- principles of opening / closing positions and placing / modifying / deleting / executing Orders;
- the Company's actions in regard to the Client's Open Positions in case the Margin Level of the Trading Account is insufficient to support Open Positions;
- procedures of Dispute resolution and the methods of communication between the Client and the Company.
2. The Company's obligations are subject to any limits or restrictions which the Company may agree in writing, and any statutory, regulatory, legal or market requirements.
3. The Company and the Client may enter into written contracts, including any Financial Instruments relating thereto, or any back to back agreement which the Company may enter into to enable the fulfilment of its obligations under such contracts ("Contracts"), including in respect of the following financial instruments:
- contracts for differences ("CFD");
- foreign exchange;
- certain commodities identified by the Company;
- such other investments as the Company may decide to offer.
4. The Company reserve the right at its absolute discretion (but is not obliged) to restrict or prohibit the Client use of or access to certain Contracts.
5. The Client accepts that the Contracts may involve Financial Instruments that are not traded on any stock or investment exchange.
6. The Client gives his/her consent for the Company to do anything which it considers essential or suitable her to provide the Services or to comply with any applicable laws and/or regulations that may apply.
7. The Company will not be responsible for the provision of any tax or legal advice in relation to the Services provided.
8. The Company will have no obligation and accept no liability to any other person (third-party) for whom the Client may be acting as an agent intermediary or fiduciary (whether or not the existence or identity of such person has been disclosed to the Company) and the Client's obligations to the Company shall not be diminished in any way by reason of such actions by the Client.
9. The Company will not be obliged (or liable for breach of this Agreement) to execute and/or affect any transaction nor do anything else which the Company believes would breach any statute law or regulation. TRADING PROCESS
1. The Client has an obligation to be fully aware of the nature of trading in Financial Instruments including the terminology and the procedures involved. Trading in Financial Instruments has a high level of risk. Though gearing and leverage allows Clients to place a small deposit to commence trading, this may result in substantial losses (which will be covered in full by the Client) or large gains. It is the Client's responsibility to ensure full awareness and assessment of the risks.
2. Execution of Client Orders and Requests
Execution of Client's orders and requests is performed by means of MetaTrader 4 platform as follows:
- Client formulates an instruction in a form of a request in the standard order entry window of the Client terminal.
- Client terminal automatically performs a check-up of the accuracy of the request submitted by a Client. During the process of this check-up it is considered - the type of the request and the current quote level of the chosen instrument available in the Client's terminal. In case of a successful check-up the request is directed to the server.
- If there is an active internet connection between the Client terminal and the server when the request is submitted, then the server receives this request and a second check-up of the accuracy of the request is performed in relation to the type of the request and the present quote level of the selected instrument available in the server.
- In case of a successful second check-up, the Client is informed, by means of the Order window, that the request has been accepted for processing and all such orders are placed in a queue in the order they were received by the server.
- Submitted Client requests are accepted and processed automatically unless a dealer chooses to manually process a request. The Client will receive a notification "Order in processing" when its request is selected by a dealer for processing. Dealer has the right to select any request available in the queue, without taking into consideration the order of submitted requests.
- Confirmation of Client's request execution by a dealer is sent to the server and Client terminal, as well as an entry is made in the servers' log.
- When there is an active internet connection, a confirmation of a successfully executed request is available in the Client's Order window.
3. Requests Cancelled by Client
Client has the right to cancel a request, that was sent to the server only in case the status of the request is "Order accepted". If the status of the request is "Order in processing", then the Client is not allowed to cancel this request.
4. Rejection of Requests
The Company has the right to reject any request of a Client in any of following cases:
- Irregular market situation at the moment when the request is received for processing;
- The Client submitted a request before the first quote of a current market session;
- The Client submitted a request with an incorrect quote;
- There is no liquidity with requested price level;
- In the time period it took to submit the request and accept it for processing by the server, an upward or downward price gap has occurred that made it impossible to execute the request at the price level instructed by the Client;
- Execution of the Clients request is impossible due to a software of hardware failure;
- Client's requests and actual trading transactions exceeds reasonable proportions;
- The Market has reached a price limit set for the chosen financial instrument or a stock on the exchange, or any other restriction were set forth by the Market;
- The Client has submitted a request in regards to a position that is in a queue of Stop Loss or Take Profit processing;
- The Client has submitted a request in regards to a pending order that is in a queue for processing or is already being processed;
- The difference between the price chosen in the request and market price is less than is allowed for pending orders (Limit/Stop Level) in accordance with the specifications of a selected instruments;
- The Client has submitted a request for opening a pending order that is not allowed because of the change in market price for selected instrument;
- If the Company, due to the situation on the market, is unable to determine the price of the financial instrument;
- Extreme price fluctuations of the underlying instruments;
- Immediately before the release of important economic news or due to important macroeconomic event;
- In the event of force majeure.
