City Index and FXCM Increase Margin Rates on Silver

​With silver prices surging to the highest level in eight years earlier this week following a trading frenzy led by redditors, another two FX and CFD brokers, City Index and FXCM, have also announced on Thursday changes to their margin requirements for traders in Silver.

City Index, part of GAIN Capital, released a service update on its website on 4 February 2021 saying that due to recent volatility in the markets, City Index is increasing its margin rates on Silver, from 10pm GMT on Thursday 4 February 2021 for non-MetaTrader clients, and before markets open on Sunday 7 February 2021 for MT clients. The new required margin starts at 15%.

Additionally, FXCM published a notice that it will increase margin requirements on its Silver at 12:00 p.m. EST on 5 February 2021 in response to potential markets volatility recently.