City Index cryptocurrency CFDs October 2020 review
Trade CFDs on three popular cryptocurrencies and over 4,500 other global markets.
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|Cryptocurrencies Listed||BTC, ETH, LTC, XRP|
|Payment Methods||Credit card, Debit card, BPAY, Electronic Funds Transfer|
|Supported Fiat Currencies||EUR, USD, AUD, JPY, GBP|
|Leverage||Up to 1:200|
- Established platform with more than 30 years’ experience in CFD and forex trading
- Regulated by the Australian Securities and Investments Commission
- Ability to trade on multiple platforms and devices
- Benefit from rising and falling markets
- Multi-exchange pricing
- 24-hour customer support Monday to Friday
- Ability to trade a wide range of other financial instruments
- Risks of CFD trading, including the potential to lose an amount greater than your initial investment
- Can only trade on a limited range of cryptocurrencies
What is City Index?
City Index is a trading name of GAIN Capital Australia Pty Ltd. A global CFD and forex provider with more than 30 years experience, City Index has been offering its services to Australian customers since 2006.
Regulated by the Australian Securities and Investments Commission (ASIC), it offers CFD trading on more than 4,500 global markets. Margin rates on cryptocurrency contracts for difference (CFDs) with City Index start from 25%, and risk management tools like stop loss orders can help you protect your position.
City Index offers web, mobile and advanced trading platforms, as well as 24-hour customer support from Monday to Friday.
Which cryptocurrencies can I buy/sell?
City Index account holders can trade CFDs on the following cryptocurrencies:
City Index offers cryptocurrency CFD trading through its Australian platform to Australian customers. In some circumstances, customers from other countries are eligible to sign up for an account – contact the provider directly for more information.
If you live in Singapore, Europe or the UK, City Index also offers cryptocurrency CFD trading through its native platform in your area.
Which payment methods are accepted?
You can deposit funds into your City Index account using the following payment methods:
- Debit card
- Credit card
- Electronic funds transfer
How much will it cost me to use City Index?
There are no commission charges on City Index cryptocurrency CFDs. However, you’ll need to be aware of the spread and margin rate that applies before placing a trade, as well as overnight financing rates, all of which are outlined in the table below.
|Market||Spread*||Margin rate||Overnight finance (per night)|
|Bitcoin||From $70||From 25%||0.08219%|
|Bitcoin Mini||From $70||From 25%||0.08219%|
|Ethereum||From $60||From 25%||0.08219%|
|Litecoin||From $6||From 25%||0.08219%|
|Ripple||From $6||From 25%||0.08219%|
* City Index states that spreads may change due to market conditions.
However, there are no charges for depositing or withdrawing funds to and from your account.
Are there any transfer limits?
The minimum first deposit required to open a CFD trading account with City Index is $500. Note that you’ll also need to have sufficient funds in your account to meet the margin requirements of your trade – margin requirements for City Index cryptocurrency CFDs start at 25%.
The minimum amount you can withdraw is $50, or all of your available account balance (whichever is lower). The maximum amount you can withdraw in one transaction is $20,000, and if you’re making an online withdrawal using a credit card then a limit of $20,000 in 24 hours applies.
Is it safe to use City Index?
Authorised and regulated by ASIC, City Index is a trading platform with a history dating back more than 30 years. Client funds are fully segregated from the company’s own capital and kept in accounts with tier-one banks. Trading platforms are accessed via an HTTPS connection and secured by your password.
Of course, before trading CFDs it is essential that you have a full understanding of the risks involved. The leveraged trading offered by CFDs combined with the volatility of cryptocurrencies means there is always a risk of suffering substantial losses.
If you have any questions about your account or a particular trade, you may find the answer you’re looking for in City Index’s extensive online support centre. If you require further assistance, phone, email and live chat customer support can be accessed 24 hours a day from Monday to Friday.
Pros and cons
- Established platform with more than 30 years experience in CFD and forex trading.
- Regulated by the Australian Securities and Investments Commission.
- Ability to trade on multiple platforms and devices.
- Benefit from rising and falling markets.
- Multi-exchange pricing.
- 24-hour customer support Monday to Friday.
- Ability to trade a wide range of other financial instruments.
- Risks of CFD trading, including the potential to lose an amount greater than your initial investment.
- Can only trade on a limited range of cryptocurrencies.
If you’d like to start trading cryptocurrency CFDs, compare a range of platforms to determine which one is right for you. If you want to trade with City Index, click one of the “Go to site” links on this page to be redirected to the City Index website.
You can then register for an account by providing your name, date of birth, email address, phone number and residential address. You’ll also need to pass an identity check before you can start trading.
Frequently asked questions
Disclosure: At the time of writing the author holds IOTA and XLM.