IGOFX Client Agreement
This agreement designates terms and conditions at IGOFX.com (“Company”), in which the Company will provide services to those whom agreed to carry one or multiple accounts of the undersigned (hereinafter being referred as “Client”) in connection with the purchase and sale of currencies of every nature and kind foreign exchange contracts and any similar instruments (collectively referred to as “Forex Contracts”), which may be purchased or sold by or through the “Company” for Client’s accounts(s),
Terms and any commonly related jargon which will be used in this agreement will be listed as the following:
- Account History
A complete list of previous transactions and non-trading operations of live account
The price at which a currency pair is offered for sale; the quoted price at which an investor can buy a currency pair. This is also known as the ‘Offer’, ‘Ask Price’ and ‘Ask Rate’
Total financial amount or the total investment capital of the completely finished transaction and non-trading operations on the trading account
- Base Currency
In terms of foreign exchange trading, currencies are quoted in terms of a currency pair. The first currency in the pair is the “Base Currency”. The base currency is the currency against which exchange rates are generally quoted in a given country. i.e.: EUR/USD, the EURO is the base currency.
The price at which an investor can place an order to buy a currency pair; the quoted price where an investor can sell a currency pair. This is also known as the ‘bid price’ and ‘bid rate’
Amount of prize in monetary form which a client shall receive within the bounds of bonus programs, promotion and contests that held by the Company.
Legal or physical party that has negotiated the Agreement with a Dealer in order to fulfill trading operations in terms of margin trading and therefore settled client terminal rental contract with the ‘Company’.
- Client’s Log File
A file created by the client terminal which records all requests, orders and activities sent from Client to a Dealer, with one-second accuracy.
- Close Position
Exposures in Foreign Currencies that no longer exist. The process to close a position is to sell or buy a certain amount of currency to offset an equal amount of the open position. This will ‘square’ the position.
- Complete Closed Transaction
Consists of two opposite trading operations in equal quantity (opening and closing positions): buying followed by selling or selling followed by buying.
- Contract Specification
Main trading terms (such as spread, lot size, minimal trading operation quantity, change in trading operation volume move, initial margin, lock etc.) for each instrument.
- Currency Pair
The two currencies that make up a foreign exchange rate. For Example, GBP/USD.
An individual or firm that acts as a principal or counterpart in a transaction. Principals take one side of a position, hoping to earn a spread (profit) by closing out the position in a subsequent trade with another party. In contrast, a broker is an individual or firm that acts as an intermediary, putting together buyers and sellers for a fee or commission.
- Company, that signed an agreement with Client sets a legal basis over the margin trading conditions commission
- The Company co-worker deals with query processing and Client orders, fulfilling orders, stop out and margin calls
- Disputed Situation
- A situation where the Client assumes that the Dealer has violated one or more conditions of the present Regulation as a result of his activity or inactivity;
- A situation when the Dealer assumes that the Client has violated one or more conditions of the present Regulation as a result of his activity or inactivity
The present account balance, calculated according to the formula: balance + floating profit – floating loss.
- Fast Market
A market’s condition that is characterized by sudden currency rate changes during a short period of time and often followed by price gaps. Usually occurs right before, and/or after one or few events:
- Publication of economic indicators of The G8 (the eight leading industrial countries, that is the US, Germany, Japan, France, UK, Canada, Italy, Russia), has a high degree of influence on the financial markets;
- Central banks and their committees’ decisions on interest rates;
- Press conference and the appearance of central bank leaders, financial ministers and G8 members and countries’ presidents;
- State organizations’ currency interventions;
- Terrorist acts of a national scale;
- Natural disasters, which cause an emergency situation within stricken territories;
- The beginning of war or of military actions;
- Political force major events such as resignation or inauguration (including election results);
- Other conditions that influence the dynamic rate tool.
- Floating Profit / Loss
Unrecorded profits / losses of open positions for present rate terms
- Force Major Circumstances
Occurrences which could not be foreseen or prevented. Such as:
- Natural disasters;
- Acts of terror;
- Government actions, actions of executive and legislative government authority;
- Hacker attacks and other unlawful acts toward servers.
- Free Margin
Trading account money resources that can be used for opening new positions. Calculated according to the formula: equity – margin.
