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FX trading on MT4
Opening an Account
- 1. What is City Index’s MT4 account?
- 2. Why do I need a separate account for MT4?
- 3. What is the minimum initial deposit?
- 4. How do I download the MT4 platform?
- 5. What can I do if I am having trouble downloading the MT4 platform?
- 6. Can I trade on my MT4 account via my mobile device?
- 7. What are the minimum system requirements for running MT4?
- 1. Does City Index provide MT4 demo trading accounts?
- 2. Can I renew my demo trading account?
- 3. What is the difference between a demo and a live account?
Log in & Account Management
- 1. How do I log in to my MT4 live account?
- 2. What is the difference between a Master Password and Investor password?
- 3. What happens if I forget my password?
- 4. What is the funding portal?
- 5. How do I change my password?
- 6. How do I update my email address?
- 7. What are the requirements for setting up a new password for my City Index MT4 account?
- 8. Can I reset my City Index MT4 Investor password?
- 9. How do I view my statements?
- 10. Do you provide tax statements?
- 11. How do I change my leverage?
- 12. Why is my account blocked?
- 13. How do I reactivate my account?
Funding and Withdrawals
- 1. How much money do I need to deposit in order to open a City Index MT4 account?
- 2. How do I transfer funds into my MT4 account?
- 3. Which debit/credit cards are accepted?
- 4. How do I add a new card to my MT4 account?
- 5. Can I deposit funds in another currency?
- 6. Are there charges for making deposits into my City Index MT4 account?
- 7. Do you send a confirmation of successful deposits?
- 8. Can I deposit third party payments into my account?
- 9. What is the maximum number of cards that I can use?
- 10. My bank has declined my deposit. What should I do?
- 11. How do I transfer funds out of my account?
- 1. I am unable to login to my City Index MT4 account. What should I do?
- 2. My Charts are not showing data
- 3. Why can't I see all my currency pairs on the market watch?
- 4. My Trade Terminal has disappeared, what should I do?
- 5. How do I enable one-click trading?
- 6. What is an EA?
- 7. Do the EAs run even when I am logged out of my MT4 account?
- 8. How do I change my leverage?
- 9. How do I change the base currency of my MT4 account?
- 10.Where can I learn more about MT4 and how to use it?
- 11. How can I contact you if I have any more questions?
Trading: Orders and Positions
- 1. What am I trading on with currencies?
- 2. What currency are my FX trades calculated in?
- 3. What types of forex orders does City Index support?
- 4. What do the trade sizes mean on MT4?
- 5. How do I calculate unrealised and realised P/L (profit and loss)?
- 6. Can I close part of my position?
- 7. Can I place MT4 trades/orders via chat or email?
- 8. Why does my trade keep getting rejected?
- 9. What is 'back to base' and how is it calculated?
Trading: Margin & Leverage
- 1. What is leverage?
- 2. How does my market exposure change with leverage?
- 3. How is forex margin calculated at City Index?
- 4. Do CFDs also have the same leverage?
- 5. How do I change 'leverage'?
- 6. How do I reduce my risk on MT4?
- 1. Are there any fees or commissions associated with trading on MT4?
- 2. How do you calculate overnight financing on MT4 positions?
- 3. When is financing charged?
- 4. Why have I been charged a higher amount on my financing?
- 5. Why is my financing not showing in the ‘swap’ on my open positions in MT4?
- 6. Where can I find information on the spreads offered by City Index MT4?
- 7. What is a dividend and why have a been charged?
- 8. Will I pay a fee if I don’t use my account?
Q1) What is City Index’s MT4 account?
MT4 is one of the world’s most popular FX trading platforms. City Index provides access to MT4 through City Index’s MT4 trading account which enables you to trade FX with expert advisors, customisable leverage and some of the most competitive variable spreads in the market.
Access to City Index’s MT4 requires you to apply for a separate MT4 account from our CFD trading accounts if you already have a City Index CFD account, this will run separately to your City Index CFD account. You will not be able to access MT4 with your City Index CFD log in details.
