Saxo Bank vs City Index - Fees Review included
Which broker is better Saxo Bank or City Index? Our expert assessment conducted according to TU’s own methodology showed that Saxo Bank is one of the top brokers in the financial market with the TU Overall Score of 7.04 out of 10. City Index is one of the top brokers in the financial market with the TU Overall Score of 4.66 out of 10. Find out more about TU Overall Score.
| Feature | Saxo Bank | City Index |
|---|---|---|
Overall |
4.5 |
3.9 |
4.8 |
4.5 |
|
4.6 |
4.7 |
|
5 |
4.2 |
|
Investment Instruments |
4.2 |
1 |
Platforms and Charting Tools |
4.6 |
3.7 |
Deposit and Withdrawal |
4.0 |
4.0 |
Research |
5 |
4.0 |
Education |
3.6 |
4.5 |
Support |
4.4 |
4.5 |
Bonuses |
3.6 |
3.8 |
|
|
Saxo Bank vs City Index: Pros and Cons
The SaxoBank brokerage company was founded in 1992 under the original name Midas. In 2001, the broker was licensed by the FSA, a Danish Financial Supervisory Authority. After that, the company changed its name to SaxoBank. Today the broker provides online access to various financial markets to clients from 170 countries. The broker's divisions also have licenses from FCA (UK), ASIC (Australia), and licenses from other regulators.
The City Index broker was founded in 1983 in London. This company allows its clients to engage in active trading and place bets on the spread. City Index is licensed and regulated by the UK’s FSA — UK Financial Services Authority (license number 113942). The broker has received tremendous awards numerous times, including "Best Loyalty Trading Program" (2019), "Best Trading Platform" (2019), and "Best CFD Provider" (2020) while providing financial services
| Saxo Bank | City Index | |
|---|---|---|
| Overall Pros | favorable trading terms for professional traders with at least 1 year of experience | a vast array of trading instruments |
| over 71 thousand instruments for trading | both floating and fixed spreads are available to users | |
| the opportunity to invest in ready-to-use long-term portfolios managed by professionals | MetaTrader 4 terminal is provided for trading, as well as a web terminal and mobile applications | |
| Overall Cons | Cent accounts are not available | the trading platform periodically malfunctions |
| a ban on algorithmic trading for traders from abroad | shortage of deposit/withdrawal methods | |
| you cannot contact support in the online chat on the company's website (The chat is available only after full registration on the broker’s website and passing KYC). | a broker can reject an application regarding opening a trading account if the user does not have enough trading experience or his starting capital is not sufficient for trading |
Saxo Bank vs City Index: Safety and Regulation
| Regulated By: | Saxo Bank | City Index |
|---|---|---|
US Regulation |
No |
No |
FCA (Great Britain) |
Yes |
Yes |
CySec (Cyprus, EU) |
No |
No |
ASIC (Australia) |
Yes |
No |
Other Regulators |
DFSA (Denmark) , and other European regulators |
No |
Saxo Bank vs City Index: Trading Conditions
| Trading Conditions | Saxo Bank | City Index |
|---|---|---|
Minimum Deposit |
$0 |
$100 |
Trading Platforms |
SaxoTraderGo, SaxoTraderPro |
MT4 |
Max Leverage (Futures) |
1-30 |
1-100 |
Supported Markets |
Forex, CFDs, stocks, ETFs, futures, bonds, Forex options, quoted options, Mutual Funds, Options |
Forex, CFDs on stocks, indices, commodities, metals, cryptocurrencies |
Trading assets |
71000+ |
300+ |
Trading Accounts |
Classic, Platinum, VIP, Professional |
Real, demo |
Base Account Currencies |
USD, EUR |
USD, EUR, GBP |
Saxo Bank vs City Index: Fees
Forex Trading Fees
| Fee | Saxo Bank | City Index |
|---|---|---|
Standard Account EURUSD Average Spread |
0.7 pips |
0.5 pips |
Standard Account Fee |
$0 |
$0 |
ECN/STP Account Fee |
Not supported |
Not supported |
ECN Account EUR Average Spread |
Not supported |
Not supported |
CFD Trading Fees
| Fee | Saxo Bank | City Index |
|---|---|---|
CFD Trading Fee |
Floating spread |
Floating spread |
Non-Trading Fees
| Fee | Saxo Bank | City Index |
|---|---|---|
Account Fee |
No |
No |
Deposit Fee |
No |
No |
Withdrawal Fee |
No |
No |
Inactivity Fee |
No |
$15 per month after 24 months of inactivity |
A conversion fee may be applied as withdrawals and deposits are conducted in USD. Any other currency will have to be converted.
