Terms and Conditions
- General provisions.
ECNOptions Ltd (hereinafter referred toas the Company) and an individualor entity that has signed the presentAgreement and has filled in theregistration form (hereinafter referred to asthe Customer), together referredto as Parties, entered into the presentAgreement (hereinafter referred to asthe Agreement).
The present Agreement specifies the conditionsunder which the Company shallprovide the services to the Customer related toconducting operations onfinancial markets.
"Account history" – a full list of allcompleted transactions andnon-trading operations conducted on a liveaccount.
"Active account" is the Customertrading account, where quantity ofthe executed market lots (1 market lot isequivalent to 10 COMPANY lots) for theaccounting period exceeds 0.2% of theaverage equity denominated in USD. For aUSD 1,000 account the lot quantity is2 market lots or 20 COMPANY lots. Uponoccurrence of opposite trades only ahalf of the locked volume is counted forthe quantity of executed lots.
"Adviser" – a trading accountmanagement algorithm in the form of aprogram based on MetaQuotes Language 4.This program sends requests and ordersto a server using the Customerterminal.
"Arbitrage" – a trading strategy whichuses "Arbitragetransactions".
"Arbitrage transaction" – anoperation, when an asset is bought on onemarket, and at the same moment amatching asset is sold on a different market.This price difference is fixed onvarious exchange markets. It is easilyobserved, that the value of theportfolio remains almost unchanged regardless ofthe market movements (as theopposite trades offset each other). When the pricedifference changes to apositive side, the opposite arbitrage transaction offixing profit isconducted. An arbitrage transaction is also a transaction thatincludes onlythe asset purchasing (selling) on one type of the market withoutfurtherselling (purchasing) on a different market, with the condition of thataconsiderable price gap between the quotes of these two related marketsappearsat the moment of opening or closing the trade.
"Ask" – the highest price in the pairat which the Customer buys thecurrency.
"Balance" – aggregate financial resultof all completed transactionsand non-trading operations of a tradingaccount.
"Base currency" – the first currencyquoted in a currency pair, whichthe Customer can buy or sell at the price ofthe quote currency.
"Bid" - the smallest price in thecurrency pair exchange rate quote.The Customer sells at bid price.
"Bonus funds" – funds received by theCustomer as part of bonusprograms and contests, held by the Company.
"Equity" is the current accountbalance, calculated according to theformula: balance + floating profit -floating loss.
"Candlestick bar" is an element of thechart, which includes open andclose prices, as well as maximum and minimumprices for a certain period of time(1 minute, 5 minutes, an hour, 24 hours, aweek etc.).
"Customer" is a legal body or physicalparty that has accepted thepresent Agreement with the Dealer (the Company) inorder to conduct tradingoperations under the terms of margin trading, and whohas entered into aCustomer terminal rental contract with COMPANY.
"Customer terminal" is a MetaTrader4.xx software product, which letsthe Customer get information on financialmarket trades in the real time mode(quantity defined by the Company), performtechnical analysis of markets,conduct trades, set/change/cancel orders and receivemessages from the Dealerand the Company. It can be freely accessed at theCompany website.
"Customer log file" – a file createdby the Customer terminal, whichrecords all enquires and orders sent fromCustomer to the Dealer with a 1-secondaccuracy.
"Closed position" – the result of thesecond part of the completedclosed transaction.
"Completed position" consists of twoopposite trading operations ofequal size (open and close position): buyingfollowed by selling or sellingfollowed by buying.
"Contract for difference" (CFD) – atrading operation item based onchanges of the basis asset rate (i.e. the assetbeing the subject of the CFD),including stocks, futures, commodities, preciousmetals, stock index etc.
"Contract specification" – the maintrading conditions (such asspread, lot size, minimal trade volume, changes intrade volume, initial margin,lock etc.) for each instrument. As of the date ofwording the present Agreement,the information is available at Companywebsite
"Currency pair" is a unit of tradeoperation grounded on the pricechange of one currency versus anothercurrency.
1) a company, which the Customer entered intoagreement with, regulating thelegislative base of conducting trade operationsunder the conditions of marginaltrading.
2) an employee of this company who deals withperforming orders of the Customer,including orders’ execution, stop out andmargin calls (in the text of thepresent Agreement written lower-caseletters).
"Developer" – MetaQuotes SoftwareCorp., the developer of the tradingplatform.
“Disputable issue” is:
1) a situation where the Customer assumes thatthe Dealer has violated one ormore conditions of the present Agreement as aresult of its activity orinactivity;
2) a situation when the Dealer assumes that theCustomer has violated one ormore conditions of the present Agreement as aresult of his activity orinactivity.
"Enquiry" – the Customer instructionsent to the Dealer to obtain acurrency quote. An enquiry does not imply theCustomer’s obligation to open atrade.
"Fast market" is a condition of themarket which is characterized bysudden currency rate changes during a shortperiod of time and often followed byprice gaps. Usually it occurs right beforeand/or after one or a series ofevents:
- publication of economic indicators of the G8members (the eight leadingindustrial countries, i.e. the USA, Germany, Japan,France, the UK, Canada,Italy, Russia), has a high degree of influence on thefinancial markets;
- key interest rates’ announcements made bycentral banks and theircommittees;
- speeches or press conferences of central bankgovernors, finance ministers andof the G8 countries’ presidents;
- interventions of governments in currencymarkets;
- terrorist acts of a national (governmental)importance;
- natural disasters that caused announcement ofthe state emergency (or of theanalogical restrictive measures) within theaffected territories;
- outbreak of war or military actions;
- political force major events such asresignations, appointments or inaugurations(including election results) ofexecutive branch of governments;
- other conditions that influence on thedynamics of the currency rate.