- Hedged Margin
A guarantee requested by the dealer for opening and maintaining locked positions. The toll specification is shown for each instrument.
- Initial Margin
The deposit a customer needs to make before being allocated a trading limit.
The ratio of the amount used in a transaction to the required security deposit: 1:100, 1:200. Leverage 1:200 means that in order to open a transaction it is necessary to have 200 times less of a transaction amount than the Dealers trading account.
- Long Position
In foreign exchange, when a currency pair is bought, the position is said to be long.
A unit to measure the amount of the deal; the value of the deal always corresponds to an integer number of lots.
- Lot Size
Number of assets, products, base currency defined in contract’s specification per one lot.
The amount of money added to maintain a position
- Margin Level
Expressed in percentage of equity in relation to the “Necessary margin”. Calculated according to the formula: (equity/margin)*100%.
- Margin Call
A call for additional funds in a margin accounts either because the value of equity in the account has fallen below a required minimum.
- Margin Trading
Trading operations processed using leverage; when the Client has the opportunity to close a transaction that exceeds his finances.
- Market Opening
Trade reopening after a weekend, holidays or after a rest interval during trading sessions
- Market Opening Price Gap
A market phenomenon which might happened according to the following situations:
- A market opening Bid quote that is bigger than a market closing Ask quote;
- A market opening Ask quote that is smaller than a market closing Bid quote.
- Necessary Margin
A Dealer’s finance request in order to maintain open positions; each instrument is shown in terms of contracts.
Client’s instruction to Dealer to open / close trading positions, distribute, remove or to change level order.
- Order Level
Price given in order
- Open Position
The first part of a complete transaction result. When opening a position, Client takes on the following obligations:
- To close opposite transactions of equal quantity;
- To maintain equity no lower than 30% of the necessary margin.
- Pending Order
Client requests Dealer to open position once price reaches the order level
The smallest increment of change in a foreign currency price, either up or down
- Price Gap
A market phenomenon which might happened according to the following situations:
- The present quoting Bid is bigger than the prior quoting Ask;
- The present quoting Ask is less than the prior quoting Bid.
- Quotation Currency
The second currency in the currency pair that is used by Client when selling or buying base currency.
- Quotation Base
Quotation steam information
- Quote Tread
A block of numerical data that describes the meaning of the price at a specific time period
It is a process of granting a quote to the Client in order to close a transaction.
The price of one currency in terms of another, typically used for dealing purposes
- Currency Pair: base currency unit cost expressed in terms of quoting currency;
- Contract for difference: base asset unit cost expressed in money.
- Net Profit
It is a difference between deposit and withdrawal amounts of the Client for a certain period.
Client’s instruction that have been given to a Dealer in order to obtain a quotation. A request is not necessary for the Client in order to make a deal.
- Server’s Log File
A server generated file which records all requests and orders received from Client to a Dealer, as well as the processing result, with one-second accuracy.
Software product MetaTrader Server 4.xx that processes Client’s orders and requests, submits information about financial market trades in real-time terms (quantity defined by the Company), takes into account mutual obligations between Client and Dealer, and observes the conditions and restrictions.
- Short Position
An investment position that benefits from a decline in market price. When the base currency in the pair is sold, the position is said to be short.
A quoting that meets the following conditions:
- Essential price gaps are present;
- A price reimbursement up to the initial level, creating a price gap in a short period of time;
- Rushing price dynamics prior to the quoting do not exist;
- The moment macroeconomic events and/or corporate news noticeably influences an instrument’s rate;
- IGOFX has the right to remove any information that concerns non-market quoting from the quoting benchmark server.
This point or pip difference between the bid and ask price of a currency pair.
- Streaming Quotation
When a client receives quoting without requesting it. This means that the client sees the dealer’s real time streaming quotations and from this, the client is able to give directions for carrying out a trading operation.
- Stop Out
A forced order of a closing position generated by the server.
Payment for carry-over an open position overnight. It can be either positive or negative. A definition chart with a swap item for each tool can be found at the Company Website.
