City Index Review: CFD & FX Online Brokerage With Wide Market Access

Alevin Chan

Alevin Chan

Last updated 11 January, 2023

With 6,000+ CFDs and 84 FX pairs, City Index should meet the needs of most CFD and FX traders.


Founded in 1983 as the trading brand of the NYSE-listed Gain Capital before being acquired by NASDAQ-listed StoneX Financial Inc in 2020, City Index is a leading global CFD and FX brokerage. 

It is authorised by several financial authorities around the world, including the Monetary Authority of Singapore (MAS), the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

Given its long history of 40 years, global presence backed by its listed parent company, and financial oversight by some of the top financial regulatory bodies in the world, City Index is considered a safe and trustworthy trading platform for traders and investors.

However, City Index deals only in CFDs and forex (FX), instruments which are highly volatile. As such, investors and those unfamiliar with CFDs and FX should approach with caution.

What are the promotions available for City Index?


Table of Contents


Overview of City Index

What you can invest in: CFDs and FX

Minimum balance required: Minimum initial deposit of $150, thereafter, minimum of $250 per card transaction

Deposit fees: 2% on credit or debit card transactions, free for bank transfers, FAST and PayNow

Withdrawal fees: No fees for withdrawals

Withdrawal limits: Minimum withdrawal is S$150 or total account balance, whichever is lower. Maximum withdrawal is S$20,000 per transaction. For online withdrawal with credit cards, maximum S$20,000 per 24 hours.

Commission: No commission charges on CFDs and FX trades. Commission charged only on equity CFDs, varies according to market

Inactivity fee: S$15 per month after 24 months of continued account non-activity

Licence: Authorised by the Monetary Authority of Singapore (MAS)

Here are the pros and cons of investing using City Index.

Pros Cons
Over 6,000 CFDs on offer, including US stocks and raw spread gold from just 0.15pts Only CFDs and FX, not for risk-averse and inexperienced traders
Low fees and competitive spreads 2% deposit fee for credit and debit cards
Low commissions on US Shares – 1.5 cents per share / min $8 Inactivity fee of $15/mth after 24 months of non-activity
Low min. deposit to start account  
No deposit fees for bank transfers, FAST and PayNow  
No commission for CFDs and FX trades, no withdrawal fees  
Advanced trading tools including exclusive Performance Analytics insights, sleek mobile app  
Quality, useful content hub for market research and investment education  

Why should you trade with City Index?

#1: Large selection of CFDs and FX
City Index has one of the widest range of trades available, with 6,000+ CFDs, 20 global indices and 84 FX pairs. With such a comprehensive selection, CFD and FX traders are likely to find everything they need on this one platform, which saves the hassle of maintaining trading accounts across multiple platforms.

#2: Low fees, competitive spreads
As a customer, you won’t encounter many fees when using City Index. For example, you won’t be charged withdrawal fees, while deposit fees only apply for card transactions.

There are also no commission fees charged for CFDs and FX trades, with the exception of equity CFDs, based on prevailing market rates.

City Index also offers competitive spreads that are clearly indicated on order tickets, allowing you to have a clear gauge of your profit potential before committing.

#3: Low minimum to start account
City Index is very friendly to newcomers, in that it has a low minimum deposit of just S$150 to start a trading account.

However, subsequent deposits via credit cards will require a minimum of S$250.

While the initial minimum deposit may be low, you may not be able to achieve the trades you want with just S$150. City Index recommends the following deposit amounts if you intend to start trading straightaway.

FX and Indices S$2,000
Equities S$2,500
Metals, Commodities and other Markets S$2,500

#4: Good selection of trading tools and sleek mobile app
City Index customers have a good selection of advanced trading tools at their fingertips.

Desktop and web-based traders can use the fast HTML5 Web Trader platform, which features a comprehensive suite of powerful trading tools, including the exclusive Performance Analytics trading insights tool.

The popular MetaTrader 4, is also available, but not recommended due to its limited trades. Clients can also trade on TradingView using their City Index account by quickly and easily linking their account.

Meanwhile, mobile traders will find the City Index mobile app to be sleekly designed and highly user friendly, on par with market leaders such as IG and CMC Markets. Charts on the mobile app are powered by Trading View and includes over 80 indicators, as well as several useful modules featuring views, insights and ideas.

#5: High-quality research and education materials
City Index is known for its high-quality research and education materials that can benefit traders looking to stay updated on market movements while increasing their skills and knowledge.

The content is offered in text-based and video formats, and covers a wide range of topics such as market news, analyses and insights, trading strategies and ideas, and how to use popular trading tools and charts.

The rich and extensive learning library is a boon for traders of all skill levels.

For whom is City Index best for?

If you’re a trader looking to invest in CFDs, and want exposure to a wide range of markets including cryptocurrency, along with little upfront fees and competitive commissions, consider paying City Index some attention.

The advanced and powerful trading tools and mobile app will serve your trading needs well, while the rich education content and in-depth news insights can help you keep up with marketing trends and movements.

While trading CFDs is a high-risk activity, dedicated traders will find plenty to plumb as a City Index user.

What charges or fees should you look out for?

When trading with City Index, be sure to look out for the following fees:

  • Deposit fee of 2% when depositing funds into your trading account using credit or debit card. (Tip: You can avoid this fee by depositing using PayNow, bank transfer or FAST instead).
  • Commission fee when trading equity CFDs, according to market rates. For Singapore CFDs, the commission fee is 0.08%, or $10 minimum. Stocks trading pricing has been lowered to $8 on US stocks
  • Inactivity fee of $15 per month after 24 months of continued non-activity. If you’re incurring this fee, you may want to re-evaluate whether City Index is the right platform for you.

Besides the above explicit fees, you should also note that City Index charges a spread for all FX and CFDs trades (except equity). While these spreads are generally considered to be competitive, you should still take note of their impact on your returns.

How do you open and fund your City Index account?

Opening an account with City Index

To open a CFD or FX account

  1. Fill up and submit the application form
  2. Choose 'Apply with MyInfo' if applicable for faster processing
  3. Complete the mandatory Customer Knowledge Assessment included in the application form and submit

Those applying without MyInfo will be contacted by City Index for further instructions after the application has been submitted.

Funding your City Index account

You may fund your account via any of the following methods:

Funding method Crediting lead time Fees
Credit and debit card Immediate 2% transaction fee levied by card processor
Internet Banking, FAST and PayNow Almost instant to within next business day None
Bill payment Next business day None
Cheque Up to 3 business days None
Wire transfer Up to 3 business days Bank may apply charges

City Index vs Tiger Brokers vs IBKR vs TD Ameritrade

Broker City Index Tiger Brokers Interactive Brokers (IBKR) TD Ameritrade
Commission fee

0.08% or S$10 minimum for Singapore CFDs

US stocks:  US1.5 cents per trade, minimum commission US$8

SGX stocks: 0.08%, min. S$2.88 per order is currently waived 

US stocks: US$0.01, min. US$1.99 per trade
SGX stocks: 0.08% of trade value, min. S$2.50 per order 

US stocks: US$0.005 per share, min. US$1 per order
US$0 (for US exchange-listed stocks, ETFs and option trades)
Min. deposit S$150 N/A N/A N/A
Maintenance fee N/A N/A Up to US$10 per month (less commission paid that month) N/A

City Index has relatively little upfront fees, but do bear in mind that CFDs and FX trading have spreads applied on them instead.

However, the platform still remains relatively low cost and combined with its large trading pool, high-quality education and news, and advanced trading tools, offers investors good value.


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An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.


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