"Floating profit/loss" – unfixedprofit/loss of all open trades at thecurrent exchange rates at presentmoment.
"Force majeure circumstances" –occurrences which could not have beenforeseen or prevented. Such as:
- natural disasters;
- acts of terror;
- government actions, actions of executive andlegislative governmentauthority;
- hacker attacks and other unlawful acts towardservers.
"Free margin" – funds on a tradingaccount that can be used foropening new trades. Calculated according to theformula: equity - margin.
"Graph" (chart) is a flow of quotesillustrated graphically. It showsthe peak high of any bar/candlestick, whichis the maximum Bid over a period;the low or minimum Bid; the close price orlast Bid of any bar/candlestick; andthe open price or first Bid of any bar/candlestick.
"Hedged margin" – a guarantee cashcover required by the Dealer foropening and maintaining trades. For everyinstrument, it is indicated separatelyin Specifications.
"Initial margin" – the required by theDealer cash cover for opening atrade. For each instrument the value isindicated in Specifications.
"COMPANY website" is the officialwebsite of COMPANY broker availableat the following website address:www.ecnoptions.com
"Instrument" – a currency pair or CFD(contract for difference).
"Leverage" – the ratio of a coveredsum used in a trade to the volumeof the trade: 1:200. Leverage 1:200 meansthat in order to open a trade it isnecessary to have a trading account withthe deposit sum, which is 200 timesless than the sum of the trade to beopened.
"Lock" – long and short positions ofthe same volume that were openedfor the same instrument on the sameaccount.
"Lock margin" is a cover sum, requiredby the Dealer in order to openand maintain lock positions. For every instrumentit is indicated inSpecifications.
"Long" – buying an instrument hopingthat the rate will increase. Inconnection with the currency pair, it ispurchasing the base currency using thequote currency.
"Lot" – a unit to measure the quantityof shares, commodities, basecurrency, which is used in a tradingplatform.
"Lot size" – the quantity of assets,commodities, base currency perone lot, defined in Specifications.
"Margin level" – the ratio of equityto necessary margin (in percent), calculated according to the formula:(equity/margin)*100%.
"Margin call" – a state of the tradingaccount when the Dealer has aright but is not obliged to close all open tradesof the Customer because ofinsufficient funds (free margin). Margin level,whereat "margin call"situation arises; is indicated in the presentAgreement.
"Margin trading" – trading with theuse of leverage; a Customer isable to open trades which value is much higherthan the employed in a tradepersonal funds of the Customer.
"Market open" – start of tradingsessions after weekend, holidays orafter a time interval between tradingsessions.
"Necessary margin" – a Dealer'sfinance requirement for maintainingopen positions; each instrument is shown inSpecifications.
“Non-trading operation” – the operation oftopping up a trading account (orwithdrawing money from the trading account) orthe operation of allocating(returning) the credit.
“Normal market conditions” – the condition ofthe market when:
- there are no significant stops in delivery ofquotes to a tradingplatform;
- there is no rushing price dynamics;
- there are no considerable price gaps.
"Normal market” – see "Normal marketconditions".
"Obvious error" – the Dealer’sopening/closing the Customer’spositions or executing any orders at prices,which greatly differ from the priceof the instrument in the quoting flow atthe moment of execution. Or some otherDealer activity or inactivity related towrong evaluation of market prices at acertain moment of time.
"Opening gap" is a situation when oneof the following statements istrue:
- Bid of the market open is higher than Ask atmarket close;
- Ask at market open is lower than Bid at marketclose.
"Order" – the Customer instructionssent to the Dealer to open/close atrade once price reaches the order level, orto place, delete or change theorder level.
"Order level" – the price indicated inthe order.
"Open position" is the result of thefirst part of a fully completedtransaction. When opening a position, theCustomer undertakes the followingobligations:
- to conduct the second part of the transactions(buy/sell) of the samesize;
- to maintain equity not lower than 20% of thenecessary margin.
"Pending order" – the Customerrequests the Dealer to open a tradeonce price has reached the orderlevel.
"Pips" - the smallest unit of pricefor any foreign currency. Alsocalled “points”.
"Price prior to non-market quoting" isa close price of a minute bar,prior to non-market minute bar quote.
"Price gap" – either of the followingsituations:
- the present Bid is higher than the priorAsk;
- the present Ask is lower than the priorBid.
"Quote currency" is the secondcurrency in the currency pair symbolthat is used by the Customer for sellingor buying the base currency.
"Quotes data base" – information aboutall quotes of currencies.
"Quoting" is the process of providingthe streaming real-time currencyquotes to the Customer in order to conduct atrade.
1) for currency pair: base currency unit priceexpressed in terms of quotecurrency;
2) for CFD: base asset unit price expressed interms of money.
"Real deposit" is a difference betweendeposits and withdrawals at theCustomer trading account for the reportingperiod.
"Server log file" is a file created bythe server, which records allrequests and orders received by the Dealer fromthe Customer, including theprocessing result, with 1-second accuracy.
"Server" is software product ofMetaTrader Server 4.xx which processesthe Customers’ orders and requests,provides information about financial markettrades in real-time mode (quantitydefined by the Company), taking into accountmutual obligations between theCustomer and the Dealer, and adherence to theconditions and restrictions.
"Short position" – selling theinstrument with a view to the ratedecline. With respect to currency pairs:when the base currency is sold usingthe quote currency.