- Trailing Stop
This is next Stop-Loss order algorithm management:
- If an open position profit does not exceed the Trailing Stop level, do not take any actions;
- As soon as the open position profit exceeds the Trailing Stop level, send an order to the server overriding the stop-loss order by a distance that equals the trailing stop amount of the current price;
- As soon as the distance between the stop-loss order and the quotation exceeds the trailing stop, the server will change the order level, so that the distance between the order and current price is equal to the trailing stop.
- The Trailing Stop only works when the Client terminal is launched, connected to the Internet and successfully authorized by the server.
- Thin Market
A market condition when there is less quoting on the trading platform than normal, for a more or less long period of time.
A unique identification number given to every opening position or pending order on the trading platform.
- Trailing Stop Amount
Trailing Stop item which is set by Client.
- Transfer Quantity
Numbers of lot and lot size
- Trading Operation
When Client buys or sells any instrument
- Trading Platform
A set of software and technical resources that supports financial market trading information in real-time, processes trading operations, takes into account mutual obligations between Client and Dealer, and observes conditions and restrictions as well. For the purposes of the present Regulation, it consists of the “Server” and “Client” terminal.
- Trading Account
Unique personalized “log’ of all operations recorded on the trading platform, where complete closed transactions, opened positions, non-market operations and orders are reflected.
- Definition of the Company’s services
- Company’s services:
- Any interactive programs or services offered by the Company, which allow the Client to:
- Connect with the Company or with an authorized third-party service provider;
- Receive information and quotes from the Company or from an authorized third-party service provider;
- Close transactions on financial markets through the Company using the trading terminal MetaTrader 4.0 or any later versions (trading software program developed by Metaquotes) which includes electronic data transfer that the Client submits to the Company using a personal computer connected by modem or any other devices to access the file transfer network assigned by the Company.
- Company’s services:
- By signing the present Agreement, the Client confirms that he/she understood with the rules of communication and therefore agrees to use the client terminal or the phone to give instructions.
- Services of the Company include the package of informational programs: “MetaTrader 4.0”, technical analysis resources and any information provided by third-parties, offered along with Company’s services.
- The Client confirms that the Company holds the rights to update, change, add, rename or leave with no changes Company’s Services which are offered in terms of the present Agreement without prior notice. The Client also confirms that this Agreement applies to Services, which can be changed, added or renamed in the future in addition to the Services which are provided to the Client at the present time.
- In relation to Client’s trading operations, the Company executes the Client’s orders, without providing asset management or giving any recommendations. The Company shall execute Client’s request or order, regardless of the trading operation, even if it is inappropriate for the Client.
- The Company shall not obliged to perform the following action under the following conditions (unless due to exceptional condition which the customer shall be informed):
- Track and notify the Client about his trading operation status
- Close any open position of the Client;
- Company does not provide the following services:
- Reference giving,
- Submitting information to motivate a Client to close transactions
- In some cases, the Company keeps the right to give information, references and advice to the Client, having no responsibility over the impact and profit that these references and advice may cause. The Company keeps a right to cancel or close any Client position in terms of certain conditions that are regulated by the present Agreement or Rules. All trading operation to which the Client is committed as a result of erroneous information or a mistake, are to be upheld by both the Client and the Company.
- Client’s Orders Processing
- When executing trading operations, the “Straight-Through-Processing Execution” quoting mechanism is to be used.
- Client requests and orders are processed according to the following procedure:
- The Client makes a request or order that is being checked in terms of correctness on the Client terminal;
- Trading terminal forwards request or order to the server of liquidity provider
- Liquidity Provider receives client’s request and checks it for correctness. The trading terminal should output the message “request accepted by server”;
- Once the Client request or order has been processed, the server sends the result back to the trading terminal for the best price of the moment;
- When the connection between the Client terminal and server is fixed, the Client terminal will receive the dealer result.
- The Client has the right to cancel the earlier sent request, which went into a queue. The Company cannot guarantee success of this request execution.
- The amount of time needed to process a request and order depends on the connection quality between the Client terminal, the Company server and the respond from the liquidity provider, as well as on the market conditions. With normal market terms, it usually takes 1-5 seconds to process a request and order. As the market conditions differ from normal condition, the mentioned time might be extended up to 10-20 seconds.
