On this page, we compare Forex Brokers: City Index and Saxo Markets. We’ve analysed key trading factors like costs, platforms, and execution speed to help you find the right broker to trade with.
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Our full comparison covers the 10 most important trading factors. Here are noticeable differences between City Index and Saxo Markets:
City Index offers competitive spreads on its standard account, which can help traders save on trading costs in the long run. Saxo Markets, on the other hand, offers slightly wider spreads on its standard account.
| Standard Account | City Index Spreads | Saxo Markets Spreads | Industry Spreads |
|---|---|---|---|
| Overall Average | 1.3 | 1.7 | 1.6 |
| EUR/USD | 0.7 | 1.1 | 1.2 |
| USD/JPY | 0.6 | 2.2 | 1.4 |
| GBP/USD | 1.1 | 1.8 | 1.6 |
| AUD/USD | 2.2 | 1.1 | 1.5 |
| USD/CAD | 1.6 | 1.9 | 1.8 |
| EUR/GBP | 1.1 | 1.6 | 1.5 |
| EUR/JPY | 1.6 | 2 | 1.9 |
| AUD/JPY | 2.2 | 1.9 | 2.1 |
Standard Account Analysis Updated December 2024[1]December 2024 Published And Tested Data
So, which broker is cheaper? Based on the data, it would seem that City Index generally offers lower spreads, making it the cheaper option. However, it’s important to note that spreads are just one factor to consider when choosing a broker. Other factors, such as customer service, platform usability, and additional features, should also be taken into account.
Compared to the industry average, both brokers have their strengths and weaknesses. City Index tends to be below the average, making it a cost-effective choice. Saxo Markets Comparison, while often above the average, may justify its higher spreads with other features or services. As always, it’s crucial to do your research and choose the broker that best fits your trading needs and preferences.
This fee calculator shows how reduced spreads affect trading. Choose your base currency, trade amount, and pair to view the cost.
RAW Account Spreads
For traders who prefer trading on raw spreads, Saxo Markets offers a competitive edge with its lower spreads on the RAW account.
Commission Rates
City Index offers commission-free trading on forex and CFDs, while Saxo Markets charges a commission on certain instruments.
Deposit & Withdrawal Fees
Both brokers do not charge any fees for deposits and withdrawals, which is a plus point for traders.
Other Fees
City Index charges a $15 inactivity fee if you do not make any trades for a certain period, while Saxo Markets does not charge an inactivity fee.
Verdict
When it comes to trading costs, City Index seems to have a slight edge due to its lower spreads and commission-free trading. However, the best broker for you will depend on your trading style and the instruments you trade.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
Both City Index and Saxo Markets offer a range of trading platforms to suit different trading styles and experience levels. For more information, check out our best MT5 brokers section.
| Trading Platform | City Index | Saxo Markets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | No | No |
| cTrader | No | No |
| TradingView | Yes | Yes |
| Copy Trading | Yes | No |
| Proprietary Platform | Yes | Yes |
1. MetaTrader 4 and 5
Both brokers offer MetaTrader 4, the most popular trading platform in the forex industry. Saxo Markets also offers MetaTrader 5, a newer and more advanced version of the platform.
2. cTrader and TradingView
City Index offers cTrader, a platform known for its intuitive interface and advanced charting tools. Saxo Markets does not offer cTrader but does offer TradingView, a platform popular for its social trading features.
| Criteria | City Index | Saxo Markets |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | No | No |
| cTrader | No | No |
| TradingView | Yes | Yes |
| Other Platforms | City Index WebTrader | SaxoTraderGo SaxoTraderPro |
| VPS Services | Yes | Yes |
3. Social And Copy Trading
Saxo Markets offers social and copy trading through its TradingView platform, allowing traders to follow and copy the trades of successful traders. City Index does not offer social or copy trading.
4. VPS and Other Trading Tools
City Index offers VPS (Virtual Private Server) services for automated trading, while Saxo Markets offers a range of additional trading tools, including algorithmic trading and custom indicators.
| Broker | Limit Order Speed | Market Order Speed |
|---|---|---|
| City Index | 117 ms | 144 ms |
| Saxo Markets | N/A | N/A |
Verdict: Saxo Markets wins this category due to its wider range of trading platforms and tools.
