Live CFD accounts

Questions

Answers

  • I have been asked to provide certified documentation. What does this mean?

    Depending on your circumstances and the region you are a resident of, we may request that the documentation you submit to us is certified. A certified copy is a copy of an original document that has been endorsed as a true copy of the original by an approved individual. Examples of approved * individuals who can certify documents include: 

    1. A person who is enrolled on the roll of the Supreme Court of a State or Territory, or the High Court of Australia, as a legal practitioner (however described)
    2. A judge of a court
    3. A magistrate
    4. A chief executive officer of a Commonwealth court
    5. A registrar or deputy registrar of a court
    6. A Justice of the Peace
    7. A notary public (for the purposes of the Statutory Declaration Regulations 1993)
    8. A person authorised as a notary public in a foreign country
    9. A police officer
    10. An agent of the Australian Postal Corporation who is in charge of an office supplying postal services to the public
    11. A permanent employee of the Australian Postal Corporation with two or more years of continuous service who is employed in an office supplying postal services to the public
    12. An Australian consular officer or an Australian diplomatic officer (within the meaning of the Consular Fees Act 1955)
    13. An officer with two or more continuous years of service with one or more financial institutions (for the purposes of the Statutory Declaration Regulations 1993)
    14. A finance company officer with two or more continuous years of service with one or more finance companies (for the purposes of the Statutory Declaration Regulations 1993)
    15. An officer with, or authorised representative of, a holder of an Australian financial services licence, having two or more continuous years of service with one or more licensees
    16. A member of Chartered Accountants Australia and New Zealand, CPA Australia or the Institute of Public Accountants with two or more years of continuous membership

  • Can I have more than one account?

    Each client can have one CFD account. Multiple CFD accounts may be available at our discretion.

  • How can I switch accounts?

    On the iPhone app, tap the ‘More’ button, then ‘Switch Accounts’. On the Android app, select ‘Switch Accounts’ on the left side menu.

  • How long does it take to process an application for a live account?

    Our aim is to help you start trading as quickly as possible.  If you have already provided your supporting documents, for most customers this will happen within minutes.  However, there will be cases where additional documentation is needed before we can process your account application.

  • Do I need to deposit any funds to activate my account?

    You can sign in to your account as soon as your application has been successful and you have clicked on the verification link sent to your registered email address. However, you won’t be able to place a trade unless there are sufficient funds in your account to open a position. If you prefer to test strategies in a risk-free environment, our free demo account will allow you to practise trading with virtual funds.

  • Why do Corporate and Trust accounts require an LEI?

    As part of the ASIC Derivative Transaction Rules, there is a requirement for all non-individual accounts to provide a Legal Entity Identifier (LEI) for regulatory reporting purposes. An LEI will now be required by 30 September 2019 to continue/begin trading on a corporate or trust account, in line with these regulatory changes.

    Please email us with your LEI number to support@cmcmarkets.com.au.

    To comply with the above regulatory requirements, any non-individual accounts without an LEI number will be unable to trade from 1 October 2019, and therefore open positions on these accounts may be forced to close.

  • What is an LEI?

    An LEI is a number that corresponds to a legal entity or structures including companies, charities and trusts (excludes individual persons). The LEI is a unique global identifier of a legal entity. No two legal entities will have the same LEI, and any legal entity will have only one LEI.

    The LEI is required for regulatory reporting reasons. From 1 October 2019, all corporate clients will be required to provide an LEI.

  • Where will the LEI be generated from?

    You can obtain an LEI from an endorsed LOU (Local Operating Unit) of the Global Legal Entity Identifier System. For example, you can apply for an LEI from LEIRegister or Bloomberg LEI.

  • What are the costs for an LEI?

    Please note the Local Operating Unit may charge a small fee for allocating the LEI. The precise fee is at the discretion of the Local Operating Unit.

  • Renewing your LEI annually

    LEIs must be renewed annually. To do this you must provide the Local Operating Unit with updated information so that it may verify the data held on the LEI. The Local Operating Unit may charge you an additional annual fee per LEI for this annual renewal process.

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