- The Company’s Server has the right to decline the Client request in the following situations:
- “No price” message is received when the market is opening, it happens when the Client makes a request before the first quote enters the trading platform;
- The Client does not have enough funds to open a new position;
- Market conditions differ from normal.
- “Off Quote” message is received when the market price is not moving for 120 seconds, most probably loss connection with liquidity providers’ server
- Trading Operations
- Currency selling occurs at the Bid price while currency buying occurs at the Ask price.
- To open buying/selling transactions, the Client must send a request using the Client terminal.
- To open a buying transaction, the Client must click the “Buy” button in the Client terminal window, at which time the order will be sent to the server.
- To open a selling transaction, the Client must click the “Sell” button in the Client terminal window, at which time the order will be sent to the server.
- Minimal Deal Size
- Limitation on the size of the minimal deal is established in the volume of 0.1lots (0.10USD for a pip) for Standard Account with equity more than $2,000 US Dollars. For accounts with the balance less than $2,000 US Dollars or its equivalent in other currency; an introduction of the limitation on the size of the minimal deal in the volume of 0.01 lots (0.01USD for a pip) is possible at the company’s discretion. For further specification, refer to official web-site of the Company in the section “Account Type”
- Spreads and Swap
- In the absence of force major circumstances, the Company maintains a fixed spread, which is shown on the Company’s Website.
- When an overnight position passes over takes place, the swap process for an open position starts at 23:59:30. From Wednesday – Thursday overnight, you get a triple swap.
- Swap will be take into effect for all swap account, but not swap-free account, swap free account is only eligible for Muslim clients
- The Company has the rights to charge swap on Non-Muslim’s positions that hold for more than 10days.
- Trading Term Changes
- The Company has the rights to change margin requirements, spreads, the order executing state and other trading terms in correlation with national and international holidays. In this case, all changes will have an effect on both already-opened and opening positions.
- Position’s Opening
- Position opening occurs when a request or an order is being sent from the Client terminal to the Company server. The following request or order information is mandatory:
- Instrument name;
- Transfer quantity;
- Sell or Buy.
- The instruments available for “Instant Execution” trading transactions are listed at the official web-site of the Company in the section “Trading instruments”
- Position opening occurs when a request or an order is being sent from the Client terminal to the Company server. The following request or order information is mandatory:
- Quoting Currency List Update Announcement
- The Company is obliged to notify the Client 3 days prior to changes in the quoting currency list.
- Processing of the Client’s Orders on Position Opening.
- If the size of the free margin is enough to open a position, the position will open. A free margin level is calculated automatically.
- If the size of the free margin is not enough to open position, the position will not open and a “Not enough money” message will appear in the order window.
- 3.8.3. If quoting changes the moment the Client request or order is being processed by the server, the server will offer a new Bid / Ask price. In this case, a new “Re-quote” window with new prices will appear as well. And if the Client accepts the newly offered prices, he should click the “OK” button in the window within 3 seconds.
- The Client order to open a position is considered to be executed and the position open, when the relevant server log file has been updated. Each new position will receive a sequential ticker number.
- Processing of the Client’s Orders on Position Closing
- If the order server quote changed the instant the Client requested to process an order, the server will offer a new Bid / Ask price. In this case, the new “Re-quote” window with the new prices will also appear. To accept the newly offered prices, the Client should click the “OK” button in the query window within 3 seconds.
- The Client order to close positions is considered to be executed and the position closed, once recorded in the relevant server log file.
- IGOFX Trading Terminal Description of Orders
- Order types
- “Buy Stop” – To execute BUY position opening at a HIGHER price when a current price at the moment of the order placing.
- “Sell Stop” – To execute SELL position opening at a LOWER price when a current price at the moment of the order placing.
- “Buy Limit” – To execute BUY position opening at a LOWER price when a current price at the moment of the order placing.
- “Sell Limit” – To execute SELL position opening at a HIGHER price when a current price at the moment of the order placing.
- The following orders can be used for position closing:
- “Stop Loss” – Presumes closing the earlier opened position at a price, which is less profitable for Client, compared to the current price at the moment of order placement
- “Take Profit” – Presumes closing an earlier-opened position at a price, which is more profitable for Client, compared to the current price at the moment of order placement
- The Client has a right to change and remove any pending order if it has not been activated
- Order types
- Order Execution
- An order will be placed in the queue to be carried out in the following cases:
- A Sell-Stop order is placed in the queue to be carried out the very moment the Bid price in the quoting flow becomes lower or equal to the order level
- A Buy-Stop order is placed into the queue to be carried out the very moment the Ask price in the quoting flow exceeds or reaches the order level.
