So, you are thinking of, or maybe already trading with City Index. A wonderful place to get more information on the broker is with our full City Index review.
There you will notice there are many City Index Account Types to choose from. In this guide, we will give you the full lowdown on each one. We will also look at key points on how to open your account so you have a clear picture of what is best for you.
Let’s get started.
City Index Account Types
Here is a closer look at all of the different account types available at City Index, and what each has to offer.
The demo account is a great place to start for risk-free trading and an opportunity to get to know the broker. Demo accounts are available for CFD, Spread Betting, or MT4 account types. The account is a trial that stays active for 12 weeks in total. You will have a virtual balance of £10,000, or $20,000 for ASIC clients to trade with. In order to open a City Index Demo account, all you have to do is to visit the City Index website (73% of retail CFD accounts lose money).
The City Index CFD account is a popular choice. Here you will find an extremely wide range of CFDs to trade, more than 4,000 in total. The spreads also start out from a great value of 0.5 pips.
The account is very accessible and with no commission charged. The only exception to this is shares that have a 0.08% starting commission. Trading with this account is possible through WebTrader, MT4, or AT Pro trading platforms.
You will also have access to extensive leverage. The maximum leverage on forex is 30:1 for ASIC and FCA clients, and 20:1 for MAS regulated clients.
Spread Betting Account
City Index does have a spread betting account available, though you should note this is only for the use of UK and Irish traders. You will have the ability here to spread bet on more than 8,000 markets and the spread remains excellent from 0.5 pips on forex.
The minimum trade size on this account type is also very accessible starting from only 50p, and you will not have to worry about paying any capital gains tax or stamp duty on spread betting.
FX MT4 Account
As a forex trader, one of the most popular account type choices is the FX MT4 Account. This account is specifically focused on forex trading through the MT4 trading platform with more than 80 currency pairs to choose from.
Of course, being a leading platform, you can expect to find a highly customizable experience and many features including EAs available through MT4 and this account type. You will also have leverage of up to 30:1 available under ASIC and FCA regulation or 20:1 under MAS regulation when trading.
Premium Trader Account
The Premium Trader account is another special type of account that is on offer from the broker to Australian traders only.
With this type of account, you can rely on the same great range of assets being available at competitive prices while you will also benefit from a priority level of customer service, and have your own dedicated relationship manager assigned.
The City Index DMA account is only for MAS-regulated and experienced high-volume traders. Here you will have access to very deep liquidity alongside tighter spreads with no mark-ups. Commission on this type of account can also be highly competitive and is based on volume.
The recommended minimum deposit from the broker for this account type is $25,000, and the minimum trade size is $100,000 or a full standard lot.
There is also a dedicated professional account you can use. In order to do so you will need to meet at least two of the following 3 criteria:
- You must have made an average of 10 large-sized transactions per quarter over the last four quarters.
- Your financial portfolio must exceed $ 500,000 in total value
- Professional working experience in the financial sector for 1 year or more
With two of these points satisfied, you can look forward to an account with access to 200:1 leverage if you are an Australian trader, though it remains the same for UK traders. With this account type, you should note that you will give up negative balance protection.
City Index Account Opening
Here are some of the key points when it comes to account opening with the broker.
Live Account Opening
A demo account can be a great place to start. Check out our City Index demo account guide for more information on that.
If not though, you can choose to go directly to a live account. Just go to the broker website, and follow the step-by-step instructions given to start the process of opening your live account.
One of the most important points of opening your live account is that you need to verify it. You can do this by uploading a copy of your ID or passport to prove your identity while you will also need a utility bill or bank statement to confirm your residence.
You must do this before you start trading, but it is not a difficult process. Simply upload the documents online, and it can be quickly completed.
With your account verified it is time to make your first deposit. You can fund your City Index account in a number of ways. Bank wires, credit (Visa, Mastercard) and debit cards (Visa, MasterCard, Maestro, and Electron), and eWallets like PayPal, ETF, BPAY, PayID, and PayNow can all be used depending on your location.
PayPal is a hugely popular method among traders, and is available from an increasing number of brokers. Read our PayPal forex brokers to find out which top brokers facilitate it.
The minimum deposit will depend on your jurisdiction but for UK clients it is $100, while for Japanese and Australian clients it is $150.
You can read our City Index minimum deposit guide for more details on that point.
The broker supports an excellent range of base currencies. These include the AUD, CAD, CHF, EUR, GBP, HKD, HUF, JPY, NZD, PLN, SGD, and USD.
City Index Account Bonus
There are no direct trading bonuses offered to any traders at City Index. There is however a referral bonus for MAS clients if they refer friends who become clients. The bonus amount can range from $250 to $1000 bonus for each friend you’ve referred, and you can refer up to 5 people.
City Index Account Deposit & Withdrawal
Deposits and withdrawals at City Index are both fee-free. From your bank side though, they may charge you for bank wires. You will also want to double-check with your payment provider on other methods.
A conversion fee may also apply if you are using a currency different from the one you used to open the account, or a non-base currency. A bank wire may take up to 3 business days to complete, while other methods are generally instant.
Withdrawals are available through the same methods and wire transfers take a maximum of 2 business days. Credit or debit card withdrawals can take 3-5 business days maximum. There is a minimum withdrawal of $100, and a maximum of $20,000 per day.
City Index Account Management
Here are a couple of important points to note when it comes to your account management at City Index.
City Index Account Inactivity
A £12 inactivity fee per month is charged after 36 months of inactivity. The period is 12 months for professional traders. City Index may choose to close your account if your balance can’t cover the fee.
How to close your City Index Account
In the rare event you do wish to close your account, you should first be sure to withdraw all of your funds. You should then make contact with the broker support team to request your account be deleted. You will need to answer two security questions at this point to verify your identity. Your account will then be closed.
City Index Account Types – FAQs
Does City Index charge commission?
City Index does not charge any commission either for Spread Betting and CFD Trading, with the only exception being Shares CFD Trading where the commission is from 0.08%.