Risk Disclosure, Terms and conditions

Risk Disclosure, Terms and conditions2018-11-13T17:24:19+00:00

Client Agreement

1. Introduction

1.1. FRXE LIMITED (hereinafter, “Company”), whose registered office is located at , renders the “myFRXE” service (hereinafter, “myFRXE”) under the terms of this public proposal (hereinafter,“Agreement”) to any individual or legal entity (hereinafter, “Client”) (except for stateless persons; individuals under 18 years of age and citizens and legal entities of countries in which the myFRXE service is not offered).
1.2. The following documents are an integral part of this Agreement:

1. Risk Disclosure
2. Terms of Business for MICRO and STANDARD Accounts
3. Terms of Business for ECN Accounts

1.3. This Agreement and the documents listed above are collectively referred to as the “Regulations”.

1.4. The Regulations should be carefully read by the Client, as they govern all the conditions of the Client’s trading and non-trading operations. By accepting the terms of this Agreement the Client also accepts the terms of all the Regulations listed above.
1.5. The terms of this Agreement shall be considered accepted unconditionally by the Client upon the Company’s receipt of an advance payment made by the Client in accordance with this Agreement.
1.6. As soon as the Company receives the Client’s advance payment, every operation made by the Client in myFRXE or in the trading platform shall be subject to the terms of the Regulations.
1.7. The Client and the Company enter into every operation in myFRXE or in the trading platform as principals, and the Company does not act as an agent on the Client’s behalf. The Client shall be directly and fully responsible for fulfilling all of his/her obligations regarding his/her operations in myFRXE or on the trading platform. If the Client acts on behalf of someone else, regardless of whether that individual is identified, the Company shall not view that individual as a client and shall not bear any responsibility to him/her unless otherwise specifically agreed.
1.8. The terms used in this Agreement are defined in Clause 17.

2. Service

2.1. Subject to the Client fulfilling the obligations under this Agreement and the Regulations, the Company shall provide the Client with the ability to make operations prescribed by the capabilities of myFRXE and the Regulations.
2.2. The Company shall execute all Client transactions on an execution-only basis, neither managing the account nor advising the Client. The Company is entitled to execute Client transactions even if the transaction is not beneficial for the Client. The Company is under no obligation, unless otherwise agreed in this Agreement and the Regulations, to monitor or advise the Client on the status of any Client transaction, to make margin calls, or to close out any of the Client’s open positions. Unless otherwise specifically agreed, the Company is not obligated to make an attempt to execute the Client’s order using quotes more favourable than those offered through the trading platform.
2.3. The Client shall not be entitled to demand the Company to provide investment or trading advice or any information intended to encourage the Client to make any particular transaction.
2.4. In the event that the Company does provide advice, information or recommendations to the Client, the Company shall not be held responsible for the consequences or result received from using these recommendations or advice. The Client acknowledges that the Company shall not, in the absence of fraud, intentional failure to carry out its responsibilities or gross negligence, be liable for any losses, costs, expenses or damages suffered by the Client arising from any inaccuracy or mistake in any information given to the Client including, but not limited to, information regarding any Client transactions. Though the Company has the right to void or close any transaction in the specific circumstances set out in this Agreement or
corresponding Regulations, any transaction the Client carries out following such an inaccuracy or mistake shall nonetheless remain valid and binding in all respects both on the side of the Company and of the Client.
2.5. The Company shall not effect physical delivery of currency in the settlement of any trading operation. Profit or loss in the deposit currency is deposited to/withdrawn from the Client’s trading account immediately after a position is closed.
2.6. The Company, partners of the Company or other affiliated parties may have material interest, a legal relationship or arrangement concerning a specific transaction in myFRXE or in the trading platform or interests, relationships, or arrangements that may be in conflict with the interests of the Client. By way of example, the Company may:

  • act as Principal concerning any instrument on the Company’s own account by selling to or buying the instrument from the Client;
  • combine the Client’s transaction with that of another Client;
  • buy or sell an instrument the Company offers to the Client;
  • advise and provide other services to partners or other clients of the Company who may have interests in instruments or underlying assets which
  • conflict with the Client’s interests.