Click here to apply for an MT4 account now.
Q2) Why do I need a separate account for MT4?
The City Index Advantage trading platforms offer a number of complex features not supported by MT4 - such as the ability to place multiple stop and limit orders with varying sizes against a single position, along with price tolerance and HTML charts and research tools.
Because of the difference in the capabilities of these platforms, we are required to offer a separate account type specifically for MT4. As such, City Index MT4 accounts run separately to standard City Index accounts. At the same time, MT4 offers a number of functions which are not supported by Advantage trading platforms, such as EAs (Expert Advisors)
So, if you'd like to open a City Index MT4 account, please click here.
Q3) What is the minimum initial deposit?
There is no minimum initial deposit.
Q4) How do I download the MT4 platform?
Once your account has been activated, you will receive a confirmation email with your MT4 account login details, plus a link to download and install MT4 onto your computer. You can also download the MT4 Platform here.
Q5) What can I do if I am having trouble downloading the MT4 platform?
Once you have opened a City Index MT4 account, you will receive a confirmation email which will contain a link to download MT4.
If you have not received this email or have deleted it by mistake, please contact our Client Management Team who would be happy to assist you further.
Please note: For MT4 to work correctly it must be installed on a location to which you have admin rights (this would normally be the C: drive of your computer or laptop.)
Q6) Can I trade on my MT4 account via my mobile device?
Yes, MT4 is available across a number of platforms, including desktop, iOS and Android devices. Please go to the web page for the relevant platform.
With your MT4 account, you may use the Metatrader 4 application across the following platforms:
- iPhone App
- Android Mobile App
- iPad App
- Android Tablet App
Please use server name CityIndexAU-Live 101 for live accounts and CityIndexAU-Demo 106 for demo accounts, if you are using the MT4 applications for iOS and Android devices.
Q7) What are the minimum system requirements for running MT4?
Windows XP was released almost 16 years ago, on 25th of October, 2001 and is now considered to be an outdated operating system. Microsoft stopped supporting this system 3 years ago, because potential hardware capabilities could no longer be realized on Windows XP due to technical limitations. Being an outdated system, Windows XP features a number of dangerous vulnerabilities, one of which was recently revealed by the WannaCry encryptor.
That is why the MetaTrader platforms will no longer support Windows XP, Windows 2003 and Windows Vista after 01 October 2017. Older versions of MetaTrader 4 and MetaTrader 5 will continue to work on these systems, but will not be able to receive updates after 01 October 2017. Installers will not run on these operating systems.
The minimum required operating system version for running MetaTrader 4/5 will be Windows 7. However, we strongly recommend using the 64-bit versions of Windows 10.
Q1) Does City Index provide MT4 demo trading accounts?
Yes you can apply for a demo account via our online form. Features of a City Index MT4 demo account include:
- 12 weeks usage
- $20,000 virtual funds
- Same list of currency pairs as the live account
- Default leverage of 50:1
- Real-time live prices and charts
Q2) Can I renew my demo trading account
While it is not possible to extend your demo trading account, once your 12 weeks have expired or the virtual capital in your demo account has been used up, you are welcome to apply for another demo account. Please note all previous account history will be reset.
Q3) What is the difference between a demo and a live account?
The primary difference is that no capital is at risk when you trade on a demo account.
A City Index MT4 demo account features real-time quotes and charts, along with all the basic trading tools and much of the information you'll have access to as a City Index MT4 live customer - including all order types.
Results achieved in a demo account are hypothetical and no representation is made that any account will (or is likely to) achieve actual profits or losses similar to those achieved in the demo account. Conditions in the demo account cannot always reasonably reflect all of the market conditions that may affect pricing and execution in a live trading environment.
Log in & Account Management
Q1) How do I log in to my MT4 live account?
Once you have received the confirmation email with your login details, and have installed the platform, you're ready to log in.
