If you are considering trading with City Index, then undoubtedly your starting point should be our city index review for a full lowdown.
Once you have looked at this, you may want to delve deeper into certain points. That is exactly what you will find here. We look in detail at the City Index minimum deposit as well as walking you through exactly how to get your account open.
Let’s get started.
Table of contents
What is the City Index Minimum Deposit?
The City Index minimum deposit requested is $100 for UK and EU clients. The amount is slightly higher for ASIC and MAS clients, at $150.
With this broker you will be able to fund your account without commissions in a number of ways and in several currencies, which include USD, EUR and GBP.
|City Index Minimum Deposit||Features|
|Base Currencies||AUD, CAD, CHF, EUR, GBP, HKD, HUF, JPY, NZD, PLN, SGD, and USD|
Did you know that City Index is part of the StoneX Group (which manages other huge and regulated fx trading firms), and that has operated into the trading field for over 35 years? Visit City Index and discover their offering! (67% of retail CFD accounts lose money).
City Index Deposit Bonus and Promotions
If you are a client under MAS regulation with City Index, then you will have access to a promotions 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.
When it comes to trading bonuses, there are none offered to any traders at this moment.
City Index Minimum Deposit vs. Other Brokers
|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|
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
How to Deposit Funds into Your City Index Account
Here is a step-by-step walkthrough on how to deposit funds in your City Index account.
1. 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.
2. 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, and FX MT4 Account for forex trading through the MT4.
For more information on this area, check out our City Index account types guide.
3. 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.
4. 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.
5. 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.
City Index Payment Methods
The payment methods made available by City Index are numerous. They include making a bank wire transfer, using credit cards that are Visa or MasterCard, and debit cards that are Visa, MasterCard, Maestro, or Electron.
As mentioned above, PayPal is also available. So too is ETF, BPAY, PayID, and PayNow. Note that the availability of these payment methods strictly depends on your location/jurisdiction. For example, PayNow is available only in Singapore.
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. This is worth making sure of first.
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.
Again on withdrawals, no fees are charged by the broker. The minimum withdrawal is $100, while the maximum at any one time is $20,000.
All of the same methods as deposits should be available, and while bank wires can take up to 2 business days, credit or debit cards can take 3-5 business days or more.
City Index Minimum Deposit Pros and Cons
- The required minimum deposit amount is low
- There are a good number of base currencies available
- Deposits and withdrawals are fee-free on the broker’s side
- The number of payment methods is a little limited compared to other brokers
- There is a minimum withdrawal limit of $100
City Index Minimum Deposit FAQs
What is the minimum deposit for City Index?
The minimum deposit required by City Index is $100 for EU and UK clients and $150 for ASIC and MAS clients.
About the Author
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world.
A trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.
He is a keen golfer with a very high handicap so when not helping you find the best broker for your needs, you may find him on the course or just as likely following any number of sports from the comfort of his sofa.