The Client consents to and grants the Company authority to deal with or for the Client in any manner which the Company considers appropriate, notwithstanding any conflict of interest or the existence of any material interest in any transaction in myFRXE or in the trading platform, without prior notification of the Client. The Company’s employees are required to comply with a policy of impartiality and to disregard any material interests or conflicts of interest when advising the Client.
2.7. The Company may periodically act on a Client’s behalf in relations with parties with whom the Company or another affiliated party has an agreement permitting the Company to receive goods or services. The Company ensures that such arrangements shall operate in the best interest of Clients, for example, arrangements granting access to information or other benefits/services which would not otherwise be available.
2.8. Should the Company provide Swap-free accounts upon the Client’s request, the Client accepts the terms and conditions of the Agreement and agrees, amongst other things, not to be charged for swaps on any trading account. However, if the Company suspects any fraud, manipulation, swap-arbitrage or other forms of deceitful or fraudulent activity related or connected to any/all of the transactions on one/several Client’s account(s) with the Company, the Company reserves the right to decide, at its sole discretion, to close all open positions on the Client’s trading account and recover costs (equivalent to the swap and/or any profit
amount) for all transactions currently and/or previously made on the account, whilst declining any further requests from the Client to be exempted from any swap charges. Swap-free requests made apply to all of the Client’s trading accounts. The Company reserves the right to discontinue the provision of the Swap-free accounts without any prior notice.

3. Client Requests and Instructions

3.1. The Company processes and executes Client requests and instructions in accordance with the Regulations.
3.2. The Company is entitled to decline a Client’s request or instruction if any of the conditions set out in the Regulations have not been satisfied before the request or instruction is processed by the Company. However, the Company may, at its sole discretion, accept and execute the Client request or instruction, notwithstanding the lack of compliance with the Regulations.
If the Company executes the Client request or instruction and subsequently becomes aware of a breach of the conditions of the Regulations, the Company may act in accordance with the Regulations.

4. Netting

4.1. For transactions between the Client and the Company, a conversion will take place using the current exchange rates in accordance with the Regulations.
4.2. If the accrued amount owed the Company by the Client under the Regulations is equal to the accrued amount owed the Client by the Company, the obligations of both sides will be canceled out.
4.3. If the accrued amount owed by one party under the Regulations exceeds the accrued amount owed by the other party, then the party with the larger accrued amount shall pay the excess to the other party and following which all obligations to pay will be automatically satisfied and discharged.
4.4. The Client is obligated to pay any amount due, including all commissions, charges and other costs determined by the Company.
4.5. The Client may not transfer rights, vest responsibilities, or otherwise transfer or purport to assign rights or obligations under the Regulations without the Company’s prior written consent. Any purported assignment or transfer in violation of this condition shall be considered void.

5. Payments

5.1. The Client may deposit funds to a Client account at any time.
5.2. Fund deposit to and withdrawal from the Client’s account shall be governed by the Regulation for NonTrading Operations.
5.3. If the Client is under the obligation to pay any amount to the Company which exceeds the Equity of the account, the Client shall pay the excess within 2 business days of the obligation arising.
5.4. The Client acknowledges and agrees that (without prejudice to any of the Company’s other rights to close out the Client’s open positions and exercise other default remedies against the Client in accordance with the Regulations) where a sum is due and payable to the Company in accordance with the Regulations and sufficient cleared funds have not yet been credited to the Client’s account, the Company shall be entitled to treat the Client as having failed to make a payment to the Company and to exercise its rights under the Regulations.
5.5. The Client shall hold full responsibility for the accuracy of payments executed. If the Company bank details change, the Client shall bear full responsibility for any payments carried out to the outdated bank details from the moment the new details are published in myFRXE.
5.6. Acceptance of payments by clients of the Company by means of international card payment systems can also be carried out by official partners of the Company, information about which is provided in the Regulations for Non-trading Operations and in myFRXE.

6. Client Funds and Interest

6.1. Client funds are held on Company accounts including segregated accounts opened in the Company’s name for holding Client funds separate from the Company’s funds.
6.2. The Client acknowledges and agrees that the Company will not pay interest to the Client on funds located on Client accounts. The Company reserves the right to establish when and how much interest it will pay on Client funds.

7. Complaints and Disputes

7.1. The procedure for handling complaints and disputes is described in the corresponding Regulations.
7.2. The Company is a member of the independent dispute resolution organization The Financial Commission (www.financialcommission.org) (hereinafter, “Commission”). All Clients are entitled to file a complaint with Commission to resolve a dispute that arises if this complaint cannot be resolved through the Company’s internal dispute resolution process.

