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Risk Warning
Below are frequently asked questions about account operation.
Opening a CFD account is quick and easy. We will do as much of the work as possible to make the account opening process simple. Prior to issuing CFD account opening documentation, Prime Markets is required by the rules of the FSA to establish initial information regarding a prospective client. CFDs can be traded by anyone, however, CFDs are trading products that use leverage. Leverage magnifies movements in the underlying asset (equity, commodities, FX etc). This means that whilst profits are magnified so are losses. It is therefore important that you understand the risks involved in trading CFDs and we will test relevant understanding and knowledge and ensure that CFDs are a suitable trading product for you before you open a CFD account. For more information please visit our Risk Warning page. Once your CFD account is approved you will be issued with a unique username, password and direct personal contact on the dealing floor. You can then fund your account via debit card, credit card or by transferring the money direct into your trading account (e.g. via BACS or CHAPS).
All you need to do is complete an application form, either online or call or email us to request a hard copy or pdf. We will then follow this up with a call to confirm your details, check that the product is suitable for you and discuss your specific requirements. In order to activate your account you will need to deposit an initial £10,000 or equivalent and we will then send you your logon details and account number.
You will have your own personal experienced CFD broker at Prime Markets who will be available to give you as much or as little advice as you need. We can also monitor your positions and execute limit and stop orders or simply give you a call at levels or on news within the markets when you require.
You place an order for a CFD as you would for an ordinary share purchase. As all trades are settled for cash, no order will be accepted unless there are sufficient cleared funds on your account. These orders can be placed over the phone or online through the online trading platform.
You will generally be contacted by phone or email for more margin when the need arises, however, it remains your responsibility to ensure that there is enough free equity to hold your open positions. Should your position prove untenable then liquidation orders may be placed on your account to automatically close your positions at prevailing market prices. You will be liable for any loss as a result of such liquidation.
You will receive a trading statement for your account every day, which are automatically sent by email. These are user friendly and easy to understand. Of course, you can call us direct to check your account balance and open or closed CFD positions.
Yes, certain products are offered outside of the normal market hours.
Yes, access is provided to an online trading platform which includes a 'Client position keeping' facility.
Yes, using the software it is possible to access all orders and trades on the system, as well as positions and statements.
This is normally possible, but will be subject to the completion of a 'third party' mandate by you and your broker.
Please note that CFDs are a leveraged product and can result in losses that exceed your initial deposit. Trading CFDs may not be suitable for everyone, so please ensure that you fully understand the risks involved.
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Securities and Derivatives markets may be subject to rapid and unexpected price movements and past performance is not necessarily a guide to future performance. Trading in these markets is generally considered to be suitable only for the more experienced investor as it carries a high degree of risk. An investor may not receive back the amount of their original investment and in certain circumstances may be liable for a sum that is greater than their original investment. If in any doubt, please seek independent financial advice.