The Dealer has the right to deny the Client's instruction to execute any type of a pending order (i.e. buy limit, sell limit, buy stop, sell stop, take profit and stop loss) in cases specified in paragraph 4 of these Regulations. In these cases, there will be no corresponding entry in the Server log-file, while the pending order will remain active and can be executed next time when the price reaches the level set in the pending order.
5. Other conditions
The Company has the right at its discretion to change the type of the Client's account in accordance with its own risk management rules. In doing so, the Company shall endeavor to notify the Client of the changes by all the means of communication available.
The Company has the right to transfer the Client's trading instrument(s) to the «close only» mode at any time without prior notice. The Client acknowledges that the Company shall not accept any claims arising out of the failure to perform any trading operations as a result of a restricted trading mode.
In the event of a large number of requests (incorrect trade requests for placing or modifying orders, other non-trading commands) that create a load on the trading server, the Company has the right to block the Client's trading account without prior notice. In doing so, the Company will endeavor to notify the Client of the changes by all the means of communication available.
The processing time for orders depends on the quality of the connection between the trading platform and the server, as well as the market conditions. In normal market conditions, it usually takes up to 1 second to process the Client's trade request. In extreme market conditions, the processing time can be increased to 10 seconds, sometimes longer. At the same time, each client request or order placed in the queue has a maximum waiting period within which it must be executed (3 minutes). If a request or order has not been sent to the Dealer within this period of time, the request or the order is removed from the queue as outdated. OPENING AND CLOSING CLIENT POSITIONS
1. When the Client submits a request to open a position, the provided instructions must specify:
- Financial Instrument;
- Financial Instrument.
2. When the Client submits a request and it is received by the server, an automatic check-up is performed in order to verify whether the Client account has sufficient funds to meet the margin requirements set forth by the Company. During this check-up it is determined whether the level of Free Margin is sufficient in order to open the requested position:
- If, after the check-up is complete, it is determined that the level of the Clients Free Margin is not lower the limit set by the Company - the check-up is considered successful and a new position is opened in Client account. The Client will receive a confirmation of the opened position in the Order window.
- If, after the check-up is complete, it is determined that opening a new position will lower the level of the Clients Free Margin below the limit set by the Company - the check-up is considered unsuccessful and a comment to the submitted request in the comment section is displayed.
3. A request to open a position shall be considered executed and the position shall be considered open once the relevant record is made and displayed in the Server Log-File.
4. When the Client wishes to close a position, it is required to choose the related position from the "Trade" list, select volume of the transaction and submit a "Close" request.
The Client's request to close a position may be performed at a price that is different from the Quote that the Client was provided by means of the Client Terminal in the following cases:
- When the current Quote changed in the time it took to submit and process the request to close;
- When the last Quote provided to the Client in the Client Terminal is for a lower Transaction volume than the specified volume in the Client's request. In each and every case, the Client's request be executed at the best possible price provided by the Company's Liquidity Providers.
5. A request to close a position shall be considered executed and the position shall be considered closed once the relevant record is made and displayed in the Server Log-File.
6. The Company may decline a request to close a position in case when the request is made while the Take Profit or Stop Loss for this position is already in the queue for executed.
When the price of an instrument changes within the period required to execute the Client's request for closing or opening a position then the Company has the right but not an obligation to provide a new quote to the Client to execute the request. New quote is displayed in a new window "Requote". If the Client agrees to this quote then "Ok" button should be pressed within 3 seconds. If the Client does not press this button within 3 seconds then this quote expires.
As quotes are subject to change, then any displayed quote may not remain effective for the entire 3 seconds and the window "Requote" may be displayed again to the Client. Upon the expiry of the quote, the Client's order may not enter the market by the initially requested quote.
8. Closing Locked Positions
If there are two or more locked positions in Client account then by selecting one of those positions in Trade list a new option will appear in the Order window than can be accessed through Type list: "Multiple close by" and "Close by". Positions closed by these options are displayed with a comment "close hedge by #XXXXX" in the "Account history" list.
