Opening a Trading Account
- How do I apply for an account?
- Can I apply for a spread betting and CFD account at the same time?
- Do I need trading experience to open an account?
- Do I need a lot of money to open an account?
- How long will it take to open an account?
- Can I apply from outside of the UK?
- Will I need to send in any additional documentation to open an account?
- How soon can I trade after opening an account?
- Can I re-activate my old City Index account?
- Can I open a joint account?
- I already have a spread betting account. Can I add CFDs?
- Can I open a corporate account?
- Can I trade in a SIPP?
- Are City Index accounts FIFO or non-FIFO?
- How do I contact someone about the status of my new account?
1. How do I apply for an account?
Applying for a financial spread betting and CFD trading account with City Index is quick and easy and we have an account type to suit you, whatever your trading goals. You can apply in a matter of minutes by completing our simple and secure online application form.
If you would like to find out more about Professional trader status, you can do so here.
As an FCA regulated business, we are required to ensure that our products are suitable for applicants. We will ask you questions about:
- Your personal details
- Which products you want to trade in your account (spread betting, CFDs or both)
- Your financial status
- Your trading experience
It is important that you answer the questions accurately as it may impact your ability to open an account.
2. Can I apply for a spread betting and CFD account at the same time?
Yes, of course. The first question you’ll be asked during the application process will be to confirm the type of account you wish to open: CFD, spread bet or both (in a single account).
3. Do I need trading experience to open an account?
It is important that you understand the risks involved in trading before you open an account. We strongly encourage new traders to practice using a demo account and educate themselves on how to minimise risk using the education tools available on this website. As part of our suitability criteria, you will have to complete a short questionnaire in order to ensure that our products are suitable for you.
4. Do I need a lot of money to open an account?
Your application will be considered based on your individual circumstances; these include both income and savings. There is no minimum deposit to open an account.
5. How long will it take to open an account?
During the application process we will perform an online identity check to confirm your identity. If you successfully pass the identity check you will be notified immediately
6. Can I apply from outside of the UK?
Applications are considered from any country; however for certain countries additional documentation may be required in order to verify your identity.
There are certain countries (e.g. USA & Canada), whose citizens would be unable to open an account with us due to their domestic financial regulations. However, this is very rare and the vast majority of countries are eligible.
7. Will I need to send in any additional documentation to open an account?
In the majority of cases you will not need to send us any supporting documents, as we should be able to verify your details online. Occasionally we will be unable to confirm your identity electronically (for example if you have moved house recently), and in such cases we will email you and ask that you provide certain documents.
If you are asked for this then we will usually require copies of one document for proof of identity and one for proof of address. You will receive an email detailing specifically what we need.
The following are examples of documentation that could be requested:
- Identification documents: machine readable passport, machine readable national identity card, photocard driving license.
- Proof of address (dated within the last three months): utility bill, council tax bill, bank or credit card statement, mortgage statement.
If we do require documentation from you, you will be able to upload these securely using our online My Account portal. Either use the link provided in the email, or the redirect on the account application page. Please ensure the documents you provide meet the specifications listed.
8. How soon can I trade after opening an account?
As soon as your account has been opened, and you have funded your account you will be free to trade.
9. Can I re-activate my old City Index account?
If you haven’t traded with us for over 12 months your account will go into a dormant status preventing you from being able to login (for security purposes). You may be charged an inactivity fee of £12 a month when your account becomes dormant after 12 months.
To reactivate your account, please follow this link and fill out the online reactivation form. We need to ensure that we have your latest contact details on file, and update you with any changes to our terms and conditions or service features that may have occurred during your inactivity.
After you submit the form, a member of out account management team will be in touch to let you know if we need anything further from you, or to let you know that your account has now been reopened.
If you have any questions or need to discuss any aspect of your account, please call us:
Local: 0845 355 0801
International: +44 203 194 1801
10. Can I open a joint account?
Yes, you can open a joint account with somebody else, however there is a special application form for this which must be completed and sent to New Accounts. Please note that you cannot add a second named person to an existing single account, you must apply for a new joint account. You are also permitted to hold a joint and single account simultaneously. See our Joint Account Application Form.
11. I already have a spread betting account. Can I add CFDs?
Yes, you just need to apply for a CFD account - upon approval our system will recognise that both accounts are owned by you and link them together. You will be able to log in to your new CFD & spread betting account with either of your sets of login details. The same is true if you hold a CFD account and want to open a spread betting account. Please note, it is important that you use exactly the same personal details when applying for the additional account, including email and address.
12. Can I open a corporate account?
The only requirement is that the company current account holds at least £50,000. There is a special application process for this as extra documentation is required, please contact New Accounts if you are interested.
13. Can I trade in a SIPP?
Yes, please contact the sales team to get further information.
14. Are City Index accounts FIFO or non-FIFO?
City Index CFD and Spread Betting accounts are FIFO accounts (first in first out). This means that trades opened in a market within which you already have an open position will amend that position instead of opening a new one – for example opening a sell trade in a GBP/USD when you already have a buy position will either partially or fully close the existing position. If you want to hedge a current position, you need to click the hedge button on the deal ticket.
City Index MetaTrader 4 accounts are non-FIFO, and hedging is a standard functionality on an MT4 account. This means that any trades opened in a market within which you already have an open position will count as hedged and give you greater flexibility to open and close multiple positions in multiple directions.
15. How do I contact someone about the status of my new account?
Our Sales Team are on hand to answer any questions you may have about opening an account on 0845 355 0801 if you are based in the UK or +44 203 194 1801 for outside of the UK, or via chat.
If you have already applied and need assistance, please contact our New Accounts Team on:
Phone: +44 (0)20 7107 7371
Speak to our friendly customer support team