"Spike" – the price quote that meetsthe following conditions:
- there is a considerable price gap;
- a short-term price returns to the initiallevel creating a price gap;
- no rushing price dynamics prior to this pricequote;
- no macroeconomic events and/or corporate newsnoticeably influencing on theinstrument price at the moment of this quotebreak out.
The Company has the right to remove informationthat concerns non-market quote(Spike) from the quotes data base of theserver.
"Spread" – the difference between Bidand Ask (in pips).
"Streaming real-time quotes" – a chainof quotes for every instrumentimported to and seen in a trading platform, themechanism of providing quotes tothe Customer by the Dealer, visible in thereal-time mode, using which theCustomer is able to send an order to the Dealerto conduct a trade at everymoment.
"Stop out" – forced order to close aposition generated by theserver.
"Swap" – a payment taken for carryingan open position overnight. Itcan be either positive or negative. A chart,defining swap values for eachinstrument, can be found at COMPANY officialwebsite. At the moment of thepresent Agreement revision, the information wasavailable at Company website
"Trailing stop" is the stop loss (SL)order managementalgorithm:
- if an open position profit does not exceed thetrailing stop level, do nottake any actions;
- as soon as the open position profit exceedsthe trailing stop level, send anorder to the server overriding the SL order bya distance that equals thetrailing stop value of the current price;
- as soon as the interval between the SL orderand the quote exceeds thetrailing stop, the server will change the orderlevel, so that the distancebetween the order and current price is equal to thetrailing stop.
The trailing stop works when the Customerterminal is launched, connected to theInternet and successfully authorized bythe server.
"Thin market" – a state of the market,when there are less quotes thannormally imported in the trading platform for aconsiderable period of time. Asa rule, this type of the market conditionoccurs during Christmas holidays,national holidays in G8 countries and between23:00 p.m. - 3:00 a.m. (GMT+2)etc.
"Ticket" – a unique identificationnumber assigned to position orpending order in a trading platform.
"Trailing stop value" – the value ofthe parameter “trailing stop”,set by the Customer.
"Trading platform time" – the timezone in which the events registeredin the server log file occur. At the momentof the present Agreement publicationit is GMT+0.
"Trading operation size" – thequantity of lots multiplied by the lotsize.
“Market conditions that differ from normal ones”– thin market or fastmarket.
"Trading operation/trade" ispurchasing/selling the instrument carriedout by the Customer.
"Trading platform/terminal" – a set ofsoftware and technicalfacilities that supports receiving information ontrading carried out onfinancial markets in real-time mode, conducts tradingoperations, takes intoaccount mutual obligations between the Customer and theDealer, and enforcesobserving conditions and restrictions. In simplified formfor the purposes ofthe present Agreement consists of the “Server” and the“Customerterminal”.
"Trading account" – uniquepersonalized log of all operations recordedon the trading platform, wherecompleted closed transactions, opened positions,non-market operations andorders are reflected.
The present Agreement between the Customer andthe Company defines the terms ofuse for all services, which are offered by theCompany and other authorizedthird-party service providers, including using theservices with the purpose toconduct transactions on the Customer tradingaccount.
2. Company services.
2.1. Definition of the Company services.
2.1.1. The Company services are all interactiveprograms or services offered bythe Company, which make it possible for theCustomer to:
- get connected with the Company or with anauthorized third-party serviceprovider;
- receive information and quotes from theCompany or from an authorizedthird-party service provider;
- conduct trades on financial markets throughthe Company trading terminalMetaTrader 5.0 (software program) which includeselectronic data transfer thatthe Customer submits to the Company using apersonal computer connected by modemor any other device to access the filetransfer network assigned by theCompany.
2.1.2. By signing the present Agreement theCustomer acknowledges gettingfamiliarized with the rules of communication andagrees that the Customer cangive instructions only by telephone or theCustomer trading terminal.
2.1.3. The services of the Company includeinformation software set"MetaTrader 5.0", means of technicalanalysis and services ofinformation provision by the third party, offeredalong with the services of theCompany.
2.1.4. The Customer acknowledges that theCompany reserves the right to change,add, rename or leave unaltered theCompany services that are offered in terms ofthe present Agreement without anyprior notice. The Customer also acknowledgesthat the Agreement is applicableto services, which can be changed, added orrenamed in future in addition tothe services which are provided to the Customercurrently.
2.1.5. In relation to the Customer trades, theCompany merely executes theCustomer orders without providing trust managementor recommendations. TheCompany executes the Customer enquires or ordersregardless of a tradecharacter, even if they are non-beneficial for theCustomer.
2.1.6. But for the cases described in the presentAgreement, the Company is notobliged to:
- monitor and notify the Customer about thetrade status;
- close a Customer open position;
- make attempts to execute the Customer orderusing the quotes, which differfrom the quotes displayed in the "MetaTrader4.0" tradingplatform.
2.1.7. The Company services exclude providingrecommendations and information tomotivate the Customer to conduct operations.In some cases, the Company reservesthe right to give information,recommendations and advice to the Customer; inthis case the Company bears noresponsibility regarding the result andeffectiveness of such actions. TheCompany reserves the right to cancel or closeany Customer position in terms ofconditions that are regulated by the presentAgreement. All trades conducted bythe Customer as a result of erroneousinformation or a mistake, are to beupheld by both parties, the Customer and theCompany.
