EvenForex Business Solutions Pvt. Ltd Ltd (the “Company”) is a ECN Forex trading (as defined below) services company, Incorporated in Commonwealth of Dominica, This Document is provided for your (the “User”) information and attention:
Prior to applying for an account the Client should consider carefully whether trading in the Foreign Exchange Markets and CFDs, Commodities and any other product offered by the Company , (Hereinafter: “Forex Trading”) is suitable for him/her or it (in the case of a company , trust, etc) in the light of his/her or its circumstances and financial resources. Trading in some Financial Instruments entails the use of “leverage”. In considering whether to engage in this form of trading, the Client should be aware of the following:
Each User is required to deposit collateral with the Company, which is earmarked to cover certain losses sustained in the User’s account or transaction costs sustained by the User. Additional costs may also be sustained by the User which is outlined in the User’s Agreement.
Trading In Forex Markets or any other Product offered by EvenForex Is Considered Risky And Speculative.
Forex, Trading in CFDs, Commodities or any trading the Company offers carries with it a high degree of risk. The leverage available in forex and other products offered at the Company means that a relatively small movement can lead to a proportionately much larger movement in the size of any loss or profit. It can work against you as well as for you, and lead to large losses as well as large gains.Trading Products at this Company including Forex are markets characterized as highly volatile, therefore it involves high risk, and may cause high loses to the deposit funds in a short period of time. The company is and will, in no way, be responsible for the trades executed or not executed, by the client/User.Users are ultimately responsible for all of the losses suffered in their account. As a consequence, Users should be prepared to lose all funds which they deposited and used for Trading. Users are also responsible for losses that exceed their profits and deposits. Users should never fund their Trading activities with retirement savings, loans, mortgages, emergency funds, funds set aside for purposes such as education or home ownership, or funds required for current income or present or future medical expenses.
Profit Taking is not certain with any products offered by the Company.
Users should not believe claims of large profits resulting from Trading. Users should realize that Trading could result in immediate and substantial losses of the capital invested, including additional capital that may be required by investing on leverage/margin. (See paragraph 6 below.).
Competition and Sophistication is required.
Trading requires in-depth knowledge of the Securities and Forex markets, trading techniques and strategies. In attempting to profit from Trading, Users compete with Institutional / Professional Users, market-makers, etc.; therefore, a high level of investment and trading experience is necessary. No guarantees are offered or represented by us regarding the returns that can be expected from Trading.
Rules and Regulations Set Forth By The Company.
Users must know and follow the rules and regulations applicable to the Company’s Trading program as set forth in the documents and agreements delivered to and signed or approved (by way of physical / internet approval) by the User. Not following the rules and regulations applicable to Trading or any other applicable regulation may result in forced closure of positions (“Trades”), temporary freezing of your account, closing your account and/or other actions necessary for the protection of the Company.
Transaction Costs May Reduce Profit Taking.
Be aware that every time an individual trade is placed, the Company profits from the Ask/Bid Spread. These transaction costs are a major cause of Users not being able to increase their trading size and developing as a User. The total daily/monthly/yearly commissions may add to losses and/or significantly impact and reduce profits.
Use of Leverage or Margin
A User/Clients use of Leverage may be a Speculative and Costly Strategy. Trading using Margin is generally used by Users as a way to increase their purchasing power in order to be able to open a larger position without paying for it in full. Trading on leverage or margin, or the use of leverage generally, may result in losses beyond the initial investment or deposit. Extreme caution should be exercised relative to your use of a margin account.
Knowledge of Company Software Programs.
Users must be knowledgeable in the use and functionality of the Trading software provided by the Company, or by any third-party provider, in order to correctly interpret account information and to be able to place orders correctly. Users are responsible for all orders placed in their account, regardless of your understanding of the system functionality. If you are not in complete understanding of the way the system operates, do not trade before obtaining the required knowledge.
Overnight Positions are Risky.
Holding large positions, especially after the close of the relevant market, may result in considerable losses. Opening prices (next day) can be significantly different from the previous day’s closing prices; also, trading in CFDs with respect to securities can unexpectedly be halted during trading hours for a variety of reasons and prices can vary dramatically at the re-opening of trading with no interim capabilities of trading during such time periods. Such price changes may significantly change the result of stop-loss orders.
Good Trading Executions May be Subject to Conditions Beyond Company’s Control.
Using limit orders, if applicable, is highly recommended when opening a trade, to avoid executions at prices significantly different from the prices quoted at the time of order entry.
Users Must Know The Proper Procedures For Changing Or Cancelling Existing Orders.
In a fast moving market, or otherwise, attempts at cancelling an existing order and replacing it with a new one may result in an execution of duplicate orders. In such situations, Users are wholly responsible for both executions and any resulting losses.
Company Makes No Warranty Regarding the Effectiveness, Accuracy or Efficiency of the Trading Platforms.
From time to time, Users may have difficulty accessing their account data due to a possible myriad of technical problems. The Company makes no warranty of merchantability, no warranty of fitness for a particular purpose, and no other warranty of any kind, express or implied, regarding this service, data or information provided thereby, or any aspect regarding the order entry or execution services, except as required by applicable law, regarding possible damages, including, but not limited to, lost profits, trading losses or damages that result from reliance on inaccurate data, or delay or loss of access to customer account execution services.
Pay Attention to Your Account Statements
It is very important for you to reconcile your account on a daily basis. Your review should include confirmations, and monthly statements. Any suspected discrepancies should be immediately brought to Company’s attention. All trade confirmations and monthly statements will be deemed accepted by you if not complained of upon receipt.
Exploit Your Opportunity for Success.
To enhance your opportunity for success, you should consider trading to be a profession that will require you to be available each and every day during market hours. Even with such commitment, there is no guarantee that you will be successful in implementing your investment/trading strategy.
Electronic Trading Requires Some Degree of Sophistication.
Persons who are relatively new to electronic trading should strictly limit both the number of trades they do and the size of their trades to reduce the risk of large dollar losses during the learning process. Nearly all persons who are new to electronic trading suffer losses. Only persons who can sustain substantial losses during the learning process should attempt to engage in such electronic trading. The length of time required developing the requisite skill and discipline necessary to trade successfully varies with different individuals.
The Company is not an Investment Advisor.
The trading services provided are intended to provide timely information to professional and non-professional Users on market developments and other public events and by providing a mechanism for execution of trades. Nothing in this service constitutes investment advice or a recommendation by the Company or its affiliates to buy, sell or hold a particular security, financial product or instrument discussed therein or the suitability for making any such investment. The Company is neither registered investment advisors nor broker dealers.
The Company Does Not Absorb User’s Losses.
Users are required to be responsible for all losses sustained in their accounts, which on occasion, may exceed the required deposit.
The Company shall not bear responsibility to any harm or any form which shall be caused to the Customer in the event that such harm is the result of a force majeure and any outside event which is not in the control of the Company which influences commerce in the website. The Company shall not bear any responsibility for any delay in communications and/or failure in the internet, including, without limitation, computer crashes or any other technical failure, whether caused by the telephone companies and various telecommunication lines, the ISP computers, the Company’s computers or the Customer’s Computers.
By agreeing to trade with the Company, you represent that either you understand the English language or you have had someone independent of the Company read and interpret any such account opening documents for you prior to the execution of the actions which will cause the Agreement to be in effect.