8. Communications

8.1. The rules for communication between the Client and the Company are set out in the Regulations.
8.2. The Client shall submit all trading instructions through the client terminal. For specific account types, the Client may issue instructions and requests by phone.
8.3. The Client shall submit requests to debit or credit funds only in myFRXE and in accordance with the Regulations for Non-trading Operations.
8.4 By accepting the terms of this Agreement, the Client also agrees to receive emails from the Company to the Client’s personal email address and SMS messages to the mobile telephone number registered in myFRXE.

9. Time of Essence

9.1. The time periods of fulfillment by the Client and the Company of their obligations shall be an essential condition of all Regulations.

10. Events of Default

10.1. Each of the following circumstances constitutes an event of default:

  • Client’s failure to pay any due amount under the corresponding Regulations;
  • Client’s failure to fulfill any obligation to the Company;
  • the initiation of proceedings by a third party for the Client’s bankruptcy or for the company’s liquidation (if the Client is a legal entity), or for the appointment of an administrator or receiver in respect of the Client or any of the Client’s assets (if the Client is a legal entity), or (for both legal entities and individuals) if the Client makes a contract or an arrangement with their creditors concerning the settlement of their debt or any other analogous procedure is initiated regarding the Client;
  • any representation or warranty made by the Client in Clause 11 hereof is or becomes false;
  • Client’s inability to pay debts when they fall due;
  • if the Client dies or becomes legally incompetent;
  • any other circumstance where the Company reasonably believes that it is necessary or desirable to take any action set out in Clause 10.2 hereof.

10.2. In cases of events of default by the Client, the Company may, at its sole discretion, at any time and without prior written notice to the Client, take one or more of the following steps:

  • close out all or any of the Client’s open positions at the current quote;
  • debit the Client’s account for amounts owed to the Company;
  • close any or all of the Client’s accounts held within the Company;
  • refuse to open new accounts under the Client’s name.

11. Representations and Warranties

11.1. The Client shall represent and warrant that:
a) all information presented in this Agreement, the Regulations and the Client Registration Form is true,
complete and accurate in all material respects;
b) the Client is duly authorized to enter into this Agreement, to issue instructions and requests and to fulfill his/her obligations in accordance with the Regulations;
c) the Client acts as principal;
d) the Client is the individual who submitted the Client Registration Form or if the Client is a legal entity, the person who provided the Client Registration Form on the Client’s behalf is duly authorised to do so;
e) all actions performed under the Regulations will not violate any law, ordinance, charter, by-law or rule applicable to the Client or in the jurisdiction in which the Client is resident, or any agreement by
which the Client is bound or that concerns any of the Client’s assets;
f) any trading systems used by the Client are not targeted at exploiting any weakness in the Company’s software.
11.2. If the Client breaches clause 11.1 of this Agreement, the Company has the right to void any position or close out any or all of the Client’s positions at the current price at any time, at its sole discretion.

12. Governing Law and Jurisdiction

12.1. This Agreement is governed by the laws of Saint Vincent and the Grenadines.
12.2. With respect to any proceedings, the Client irrevocably:

  • agrees that the courts of Saint Vincent and the Grenadines shall have exclusive jurisdiction to settle
  • any proceedings regarding this Agreement;
  • submits to the jurisdiction of the courts of Saint Vincent and the Grenadines;
  • waives any objection which the Client may have at any time to the laying of any proceedings brought in any such court;
  • agrees not to claim that such proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over the Client.

12.3. The Client irrevocably waives to the fullest extent permitted by applicable laws of Marshall Islands, with respect to the Client and the Client’s revenues and assets (regardless of their use or intended use), all immunity (on the grounds of sovereignty or other similar grounds) from (a) suit, (b)jurisdiction of any courts, (c) relief by way of injunction, order for specific performance or for recovery of property, (d) attachment of assets (whether before or after judgement) and (e) execution or enforcement of any judgement to which the Client or the Client’s revenues or assets might otherwise be entitled in any proceedings in the courts of any jurisdiction and irrevocably agrees to the extent permissible by the law of Saint Vincent and the Grenadines not claim any such immunity in any proceedings. The Client consents to satisfying all requirements and court orders in connection with such proceedings, particularly, but not limited to, those regarding any of the Client’s assets.
12.4. Where this Agreement and the Regulations are issued in a language other than English, the English language version shall prevail in the event of any conflict.