9. Closing Locked Positions Using 'Close By' Option
After choosing "Close by" option in the Order window a list of locked positions appears. By selecting one locked position and pressing "Close #XXXX by #XXXX" a Client sends a request for simultaneous closing of two locked positions at a current market price. If the two positions have a different size then the one that is smaller will be closed completely and the other one will be closed with the same size as the first one.
The remaining position stays open and receives a new ticket. Partial positions closed like this receive a comment "partial close" in the "Account history" list.
10. Closing Locked Positions Using 'Multiple Close By' Option
After choosing "Multiple close by" option in the Order window a list of locked positions appears. By pressing "Multiple close by for ..." Client sends a request for simultaneous closing at current market price of all positions that have the same size. If the positions have a different size then the ones that are smaller will be closed completely and the other ones will be closed with the same size as the first ones. The remaining positions stay open and receive a new ticket. Partial positions closed like this receive a comment "partial close" in the "Account history" list. ORDERS
1. When the Client wishes to open a position, it is performed via following Pending Orders:
- Buy Limit;
- Sell Limit;
- Buy Stop;
- Sell Stop.
2. When the Client wishes to close a position, it is performed via following Orders:
3. The Client has the right to submit requests to open, modify and delete an order only during open trading session of a related Instrument.
4. When submitting a request to place a Pending Order, the provided instructions must specify:
- Financial instrument;
- Size of the transaction;
- Type of the order (Buy Stop, Buy Limit, Sell Stop, or Sell Limit);
- Order price.
The Request may be rejected in case any of the specified parameters is not specified or is in conflict with the type of an order and/or with current market price. If this happens, the Client will receive an "Invalid S/L or T/P" error message via the Client Terminal.
5. Stop Loss and Take Profit orders can be:
- Placed for a position that is already open or placed simultaneously when opening a position;
- Placed for a pending order that is already open or placed simultaneously when opening a pending order;
- Modified for an open position or open pending order;
- Deleted from an open position or open pending order.
When the Client submits a request to place Stop Loss or Take Profit, it is required to specify the following:
- Ticket of the open position;
- Level of the Stop Loss;
- Level of the Take Profit.
The request is accepted and placed in the queue for processing only if price levels set for the "Stop Loss" and/or "Take Profit" by the Client are not in conflict with the type on the order and the current market price. In all other cases, the platform will not allow for the request to be submitted.
The Client can submit a request for modification of previously placed Stop Loss or Take Profit orders. This is performed the same way as a request to place these orders is submitted.
The Client can submit a request to delete a previously placed Stop Loss or Take Profit orders. This is performed the same way as a request to place these orders is submitted.
6. Cancellation and Modification of Pending Orders
When the Client wishes to submit a request to cancel a pending order, it is required to choose a specific order in the available list of Trades and then select option "Delete".
When the Client wishes to submit a request for modification of a pending order, it is required to choose a specific order in the available list of Trades, select a new price for the order in the related field "Price" and then confirm request for modification. The request is accepted for execution only if the new price chosen does not conflict with the order type, current market price as well as with the Limit/Stop Level. In all other cases, the platform will not allow for the request to be submitted.
7. The Procedure of Execution of Requests for Order Placing, Cancellation and Modification
When a request for placing of a pending order is accepted and confirmed by the server, then the order is assigned a ticket. The ticket is displayed to the Client and is written to the server log.
When a request for deleting of a pending order is accepted and confirmed by the server, then the specified order is removed from the list of Trades of the Client's terminal. A related message is written to the server log and is displayed in the list of the Client's Account History and marked "Canceled".
When a request for modification of a Stop Loss and/or Take Profit request is accepted and confirmed by the server, then the order is considered as modified and new S/L and T/P levels are shown in the list of Trades of the Client terminal. A related message is written to the server log and displayed to the Client in the Order window.
8. The Procedure for Order Execution
When the Order is in the processing queue, it can be executed in the following cases:
- Current market Bid price of the instrument relating to a Stop Loss of an open Buy position or a pending Sell Stop order is equal to or lower than the price set by a Client;
- Current market Ask price of the instrument relating to a Stop Loss of an open Sell position or a pending Buy Stop order is equal to or higher than the price set by a Client;
- Current market Bid price of the instrument relating to a Take Profit of an open Buy position or a pending Sell Limit order is equal to or higher than the price set by a Client;
- Current market Ask price of the instrument relating to a Take Profit of an open Sell position or a pending Buy Limit order is equal to or lower than the price set by a Client.