City Index and Saxo Markets offer a range of account types to suit different trading needs and styles. For more information, check out our Best Brokers for Micro Trading section.
| City Index | Saxo Markets | |
|---|---|---|
| Standard Account | No | Yes |
| Raw Account | Yes | No |
| Swap Free Account | No | No |
| Active Traders | No | Yes |
| Spread Betting (UK) | Yes | No |
Verdict: Both brokers offer a good range of account types, but Saxo Markets has a slight edge due to its wider range of account options.
When it comes to trading, the experience and ease of use are paramount. From our analysis of City Index and Saxo Markets, both platforms have their unique strengths. City Index is known for its diverse range of trading instruments and competitive spreads, which can be a boon for traders looking to diversify their portfolios. On the other hand, Saxo Markets stands out with its advanced trading platforms and comprehensive research tools, making it a go-to for traders who need in-depth market analysis.
Verdict: While both brokers offer a commendable trading experience, Saxo Markets slightly edges out with its advanced platform and research tools, making it the top choice for the best trading experience.
Saxo Markets Trust Score
City Index Trust Score
Both City Index and Saxo Markets are highly regulated brokers. City Index is regulated by the Financial Conduct Authority (FCA), while Saxo Markets is regulated by multiple regulatory bodies, including the FCA. This ensures a high level of trust and security for their clients.
| City Index | Saxo Markets | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FCA (UK) MAS (Singapore) | ASIC (Australia) FCA (UK) MAS (Singapore) FINMA (Switzerland) |
| Tier 2 Regulation | SFC | |
| Tier 3 Regulation |
Verdict: Both brokers are trustworthy and secure, but Saxo Markets has a slight edge due to its multiple regulations.
City Index and Saxo Markets are both renowned for their extensive range of CFDs, products, and markets. While both brokers offer a plethora of options for traders, there are subtle differences that can influence a trader’s decision.
| Product/Market | City Index | Saxo Markets |
|---|---|---|
| Forex Pairs | 84 | 182 |
| Indices | 21 | 29 |
| Commodities | 27 | 19 |
| Shares & ETFs | 4500+ | 9000+ |
| Bonds | 5 | 500+ |
| Cryptocurrencies | 4 | 3 |
| Options | 50+ | 40+ |
| Futures | 20 | 15 |
| Mutual Funds | Not Available | 250+ |
| Interest Rates | 3 | 5 |
| Total Products | 4714+ | 10003+ |
Verdict: In terms of sheer numbers, Saxo Markets offers a more extensive range of CFDs and markets compared to City Index. However, traders should consider other factors like fees, platform usability, and customer support before making a final decision.
Both City Index and Saxo Markets understand the importance of educating their traders. A well-informed trader is not only more likely to succeed but also more likely to remain loyal to the platform. Based on our in-depth analysis and testing, here’s how the two brokers compare in terms of educational resources:
Verdict: Based on our team’s scoring, City Index offers superior educational resources, making it the top choice for traders looking to expand their knowledge and skills.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
Both City Index and Saxo Markets offer excellent customer service, with multiple channels of communication and support available 24/5.
Verdict: It’s a tie in this category. Both brokers offer excellent customer service.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
Funding options play a pivotal role in the decision-making process for traders and investors. The flexibility to deposit and withdraw funds with ease can significantly enhance the trading experience. Both City Index and Saxo Markets have made considerable efforts to provide their clients with a variety of funding methods. While City Index offers a more traditional set of options, Saxo Markets has ventured into more modern methods, catering to a broader audience.
The table below provides a comprehensive comparison of the funding options available with both brokers. It’s evident that while both brokers offer a diverse range of options, there are some distinct differences in their features.
| Funding Option | City Index | Saxo Markets |
|---|---|---|
| Bank Transfer | ✅ | ✅ |
| Credit Card | ✅ | ✅ |
| Debit Card | ✅ | ✅ |
| PayPal | ❌ | ✅ |
| Skrill | ❌ | ✅ |
| Neteller | ❌ | ✅ |
| UnionPay | ✅ | ❌ |
| Cheque | ✅ | ❌ |
| BPay | ❌ | ✅ |
| Apple Pay | ❌ | ✅ |
Verdict: In terms of the variety and modernity of funding options, Saxo Markets clearly has the edge over City Index.
