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City Index vs TopFX 2022

BrokerNotes.co

Written by BrokerNotes.co

November 08, 2022

Trying to decide between City Index and TopFX? We’ve taken the guesswork out of the equation with our Comparison Tool. Use our tool to compare hundreds of data points, side-by-side, to see how these two brokers stack up against each other.

Based on our extensive research, hands-on testing, and expert analysis of over a hundred data-driven variables, we've determined that, overall, City Index ranks more highly than TopFX.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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.
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Overall RatingCity IndexTopFXIG
Overall Rating8.7 / 106.5 / 109.7 / 10
Account TypeCity IndexTopFXIG
Standard Trade Size (100,000 units)YesYesYes
Mini Trade Size (10,000 units)YesYesYes
Micro Trade Size (1,000 units)YesYesYes
Islamic AccountNoYesNo
Copy TradingCity IndexTopFXIG
Social Trading / Copy TradingYesYesYes
DupliTradeNoNoNo
ZuluTradeNoNoNo
CryptocurrencyCity IndexTopFXIG
Cryptocurrency (Physical)NoNoNo
Cryptocurrency (CFD)YesYesYes
BitcoinYesYesYes
ethereumYesYesYes
Forex Trading (Spot or CFDs)City IndexTopFXIG
Forex Trading (Spot or CFDs)YesYesYes
Mobile Trading - Forex or CFDsYesYesYes
Indices (Index CFDs)City IndexTopFXIG
DAXYesYesYes
Dow JonesYesYesYes
FTSEYesYesYes
NASDAQ 100YesYesYes
NikkeiYesYesYes
SP 500YesYesYes
InvestmentsCity IndexTopFXIG
Forex Trading (Spot or CFDs)YesYesYes
Spread BettingYesNoYes
Social Trading / Copy TradingYesYesYes
MetalsYesYesYes
EnergiesYesYesYes
AgriculturalsYesNoYes
ETFYesYesYes
U.S. Stocks (CFD)YesYesYes
Trading PlatformsCity IndexTopFXIG
Apple iOS AppYesYesYes
Android AppYesYesYes
Proprietary PlatformYesNoYes
Desktop Platform (Windows)YesYesYes
Web PlatformYesYesYes
MetaTrader 4 (MT4)YesYesYes
MetaTrader 5 (MT5)NoNoNo
Regulatory LicensesCity IndexTopFXIG
Tier-1 Licenses307
ASIC Authorised (Australia)YesNoYes
IIROC Authorised (Canada)YesNoNo
FCA Authorised (U.K.)YesNoYes
SFC Authorised (Hong Kong)NoNoNo
MAS Authorised (Singapore)YesNoYes
FINMA Authorised (Switzerland)NoNoYes
CFTC Registered (USA)NoNoYes
Tier-2 Licenses212
Tier-3 Licenses101
Research, EducationCity IndexTopFXIG
Trading Central (Recognia)YesYesNo
Forex News (Top-Tier Sources)YesYesYes
Daily Market CommentaryYesNoYes
AutochartistNoYesYes
Investor Dictionary (Glossary)YesNoYes
Videos - Beginner Trading VideosYesNoYes
Client Webinars (Archived)YesNoYes
Trading CostsCity IndexTopFXIG
Minimum Initial Deposit£100.00Depends on payment method£250.00
Average Spread EUR/USD - Standard1.0 (July 2022)N/A0.86 (September 2022)
All-in Cost EUR/USD - Active1.0 (July 2022)N/A0.5957 (September 2022)
Active Trader or VIP DiscountsYesNoYes
Bank Wire (Deposit/Withdraw)YesYesYes
Visa/Mastercard (Credit/Debit)YesYesYes
PayPal (Deposit/Withdraw)YesYesYes
Trading ToolsCity IndexTopFXIG
Watchlists - Total Fields11714
Mobile WatchlistYesYesYes
Charting - Indicators / Studies (Total)883033
Mobile Charting - Indicators / Studies883033
Trust FactorsCity IndexTopFXIG
Year Founded198320101974
Publicly Traded (Listed)YesNoYes
BankNoNoYes
Authorised in European UnionYesNoYes
Trust Score996799
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City Index vs TopFX Comparison

Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare City Index vs TopFX.

Can I trust City Index?

City Index 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 TopFX?

TopFX has a trust score of 67, giving it a "High Risk" trust label.

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.

Is TopFX a good broker?

TopFX lags behind the industry average when it comes to market research and education, yet offers a growing selection of markets that you can trade on the MetaTrader and cTrader platforms.

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. City Index is ASIC Authorised (Australia), IIROC Authorised (Canada), MAS Authorised (Singapore) and FCA Authorised (U.K.), while TopFX is none., neither have SFC Authorised (Hong Kong), CBI Authorised (Ireland), FSA Authorised (Japan), FMA Authorised (New Zealand), FINMA Authorised (Switzerland) 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, City Index is CySEC Authorised (Cyprus) and DFSA / Central Bank Authorised (UAE), while TopFX is CySEC Authorised (Cyprus)., 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 City Index is CIMA Authorised (Cayman Islands), while TopFX is none., 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?

For trading platforms City Index supports a Proprietary Platform and Desktop Platform (Windows), whereas TopFX supports a Desktop Platform (Windows) and cTrader., neither have DupliTrade and ZuluTrade

Does City Index offer MetaTrader? Does TopFX offer MetaTrader?

Both City Index and TopFX offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4., neither have MetaTrader 5 (MT5)

How do City Index and TopFX differ in terms of minimum deposit? What about average spreads and funding options?

City Index requires a minimum deposit of £100.00, while TopFX requires a minimum deposit of Depends on payment method. From our testing we found City Index offers spreads of 1.0 (July 2022), while TopFX offers spreads of N/A. City Index supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and PayPal (Deposit/Withdraw) for popular funding options, where TopFX supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw).

Which brokers offers more tradeable asset classes, City Index or TopFX?

City Index offers a more diverse selection of investment options than TopFX allowing you to trade Forex Trading (Spot or CFDs), Spread Betting, Social Trading / Copy Trading, Metals, Energies, Agriculturals, ETF and U.S. Stocks (CFD). Looking at total tradeable symbols, City Index has 13500, compared to 655 from TopFX.

Can I trade cryptocurrency with City Index or TopFX?

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 City Index nor TopFX allow you to trade physical cryptocurrencies.

Who offers more research tools, City Index or TopFX?

In terms of research and research tools City Index gives traders the following tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading. In comparison TopFX has the tools listed here: Autochartist, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading.

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