The online brokerage firm City Index requires a capital deposit from the trader owning the brokerage account to activate the CFD and Retail foreign exchange (Forex) trading platform.
The minimum amount required with City Index starts from £100, which can be deposited via various methods including wire transfer, credit card and ewallet. It should be noted that the minimum deposit with City Index may vary depending on where the trader is based in.
City Index generally does not charge commissions on deposits, but conversion fees may apply if depositing in a currency different from the account base currency.
What is the City Index minimum deposit?
The City Index minimum deposit is $100 for UK and EU clients. The amount is higher for ASIC and MAS clients, at $150. MAS clients who make the first deposit via credit card have a minimum requirement of $250.
The minimum deposit may depend on the payment method chosen and on your location.
City Index does not charge any deposit or withdrawal fees from their side, making a convenient place for your payments.
The City Index deposit features are listed in this table below:
| CITY INDEX DEPOSIT FEATURES | CHARACTERISTICS |
|---|---|
| Minimum Deposit for FCA clients | £100 |
| Minimum Deposit for ASIC and MAS clients | $150 |
| Deposit Fees | No |
| Withdrawal Fees | No |
| Base Currencies | AUD, CAD, CHF, EUR, GBP, HKD, HUF, JPY, NZD, PLN, SGD, USD |
71% of retail CFD accounts lose money
The minimum deposits mentioned above are the same for all account types: MT4, CFD and Spread betting for FCA clients, and MT4 and Standard for MAS and ASIC clients. Here’s a detailed guide about City Index account types, in case you’re interested.
What are the City Index account base currencies?
The City Index account base currencies are listed below:
- AUD
- CAD
- CHF
- EUR
- GBP
- HKD
- HUF
- JPY
- NZD
- PLN
- SGD
- USD
With such a good range available you can avoid any conversion fees that would apply if you deposited in a non-base currency.
Remember that funds can only be deposited in the base currency of the trading account.
What are the City Index funding and deposit methods?
The City Index deposit methods features are listed below.
- Wire transfers: this deposit method at City Index is fee free. The deposit processing time can take up to 3 business days.
- Credit/Debit cards: City index accepts Visa or MasterCard when it comes to credit cards, while it accepts debit cards that are Visa, MasterCard, Maestro, or Electron. The deposit here is instant, and there are no fees attached.
- eWallets: at City Index PayPal, BPAY, PayID, and PayNow are all available..
What are the City Index deposit fees?
For the most part, deposits are fee-free from the broker’s side. This applies to bank wires, credit/debit cards, and eWallets. Your card issuer or payment provider may charge a fee from their side though.
If you deposit a non-base currency, you will be charged a small conversion fee, and again it is worth noting that most methods will be instant, but bank wires can take up to 3 days.
Here is a step-by-step walkthrough on how to deposit funds in your City Index account.
What are the steps to fund your City Index account?
The City Index account funding steps are listed below:
- Open a City Index Demo Account First:
The first thing you can do, it is not mandatory, but a great idea is to open a City Index demo account. This provides you a risk-free trading environment with virtual funds that can help you get to know the broker and enhance your skills. When you are ready, you can switch over any time to a live account. Just visit the broker’s website and click ‘create account’ to get going.
- Choose the Account Type You Wish to Open:
With that done, you will have to choose between several account types offered by the broker. These include a CFD Account for CFDs trading, Spread Betting Account for Spread Betting (only for UK clients), and FX MT4 Account for forex trading through the MT4. For more information on this area, check out our City Index account types guide.
- Verify Your Identity with the Broker:
Once your account is open, it will need to be verified. To do this, you will need to upload a copy of your ID, a passport is best, to verify your identity. You will also need a copy of a utility bill or recent bank statement to confirm your residence.
- Choose Your Preferred Deposit Method:
The next step once your account has been verified is to make your first deposit. To do this, you must choose from the City Index deposit methods mentioned. This choice includes making a bank transfer, or using a credit/debit card. eWallet deposits are also available through PayPal. The availability of some methods will depend on your location. If you are interested, we have also put together a list of the best PayPal forex brokers for you to check out.
- Wait for the Deposit to be Processed:
The final thing to do is simply wait for the deposit to be processed. This time will depend on the method you use. The longest times are typically associated with bank wires. This can take up to three days generally. Many other methods should be faster if not immediate.
How does the City Index minimum deposit compare with other major brokers?
The comparison between City Index minimum deposit and those of other brokers can be found in this table below:
| Features | CITY INDEX | PEPPERSTONE | FOREX.COM |
|---|---|---|---|
| Minimum Deposit | $100 | $0 ($200 recommended) | $100 |
| Wire Transfer | Yes | Yes | Yes |
| Credit Card | Yes | Yes | Yes |
| PayPal | Yes | Yes | No |
| Deposit Methods | 8 | 9 | 8 |
| Account Currencies | AUD, CAD, CHF, EUR, GBP, HKD, HUF, JPY, NZD, PLN, SGD, and USD | USD, EUR, GBP, NZD, AUD, CHF, HKD, JPY, CAD, SGD | EUR, GBP, USD |
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
Does City Index offer deposit bonuses?
City Index doesn’t offer deposit bonuses.
However, if you are a client under MAS regulation with City Index, then you will have access to a promotional bonus. This can be up to $1,000 for each person you invite to trade with the broker. You can refer up to 5 people to use the broker and you will get from $250 to $1,000 depending on certain criteria they meet.
