Trading Conditions
Foreword

Our trading conditions bring transparent and open forex trading to all our account holders and offer a sophisticated suite of trading options.
The following terms and conditions form an integral part of your agreement with Fin8ity and shall be read carefully; Fin8ity does not bear any liability for clients who fail to comply with them. For more information, please contact us.

Swap/ Roll Over

Fin8ity FX is not involved in the physical delivery of trades, thus all positions left open at the end of the trading day will be rolled over to a new value date and will therefore have exposure to a swap charge or credit.

Get the Latest Forex Swap Rates?

For the latest Forex swap rates, please refer to the Market Watch panel in our MetaTrader 4 (MT4) platform. Or simply follow the steps highlighted below:
  • Market Watch window. Right click, and select Symbols.
  • Select the currency pair. Then select Specifications.
  • Now you can see the Forex swap rates for both long and short positions.



IMPORTANT NOTICE

Swap rates can create a complexity in your trading strategy. Please keep in mind the following:
  • The rollover occurs at the end of day, which is 00:00 server time.
  • Only when positions kept are kept open until the next trading day.
  • Some instruments could have negative swap rates on both sides (‘long’ and ‘short’).
  • Each instrument has its own swap charge
  • Swap rates are calculated in points, MT4 converts them automatically into the base currency of the account.
  • Swap is measured on 1.0 standard lots (100,000 base units for forex pairs, please check in MT4 for other instrument lot sizes).
  • Swaps are calculated and applied every trading night. To compensate for the market being closed on the weekend, swaps are charged triple on Wednesdays or Friday in forex & metals and on Mondays in energy (oil) and CFDs.

Commissions

Fin8ity clients enjoy some of the best trading conditions in the industry, including some of the lowest ECN commissions. Our commissions depend on the type of account you are trading on.

  • For Standard accounts we have a zero commission policy.
  • Active PRO traders who trade more than 2,500 standard lots per month can request even lower commission by contacting Support

Bid/Ask Spread

Fin8ity provides access to a broad range of liquidity sourced from the largest financial institutions in the world.

A price is associated with an amount (liquidity). Fin8ity receive a Bid amount associated with a Bid price and an Ask amount associated with an Ask price. Different prices are provided for different amounts, known as price bands, and these bands vary depending on the currency pair. Spread is tightest in the smallest band.

At order execution, we apply our markup on the best available market prices according to your Trading account type, all transparent markups are published in the below table, which demonstrates the markup value as a fraction of PIPs for each account type and currency pair.

At order execution, we apply our markup on the best available market prices according to your account type. As a result, the markup effect on the spread is shown in the table below, which demonstrates the lowest possible spread in PIPs for each account type and currency pair taking into consideration that our spreads are variable.

Account Type Standard Account VIP Account
SPREADS As low as 1.2 pips As low as 0.8 pips
Typical spreads for pairs traded are listed below.

CURRENCY PAIR - FX MAJORS

CURRENCY PAIR FX MAJORS Average Spread Minimum Spread
EURUSD Euro vs US Dollar 1.3 pips 0.8 pips
GBPUSD British Pound vs US Dollar 1.75 pips 0.99 pips
AUDUSD Australian Dollar vs US Dollar 1.36 pips 0.72 pips
USDJPY US Dollar vs Japanese Yen 1.33 pips 0.53 pips
USDCHF US Dollar vs Swiss Franc 1.50 pips 0.98 pips
NZDUSD New Zealand Dollar vs US Dollar 1.86 pips 0.86 pip

FX MINORS

CURRENCY PAIR FX MINORS Average Spread Minimum Spread
AUDCAD Australian Dollar vs Canadian Dollar 1.90 pips 1.01 pips
AUDCHF Australian Dollar vs Swiss Franc 1.82 pips 1.21 pips
AUDNZD Australian Dollar vs NZ Dollar 2.62 pips 2.03 pips
EURAUD Euro vs Australian Dollar 1.75 pips 1.25 pips
EURCHF Euro vs Swiss Franc 1.34 pips 1.04 pip
EURGBP Euro vs British Pound 1.36 pips 0.93 pips
GBPAUD British Pound vs Australian Dollar 2.94 pips 2.21 pips
GBPCHF British Pound vs Swiss Franc 2.02 pips 1.82 pips
NZDUSD New Zealand Dollar vs US Dollar 1.86 pips 0.86 pip

COMMODITIES

COMMODITIES Average Spread Minimum Spread
XAUUSD Gold vs US Dollar 3.01 pips 3.01 pips (no commission)
XAGUSD Silver vs US Dollar 3.81 pips 3.81 pips (no commission)
USCRUDE Brent Crude vs US Dollar 0.50 pips 0.50 pips (no commission)

INDICES

INDICES In-Market Hours (points) Outside-Market Hours (points)
HSI43 Hang Seng Index 0.3 0.3
CHINA300 CSI 300 Index 28 28
Spreads vary based on liquidity. Depending on market conditions and economic data, forex spreads are subject to change.

