Opening an Account
- How do I apply for an account?
- Do I need trading experience to open an 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 Australia?
- 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?
- Can I open a Self Managed Super Fund (SMSF) CFD trading account?
- Are City Index accounts FIFO or non-FIFO?
- How do I contact someone about the status of my new account?
1. How do I apply for an 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.
As an ASIC regulated business, 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 open an account.
2. Do I need trading experience to open an account?
It is important that you understand the risks involved in trading before you open an account. We strongly encourage new traders to practice using a demo account and educate themselves on how to minimise risk using the education tools available on this website. As part of our suitability criteria, you will have to complete a short questionnaire in order to ensure that our products are suitable for you.
3. 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 no minimum deposit to open an account.
4. How long will it take to open an account?
The time taken to open an account depends on the speed at which we can verify your identity. During the application process we will perform an online check to confirm your identity. If you successfully pass the identity check you will be notified immediately; in some cases you made need to provide supporting documentation in order to complete the process (see question 6).
5. Can I apply from outside Australia?
You can open an account from outside Australia in certain circumstances. Our application form will notify you whether you can proceed with your application based on your Country of Residence during the first step of the process. Please contact us for further details.
6. Will I need to send in any additional documentation to open an account?
In the majority of cases you will not need to send us any supporting documents, as we should be able to verify your details online. Occasionally 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 are asked for this then we will usually require copies of one document for proof of identity and one for proof of address. You will receive an email detailing specifically what we need.
The following are examples of documentation that could be requested:
- Identification documents: machine readable passport, machine readable national identity card, photocard driving license.
- Proof of address (dated within the last three months): utility bill, council tax bill, bank or credit card statement, mortgage statement.
If we do require documentation from you, you can email these to our New Accounts Team. 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.
7. How soon can I trade after opening an account?
As soon as your account has been opened, and you have funded your account you will be free to trade.
8. Can I re-activate my old City Index account?
Where no activity has occurred on your account(s) for a period of 24 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 $15 (or currency equivalent) in aggregate (or your cash balance if less than $15) will be applied for accounts that are inactive for 24 months or more.
If your account has been inactive for 3+ years 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.
After you submit the form, a member of out 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 has now been reopened.
If you have any questions or need to discuss any aspect of your account, please call us:
Local: 1800 354 182
International: +61 2 9270 3682
9. Can I open a joint account?
Yes, you can open a joint account with somebody else. There is a special application form for this, which you can find here, or please contact 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 account simultaneously.
10. Can I open a corporate account?
11. Can I open a Self Managed Super Fund (SMSF) CFD trading account?
Yes, you can apply for a Self Managed Super Fund (SMSF) CFD trading account. You will need to include all supporting documentation in your application. You can find the form here, or please contact New Accounts.
12. Are City Index accounts FIFO or non-FIFO?
City Index CFD accounts are FIFO accounts (first in first out). This means that trades opened in a market within which you already have an open position will amend that position instead of opening a new one – for example opening a sell trade in a GBP/USD when you already have a buy position will either partially or fully close the existing position. If you want to hedge a current position, you need to click the hedge button on the deal ticket.
City Index MetaTrader 4 accounts are non-FIFO, and hedging is a standard functionality on an MT4 account. This means that any trades opened in a market within which you already have an open position will count as hedged and give you greater flexibility to open and close multiple positions in multiple directions..
13. How do I contact someone about the status of my new account?
Our sales team are on hand to answer any questions you may have about opening an account on 1800 910 228 or +61 2 9270 3673 from from 9.00am to 6.00pm Monday to Friday Sydney time, or alternative you can email our team.
If you have already applied and need assistance, please contact our New Accounts Team on:
Phone: 1800 910 228
Speak to our friendly customer support team