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Data refreshed 25 Aug 2026 · Compiled by David Ispiryan
Trust rank #16 · Founded 1983
City Index is a well-regarded, regulated forex broker offering forex and CFD trading across a broad range of markets via web and mobile platforms, supported by research, charting, and risk management tools.…
Read the City Index review
Trust rank #29 · Founded 2010
HFM (formerly HotForex) is a well-regarded forex and CFD broker offering broad market access through popular platforms, varied account types, and risk management tools. It provides research, education, and multilingual support with…
Read the HFM reviewCity Index (United Kingdom, founded 1983) holds 2 regulatory licences (ASIC, FCA), 2 of them tier-1, offers MT4, Proprietary and sits in our low-fee bracket. HFM (Cyprus, founded 2010) holds 4 regulatory licences (CySEC, DFSA, FCA, FSCA), 1 of them tier-1, offers MT4, MT5 and sits in our low-fee bracket. The two overlap in 228 countries; City Index is available in 2 countries where HFM is not, and HFM in 0 where City Index is not.
Scored on 8 measurable dimensions where both brokers have verified data. Dimensions missing for either side are excluded rather than guessed. This is a data summary, not a recommendation.
| Criteria | City Index | HFM |
|---|---|---|
| Trust rank | #16 | #29 |
| Founded | 1983 | 2010 |
| Headquarters | United Kingdom | Cyprus |
| Regulators | ASIC, FCA | CySEC, DFSA, FCA, FSCA |
| Broker type | Market Maker | Market Maker, STP |
| Platforms | MT4, Proprietary | MT4, MT5 |
| Instruments | Commodities, Forex, Indices, Metals | Commodities, Forex, Indices, Metals |
| Countries accepted | 230 countries | 228 countries |
| Fee level | Low | Low |
| Trading types | CFD Trading, Spot Trading | CFD Trading, Spot Trading |
| Best-for use cases | Retail Trading | Copy Trading, Retail Trading |
Highlighted cells mark the stronger value where a direction is objectively better (e.g. more licences, lower fees). "Not verified" means the field is not yet in our catalogue for that broker — we never fill gaps with estimates.
Available at both (228): Afghanistan, Albania, Algeria, American Samoa, Andorra, Angola, Anguilla, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belgium, Belize, Benin, Bermuda, Bhutan, Bolivia, Bonaire, Bosnia and Herzegovina, Botswana, Brazil, Brunei, Bulgaria, Burkina Faso, Burundi, Cabo Verde, Cambodia, Cameroon, Cayman Islands, Central African Republic, Chad, Chile, China and 188 more.
Only City Index (2): Türkiye, United Arab Emirates.
Availability reflects the countries each broker declares it serves. Local rules change; confirm on the broker's own site before signing up.
HFM holds more regulatory licences: City Index (ASIC, FCA) versus HFM (CySEC, DFSA, FCA, FSCA). Tier-1 licences: City Index 2, HFM 1.
City Index offers MT4, Proprietary; HFM offers MT4, MT5.
Both sit in the same fee bracket (low) in our catalogue; compare the spreads and commission rows above for detail.
City Index is the older of the two, founded in 1983; HFM was founded in 2010.
They overlap in 228 countries. City Index is additionally available in 2 countries (Türkiye, United Arab Emirates) and HFM in 0 countries ().
Risk warning: CFDs and forex are complex, leveraged instruments and carry a high risk of losing money rapidly. A majority of retail investor accounts lose money when trading CFDs. Nothing on this page is financial advice; verify licence status on the regulator's register before depositing. Full risk disclosure.