- A Sell-Limit order is placed into a queue to be carried out the very moment the a Bid price in the quoting flow becomes exceeds or equals the order level
- A Buy-Limit order is placed into a queue to be carried out the very moment the Ask price in the quoting flow becomes lower or equal to order’s level
- A Take-Profit order works when buying an open position, when the Bid price in the quoting flow exceeds or equal the order level
- A Stop-Loss order works when buying an open position, and the Bid price in the quoting flow drops below or equals the order level
- A Take-Profit order works when selling an open position, and the Ask price in the quoting flow drops below or equals the order level
- A Stop Loss order works when selling an open position, and the Ask price in the quoting flow exceeds or equals the order level
- When a price gap occurs, the orders are executed according to the following rules:
- Pending order, where the open level and the Take-Profit reach a price gap, the order should be canceled with [canceled/gap] appearing as a comment;
- Take-Profit order that reaches a price gap, the order should be carried out at the pre-set price
- Stop-Loss order, when the level hits a price gap, the order should be carried out at the first price following the gap, with [sl/gap] appearing as a comment.
- Buy-Stop and Sell-Stop pending orders should be performed at the first price following a price gap, with [started/gap] appearing as a comment.
- Buy-Limit and Sell-Limit pending orders should be performed according to an order’s set price, with [started/gap] appearing as a comment.
In some cases, when price gaps are small, orders may be performed in usual terms, according to the order’s set prices.
- When pending order is received for execution and the size of free margin is not enough for order opening, pending order is deleted automatically with the comment “canceled by dealer”.
- Action Period and Placing Orders, Settings, Setting Orders
- Orders can only be placed, removed or changed by the Client, when trading for current instruments has been granted.
- When a Client sends an order to place a pending order, the following information should be provided:
- Name of the instrument;
- Position size (volume);
- Order type (Buy-Stop, Sell-Stop, Buy-Limit, Sell-Limit);
- Price level which the order should be set at.
- When a pending order attempts execution, the server automatically checks the trading account condition to see if a free margin is available. The new position goes to the open position list; the total client position is recalculated and the free margin as well.
- In terms of normal market conditions, a server executes an order according to the price set. Minor price slip may occur due to price changes during execution; new best price may be given.
- An order is considered to be executed once it has been recorded in the server log file.
- Orders that have not more than 2 minutes left before being closed (or the time left before a lock order is executed) can be canceled by the Company.
- Orders that closed not more than 3 pips for FOREX can be canceled by the Company.
- Orders that closed not more than 300 pips for GOLD and SILVER can be canceled by the Company.
- The Company reserves the rights to cancel all the orders that suspected using prohibited strategies such as latency arbitrage, bonus system abuse, make hedging in other brokers, hacking into the Company server to make dishonest profit via bugs and weakness or the system.
- Forced Position Closing
- When a Client’s account Margin Level is less than 100%, Margin Call occurs. The Company has a right to close the Client’s position, although it doesn’t need to do that. The Dealer decides whether to close the position or not.
- If a present trading account condition (Margin Level) is less than 30%, Stop Out occurs. The Company has the right to force a Client’s closing position without prior notice.
- The server controls the present account conditions. In the case that conditions, which are described in clause 3.14.2 of the present Agreement, are violated, the server will generate a forced order position (stop out). A stop out is executed according to the market price. A forced closing position is recorded in the server log file as a “stop out”.
- In case the conditions stated in clause 3.14.2 of the present Agreement are violated, and the Client has several open positions, the one with the most floating losses will be the first one closed.
- In normal market conditions the Company guarantees, that after the closing of the last position on the account the balance and assets of 0% – 10% margin will remain, which is necessary for maintaining that last forced position closing. The Company reserves a right to recover the negative account balance of a client with the funds on the second client’s account, if the balance has turned negative in the result of a strong price movement (as a rule, in cases described in the paragraph 5.9.)