Margin Requirements

The client must abide the rules as declared on the Fin8ity corporate website Contract Specification section for each CFD, including the margin requirements; and the Client shall provide and maintain the Initial Margin within such limits as the Company, at its sole discretion, may determine, set, or update.

It is the Client’s responsibility to ensure that he understands how a Margin is calculated.

Fin8ity has the right to amend any entry in the Contract Specifications section for each CFD including margin requirements, and these changes may take effect on both new and existing/open positions/trades; which may be declared through an internal mail message or on the company’s corporate website; unless a Force Majeure Event has occurred.

In case of a Force Majeure Event, Fin8ity has the right to change Margin requirements without prior written notice to the Client. In this situation, the Company has the right to apply new Margin requirements to new positions and to positions which are already open.

If the Equity to Margin (necessary margin) ratio falls below 100% at any time, Fin8ity has the right to close any or all of the Client’s open positions without the Client’s consent or any prior written notice. In order to determine if the Client has breached this clause, any sums referred to therein which are not denominated in the Currency of the Client Account shall be treated as if they were denominated in the currency of the Client Account by converting them into the currency of the Client Account at the relevant exchange rate for spot dealings in the foreign exchange market.

The Client is responsible for notifying the Company as soon as he believes that he will be unable to meet a Margin payment when due.

The Company has no obligation to make Margin Calls for the Client.

Where the Company effects or arranges a transaction involving an instrument, the Client should note that, depending upon the nature of the transaction, he may be liable to make further payments when the transaction fails to be completed or upon the earlier settlement or closing out of his position. He may be required to make further variable payments by way of Margin against the purchase price of the instrument, instead of paying (or receiving) the whole purchase (or sale) price immediately. A movement in the market price of the Client’s investment will affect the amount of margin payment he will be required to make. The Client agrees to pay the Company on demand such sums by way of margin as are required from time to time under the rules of any relevant Market (if applicable) or as the Company may, at its discretion reasonably require for the purpose of protecting itself against loss or risk of loss on present, future or contemplated transactions under this Agreement.

Leverage

Leverage is the one of the main reasons why so many trader are attracted to trading forex compared to other financial instruments. Because of the deep liquidity in FX market, you can easily trade forex on leverage. Forex Leverage can be defined as the use of borrowed capital, such as “margin” allowing the trader to gain access to greater sums of capital.

What Leverage Does Fin8ity Offer?
The default leverage on all accounts is 1:400. Higher leverage will be available only upon client’s request and will be executed at our sole discretion.
By requesting an increase in leverage, you shall accept that this can result in high risk and possibly severe or total capital loss.
To minimise risk, we have leverage restriction in place and this is only for approved accounts and funds. Please review the table below:

AVAILABLE FOREX LEVERAGE MINIMUM REQUIRED ACCOUNT EQUITY MAXIMUM ACCOUNT EQUITY
400:1 $500 $10,000
200:1 $500 $100,000
100:1 $100 $100,000+
50:1 $100 $100,000+
25:1 $100 $100,000+
1:1 $100 $100,000+
Professional accounts will be handled individually and may not follow the above leverage rules. Utilizing a high level of leverage may extend your trading possibilities and lead to larger gains as well as higher risks; risks might be reduced by following a strict trading strategy at the opening and closure of your transactions. For further information, please contact us.

Change Forex Leverage ?
Please email us to request a Forex leverage change

Slippage

Slippage involves executing any given trade on a specific price different from the expected price sent or preset by the client. This may take place during highly volatile market conditions such (but not limited to) economic or political news; the order will be filled at the next best available market price because, but not limited to - the desired/preset order price is not available, or because higher spread differences are applied in the corresponding exchanges of the traded instrument.