3. Basic principles.
3.1 Processing Customer orders.
3.1.1. For conducting trades the "InstantExecution" quoting mechanismis used.
3.1.2. Customer enquiries and orders areprocessed according to the followingscheme:
- the Customer makes an enquiry or an order,which correctness is checked, inthe Customer terminal;
- the Customer terminal forwards the enquiry ororder to the server;
- the server receives the Customer order andchecks its correctness; then thetrading terminal shows the message"request was accepted byserver";
- once the Customer enquiry or order has beenprocessed, the server sends theresult back to the Customer tradingterminal;
- provided that there is uninterruptedconnection between the Customer terminaland the server, the Customer terminalreceives the result of the enquiry ororder execution result from theDealer.
3.1.3. The Customer can attempt to cancel theearlier sent request (which isqueued); nevertheless, the Company cannotguarantee the success of thisattempt.
3.1.4. The time, required to execute an enquiryor an order, depends on thequality of connection between the Customer terminaland the Company server, aswell as on the market conditions. Under the normalmarket conditions, it usuallytakes about 1-5 seconds to process an enquiry oran order. Amid the marketconditions which differ from the normal ones, theprocessing time can beextended up to 10-15 seconds.
3.1.5. The Company server can decline theCustomer order in cases asfollows:
- at the market opening a "No price"message is received, in case theCustomer makes an enquiry before the firstquote is imported in the tradingplatform;
- the Customer does not have enough funds toopen a new position;
- market conditions are other than normal.
3.2. Trading operations.
3.2.1. Currency is sold at Bid price. Currencyis bought at Ask price.
3.3. Minimal size of a trade.
3.3.1. Minimal size of a trade is 0.01 Marketlot
3.3.2. If the sum total of the Customer openedpositions exceeds the followingsums in base currency, the Company reserves theright to impose limitations onthe maximal leverage.
- for the amounts over USD5,000,000 (fivemillion) to 1:100;
- for the amounts over USD20,000,000 (twentymillion) to 1:50.
The Company reserves the right to impose theabove-mentioned restrictions on aselective basis.
3.4.1. In case of no force major circumstances,the Company uses fixed spreadfor fixed spread accounts, which is indicated onthe Company official website.By variable spreads accounts spread is variable.
3.4.2. Carrying over a position to the nextday.
When a position passes over to the next day, theswap is accrued for an openposition starting since 23:59:30. For the nightWednesday – Thursday, a tripleswap is accrued. Size of swap is indicated atCompany website
3.5. Making amendments to tradingconditions.
3.5.1. The Company has the right to changemargin requirements, spreads, theorders’ executing mode and other tradingconditions in correlation with nationaland international holidays, and withoutnotify to the Customers beforehand. Inthis case, all changes will beapplicable to the already opened trades and newpositions.
3.6. Closing CFD positions.
3.6.1. If there are opened positions in atrading account on a day (or on thenext day) of the economic statisticspublication of the CFD issuing company, orany other event, which has a greatimpact on the share rate, the Companyreserves the right to close a positionusing the last market quote at thetrading session close. In this case, therefollows a trade reopening at one ofthe market quotes during the first 5minutes after the session opening.
3.7. Opening position.
3.7.1. To open a position, an order should besent from the Customer terminal tothe Company server. The following orderparameters are obligatory:
- position size (in lots).
3.7.2. The list of instruments available forconducting trading operations using"Instant Execution" mode ispublished at the official website of theCompany
3.8. The Company is obliged to notify theCustomer 7 days prior to changing thelist of the trading instruments.
3.8.1. To open a Buy/Sell position the Customershould send an order using theCustomer terminal.
To open a Buy position in the order window ofthe Customer terminal the Customershould click "Buy", whereat theorder is sent to the server.
To open a Sell position in the order window ofthe Customer terminal a Sell tabshould be clicked, whereat the order is sentto the server.
3.9 Executing Customer orders to open aposition.
3.9.1. If the size of free margin is enough toopen a position, the positionshall be opened. A new free margin level shall beadjusted automatically.
3.9.2. In case the size of the free margin isinsufficient to open a position,the position shall not be opened and a messageabout insufficient funds shallappear in the order window.
3.9.3. If at the moment of the Customer order orenquiry execution by the serverthe quote changes, the server shall offer a newBid/Ask price. In this case anew window "Requote" shall appear withnew prices. If the Customeragrees to conduct the operation at newly offeredquotes, the “OK” tab should beclicked in “Requote” window within 3seconds.
3.9.4. The Customer order to open a position isconsidered to be executed, andthe position to be opened, when thecorresponding server log file has beenupdated with a new record. Each newposition shall receive a sequential ticketnumber.
3.10. Closing position.
3.10.1. To close a position in the Customerterminal the Customer is obliged toindicate the following parameters:
- the ticket of the position to be closed,
- the size of the position.
3.10.2. To close a position, the Customer shouldclick the icon "Closeposition” in the order of the tradingterminal.
3.11. Execution of the Customer orders to closea position.
3.11.1. If at the moment of the Customerorder/enquiry execution by the server,the quote has changed, the server shalloffer a new Bid/Ask price. In this casethere will appear a “Requote"window with new prices. Provided that theCustomer agrees to conduct the dealat newly offered prices, the “OK” iconshould be clicked within 3seconds.
3.11.2. The Customer order to close a positionis considered as completed, andthe position as closed, when a correspondingrecord in the log file of theserver appears.
3.12. Description of orders, available inCOMPANY trading terminal:
3.12.1. Types of orders:
"Buy Stop" suggests opening a buyposition at a higher price than theactual price at the moment of the orderplacing;
"Sell Stop" suggests a sell positionopening at a lower price than theactual price at the moment of the orderplacing;
"Buy Limit" suggests opening a buyposition at a lower price than theactual price at the moment of the orderplacing;
"Sell Limit" suggests opening a sellposition at a higher price thanthe actual price at the moment of the orderplacing.
