Funding and withdrawals

  1. How much money do I need to deposit to open a City Index CFD trading account?
  2. How can I fund my account?
  3. Are there charges for making deposits into my City Index account?
  4. Can I add additional cards to fund my account?
  5. Can I deposit funds in another currency?
  6. How will I know when funds have been added to my account?
  7. My deposit has been declined. What should I do?
  8. How do I transfer funds out of my account?
  9. How much can I withdraw in one time?
  10. Are there charges for making withdrawals?
  11. How long do withdrawals take?
  12. What is my 'available for withdrawal' balance and how is it calculated?
  13. What payment methods are not accepted for withdrawals?
  14. How does net deposit affect my ability to withdraw?
  15. I no longer have access to a particular payment method

1. How much money do I need to deposit to open a City Index CFD account?

The minimum first deposit is $500 and thereafter it is completely up to you as to how much you wish to deposit into your City Index FX account.

2. How can I fund my account?

You can fund your account by Cards, EFT or BPAY

Card Deposits
Click on the ‘Funding’ tab on the top-right corner of the trading platform and then select ‘Deposit’, Debit/Credit Card .

EFT or BPAY
Our bank details and information about depositing funds into your account via either of these methods can be obtained from the 'Funding' tab on the Trading Platform. Please note we do not accept cash payments paid directly into our bank account.

For full details on our banking information, please use the funding link on the platform.Please note that we are unable to accept payments from third parties. Any such transfers will be rejected and returned to the original source.

3. Are there charges for making deposits into my City Index account?

There are no charges for making deposits to your account from a debit/credit card or local bank transfer.

4. Can I add additional cards to fund my account?

Yes, you can have a maximum of three cards registered to your account at any time. To add a new card, please use the funding link on the platform.

5. Can I deposit funds in another currency?

Funds can only be deposited in the base currency of the account.

6. How will I know when funds have been added to my account?

Once funds have been credited to your account, you will see them available on your trading account. Please note we do not send a confirmation of successful deposits.

7. My deposit has been declined. What should I do?

Your bank may decline your transaction for a number of 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.

To resolve this, you will need to contact your card issuer.

8. How do I transfer funds out of my account?

To transfer funds out of your account, please visit the funding section of the trading platform and click on "Withdraw".

If you would like further instructions, please contact Customer Support using one of the options on our Contact Us page.

For compliance purposes, client refunds can only be returned to the original funding source. For example, if you deposit funds into your account via debit card, funds will be returned to you via the same debit card, which must be registered on your account. At times we may request for additional documents to process your request.

9. How much can I withdraw in one time?

The minimum withdrawal amount is $50, or all your available account balance (whichever is lower).

The maximum you can withdraw in a single transaction is $20,000. If withdrawing online on credit cards there is a limit of $20,000 in 24 hours.

If you wish to withdraw more than the limits online then, please contact our client management team using one of the options on our contact us page.

10. Are there charges for making withdrawals?

No. Our company does not charge clients for withdrawals.

11. How long do withdrawals take?

Instructions received by City Index for payment request 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 10 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 10 business days after processing.

12. 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 account at any time, as long as it is not already committed to any open trades. If you withdraw all of your funds your account will still remain open for future use.

When you have withdrawn money such that all the deposits you made using your cards are zero, then you will be able to withdraw any excess funds in your available balance back to any registered payment method.

13. What payment methods are not accepted for withdrawals?

A small number of credit cards (including a few 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 your choice.

To minimise the risk of card fraud we may also request some documentation from you before the bank transfer can be processed.

You can withdraw money to any of your registered payment cards, but the card has to have already made a successful deposit. There are no fees for withdrawals back to a payment card.

14. 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.

Example
Let's say you have two cards registered and deposit $100 from Card A and $150 from Card B. This gives you a Net Deposit of $250.

You place all that money on a trade that subsequently closes at $350. This means that you will need to withdraw $100 to Card A and $150 to Card B before you can withdraw the remaining $100.

Once those two amounts are withdrawn, the remaining balance can then be withdrawn to either card without issue.

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.

15. 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 a number of routine security checks, we may be able to remove the card from your 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.

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