We offer two different types of accounts for both CFD trading and Spread Betting, as shown below. When considering which account is appropriate for you, it is important you understand the differences between each account type and the investments you can trade, and also that you understand the risks associated with each service.

It's important to remember that these are 'Margin' trading services: you can, in effect, trade without having to pay the full price of the investment. Because you only need to deposit a percentage of the value of your trade (typically 10%) you can buy more than you otherwise would, but, conversely your risk is higher. As your return is determined by the price movement on the total trade value, profits and losses can quickly exceed the initial deposit and you may need to make further deposits at short notice. Because you are effectively 'borrowing' to cover most of the cost of your trade, you'll also have a financing cost to cover.

CFD and Spread Bet trading are not suitable for everyone: please ensure you understand the risks. We will ask you to complete an appropriateness assessment as part of the account application.

Here are the key features of each account relating to CFDs:

	CFD Deposit Account	CFD Limited Risk Account
Range of Investments	UK, US and European equities, indices, sectors, currency pairs and precious metals.	Shares with a larger market capitalisation from UK, US and European markets plus major global indices, oil sector and currency pairs.
Trading	Trade online or over the phone. Some instruments may only be traded over the phone.	Trade online or over the phone. A Guaranteed Stop Loss order is automatically set with each trade. Some instruments may only be traded over the phone plus there are smaller maximum trade sizes available.
Charges	Commission fees and financing charges are made against your account.	Commission fees and financing charges are made against your account. An additional premium will be charges for the Guaranteed Stop Loss order added to each trade.
Margin Requirement	Typical margin requirement is 10% though it can be as little as 2%. Funds must be deposited before you trade to cover the margin requirement and running losses must be met in accordance with the Terms & Conditions.	Funds to cover all potential losses must be deposited before the trade is accepted.
Guaranteed Stop Losses (GSLs)	Guaranteed Stop Losses are available on more liquid markets on payments of additional premium (GSL Premium). Guaranteed Stop Loss trades on a Deposit account must be mdae over the phone.	All online and phone trades will automatically be opened with a Guaranteed Stop Loss orders will autimatically be set at minimum stop loss distance for online.
Potential Losses	It is possible to lose more that your initial investments.	The potential loss of any trade is capped at the outset because of guaranteed execution price of the stop loss order.
Tax (tax laws can change)	Free from UK Stamp Duty.	Free from UK Stamp Duty.

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Here are the key features of each account relating to spread bets:

	Spread betting Deposit Account	Spread betting Limited Risk Account
Range of Investments	UK, US, & European equities, indices, sectors, currencies, commodities, precious metals, bonds, interest rates, options, volatility index.	Shares with a larger market capitalisation from UK, US and European markets plus major global indices, oil sector and currency pairs.
Trading	Trade online or over the phone. Some instruments may only be traded over the phone.	Trade online or over the phone. A Guaranteed Stop Loss order is automatically set with each trade. Some instruments may only be traded over the phone plus there are smaller maximum trade sizes available.
Charges	Commission and financing charges are built into the spread, except for rolling bets where the finance is charged daily.	Commission fees and financing charges are made against your account. An additional premium will be charged for the Guaranteed Stop Loss order added to each trade.
Margin Requirement	Typical margin requirement is 10% though it can be as little as 2%. Funds must be deposited before you trade to cover the margin requirement and running losses must be met in accordance with the Terms & Conditions.	Funds to cover all potential losses must be deposited before the trade is accepted.
Guaranteed Stop Losses (GSLs)	Guaranteed Stop Losses are available on more liquid markets on payment of additional premium (GSL Premium). Guaranteed Stop Loss trades on a Deposit account must be made over the phone.	All bets will automatically be opened with a Guaranteed Stop Loss order set at the minimum stop loss distance.
Potential Losses	It is possible to lose more than your initial investment.	The potential loss of any bet is capped at the outset because of guaranteed execution price of the stop loss order.
Tax (tax laws can change)	All profits are free from UK Capital Gains Tax and UK Stamp Duty for the vast majority of individuals.	All profits are free from UK Capital Gains Tax and UK Stamp Duty for the vast majority of individuals.

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• Terms of Business for these accounts
• Apply here