Launch MT4 on your computer or laptop and choose the appropriate “Server” on the log in screen.
For live account, please select the “CityIndexAU-Live 101” server.
For demo account, please select the “CityIndexAU-Demo 106” server.
Q2) What is the difference between a Master Password and Investor password?
Your Master Password allows you full access to your MT4 account, including all trading and functions. The Investor Password however, will only allow view only access, so no trades or account management can be performed.
Q3). What happens if I forget my password?
If you have forgotten your password, please use this link to reset it. If that does not work, please contact our client management team who will reset it for you. You will then need to use the Change Password link located in the company tab to change it.
Q4) What is the funding portal?
The funding portal lets you manage various aspects of your MT4 account, including performing deposits and withdrawals.
To login to My Account using your MT4 login details, please use this link.
Q5) How do I change my password?
You can change your MT4 password using the Change Password link located in the company tab in the MT4 platform.
Q6) How do I update my email address?
It is very important that we have the correct details for you, all customer communication and changes to terms will be sent via email. If you wish to update your email address, you can do this by contacting Client Management.
Q7) What are the requirements for setting up a new password for my City Index MT4 account?If you need to change the password using the My Account portal, it will need to be between 6 and 20 characters. Please note passwords are not case sensitive.
Q8) Can I reset my City Index MT4 Investor password?Your Investor Password will be sent to you via the MT4 terminal mailbox once you first login and will always be viewable here. The Investor password provides read only access to your account, and will not allow trading. Unfortunately we do not offer the ability to reset or change your investor password.
Q9) How do I view my statements?
Statements and history of your trades on MT4 can be located in the Account History tab on the MT4 Terminal. For account history dating before January 14 2017, please contact our Client Management Team.
Q10) Do you provide tax statements?
We do not provide tax statements, but customers can use the Account History tab on the MT4 Terminal to generate their account history and statements.
Q11) How do I change my leverage?
You can change your leverage by contacting our client management team using the links below. Please note that leverage changes are on an account basis, not instrument basis. It is your own responsibility to ensure your account has sufficient funds for any requested leverage change.
Q12) Why is my account blocked?
If you have entered your password incorrectly five times, your account will be blocked for security reasons. Please contact us via chat or phone, details located on our Contact Us page. If you have not used your account for 12 months it will be deactivated, please contact us for reactivation.
Q13) How do I reactivate my account?If you have not traded with us for 12 months, your account will go into a dormant status, which will prevent you from logging in for security purposes. To reactivate your account, you simply need to complete our online Account Reactivation Form to ensure we have your latest contact details and can reassess your trading experience.
If you have any questions or need to discuss your account, please use the contact us link at the bottom of this page.
Funding and Withdrawals
Q1) How much money do I need to deposit in order to open a City Index MT4 account?There is no minimum deposit to open an account.
Q2) How do I transfer funds into my MT4 account?
In order to make a deposit into account, you need to use our funding portal.
Once you have logged in using your MT4 account details, please select the Add Funds link on the left. You will then be able to view details on how to fund via card.
You can also fund directly via the deposit and withdraw links within the MT4 terminal, which will provide information on funding by bank wire and can link you to the funding portal for card funding.
Be aware that we do not accept cash payments paid directly into our bank account.
Q3) Which debit/credit cards are accepted? Debit cards: Visa, MasterCard
Credit cards: Visa, MasterCard
Q4) How do I add a new card to my MT4 account?
To add a new card to your MT4 account, firstly login to the funding portal, above. Then select the add card link on the menu and follow the instructions displayed.
Q5) Can I deposit funds in another currency?
Funds can only be deposited in the Base Currency of the account.
Q6) Are there charges for making deposits into my City Index MT4 account?
Debit card: Free
Credit card: - free
Local bank transfer in AUD: Free
Wire / Telegraphic Funds Transfer: Bank charges apply, please contact your bank to obtain more details. We will apply commercially reasonable rates, if conversion of funds to a different currency is required.
