Our pricing and charges

Our costs are transparent, so you’ll always be aware of the charges you incur when you trade with us.

View a full list of charges at City Index across all markets

Fixed and variable spreads 

We offer both fixed and variable spreads depending on the market you wish to trade. For a list of the spreads available on our most popular markets, see the tables under 'spreads and margins'.

Fixed spreads don't change according to market conditions such as volatility or liquidity. Fixed spreads may either be offered for a defined period of the day, or throughout trading hours.

Variable spreads may fluctuate throughout the day according to different factors such as underlying liquidity or market volatility. Where we showcase our variable spreads, City Index will quote you the minimum spread it could be, plus an average spread for a defined historical period of time.

Visit our Help and Support section for more information.

Margin (Step margin)

Margin is the amount of money you need in order to open a position on a market with us. You can find out more about margin and leverage as well as the benefits of trading on margin in our Education section.

The larger the trade size, the higher the risk level associated with the trade. Therefore, we may increase our margin requirements for larger size trades or any additional trades in that instrument. Below is an example of how this may work:

Spread bet stake size CFD stake size Margin
£0-£10 0-1,000 5%
£10-£100 1,000-10,000 10%
£100-£500 10,000-50,000 15%
£500+ 50,000+ 20%
Order-aware margins (professional clients only)

For Professional traders, some City Index markets benefit from orders-aware margins, which means that placing a Stop Loss Order on an open position will reduce the margin required to maintain that position. Information on whether a market includes orders aware margins can be found within the market information sheet. This feature is only available for clients who qualify as professional traders with City Index.

Commission

We don't charge any commissions on our spread betting markets. And with CFDs, you'll only pay commission when trading shares.

See the table below for details of the commission we charge on shares CFD trading.

Market name CFD spread CFD commission Minimum
UK shares Market 0.08% £10
European shares Market 0.08% €10
Australian shares Market 0.08% $5 AUD
Asian shares Market from 0.08% from $10 SGD
US shares Market 1.8CPS $10 USD

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Financing charges

Financing is a fee that you pay in order to hold a position open overnight (excluding futures contracts). The daily financing fee will be applied to your account each day that you hold an open position (including weekend days). There is no financing charged on futures contracts. Our financing rates are set at 2.5% +/- the benchmark regional interest rate. The financing rates we charge by territory are:

Country Financing on long positions Financing on short positions
UK 2.5% + SONIA 2.5% - SONIA
US 2.5% + SOFR 2.5% - SOFR
EU 2.5% + €STR 2.5% - €STR
Australia 2.5% + Deposit 2.5% - Deposit
Other international Contact Client Management Contact Client Management
FX overnight financing

Should you hold a position overnight, there will be an overnight financing adjustment. We use swap points to calculate the daily overnight financing adjustment amount for FX pairs.

Please review the market information sheets in platform for details on further financing charges on FX.

Funding and withdrawal costs

Transactions involving debit or credit card deposits and transfers do not incur any charges. We do not make charges to withdraw money to your credit, debit card or a bank transfer using BACS.

Spreads and margins

Indices – (Spread betting)

Market name Min. spread (fixed) Min. spread hours (UK) Margin from*
UK 100 1 point 08:00 – 16:30 5%
Wall Street 2 points 14:30 – 21:15 5%
Germany 40 1.2 points 08:00 – 16:30 5%
Australia 200 1 point 21:15 – 05:30 5%
France 40 1.3 points 07:00 – 21:00 5%

Indices – (CFD)

Market name Min. spread (fixed) Min. spread hours (UK) Margin from*
UK 100 1 point 08:00 – 16:30 5%
Wall Street 2 points 14:30 – 21:15 5%
Germany 40 1.2 points 08:00 – 16:30 5%
Australia 200 1 point 21:15 – 05:30 5%
France 40 1.3 points 07:00 – 21:00 5%

Shares – (Spread betting)

Market name Spread each side (DFT) Margin from*
Barclays 0.10% 20%
Rio Tinto 0.10% 20%
Deutsche Bank 0.10% 20%
Apple Inc 4 cents 20%
Amazon 4 cents 20%

Shares – (CFD)

Market name CFD spread CFD commission / minimum Margin from*
Barclays Market 0.08% / £10 20%
Rio Tinto Market 0.08% / £10 20%
Deutsche Bank Market 0.08% / £10 20%
Apple Inc Market 1.8CPS / $10 20%
Amazon Market 1.8CPS / $10 20%

