Barclays CFDs and Financial Spread Trading Decommission FAQs

Important information regarding your account

As of 17 March 2018, the Barclays CFDs and Financial Spread Trading service will be decommissioned and your trading account will be migrated to City Index, who offer the same service, using the same trading technology. City Index is a trading name of GAIN Capital UK Limited and is a global Spread Betting, FX and CFD Trading provider with over 30 years' of experience.

The key changes between your current Barclays CFDs and Financial Spread Trading account and your new City Index trading account are listed below.

TRADING DIFFERENCES

  Barclays  City Index
 Spreads Major FX pairs from 1.2 pts
Major Indices from 2 pts
 Major FX pairs from 0.5 pts
Major Indices from 1 point
Commissions Commission charged on all CFD trades
Equities commission from 0.15%
Commission charged on CFD Share trades only
Equities commission from 0.10%
Financing LIBOR -3% LIBOR -2.5%
Bitcoin Not available CFDs & Spread Bets
Markets 10,000+ global markets 12,000+ global markets
Margin Closeout Level 80% 50%

OVERVIEW

MIGRATION
TRADING DIFFERENCES
YOUR NEW CITY INDEX ACCOUNT
ABOUT CITY INDEX

OVERVIEW

  1. Why are you moving my account to City Index?
    Following a recent review of their products and services, Barclays will no longer offer CFDs and Financial Spread Trading and will be closing the service.
    To ensure a smooth and uninterrupted trading experience for their clients, the decision was made to move clients to a City Index account.

  2. Who is City Index?
    City Index is also a trading name of GAIN Capital UK Limited and has 30+ years’ experience in global markets.
    The trading technology used by Barclays CFDs and Financial Spread Trading clients was provided by City Index. As such, you will notice minimal changes to your everyday trading experience.

  3. What is happening to my existing account?
    Until Friday 16 March 2018, you will be able to use your Barclays CFDs and Financial Spread Trading account as usual. On Saturday 17 March 2018, your account will be migrated to City Index while trading is closed. When markets re-open on Sunday 18 March evening, you will be able to log in to your new City Index account (using your same details).

  4. When is migration going to take place?
    Saturday 17 March – Sunday 18 March.

  5. How will this affect my trading?
    The trading technology used by Barclays CFDs and Financial Spread Trading clients was provided by City Index. As such, you will notice only minimal changes to your everyday trading experience. There may be some differences in markets available and pricing; however, we will be in touch if this is the case or you can see more details below.

MIGRATION

  1. What do I need to do to migrate my account?
    You do not need to do anything. We will notify you closer to the migration date of all the essential details you need to know.

  2. Will I need to accept new Terms and Conditions?
    Yes, please click here to view the City Index Terms and Conditions, which you will be subject to after the migration. You can also view the Pricing and Fees document here.

  3. What will happen to my existing positions, orders, trading history and account balance?
    After migration, your existing positions, trading history, orders and account balance will remain unaffected. There may be some change in your P&L due to tighter spreads – any movement should be positive and in your favour, however, you can contact our Client Management team for more details.

  4. Will there be any change to my funding and deposit experience?
    You will remain on the same funding and deposit experience as before (My Account). With City Index, you can fund your account via credit cards (zero fees) or bank transfer. Use your same username and password details as you do to log in to the platform.

  5. Will there be any differences to my platform settings?
    Because City Index is the provider of the trading technology for Barclays CFDs and Financial Spread Trading, there will be no change to how you trade on the platform. There may be some changes to custom settings such as watchlists and charts where markets may be different.

    As you can see from the two images below, the Barclays CFDs and Financial Spread Trading and City Index platforms are similar – you will be able to search for markets, view charts and open trades exactly the same way as you do with on Barclays’ platform.

    Decomission Image 1
    Barclays CFDs and Financial Spread Trading Platform

    Barclays Decomisson Image 2

    City Index CFDs and Spread Trading Platform
    City Index also offers the Advantage Trader Pro platform which you can download here. AT Pro offers advanced charting, trading templates and back testing.

