Risk Disclosure

The official language of the Company is English. For a complete description of the Company's activity, please refer to the English version of the site. Information translated into other languages is for informational purposes only and has no legal force; the Company is not responsible for the accuracy of information provided in other languages.

Risks disclosure for operations with foreign currency and derivatives

1. Operations with foreign currency and derivatives

1.1 Leveraged trading means potential profits are magnified — but so are losses. The lower the margin requirement, the higher the risk of potential losses if the market moves against you; margins can be as little as 0.5%. When trading on margin, your losses can exceed your initial payment, and it is possible to lose much more than you initially invested. Relatively small market movements can have a proportionally larger impact on deposited funds — working either for or against you. If the market moves against your position or margin requirements increase, the Company may require you to urgently deposit additional funds; failure to do so may result in your position(s) being closed, and you bear responsibility for any resulting losses.

1.2 Orders and Strategies reducing risk. Orders such as "stop-loss" or "stop-limit" that restrict maximum losses may be ineffective if market conditions make execution impossible (e.g. under illiquidity). Strategies combining positions, such as "spread" and "straddle," may not be less risky than simple "long" and "short" positions.

2. Additional risks specific to transactions with foreign currency and derivatives

2.1 Conditions for entering into contracts. You should obtain detailed information about contract conditions and any related obligations — for example, circumstances requiring delivery or acceptance of an asset under a futures contract, or expiration/time limitations for options. A stock exchange or clearinghouse may change the requirements of unsettled contracts to reflect market changes.

2.2 Suspension or restriction of trade; price correlation. Certain market situations or operating rules (e.g. trade suspension due to price-change limits) may increase the risk of losses, as executing transactions or squaring positions may become difficult or impossible. Losses could increase if you sell options. A reliable correlation does not always exist between asset and derivative prices, which can make "fair value" difficult to estimate.

2.3 Deposited funds and property. Familiarize yourself with protections for security you deposit as cash or other assets, especially regarding insolvency or bankruptcy of a dealing firm. The extent to which you can recover your cash or assets is regulated by local legislation and standards.

2.4 Commission fees and other charges. Before trading, get clear details of all commissions, remunerations, and other charges payable, since these affect your net financial result.

2.5 Transactions in other jurisdictions. Trading on markets in other jurisdictions may involve additional risk, since regulation there may offer a different (including lower) degree of investor protection, and your local regulator cannot ensure compliance with foreign rules.

2.6 Currency risks. Profits and losses on contracts denominated in a currency other than your account currency are affected by exchange rate fluctuations when converted to your account currency.

2.7 Liquidity risk. This affects your ability to trade a contract or asset when you want to. Margin is recalculated daily based on changes in the underlying asset's value; if revaluation reduces value, you must pay cash immediately to restore the margin position, even if the position later recovers. Some providers liquidate all positions if required margin isn't met, even a profitable one. To keep a position open you may need to agree to additional payments at the provider's discretion, which in a volatile market can result in a large bill.

2.8 "Stop loss" limits. These automatically close a position at a chosen price limit to help limit losses, but may be ineffective during rapid price movements or market closure, and cannot always protect you from losses.

2.9 Execution risk. Trades may not execute immediately; there can be a time lag between placing and executing an order, during which the market may move against you, so your order may not execute at the price you expected. Prices for trades made while the market is closed can differ widely from the closing price, and spreads can be wider than when the market is open.

2.10 Counterparty risk. This is the risk that the CFD provider (your counterparty) defaults and cannot meet its financial obligations. If your funds are not properly segregated from the provider's funds and the provider faces financial difficulty, you may not receive back monies due to you.

2.11 Trading systems. Voice and electronic trading systems use computer devices for routing orders, balancing operations, and clearing transactions; like other electronic systems, they are subject to temporary failure or faulty operation. Your ability to recover certain losses may depend on liability limits set by the trading-system supplier, markets, clearinghouses, and/or dealing firms — ask your broker for details.

2.12 Electronic trading. Trading on Electronic Communications Networks differs from "open-outcry" markets and from other electronic systems. You bear system-specific risks, including hardware or software failure, which may mean your order isn't carried out as instructed, isn't executed at all, or that you cannot continually access position information or meet margin requirements.

2.13 Over-the-counter operations. In some jurisdictions, firms are allowed to carry out over-the-counter operations, with your broker potentially acting as counterparty. Such operations can be more complex to close, value, or price fairly, and may carry increased risk; the applicable regulation may be less strict or provide a different regulatory mode. Familiarize yourself with the applicable rules and risks before executing such operations.