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The Terms and Conditions of Business apply to all the actions that are directly related to the investment and ancillary services provided by the Company.
The Terms and Conditions of Business lay out the framework of the Service Agreement and the nature of the investment services provided by the Company.
They cannot be negotiated, or be overruled by, any prior agreements or arrangements made between the Company and the Customer.
The Service Agreement governs the relationship between the Company and the Customer and provides the necessary information to the Customer prior to making a decision in regards to the Company and its services.
The Service Agreement will commence on the date on which the Customer receives such notice from the Company via email and not until all documentation required has been duly completed by the Customer and received by the Company.
Quotation mechanisms, which are used in order to trade, are specified in the Contract Specifications. Client Terminal is:
The Customer has the right to cancel a previously given Request or Instruction only if the Request or the Instruction has the "Order is accepted" status. In order to cancel it, the Customer shall press the "Cancel order" button. The Customer cannot cancel a Request or Instruction given by an Expert Advisor (EA).
If the Instruction or the Request is being processed by a Dealer and its status is "Order is in process", the Customer has no right to cancel it.
Quotes which the Customer receives through the Client Terminal for the Instruments quoted in the Request Execution mode are indicative only. In response to the Request, a Dealer may offer a Quote which differs from these Indicative Quotes.
The Company at its sole discretion will specify the current market price.
The amount of time a Dealer needs to execute the Instruction or the Request depends on the quality of the connection between the Client Terminal and the Server, as well as on the Normal Market Conditions. The standby time for each Instruction or Request which has been placed in the queue in order to be executed has a limit of 3 (three) minutes at the time of the release of these Terms of Condition. If during this period of time the Request or the Instruction has not been received by a Dealer, it is deemed to be irrelevant and automatically deleted. Under Abnormal Market Conditions, the Company reserves the right, in its sole discretion, to reject any Orders for execution.
In the circumstances listed below, the Company may decline an Instruction or a Request (the "Off quotes" message will appear in the Client Terminal in this case):
Where possible, the Customer shall give Instructions or Requests through the Client Terminal. The Customer shall use the Company's telephone service only in times when it is impossible to use the Client Terminal. The Customer shall follow the rules of "Telephone Trading Etiquette".
The Company will recalculate Quotes for all Instruments in real time, based on market conditions and streaming prices/liquidity received from Liquidity Providers, and will periodically send to the Customer some of these Quotes as Market Snapshots.
Client shall receive quotes through his/her Client Terminal in MetaTrader 5. All Quotes shall represent the best possible available Bid and Ask price on the market at the time, as this may be provided by the Company's Liquidity Provider(s).
The Client understands and accepts herein that such quotes, as these may be represented by the Company, are considered correct and valid as provided by the Company's Liquidity Provider(s). The Client further understands and accepts herein that such quotes may vary significantly for the following, but not limited, reasons:
The Customer acknowledges that:
The Company ensures that losses will never exceed the total available funds across the Clients' trading accounts.
The Negative Balance Protection applies ONLY to trades of FX (Forex) currency pairs and Metals - other CFDs are not covered by this protection.
The Company reserves the right to withhold Client's funds or IB commissions to compensate negative balances caused by trading of CFDs instruments.
In addition, the client accepts that the Company reserves the right to immediately terminate the client's access to the trading platform(s) and recover any losses caused by the client, in the event that the Firm determines, at its sole discretion, that the client voluntarily and/or involuntarily abuses the 'Negative Balance Protection' offered by the Company, by way of, but not limited to, hedging his/her exposure using his/her trading accounts, whether under the same profile or in connection with another client(s); and/or requesting a withdrawal of funds.
The Company provides investment and ancillary services to the Customer.
Subject to the Customer's obligations under the Service Agreement being fulfilled, the Company may at its discretion offer the following ancillary services to the Customer:
The procedure for handling the Customer's Instructions given through the Client Terminal is:
The Customer has the right to cancel a previously given Instruction only if the Instruction has the "Order is accepted" status. In order to cancel it, the Customer shall press the "Cancel order" button. The Customer cannot cancel an Instruction given by an Expert Advisor.
If the Instruction is being processed by a Dealer and its status is "Order is in process", the Customer has no right to cancel it.
The Company at its sole discretion will specify the current market price.
The standby time for each Instruction which has been placed in the queue in order to be executed has a limit of 3 (three) minutes at the time of the release of Terms of Condition. If during this period of time, the Instruction has not been received by a Dealer, it is deemed to be irrelevant and automatically deleted. Once an Instruction is received by a Dealer, the Dealer processes it as soon as practicably possible. Depending on the amount of time a Dealer needs to process an Instruction there is a possibility that in the Server Log File the recorded execution time of the first Instruction in the queue will be later than the execution time of the Instruction which followed after.