3.12.2. To close the position the followingorders can be used:
"Stop Loss" implies closing theearlier opened position at a price,which is less profitable for the Customerif compared to the price at the momentof order placement;
"Take Profit" implies closing anearlier opened position at a price,which is more profitable for the Customeras compared to the price at the momentof the order placement.
3.12.3. The Customer has the right to change andremove any pending order if ithas not been activated.
3.13. Execution of orders.
3.13.1. An order will be queued for execution inthe following cases:
- Sell Stop order is queued for execution themoment the Bid price in thestreaming quotes becomes lower or equal to theorder level;
- Buy Stop order is queued for execution themoment the Ask price in thestreaming quotes hits or exceeds the orderlevel;
- Sell Limit order is queued for execution themoment the Bid price in thestreaming quotes hits or exceeds the orderlevel;
- Buy Limit order is queued for execution themoment the Ask price in thestreaming quotes becomes lower or equal to theorder level;
- Take Profit order for open buy position isqueued for execution when the Bidprice in the streaming quotes exceeds orequals the order level;
- Stop Loss order for open buy positiontriggers, when the Bid price in thestreaming quotes drops below or equals theorder level;
- Take Profit order for open sell tradetriggers, when the Ask price in thestreaming quotes drops below or equals theorder level;
- Stop Loss order for open sell trade triggersselling an open position, and theAsk price in the quoting flow exceeds orequals the order level.
3.13.2. In cases of price gaps the orders are executedaccording to thefollowing rules:
- pending orders, where the open level and theTake Profit got into a price gap,are canceled with a comment[canceled/gap];
- Take Profit order the level of which is withina price gap, is executed at theprice set by the order; Company has right toexecute in price more favorable toCustomer
- Stop Loss order, which is within the pricegap, is executed at the firstreceived price following the gap and marked by acomment [sl/gap];
- Buy Stop and Sell Stop pending orders areexecuted at the first price receivedfollowing a price gap, with [started/gap]appearing as a comment;
- Buy Limit and Sell Limit pending orders areexecuted at the set price andmarked by a comment [started/gap].
In some cases, when price gaps are small, orderscan be executed in a customarymode, according to the set in the orderprices.
3.13.3. When a pending order is received forexecution and the size of freemargin is not enough for the order opening, thepending order is deletedautomatically.
3.14. Time of validity and order placement,parameters, rules of placingorders.
3.14.1. Orders can only be placed, removed orchanged by the Customer whentrading for the chosen instrument isallowed.
3.14.2. Placing a pending order, the followinginformation should be provided bythe Customer:
- the instrument;
- position size (volume);
- order type (Buy Stop, Sell Stop, Buy Limit,Sell Limit);
- price level at which the order should beset.
3.14.3. When a pending order attempts execution,the server automatically checksthe trading account stance to see if freemargin is available. New position isadded to the list of open positions; thecumulative Customer position and freemargin are calculated.
3.14.4. Under normal market conditions a serverexecutes an order according tothe price set without slippages.
3.14.5. An order is considered to be executedonce it has been recorded in theserver log file.
3.14.6. The Customer agrees to undergo asupplementary expert examination of thetrading account, if it has beenrevealed that the trading methods of theCustomer include opening andclosing/opening lock positions with a less than10-seconds interval betweenthem. In accord to the results of the supplementaryexamination the Company reservesthe right to correct the outcome of theCustomer’s trading by the sum total ofsuch orders.
3.15. Forced close of positions.
3.15.1. When the Customer account margin levelis less than 20%, margin calltriggers. The Company has the right, however, isnot obliged to close theCustomer position. It is at the Company’s discretionwhether to close theposition or not.
3.15.2. If the current trading account state(equity) is less than 10% of themargin necessary to maintain an open position,the Company reserves the right toforce a Customer position close without priornotice.
3.15.3. The server controls the account currentcondition. In case conditionsdescribed in Clause 3.15.2 of the presentAgreement are violated, the servershall generate a forced position closingorder (stop out). Stop out is executedaccording to the market price in linewith the general Customer orders’ queue. Forcedclose of a position is recordedin the server log file as a "stopout".
3.15.4. In case the conditions described inClause 3.15.2 of the presentAgreement are violated and the Customer hasseveral open positions, the positionwith the highest floating loss will beclosed first.
3.15.5. Amid normal market conditions theCompany secures that after the lastposition close the balance of the tradingaccount will be 0% - 10% of the marginneeded to cover this last forcedlyclosed position. The Company reserves theright to restore the negative accountbalance of a Customer with the fundsavailable in another account owned by theCustomer, if the balance has turnednegative in the result of a strong pricemovement (as a rule, in cases describedin the Clause 5.9.).
3.15.6. There can be a delay in automatic orderclosing in the process of forcedposition close. This delay can be the reasonof closing a position at a morefavorable price than the price at the moment ofthe induced order closing. Theaccount status at the moment of the deal closingby “stop out” is reflected inthe comment to the order, where per cent of freemargin, account balance andmargin level are indicated. Closing of the order atthe price, which is moreprofitable for the Customer than the "stopout" level, cannot beconsidered as the reason for a claim on the part ofthe Customer. Closing of theposition at the price, which is less favorable fora Customer than "stopout" level, can be considered as the reason ofclaim on the part of theCustomer.
3.15.7. By accepting the present Agreement, theParties have agreed that marketworking time - Monday 00:00 - Friday 23:59 - isshifted twice a year due to theUSA switching to day-light saving time and viceversa, on the second Sunday ofMarch and the first Sunday of Novembercorrespondingly.