Saxo Bank vs City Index: Trading Assets
| Asset Name | Saxo Bank | City Index |
|---|---|---|
Overall |
71000+ |
300+ |
Forex |
Yes |
Yes |
Stocks |
Yes |
Yes (CFD) |
Metals |
Yes |
Yes (CFD) |
Cryptocurrencies |
Yes |
Yes (CFD) |
Energy |
Yes |
Yes (CFD) |
Indices |
Yes |
Yes (CFD) |
ETFs |
Yes |
No |
Bonds |
Yes |
No |
Mutual funds |
Yes |
No |
Stock options |
Yes |
No |
Futures Trading |
Yes |
No |
Binary Options |
No |
No |
Saxo Bank or City Index: Investment Programs
| Asset Name | Saxo Bank | City Index |
|---|---|---|
Copy Trading |
No |
No |
MAM/PAMM |
No |
No |
Managed Accounts |
Yes |
No |
Other |
No |
No |
Trading Platforms: City Index or Saxo Bank
| Saxo Bank | City Index | |
|---|---|---|
MT4 |
No |
Yes |
MT5 |
No |
No |
cTrader |
No |
No |
Appropriate platform |
SaxoTraderGo, SaxoTrader Pro |
No |
Others |
No |
No |
|
|
Saxo Bank vs City Index: Deposit and Withdrawal Methods
| Deposit and Withdrawal Method | Saxo Bank | City Index |
|---|---|---|
Bank Transfer |
Yes |
Yes |
Debit Card |
Yes |
Yes |
Electronic Wallets |
No |
No |
Crypto |
No |
No |
Saxo Bank vs City Index: Research
| Research Type | Saxo Bank | City Index |
|---|---|---|
News Feed |
Yes |
Yes |
Fundamental Data |
Yes |
No |
Chart Analysis |
Yes |
Yes |
Trading Ideas |
Yes |
No |
E-Mail Reports |
Yes |
No |
Saxo Bank vs City Index: Education
| Education Type | Saxo Bank | City Index |
|---|---|---|
Demo-account/Paper Trading |
Yes |
Yes |
Webinars |
Yes |
Yes |
Articles |
No |
Yes |
Videos |
No |
Yes |
Cent account |
No |
No |
City Index vs Saxo Bank: Support
| Support Features | Saxo Bank | City Index |
|---|---|---|
Working Days |
24/5 |
24/5 |
No |
Yes |
|
Phone |
Yes |
Yes |
Online chat |
Yes |
Yes |
Other |
No |
No |
Saxo Bank vs City Index: Forex Bonuses and Promo
| Promo | Saxo Bank | City Index |
|---|---|---|
Forex Bonus |
No |
No |
Affiliate Program |
“Member gets member” represents a remuneration accrual for attracting new clients who have replenished a trading deposit at least once. When replenishing from $10,000, the partner gets $500; from $200,000 - $1,000; from $1,000,000 - $3,000 |
For each invited client, a trader can receive from $150 to $650 |
Other Promos |
Accrual of points for account replenishment and qualified transactions. Once you have collected enough points, you will be promoted to a higher account level, allowing you to improve your trading conditions. |
No |
|
|
Top 5 Reviews on City Index
-
Comment
There is no promised fast fulfillment. Rather, it disappeared after a day of successful trading. Now the execution takes from 3000 to 5000 ms, and the connection has nothing to do with it. Technical support says nonsense intelligible. This practice is used in all kitchens of this type.
-
Comment
These are scammers! Not only is the money withdrawn for a very long time and there are always only replies, but the money also disappears from the account. Apparently, things are really bad in City Index and in this way they are trying to earn money. Do not mess with this broker!