In the circumstances listed below, the Company may decline an Instruction (the "Off quotes" message will appear in the Client Terminal in this case):
The Client shall only give Instructions through the Client Terminal. To avoid problems associated with the inability to open or close positions, we recommend using Pending Orders such as Stop Loss and Take Profit.
The Ask price is used to make a "buy" Transaction. The Bid price is used to make a "sell" Transaction:
All the positions which remain open from 23:59:45 to 23:59:59 (Server time) will be subject to rollover. All the positions which are opened or closed from 23:59:45 to 23:59:59 (Server time) may be subject to rollover. The positions will be rolled over by debiting or crediting the Customer's Trading Account with the amount calculated in accordance with the Contract Specifications.
The Company will provide quotes for all Instruments with a flexible Spread:
In case of an unforeseen break in the Quotes flow caused by software or hardware failure, the Company has the right to synchronize the Quotes Base on the real/live Server from other sources. Such sources include:
In the case of any Disputes arising in regard to the break in Quotes Flow, all decisions are made in accordance with the synchronized Quotes Base.
The size of the Leverage depends on the Customer's Open Positions as described on the Company's Trading Terms Webpage.
The Company has the right to change the Leverage of the Trading Account with immediate effect without giving prior notice.
The Company is entitled to apply new margin requirements amended in accordance with clause 5.14 to the new positions and to the positions which are already open.
In order to give an Instruction to open a position the Customer shall specify the following:
In order to open a position through the Client Terminal without using an Expert Advisor, the Customer shall press the "Buy by Market" or "Sell by Market" button. The Customer's Instruction to open a position may be executed at a price that differs from the Quote the Customer has received through the Client Terminal during the last Market Snapshot in the following cases:
In any case the Instruction will be executed at the best price available from the Company's Liquidity Providers.
When opening a position through the Client Terminal using an Expert Advisor, the Customer is not able to specify Stop Loss and/or Take Profit Order levels. If the Customer wishes to place these Orders, the Customer can do it by modifying the existing position in accordance with clauses 8.16 to 8.22.
In order to open a position through the Client Terminal without using an Expert Advisor, the Customer shall press the "Buy" or "Sell" button the moment the Customer is satisfied with the prices in the Quotes Flow.
In order to open a position through the Client Terminal using an Expert Advisor, the Instruction must be generated at the current Quote.
In order to open a position through the Client Terminal without using an Expert Advisor, the Customer shall send a Request. The Customer may open a position at the offered Quote by pressing the "Buy" or "Sell" button. The Company has the right to revoke the Quote if the Customer has not sent an Instruction within 3 (three) seconds of receiving the Quote or if the market moves and the Quote becomes irrelevant.
In order to open a position through the Client Terminal using an Expert Advisor, the EA generates a Request. If the Company offers a Quote, which differs from the EA's Quote by not more than the "slippage" value (the EA's parameter which determines the acceptable range between the EA's Quote and the Quote offered by the Company), the EA gives the Instruction to the Server to open a position at the Quote offered by the Company.
Once the Server has received the Customer's Instruction to open a position, it automatically checks if the Free Margin is sufficient to open the position:
The Company has the right to requote if the current Quote changes whilst a Dealer processes a Customer's Request or Instruction. The requote window will be enabled if in the "Order" window there is a tick in the "Enable maximum deviation from quoted price" tick box and the "Maximum deviation" field value equals zero. If the Customer does not press the "OK" button within 3 seconds, the Quote becomes invalid and it will be concluded that the Customer refuses to open a position.
An Instruction to open a position shall be deemed executed and the position shall be deemed open once the relevant record appears in the Server Log File.
An Instruction to open a position will be declined by the Company if it precedes the first Quote in the Trading Platform on the Market Opening. In this case the "Off quotes" message appears in the Client Terminal window.
In order to give an Instruction to close a position, the Customer shall specify the following:
In order to close a position through the Client Terminal without using an Expert Advisor, the Customer shall press the "Close by Market" button. The Customer's Instruction to close a position may be executed at a price that differs from the Quote the Customer has received through the Client Terminal during the last Market Snapshot in the following cases:
In all instances, the Instruction will be executed at the best price available from the Company's Liquidity Providers.
The Company has the right to requote if the current Quote changes whilst a Dealer processes a Customer's Request or Instruction. The requote window will be enabled if in the "Order" window there is a tick in the "Enable maximum deviation from quoted price" tick box and the "Maximum deviation" field value equals zero. If the Customer does not press the "OK" button within three seconds, the Quote becomes invalid and it will be concluded that the Customer refuses to close a position.
If amongst the Customer's Open Positions the Customer has a position which he/she wishes to close against a matching Open Position of the same Instrument, the Customer can do so by using the "Close by" item in the "Type" drop down list. Upon matching/closing the Customer's chosen positions, the Customer will have either a zero or net Long/Short Position based upon the net overall exposure. The Customer should note that the net overall position will be allocated a new Ticker.
