Saxo Bank vs City Index Comparison
Comparing forex brokers side by side is no easy task. For our 2023 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare Saxo Bank vs City Index.
Can I trust Saxo Bank?
Saxo Bank has a trust score of 99, giving it a "Highly Trusted" trust label. Here's what each trust score label means:
- "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
- "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
- "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
- "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
- "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.
Can I trust City Index?
City Index has a trust score of 99, giving it a "Highly Trusted" trust label.
Is Saxo Bank a good broker?
Saxo Bank is a highly-trusted broker that ranks near the top in practically every category. It provides traders and investors with an incredible platform experience (including on mobile) alongside powerful research and a vast selection of more than 40,000 symbols to trade across multiple asset classes.
Is City Index a good broker?
City Index, part of StoneX Group, is a trusted broker with a long history of offering forex and CFDs across its global offices. City Index provides a large range of markets on its flagship trading platform suite, but pricing is just average, and only a few markets are available on City Index's MetaTrader platform.
What tier-1 jurisdictions is each broker regulated in?
Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. Saxo Bank is ASIC Authorised (Australia), SFC Authorised (Hong Kong), FSA Authorised (Japan), MAS Authorised (Singapore), FINMA Authorised (Switzerland) and FCA Authorised (U.K.), while City Index is ASIC Authorised (Australia), IIROC Authorised (Canada), MAS Authorised (Singapore) and FCA Authorised (U.K.)., neither have CBI Authorised (Ireland), FMA Authorised (New Zealand) and CFTC Registered (USA)
What tier-2 jurisdictions is each broker regulated in? What about tier-3?
Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, Saxo Bank is DFSA / Central Bank Authorised (UAE), while City Index is CySEC Authorised (Cyprus) and DFSA / Central Bank Authorised (UAE)., neither have CBRC Authorised (China), SEBI Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa) and SEC Authorised (Thailand). When comparing tier-3 licenses Saxo Bank is none, while City Index is CIMA Authorised (Cayman Islands)., neither have SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands), FSC Authorised (Mauritius) and VFSC Authorised (Vanuatu).
Which broker offers more trading platforms?
Both Saxo Bank and City Index offer a Proprietary Platform and Desktop Platform (Windows)., neither have cTrader, DupliTrade and ZuluTrade
Does Saxo Bank offer MetaTrader? Does City Index offer MetaTrader?
For MetaTrader Saxo Bank provides neither of these, while City Index provides MetaTrader 4 (MT4). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers., neither have MetaTrader 5 (MT5)
How do Saxo Bank and City Index differ in terms of minimum deposit? What about average spreads and funding options?
Saxo Bank requires a minimum deposit of €2,000, while City Index requires a minimum deposit of £100.00. From our testing we found Saxo Bank offers spreads of 0.9 (September 2022), while City Index offers spreads of 1.0 (July 2022). Saxo Bank supports Bank Wire (Deposit/Withdraw) and Visa/Mastercard (Credit/Debit) for popular funding options, where City Index supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and PayPal (Deposit/Withdraw)., neither have Skrill (Deposit/Withdraw)
Which brokers offers more tradeable asset classes, Saxo Bank or City Index?
Saxo Bank offers a more diverse selection of investment options than City Index allowing you to trade Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD). Looking at total tradeable symbols, Saxo Bank has 60000, compared to 13500 from City Index.
Can I trade cryptocurrency with Saxo Bank or City Index?
Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither Saxo Bank nor City Index allow you to trade physical cryptocurrencies.
Who offers more research tools, Saxo Bank or City Index?
In terms of research and research tools Saxo Bank gives traders the following tools: Autochartist, Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. In comparison City Index has the tools listed here: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading.