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What is the best online brokerage in Singapore? Whether you are a beginner or an expert in trading and investing, we’ve compiled the best brokerages available in Singapore.
City Index is a global CFD (contract for difference) and FX (Forex) brokerage arm founded in 1983, and headquartered in London, United Kingdom. In 2014, it was acquired by the US-based brokerage, GAIN Capital. Today, City Index is present in Australia, Dubai, and Singapore as well.
City Index is regulated by the Financial Conduct Authority in the United Kingdom, the Australian Securities and Investments Commission, and the Monetary Authority of Singapore (MAS).
CityIndex SG only trades CFDs – across 84 global Forex pairs, over 31 commodities markets such as US Brent, gold, and more, 17 major indices, and over 4,500 global shares.
Other than commission fees for CFDs on shares, City Index also charges overnight financing fees, more commonly known as overnight charges, to help you hold your trading positions overnight on leveraged trading instruments with no set expiry dates such as CFDs. Your overnight charges largely vary according to the short and long positions you hold.
City Index Singapore allows you to trade CFDs in 84 global Forex pairs with no commission charges. FX margins start from 5%, including popular Forex pairings such as EUR/ USD (0.5 minimum spread), USD/ JPY (0.6 minimum spread), GBP/ USD (0.9 minimum spread), AUD/ USD (0.5 minimum spread), and NZD/ USD (2.2 minimum spread). CityIndex SG’s Forex trades are executed on MT4, or MetaTrader 4, a global Forex trading and technical analysis platform.
CityIndex SG allows you to trade CFDs on over 4,500 global shares with margins from 10%. Commission charges for SGX Singapore shares are 0.08% with a minimum of S$10 for trades in SGD, and 1.5 cents per share with a minimum of US$15 for trades in USD. Commission charges for US shares are 1.5 cents per share with a minimum of US$15, and 0.10% with a minimum of GBP15 for UK shares. City Index’s Web Trader and AT Pro desktop and mobile trading platforms will also provide you with real-time market insights, trading strategy updates, and risk management tools to mitigate potential losses.
Trade CFD indices through City Index to access 21 global indices with no commission fees. Margins start from 5% for indices such as the SGX Singapore Index (0.4 points minimum spread), Wall Street (1.6 points minimum spread), US SP 500 (0.1 points minimum spread), Germany 30 (1 point minimum spread), Hong Kong 50 (10 points minimum spread), and more. If you decide to trade indices via City Index, you should be aware that they have their own terminology for major indices. For example, their term for ASX is the AU 200, while DAX is the Germany 30.
| City Index | Trading Fees | |
|---|---|---|
| Indices/ CFDs | 0.4 points minimum spread (for SG Index) | |
| Shares/ CFDs | 0.08% or S$10 minimum commission (for SG shares) | |
| Forex/ CFDs | 0.5 points minimum spread (for EUR/ USD) | |
| Commodities/ CFDs | 0.4 points minimum spread (for US Crude Oil) | |
| Metals/ CFDs | 0.5 points minimum spread (for Gold) | |
| Funding Fees | 2.00% (for debit and credit cards) | |
| Withdrawal Fees | US$0 | |
| Currency Conversion Charge | Varies (depends on contract notes) | |
| Guaranteed Stop Loss Orders | 0.25% of notional trade value (for SG Shares) | |
| Inactivity Fees | S$15 (for 24 months and above) |
If you frequently trade on indices, FX, shares, commodities and metals, you should open a CityIndex CFD trading account. With this account, you only need to pay commission on shares and will be able to access City Index’s HTML5 Web Trader.
If you are a hardcore spot FX and CFD indices trader, you should go for the FX on MT4 account. There are no commission fees when you trade with this account. Experienced traders can take advantage of a breadth of trading tools for technical analysis research. MetaTrader 4, on the other hand, is a well-known FX trading platform that allows you to trade on 84 FX pairs and learn from expert advisors through automated trading strategies.
If you are even more advanced and MT4 is insufficient for you, you can opt for the AT Pro, an automated analysis tool with 100+ indicators, extensive drawing tools, charts and more. Finally, CityIndex also gives you the option of trading on the WebTrader. It features HTML technology with comprehensive drawing tools, charts, customisable workspaces that give you a seamless market overview.