3.15.8. The maximum number of deals openedsimultaneously is not limited. Yet,the Company reserves the right to imposeobligatory restrictions upon the numberof orders opened.
4. Money deposit/withdrawal.
4.1. Withdrawing funds from a Customer tradingaccount.
4.1.1. The Customer shall withdraw the moneyfrom the trading account to thepayment systems, enabled for withdrawal in theTrader’s room on the Company’sofficial website.
4.1.2. For the trading accounts, which weredeposited through electronic paymentsystems, the withdrawal of money by meansof bank currency transfer using thebank details of the trading account owneris made, if agreed upon by theCompany.
4.1.3. Using electronic payment systems,withdrawal is possible to be processedonly to the same payment system with thesame account details (currency, accountnumber), which the deposit was madefrom. In case a trading account has beenloaded from numerous payment systems,using several wallets and in differentcurrencies, withdrawal shall berequested on the proportional basis.
4.1.4. If the Customer has changed the detailswithin the payment system, it isnecessary to notify the Company by sending afilled-in form with attachment ofID scan copy to the Finance Department of theCompany. Otherwise, the Companyreserves the right to decline the Customerrequest of withdrawal to new personaldetails.
4.1.5. Withdrawal is processed within the settime, which varies for everypayment system; however, in some cases the time ofthe withdrawal can beincreased up to 5 working days, except for the cases describedin Clause 9.1.4of the present Agreement.
4.1.7. If the currency exchange between paymentsystems has been revealed, theCompany reserves the right to charge extracommissions for the exchangeservice.
4.2. Depositing funds to the Customer trading accountcan be made through any ofthe methods listed at the Company's website.
4.2.1. The Customer agrees that in cases ofsoftware malfunction, delays indepositing funds to the trading account arepossible.
4.2.2. he Company is obliged to load a sum tothe Customer trading account incase of detecting any error in software, thatcaused a delay in automatic fundsdepositing, upon condition that the Customerinforms about the delay.
4.3. Company doesn’t provide any interest ratesover unused balance, butreserves right to provide them.
4.4. Fees charged for deposit/withdrawal.
4.4.1. At funding a trading account the Companycompensates full or partialamount of fees charged by payment systems. Companyis not provider nor operatorof any payment system and therefore can’tguarantee fees or any costs. Companyis not allowed to charge higher costs ofdeposit/withdraw then are actual costsof payment system.
In case of detection of this service abusivepractice the Company reserves theright to deduct the commission from theCustomer trading account.
5. Order of business, claims and contentiouscases settlement.
5.1. When contentious cases occur, the Customeris entitled to report a claim tothe Company. Claims are accepted within twoworking days from the date theproblem has occurred.
5.2. The claim shall be sent to the DealerDepartment in the form of anemail [email protected]/* */ claims. The is notsubject to revelationby the claimant until the inquiry is finished.
Claims submitted in other ways shall not bereviewed.
5.3. The Company shall process the Customercomplaint within the term of notmore than 10 working days:
If the Customer claim is considered fair, theCompany will accept it and depositfunds in the Customer trading account withinone working day.
The Company follows generally accepted marketpractices and internal policy, forthose claims not mentioned in the presentAgreement.
5.4. The Customer claim form shallcomprise:
- full name;
- trading account number;
- date and time when the contentious caseoccurred;
- contentious case or order ticket;
- description of claim, leaving out emotionalconnotation.
5.5. The Company reserves the right to dismiss aclaim in the followingcases:
- the claim does not comply with the terms ofthe Clauses 5.1, 5.2, 5.4.;
- the claim comprises obscene/rude words or/andinsults to the Company or itsofficials;
- the claim contains threats to the Company orits officials;
- the Customer threatens to stain the reputationof the Company using socialnetworks and other community resources.
5.6. The Company reserves the right to correctthe result of the Customer tradesif the server errors were detected, which ledto quotes delay, spikes and othernegative consequences for the Company, andcould not have been hedged by theCompany contractors.
5.7. The Company guarantees that any deal of theCustomer carried out atnon-market quote (spike) shall be restored just afterdetection of the fact oferroneous performance.
5.8. If the positions are fully locked by anylocking system including triplelock and the sum of swaps is not equal to zero,the Company reserves the rightto correct the swap.
5.9. The present Agreement forbids use ofstrategies oriented on the profit extractionby means of intentionally creatingthe situations, when one of the Customer's ora group of Customers’ accountturns to negative balance, including the situationwhen the accounts are openedunder the names of different persons, invariablybeing the part of one tradingstrategy. In case of revealing implementation ofsuch trading strategies, theCompany reserves the right to apply the Clause3.15.5. of the presentAgreement.
5.10. If at the moment of market close the totalvolume of positions, opened atthe Customer account implies the change of totalprofit by more than 0.5% ofdeposit, in case the price changes by 1 pip (morethan 5 COMPANY lots for everyUSD1,000 of deposit), the Company reserves theright to correct the financialresult of such deals in case the market openswith a gap by the amountproportional to the size of the gap in pips.
5.11. The Dealing Department of the Companyexecutes its affirmative decision ona claim regarding reopening a positionaccording to the following scheme: incase there are considerable time or pricegaps since the moment of erroneousclosing a position to that of opening aposition, the deal can be opened againat an average price which is set eitherfor the period between a mistakenposition close and making a decision on itsreopening or within an hour from themoment of erroneous position close.Reopening a position is placing a new orderof the same volume as the oneclosed mistakenly. This rule is fully applicableto the compensation ofmistakenly closed positions.
