Creating a CFD trading account - Help & Support
- How do I apply for a CFD trading account?
- Do I need trading experience to create a trading 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 Singapore?
- 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?
- Can I open a corporate account?
- How do I contact someone about the status of my new account?
How do I apply for a CFD trading account?
Applying for a CFD trading account is quick and easy. You can apply in a matter of minutes by completing our simple and secure online application form.
Singpass users can apply using Myinfo and have their CFD trading account created instantly. If you apply without using Myinfo then you’ll need to submit supporting documents before we can create your CFD trading account. See question 6 for further details.
As a MAS-regulated broker in Singapore, we are required to ensure that our products are suitable for applicants. We will ask you questions about:
- Your personal details
- Your financial status
- Your trading experience
It is important that you answer the questions accurately as it may impact your ability to create a CFD trading account.
Do I need trading experience to create a trading account?
It is important that you understand the risks involved in trading before you create a CFD trading account. MAS regulations require CFD providers in Singapore to conduct a mandatory Customer Knowledge Assessment (CKA) for all applicants, to ensure that they possess relevant education, trading or working experience in order to create a CFD trading account. This assessment is included in our application form, and you will be informed of the outcome upon submission of your application.
If you fail the assessment, you can still create a City Index Singapore trading account by doing the following:
- Navigate to the Customer Knowledge Assessment website, which can be found here
- Complete the ABS ‘Contracts for Difference (CFDs)’ module
- Submit your quiz certificate to us either via email or by using the document upload feature in MyAccount.
You can find full details of the CKA here, or download a step-by-step guide to completing the quiz.
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 a $150 minimum deposit ($250 for debit/credit cards) to create a CFD trading account.
How long will it take to open an account?
The time taken to create a CFD trading account depends on the speed at which we can verify your identity. If you apply with Myinfo using your Singpass account, then (in most cases) we will be able to electronically verify your identity almost instantly and you will be able to trade as soon as your CFD trading account is funded. If you choose not to apply using Myinfo, then you will need to provide supporting documents in order for your CFD trading account to be created.
Can I apply from outside Singapore?
Yes, in certain circumstances it is possible to create a CFD trading account from outside of Singapore subject to review and approval. If you have any questions relating to applications from outside of Singapore, please contact our Client Management team.
Will I need to send in any additional documentation to open an account?
For Singaporean residents who apply using Myinfo, in the majority of cases you will not need to send us any supporting documents and your CFD trading account will be created instantly, as we will be able to verify your details online. On rare occasions 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 apply without using Myinfo, then you will be required to provide supporting documents before your CFD trading account can be created.
If you are asked to provide documents, then we will usually require copies of:
- one document for proof of identity
- one document for proof of address
- CKA quiz certificate (for those who do not pass the initial CKA assessment during application)
You will receive an email detailing specifically what we need.
The following are examples of documentation that could be requested:
- Identification documents: machine readable NRIC/work pass/identity card, machine readable passport, photocard driving licence
- Proof of address (dated within the last three months): utilities 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.
How soon can I trade after creating a CFD trading account?
As soon as your account has been opened, and you have funded your CFD trading account, you will be free to trade.
Can I re-activate my old City Index CFD trading account?
If you haven’t traded with us for over 24 months, your CFD trading 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 $15 a month when your account becomes dormant after 24 months.
To reactivate your CFD trading account you simply need to complete our short online Account 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 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 CFD trading account has now been re-activated.
If you have any questions or need to discuss any aspect of your account, please contact us on +65 6826 9988.
Can I open a joint account?
Yes, you can create a joint CFD trading 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 CFD trading account simultaneously.
See our Joint Account Application Form.
Can I open a corporate account?
Yes. There is a special application process for this trading account type, as extra documentation is required. Please complete our Corporate Trading Account form or contact New Accounts if you are interested.
How do I contact someone about the status of my new account?
Our Client Management team are on hand to answer any questions you may have about creating a CFD trading account on +65 6826 9988 or via live chat.