CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.96% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Will my margin requirement be lowered should I attempt to hedge with similar products?

No. Due to the imperfect nature of hedging, hedging with different assets is still prone to considerable risk, and hence does not figure into margin calculations.
 
Please be advised that trading on margin carries a significant risk of loss and is not suitable for all investors.