Opening an Account

  1. How do I apply for an account?
  2. Can I apply for an FX and CFD account at the same time?
  3. Do I need any experience to open an account?
  4. Do I need a lot of money to open an account?
  5. How long will it take to open an account?
  6. Can I apply from outside of Singapore?
  7. Will I need to send in any additional documentation to open an account?
  8. How soon can I trade after opening an account?
  9. Can I re-activate my old City Index account?
  10. Can I open a joint account?
  11. Can I open a corporate account?

1. How do I apply for an account?

Applying for a CFD and/or FX trading account is quick and easy. You can apply in a matter of minutes by completing our simple and secure online application form from the links below.

Apply for a CFD account
Apply for an FX (MetaTrader) account

If you are a Singapore citizen or Permanent Resident, you can use MyInfo to expedite the process. MyInfo allows SingPass users to complete online forms by retrieving their data from verified government sources and means you won’t need to submit supporting documents. Simply choose the ‘Apply with MyInfo ‘ option on the application form and follow the steps. You can find more information on MyInfo here.

For those applying without MyInfo, our dedicated Relationship Managers will contact you to assist further on the process after you submit your application. As a general guideline, please be prepared to submit one or both of the following:

a) Identity verification documents – an identity document and proof of address
b) Customer Knowledge Assessment (CKA) quiz certificate – this is required only if you have not met the CKA requirements and need to undertake the online education course. During the application process you will be notified if this is required from you.

We may request for additional documents and information where necessary depending on individual circumstance.

2. Can I apply for an FX and CFD account at the same time?

Yes, of course. You can either do so by completing the respective account application form or inform our Relationship management team of your preference

3. Do I need any experience to open an account?

It is important that you understand the risks involved in trading before you open an 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 open an FX and / or CFD 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 open a City Index account by doing the following:

  1. Navigate to the Customer Knowledge Assessment website, which can be found here
  2. Complete either:
    - CFD account: the ABS ‘Contracts for Difference (CFDs)’ module
    or
    - FX (MetaTrader) account: the ABS ‘Foreign Exchange Margin Trading’ module
  3. Submit your quiz certificate to us either via email or by using the document upload feature in My Account.

You can find full details of the CKA here, or download a step-by-step guide to completing the quiz here.

4. 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 minimum initial deposit of $150 required to open an account so that you can get started trading once the account is opened. Please note, when funding via credit/debit cards, there is a minimum amount per card transaction of $250.

5. How long will it take to open an account?

If we can verify your identity automatically, for example if you apply for an account using MyInfo and you meet the CKA requirements, your account will be opened instantly. You will be able to make a deposit and start trading straight away.

If we are unable to verify your identity automatically and require supporting documentation from you, then your account can be approved and opened within one to two business days from the point you submit your documents.

6. Can I apply from outside Singapore?

Applications are considered from any country unless we have a physical office present or there are any domestic financial regulation restrictions; documentation required may however differ from country to country. Please contact us for more information if you are applying for an account outside Singapore.

7. Will I need to send in any additional documentation to open an account?

As part of the application process, we may ask you to upload/submit the following documents in order for us to open your account:

a) Proof of identity: scanned copy of your national identity card or valid passport.
b) Proof of address: a scanned copy of any two of the following: phone bill, utility bill, bank statement, government issued statement. These need to be dated in the last 6 months.
c) CKA quiz certificate – this is required only if you have not met the CKA requirements and need to undertake the online education course. During the application process you will be notified if this is required from you.

We may request for additional documents and information where necessary depending on individual circumstance.

8. How soon can I trade after opening an account?

As soon as your account is funded and opened you may start trading.

9. 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.

11. Can I open a corporate account?

Yes you can, there is a special application process for this as extra documentation is required, please contact our Client Management team if you are interested.

12. How do I contact someone about the status of my new account?

Our Client Management / Relationship Management Team are on hand to answer any questions you may have about opening an account at +65 6826 9988 or via live chat.

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