Q1) How do I transfer funds into my account?
Click on the ‘Accounts’ tab on the top-right corner of the trading platform and then select ‘Fund Your Account’. You will see three links:
- Fund your account
- Add a card to your account
- Remove a card from your account
Select the appropriate link to initiate payment.
You can also fund your account by direct bank transfer. Our bank details and information about depositing funds into your account via direct bank transfer can be obtained from the ‘Account’ tab on the Trading Platform. Please note that we are unable to accept payments from third parties, any such transfers will be rejected and returned to the original source.
Please note that we do not accept cash payments paid directly into our bank account.
Q2) How do I add a new card?
You can add a new card or delete existing card details via the ‘Fund Your Account’ tab on the Trading Platform. You cannot, however, amend details for cards that have already been registered with us. To amend details for an existing card, you need to first delete the old card from your account and then create a new card with the updated information.
Our online tutorial will guide you through the process of adding a card and funding your account.
Q3) Which debit/credit cards are accepted?
Debit cards: Visa, MasterCard (deposit only), Switch, Maestro, Solo, Laser
Credit cards: Visa, MasterCard (deposit only)
Please note: Citibank cards cannot be used to fund accounts held with any spreadbetting provider. If you wish to fund from a Citibank account you will need to do this via BACs or CHAPs.
Q4) Can I deposit funds in another currency?
Yes you can, please contact Client Management if you wish to do this.
Q5) How do I withdraw funds from my account?
You need to contact our Client Management team by email or telephone in order to transfer funds out of your account.
To protect our clients from identity fraud, we will only return funds to clients via the same method in which they were received. For example, if you deposit funds into your account via debit card, funds will be returned to you via the same debit card, which must be registered on your account. We may require you to provide a copy of your bank statement so that we can verify your bank details.
Q6) Can I withdraw funds directly into my bank account?
Yes you can, although we will need to confirm any bank account to which you'd like to withdraw your funds. In order to do this we will need to ask you to provide a copy of your bank statement; this should be sent to our Client Management team either by post or email. The statement provided must clearly show your card transaction to us as well as your name, account number and sort code.
Please include a short covering note including your City Index account number.
Q7) Are there charges for making deposits / withdrawals?
It depends on the methods that you use. It is free to make deposits from a debit card but there is a 1.5% charge if you use a credit card. Withdrawals are free of charge unless you require a CHAPS payment, in which case there is a £25 charge for payments under £5,000, those over £5,000 are free.
Q8) Do you send confirmations of deposits/withdrawals?
No, we don’t do this.
Q9) How are client funds protected with City Index?
For retail clients, all funds are kept in a segregated account unless you request otherwise. Therefore they are fully protected against any eventuality; creditors would have no claim over segregated funds, you would be fully entitled to all of your account funds.
Q10) What is the Sales Trader service? How do I qualify for this?
This gives clients a direct line to their own individual Sales Trader with whom they can place trades and orders. Each case is assessed on an individual basis, but as a general rule you must deposit at least £30,000 and trade regularly.
Q11) How do I calculate my Profit/Loss?
For spread bets:
Profit/Loss for long positions is usually calculated as follows: (Sell Price – Buy Price) x Stake.
For CFDs:
Profit/Loss for long positions is usually calculated as follows: (Sell Price – Buy Price) x #CFD’s
Please note however that not all markets have the same trading increments however, for example Gold is traded per 0.1 and Silver is traded per 0.5. This information can be found on the market information sheets on the Trading Platform.
For further information, please consult our Learn to Trade Guide.
Q12) How do I calculate my profit/loss for T-bonds/T-notes?
Treasury Bonds (T-Bonds) and Treasury Notes (T-Notes) follow the US convention of being quoted in 1/32nds and 1/64ths respectively. For example, if the price of the T-Bond on our Trading Platform is 113.31, this means 113 and 31/32nds. Similarly if the price of the five-year T-Note is shown as 110.245 this means 110 and 49/64ths (or 110 and 24.5/32nds).
To calculate the value of your T-Bond position, you must multiply the figure quoted before the decimal point by 32 and then add the next two figures quoted after the decimal point. This is the value of one CFD in USD.
To calculate the value of your T-Note position, you must:
- Multiply the figure quoted before the decimal point by 32
- Add the next two figures quoted after the decimal point
- Multiply the result by two (as you are trade per 0.005).