Fin8ity does not apply slippage under normal market conditions, and applies it on stop pending entry or liquidation orders during times when Fin8ity is closed or when - but not limited to - there is a weekend or bank holiday, international economic events or hectic market movements. In this case, stop orders will be filled on the opening price which FIN8ITY finds suitable.

Clients acknowledge that slippage might occur as per the liquidity providers’ terms and conditions and that this is beyond the control of Fin8ity and agrees to waive Fin8ity from any liability that may arise subjective to any damage or expense or loss incurred by the Client, in relation to or directly or indirectly arising from but not limited to such terms and conditions.

Stop Out

Stop out level is 30% by default for any account type. As well, please be advised that all pending orders for the stopped out account will be deleted, and any deficit that may result after liquidation will be handled and covered by Fin8ity.

Trading hours

The forex market can be divided into four major trading sessions: the Sydney session, the Tokyo session, the London session, and the New York session.

During the summer, the Tokyo session and London session overlap, and during both summer and winter, the London session and the New York session session overlap. These overlap session are usually the busiest times during the trading day because of more participants and larger volume.

Fin8ity is open for trading 24 hours a day, 5 days a week. Our daily operation time for trading is from 17:05 to 16:55 New York Time (EST) from Sunday to Friday which is equivalent to 00:05 to 23:55 Server Time, Monday to Friday, except the 25th of December and the 1st of January.

During the Day Light Saving Time our operation and server time is adjusted according to the New York time (EST).

Market Watch

Fin8ity strives to ensure that the market watch is accurate and prices are obtained from several major banks/liquidity providers/exchanges; in case of closure/failure of one or more price provider for any or all CFDs, quotes will be provided which will reflect what the company thinks to be the current Bid and Ask price for each CFD; we do not guarantee that our prices are the best prices available on the world market.

The Client agrees hereunder that our market watch is only an indicator of the current world market and any misunderstanding regarding this service must be returned to Fin8ity Operations data.

Moreover, charts for all traded instruments are drawn according to the default spreads, and may differ from the prices displayed on the market watch according to your account type because of differences in markups.

Hedging

Fin8ity allows clients to open positions in the opposite direction of previously opened positions in the trading account, to reduce loss and to decide later when to enter the market.

Hedging an instrument by its corresponding Future OTC contract is forbidden (for swap-free accounts), because this represents an attempt to take advantage of the swap free facility and gain profits from swaps, one direction of this kind of hedge must be closed immediately. If the client fails to take action to avoid such practices, Fin8ity will, unfortunately, be required to close or take other action (by deducting the swaps retroactively or any other means) on these accounts without further notice.

Hedged positions will be held in the trading account without affecting the required margin value, since the required margin is calculated for each instrument according to the net positions opened at a specific moment.

News Trading

Fin8ity allows placing market orders before or during financial news releases.

However, placing stop orders prior to the release of financial news is not permitted, such orders may be rejected, deleted or filled at the best available market prices at that time.

Expert Advisors and Trailing Stops (EA / TS)

The Expert Advisor and Trailing Stop facilities are activated by default.

They must not violate any trading conditions listed, and in addition, the following conditions apply:

  • Scalping clients can be used only on variable spread accounts
  • The client must use the EA in a reasonable manner. All EA users in the fixed spread accounts must not use the EA for frequent trading at news time. Users must understand that by using the EA frequently at news time, they prevent other clients from executing a fair trade.
  • The Company bears no responsibility when the Client uses additional functionalities of the client trading terminal such as Trailing Stop and/or Expert adviser, which are executed completely under the client’s responsibility, as they depend directly on his trading terminal and the Company bears no responsibility whatsoever. In case where the Company suspects that a Client is using additional functionalities /plug-ins where it affects the reliability and/or smooth operation and/or orderly of the Company’s Trading Platform the Company has the right to terminate the agreement or to cancel/delete those transactions.
  • The Company will not be liable for any loss or expense incurred by the Client in connection with, or directly or indirectly arising from the acts, omissions or negligence of any third party or any third party software including, but not limited to, Expert advisors, signal providers, social trading platforms, and virtual private network.

Scalping

Scalping is a trading strategy through which the trader (Scalper/Pip Hunter) attempts to take advantage of small price moves and narrow ranges by making many transactions on small price changes over a small time frame.

