How to become an experienced customer?
In accordance with the regulations adopted by the Polish Financial Supervision Authority, Polish investors on the Forex/CFD market can apply for the status of an experienced retail client. What requirements must be met to obtain it? It turns out that it is not as demanding as it might seem.
An experienced customer is a higher level of retail customer. Becoming one comes with a big advantage – leverage of 1:100, for categories such as:
- major currency pairs: EUR/USD, GBP/USD, EUR/GBP, etc. etc.,
- gold: XAU/USD,
- stock indices: DAX, DJIA, CAC40, FTSE, SP500, Nikkei 225, NASDAQ, NASDAQ 100, ASX 200, EURO STOXX 50.
In addition, experienced customers are still protected against generating a negative balance . Its status is granted for an indefinite period, although it can be lost if we no longer meet the conditions for opening transactions or lose the certificate.
To become an experienced client and gain access to higher leverage, you must meet several requirements.
First, transaction history
One of the following points must be met:
- conduct at least 50 opening transactions per quarter during the year, with a nominal value of at least EUR 10,000 each. To clarify, the nominal value means that this is the amount after applying leverage. This means that to execute one such transaction, a security deposit of EUR 333, or approximately PLN 1,450 at the current exchange rate, is sufficient (when using a leverage of 1:30). If we were to trade the EUR/USD pair, we would have to open 50 transactions of 0.1 lots each within a year to meet the condition.
- conduct at least 10 transactions per quarter during the year with a nominal value of at least EUR 50,000 each. In this case, the money we need to have as security for the transaction (when trading with a leverage of 1:30) is approximately PLN 7,200. Taking the EUR/USD pair as an example, there will be 10 transactions of 0.5 lots each.
- carry out transactions with a total nominal amount of EUR 2 million during the year, with a minimum of 40 transactions per quarter.
Secondly, training or knowledge
The training requirement is more enigmatic. We will develop this thread as the situation becomes clearer. It is known that the Polish Financial Supervision Authority requires completion of 50 hours of training in the field of derivative instruments, supported by an appropriate knowledge test and certificate. The details are still not exactly known.
Training is not required provided you already have professional qualifications supported by one of the following documents:
- Investment Advisor,
- Stock Broker,
- Chartered Financial Analyst,
- Financial Risk Manager,
- Professional Risk Manager,
- ACI Dealing Certificate,
- ACI Diploma.
If we have not completed any training or do not have any certificate, all is not lost. If we have been working for at least a year in a place where we need to have knowledge of the CFD industry, this is also enough to gain the status of an experienced client. It is enough to have any type of contract under which we are employed.
