The sections that matter
- Who you're contracting with
- Client categorisation
- Margin, close-out and negative balance protection
- Costs and charges
- Order execution
- Deposits and withdrawals
- Complaints and closure
1. Who you're contracting with
Find the full legal name, registered address and regulator of the company that will hold your account. For UK residents this should be an FCA-authorised entity with an FRN you can verify.
2. Client categorisation
Check you're classified as a retail client, which gives the most protection. Professional status removes leverage limits and some safeguards.
3. Margin and close-out
Look for the margin close-out level (50% of required margin for retail CFD clients), how margin calls are communicated, and confirmation of negative balance protection.
4. Costs and charges
- Spreads and commissions
- Overnight financing calculation
- Currency conversion fees
- Inactivity, withdrawal or data fees
5. Order execution
The order execution policy explains whether the firm acts as principal, how prices are formed, and how slippage is handled. See best execution explained.
6. Deposits and withdrawals
Check accepted methods, processing times, the "return to source" rule and any circumstances in which withdrawals can be delayed.
7. Complaints and account closure
Look for the complaints procedure, Financial Ombudsman access, and the conditions under which either side can close the account — including what happens to open positions.
Other documents to read
- Key Information Document (KID) for each product
- Risk disclosure notice
- Conflicts of interest policy
- Summary of client money protections
Frequently asked questions
Where do I find the client agreement?
Usually in the legal or documents section of the broker's website footer, and during account opening.
What is a Key Information Document?
A short standardised document describing a product's risks, costs and potential outcomes. CFD providers publish one for each product type.
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.