Scalping may allowed on variable spread account types. However, Fin8ity does not permit scalping on Fixed spread account types. In case Fin8ity classifies an account holder as a scalper or a pip hunter, the company may, at its sole discretion, and without a prior written notice, take one of the following actions:

  • Change the account type to the corresponding variable spread account type
  • Terminate this Agreement
  • Close out all or any of the Client’s open positions at current market prices
  • Debit the Client Trading Account(s) for the amounts which are due to the Company
  • Close any or all of the Client Trading Accounts held with the Company
  • Combine Client Trading Accounts; consolidate the Balances in such Client Accounts and offset those Balances
  • Refuse to open new Client Trading Accounts for the Client

PIP Hunting

Shall refer to the situation in which the Client opens a position and closes it in a very short time, usually trading incorrect spikes in the market, or taking advantage of feed indicative prices.

Fin8ity has the right to take any necessary actions similar to scalping clients, at its sole discretion, and without any prior written notice to protect itself since this action is prohibited.

Execution

Fin8ity offers one type of order execution (Market execution) on all account types for corporate and individuals. All orders are filled according to the fair market value.

Market execution specifications are indicated in the table below :

Specifications Details
Instrument Postfix Example:GBPUSD
Instruments Available All
Metals Yes
Futures OTC Yes
Buy/Sell order execution At the Best Available Price
Limit/Stop order execution At the Preset Price
Max. Lot per deal 20 Lots
Re-quotes No
Dealer Intervention Rarely
Buy/Sell order cancellation No
Expert Advisor / Trailing Stop Yes
Max. Transaction Per Account 300
* In Normal Market Conditions, otherwise, orders will be executed at the next best available market price
** Value may vary according to the account type
*** In Normal Market Conditions

Swap Free/Islamic Accounts

Fin8ity offers Islamic (swap-free) accounts to comply with Islamic Shariah law; this is also an advantage for all traders who hold their positions for multiple days without being aware of swaps or overnight fees; thus, a trading account would not pay, or be paid for holding a position for more than one business day.

Any client who misuses this advantage by holding his floating positions for a long time period, taking advantage of the swap-free facility and gaining profits from swaps must close the floating positions immediately, bearing in mind that these fees are handled by FIN8ITY and not paid by clients.

Furthermore, hedging a currency pair by its corresponding Future CFD and/or hedging positions on a swap based account against positions on a swap free account is forbidden, because these also represent attempts to take advantage of the swap free facility and gain profits from swaps; one direction of this kind of hedge must be closed immediately.

Moreover, certain instruments will be charged Storage Fees on daily basis as explained below:

Instrument Storage fees per lot Charged on
AUDUSD 15 USD or Equivalent After Day 9
NZDUSD 15 USD or Equivalent After Day 9
If the client fails to take action to avoid such practices, Fin8ity will unfortunately be required to close or take any necessary action on these accounts without prior written notice.

Delivery

Physical acquisition by the client of any traded CFD at a specific delivery point worldwide.

Fin8ity does not offer delivery for any position held, opened or closed at the trading platform

Account Funding and Withdrawals

Fin8ity bank wiring instructions are only provided to clients along with the account details and confirmation letter.

The Company does not accept funds for any trading account via a third party. Restrictions on third-party payments are set by banks and their respective authorities, which have developed extensive procedures, regulations, and laws to stop the transfer of illegal funds, commonly known as money laundering. In addition, this agreement provides the client with the assurance that funds from his account are never paid out to another party.

The client’s trading account must be established for trading purposes only. The company is not a bank, nor does it keep deposits as a bank. The company keeps deposits only to maintain margins supporting the trading account and trading activities.

To make a deposit or to request a withdrawal, clients must complete the necessary forms and submit these to the company via the approved communication channels.

The company actively complies with all anti-money laundering laws and regulations under all applicable domestic laws. On an ongoing basis, the company shall review clients account activity for evidence of suspicious transactions that may be indicative of money laundering activities. This review may include surveillance of:

  • Money flows into and out of accounts.
  • The origin and destination of wire transfers.
  • Other activity outside the normal course of business.

Credit Card Payments

Funding accounts by credit card is done directly from the company website.

