The steps
- Open and verify the new account first
- Test the new platform on demo
- Close positions at the old broker at a time that suits you
- Withdraw funds and download statements
- Close the old account
Why positions can't move
A CFD or spread bet is a contract between you and that broker, not an asset you own. Switching means closing positions with one broker and opening new ones with another — so plan the timing to avoid paying spreads twice in a volatile market.
Run both in parallel
Many traders keep the old account open briefly while they get used to the new broker's platform and execution. This also gives you a backup if one platform has an outage.
Records for tax
Download annual statements and full trade histories before closing an account. You'll need them for capital gains calculations on CFD trades.
Recreate your setup
- Export MT4/MT5 templates, indicators and Expert Advisors
- Re-create watchlists and alerts
- Check contract sizes and symbol names, which differ between brokers
Frequently asked questions
Can I transfer open CFD positions to another broker?
No. CFDs and spread bets are contracts with a specific broker, so you need to close them and reopen elsewhere.
Should I close my old account?
If you don't plan to use it, yes — after withdrawing your funds and downloading statements. This avoids inactivity fees.
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.