- There can be a delay in automatic execution of closing the order during the induced position closing. This delay can be the reason of closing the position at more favorable price than the price at the moment of induced order closing. The account status at the moment of the deal closing by “Stop Out” is reflected in the comment to the order, where per cent of free margin, account balance and margin level are indicated. Closing of the order at the price, which is more profitable for a Client than the “Stop Out” level, cannot be considered as the reason for claim on the part of a Client. Closing of the position at the price, which is less favorable for a Client than “Stop Out” level, is considered as the reason of claim on the part of a Client.
- The Company reserves the rights to close the Client’s hedge position with the largest losses if the margin level is less than 100%.
- Fund Withdrawal from Customer Trading Account
- The Client can withdraw money from his account to payment systems to which withdraw in traders cabinet is possible.
- Using electronic payment systems withdrawal is possible to be processed only to the same payment system with the same account details (currency, account number) which deposit was from. In case a trading account is replenished from numerous payment systems, using several wallets and in different currencies, withdrawal must be requested on the proportional basis.
- If for whatever reason a client changed his details within the payment system, he/she is obliged to notify the Company by sending email with attachment of scan copy of ID to the Finance department of the Company. Otherwise the Company reserves the right to decline client’s request made using another details.
- Withdrawal is processed at the stated time which is particular for every payment system; however, in some cases the time constraints may be increased up to 5 working days except for the cases designated in the clause 9.1.4. of the present Agreement.
- Fund Deposit to Customer Trading Account
- Depositing funds to the client’s trading account can be done by any method available at company’s web-site.
- The client agrees that in case of any error in the software work the delays in depositing funds to the trading account are possible.
- The company is obliged to enter a sum to the Client’s trading account in case of detecting any error in software, that leaded to the delay in automatic funds depositing, if the Client informs about delay.
- Anti-Money-Laundering Policy Effecting Period
- The Anti-Money-Laundering Policy shall take priority enforcement over deposit and withdrawal activities.
- When contentious cases occur, the Client is entitled to file a claim from the Company. Claims are accepted within two working days from the date the problem occurs.
- The claim should be in the form of an electronic mail (e-mail) and sent to the Finance Department via finance@IGOFX.com. Claims submitted in other ways will not be taken into account.
- The Client claim will take no longer than 10 working days under the following condition:
- If the Client’s claim is considered fair, the Company will accept it and deposit funds in the Client’s trading account within one working day. IGOFX follows generally accepted or de Facto Standard market practices and internal policies, for those claims not mentioned in the present Agreement.
- The Client’s claim form should have:
- Full legal name;
- Account number;
- Date and time contentious case occurred;
- Contentious case ticker or order;
- Description of claim
- The company reserves the right to dismiss a claim in the following cases:
- A claiming which does not comply with the terms of clause 5.1, 5.2, and 5.4. ;
- A claiming email which is filled with obscene words, vulgar language, any verbal means of insulting statement to the Company or its officials;
- A claiming that contains the threats to the Company or its officials;
- A customer threatens to stain the reputation of the Company using social networks and other community resources.
- The Company keeps the right of reconsidering the results of deals of the Client in case of detection errors in server work, which leads to the quotation delay or to giving out non-market quotations.
- The Company guarantees that any deal of the Client carried out by non-market quotation (spike) will be restored just after detection of the fact of erroneous performance which is above 6pips difference refer to market average price.
- In case there is a complete lock positions, including the system with the triple lock and others, despite the presence of the complete lock of all position at the account, the total swap on the lock positions is not equal to zero, the Company and a Client are obliged to correct the swap, because with the absence of the non-lock share of the position the total swap can be neither positive nor negative.
- The Agreement forbids the use of strategies oriented on the profit extraction by means of intentionally creating the situations when one of the client’s or a group of clients account turns to negative balance, including the situation when the accounts are opened in the name of different persons, invariably being the part of one trading strategy. In case of revealing the implementation of such trading strategies, the Company reserves the right to apply the clause 3.14.5 of the present Agreement.
- If at the moment of market closing the total volume of positions, opened at client’s account, implies the change of total profit by more than 2% of deposit, in case the price changes by 1 pip (more than 20 lots for every 1000 USD of deposit), the Company reserves the right to correct the e result of such deals in case the market opens with gap by the amount proportional to the size of gap in pips.
