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Your guide to start trading CFDs

by , 11 September 2015

If you feel you're up to speed with the workings of contracts for difference (CFDs), understand the risks involved and have a strategy to follow, you're ready to start trading CFDs.

So what do you need to do to start trading CFDs?

Read on to find out…

Find someone to trade CFDs with

You can’t trade CFDs until you open up a trading account to do it. This is the first thing you need to sort out.

You have two main options…

Check if your stock broker offers CFD trading. If they do, you could consider using them. It will also be easier to open a trading account. You may just have to sign a document stating you understand the higher risks involved with this type of trading.

Or you can look at a trading company or bank offering CFD trading.

Before opening an account, check they offer CFDs on what you want to trade. For example, shares, indexes or currencies.

How much do you need to start trading CFDs?

This very much depends on who you trade CFDs through.

Many stock brokers will require a minimum deposit of R20,000. Trading companies, on the other hand, may have a minimum deposit requirement of just R2,000.

As well as looking at this, you should check what the fees and commissions are. From this you can make your choice of who you’re going to trade CFDs through.

Apply for your CFD trading account

You’ll have to apply to open an account. You usually can do this online.

As well as completing an application form, you’ll have to provide FICA documentation too.

Once your CFD trading account is open, you just need to deposit your funds and you’re ready to go.

If you’re completely new to trading, it’s a good idea to try trading for a while on a demo platform to try out your strategy and to ensure you understand how it all works. Check if the company you trade through provides this.

So there you have it. Your guide to start trading CFDs.

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Your guide to start trading CFDs
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