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Risk acknowledgment and disclosure

TopTradeGroup > Conditions > Risk acknowledgment and disclosure

1. Prospective clients should study the following risk warnings very carefully. Please note that we do not disclose or explain all the risks and other significant aspects involved when dealing with Financial Instruments (including Contracts for Difference “the CFDs”). We outline the general nature of the risks involved when dealing in Financial Instruments on a clear, fair, and non-misleading basis. The Company executes orders about one or more financial instruments mainly in CFDs on foreign exchange, CFDs on Commodities, CFDs on Precious Metals, Options, and CFDs on Indices, Bonds. The Company acts as a Matched Principal broker whereby it will be the sole Execution Venue for the execution of the Clients’ orders for CFDs.

2. CFDs are mind-boggling monetary items and not reasonable for all speculators. CFDs are utilized items that develop when a current vacant position is shut. By putting resources into CFDs, one expects a significant level of danger, and it can bring about the deficiency of all contributed capital.

3. Unless a Client knows and completely comprehends the dangers associated with Financial Instruments, they ought not to take part in any exchanging movement. Customers ought not to hazard more than they are set up to lose. Before applying for an exchanging account with the Company or making a request, Clients ought to painstakingly consider which Financial Instrument is reasonable for them, considering their conditions and monetary assets. On the off chance that a Client is hazy or doesn’t comprehend the dangers engaged with exchanging Financial Instruments, they ought to counsel an autonomous monetary counselor. On the off chance that after seeing the counselor, they don’t comprehend these dangers, at that point they should abstain from exchanging.

4. Purchasing and selling Financial Instruments comes with a significant risk of losses, and each Client must understand that the investment value can both increase and decrease. Trading CFDs could result in the loss of all of the Clients’ invested capital, once they decide to trade.

Technical Risk

1. The Company places significant importance on the execution of the Clients’ orders and at all times strives to offer the highest speed of execution possible, within the limitations of technology and communications links. The Client shall be responsible for the risks of financial losses caused by the failure of information, communication, electronic, or any other systems. For instance, the Client may give instructions by telephone to modify or close a position. The Client is responsible for the security of his Access Data. If the Client undertakes transactions on an electronic system (Trading Platform), he will be exposed to risks associated with the system, including the failure of hardware and software (Internet / Servers). For example, there may be a delay on the Company’s platform when receiving an order, and this may affect the price of execution. Consequently, the result of any system failure may be that the order is either not executed according to the Client’s instructions or it is not executed at all. The Company does not accept any liability in the case of such a failure.

2. While trading through the Client Terminal the Client shall be responsible for the risks of financial losses caused by:

  • Client’s or Company’s hardware or software failure, malfunction or misuse;
  • Poor Internet connection either on the side of the Client, the Company, or both. This includes interruptions, transmission blackouts, public electricity network failures, overload of connection, or hacker attacks;
  • The wrong settings in the Client Terminal;
  • Delayed Client Terminal updates;
  • The Client disregarding the applicable rules described in the Client Terminal user guide and the Company’s Website.

3. The Client acknowledges that at times of excessive deal flow, the Client may experience an increased waiting time in speaking to a Dealer, especially in a Fast Market (for example, when key macroeconomic indicators are released).

Abnormal Market Conditions

4. The Client acknowledges that under Abnormal Market Conditions the period during which the Instructions and Requests are executed may be extended.

Trading Platform

The Client recognizes that just one Request or Instruction is permitted to be in the line at one time. When the Client has sent a Request or an Instruction, any further Requests or Instructions sent by the Client are disregarded and the “Request is bolted” message will be shown until the principal Request or Instruction is executed.

The Client recognizes that the solitary solid wellspring of Quotes Flow data is that of the genuine/live Server’s Quotes Base. Statements Base in the Client Terminal is anything but a solid wellspring of Quotes Flow data because the association between the Client Terminal and the Server might be upset eventually and a portion of the Quotes may just not arrive at the Client Terminal.

The Client recognizes that when the Client shuts the request putting/adjusting/erasing window or the position opening/shutting window, the Instruction or Request which has been shipped off the Server, will not be dropped.

In case that the Client has not got the consequence of the execution of the recently sent Instruction however chooses to rehash the Instruction, the Client will acknowledge the danger of making two exchanges rather than one. Notwithstanding, the Client may get a “Request is bolted” message as portrayed in point 5 above.

The Client recognizes that if the Pending Order has just been executed however the Client sends the Instruction to change its level and the degrees of If-Done Orders simultaneously, the lone Instruction, which will be executed, is the Instruction to alter the Stop Loss and additionally Take Profit levels on the position opened when the Pending Order is set off.


The Client shall accept the risk of any financial losses – because they have experienced delays in notices and/or receives no notices at all from the Company.

The Client acknowledges that the unencrypted information transmitted by email is not protected from any unauthorized access.

The Client is fully responsible for the risks in respect of undelivered trading platform internal mail messages sent to the Client by the Company, as they are automatically deleted within 3 (three) calendar days.