Forex – (Spread betting)

Market name Minimum spread Typical spread Margin from*
EUR/USD 0.5 0.8 3.33%
AUD/USD 0.5 0.9 5%
USD/JPY 0.6 0.8 3.33%
GBP/USD 0.9 1.8 3.33%
EUR/GBP 0.9 1.7 3.33%

Forex – (CFD)

Market name Minimum spread Typical spread Margin from*
EUR/USD 0.5 0.8 3.33%
AUD/USD 0.5 0.9 5%
USD/JPY 0.6 0.8 3.33%
GBP/USD 0.9 1.8 3.33%
EUR/GBP 0.9 1.7 3.33%

Commodities – (Spread betting)

Market name Spread Spread pricing Margin from*
US Crude Oil 0.4 points (around market) Around market spread 10%
UK Crude Oil 5 points Fixed 10%
Coffee 0.9 points Fixed 10%
Sugar 0.06 points Fixed 10%
Natural Gas 18 points Around market spread 10%

Commodities – (CFD)

Market name Spread Spread pricing Margin from*
US Crude Oil 0.4 points (around market) Around market spread 10%
UK Crude Oil 5 points Fixed 10%
Coffee 0.9 points Fixed 10%
Sugar 0.06 points Fixed 10%
Natural Gas 18 points Around market spread 10%

Metals – (Spread betting)

Market name Min. spread (fixed) Min. spread hours (UK) Margin from*
Gold 0.3 points 23:00 – 22:15 5%
Silver 2.0 points 23:00 – 22:15 10%
Copper 40 points 23:00 – 22:15 10%
Platinum 0.83 points 23:00 – 22:15 10%

Metals – (CFD)

Market name Min. spread (fixed) Min. spread hours (UK) Margin from*
Gold 0.3 points 23:00 – 22:15 5%
Silver 2.0 points 23:00 – 22:15 10%
Copper 40 points 23:00 – 22:15 10%
Platinum 0.83 points 23:00 – 22:15 10%

Bonds – (Spread betting)

Market name Min. spread (fixed) Min. spread hours (UK) Margin from*
UK Long Gilt 0.03 points 08:00 – 18:00 20%
Euro Bund 0.03 points 07:00 – 21:00 20%
US T-Bond 0.02 points 23:00 – 22:00 20%
US T-Note 0.02 points 23:00 – 22:00 20%

Bonds – (CFD)

Market name Min. spread (fixed) Min. spread hours (UK) Margin from*
UK Long Gilt 0.03 points 08:00 – 18:00 20%
Euro Bund 0.03 points 07:00 – 21:00 20%
US T-Bond 0.02 points 23:00 – 22:00 20%
US T-Note 0.02 points 23:00 – 22:00 20%

Interest rates – (Spread betting)

Market name Min. spread (fixed) Min. spread hours (UK) Margin from*
Short Sterling 3mnth 0.02 points 07:30 – 18:00 20%
Eurodollar 0.02 points 23:00 – 22:00 20%
Euribor 3mnt 0.02 points 01:00 – 21:00 20%

Interest rates – (CFD)

Market name Min. spread (fixed) Min. spread hours (UK) Margin from*
Short Sterling 3mnth 20 points 07:30 – 18:00 20%
Eurodollar 0.02 points 23:00 – 22:00 20%
Euribor 3mnt 0.02 points 01:00 – 21:00 20%

*for Retail clients. Professional Trader rates here

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Back to base currency conversion charge

CFDs and FX: We will apply commercially reasonable rates for Back to Base Currency Conversions (which may be up to and including +/- 0.5% away from our quoted prices or rates from time to time). Conversions and the rates applied will be disclosed on your contract notes and statements.

Spread betting accounts are not affected because all trades take place in one base currency, usually sterling.

Exchange data fees

We do not charge exchange data fees.

Guaranteed Stop Loss Orders

You can place a Guaranteed Stop Loss Order on thousands of global markets and pay no upfront charge. A premium will only be charged if your GSLO is triggered. Full information on charges and available markets can be found within the markets information sheets on your platform.

As a guide, charges for the following popular markets are currently:

  • UK 100 CFD: 3x quantity of CFDs charged in base currency
  • EUR/USD (per 0.0001) CFD: 4 x quantity of CFDs charged in base currency
  • Barclays share CFD = 0.25% of notional trade value
  • US Crude Oil CFD: 4 x quantity of CFDs charged in base currency

For an in-depth overview of our Guaranteed Stop loss Order offering, please visit our FAQ section.

