City Index Minimum Deposit: Key Information & Guide (2023)
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.
Below you will find all the info regarding the City Index minimum deposit.
|City Index Minimum Deposit||Features|
|Minimum Deposit for FCA clients||£100|
|Minimum Deposit for ASIC and MAS clients||$150|
|Base Currencies||AUD, CAD, CHF, EUR, GBP, HKD, HUF, JPY, NZD, PLN, SGD, and USD|
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.
Visit City Index (75% of retail CFD accounts lose money).
City Index Base Currencies
Many City Index base currency choices are supported. These are the:
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.
City Index Payment Methods
The payment methods made available by City Index are numerous. They include:
- Bank wire transfers
- 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.
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 for Singaporean and UK traders, while it is $50.000 for Australian traders.
All of the same methods as deposits should be available, and while bank wires can take up to 2-3 business days, credit or debit cards can take 3-5 business days or more.
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 (75% of retail CFD accounts lose money).
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 (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.
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 Minimum Deposit vs. Other Brokers
|Minimum Deposit||$100||$0 ($200 recommended)||$100|
|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|
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 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 or $150 depending on your location
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