Frequently asked questions - FX Trading
Can't find an answer to your question here? Please feel free to
contact our Client Management team at +65 6826 9988 or email
us at enquiries@cityindexasia.com
Your account
Q1: What do I do if my personal
details change?
A1. If your address or other details change, please login to
your account and update your details online. Alternatively
you can contact our FX Customer
Service team.
Q2: How do I transfer funds into my
account?
A2: For Singapore residents, you can deposit funds into your
account by cheque, ATM, internet banking and wire transfer.
International customers will have to use wire transfer to deposit
funds into their accounts. We will only be able to accept payments
from the named account holder.
Q3: How do I make payments?
A3: Please see Funding your FX
Account.
For further detail on various funding methods
please call us on 1800 8269953 (call toll free from Singapore) /
+65 6826 9953 (call worldwide) or email us at enquiries@cityindexasia.com.sg
.
Q4: How do I transfer funds out
of my account?
A4: If your address changes, please
contact client services on 1800 8269953 (call toll free from
Singapore) / +65 68269953 (call worldwide) or email us at enquiries@cityindexasia.com.sg
To transfer funds out of your account, you
will need to send a written instruction to our Customer
Service team either via email at enquiries@cityindexasia.com.sg or
post (City Index Asia Pte Ltd, 6 Battery Road, #40-06, Singapore
049909). Instructions received by City Index Asia Pte Ltd
before 12 noon (Singapore time) will be processed within the same
working day. Instructions received by City Index
Asia after 12 noon (Singapore time) will be processed on the
next working day.
For clients with banking accounts based
in Singapore, we will only return funds to the client via cheque
and made payable to the client's name.
For clients with offshore banking accounts
outside Singapore, funds will be wire transfer to clients.
Wire transfers typically would take three working days
and all Telegraphic Transfer charges will be borne by the
client.
Trading FX
Q5: When can I trade FX?
A5: You can trade from Sunday 17:00 EST to Friday 16:00 EST. The
US and UK markets account for around 50% of the total world market,
therefore the times at which both are open are particularly
busy
Q6: Do you charge commissions on FX?
A6: No, we take a portion of the spread as our commission
Q7: How is financing calculated on FX?
A7: FX positions that are rolled over will incur financing based
on the interest rate differential between the two applicable
currencies. The rate at which the position is rolled over is known
as the tom/next rate (which stands for ‘tomorrow and the next
day’)
Q8: What is a pip?
A8: A pip is the smallest unit of trading in a FX price. A pip
is the fourth number after the decimal (for example, with EUR/USD,
a pip is represented by EUR0.0001), with the exception of Yen,
where a pip is the second number after the decimal.
Q9: What does the term ‘majors’ refer to in FX trading?
A9: Majors are the most liquid and widely traded currency pairs
in the world. The majors are: EUR/USD, GBP/USD, USD/JPY,
USD/CHF