5.12. When the price change, connected with thea difference between theinstrument last price at market close and theinstrument first price at marketopen, or connected with news release, leads toa profit higher than 10% of theinitial deposit, the Company reserves the rightto use correction of such tradefinancial result in the size proportionate tothe difference of theabovementioned prices in pips, by means of deducting thefunds with the comment"Clause 5.12. correction". In certain cases itis at the Company’sdiscretion to set the minimal profit change below a 10%level (of the initialdeposit).
5.13. The Company reserves the right to nullifyresults of a deal if the Companydiscovers that money used to execute the dealhas been acquired in a violationof provisions of any Company agreement,including the present Agreement,accepted by the Customer.
5.14. If the total swap on all the trades madeexceeds USD5,000, the Companyreserves the right to correct it to USD5,000 incertain cases.
5.15. The compensatory amount to the Customer ateliminating the technicaldeficiency consequences cannot exceedUSD500,000.
6. Identification and verification ofCustomers.
6.1. The Company has the right to ask theCustomer to prove the personalidentity information, indicated in the tradingaccount registration form. At anymoment the Customer can receive a request tosubmit a scan copy of the passport/ID or a certified copy of the passport/ ID,which is at the Company'sdiscretion.
6.2. In case the Customer has not received therequest for providing the scancopy of passport/ ID, the verification procedureof the trading account is notobligatory, though the Customer is free to sendthe copy of the passport or anyother document which identifies the personalityto the Client RelationsDepartment.
6.3. If after the account opening the Customerpersonal registration information(such as full name, address or telephone) hasbeen changed, the Customer isobliged to inform the Client Relations Departmentof the Company sending arequest to change the registration information.
6.4. A Customer agrees that personal informationindicated at registration of atrading account can be used by the Companywithin the bounds of the AML (againstmoney-laundering) policy.
6.5. The Customer is responsible forauthenticity of the provided personaldocuments or their copies, and admits theright of the Company, if theiroriginality is doubted, to apply to thelaw-enforcement authorities of thedocument issuing country for the authenticationvalidation, in case the act ofthe document forgery was disclosed, the Customerwill be brought toresponsibility in accordance with the legislation of thedocument issuingcountry.
This notification is missioned to reveal to theCustomer the informationregarding risks connected with conducting tradingoperations on the financialmarkets and to warn the Customer about possibilityof financial losses relatedto these risks. In the present Agreement it isimpossible to disclose allinformation about all potential risks due to sheernumber of possiblesituations. The interpretation of the notions and terms usedin thisnotification fully coincides with interpretation of those in theAgreement onprocessing and executing the Customer orders.
7.1. Leverage effect.
7.1.1. Conducting trades under the conditions of"Margin Trading" aslight change of the instrument price rate canhave an imposing impact on theCustomer trading account balance due to theleverage effect. In case the marketmoves against the Customer position, thelatter can suffer losses in the amountof the initial deposit and otheradditional funds deposited by the Customer inorder to keep the positions open.The Customer acknowledges being fullyresponsible for considering all risks,using finance and choosing the correspondingtrading strategy.
7.1.2. It is highly recommended to maintain theMargin Level above 1000% andalways set Stop Loss orders to limit possiblelosses.
7.2. High instrument volatility.
7.2.1. Numerous instruments have considerableintraday price change ranges,implying a high possibility of trades ending inhigh profits or losses.
7.3. Technical risks.
7.3.1. The Customer undertakes risks offinancial losses caused bymalfunctioning of informative, communication,electric and other systemsinvolved.
7.3.2. Conducting trading operations in theCustomer terminal, the Customerundertakes the risks of financial losses causedby the following reasons:
a) hardware and software equipment errors, orpoor quality of connection on theCustomer side;
b) improper functioning of the Customerequipment;
c) wrong settings of the Customerterminal;
d) use of outdated Customer terminal;
e) the Customer unfamiliarity with theinstructions provided in the"Customer Terminal Use Guide" and in thesection "FAQ: FrequentlyAsked Questions".
7.3.3. The Customer acknowledges that in case ofconducting trading operationson telephone, during peak hours the possibilityto reach the operator is weaker.The situation described can occur during fastmarket (for example, at key newsreleases).
7.4. Other than normal market conditions.
7.4.1. The Customer realizes that under otherthan normal market conditions thetime of the Customer order processing can beprolonged.
7.5. Trading platform.
7.5.1. The Customer admits that there can beonly one enquiry/order enqueued tobe processed by the sever. The attempt toset any new order or enquiry shall bedeclined with the order window displayingthe message "Trade flow isbusy".
7.5.2. The Customer acknowledges that the onlyreliable source of informationregarding the streaming quotes is the mainserver, servicing the real Customers.The quotes databases in the Customerplatform cannot be regarded as a crediblesource of information regarding thestreaming quotes, as in case of unstableconnection between the Customerplatform and the server a part of quotes canfail to enter the Customerplatform.
7.5.3. The Customer admits that shutting downthe window of placing/ modifying /cancelling an order, and shutting down thewindow of closing or opening positionsdoes not cancel the enquiry or order,which has already been sent to the Dealerto be exercised.
7.5.4. The Customer undertakes risks ofunplanned trading operations conductedin cases of resending an order beforethe moment of receiving the information aboutthe result of the Dealer’sexecuting the prior order.
7.5.5. The Customer realizes that simultaneousmodification of the pending orderlevel and Stop-Loss and/or Take-Profit, whichwere added right after the orderhad been executed, will only be processed whena Stop-Loss and/or Take-Profitlevel order is modified for the opened positionof the order.
7.6.1. The Customer undertakes the risk offinancial losses caused by latereceiving or a failure to receive the server orDealer message.