13. Limitation of Liability

13.1. The Client will indemnify the Company for all liabilities, costs, claims, demands and expenses of any nature which the Company suffers or incurs as a direct or indirect result of any failure by the Client to fulfill any of the obligations under the Regulations.
13.2. The Company shall in no circumstances be liable to the Client for any consequential direct or indirect losses, loss of profits, missed opportunities (due to subsequent market movement), costs, expenses or damages the Client may suffer in relation to this Agreement, unless otherwise agreed in the Regulations.
13.3. The Client does not have the right to give third parties access passwords to the trading platform or myFRXE and agrees to keep them secure and confidential. All actions related to the fulfillment of the Regulations and/or the usage of logins and passwords are considered executed by the Client. The Company does not bear responsibility for the unauthorized use of registration data by third parties.
13.4. The Client acknowledges and accepts that margin trading is highly speculative as specified in the Risk Disclosure on the Company’s Website. The Client acknowledges and accepts that margin trading may bring significant risks, including, but not limited to, legal and financial risks to the extent of causing unlimited losses, without any guarantee of retaining the capital invested or generating any profits. The Client acknowledges and accepts that margin trading transactions are suitable only for individuals who are able to bear financial losses risking their initial deposits and who have the financial comfort to suffer substantial losses without an impact on their living standard.

14. Force Majeure

14.1. The Company may, having just cause, determine that a Force Majeure event (uncontrollable circumstances) exists, in which case the Company will, in due course, take reasonable steps to inform the Client. Force Majeure circumstances includes without limitation:
a) any act, event or occurrence (including, without limitation, any strike, riot or civil commotion,
terrorism, war, act of God, accident, fire, flood, storm, interruption of power supply, communication equipment or supplier failure, hardware or software failure, civil unrest, government sanction, blockage, embargo, lockouts) which, in the Company’s reasonable opinion, prevents the Company from maintaining market stability in one or more of the instruments;
b) the suspension, liquidation or closure of any market or the imposition of limits or special or unusual terms on trading on any such market or on any such event.
14.2. If the Company determines with just cause that a Force Majeure event exists (without infringing any other rights under the Regulations), the Company may at any time and without giving prior written notification take any of the following steps:
a) increase margin requirements;
b) close any or all open Client positions at prices the Company reasonably considers fair;
c) suspend or modify the application of any or all terms of the Regulations to the extent that the Force Majeure event makes it impossible or impractical for the Company to comply with them;
d) take or not take action concerning the Company, the Client and other clients as the Company deems to be reasonably appropriate in the circumstances.
14.3. The Company does not bear responsibility for not fulfilling (improperly fulfilling) its obligations when prevented from doing so by force majeure circumstances.

15. Miscellaneous

15.1. The Company has the right to suspend service to the Client at any time for any justified reason (notification of the Client is not required).
15.2. In the event that a situation arises that is not covered under the Regulations, the Company will resolve the matter on the basis of good faith and fairness and, when appropriate, by taking action consistent with market practice.
15.3. No single or partial exercise or failure or delay in exercising any right, power or privilege (under this Agreement or at law) by the Company shall constitute a waiver by the Company of, or impair or preclude any exercise or further exercise of that or any other right, power or remedy arising under the Regulations or applicable law.
15.4. The Company may in whole or in part release the Client from liability stemming from the latter’s violation of the conditions of the Regulations during the period of it being in force or, alternatively, may reach a compromise decision. In this case, all violations, regardless of how long ago they were committed and in connection with which the Company may file a grievance with the Client at any time, are taken into consideration. The above-stated conditions do not prevent the Company from exercising its other rights in accordance with the Regulations.
15.5. The rights and remedies provided to the Company under the Regulations are cumulative and are not exclusive of any rights or remedies provided under the law of Saint Vincent and the Grenadines.
15.6. The Company may transfer its rights and obligations to a third party in whole or in part, subject to due notice to the Client and consent of the assignee to the terms hereof and of the applicable Regulations.
15.7. If any term of the Regulations (or any part of any term) shall be held by a court of competent jurisdiction to be unenforceable for any reason, then such term shall be deemed severable and not form part of this Agreement and the Regulations, but the remainder of the Regulations shall continue to be valid and enforceable.