The Procedure of Pending Orders Execution
When a Pending Order is placed in the queue for execution, an automatic check-up is performed by the server to determine if the Client's current Free Margin is sufficient to open the position. Margin requirement of a new position to be opened by a pending order is summed up with total margin requirement of positions that are already open.
If, after the check-up is complete, it is determined that the parameter "Free Margin" is not lower than the set limit - the check-up is considered successful and a new position is opened in Client account. The required margin is then reserved from the Client account to maintain the position. The transaction is written into a server log and the Client is informed via Client terminal.
If, after the check-up is complete, it is determined that opening a new position will lower the level of the Clients Free Margin below the limit set by the Company - the check-up is considered unsuccessful and the pending order is removed from the list of active orders. The Client will be informed via displayed message "Not enough money" in the Client terminal.
«Buy stop», «Sell stop» and «Stop loss» orders placed in the «Market execution» mode are activated at the market price, with the exception of the cases when market conditions are recognized by the Company and the Client as force majeure.
«Buy limit», «Sell limit» and «Take profit» orders placed in the «Market execution» mode are activated at the market price, with the exception of the cases when market conditions are recognized by the Company and the Client as force majeure. These types of orders cannot be executed at a price, worse than requested by the Client. The filling of such orders can occur partially until the requested volume is fully executed from the Depth of Market.
In the event of a price gap, all orders with activation prices within the gap including pending orders will be executed at the first prices available after the price gap at the moment of execution. The price at which the order is executed may differ from the order level.
In the event of insufficient liquidity at the order level, the Company may execute «Buy stop», «Buy limit», «Sell stop», «Sell limit», «Take profit» and «Stop loss» orders at the current price available at the moment of execution. The Client agrees that the execution price may differ from the order level.
10. An Order is considered executed when a relevant record is made in the Server Log-File.
11. Execution of Orders
The Client acknowledges that execution of an order at a price set by the Client is possible only at normal market conditions and when there are no price gaps at market opening and/ or during the quote(s) flow. The Client accepts and agrees herein that the execution price may differ from the order level.
In case of price gaps or fast price movement, the Company is not obligated to execute Client's orders at prices different from market prices. The Company has the right to execute any Client order at the set price at any market condition if it does not conflict with Client's order.
12. Sell Limit, Buy Limit and Take Profit Orders Execution
Sell Limit, Buy Limit and Take Profit orders can be executed at set prices when the current market price quoted by the server at the moment the order reaches the queue for processing is in accordance with market conditions determined by the type and the price level of an order.
13. Order Execution Sequence
When multiple orders of a Client reach the queue for processing, the first orders to be executed are the Buy Stop, Sell Stop and Stop Loss orders and only after that orders Sell Limit, Buy Limit and Take Profit may be executed. The Company reserves the right at its own discretion decide order execution succession.
14. Order Duration
Pending orders set for instruments that trade 24 hours a day have the status of GTC (Good Till Cancelled). These orders are considered to be active until executed or removed by the Client.
Pending orders set for instruments that trade in sessions less than 24 hours a day have the status of "Day Order" and can be removed by the Company when the trading session ends.
Stop Loss and Take Profit orders have the status of GTC and unlimited duration.
When Scalping, Stop Loss, Take Profit and Pending (Stop and Limit) orders are placed at a distance of at least 50 points from the current price, and most positions must be open for at least several minutes.
16. In case of detection of trading operations at prices different from market prices as a result of software failure, as well as in case of detection of any operations related to hacking attempts of the trading terminal and/or trading server and obtaining unjustified benefit from such actions, as well as in other cases when there are sufficient grounds for supposing the Client's attempts to illegally use the software provided by the Company, and/or in case of misuse or dishonest use of funds received, including under the bonus program, loss compensation program, commission compensation program and other marketing programs, the Company reserves the right to apply various sanctions, up to and including write-off of illegal obtained profits and closing of the Client's trading account. The Client acknowledges that in any case, no claims are accepted from him for the impossibility of position management in the process of consideration of this disputable situation by the Company and taking measures for its settlement. The Client acknowledges that the Company has the right not to additionally notify the Client that the disputable situation is regulated and the order is executed, and the Client assumes responsibility for all risks associated with this. In case of detection of such a situation, as well as in case of violation of Trading regulations, the Company withholds an administrative fee of 10% of the total amount of all deposits of the Client.