- In the case of the total profit made is more than the 3 times amount of its deposit made, the Company reserves the rights to correct the total profit into maximum allowed amount which is 3 times the amount of the total deposit made.
- The Dealing Department of the Company executes its affirmative decision on a claim regarding reopening a position according to the following scheme: in case there are considerable time or price gaps from the moment of erroneous closing a position to that of opening a position, the deal can be open again at an average price which is set either for the period between a mistaken closing a position and making a decision on its reopening or within an hour from the moment of erroneous closing a position. Reopening a position is placing a new order of the same volume as the one closed mistakenly. This rule is fully applicable to the compensation of mistakenly closed positions.
- The Company has a right to ask the Client to confirm the full name of his true identity, as stated on the trading account registration form. The Client can receive a request, at any moment, to submit a copy of an electronic passport or a notarized copy (at the Company’s discretion.)
- If after account opening any registration information of the Client (Full Name, Address, and Telephone) has been changed, the Client is obliged to inform the Company with request to change the information by email to account@IGOFX.com
- In case the Client hasn’t received the request of scanned copies of documents, the verification procedure of trading account is not obligatory, but the Client can send the copy of his passport or other document which identifies his personality to the Clients’ service of the Company.
- A Client agrees that information entered while registration of the trading account may be used by the Company within the bounds of the fight against money-laundering.
The goal of notifying the Client of risk information concerning financial market trading is to keep the Client informed of the potential losses which are tied to these types of risk. It’s impossible to provide all information concerning all potential risks, due to the sheer number of possible situations. Interpreting the terms in the present notification coincides with those terms described in the Terms and Conditions paragraph.
- Margin Level Maintenance
- When working with trade operations in “Margin trading” terms, even the smallest instrument rate can seriously influence the Client’s trading account, due to the leverage effect. If a market moves in the opposite direction to the Client’s position, it is possible to meet the loss at the initial deposit rate or any additional resources deposited to maintain open positions. The Client is entirely responsible for the accounting risks, using financial resources, and for choosing a sufficient sales strategy.
- It is highly recommended to maintain the Margin Level at 500% and always to set Stop Loss orders to hedge possible losses.
- Volatility of Trading Instruments
- A large variety of instruments have significant daily price change ranges, which means they have a high probability of earning profits and losses in trading operations.
- Technical Risk
- The Company shall not be responsible for Client’s financial loss due to technical risks such as informative, communicative, electrical and other types of failure.
- When performing trade operations via Client terminal, the Client might be facing financial loss risks that may arise from the following conditions:
- Hardware, software bugs and poor connection quality on the Client’s side
- Client’s improper usage of equipment;
- Incorrect / improper installation or had unintended / intended adjusted specific settings in the Client’s terminal;
- Usage of outdated software version;
- Lack of knowledge and understanding the instructions provided in the “Client’s terminal User Guide” and also in “FAQ: Frequently Asked Questions” in the trading terminal or from any official IGOFX websites.
- Abnormal Market Conditions
- The Client admits that when market conditions differ from normal conditions, the amount of time needed to process the orders may increase.
- Trading platform
- The Client assumes that a request/order queue is processed by the server one by one, whether a request or an order. Any attempt to send a new request or order will be declined. Along with this procedure, the order window should also display the message “trade flow is busy”.
- The Client admits that the only reliable information source for quoting is the main server that deals with real Clients. The Client terminal quoting bases cannot be relied upon, because the Client terminal is unstable and the server connection and part of the quote may be lost when disconnection occurs; the quote may never reach the Client’s terminal and therefore cannot provide reliable quoting information.
- The Client assumes that the action of closing placement/modification/cancellation order windows, or of closing opening/closing position windows, do not cancel a request or an order that has already reached the Dealer for processing.
- The Client assumes the risk, when performing unplanned trading operations, especially in the case of resending an order before receiving the result of the previous order from the dealer.
- The Client admits that simultaneous modification of the pending order level and Stop-Loss and/or Take-Profit, which were added right after the order had been executed, will only be processed when a Stop-Loss and/or Take-Profit level order is modified for the opened position of the order.