The Client is wholly responsible for the privacy of the information received from the Company and accepts the risk of any financial losses caused by the unauthorized access of a third party to the Client’s Trading Account.

The Company has no responsibility if authorized/unauthorized third persons have access to information, including electronic addresses, electronic communication, personal data, and access data, when the above are transmitted between the Company or any other party, using the internet or other network communication facilities, telephones, or any other electronic means.

Effect of Leverage

Under Margin Trading conditions even small market movements may have a great impact on the Client’s Trading Account. It is important to note that all accounts trade under the effect of Leverage. The Client must also consider that if the market moves against them, the Client may sustain a total loss of all of the funds deposited. The Client is responsible for all the risks, financial resources the Client uses, and for the chosen trading strategy.

It is highly recommended that the Client maintains a Margin Level (percentage Equity to Necessary Margin ratio which is calculated as Equity / Necessary Margin * 100%) of not lower than 1,000%. It is also recommended that a Stop Loss is placed to limit potential losses, and Take Profit to collect profits when it is not possible for the Client to manage their Open Positions.
The Client shall be responsible for all financial losses caused by the opening of the position, using temporary excess Free Margin on the Trading Account gained as a result of a profitable position, (canceled by the Company afterward) opened at an Error Quote (Spike) or a Quote received as a result of a Manifest Error.

High Volatility Instruments, price movements

Some Instruments trade within wide intraday ranges with volatile price movements. Therefore, the Client must carefully consider that there is a high risk of loss as well as profit. The price of Derivative financial instruments is derived from the price of the underlying asset to which the instruments refer (for example currency, stock, metals, indices, etc.). Derivative financial instruments and related markets can be highly volatile. The prices of instruments and the underlying asset may fluctuate rapidly, over wide ranges, and may reflect unforeseeable events or changes in conditions, none of which can be controlled by the Client or the Company. Under certain market conditions, it may be impossible for a Client’s order to be executed at a declared price, leading to losses. The prices of instruments and the underlying asset will be influenced by, amongst other things, changing supply and demand relationships, governmental, agricultural, commercial, and trade programs and policies, national and international political and economic events. Therefore, a Stop Loss order cannot always guarantee the limit of loss.
The Client acknowledges and accepts that, regardless of any information which may be offered by the Company, the value of Instruments may fluctuate downwards or upwards and it is even a possibility that the investment may diminish to no value. This is owed to the margining system applicable to such trades, which generally involves a comparatively modest deposit or margin in terms of the overall contract value. A relatively small movement in the underlying market can have a disproportionately dramatic effect on the Client’s trade. If the underlying market movement is in the Client’s favor, the Client may achieve a good profit, but an equally small adverse market movement can not only quickly result in the loss of the Clients’ entire deposit.

In general, the volatility in the market may affect the price, speed, and volume. Therefore, trading during volatile conditions, where important news and data releases are made, is incredibly risky and since the best execution criteria might not apply, as indicated on our website, the execution pricing will always be provided at the first available price.


Some of the underlying assets may not become immediately liquid as a result of reduced demand for the underlying asset and the Client may not be able to obtain information on the value of these, or the extent of the associated risks.

Contracts for Difference

The CFDs available for trading with the Company are non-deliverable spot transactions, allowing making profit on changes in currency rates, commodities, stock market indices, or share prices (called the underlying instrument). If the underlying instrument movement is in the Client’s favor, the Client may achieve a good profit, but an equally small adverse market movement can not only quickly result in the loss of the Clients’ entire deposit but also any additional table-accordion commissions and other expenses incurred. The Client must not enter into CFDs unless he is willing to undertake the risk of losing all the money, he has invested including any additional table-accordion commissions and other expenses incurred.

Investing in a Contract for Differences carries the same risks as investing in the future or an option and the Client should be aware of the risks set out above. Transactions in Contracts for Differences may also have a contingent liability and Clients should be aware of the implications of this, as set out below.

Off-exchange Transactions in Derivatives

CFDs on foreign exchange, CFDs on commodities, CFDs on Spot Metals, Share CFDs, and CFDs on Indices are off-exchange transactions. The Client acknowledges that the transactions entered in CFDs with the Company are not undertaken on a recognized exchange, rather, they are undertaken over the counter (OTC), and as such, they may expose the Client to greater risks than regulated exchange transactions. While some off-exchange markets are highly liquid, transactions in off-exchange or non-transferable derivatives may involve greater risk than investing in on-exchange derivatives because there is no exchange market on which to close out an Open Position. It may be impossible to liquidate an existing position, to assess the value of the position arising from an off-exchange transaction, or to assess the risk exposure. Bid and Ask prices need not be quoted, and, even where they are, they will be established by dealers in these instruments and consequently, it may be difficult to establish what a fair price is.

With regards to transactions in CFDs on foreign exchange, CFDs on commodities, CFDs on Precious Metals, Bonds, Options, and CFDs on Indices with the Company, the Company is using a trading platform for transactions in CFDs which does not fall into the definition of a recognized exchange as this is not a Multilateral Trading Facility and so subsequently it does not have the same protection as a recognized exchange.