The minimum deposit requirement is a crucial factor for many traders, especially those just starting out. It determines the initial investment needed to begin trading with a particular broker. City Index and Saxo Markets, both industry leaders, understand the importance of this factor and have set their minimum deposit requirements accordingly.
While some brokers demand hefty amounts to start, City Index and Saxo Markets have aimed to strike a balance, ensuring they cater to both novice traders and seasoned professionals. The table below showcases the minimum deposit amounts required by each broker:
| Broker | Account Type | Minimum Deposit |
|---|---|---|
| City Index | Standard | $150 |
| City Index | RAW FX | $150 |
| Saxo Markets | Classic | $100 |
| Saxo Markets | Platinum | $300,000 |
| Saxo Markets | VIP | $1,500,000 |
Verdict: For traders looking to start with the least initial investment, Saxo Markets’ Classic account offers the lowest minimum deposit of $100. However, City Index maintains a consistent and accessible deposit requirement across its account types.
City Index ReviewVisit City Index
Your capital is at risk ‘69% of retail CFD accounts lose money with City Index’
Saxo Markets is the winner because it outperforms in most of the key areas that traders value the most, such as trading platforms, product ranges, and funding options. The table below summarises the key information leading to this verdict:
| Criteria | City Index | Saxo Markets |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ❌ |
| Better Trading Platform | ❌ | ✅ |
| Superior Accounts And Features | ❌ | ✅ |
| Best Trading Experience And Ease | ❌ | ✅ |
| Stronger Trust And Regulation | ❌ | ✅ |
| Top Product Range And CFD Markets | ❌ | ✅ |
| Superior Educational Resources | ✅ | ❌ |
| Superior Customer Service | ✅ | ✅ |
| Better Funding Options | ❌ | ✅ |
| Lower Minimum Deposit | ✅ | ❌ |
City Index is the ideal choice for beginner traders due to its lower minimum deposit requirement and superior educational resources.
Saxo Markets stands out as the top choice for experienced traders, offering an advanced trading platform and a comprehensive range of products and markets.
City Index generally offers lower costs compared to Saxo Markets. While both brokers have competitive pricing, City Index boasts tighter spreads on major currency pairs. For instance, the EUR/USD spread starts from as low as 0.5 pips. For a more detailed comparison on broker costs, you can check out this Lowest Commission Brokers.
Both City Index and Saxo Markets support MetaTrader 4, a popular trading platform among forex traders. However, City Index provides a more seamless integration with MT4, offering custom indicators and advanced charting tools. For traders specifically looking for the best MT4 experience, you might find this list of top MT4 brokers helpful.
Saxo Markets offers social trading features, allowing traders to follow and copy the trades of professionals. City Index, on the other hand, focuses more on traditional trading platforms without integrated social trading. If you’re keen on exploring the world of social trading further, this comprehensive guide on the best social trading platforms might be of interest.
City Index offers spread betting, a popular form of derivative trading in the UK. Saxo Markets, on the other hand, does not provide this service. Spread betting allows traders to speculate on the price movement of financial instruments without owning the underlying asset. For those interested in exploring spread betting further, this guide on the best spread betting brokers provides comprehensive insights.
In my opinion, City Index is the superior choice for Australian forex traders. Both City Index and Saxo Markets are ASIC regulated, ensuring a high level of trust and security for traders. However, City Index has a strong presence in Australia and understands the unique needs of Aussie traders. While Saxo Markets is an international giant, City Index offers a more tailored experience for the Australian market. For a broader perspective, you can check out this list of Best Forex Brokers In Australia.
Personally, I believe Saxo Markets stands out for UK forex traders. Both brokers are FCA-regulated, which is a testament to their commitment to transparency and security. Saxo Markets, with its global presence and robust platform, offers a comprehensive trading experience tailored to the UK market. City Index, although a strong contender, doesn’t match the depth of features provided by Saxo Markets. For those looking to dig deeper into the UK forex scene, this guide on the best UK forex brokers is a valuable resource.
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
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