To open your City Index trading account, simply scroll up, click on the City Index bubble to fetch more details and apply. Otherwise, visit the City Index Singapore website to initiate your account application process.
Before you start trading or investing in shares in Singapore, do set up your CDP (Central Depository) account with SGX (Singapore Exchange Limited). Your CDP account will then hold the shares you legally purchase and own. The CDP is supervised by the MAS (Monetary Authority of Singapore). To set up either an individual or joint account, first visit the SGX website, then click on “Securities”, “Retail Investor”, “Apply for CDP Securities Account”, and followed by “Online Application”
City Index is a brokerage that engages in CFDs trading. When it comes to CFDs trading, you do not actually legally purchase or own any securities or assets. Instead, you speculate and trade the differences in value of the asset itself. Therefore, there is no need for any CDP or custodian accounts here.
To apply for a City Index Singapore trading account, scroll up and click on the City Index bubble. Otherwise, visit the City Index website and click on “Create Account”. You will then be guided through an online application form. You will be asked to choose between a CFD account or FX account. Along the process, you will be asked to submit a couple of documents such as proof of identity, proof of address, and CKA certificate if necessary. Do note that you may also be asked to obtain additional documents on a case-by-case basis.
To fund your City Index trading account, first login to your City Index account and click on “MyAccount”. You will then be able to select “Fund your account”. You can then either fund your account via bank transfers, Visa or Mastercard debit, or credit cards. Do note that while there is no minimum funding amount for bank transfers, debit or credit card funding comes with a minimum of S$250 or US$250 – depending on the base currency of your account.
If you are an experienced trader or investor with other securities but are new to CFDs, you can access training and educational materials via City Index’s website. Visit City Index’s website, click on the drop down menu, followed by “Training”. You will then be able to choose a beginner “Introduction to Trading” for CFDs beginners, or “Trading Strategies” and “Enhance Your Trading Skills” for more seasoned traders. If you are an experienced CFD trader, City Index offers research portals, market news, journals, and trending topics for your analysis.
To place your first trade or order on City Index’s CFD Web Trader, first launch the platform, select your market of choice – shares, indices, commodities, currencies etc. – and whether you are buying or selling, quantity, and any stops or limits. Once you have placed your order, you can then monitor your order .
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What is City Index's minimum deposit? If I were to open a City Index trading account, will I be able to close my account easily in the future? These are common considerations that we have when looking for an online brokerage. Fret not, we have it all covered here.
If you are funding your City Index CFD account for the first time, there is a minimum deposit of S$150. However, if you are using a credit or debit card to fund your account, do note that the minimum amount is S$250. Other ways to fund your CityIndex account include internet banking, PayNow, cheque, bill payment or wire transfer.
To close your City Index trading account, you will need to first close any of your positions. Then, write in to GAIN Capital Singapore Pte Ltd. For more details of your account closure process, you can contact the City Index customer service hotline at +65 6826 9988 or via the Chatbot function on the City Index website.
| City Index Trading Products | ||
|---|---|---|
| Indices/ CFDs | 17 major indices, margin from 5%, fixed 1 point spreads | |
| Shares/ CFDs | Over 4,500 global shares | |
| Forex/ CFDs | 84 global FX pairs, margins from 5%, spreads from 0.5 points | |
| Commodities/ CFDs | Access to over 31 markets, commission free |
Most reputable brokerage firms offer a dedicated education, news, and research educational division for its trading clients. While most of these news and services will be made available for free, some advanced features, journals, or analysis may require you to sign up for an ongoing subscription.
If you are new to CFD trading, the City Index website offers training materials such as the “Introduction to Financial Markets” online course which takes you through the basics of indices, shares, forex, commodities, and contracts. Other courses include trading strategies for beginners, risk management, and technical and fundamental analysis.
If you are a seasoned CFD trader, City Index offers news and market analysis articles and videos, Asia morning briefings, technical and fundamental analysis portal, and analysis newsletters for trending and popular topics such as the US Elections, COVID-19, Brexit, and more.