Funding and withdrawals
- How much money do I need to deposit to open a City Index CFD or Spread Bet account?
- How can I fund my account?
- Are there charges for making deposits into my City Index account?
- Can I add additional cards to fund my account?
- Can I deposit funds in another currency?
- How will I know when funds have been added to my account?
- My deposit has been declined. What should I do?
- How do I transfer funds out of my account?
- How much can I withdraw in one time?
- Are there charges for making withdrawals?
- How long do withdrawals take?
- What is my 'available for withdrawal' balance and how is it calculated?
- What payment methods are not accepted for withdrawals?
- How does net deposit affect my ability to withdraw?
- I no longer have access to a particular payment method
1. How much money do I need to deposit to open a City Index CFD or Spread Bet account?
Remember, you must always have enough funds in your account to provide sufficient margin. We recommend that you deposit a minimum of £100 or an amount which is enough to substantially cover the margin requirement of your first trade. It is prudent to also have enough equity in your account to sustain any significant moves against your position.
2. How can I fund my account?
You can fund your account using the following:
- Debit card: Visa, MasterCard, Maestro and Electron
- Credit card: Visa, MasterCard,
- Bank transfer
Citibank cards cannot be used to fund accounts held with any spread betting provider. If you wish to fund from a Citibank account you will need to do this by bank transfer. We do not accept cash payments paid directly into our bank account, and we are unable to accept third party payments, any such transfers will be rejected and returned to the original source
For full details on our banking information, please use the funding link on the platform.
3. Are there charges for making deposits into my City Index account?
Debit card: Free
Credit card: Free (Your card issuer may charge for credit card deposits)
Bank transfer: Free
4. Can I add additional cards to fund my account?
Yes, you can have a maximum of three cards registered to your account at any time. To add a new card, please use the funding link on the platform.
5. Can I deposit funds in another currency?
Funds can only be deposited in the base currency of the account you’re funding from.
6. How will I know when funds have been added to my account?
Once funds have been credited to your account, you will see them available on your trading account. Please note we do not send a confirmation of successful deposits.
7. My deposit has been declined. What should I do?
Your bank may decline your transaction for a number of reasons, but we are not told why. These may include:
- Insufficient Funds
- Incorrect Expiry Date
- Incorrect CVC Number (the 3 digit security code on the back of your card)
- Invalid card number
- Out of date Address details
- Incorrect 3DS details
- Suspected fraudulent transaction
To resolve this, you will need to contact your card issuer.
8. How do I transfer funds out of my account?
To transfer funds out of your account, please visit the account section of the trading platform.
If you would like further instructions, please contact Customer Support using one of the options on our Contact Us page.
For compliance purposes, client refunds can only be returned to the original funding source. 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.
9. How much can I withdraw in one time?
The minimum withdrawal amount is £50, or all your available account balance (whichever is lower).
Online the maximum you can withdraw in a single transaction is £20,000. If withdrawing online on credit cards there is a limit of £20,000 in 24 hours.
If you wish to withdraw more than the limits online then, please contact our client management team using one of the options on our contact us page.
10. Are there charges for making withdrawals?
No. Withdrawals are free of charge unless you require a CHAPS payment, in which case there is a £25 charge for payments under £5,000.
11. How long do withdrawals take?
Please allow 3–5 working days for any card withdrawals.
While domestic bank transfers are done in normally 1–2 working days, if your bank subscribes to the faster payments service it could be in 1 working day.
12. What is my 'available for withdrawal' balance and how is it calculated?
The maximum amount you can withdraw is called your 'available for withdrawal' balance. You may withdraw all or part of your money from your account at any time, as long as it is not already committed to any open trades. If you withdraw all of your funds your account will still remain open for future use.
When you have withdrawn money such that all the deposits you made using your cards are zero, then you will be able to withdraw any excess funds in your available balance back to any registered payment method.
13. What payment methods are not accepted for withdrawals?
A small number of credit cards (including a few from MasterCard and Visa) will not allow us to pay funds back to your card. If you are using one of these cards you will be notified when you attempt to make a withdrawal. If this is the case we can arrange for your funds to be paid back to the bank account of your choice.
To minimise the risk of card fraud we may also request some documentation from you before the bank transfer can be processed.
You can withdraw money to any of your registered payment cards, but the card has to have already made a successful deposit. There are no fees for withdrawals back to a payment card.
14. How does net deposit affect my ability to withdraw?
Your net deposit amount reflects any deposits carried out with that particular payment method. It is calculated by subtracting your total withdrawals from your total deposits for that payment method.
Net deposits are a facility we have in place to abide by a number of important financial regulations. We also use this for our own internal security measures to combat security issues – such as money laundering, card theft and fraud.
The net deposit on any registered payment method must be at zero before you can remove that payment method, or are able to withdraw any excess funds and gains.
In short, you can only withdraw funds back to the payment method from which they came unless all net deposits are zero.
Let's say you have two cards registered and deposit £100 from Card A and £150 from Card B. This gives you a Net Deposit of £250.
You place all that money on a trade that subsequently closes at £350. This means that you will need to withdraw £100 to Card A and £150 to Card B before you can withdraw the remaining £100.
Once those two amounts are withdrawn, the remaining balance can then be withdrawn to either card without issue.
Please note: Net Deposits refer to deposits and withdrawals only. The Net Deposit figure is only affected by deposits or withdrawals to that specific payment method.
15. I no longer have access to a particular payment method
If you have received a replacement for the previous payment method and already added it to your account, please contact us. We will require proof of identity in the form of bank statements before updating your account. We will be happy to remove the old version(s) for you.
If you no longer have access to the previous payment method (and dependent on a number of routine security checks) we will need to add new bank transfer information for you. Please contact client management for further assistance.
Speak to our friendly customer support team