Terms and conditions for credit card payments

  • The name on the credit card must match the name of the client on the account with the company.
  • Any deposits that do not match the above description will be rejected. All fees that apply will be charged to the sender.
  • Due to regulatory requirements, the Company has the right to reject any credit card payments coming from high-risk regions.
  • Deposits in other currencies than USD will be converted in USD at the interbank exchange rates of the day.
  • The company does not charge any fees for online payments, although Payment Gateways may charge you a specific percentage per payment.
  • Client deposits by credit card are subject to the following fees:
    - The company: NONE
    - Credit card companies: YES
  • Withdrawals will only be credited by wire transfer to the client’s personal bank account that was submitted in the Customer Account Agreement or submitted through the new account registration form on the Fin8ity Corporate website.
  • We take credit card fraud very seriously. For the protection of cardholders and ourselves, we may withhold orders that appear fraudulent for manual review. If necessary, we will call you to verify the order. If we cannot reach you within a reasonable period of time, the order may be cancelled.
  • Clients acknowledge and accept that all credit card transactions (deposits) are non-refundable and irrevocable.

Reporting trading errors

Clients who wish to report a trading error are kindly requested to send an email to cs@fin8ity.com, or to call us directly.

Client must provide the following information so that we can assist in the event of a problem:

  • Client name.
  • Client account number.
  • Detailed inquiry description
  • Client ticket number(s) if applicable.
  • Client direct contact information.


The client must inform Fin8ity of any trading error within 24 hours of the error time; otherwise, Fin8ity will not investigate the error.

Any trading error for which the company is responsible will be amended.

System Failure

In case of system failure, which may result in a failure to execute an order according to client instructions or failure to execute an order at all; whether it was a scheduled routine system maintenance or server update, or an emergent disconnection by power or network failure or any other reason; clients are kindly advised to contact the dealing desk for any enquiries.

Inducement

The client acknowledges that from time to time the Company might pay a fee, commission or non-monetary benefit to third parties, further details are to be disclosed at the request of the client.

Trailer Note

Fin8ity has the right to amend, change, delete, add, and modify spreads, fees, commissions, leverage, account type, margin requirements, liquidation level (stop out level) and any offers for any accounts or any positions, at any time without a prior notice.

The latest published version of this policy on the English mirror of the company’s website shall prevail.

These terms are an essential part of the customer trading agreement. Should any clause in the trading policy conflict with a clause or clauses in the customer trading agreement, the clauses herein shall prevail.

Amendments in case of a force majeure event shall be applied without prior notice.

Conflicts of interest policy

The Company has established a Conflicts of Interest Policy (the "Policy") in an attempt to take all reasonable steps to identify conflicts of interest between itself, including its managers, employees and tied agents, or any person directly or indirectly linked to the Company by control and its clients or between one client and another that arise in the course of providing any investment and non-core services, or combinations thereof.

The Company maintains and operates effective organizational and administrative arrangements with a view of taking all reasonable steps designed to prevent conflicts of interest from adversely affecting the interests of its clients.

Identification of Potential Conflicts of Interest

For the purposes of identifying the types of conflicts of interest that arise in the course of providing investment and non-core services or a combination thereof and whose existence may damage the interests of a client, the Company takes into account, by way of minimum criteria, the question of whether the Company or a relevant person, or a person directly or indirectly linked by control to the Company, is in any of the following situations, whether as a result of providing investment or ancillary services or investment activities:

  • The Company or a relevant person is likely to make a financial gain, or avoid a financial loss, at the expense of the client;
  • The Company or a relevant person has an interest in the outcome of a service provided to the client or of a transaction carried out on behalf of the client, which is distinct from the client’s interest in that outcome.
  • The Company maintains and operates effective organizational and administrative arrangements with a view of taking all reasonable steps designed to prevent conflicts of interest from adversely affecting the interests of its clients.
  • The Company or a relevant person carries on the same business as the client.
  • The Company or a relevant person receives or will receive from a person other than the client, an inducement in relation to a service provided to the client, in the form of monies, goods or services, other than the standard commission or fee for that service.


Definition of a relevant person: means any of the following:

  • A director, partner or equivalent, manager or tied agent of the firm.
  • A director, partner or equivalent, or manager of any tied agent of the firm.
  • An employee of the firm or of a tied agent of the firm, as well as any other natural person whose services are placed at the disposal and under the control of the firm or a tied agent of the firm and who is involved in the provision by the firm of investment services and activities.
  • A natural person who is directly involved in the provision of services to the investment firm or to its tied agent under an outsourcing arrangement for the purpose of the provision by the firm of investment services and activities.


Managing Conflicts of Interest

The Company has established suitable and adequate internal procedures for minimizing any potential conflicts of interest. The Company maintains a compliance department that is an independent unit within the Company. Some of the duties of the compliance officer are to monitor any possible deviation from the Company’s internal policies and procedures as well as identifying and managing any possible conflicts of interest. In addition, the internal audit function is outsourced to an audit firm.