16. Amendment and Termination

16.1. The Client acknowledges that the Company shall have the right to amend:

  • any part of this Agreement or the Regulations at any time, having provided to the Client the notice of such amendments;
  • the value of a spread, swap and dividend specified in the Contract Specifications without prior notification to the Client;
  • other trading conditions with written notification to the Client of a minimum of 1 (one) calendar day. Amendments come into force from the date specified in the notice. In event of force majeure circumstances at the markets, the Client recognizes the right of the Company to make amendments to the Regulations immediately, without prior notification.

16.2. The Client acknowledges that the Company may introduce new products and services without providing prior notification.
16.3. The Client may suspend or terminate this Agreement by giving the Company written notification.
16.4. The Company may suspend or terminate this Agreement immediately by giving the Client notification.
16.5. The Company retains the right to refuse the Client for providing service of myFRXE without
explanation.
16.6. Termination of this Agreement will not abrogate any obligations held by either the Client or the Company regarding any outstanding transaction or any legal rights or obligations which may already have arisen under this Agreement or the Regulations, particularly relating to any open positions and deposit/withdrawal operations made on the Client’s account.
16.7. Upon termination of this Agreement, all amounts owed by the Client to the Company must be settled immediately, including, but not limited to:

  • all outstanding fees, charges and commissions;
  • any expenses incurred by terminating this Agreement;
  • any losses and expenses sustained by the Company in closing out any transactions or in connection with any other of the Company’s obligations initiated or caused by the Client.

17. Terms and Interpretation

In this Agreement or any Regulations:

“Advance Payment” shall mean the deposit of funds by the Client to pay for future expenses.
“Ask” shall mean the higher price in a quote. The price the Client may buy at.
“Balance” shall mean the total financial result of all completed transactions and deposit/withdrawal operations on the trading account.
“Base Currency” shall mean the first currency in the currency pair, against which the Client buys or sells the quote currency.
“Bid” shall mean the lower price in a quote. The price the Client may sell at.
“Business Day” shall mean a working day from Monday till Friday.
“Client Account” shall mean any account opened by the Client at the Company including transitory accounts, trading accounts, partner accounts, manager’s accounts, investor’s accounts and other account types.
“Client’s Authorized Person” shall mean:
a) an individual over 18 years of age, citizen and/or tax resident of any country, except for those
countries in which the Company does not offer the given service, authorized to perform or receive noncash (bank and/or electronic) transfers on behalf of the Client, for the purpose of crediting funds to the Client’s account or withdrawing funds from the Client’s account;
b) a legal body or entity of another business legal structure, organized under the existing laws of any country, except for those countries in which the Company does not offer the given service, authorized to perform or receive a non-cash (bank or/and electronic) transfer on behalf of the Client for the purpose of crediting funds to the Client’s account or withdrawing funds from the Client’s account.
“Client’s External Account” shall mean the bank and/or electronic account of the Client or the Client’s Authorized Person.
“Client Terminal” shall mean the program or third party application which connects with the Server according to the FIX Protocol. It is used by the Client to obtain information on financial markets (the extent is determined by the Company) in real-time, to perform technical analysis, make transactions, place/modify/delete orders, as well as to receive notices from the Company. These programs can be downloaded on Website free of charge.
“Client Transactions” shall mean instructions and requests by the Client to the Company in relation to their trading and non-trading operations in myFRXE and trading platforms.
“Company Account” shall mean the bank or/and electronic account of the Company, and the Company account in the processing center.
“Company News page” shall mean the page on the Website where news is displayed.
“Complete Transaction” consists of two opposite transactions of the same size in different directions (open a
position and close a position): buy in order to sell or sell in order to buy.
“Contract Specification” shall mean the principal trading terms (spread, lot size, minimum position volume,
initial margin, the margin for locked positions etc.) for each instrument displayed on the Website.
“Credit/Debit Card” shall mean a thin plastic card that contains identification information, with the help of
which the cardholder can pay for purchases and services, as well as withdraw cash from the account.
“Credit/Debit Cardholder” shall mean the person whose information the card contains (first name, last
name, signature) and who is authorized to maintain the card account.
“Currency Pair” shall mean the object of a transaction, based on the change in value of one currency against
another.
“Electronic Payment System” shall mean a payment system operating with electronic money.
“Equity” shall mean the current composition of the trading account. The formula to calculate Equity is: Balance + Floating Profit – Floating Loss.
“FIX Protocol” shall mean the Financial Information eXchange (FIX) standard of exchanging information, developed especially for exchanging information on transactions involving financial instruments in real-time.
This protocol is maintained by the company FIX Protocol, Ltd. (https://www.fixprotocol.org).
“Floating Profit/Loss” shall mean non-fixed profit/loss on open positions at current market prices.
“Force Majeure” shall mean lack of conformity of the terms and conditions of the Company and the terms and conditions of the counterparty, current market situation, possibilities of software or hardware of the Company or other situations which cannot be foreseen.
“Free Margin” shall mean funds on the trading account which may be used to open a position. The formula to calculate free margin is: equity minus- necessary margin.
“Fund Deposit” shall mean the deposit of funds transferred by the Client or the Client’s Authorized person and credited to the Company account for transfer to the Client’s account.
“Fund Deposit Notification” shall mean a notification sent via the Client’s myFRXE account on the Website to confirm that the funds were credited to the Client’s account.
“Hedged Margin” shall mean the amount required by the Company to open and maintain locked positions.
The details for each instrument are in the Contract Specifications.
“Identification Information” shall mean, for an individual – the passport/ID information specified in the Client Registration Form, and for a legal entity – the information from registration and founding documents specified while registering.
“Inactive Trading Account” shall mean a Client’s trading account which has not had an open position, pending order, or non-trading operation in a 6 month period.
“Indicative Quote” shall mean information about the price of an instrument at which the Company is not obliged to execute instructions of the Client.
“Initial Margin” shall mean the margin required by the Company to open a position. The details for each instrument are in the Сontract specifications.
“Instruction” shall mean the Client’s instruction to the Company to open/close a position, place, remove or change the level of the pending order.
“Instrument” shall mean any currency pair, spot metal, contract for difference and other financial
instruments offered by the Company.
“Internal Fund Transfer Request” shall mean an instruction given via the Client’s myFRXE account on the Website to withdraw funds from the Client’s account to another account open within the Company.
“Locked Positions” shall mean long and short positions of the same size opened on a trading account for the same instrument.
“Long Position” shall mean a Buy position that appreciates in value if market prices increase. Regarding currency pairs: buying the base currency against the quote currency.
“Lot” shall mean the abstract notion of the number of securities or base currencies in the trading platform.
“Lot size” shall mean the number of securities or base currency in one lot, as defined in the contract specifications.
“Margin Trading” shall mean trading using leverage, where the Client may make transactions of a certain size, while having significantly less funds on their trading account.
“myFRXE” shall mean the Client’s personal page on the Company’s website, access to which is secured by a login and password. This service is provided to the Client by the Company on the basis of the Client Agreement concluded between the Company and Client.
“myFRXE Account Number” shall mean the unique number assigned to each Client upon acceptance of this Agreement.
“myFRXE Service” shall mean the service providing a Client with a personal account on the Company’s website, designed for the Client’s identification, maintenance of accounts, records of operations and support.
“Necessary Margin” shall mean the margin required by the Company to maintain open positions. The details for each instrument are in the contract specifications on the Website.
“Non-Trading Operation” shall mean operation involving the deposit of funds, withdrawal from a Client’s for example, if the Client opens two buy lots, and three sell lots for the same instrument, then two buy lots and two sell lots are identified as locked positions, and one buy lot is identified as a non-locked position. Account or transfers of funds between transitory and trading accounts of the Client.
“Open Position” shall mean the result of the first part of a completed transaction. In this case the Client shall be obliged to:
a) make a counter transaction of the same volume;
b) maintain equity no lower than the necessary margin level (this level may vary depending on an account type. For more information, please refer to the “Trading Terms” in a section “Forex, metals and CFD” on the page of the Company’s Website).
“Order Level” shall mean the price indicated in the order.
“Pending order” shall mean the Client’s instruction to the Company to open or close a position when the price reaches the order’s level.
“Processing Center” shall mean a legal entity or its department that supports the informational and technological interaction between payment participants.
“Quote” shall mean the information on the current rate for a specific instrument, shown in the form of the Bid and Ask price.
“Quote Currency” shall mean the second currency in the currency pair which can be bought or sold by the Client for the base currency.
“Quote Request” shall mean the Client’s order to the Company to obtain a quote. Such a request shall not constitute an obligation to make a transaction.
“Rate” shall mean the value of the base currency in terms of the quote currency.
“Screenshot” shall mean a digital image taken by the Client or the Client’s authorized person using the operating system or software in order to communicate what is displayed on the computer screen.
“Security” shall mean any share, option, commodity, precious metal, interest rate, bond or stock index.
“Server” shall mean all programs and technology used to make and carry out the Client’s instructions, as well as presenting trading information in real-time, with consideration of the mutual obligations of the Client and Company in correspondence with the relevant Regulation.
“Short Position” shall mean a Sell position that appreciates in value if market prices fall. Regarding currency pairs: selling the base currency against the quote currency.
“Spike” shall mean an error quote with each of the following characteristics:

  • a significant price gap;
  • a price rebound in a short time period within a price gap;
  • the absence of rapid price movement before its appearance;
  • the absence of important macroeconomic indicators and/or corporate news of significant effect before its appearance.
  • The Company has the right to delete from the quote database information about a spike.

“Spread” shall mean the difference between the Ask and Bid prices.
“Storage” (also, “Swap”) shall mean the charge for a position’s rollover overnight.
“Trading Account” shall mean the unique personified register of all completed transactions, open positions, orders and non-trading operations in the trading platform.
“Trading Platform” shall mean all programs and technology that present quotes in real-time, allows placement/modification/deletion of orders and calculate all mutual obligations of the Client and the Company. For the purposes of simplification for this Agreement, a trading platform consists of a server and client terminal.
“Transaction Day” shall mean a working day, hours of operation of which are specified on the Company’s Website.
“Transaction Size” shall mean the lot size multiplied by the number of lots.
“Transitory Account” shall mean a Client’s non-trading account which is opened when registering a myFRXE account and is an accessory for the Client to carry out deposit of advance payments.
“Website” shall mean Company’s website at https://www.frxe.com/.
“Withdrawal” shall mean the withdrawal of funds from the Client’s account and their remittance to the Client or the Client’s authorized person’s bank details, as indicated by the Client in the “Withdrawal Request“.
“Withdrawal Request” shall mean an instruction given via the Client’s myFRXE account on the Company website to withdraw funds from the trading account and transfer them to the Client’s external account or the account of the Client’s authorized person, as specified in the instruction.
“Written Notification” shall mean an electronic document (including emails, internal mail on the client terminal etc.) or an announcement on the “Company News” page on the Website. A written notice is considered to be received by the Client:

  • an hour once it has been sent to the Client’s email address;
  • an hour after the news has been published in the “Company News” page on the Website.

Risk Disclosure

This document is a disclosure by FRXE LIMITED (“Company”), which provides the myFRXE service to the Client under the terms and conditions of the Client Agreement, of the potential risks involved in trading on financial markets. The Client should first and foremost be aware of the potential losses associated with this activity. However, due to the wide range of possible scenarios, this document cannot disclose all risks inherent in trading on financial markets. The terms used in this document have the same meaning as defined in the corresponding Regulations which consists of all the documents located in the “Regulatory Documents” section of myFRXE and on the Company’s website.

1. Effect of “Leverage”

1.1. When executing trading operations under margin trading conditions, even small market movements may have a great impact on a Client’s trading account due to the effect of leverage. The Client must consider that if the trend on the market is against them, the Client may sustain a total loss of their initial margin and any additional funds deposited to maintain open positions. The Client shall hold full responsibility for all risks, financial resources used and the chosen trading strategy.
1.2. We highly recommend maintaining a Margin Level no lower than 1,000%, as well as placing Stop Loss orders to limit potential losses.

2. Highly Volatile Instruments

2.1. Many instruments are traded within wide ranges of intraday price movements so the Client must carefully consider the fact that there is not only a high probability of profit but also of loss.

3. Technical Risk

3.1. The Client shall assume the risk of financial loss caused by the failure of information, communication, electronic and other systems.
3.2. When executing trading operations through the client terminal, the Client shall assume the risk of financial loss, which can be caused by:

  • the failure of Client hardware, software and internet connection;
  • the improper operation of Client equipment;
  • the wrong settings in the client terminal;
  • delayed client terminal updates;
  • the Client’s ignorance of the applicable rules described in the MetaTrader User Guide and in the Help section.

3.3. The Client acknowledges that at the moment of peak load there may be some difficulties in getting telephone communication with the duty operator, especially on the fast market (for example, when key economic indicators are released).

