas TopFX does not. Both brokers stream forex news from major providers such as Bloomberg, Reuters, or Dow Jones. For technical and fundamental research tools, City Index integrates Trading Central, while TopFX offers both Trading Central and Autochartist. Each broker includes a sentiment tool showing long/short positioning and an economic calendar covering upcoming events. City Index does not provide TipRanks or Acuity Trading content; availability of TipRanks or Acuity Trading at TopFX was not specified.

On quality, City Index is rated 4.5 out of 5 stars for Research and ranks #10 out of 63 brokers on ForexBrokers.com. TopFX earns 3 out of 5 stars and ranks #61 out of 63. In short, choose City Index if you value daily commentary and higher-rated research coverage; consider TopFX if Autochartist is a must-have alongside Trading Central and standard news, sentiment, and calendar features.

Feature City Index logoCity Index
TopFX logoTopFX
Daily Market Commentary info Yes No
Forex News (Top-Tier Sources) info Yes Yes
Autochartist info No Yes
Trading Central (Recognia) info Yes Yes
Client sentiment data info Yes Yes
TipRanks info No
Signal Centre (Acuity Trading) info No
Economic Calendar info Yes Yes

Dive deeper: Best Brokers for Forex Research.

Beginners and education

City Index stands out for beginner-friendly forex and CFD education. It meets the 10+ content threshold with articles, videos, and archived webinars, runs client webinars at least monthly, and offers a searchable library of past sessions. Beginners get 10+ dedicated starter videos, while experienced traders can dive into 10+ advanced videos. There’s also an investor dictionary with 50+ terms to help decode trading jargon. Reflecting this depth, City Index holds a 4.5/5 Education rating and ranks #9 out of 63 brokers on ForexBrokers.com.

TopFX, by contrast, does not meet the 10-piece education threshold and does not offer monthly client webinars or a searchable archive. It also lacks sets of 10+ beginner and 10+ advanced videos, and it does not provide a large investor dictionary. Its Education rating is 3/5, with a #62 out of 63 ranking. For new traders who want structured learning, regular webinars, and on-demand videos, City Index is the stronger choice, while TopFX may suit those who plan to learn through outside resources.

Feature City Index logoCity Index
TopFX logoTopFX
Education (Forex or CFDs) info Yes No
Client Webinars info Yes No
Client Webinars (Archived) info Yes No
Videos - Beginner Trading Videos info Yes No
Videos - Advanced Trading Videos info Yes No
Investor Dictionary (Glossary) info Yes No

Dive deeper: Best Forex Brokers for Beginners.

Winner

After testing 63 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 #62.

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 logoCity Index
TopFX logoTopFX
Overall Rating info 5/5 Stars 3.5/5 Stars
Trust Score info 99 67
Range of Investments 5/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4/5 Stars
Platforms & Tools 4.5/5 Stars 4/5 Stars
Research 4.5/5 Stars 3/5 Stars
Mobile Trading 4.5/5 Stars 4/5 Stars
Education 4.5/5 Stars 3/5 Stars

FAQs

Can you trade cryptocurrency with City Index or TopFX?

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.

What funding options does each broker offer?

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.