The procedures followed and measures adopted in the Policy include the following, as are necessary and appropriate for the Company to ensure the requisite degree of independence:

  • Effective procedures to prevent or control the exchange of information between relevant persons engaged in activities involving a risk of a conflict of interest where the exchange of that information may harm the interests of one or more clients.
  • The separate supervision of relevant persons whose principal functions involve carrying out activities on behalf of, or providing services to, clients whose interests may conflict, or who otherwise represent different interests that may conflict, including those of the Company.
  • The removal of any direct link between the remuneration of relevant persons principally engaged in one activity and the remuneration of, or revenues generated by, different relevant persons principally engaged in another activity, where a conflict of interest may arise in relation to those activities.
  • Measures to prevent or limit any person from exercising inappropriate influence over the way in which a relevant person carries out investment or ancillary services or activities.
  • Measures to prevent or control the simultaneous or sequential involvement of a relevant person in separate investment or ancillary services or activities where such involvement may impair the proper management of the conflicts of interest.


Below, the Company states some of the policies and procedures that it has implemented for managing possible conflicts of interest:

  • For avoiding any abuse of position, the four-eye principle is implemented.
  • Personal account dealing restrictions are in place for minimizing the relevant person’s own transactions.
  • For further details with regards to the Company’s conflicts of interest policies and procedures, you should contact the compliance department and request for such documentation.


Amendment / Review

The Company has the right to amend the current Policy at its discretion and at any time it considers is suitable and appropriate. The Company shall review and amend the current policy at least on an annual basis.

Where organizational or administrative arrangements made by the Company to manage conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to client interests will be prevented, it shall clearly disclose the general nature and/or sources of conflicts of interest to the client before undertaking business on its behalf.

Investor Alert & Risk Warning

Trading foreign exchange or derivative instruments on margin carries a high degree of risk to your capital and can lead to huge profits or losses. The products may not be appropriate for all investors. Trade responsibly! Only invest capital you are prepared to lose. The content of this Website must not be constituted as personal advice or an offer to any person of any interests to whom it would not be lawful to make such an offer. All general advices are provided on an execution only and does not take into account your objectives, financial situation or needs. Before making an investment decision, you should carefully consider your financial position and advise on the suitability of the investment. We encourage you to seek independent financial advisor if necessary.

Risks of investing in CFDs
CFDs, especially when highly leveraged (the higher the leverage of the CFD, the riskier it becomes), carry a very high level of risk. They are not standardized products. Different CFD providers have their own terms, conditions, and costs. Therefore, generally, they are not suitable for most retail investors.

Liquidity risk
Liquidity risk affects your ability to trade. It is the risk that your CFD or asset cannot be traded at the Time you want to trade (to prevent a loss, or to make a profit).
time you want to trade (to prevent a loss, or to make a profit).

Execution risk
Execution risk is associated with the fact that trades may not take place immediately. For example, there might be a time lag between the moment you place your order and the moment it is executed.

Internet Trading Risks
There are risks associated with utilizing an Internet-based deal execution trading system including, but not limited to, the failure of hardware, software, and Internet connection. Since Orbex does not control signal power, its reception or routing via Internet, the configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the Internet.

Acknowledgement
The client acknowledges and declares that he has read, understood and thus accepts without any reservation the following:

The value of the Financial Instrument (including currency pair, CFDs, or any other derivative product) may decrease and the client may receive less money than originally invested or the value of the Financial Instruments may present high fluctuations.

Information on past performance of a Financial Instrument does not guarantee the present and/or future performance; the use of historic data does not constitute a binding or safe forecast as to the corresponding future return of the Financial Instruments to which such data refers.

Some Financial Instruments may not become immediately liquid due to various reasons such as reduced demand, and the Company may not be in a position to sell them or easily obtain information on the value of such Financial Instruments or the extent of any related or inherent risk concerning such Financial Instruments.

When a Financial Instrument is negotiated in a currency other than the currency of the client’s country of residence, any changes in an exchange rate may have a negative effect on the Financial Instruments value, price, and performance.

A Financial Instrument in foreign markets may entail risks different than the usual risks in the markets in the client’s country of residence. The prospect of profit or loss from transactions in foreign markets is also influenced by the exchange rate fluctuations.