The steps
- Choose an FCA-authorised broker and account type
- Complete the online application
- Answer the appropriateness questions
- Verify your identity and address
- Fund the account
- Set up your platform and place a small first trade
What you'll need
- Photo ID — passport or driving licence
- Proof of address — a recent utility bill or bank statement
- National Insurance number (for some account types)
- Information about your employment, income and savings
- Details of your trading knowledge and experience
The appropriateness test
Before opening a CFD or spread betting account, FCA brokers must check you understand the risks. Expect questions on leverage, margin calls and how losses can exceed expectations. If the broker decides the product may not be appropriate, it must warn you — take that seriously.
Verification
Many brokers verify ID and address electronically within minutes. If not, you'll upload documents. Some brokers may ask about the source of your funds, especially for larger deposits — this is a legal anti-money-laundering requirement.
Funding
Use a bank account or debit card in your own name. See deposit methods and why a GBP account helps.
Your first trade
- Download the platform from the broker's official website.
- Set up two-factor authentication.
- Place a micro-lot trade with a stop-loss to confirm everything works.
- Check how the trade appears in your account history and statement.
Frequently asked questions
How long does account verification take?
Often minutes with automated checks; sometimes a day or two if documents need manual review.
Why does the broker ask about my trading experience?
FCA rules require brokers to assess whether CFDs are appropriate for you. If they aren't, the broker must warn you.
CFDs and spread bets are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money when trading these products. You should consider whether you understand how they work and whether you can afford to take the high risk of losing your money.