  6. Will I need to download a new mobile app?
    Yes, the Barclays CFDs and Financial Spread Trading app will no longer be available after migration. We suggest you download the City Index mobile app, available on IOS and Android. This is also built using City Index’s trading technology.

  7. What if I don’t want to move to City Index?
    If you do not wish to move your account to City Index, you can close your account. You will need to do this before Friday 17 March 2018 or your account will be moved across. Contact Client Management to close your account.

  8. What if I have multiple accounts, or an account with City Index and an account with Barclays?
    Your Barclays CFDs and Financial Spread Trading account will move across as a separate account and the log in details will remain as they are. The accounts will be treated as separate accounts, with their own balance, P&L, positions and orders. If you wish, you can contact us to merge these accounts into one single City Index account after migration.

  9. What will happen to the spreads on my open position after migration?
    The spread you open your position on with Barclays CFD and Financial Spread Trading will remain; however, when you close your position you will benefit from the new, reduced spread on City Index.

TRADING DIFFERENCES

  1. Are there any differences in the markets available to trade?
    City Index has more markets available to trade, including cryptocurrencies and options. Click here to see more on markets available to trade with City Index

  2. Are there any differences in pricing?
    Yes, please table below listing differences in Commissions, Spreads and Financing.
    In addition, there will also be changes to your spreads on certain markets. You will find details of spreads on Market Information Sheet.

  3. Is there any way I can try out trading with City Index before the date of the migration?
    Yes, City Index offers a demo account which you can apply for here. You will be able to test-drive the trading platform for 12 weeks with £10,000 in virtual funds.

  4. Does City Index have any different account types I can trade with?
    Yes, you can apply for a MetaTrader account which gives you access to the MT4 platform. MT4 is a dedicated FX platform which features expert advisors, custom indicators and professional charting.

  5. Are there any differences to margins or margin close outs?
    There will be no change to your margin requirements however, your margin closeout threshold will increase from 80% to 50%.

YOUR NEW CITY INDEX ACCOUNT

  1. Will I need to activate my account?
    No, your account will automatically be active from when markets open on Sunday night.

  2. Will I need to set up new logins or passwords?
    No, you can continue to use your same username and password to log in to your new City Index account.

  3. How do I change my password?
    If you forget your password or wish to reset it, you can do so here.

  4. I’m having problems logging in, who should I contact?
    You can contact City Index’s Client Management team who are available 24 hours a day, 5 days a week.

  5. My account has become dormant, how can I reactivate?
    Up until 17 March 2018, you can reactivate your Barclays CFDs and Financial Spread Trading account by completing a short, secure online form. Once your account is reactivated, we will notify you and you can resume trading. Your reactivated account will then migrate across to City Index on 17 March 2018 and you’ll be able to continue trading as usual. After 17 March 2018, if you wish to reactivate your account, you can do so with City Index. You will have to complete a short, secure online form. We will process your application and inform you as soon as your account is open and ready to trade again.

  6. Can I upgrade to a professional account?
    You can apply to become a professional client with City Index by completing a short self-assessment form here. Our team will review your application and if you meet the Financial Conduct Authority (FCA) criteria, we will inform you of your professional client status.

ABOUT CITY INDEX

  1. Who is City Index?
    City Index is a global Spread Betting, FX and CFD Trading provider based in the heart of London. We have over 30 years of experience and are trusted by traders for our fast, reliable execution.

  2. Who is Gain Capital?
    GAIN Capital is the parent company of City Index and is a publicly traded company that meets the highest standards of corporate governance, financial reporting and disclosure.

  3. Is my money safe with City Index?
    We’re authorised and regulated by the FCA and hold client funds in accordance with their client money rules. As a retail client your money is fully segregated from our own funds in separate accounts. As a City Index client, you are protected by the Financial Services Compensation Scheme.

  4. Is City Index regulated?
    City Index’s parent company, Gain Capital UK Ltd, is regulated by the Financial Conduct Authority, with FCA Register Number 113942.

  5. How do I contact City Index?
    You can contact us by: