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?
- Can I open an account with a different office other than City Index 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 find out about the accounts offered by each of our global offices here, and apply for the account which best meets your trading needs.
You can apply now 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. As part of the application process you'll be asked 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?
The time taken to open an account depends on the speed at which we can verify your identity. During the application process we will perform an online check to confirm your identity. If you successfully pass the identity check you will be notified immediately; in some cases you made need to provide supporting documentation in order to pass the checks.
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. Can I open an account with a different office other than City Index UK?
City Index has offices in the UK, Australia, Singapore and the Middle East. You can see a comparison of the accounts offered here, and then choose to apply for the account which best meets your trading needs.
8. 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.
9. 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.
10. Can I re-activate my old City Index account?
Where no activity has occurred on your account(s) for a period of 12 months or more, your account(s) will be deemed inactive. 'Activity' is defined as placing a trade and/or maintaining an open position during this period. Placing an order on an account without executing a trade will not qualify as ‘Activity’ for these purposes. A monthly inactivity fee of £12 in aggregate (or your cash balance if less than £12) will be applied for accounts that are inactive for 12 months or more.
If your account has been inactive for 3+ years (retail clients) or 1+ years (Professional clients) we'll need to reassess your trading experience and ensure that we have your up-to-date contact details. You will need to complete our account reactivation form and a member of our 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(s) have been reactivated.
If you have any questions or need to discuss any aspect of your account, please call us:
Local: 0845 355 0801 (local rate)
International: +44 203 194 1801
11. 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.
12. 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.
13. 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.
14. Can I trade in a SIPP?
Yes, please contact our Sales Team (0845 355 0801 local rate if you are based in the UK / +44 203 194 1801 for outside the UK) to get further information.
15. 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.
16. 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 (local rate) 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