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Overall Rating City Index TopFX
Overall Rating info 5/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4/5 Stars
Range of Investments 5/5 Stars 3.5/5 Stars
Platforms & Tools 4.5/5 Stars 4/5 Stars
Mobile Trading 4.5/5 Stars 4/5 Stars
Research 4.5/5 Stars 3/5 Stars
Education 4.5/5 Stars 3/5 Stars
Trust Score info 99 67
Winner check_circle
Review City Index Review TopFX Review
Broker Screenshots City Index TopFX
Broker Gallery (click to expand) info
City Index MetaTrader 4 mobile trading app City Index web platform trading. City Index web platform research Trading Central City Index educational course advanced.
TopFX MetaTrader 4 desktop trading platform TopFX MetaTrader 4 desktop trading platform charts TopFX cTrader web trading platform TopFX cTrader desktop trading platform charts TopFX cTrader desktop trading platform TopFX cTrader desktop trading platform algo trading TopFX cTrader desktop market order window
Regulation City Index TopFX
Trust Score info 99 67
Year Founded info 1983 2010
Publicly Traded (Listed) info Yes No
Bank info No No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-1 Licenses info 7 1
Tier-2 Licenses info 1 0
Tier-3 Licenses info 0 0
Tier-4 Licenses info 1 1
Tier-1 Licenses (Highly Trusted) City Index TopFX
Australia (ASIC Authorised) info Yes No
Canada (CIRO Authorised) info Yes No
Hong Kong (SFC Authorised) info No No
Japan (SFC Authorised) info No No
Singapore (MAS Authorised) info Yes No
Switzerland (FINMA Authorised) info
United Kingdom (U.K.) (FCA Authorised) info Yes No
USA (CFTC Authorized) info No No
New Zealand (FMA Authorised) info No No
Regulated in one or more EU or EEA countries (MiFID). info Yes info Yes info
Tier-2 Licenses (Trusted) City Index TopFX
Kenya (CMA Authorised) info
Israel (ISA Authorised) info No No
South Africa (FSCA Authorised) info No No
UAE (DFSA, FSRA, or SCA Authorised) info Yes No
India (SEBI Authorised) info No No
Jordan (JSC Authorised) info
Investments City Index TopFX
Forex Trading (Spot or CFDs) info Yes Yes
Tradeable Symbols (Total) info 13500 655
Forex Pairs (Total) info 66 60
U.S. Stock Trading (Non CFD) info No No
Int'l Stock Trading (Non CFD) info No No
Social Trading / Copy Trading info Yes Yes
Cryptocurrency (Physical) info No No
Cryptocurrency (Derivative) info 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 info 1.4 info 1.03 info
All-in Cost EUR/USD - Active info 0.74 info 0.88 info
Active Trader or VIP Discounts info Yes No
Inactivity Fee info Yes No
Execution: Agency Broker info No No
Execution: Market Maker info Yes Yes
Funding City Index TopFX
Minimum Deposit info £100.00 Depends on payment method
PayPal (Deposit/Withdraw) info Yes Yes
Skrill (Deposit/Withdraw) info No Yes
Visa/Mastercard (Credit/Debit) info Yes Yes
Bank Wire (Deposit/Withdraw) info Yes Yes
ACH or SEPA Transfers info Yes No
Trading Platforms City Index TopFX
Proprietary Desktop Trading Platform info Yes No
Desktop Platform (Windows) info Yes Yes
Web Platform info Yes Yes
Social Trading / Copy Trading info Yes Yes
MetaTrader 4 (MT4) info Yes Yes
MetaTrader 5 (MT5) info No No
cTrader info No Yes
DupliTrade [DELETED] info
ZuluTrade info No No
Trading Tools City Index TopFX
Virtual Trading (Demo) info Yes Yes
Alerts - Basic Fields info Yes Yes
Watchlists - Total Fields info 11 7
Charting - Indicators / Studies (Total) info 88 30
Charting - Drawing Tools (Total) [DELETED] info
Charting - Trade From Chart info Yes Yes
Charts can be saved info Yes Yes
Mobile Trading City Index TopFX
Android App info Yes Yes
Apple iOS App info Yes Yes
Mobile Alerts - Basic Fields info Yes Yes
Mobile Watchlist info Yes Yes
Watchlist Syncing info Yes No
Mobile Charting - Indicators / Studies info 88 30
Mobile Charting - Draw Trendlines info Yes Yes
Mobile Charting - Multiple Time Frames info Yes Yes
Mobile Charting - Drawings Autosave info Yes Yes
Mobile Economic Calendar info Yes Yes
Research City Index TopFX
Daily Market Commentary info Yes No
Forex News (Top-Tier Sources) info Yes Yes
Autochartist info No Yes
Trading Central (Recognia) info Yes Yes
TipRanks info No
Client sentiment data info Yes Yes
Economic Calendar info Yes Yes
Education City Index TopFX
Education (Forex or CFDs) info Yes No
Client Webinars info Yes No
Client Webinars (Archived) info Yes No
Videos - Beginner Trading Videos info Yes No
Videos - Advanced Trading Videos info Yes No
Investor Dictionary (Glossary) info Yes No
Major Forex Pairs City Index TopFX
GBP/USD info Yes Yes
USD/JPY info Yes Yes
EUR/USD info Yes Yes
USD/CHF info Yes Yes
USD/CAD info Yes Yes
NZD/USD info Yes Yes
AUD/USD info Yes Yes
Review City Index Review TopFX Review
Overall City Index TopFX
Overall Rating info 5/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4/5 Stars
Range of Investments 5/5 Stars 3.5/5 Stars
Platforms & Tools 4.5/5 Stars 4/5 Stars
Mobile Trading 4.5/5 Stars 4/5 Stars
Research 4.5/5 Stars 3/5 Stars
Education 4.5/5 Stars 3/5 Stars
Trust Score info 99 67
Winner check_circle
Review City Index Review TopFX Review
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