Compare the Best City Index Online Investment Brokerages in Singapore 2020

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Min. Funding

S$0

Min. Funding
For Experienced CFD Traders
Min. Commission Fee US Stocks
US$15
Min. Commission Fee SG Stocks
S$10
Min. Funding
S$0
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City Index

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.

History

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.

Is City Index Safe

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).

Trading Products

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.

City Index Fees and Charges

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.

Forex

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.

Shares

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.

Indices

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 Fees and Charges: A Summary

City IndexTrading Fees
Indices/ CFDs0.4 points minimum spread (for SG Index)
Shares/ CFDs0.08% or S$10 minimum commission (for SG shares)
Forex/ CFDs0.5 points minimum spread (for EUR/ USD)
Commodities/ CFDs0.4 points minimum spread (for US Crude Oil)
Metals/ CFDs0.5 points minimum spread (for Gold)
Funding Fees 2.00% (for debit and credit cards)
Withdrawal FeesUS$0
Currency Conversion ChargeVaries (depends on contract notes)
Guaranteed Stop Loss Orders0.25% of notional trade value (for SG Shares)
Inactivity FeesS$15 (for 24 months and above)

City Index Web Trader vs MT4 vs AT Pro

City Index HTML Web Trader

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.

City Index MetaTrader 4 (MT4)

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.

City Index AT Pro

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.

How to Open a City Index Account in Singapore

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.

Step 1Apply for CDP

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”

Step 2CDP or Custodian

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.

Step 3Apply Online

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.

Step 4Fund

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.

Step 5Learn to Trade

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.

Step 6Your First Trade

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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City Index Deposit and Withdrawals

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.

Minimum Deposit

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.

Close City Index Account

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

City Index Trading Products
Indices/ CFDs17 major indices, margin from 5%, fixed 1 point spreads
Shares/ CFDsOver 4,500 global shares
Forex/ CFDs84 global FX pairs, margins from 5%, spreads from 0.5 points
Commodities/ CFDsAccess to over 31 markets, commission free

City Index News and Research

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.

Trading for Beginners

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.

Market Watch

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.

City Index Help Desk

To contact the City Index help desk, you can call the City Index customer service hotline at +65 6826 9988, via email, or visit the City Index website to launch the Chatbot feature.

City Index Summary

City Index is a great online brokerage in Singapore for experienced traders who are interested in trading CFDs. You will be able to access numerous international CFDs markets at competitive commission rates and tight spreads. If you are a seasoned trader with experience in margin or leveraged trading, this may be suitable for you.

Commonly Asked Questions

What is a margin indicator?

If you are trading with City Index Singapore, you will see the margin level indicator on the upper right hand corner of your CityIndex trading platforms. It serves to tell you the level of funds you have associated with your open positions. If you do not have enough funds to cover any potential losses, you will be on a margin call. If you find yourself on a margin call, you can improve your margin indicator by depositing more funds or closing or partially close some of your positions.

What CFD means?

CFD is an acronym for contract for difference. When you buy a CFD on shares, metals, commodities, or Forex etc., you do not buy, own, or sell the actual asset. Instead, you are exchanging the differences in the buying and selling price when you open and close your position. CFDs are leveraged financial instruments, meaning that you can gain exposure to a wider financial market with a smaller capital or margin. While you may be able to amplify your potential profits, your potential losses are magnified as well.

Is City Index regulated?

City Index Singapore is regulated by the Monetary Authority of Singapore (MAS), and is a subsidiary of the StoneX Group Inc, which is listed on NASDAQ (NASDAQ: SNEX).

How do I withdraw money from City Index?

To withdraw money from your City Index Singapore account, log in to your CityIndex trading platform, and click on the “Withdraw” section of the funding page. You will then be able to submit an application for funds withdrawal. Withdrawals by card will not be charged fees. However, withdrawals via telegraphic transfers (TT) may involve overseas bank transfer fees. Withdrawal applications may take up to 3 working days to be processed before the wire or card transfers are made. If you may need more guidance on funds withdrawal, do contact the City Index via the website’s customer support page.

What are the minimum brokerage charges in City Index?

If you plan to execute CFD stock trades in Singapore, the minimum cost would be S$10 or 0.08% of the notional amount. For U.S. markets, the charges are 1.5 cents per share, with a minimum fee of US$15.

What is the account opening charge in City Index?

At City Index, there are no account opening charges. You simply need to fund your account to be able to start trading.

How to transfer funds to City Index trading account?

There are several ways to fund your City Index account. You can use your credit or debit card, ibanking, PayNow, cheque, bill payment or wire transfer.

Who can open a City Index online trading account?

To open a City Index online trading account, you need to be at least 18 years of age. There are no income requirements. Unfortunately, U.S. and Canadian citizens are not allowed to open a CityIndex SG account.