Futures rollover discount

Receive a 50% spread discount if you automatically roll a futures contract at expiry. When you spread bet, this can be done automatically in platform. CFD requests are by telephone only. For more information on Futures Rollover discounts, visit our CFD Trading and Spread Betting costs page.

Dividend adjustments

CFDs and spread bets are subject to corporate actions including dividend adjustments. We may make dividend adjustments if a dividend is scheduled to be paid to the holders of the underlying instrument. These adjustments are normally made on the ex-dividend date.

UK dividends are taxed at source, so if you hold the stock you will only receive 90% of the gross. This is because there is a 10% tax applied to the source of the dividend. If you have borrowed the stock you must only pay that 90% as 10% tax has already been retained by the government.

In the US, tax laws are different and the tax is only deducted from the stockholder after the dividend has been paid.

So, if you have borrowed the stock you must pay the dividend, but you must pay 100% of the gross as no tax is applied to this.

If you only paid 85%, then the stockholder would only receive 85% and would subsequently be taxed a further 15% of this 85%; which would be incorrect.

The breakdown is as follows:

UK:

  • Pay/receive the net
  • Tax is 10%
  • Pay/receive 90% of the gross

US/EU:

  • Receive the net and pay the gross
  • Tax is 15%
  • Receive 85% and pay 100% of the gross

For more information on US Withholding Tax on US equity derivative markets, please visit our page on US code section 871(m).

Borrowing cost for shorting CFDs

Borrowing costs are incurred when you short a shares CFD position, and reflect a charge incurred in the underlying market when the underlying asset is borrowed in order to sell and return at a later date. Very few markets will incur a borrowing charge, and to determine whether the market you wish to trade has borrowing costs or not, please check the relevant market information sheet.

Inactivity fees

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.

Clients that hold non-GBP accounts will be charged as follows:

Currency Inactivity fee amount
AUD 15
CAD 20
CHF 15
EUR 15
GBP 12
HKD 100
HUF 4500
JPY 1500
NZD 25
PLN 50
SGD 15
USD 15

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.

Italian Financial Transaction Tax

City Index complies with Italian law and we apply the Italian Financial Transaction Tax to all CFD trades on Italian Indices and Italian Equities where relevant. For more information on how this could affect your trading, please contact our Client Management Team.

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Frequently asked questions

How are trading fees calculated?

There are two main fees you’ll encounter when trading the markets: the spread and overnight financing. Each covers a different aspect of your position and is calculated differently.

The spread is the cost to open and close your trade. To calculate how much you’ll pay via the spread, simply take your position’s value per pip – the City Index platform calculates this automatically on your deal ticket – and multiply it by the current spread.

For example, betting £5 per point on a market with a spread of 1 point would mean paying £5. Please note that spreads can change – and markets with high volatility or low liquidity will usually have a wider spread.

Overnight financing is the cost to maintain your leverage, which is essentially capital you have borrowed to make your trade. It’s calculated using the relevant rate benchmark for your chosen market. If you’re long, you’ll pay 2.5% more than the current benchmark, if you’re short we’ll pay you 2.5% minus the current benchmark. Find out more about the costs of spread betting and the costs of CFD trading.

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What is the spread?

The spread is the difference between the buy and sell prices on a market. The buy price (or offer price) is always slightly higher than the market’s current level, and the sell (or bid price) slightly lower.

The spread reflects the difference between the prices buyers are willing to pay for an asset, and sellers want to receive for it. When you spread bet or trade CFDs, it also includes your cost to open and close your position – so instead of paying commission, you’ll pay a slightly wider spread.

Share CFDs are the only exception to this. When you trade shares with CFDs, you’ll pay commission to cover the cost of your trade, meaning spreads are typically tighter.

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What is the difference between fixed and variable spreads?

Fixed spreads don’t change, even if the conditions surrounding a market change. Variable spreads, on the other hand, may fluctuate– usually in response to changes to volatility or liquidity.

Some markets will have a fixed spread that changes at clearly defined periods of the day. For example, a market might have a spread of 1 point from 8am to 4.30pm, but 2 points from 4.30pm to 10pm.

Learn more about spread betting and CFD trading.

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