How to open a CFD account, step by step (RoboForex example)

Opening a CFD account takes about fifteen minutes. Choosing the right broker takes longer, and it matters more. This guide walks through the whole process using RoboForex as a worked example, because its sign-up flow is typical of most brokers.

Readers in Greece and the rest of the EU: RoboForex Ltd is regulated by the FSC of Belize and states that it does not accept clients from the EU, EEA or UK. If you live in the EU, choose a broker authorised in the EU and check it on the register of the Hellenic Capital Market Commission, CySEC or ESMA. The steps below look almost identical at EU brokers.

Step 0: check the regulator, not the bonus

Regulation decides what happens to your money if something goes wrong. With an EU-authorised broker you get leverage limits that protect beginners (1:30 on major currency pairs, 1:20 on gold), negative balance protection by law, and an investor compensation scheme. Offshore brokers can offer up to 1:2000 leverage and big bonuses, but those protections depend on the broker's own policy.

High leverage does not make a trade more profitable. It only lets a smaller deposit control a bigger position, so losses arrive faster.

Step 1: register

Go to roboforex.com and press Open account, or go straight to the Members Area at my.roboforex.com. Enter your email, country and phone number, and choose a strong password. Confirm the codes sent to your email and phone.

Step 2: complete your profile and verify

Fill in your name exactly as it appears on your ID, your date of birth and your address. Then upload:

• Proof of identity: passport or ID card, both sides.
• Proof of address: a utility bill or bank statement from the last few months, showing your name and address.

Approval usually takes from a few hours to one working day. Every regulated broker asks for this (it's anti-money-laundering law), so be wary of any broker that doesn't.

Step 3: open a trading account

In the Members Area choose Open account, then:

1. Real or Demo. Start with demo if you have never used MetaTrader.
2. Platform: MetaTrader 5.
3. Account type: Pro, ProCent, ECN, Prime or R StocksTrader. See account types explained.
4. Account currency and leverage. Choose less leverage than the maximum; you can raise it later.
5. A trading password.

Step 4: save your three login details

The confirmation screen and email show your login (account number), trading password and server name. Write them down: you need all three to connect MetaTrader 5. Here's how to install MT5 on your phone and laptop and connect it.

Step 5: deposit

Deposit from the Members Area using a payment method in your own name. Withdrawals normally go back to the same method, so pick one you can also receive money with.

Before your first real trade

• Turn on two-factor authentication.
• Read the bonus terms before accepting a bonus; many lock withdrawals until you trade a set volume.
• Trade on demo for a few weeks, with a stop loss on every trade.
• Size every position from your risk with our free risk management cheat sheet.

Want all of this in one printable PDF, including MT5 setup? It's in our free ebook Your First CFD Account & MetaTrader 5: get it here.