If amongst the Customer's Open Positions the Customer has multiple positions which he/she wishes to close against matching Open Positions of the same Instrument, the Customer can do so by using the "Multiple Close by" item in the "Type" drop down list. Upon matching/closing the chosen positions the Customer will have either a zero or net Long/Short Position based upon the net overall exposure. The Customer should note that the net overall position will be allocated a new Ticker.
An Instruction to close a position is deemed executed and the position is deemed closed once the relevant record appears in the Server Log File.
An Instruction to close a position will be declined by the Company if the Instruction precedes the first Quote on the Market Opening. In this case the "Off quotes" message appears in the Client Terminal window.
An Instruction to close a position will be declined by the Company if it is made when the Stop Loss or Take Profit for this position is in the queue in order to be executed. In this case the "Off quotes" message appears in the Client Terminal window.
In order to open a position the following Orders (Pending Orders) may be used:
In order to close a position the following Orders may be used:
The Customer may place, modify or delete Orders only within trading hours for the relevant Instrument. The trading hours for each Instrument are indicated in the Contract Specifications.
The Expiration Status for the Pending Orders on the Instruments is specified in the Contract Specifications.
Stop Loss and Take Profit for all Instruments have "GTC" ("Good till Cancelled") status.
In order to give an Instruction to place a Pending Order, the Customer shall specify the following required parameters:
In addition, the Customer may indicate the following optional parameters:
The Instruction will be declined if:
In this case, the "Invalid S/L or T/P" error message appears if the Orders are placed through the Client Terminal without using an Expert Advisor.
If the Customer gives an Instruction to modify Pending Order parameters (the level of the Pending Order and/or If Done Orders), the Customer shall specify the following:
If any of the indicated information is incorrect and the Orders are placed/modified/deleted through the Client Terminal without using an Expert Advisor, the Instruction will be declined and the "Modify…" button will remain inactive.
The Order is placed in the queue in order to be executed in the following cases:
The Company will endeavor to execute Limit Orders at the specified limit price. However, the Company may not be able to do so due to market conditions and available liquidity at the time of execution.
The Company is entitled to close the Customer's Open Positions without the consent of the Customer or any prior notice if the Equity is less than the Level of Stop Out specified on the Company's Trading Terms Webpage.
Margin Level is monitored by the Server and subject to clause 9.1 the Server generates the Stop Out Instruction to close a position without prior consent. Stop Out is executed at the current Quote following the priority of the queue.
Once the position has been closed the relevant record appears in the Server Log File with the "Stop Out" remark.
If the Customer has several Open Positions, the first position which has to be placed in the queue in order to be closed is the one with the highest Floating Loss.
When the last Open Position is closed in accordance with clause 9.1 and there is no Price Gap or Price Gap on the Market Opening, the Company shall guarantee that the execution of Stop Out for the last position, in accordance with clauses 9.2-9.3, will not result in Negative Equity on the Client's Trading Account.
If a Stop Out execution has resulted in a negative Balance of the Customer's Trading Account, the Customer shall be liable for this loss and must make a payment of the full and total amount due immediately. Company has the right to compensate this loss at the expense of the Customer's funds located in other Accounts belonging to the Client.
In regard to CFDs on futures which are approaching the expiry date of the underlying asset, the Transactions are executed in the "close only" way. The Company advises the Customer of the date when the "close only" mode starts through Trading Platform internal mail notice and/or by displaying the information on the Company's Website.
The Company compulsorily closes the positions, which remain open on the expiry date of the underlying future contract, at the last Quote of the last trading session for this Contract for Difference:
The Company has the right to close any Open Positions of the Customer without a warning if it is required in accordance with the Dispute process.
In order to communicate with the Customer, the Company may use:
Contact details provided by the Customer whilst opening the Trading Account or updated in accordance with clause 10.4 will be used by the Company to contact the Customer and the Customer will agree to accept any notices or messages from the Company at any time.
Any communication sent to the Customer (documents, notices, confirmations, statements, etc.) are deemed received if:
For the purpose of clause 7, "business hours" mean between 9:00 a.m. and 6:00 p.m. (GMT +3) on a Business Day.
The Customer shall notify the Company immediately of any change in the Customer's contact details.
Transactions will be confirmed by email on the next Business Day after the execution. If the Customer has a reason to believe that the confirmation is inconsistent or if the Customer does not receive any confirmation (though the Transaction was made), the Customer shall contact the Compliance Department.
On the first day of each month the Company will send by email a statement which includes all Transactions during the previous month.
Any telephone conversation between the Customer and the Company may be recorded. All Instructions and Requests received by telephone will be binding as if received in writing. Any recordings shall be and will remain the sole property of the Company and will be accepted by the Customer as conclusive evidence of the Instructions, Requests or conversations so recorded. The Customer agrees that the Company may deliver copies of transcripts of such recordings to any court, regulatory or government authority.