Funding & withdrawals FAQs
- How much money do I need to deposit to create a City Index CFD trading account?
- How can I fund my account?
- Are there charges for making deposits into my CFD trading account?
- Can I add additional cards to fund my CFD trading account?
- Can I deposit funds in another currency?
- How will I know when funds have been added to my CFD trading account?
- My deposit has been declined. What should I do?
- How do I transfer funds out of my CFD trading 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
How much money do I need to deposit to create a City Index Singapore CFD trading account?
We recommend the following initial deposit amounts, depending on the trading activity you intend to carry out:
|Intended trading activity||Recommended initial deposit|
|Forex (FX) / Indices||$2,000|
|Metals, Commodities & other markets||$2,500|
The minimum deposit amount required is $150. When funding via a debit or credit card the minimum amount per card transaction is $250.
From within the trading platform, click on the ‘Account Funding’ option from the menu in the top-right corner, then select ‘Add Funds’ and navigate to the Debit/Credit card option.
From within MyAccount: Select Deposit then choose Debit/Credit card.
PayNow, internet banking / FAST, Bill Payment or wire transfer
You can find our bank details, QR code and more information about depositing funds into your CFD trading account via PayNow, internet banking / FAST, Bill Payment or wire transfer by clicking the ‘Account Funding’ tab in the trading platform, or by navigating to the Deposit section in MyAccount and selecting Funding Options
Please note we do not accept cash payments paid directly into our bank account.
Please note that we are unable to accept payments from third parties. Any third-party transfers will be returned to the original source.
How can I fund my account?
You can fund your CFD trading account using debit or credit cards, PayNow, internet banking / FAST, Bill Payment or wire transfer.
Are there charges for making deposits into my CFD trading account?
Credit/debit card deposits will incur a fee of 2% levied by the card processor. Bank Transfers/FAST and PayNow do not incur any charges.
Can I add additional cards to fund my CFD trading account?
Yes, you can have a maximum of three cards registered to your CFD trading account at any time. To add a new card, please use the funding tab on the trading platform or visit your MyAccount portal.
Can I deposit funds in another currency?
Funds can only be deposited in the base currency of the CFD trading account.
How will I know when funds have added to my account?
Once funds have been credited to your account, you will see them available. Please note we do not send a confirmation of successful deposits.
My deposit has been declined. What should I do?
Your bank may decline your transaction for several reasons, but we are not told why. These may include:
- Incorrect expiry date
- Incorrect CVC number (the 3-digit security code on the back of your card)
- Invalid card number
- Insufficient funds
- Out of date address details
- Incorrect 3DS details
- Suspected fraudulent transaction
To resolve this, you will need to contact your card issuer.
How do I transfer funds out of my CFD trading account?
To transfer funds out of your CFD trading account, please visit the funding section of the trading platform and click on "Withdraw" or visit your MyAccount.
For compliance purposes, client refunds can only be returned to the original funding source. Card deposits must be cleared first, and then additional/excess funds can be withdrawn to a designated bank account.
For wire withdrawals, we require a bank statement (dated within the last 3 months) displaying your name, bank name, bank account number and residential address. We accept full PDF statements or a photograph of the physical document but are unable to accept screenshots.
If you require further support, please contact our Client Management Team.
How much can I withdraw in one time?
The minimum withdrawal amount is $150, or your available account balance (whichever is lower).
The maximum you can withdraw in a single transaction is $20,000. If withdrawing online to credit cards there is a limit of $20,000 in 24 hours.
If you wish to withdraw more than the limits, please contact our Client Management Team
Are there charges for making withdrawals?
No. Our company does not charge clients for withdrawals.
How long do withdrawals take?
Instructions received by City Index for withdrawal requests will be processed within three working days. Wire transfers typically take three working days and all telegraphic transfer charges will be borne by the client.
Card withdrawal can take up to ten working days for funds to reach the client. On exceptional cases this may take longer, clients are welcome to contact us for further assistance if funds are not received within the next ten business days after processing.
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 CFD trading account at any time, as long as it is not already committed to any open trades. If you withdraw all your funds, your CFD trading account will still remain open for future use.
What payment methods are not accepted for withdrawals?
A small number of credit cards (including several 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 the credit card.
To minimise the risk of card fraud we may also request some documentation from you before the bank transfer can be processed.
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 $150 from Card A and $250 from Card B. This gives you a net deposit of $400.
You place all that money on a trade that subsequently closes at $500. Going by our LIFO (Last in First Out) policy, you will need to withdraw $250 to card B and $150 to card A before you can withdraw the remaining $100.
Once those two amounts are withdrawn, the remaining balance must be withdrawn as a wire (for which we will require a bank statement).
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.
I no longer have access to a particular payment method
If you no longer have the payment method (such as the card has been cancelled), depending on several routine security checks, we may be able to remove the card from your CFD trading account. However, please be advised that in some cases we may require additional documentation confirming that the payment method is no longer active before we can remove it.