This website uses cookies to provide you with full functionality and the best possible user experience. By continuing to use this website you agree to our cookies policy. Find out more. Close

ESMA Regulatory Changes for Advantage Platforms

Sections


Account Management

  • What has changed regarding my account(s)?
  • If you didn’t have any open positions at 10pm BST on 27th July your account was updated to implement the new ESMA regulations, including new adjusted margin levels and negative balance protection. Your balance, trading history and other account settings were not affected. A secondary account was not created for you.
  • If you did have open positions at 10pm BST on 27th July we have created a 'Primary' and a 'Secondary' account for you in order for us to enable new positions to be opened on separate margin settings (as dictated by ESMA) whilst maintaining any existing positions on previous margin settings. These accounts will co-exist and you can switch between accounts at any stage whilst in the platform.
  • Your Primary account and will be used for placing any new trades in the future. Your primary account will contain your trading history, your saved watchlists, your funding history and any platform settings you may have saved.
  • Your Secondary account will have any existing positions you held (opened prior to 29th July) within it. It will also contain any funds in your account, in order to fulfil margin requirements. The accounts has been set to 'close only', meaning you can only close these open positions and not open any new ones using this account.

  • Will I need a separate username and password to access each account?
  • No - your Primary and Secondary accounts coexist, meaning they are both accessible using your current log in credentials (username and password). You can switch between accounts from within the trading platform, and from within My Account.

  • Will my existing account settings be available on my Primary account?
  • Yes - All your account settings remain the same, including any previous watchlists you had set up. You will also have your full trading history available in this account.

  • Will there be anything missing from my Primary account?
  • Your Primary account will not have any positions under it, until you open a new position. This is because any existing open positions are now under your Secondary account. Your Primary account will also have a zero cash balance, as any funds you had previously are on your Secondary account. You can transfer funds to your Primary account from your Secondary account - full details regarding funding and transfers can be found below.

  • How do I access my Secondary account on Advantage Web, and switch between accounts?
  • You can switch between accounts easily from within the platform. To switch accounts:
  • 1. Click on the “Account Management” button on the top right of the platform and click “select account” in the drop down menu.
  • 2. You will be presented with a list of available accounts. Select the account you wish to switch to and click ‘OK. Follow the same process to switch back to your Primary account.

  • How do I access my Secondary account on Advantage Trader Pro?
  • 1. Click on the Account drop down menu located at the top left of the platform
  • 2. You will be presented with a list of available accounts. Click the account you want to switch to, and you will be automatically switched to your chosen account. Follow the same process to switch back to your Primary account.

  • How do I access my Secondary account/switch accounts on Advantage Mobile apps (iOS and Android)?
  • To switch accounts on Android:
  • 1. Tap the menu button in the top left of the app.
  • 2. Tap the “Account” drop down button at the top of the menu to expand the section.
  • 3. Tap your account number.
  • 4. A menu with your available accounts will be displayed. Choose the account you wish to switch to by tapping it.
  • To switch accounts on iOS:
  • 1. Select ‘More’ from the navigation bar and tap the account number shown under ‘Account’ to open your list of available accounts.
  • 2. Choose the account you wish to switch to from the menu. Once selected, you’ll be switched to that account.

  • Which account should I use from now on?
  • You'll need to use your Primary account to open any new positions from 29th July onwards. To manage existing positions, you will need to use your Secondary account.

  • Will my Secondary account be closed after a certain amount of time?
  • Your Secondary account will remain open until you instruct us to close it. If you wish to close your Secondary account, please contact us.

  • I am using Web Trader BETA. Can I switch accounts from within this platform?
  • Currently this functionality is unavailable in Web Trader BETA, and thus you will need to log in to Advantage Web should you need to switch between accounts.

Orders and Positions

The following FAQs apply to clients who held open positions at 10pm BST on 27th July, and thus have both 'Primary' and 'Secondary' accounts (with the exception of Q8, which applies to all new positions opened from 29th July).

  • Are my existing positions subject to the new margin requirements?
  • No. Your existing positions will remain on the original margin settings that were in place when they were opened prior to 29th July.

  • Where are my existing positions?
  • Any existing open positions you held will appear under your Secondary account. You'll need to switch to your Secondary account to access them. Any open positions will be moved to your secondary account and no profit or loss will be realised.

  • Can I keep my existing positions open?
  • Yes. Existing positions will remain open (providing you maintain sufficient funds to cover margin requirements), until you decide to close them.

  • What will happen to guaranteed stops and other risk management features on my open positions?
  • When we make the transfer, your attached stops and limits will be migrated across along with the position they are attached to. This means that any orders that would reduce or close an open position will be migrated, while any order that would open a new position will not be migrated.