Q7) Do you send a confirmation of successful deposits?
Funding by card: Upon making a successful card deposit transaction, funds will be available immediately for trading. You may login to your trading account to confirm the receipt of funds.
Funding by all other methods: you will receive email notification from us when the funds is credited into your trading account.
Q8) Can I deposit third party payments into my account?
We will only be able to accept funds from the accountholders.
Q9) What is the maximum number of cards that I can use?
We currently allow clients to register and use up to three cards on their account at any time.
Q10) My bank has declined my deposit. 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.
To resolve this, you will need to contact your card issuer.
Q11) How do I transfer funds out of my account?
If you have deposited funds using a Visa card, please visit the ‘Account’ section after logging in to the trading platform. Alternatively, you can send us withdrawal instructions from your registered email address.
If you have deposited funds using any other methods, please email us your withdrawal request and a copy of your recent bank statement (issued within the last 6 months). The bank statement must show your name and your bank account details, including the bank name/code, branch name/code and account number.
The bank statement is needed as it allows us to ensure that the funds are returned to the correct bank account, belonging to you. It also eliminates the need to provide us with your bank details for subsequent withdrawal requests as long as you continue to deposit funds using the same method. To safeguard our client’s interest and funds, we will only be able to process withdrawal requests submitted from the account holder’s name and registered email address. Please also note that to address money laundering and fraud risks, we practice a return of funds back to source policy, whenever possible.
Instructions received by us for withdrawals will be processed within three working days.
Q1) I am unable to login to my City Index MT4 account. What should I do?
Firstly, please check that you are using the correct login details. If you are unsuccessful at logging into your account, MT4 will display a reason why in the bottom right hand corner
- If your platform displays the old version error code, please download the most recent version of MT4 from our website.
- Invalid account – means the details you have input are incorrect
- No connection – an issue with your internet connection, please recheck your connection and try again.
Q2) My Charts are not showing dataIf your MT4 charts are not showing any candles, or displaying the awaiting update message they need to be reloaded. Please reselect the currency pair on the left and reload the chart by right clicking and selecting chart.
Q3) Why can't I see all my currency pairs on the market watch?
To view all available markets, right click on an existing currency pair and select ‘Show All’.
Q4) My Trade Terminal has disappeared, what should I do?
This is likely due to the terminal being accidentally minimised. To restore a minimised Trade Terminal, just click on the three dashes that are found on the bottom left hand corner of your screen. Alternatively, you can press “Ctrl + C” if you have accidentally removed it.
Q5) How do I enable one-click trading?
You can enable one-click trading from the ‘Trade’ tab located in ‘Tools’ -> ‘Options’ of the main menu. Please be aware that one-click trading enables you to enter/exit positions very quickly and for that reason should be used with caution.
Q6) What is an EA?
EAs or Expert Advisors are programs that allow automation of the analytical and trading processes in the MT4 platform. To use an Expert Advisor you will either need to create it from the MetaEditor located within the MT4 platform or download one from the store located within Metatrader. Please note that some of these EAs may require payment. Although City Index allow EAs to be used on our MT4 platform, we do not offer any support or assistance with the running or creation of EAs
Q7) Do the EAs run even when I am logged out of my MT4 account?
No. EAs only run while the MT4 client is open and authenticated.
Q8) How do I change my leverage?
You can change your leverage by contacting our client management team using the links below. Please note that leverage changes are on an account basis, not instrument basis. It is your own responsibility to ensure your account has enough funds for any requested leverage change.
Q9) How do I change the base currency of my MT4 account?
Please contact our client management team to enquire about changing the base currency of your MT4 account. Base currency changes cannot be performed once the account has been traded on.
Q10) Where can I learn more about MT4 and how to use it?
We have an extensive selection of MT4 tutorial videos, which can be found here.
Q11) How can I contact you if I have any more questions?
If you wish to discuss any aspect of your MT4 account, or have any other questions, please contact our Client Management Team - we're are happy to help.
Trading: Orders and Positions
Q1) What am I trading on with currencies?
If you place a buy trade on an FX Pair, you would expect the first pair to increase in value against the second. Conversely, if you place a sell trade, you would expect the first pair to decrease in value. Please see our page on FX trading for more details.
Q2) What currency are my FX trades calculated in?
Currency trades are always calculated from the quote currency, which is the second currency pair. For example, if you place a trade on the EUR/NOK FX pair, the displayed unrealised profit or loss will be in NOK (Norwegian Krone)
Q3) What types of forex orders does City Index support?
Market Orders – An order to buy or sell a specific currency pair, which is to be transacted immediately, at the currently quoted price. Market order trades are usually executed instantly.
Pending Orders – An entry order to trigger at a later price. This can be valid for a set time, or good until the customer cancels it. MT4 uses 4 types of Pending Orders.
- Buy Limit – A buy order set below the current market price
- Sell Limit – A sell order placed above the current market price
- Buy Stop – A buy order set above the current market price
- Sell Stop- A sell order placed below the current market price
Limit Orders – A pending order to buy or sell at a more favourable price than the current market price.
Stop Loss Orders – An order that will close out your position at a less favourable level than the current quoted price. As a rule, sell stops are triggered at our bid price, and buy stops are triggered on our offer price. Where the market gaps through the requested price, the stop is filled at the next best available price.
Q4) What do the trade sizes mean on MT4?
MT4 does not display currency trades in the Spot FX size you might be used to seeing elsewhere. Instead it displays it by its own size, please see the table below
Spot FX Size
Price per Point Movement
Q5) How do I calculate unrealised and realised P/L (profit and loss)?
You can work out your realised profit and loss through the following calculation:P/L = (Opening Rate – Closing Rate) x Position Size.
Immediately after a position is closed, any realised profit or loss is automatically converted back to the account base currency. You will be able to view your unrealised P/L on your account in real time. The calculation is:
(Opening Rate – Current Rate (Bid/Offer depending if you are long or short)) x Position Size.
This will be displayed in the account's base currency.
Q6) Can I close part of my position?
Unfortunately MT4 does not enable partial closure of positions as a trade or order.
Q7) Can I place MT4 trades/orders via chat or email?
Under normal circumstances all orders/trades are only transacted via your trading platform. In case of technical difficulties, please use the number below to call our client management team who will be able to manage your account by phone. Please note we do not accept any trade instructions via email
Q8) Why does my trade keep getting rejected?
Unlike our CFD platforms, MT4 does not offer price tolerance as a safe guard against price movement. Due to this, if the price moves while your trade is being executed then it will be rejected with the message “off quotes”. You will need to re submit your trade again at the new price in order to complete your trade.
Q9) What is 'back to base' and how is it calculated?
'Back to base' or 'convert back to base' (CB2B) refers to the automated process of converting any realised trading profit or loss (including any charges or fees) across to the account base currency. The conversion takes place at the instant any unrealised P/L becomes realised, and will be based on our quoted rate +/- 0.50%.Unrealised P/L in the account summary is calculated using our current bid / offer quote. It's calculated back to your base currency, using the CB2B rate.
Trading: Margin & Leverage
Q1) What is leverage?
Leverage is expressed as the ratio of a traded contract versus the margin/deposit required to hold that contract. For example, a trade with leverage of 50:1 would require 2 units of margin for every 100 units of the traded consideration (equal to 2% margin). Likewise leverage of 25:1 is equivalent to 4% margin factor, and leverage of 20:1 is equal to 5% margin factor
Equivalent Margin Required
Q2) How does my market exposure change with leverage?
When the leverage ratio on a forex trade is increased (for example, 25:1 to 50:1) this results in a decrease in the margin required to hold a position. With this higher leverage ratio comes greater market exposure
Q3) How is forex margin calculated at City Index?