-
Comment
Broker City Index chose in the first place because it is one of the oldest companies that operate in the financial markets. In addition, it is accredited by the FCA, which, unlike some offshore firms, not only collects money for issuing a license, but also exercises strict supervision over the activities of controlled companies. I started trading on the usual Metatrader 4, as I was sure that the author's platforms were not suitable for conducting a full-fledged technical analysis. But for the sake of interest on a demo account, I tried to open a couple of deals on At Pro from City Index specialists. Now I work only on this terminal. Simple interface, many tools. Free trading signals are very helpful.
-
Comment
Look before you leap, but having leapt never look back. It's the same with City Index: there's nothing to do here for beginners. The more assets and settings on trading platforms, the more likely you are to get confused and lose everything. The experienced folks here have something to play with. It is good for gaining experience with different markets, but it is still controversial for constant trading. Let's see how the broker will show itself with the withdrawal of funds.
-
Comment
I'm quite happy with the conditions in the City Index. All the tools are there, there were no questions with the replenishment and withdrawal yet, which is important. I also did not observe any sudden price changes. But there’s a problem with the payment systems... I want more of them. I want updates also - maybe for investment programs, for example. It always gets annoying if the broker doesn’t try to be a better version of itself. I hope that City Index is not the type, but just in case I don’t keep all of my assets here.
Top 5 Reviews on Saxo Bank
-
Comment
Saxo Bank is well-known due to its technological solutions for online trading. So I decided to try it. Its SaxoTraderGO platform offers a wide range of features, including charts and analytical instruments, fast order execution, and access to real-time market data. However, SaxoTradePRO was too complicated for me. The broker offers a wide range of financial instruments. And you can use one platform to work on global stock exchanges and to trade CFDs and Forex. The minimum fee for trading stocks is $1.
-
Comment
Saxo Bank is well-known due to its technological solutions for online trading. So I decided to try it. Its SaxoTraderGO platform offers a wide range of features, including charts and analytical instruments, fast order execution, and access to real-time market data. However, SaxoTradePRO was too complicated for me. The broker offers a wide range of financial instruments. And you can use one platform to work on global stock exchanges and to trade CFDs and Forex. The minimum fee for trading stocks is $1.
-
Comment
Saxo Bank provides a personalized approach to client services and offers a wide range of financial services that include asset management and consulting. Moreover, it provides high-quality educational materials and market research that help me make informed investment decisions. I participated in webinars several times and also listened to podcasts with Saxo Bank experts. I use SaxoTraderGO for trading and SaxoInvestor for long-term investment.
-
Comment
Saxo Bank is a broker with favorable conditions, offering over forty thousand trading instruments, ready-made portfolios, and a professional platform. However, for novice traders, the conditions of this broker may be challenging. Saxo Bank requires a high initial deposit, floating spreads, commissions depending on trading volumes, and maximum leverage up to 1:40. I think this broker is more suitable for experienced traders.
-
Comment
Being a licensed bank and broker, Saxo Bank complies with strict security and regulation standards. These include client data protection, transaction transparency, and compliance with financial rules. Money is transferred without delays or additional expenses, except for bank fees. Support in a live chat of the trading platform is prompt, and chat operators respond within 5 minutes. Personal consultations are available. Saxo Bank provides direct access to markets, therefore orders are always executed promptly.
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FAQs
What should I start Forex trading with?
It is desirable for novice traders to explore trading using a demo account to learn the market and how to work on the trading platform without the risk of suffering losses. At the same time, it is advisable to review the educational materials of the broker, learn trading basics. Then you can deposit the minimum required amount to perform a small number of transactions. If you manage to close several months in a row in the black, without substantial drawdowns on the account, then you can try increasing your deposit. Also trying to copy trades automatically is a good option for a start.
What amount should I start trading with?
The minimum deposit of $10 may be enough to trade on the cent account. However, for trading on Standard/ECT accounts, experts recommend starting with at least $200-500. With this amount, you can use not a very big leverage. Remember, getting carried away with the margin is the main cause of losses among beginners.
What should I take into consideration when choosing a broker?
Experts recommend looking at the broker’s reliability first and foremost. The other important features include basic trading conditions, commissions and fees, customer reviews. If brokers are approximately the same in terms of basic criteria, you need to choose based on your experience and tasks. One broker may be good for professionals and another – for novice traders.
Is it possible to be scammed by a broker with a license from a reputable regulator?
In theory, yes. But in practice, it takes so much time and money to comply with the requirements of reputable regulators that it is not worth it for scammers to bother obtaining a legitimate license.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.