  • I have an open position on a future contract. Can I roll over to the next contract?
  • Any quarterly future contracts can be rolled over to the next period. Any future contracts with other time periods, such as annual futures, will not have roll overs enabled. Please ensure that you contact client management if you have a future CFD position that you wish to rollover.

  • Where can I see my Trading History?
  • To view your trading history, you'll need to switch to your Primary account.

  • How do I open new positions?
  • To open a new position, ensure you have switched to your Primary account. You can then open a new position as you would do normally from within the trading platform.

  • What are the margin requirements for new positions?
  • You can view revised margin rates for Retail and Professional clients from 29th July onwards on our ESMA page. To find out the individual margin requirement for a specific market, select 'Key Market Information' from the dropdown menu next to that market in the platform.

  • Why is my margin requirement not decreasing after I place stop loss orders?
  • Due to ESMA regulations, we can no longer offer the option to reduce margin requirements for retail clients. This includes the option of “orders aware margins” that City Index had included on some markets, which reduced margins according to attached orders.

  • Can I open new positions on my Secondary account, with the previous margin requirements?
  • No. You will only be able to open new positions using your Primary account, which will be subject to the revised retail margin rates outlined above. Professional Clients are exempt from these revised margin rates. To find out more, visit our Professional Trader page.

  • What will happen to my existing entry orders?
  • Whilst any existing open positions will remain on your Secondary account (including any associated orders, such as stop loss and limit orders), it is important to note that any entry orders you have placed prior to 29th July will be cancelled, and thus will not be present on either your Primary or Secondary accounts. You will need to recreate any entry orders on your Primary account after 29th July.
  • Note: This will only be the case if you have open positions up to 29th July and thus have a ‘Secondary’ account created. If you do not hold any open positions on your account up to 29th July, then any entry orders have will be unaffected.

  • Can I hedge existing positions using previous margin rates?
  • Any new positions opened after 29th July will be on the new retail margin rates and will need to be opened using your Primary account. For example, if you held a long position on a market prior to 29th July, and you wish to hedge it by opening a short position on the same market after 29th July, you would need to open the short position on your Primary account, and it will be subject to the new, adjusted margin rates.

Funding, Withdrawals and Transfers

The following FAQs apply to clients who held open positions at 10pm BST on 27th July, and thus have both 'Primary' and 'Secondary' accounts.

  • Why can't I see my funds on my Primary account?
  • Any funds you had on your account prior to 29th July have been moved to your Secondary account. To view them, you'll need to switch accounts and select your secondary account. You can transfer funds to your Primary account using the 'Transfer' feature within MyAccount.

  • Will I have to provide all my payment card details again on my accounts?
  • No. Any payment cards details you've previously registered will appear on both your accounts, enabling you to fund without having to re-enter your funding information.

  • Where can I see my funding history?
  • Your funding history is available to view on your Primary account. You can view your funding history by navigating to 'Funding Activity' section within MyAccount.

  • Do I have to fund each account separately?
  • Yes - each of your accounts will need to be funded separately. You'll need to ensure you've switched to the account you wish to fund, and then follow the usual steps within MyAccount to add funds. You can also transfer funds from your Secondary account your Primary account, using the 'Transfer' feature in My Account.

  • Can I withdraw funds from my Secondary account?
  • Any additional funds you add to your Primary or Secondary accounts after 29th July, will be available to withdraw, either by bank card (to the same card the initial payment was made from) or via bank transfer. Any existing funds that have been transferred by us to your Secondary account on 29th July can be withdrawn via bank transfer from the Secondary account, or transferred to the Primary account and withdrawn from there.
  • Any excess funds on your Secondary account will be available to withdraw via bank transfer only, to allow us to comply with anti-money laundering regulations.

  • What are 'excess funds'?
  • Excess funds refer to monies on your account which exceed the funding history on that account (total deposits minus total withdrawals). This can include profits from trades, payments made over the phone or transfers from other accounts. In certain cases, we may need to request additional information when withdrawing excess funds, to comply with anti-money laundering regulations.

  • Can I transfer funds between accounts?
  • Yes - you can transfer funds from your Secondary account to your Primary account.

  • How do I transfer funds between accounts?
  • To transfer funds from your Secondary account to your Primary account:
  • 1. Navigate to the funding section in My Account and select ‘Transfer’.
  • 2. Select the account you wish to transfer funds from using the ‘Transfer From Account’ drop-down menu. The amount available to transfer from this account will be displayed to the right of this menu.
  • 3. Select the account you wish to transfer funds to using the ‘Transfer To Account’ dropdown menu. You will only be able to transfer from your Secondary account to your Primary account.
  • 4. Enter the amount you wish to transfer and select ‘Submit’.

Contact us: