Can people still open new trading accounts during the Coronavirus pandemic?

Onboarding new clients

As more stockbrokers move to working from home in the wake of the Coronavirus pandemic, and staff move to ensure critical financial trading and investment platform remain online can you still open a new trading account?

One key factor of investing and trading is diversification. It’s a theme that runs through the Good Money Guide and it’s not just diversification of assets, it’s provider diversification.

When I was at MF Global, one of the frustrating things for clients when the firm stopped accepting opening orders was that they didn’t have another account to move or hedge their positions. This is obviously a very different situation and most brokers in fact seem to be doing record business as volatility increases. CMC Markets recently released a note saying earning would beat estimates.

Peter Cruddas, chief executive officer, said:

“Due to our long-term investment in technology, we can effectively run this business from home and from our disaster recovery sites in Hertfordshire and Sydney, and that is what we have been doing this week. As a result of this, there is effectively no limit to the amount of time we can operate this way.

Financial spread betting and CFD brokers thrive on volatility. When markets move clients want to speculate and hedge on them.

Can clients continue to open new spread betting and CFD accounts during COVID-19?

Adam Blemings – Head of Trading at IG Group said when asked it they are taking on new business or if it’s all hands on deck to service existing clients:

Yes we continue to set up new trading accounts using our rigorous selection and onboarding process. Our potential new clients are comfortable taking risk and have views on the market they want to express through trading. It’s our job to deliver them the best trading experience by providing best in class service and leading with content to help explain markets.

Steve Sanders, Executive Vice President of Marketing and Product Development at Interactive Brokers, a global brokerage firm serving over 700,000 clients in more than 200 countries said that clients can still continue to open trading accounts 24/7.

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Trading Risk Warning

ALL INVESTING INVOLVES RISK. Investing, Derivatives, Spread betting and CFD trading carry a high level of risk to your capital and can result in losses that exceed your initial deposit. They may not be suitable for everyone, so please ensure that you fully understand the risks involved.
ESMA & FCA Risk Warning – “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 68-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Capital at risk”