If you have read our guide up to this point and think that spread betting is suitable for long-term investment goals, we will now show you what you need to do to get started today.
Step 1: Find a Spread Betting Broker
If you want to spread bet online, you need to find a suitable broker. Most spread betting platforms also support CFDs, so you'll likely be using a hybrid site.
However, with dozens of spread betting sites active in the online arena, you need to make sure that the platform is suitable for you. This should include metrics like regulation, payment methods, tradable instruments, fees, and customer support.
To help you with this, we have listed our top XNUMX listed spread betting brokers of 2021 at the bottom of this page.
Step 2: Open an account
Once you've found a spread betting platform that meets your needs, you'll need to open an account. Similar to any other investment site, the process requires some personal information from you.
This includes your:
- Name
- Nationality
- Home address
- Date of birth
- E-mail address
- Telephone or mobile number
Since spread betting is a sophisticated investment industry, the broker will likely ask you some multiple choice questions to assess your previous experience. This is to ensure that you fully understand the risks associated with spread betting.
Step 3: Verify your identity
Before you can place your first spread betting trade in metatrader Exness, you will need to verify your identity. In most cases, you can do this by quickly uploading a clear copy of your passport or driver's license.
Some brokers also require proof of address. In this case, you can upload a recent bank statement or utility bill.
Step 4: Deposit
You will now be asked to fund your spread betting account. Most platforms will ask you to meet a minimum deposit amount, which is usually between £50 and £150.
In terms of deposit options, this often includes the following:
- Debit card
- Credit card
- Paypal
- Skrill
- Neteller
- Bank Transfer
Apart from the bank account transfer option, deposits are usually credited to your spread betting account instantly.
Step 5: Place a Spread Betting Trade
Once you have deposited funds, you can place your first spread betting trade. You can browse the many spread betting markets offered by the broker or simply type the financial instrument into the search box.
Once you have found the asset you wish to trade, you will need to set up an order.
- Choose from a long or short order
- Enter your stake per point
- Evaluate the margin requirement
- Choose a trigger price for stop loss orders
- Place your trade
Once your trade is active, you can close it at any time by placing an opposite order. For example, if you went long, place a short order to close the trade - and vice versa.