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 offers competitive pricing for trading CFDs, forex, and spread-betting products, aligning with the industry average. The best rates can be accessed through City Index’s proprietary platforms or MetaTrader. For active traders, the Premium Trader account provides exclusive pricing and benefits for those depositing over £10,000. With an average spread of 0.74 pips on the EUR/USD, City Index positions itself just behind top forex brokers but still maintains a cost-effective approach. Professional traders in the UK can enjoy rebates starting at £4 per million with potential increases based on trading volume, similar to tiers in Australia. City Index is rated at 4.5 stars and ranks #14 out of 63 brokers for commissions and fees.
TopFX provides two main account types available on both MetaTrader and cTrader platforms: the spread-only ZERO account and the commission-based RAW account. The RAW account incurs a commission of 2.75 EUR per side, making the all-in cost for EUR/USD about 0.88 pips, aligning with industry standards. In contrast, the ZERO account omits commission but has a higher spread average of 1.03 pips. This approach allows traders to choose based on their preference for fixed commissions versus spread costs. TopFX is rated 4 stars and ranks #40 out of 63 brokers in the commissions and fees category.
| 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 City Index and TopFX for their available range of investments, City Index stands out with an impressive 13,500 tradeable symbols, significantly surpassing TopFX's offering of 655. Both brokers provide the option to trade forex as either CFDs or spot contracts. However, City Index takes the lead in forex trading as well, offering 66 forex pairs compared to TopFX's 60. While neither broker allows trading of U.S. or international exchange-traded securities directly, they both support cryptocurrency derivatives without offering actual cryptocurrency purchases. Furthermore, both platforms facilitate copy trading features.
Rated 5 stars for its extensive range of investments, City Index is ranked #8 out of 63 brokers in this category by ForexBrokers.com. TopFX receives a 3.5-star rating and is positioned at #46. These rankings are indicative of City Index's superior selection, making it a preferred choice for investors seeking a broader array of tradeable symbols and forex pairs.
| 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.
City Index and TopFX both offer simulated trading through free virtual demo accounts, allowing users to practice their trading skills without financial risk. While both brokers provide a Windows-based desktop platform and web-based trading options, City Index goes a step further with a proprietary platform developed in-house, offering a more tailored trading experience. Both brokers support MetaTrader 4 (MT4), enabling access to myriad trading tools and resources, though neither supports MetaTrader 5 (MT5), DupliTrade, or ZuluTrade. For charting, City Index boasts a significant advantage with 239 drawing tools compared to TopFX's 15. Both platforms allow trading directly from stock charts, enhancing the user experience with efficient and seamless access to market opportunities.
When it comes to customization and usability in watch lists, City Index offers more versatility with 11 fields compared to TopFX's seven. This comprehensive approach to trading tools is reflected in user ratings, where City Index achieves 4.5 stars out of five for its trading platforms and tools, compared to TopFX’s four stars. In the competitive landscape of online brokers as assessed by ForexBrokers.com, City Index ranks 11th out of 63 brokers in this category, considerably ahead of TopFX, which holds the 45th spot. Both brokers provide ample resources for traders, but City Index stands out with a wider array of tools and a higher overall rating for its trading platforms.
| 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.
Both City Index and TopFX offer mobile trading apps compatible with iPhone and Android devices. They provide essential features like stock and forex price alerts and support various charting tools. However, City Index takes the lead in offering 88 technical studies for its charting capabilities, compared to TopFX's 30. This extensive range gives traders using City Index more depth in analyzing market trends. Another advantage of City Index is its seamless watchlist symbol syncing, allowing users to make updates on their mobile app that sync with their online account—something TopFX does not currently offer.
When it comes to usability, both apps allow users to draw trendlines, view multiple time frames, and auto-save chart drawings. They also support the creation of watchlists with real-time quotes. Despite these similarities, City Index’s app enjoys a higher customer rating of 4.5 stars compared to TopFX’s 4 stars, reflecting a slight preference among users. In rankings published by ForexBrokers.com, City Index stands at #9, while TopFX lags at #51, underscoring City Index’s better reception in the mobile trading apps category. Overall, City Index appears to offer more comprehensive features and user satisfaction in its mobile trading app.
| 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.
City Index and TopFX both offer valuable market research tools to traders, though their offerings differ in certain areas. City Index provides daily market commentary, which helps traders stay updated on the latest trends and market movements. In contrast, TopFX lacks this feature. Both brokers deliver forex news from top-tier sources like Bloomberg and Reuters, ensuring traders receive timely information. For technical and fundamental analysis, TopFX integrates tools from Autochartist, and both brokers offer tools from Trading Central. Additionally, each provides a sentiment-based trading tool that displays the ratio of long or short positions across various instruments.
When it comes to special research tools from Acuity Trading or market insights from TipRanks, neither broker includes these in their offerings. However, they both feature an economic calendar to help traders track upcoming global news events. According to ForexBrokers.com, City Index boasts a higher research rating of 4.5 stars compared to the 3 stars awarded to TopFX, reflecting broader satisfaction with City Index's research capabilities. Consequently, City Index stands at a commendable 10th position, while TopFX ranks 60th among 63 brokers for their research services.
| 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 it comes to educational resources for beginners, City Index stands out in the world of online trading brokers. City Index provides a wealth of educational materials including over ten articles, videos, and archived webinars focused on forex and CFDs. They also host at least one online educational webinar every month and offer a searchable archive of these sessions for continued learning. Additionally, City Index has crafted over ten beginner-friendly videos to help new traders get started and understand the basics of trading, along with more advanced videos for seasoned investors. For those looking to brush up on trading jargon, City Index provides a comprehensive investor dictionary with definitions of more than 50 terms. This extensive educational support earns them a high rating of 4.5 stars and a top ten ranking, placing 9th out of 63 brokers in the Education category on ForexBrokers.com.
In comparison, TopFX offers limited educational materials for newcomers. Unlike City Index, TopFX does not meet the minimum of ten educational pieces focused on forex or CFDs. They also lack monthly online educational webinars and a searchable archive of past sessions. Moreover, TopFX does not provide the wealth of beginner and advanced educational videos available at City Index nor an expansive investor dictionary. As a result, TopFX receives a more modest rating of 3 stars and is ranked 61st out of 63 brokers in the Education category on ForexBrokers.com. For beginners seeking comprehensive educational support, City Index is likely the more favorable choice.
| 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 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
|
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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