- The Client acknowledged of the risk that when performing leverage changing, especially when there’s floating trading positions could possibly lead to a loss of part or all of his / her initial investment capital.
- The Client assumes the risk of all financial losses caused by a delay in the dealer’s and/or server’s message or in the case that it was not received.
- The Client admits that any information that has not been encrypted and sent via e-mail is not secure from unauthorized access.
- The Client agrees that the dealer has the right to delete messages that have not been received by a Client through the internal client e-mail terminal within three calendar days from the moment the message was sent.
- The Client is responsible for keeping confidential information, which he receives from dealer. The Client also assumes risk of any financial losses that may be caused by unauthorized access of third-parties to the client’s trading account.
- Risks From Third Parties Business Partner
- Client accepts risks which are connected to disestablishment of payment systems. In case any electronic payment system abolished, the Company writes off the funds which were deposited using that payment system, from the Client’s trading account.
- Client accept risks which are connected to incorrect bank details’ entering while wire transfer request and agrees that it can lead to the refund, charge repeated commission, and other risks connected with refund and repeated wire transfer.
- Client accepts any risks connected with unauthorized usage of his/her personnel data for payment system access and also connected with usage of credit cards by the people who dispose sufficient data for it which was caused by the client’s carelessness.
- In order for the Company to be able to reach the Client, the following options may be used:
- Trading platform internal mail;
- Electronic mail;
- “Company News” announcement section on the Company Website
The Company will operate with the information the Client provided when the account was opened. For that matter, the Client is obliged to notify the Company when any contact information changes.
- All mail (documents, advertising, notices, confirmations, records, etc.) is considered to be received by the Client:
- One hour after being sent by e-mail;
- Immediately after being sent via the internal mail trading platform;
- Immediately after being faxed;
- Immediately following a phone conversation;
- 7 calendar days after being sent by the postal service;
- Right after placing an announcement in the “Company News” section.
- The Client daily receives an e-mail with all reports concerning every operation on the trading account for the past 24 hours.
- The Client is responsible for the following:
- Confidentiality of the login and passwords;
- Agrees to be fully accountable for all actions that resulted from login and the use of password;
- Agrees to be fully accountable for all actions including financial market deals;
- Customer shall accept that the Company may record the telephone conversation between the Client for service quality improvement and verbal confirmation reference.
- The Company guarantees that all information provided by the Client during registration is confidential and secured. In the case of disclosure, all violation will be handled according to the present Agreement.
- The Client agrees that the Company or any third-party involved in providing Services to the Client, has no responsibility over any telephone network or Internet connectivity error, work regulation, revising or any other occurrence and the circumstances that do not depend on the Company or the information resource provider or any other third-party involved in a providing a service to the Client.
- Client agrees that the Company have the absolute right to terminate / suspend Client’s account under the following conditions:
- Account was used for money laundering activities
- False information were inserted in trading account
- Client executing trading operation which violates the terms and conditions of this agreement, the Company reserves the right to stop all the activities in Client’s trading account for inspection (registration data verification, identification of the client, history of deposited funds check, etc.).
- The present Agreement shall deem to be legally effective upon the acceptance of the Client.
- The present Agreement can be terminated under the following conditions:
- Either one of the two parties that relates to an account acknowledges of their willingness to terminate the present Agreement:
- In the case that all monetary capital have been withdrawn from Client’s account, the present Agreement shall be terminated automatically
- In the event of breach of terms and condition by a Client, the Company shall has the right to terminate Client’s account unilaterally; the Company shall inform the Client for the reasons behind the termination and at the same time returning all monetary funding back to the Client.
- The Company shall give Client one months’ notice prior to the termination
- The Company refunds the Client’s remaining balance from the trading account, present at the moment of termination
- In the case of Client’s death:
- The right to withdraw money from the Client’s accounts is inherited by relatives, in compliance with the line or will.
- The right of using of a deceased Client’s trading account for financial market operation is not allowed and cannot be inherited.
- The Client assumes that the Company keeps the right to pause or completely/partially limit the Client’s access to Company Services without prior notice should the Client’s trading account finances become critically low or no longer having sufficient fund for trading. In this case, the present Agreement is considered to be terminated the moment Client’s services are terminated.