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Experienced customer and 1 lever: 100. We're checking the procedure

Experienced customer and 1 lever: 100. We're checking the procedure

created Paweł MosionekAugust 7 2019

An experienced customer is a new group of categorization of traders in Poland introduced by the Polish Financial Supervision Authority on August 2, 2019. From that day, Polish residents can apply for a change of status and thus receive access to preferential trade conditions (among others leverage 1: 100). It is enough to meet two conditions. We decided to check how it looks in practice.

Sample test questions for an experienced customer - CHECK QUESTIONS

Who is an experienced customer

ESMA's regulations expired on July 31, 2019, after 12 months of operation. This also opened the way for EU national regulators to offer their own legal solutions at the national level. The vast majority decided to duplicate ESMA regulations unchanged. The exception turned out to be the Polish KNF, which retained the leverage of 1:30 for the retail client, but at the same time introduced a new category - experienced client - which is to define an investor with knowledge and skills and fill the gap between an inexperienced retailer and professional.

1 lever: 100 and trading conditions

What do we gain by switching to an experienced retailer? Higher leverage - just that much and so much. The rest of the conditions and restrictions for retailers are the same as during the ESMA intervention, ie the mandatory negative balance protection, 50% stop-out level, limits related to service promotion and standardized risk warnings are still in force.

The margin of 1% (i.e. 1: 100 leverage) applies to all currency pairs, gold and selected indices (list available here). For other instruments, the leverage values ​​of the ESMA guidelines apply (details here). It should be remembered that higher leverage is associated with higher investment risk.

Trading conditions for experienced customers

Max. leverage on currencies 1:100
Max. leverage on major indices and gold 1:100
Max. leverage on less popular indices, commodities other than gold (e.g. oil, silver) 1:10
Max. leverage on cryptocurrencies 1:2
Max. leverage on CFDs on shares, bonds, interest rates 1:5
Protection against negative balances YES
Cash segregation YES
Stop-Out level 50%
No bonuses or incentives YES


Not only retail traders can benefit from this novelty, but also brokers operating in Poland, and thus not only Polish brokerage houses.

Conditions to be met

The regulator indicates, although not fully transparent in 100%, the conditions that must be met in order to be able to apply for a change of status.

I. Trading condition. The customer must during the last 24 months perform:

a) CFD opening transactions with a nominal value of at least the PLN equivalent of EUR 50.000 each, with a frequency of at least 10 opening transactions per quarter during four quarters; or
b) CFD opening transactions with a nominal value of at least the PLN equivalent of EUR 10.000 each, with a frequency of at least 50 opening transactions per quarter during four quarters; or
c) CFD opening transactions with a total nominal value of at least the PLN equivalent of EUR 2.000.000, with the client entering into at least 40 opening transactions per quarter during four quarters;

II. Knowledge Condition. The client must have documented knowledge of CFDs supported by:

a) obtaining appropriate professional certificates, in particular: Investment Adviser, Stockbroker, Chartered Financial Analyst, Financial Risk Manager, Professional Risk Manager, ACI Dealing Certificate, ACI Diploma, or appropriate professional education; or
b) completion of a minimum of 50 hours of training on derivatives, including CFDs, confirmed by obtaining relevant certificates or confirmations issued on the basis of verification of knowledge by competent training entities, during the last 12 months; or
c) confirmation that the client performs or has performed activities or works or worked under an employment contract or other contractual relationship constituting the basis for performing the function, for at least one year in a position that requires professional knowledge of concluding transactions in the field of CFDs or other derivatives .

While the trading condition is quite clear and easy to prove (a broker account history than any broker is enough), the second point seems to be more controversial.

The condition of knowledge has been specifically defined only in point a), although one can only assume what will meet the criteria in the requirement "Directional education". At the moment, brokers define a specialized education as obtaining a bachelor's or master's degree or completion of postgraduate studies at a university, in the field and on subjects enabling knowledge on risk and transactions in the area of ​​leveraged financial instruments.

There is no list of specific professions that would be considered in point c), although this provision gives some flexibility in verification.

The most interesting point is point b). Virtually every broker has in its offer training, courses or webinars. Rarely, however, when he decided to certify his participants. It will probably change now. So will the previously completed, uncertified trainings, but those in which we can prove participation, be taken into account? It seems that everything will depend on the broker's approach and the way we prove that we actually participated in them.

How to get an 1 siphon: 100 in practice (XTB)

We decided to check the procedure of obtaining the status of an experienced customer from the perspective of a trader categorized as a retailer at X-Trade Brokers SA.

Procedure for changing the status to an Experienced Retail Customer:

  • STEP 1 - request for a request: Ask for an application for the status of an Experienced Retail Customer,
  • STEP 2 - completing the application: You will receive the application by e-mail. In the application you must confirm that you meet the criteria.
  • STEP 3 - sending back the application: Send the completed application by e-mail to the address along with the necessary documents. After examining the application, the broker will inform you about the decision to change the status.

If we already use XTB services and meet one of the trading conditions, there is no need to send transaction history. The entire status change process is closing maximally within 48 hours (only on business days).

It is worth noting that the CFD provider is required to verify at least once a year whether the client still meets the criteria indicated in the decision. It should be remembered that a customer who does not meet the transaction requirement in the quarters following the acquisition of the title of an experienced retail customer will lose the status obtained previously.

For the trading condition, the equivalent of amounts expressed in euro is taken into account using the average euro exchange rate announced by the National Bank of Poland, in force on the day preceding the date of submission of the application by the retail customer in which the exchange rate was announced.

Training and knowledge test

The broker has already announced that it is preparing a special educational platform, thanks to which it will be possible to undergo the required online training and pass tests that will verify the acquired knowledge. Other brokers present in Poland will follow in the footsteps of XTB.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. From 74% to 89% of retail investor accounts record monetary losses as a result of trading CFDs. Think about whether you understand how CFDs work and whether you can afford the high risk of losing your money.

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About the Author
Paweł Mosionek
An active trader on the Forex market since 2006. Editor of the Forex Nawigator portal and editor-in-chief and co-creator of the website. Speaker at the "Focus on Forex" conference at the Warsaw School of Economics, "NetVision" at the Gdańsk University of Technology and "Financial Intelligence" at the University of Gdańsk. Twice winner of "Junior Trader" - investment game for students organized by DM XTB. Addicted to travel, motorbikes and parachuting.