All clients in the EEA who would like to access derivatives will need to confirm they are eligible to trade these products.
You will need to provide tax information: your country or countries of tax residence and your Tax Identification Number (TIN).
You will also need to classify yourself as a retail or professional client.
In order to be classified as Professional client, you will need to show that you meet two of the following three criteria:
You have carried out 10 or more trades of over EUR 10,000 (crypto assets or stocks) or 40,000 (debt securities, indexes, commodities) per quarter for the last 12 months.
The value of your financial portfolio is over EUR 500,000.
You have worked in the financial sector for over a year.
You will need to provide evidence of your eligibility.
Professional clients have extensive experience in and knowledge of financial markets and are able to take greater risks.
A per se professional is a business which is either a regulated entity or can provide at least 2 of the following documents:
Balance sheet total of €20 million or more.
Net turnover of €40 million or more.
Own funds of €2 million or more.
An elective professional is an individual or a business who can provide at least 2 of the following documents:
Trading history: A record of 10 or more significant-sized trades per quarter in the past 12 months (examples: trading account statements, platform screenshots)
Portfolio size: Proof that your financial instrument portfolio exceeds
€500,000 (including cash and investments)
Professional experience: Evidence of at least 1 year of relevant work experience in the financial sector (examples: employer letter, certification)
A retail client does not meet the above criteria and will need to take a short test on the products they would like to trade.