Margin is calculated at the instrument level and is the sum of margin on all open long and short positions per instrument. Whichever is greatest (either the sum of margin for your long positions or your short positions) will be the total margin assigned to all positions in that instrument. Where the sum of margin for both long and short positions is equal, the long position will be treated as the greatest.
For example, the default leverage ratio for EUR/USD is 50:1 or 2%. Therefore, to open a new position of €150,000 EUR/USD at 1.38500, the following calculation would be applied: Margin Required = Trade Size x Price / Leverage Ratio 150,000 (EUR) x 1.38500 (EUR/USD) / 50 = $4155.00 (or equivalent in the base currency of the account).
Q4) Do CFDs also have the same leverage?
Our MT4 trading accounts allow customers to trade a range of Indicesas a CFD. The leverage range for these markets may be capped at a lower level than your account. In this case you will always use the highest leverage allowed for the CFD market, all other trades will use the leverage ratio your account is set to
Q5) How do I change 'leverage'?
To request a leverage change, please contact our client management team.
Please note that leverage is applied on an account level, and will apply to all valid instruments.
Q6) How do I reduce my risk on MT4?
There are a number of ways of managing or reducing the risk associated with trading.
Here are some more of the most commonly used risk management strategies:
- Reduce your position size
- Reduce your leverage: decreased leverage reduces your trade exposure, potentially lessening the amount of capital at risk. Please note this cannot be done with open positions on the account.
- Open a hedge trade
- Set up stop loss orders to reduce risk by closing a trade after passing a pre-determined price
- Any combination of the above
Q1) Are there any fees or commissions associated with trading on MT4?
Although there are no commissions for trading on MT4, positions are subject to overnight financing.
Q2) How do you calculate overnight financing on MT4 positions?
We run an end of day process, where all positions held open during that time will be debited/credited depending on the interest rate differential between the currencies you are trading.Example: For AUD/JPY, the interest rate differential is the difference between short-term Australian interest rates and short-term Japanese interest rates. If Australian interest rates are 5.0% and Japanese interest rates are 0%, the interest rate differential is 5.0% (5.0% - 0%). This means that if you were to sell AUD/JPY, you would have to pay 5.0% of the notional amount of the contract per year to hold the position.
On a position of AUD$10,000 you would have to pay approximately AUD$500 to hold the position for one year. This translates to approximately AUD$1.37 per day per for holding the AUD/JPY position ($5,000/365).
If you took the opposite position and were to buy AUD/JPY for AUD$10,000 you would receive AUD $1.37 per night. This amount is then converted back into your base currency.
Q3) When is financing charged?Any positions held open past 10pm GMT will be charged overnight interest.
Q4) Why have I been charged a higher amount on my financing?
Financing is calculated on a T+2 working day basis for all currencies except USD/CAD. This means that on certain days (usually Wednesday unless there is a national holiday) you will incur a 3 times charge to cover the weekend cost of carry.
Q5) Why is my financing not showing in the ‘swap’ on my open positions in MT4?
When using your City Index MT4 account, financing charges will be deducted daily rather than being amalgamated throughout the duration of your trade. You’ll see these as separate entries in your account history.
Q6) Where can I find information on the spreads offered by City Index MT4?
Our Account offers a variety of currency pairs, all traded with Variable Spreads. To view the full list of pairs and their specifications, please see the spreads and prices section of our website.
Q7) What is a dividend and why have a been charged?
The City Index MT4 platform allows you to trade a selection of indices CFDs. If the underlying instrument is subject to a dividend adjustment, then we will mirror the payment on your account. A dividend adjustment has no profit or loss impact. It is credited to long positions and debited from short.
Q8) Will I pay a fee if I don’t use my account?
When no activity has occurred on your account for a period of 12 months or more your account will be deemed inactive.
‘Activity’ is defined as placing a trade and or maintaining an open position during this period. A monthly inactivity fee of AUD $25 (or equivalent to your cash balance if less than AUD $25) will be applied for accounts that are inactive for 12 months or more.
Speak to our friendly customer support team