Saxo Bank and City Index are the top online brokers. Saxo Bank has premium services, platforms, and research tools. It has licenses from the ASIC, MAS, FSA, SFC, FCA, and FINMA. It is a top choice for active traders of all levels of experience.
| Broker Name | Saxo Bank | City Index |
| Year Founded | 1992 | 1983 |
| Regulation | FCA (UK), FINMA (Switzerland), ASIC and FSC (Australia), and JFSA (Japan) | FCA, ASIC, MAS |
| Tradable Assets | 40,000 instruments, forex, spot FX, FX options, NDFs) CFDs, stocks, stock options, ETFs, ETNs, futures, and 33,000 bonds (available only via phone) | Forex, CFDs |
| Min Deposit | $10,000 (£500) for ‘Classic’ Account, Higher entry ‘Platinum’ ($200K) and ‘VIP’ ($1M) accounts | £50.00 |
| Min Trade | $0 | $0 |
| Platforms | SaxoTraderGO | Web Trader, AT Pro, Mobile App, MetaTrader4 |
| Deposit | Free of charge | Free of charge |
| Withdrawals | Free of charge | Free of charge |
City Index provides an impressive copy trading experience and low-cost trading solutions. It has user-friendly platforms and learning tools. City Index has licenses from the MAS, ASIC, and FCA. We recommend it for beginner traders.
This article discusses the advantages and disadvantages of Saxo Bank and City Index.
Top findings from the Saxo Bank vs. City Index review:
- Saxo Bank has premium trading services and social trading tools.
- City Index has competitive prices and valuable learning tools.
- Both brokers have a proprietary platform, a demo account, and an active trading discount.
We recommend Saxo Bank for professional traders, as it has premium tools and active trading discounts. City Index is a better choice for new traders, as it has an excellent learning center.
Overall Rating
Level of experience
Experienced traders choose Saxo Bank because of its premium services and VIP trading experience. It offers advanced trading videos, research, and learning tools. Saxo Bank has some educational tools, including training videos.
City Index is a better fit for beginner traders. It has high-quality market research and news. City Index offers a reliable learning center with webinars and beginner trading videos. We recommend it for both professional and inexperienced traders.
Fees
Saxo Bank has a minimum initial deposit of US$10,000, while City Index charges £50.00. The average EUR/USD spread is 0.8, while at City Index is 1.1. Both brokers offer an active trader discount.
Assets
Saxo Bank offers 170 forex currency pairs, while City Index has 65 available pairs. Saxo Bank has 9000 CFDs, while City Index has 4500 available CFDs.
Trading platform
Saxo Bank has a comprehensive portfolio with professional desktop, web, and mobile platforms. It offers a demo account and reliable research tools. Saxo Bank is an excellent choice because of its social trading services. We recommend it for professional active traders.
City Index has two proprietary platforms and MetaTrader 4. Its AT Pro and Web Trader offer professional forex CFD and forex trading experiences. City Index has user-friendly tools, including a straightforward app. It is a good choice for beginner traders, as it has useful learning tools.
Banking services
Banking services contribute to an impressive online trading experience. Saxo Bank offers bank wire and credit/debit card funding. City Index has bank wire, credit/debit card, and PayPal solutions.
Final verdict
Saxo Bank and City Index are top online brokers. Both have advantages and disadvantages, depending on your trading needs and experience. Saxo Bank is an excellent choice for active traders as it offers a premium trading experience. We recommend City Index to new traders because of its user-friendly platforms and learning tools.
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Methodology
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.
Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.
Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.
Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.
Disclosure
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