Foreign Markets

Foreign markets involve various risks. On request, the Company must explain the relevant risks and protections (if any) which will operate in any foreign markets, including the extent to which it will accept liability for any default of a foreign firm with whom it deals. The potential for profit or loss from transactions on foreign markets or in foreign denominated contracts will be affected by fluctuations in foreign exchange rates.

Contingent Liability Investment Transactions

Unforeseen obligation speculation exchanges that are margined, require a Client to make a progression of installments against the price tag, rather than addressing the entire buy cost right away. The Margin prerequisite will rely upon the hidden resource of the instrument. Edge prerequisites can be fixed or determined from the current cost of the basic instrument, it very well may be found on the site of the Company.

When exchanging CFDs, a Client may support an absolute loss of the assets they have kept to open and keep a position. If the market moves against them, they might be called upon to pay significant extra assets at short notification to keep up the position. On the off chance that the Client neglects to store assets inside the time required, their position might be exchanged as a misfortune and they will be answerable for the subsequent shortfall. It is noticed that the Company won’t have an obligation to advise the Client for any Margin Call to support a misfortune making position.

Regardless of whether an exchange isn’t margined, it might even now convey a commitment to make further installments in specific conditions well beyond any sum paid when the Client entered the agreement.

Unexpected obligation venture exchanges that are not exchanged on, or fall under the guidelines of a perceived or assigned speculation trade, may open the Client to significantly more serious dangers.

Commissions and Taxes

Before Clients begin to trade, they should make themselves aware of all table-accordion commissions and other charges for which they will be held liable. If any charges are not expressed in monetary terms (but, for example, as a percentage of contract value), the Client should ensure that they understand the true monetary value of the charges. For example, for opening a position in some types of CFDs the Client may be required to pay commission or financing fees, the amount of which is disclosed on the Company Website. Commissions may be charged either in the form of a percentage of the overall value of the trade or as a fixed amount. The value of opened positions in some types of CFDs is increased or reduced by a daily swap rate throughout the life of the contract. Swap rates are based on prevailing market interest rates, which may vary over time. For all types of CFDs that the Company offers, the commission and financing fees are not incorporated into the Company’s quoted price and are instead charged explicitly to the Client account.

There is a risk that the Client’s trades in any Financial Instruments including derivative instruments may be or become subject to tax and/or any other duty for example, because of changes in legislation or his circumstances. The Client is responsible for any taxes and/or any other duty and/or fee and/or expenses which may accrue in respect of his trades.

Suspensions of Trading

Under certain trading conditions, it may be difficult or impossible to liquidate a position. This may occur, for example, at times of rapid price movement, if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange trading is suspended or restricted. Placing a Stop Loss will not necessarily limit losses to the intended amounts, because market conditions may make it impossible to execute such an Order at the stipulated price. Besides, under certain market conditions, the execution of a Stop Loss Order may be worse than its stipulated price and the realized losses can be larger than expected.

The Company’s price for a given CFD is calculated by reference to the price of the relevant underlying asset, which the Company obtains from third party external reference sources. The Company’s prices can be found on the Company’s website. If the price reaches an order such as Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop- these orders will be closed. But under certain trading conditions it may be impossible to execute orders (Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop) at the declared Clients’ price. Therefore, these orders may not always limit Client losses in the event of highly volatile trading conditions, for example, in an underlying asset or reference price. In this case, the Company has the right to execute the order at the first available price. This may occur, as already stated, at times of rapid price movement if the price rises or falls in one trading session to such an extent, that under the rules of the relevant exchange, trading is suspended or restricted. This may also occur at the opening of a trading session. The minimum level for placing Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit and Sell Stop orders, for a given CFD, is specified under Contract Specifications on the main Website of the Company. In general, the Company places a strong emphasis on the quality and level of the price data that the Company receives from external sources, to provide to the Clients with competitive price quotes. The Company does not however guarantee that its’ quoted prices will be at a price which is as good, or better than one might have been available elsewhere.

Third-Party Risk

This notice is provided to the Client following applicable legislation.

The Company may pass money received from the Client to a third party (e.g. a bank, a market, intermediate broker, OTC counterparty) to hold or control to affect a Transaction through or with that person, or to satisfy the Client’s obligation to provide collateral (e.g. initial margin requirement) in respect of a Transaction.

Market Risk

Market Risk is the risk of losses when the value of investments may decline over a given period, as a result of economic changes or events that impact a large portion of the market.
Market Risk can be divided into the following categories:

Position Risk: It refers to the probability of loss associated with a particular trading (long or short) position due to price changes.

Interest Rate Risk: The risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Commodities Risk: It refers to the uncertainties of future market values and of the size of the future income, caused by the fluctuation in the prices of commodities. These commodities may be oil, metals, gas, electricity, etc.

Foreign Exchange Risk: It is a financial risk that exists when a financial transaction is denominated in a currency other than the base currency of the Company. The foreign exchange risk in the Company is effectively managed by the establishment and control of foreign exchange limits, such as through the establishment of the maximum value of exposure to a particular currency pair as well as through the utilization of sensitivity analysis.