7.6.2. The Customer realizes that non-codedinformation sent by email is notsecured from unauthorized access.
7.6.3. The Customer agrees that the Dealerreserves the right to delete themessages, which were not received by theCustomer by internal Customer platformmail within three calendar days sincethe moment of the message uploading.
7.6.4. The Customer bears full responsibilityfor confidentiality of thereceived from the Dealer information, and undertakesthe risks of financiallosses caused by unauthorized access of third parties tothe Customer tradingaccount.
7.7. The risks connected with activity of thirdparties involved in relationshipbetween the Company and the Customer.
7.7.1. The Customer undertakes risks connectedwith disestablishment of paymentsystems. If the electronic payment systemceased to exist, the Company deductsfunds from the Customer account in theamount deposited through thissystem.
7.7.2. The Customer undertakes risks related toindicating wrong details forbank wire transfer and accepts that this can bethe reason of refund, additionalcharging commissions, and other risks relatedto refund and repeating a wiretransfer.
7.7.3. The Customer undertakes risks related tounauthorized use of theCustomer’s personal data of access to payment systems,and also connected withusing the Customer’s bank cards by the individuals whodispose sufficient datafor using such cards, that occurred in the result ofthe Customer carelessness.
8. Communication with Customer.
8.1. To contact the Customer the Company canuse:
- trading platform internal mail;
- postal service;
- news from the section “Company News” on theCompany’s official website.
The Company shall use the personal informationof the Customer indicated atregistration, in this regard the Customer isliable to inform the Company aboutall changes in the personal contactdetails.
8.2. A message (including documents,announcements, notifications,confirmations, reports etc.) is considered asreceived by the Customer:
- one hour after it has been sent byemail;
- immediately in case it has been sent byinternal mail in the tradingplatform;
- immediately in case sent by fax;
- immediately after the phone call has beenfinished;
- after 7 calendar days in case sent by postalservice;
- right after release of news in the section“Company News” of the Companyofficial website.
8.3. The Customer daily receives an email with areport on all operationsconducted in the trading account for the past 24hours.
9. Responsibility and liability.
9.1. General provisions.
9.1.1. The Customer ensures that:
- the information indicated in the accountregistration form is true andpertains to the account owner;
- it is of the Customer full responsibility tosecure confidentiality using theusername and passwords;
- the Customer is fully responsible for actionsthat result from using usernameand passwords;
- the Customer bears full responsibility foractions including operations onfinancial markets;
- agrees to the right of the Company to recordconversations with the Customerwith the purpose of their proof.
9.1.2. The Company ensures that the informationindicated by the Customer in theaccount registration form is confidential. Incase of such disclosure theviolation shall be handled according to the presentAgreement.
9.1.3. The Customer accepts that the Company ora third party involved inrepresenting the services to the Customer is notliable for malfunctioning ofthe telephone connection, internet, scheduledmaintenance or updates or anyevents that do not depend on the Company, orinformation services provider or athird party dealing with rendering servicesto the Customer.
9.1.4. The Customer agrees that the Company hasa right to suspend activity onthe Customer trading account in case the Companyhas any suspicion that theCustomer trading account is used formoney-laundering or the Customer hasprovided deliberately false information.Once the operations are suspended, theCompany shall conduct the investigationthat may include examination of theaccount registration data and the tradingaccount depositing history,identification of the Customer, etc. The Customeragrees that the Company hasthe right to initiate investigation, if it hasreasons to suspect that theCustomer has traded on the account in violation ofthe present Agreement.
9.1.5. The Customer acknowledges, that inconformity with anti-money launderingpolicy, the Company has a right torequest the details of the bank account openunder the name of the Customer,imposing the limitations on funds' withdrawalfrom the account only throughbank transfer with the specified bank details. Incase of the Customer refusalto submit the bank details the Company is entitledto put on hold alloperations with the trading account until provided with therequiredinformation.
10. Termination of agreement.
10.1. General provisions.
10.1.1. The Agreement enters into effect sincethe moment of being signed by theCustomer.
10.1.2. The present Agreement is terminatedif:
10.1.2.1. Any party expresses a will toterminate the present Agreement:
- in case the Customer withdraws all funds from thetrading account, which leadsto termination of relationship regulated by theAgreement;
- in case of the Customer violation of theconditions described in the presentAgreement the Company has the right toterminate the Agreement in its solediscretion, with prior notification of theCustomer about such termination andafter returning all funds from the Customertrading account balance as of themoment of the Agreement termination.
10.1.2.2. If the Company stops the activityregulated by the presentAgreement:
- the Company notifies one month prior to suchtermination;
- the Company returns all funds to the Customerthat were on the balance of theCustomer trading account as of the moment ofclose.
10.1.2.3. In case of the Customer death:
- the right to withdraw funds from the Customertrading account goes to theinheritor of the corresponding queue, or to theinheritor in accordance to thewill/testament of the Customer;
- the right to use the trading account of theCustomer and to conduct tradingoperations on the financial markets cannot beinherited.
10.1.3. The Customer admits that the Companyreserves the right to suspend or tostop fully or partially the access of theCustomer to the services of theCompany at its sole discretion, with the followingnotification by means ofcommunication. In this case the present Agreement isconsidered as terminatedsince the moment the services have been madeunavailable for the Customer.
11.1. The language of the present Agreement isEnglish.
11.2. For the Customer convenience, the Companycan provide the Agreementversion in a language different from English. Thetranslated version of theAgreement is of a merely informative character.
11.3. In case of variant readings of atranslated version and the presentAgreement in English, the Agreement inEnglish is considered as a priorreference standard.