4. Abnormal Market Conditions

4.1. The Client shall acknowledge that under abnormal market conditions, the execution time for Client instructions may increase.

5. Trading Platform

5.1. The Client shall acknowledge that only one request or instruction is allowed in the queue. Once the Client has sent a request or instruction, any other request or instruction sent by the Client will be ignored. In the “Order” window, the “Order is locked” message will appear.
5.2. The Client shall acknowledge that the only reliable source of quoting information is the server for Clients with live accounts. The quote base in the client terminal shall not be considered a reliable source of quoting information, as in the case of a bad connection between the client terminal and the server, some of the quotes simply may not reach the client terminal.
5.3. The Client shall acknowledge that when the Client closes the window to place/modify/delete an order, as well as the window to open/close a position, the instruction or request which has been sent to the server will not be canceled.
5.4. The Client shall assume the risk of executing unplanned transactions in the case that the Client sends another instruction before receiving the result from the instruction sent previously.
5.5. The Client shall acknowledge that if an order has already been executed but the Client sends an instruction to modify the level of a pending order and the levels of Stop Loss and/or Take Profit orders at the same time, the only instruction that will be executed is the instruction to modify the Stop Loss and/or Take Profit levels on the position opened on that order.

6. Communications

6.1. The Client shall assume the risk of any financial loss caused by the Client either not receiving a notification from the Company.
6.2. The Client shall acknowledge that unencrypted information transmitted by email is not protected from unauthorized access.
6.3. The Client shall agree that the Company has the right to delete messages sent to the Client through internal mail 3 (three) days after they have been sent, despite the fact that the Client may not have received them yet.
6.4. The Client shall hold full responsibility for the safekeeping of information received from the Company and assumes the risk of any financial loss caused by unauthorized access to the Client’s trading account by a third party.

7. Force Majeure

7.1. The Client shall assume all risks of financial loss caused by a force majeure.

8. Statutory Prohibitions and Restrictions

8.1. The Client shall assume all financial and other risks when completing operations (or actions connected with these operations) on financial markets that are statutorily prohibited or restricted by the legislation of the country in which the Client is resident.

Terms of Business for MICRO and STANDARD

Introductory Remarks

1.1. These Terms of Business shall govern all actions regarding the handling and execution of Client instructions and requests by FRXE LIMITED (hereinafter, “Company”), which provides the myFRXE service under the terms of the Client Agreement (hereinafter, “Client Agreement”) on MICRO and STANDARD accounts.

1.2. These Terms of Business define: a) principles of opening/closing positions and placing/modifying/deleting/executing orders under Normal and Abnormal Market Conditions; b) the Company’s actions in respect to the Client’s open positions if the Margin Level on the trading account should be insufficient to support such open positions; c) procedures of dispute resolution and methods of communication between the Client and the Company.

1.3. All the terms and conditions which govern the Client’s trading transactions are described in these Terms of Business, the Client Agreement, the Risk Disclosure documents and any other applicable document which can be found in the “Regulatory Documents and Agreements” subsection of the “Company” section and “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section of the Company Website (www.frxe.com). 2. General Terms Handling of Client Requests and Instructions 2.1. There are two quotation mechanisms which are used to trade: Request Execution and Instant Execution. Details on the quotation mechanism for each Instrument are specified in the “Contract Specifications” subsection in the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section of the Company Website. 2.2. The procedure for handling Client requests and instructions given through the Client Terminal is as follows: a) the Client gives an instruction or request which is checked for validity within the Client Terminal; b) the Client Terminal sends the instruction or request to the Server; c) if the connection between the Client Terminal and Server has not been disrupted, the Server receives the instruction or request and begins the verification process; d) a valid Client instruction or request is placed in a queue sorted by instruction or request arrival time and the status “Order is accepted” appears in the “Order” window of the Client Terminal; e) an instruction or request which is placed in the queue before other instructions or requests is sent to the Company for processing. The status “Order is in process” appears in the “Order” window of the Client Terminal; f) the Company sends the Server the execution result of the Client’s instruction or request; Depending on the amount of time the Company needs to process a request or an instruction, it is possible that the recorded execution time in the Server Log File of the first request or instruction in the queue will be later than the execution time of the following request or instruction. 4 g) the Server sends the result of the Client instruction or request to the Client Terminal; h) if the connection between the Client Terminal and Server has not been disrupted, the Client Terminal registers the result of the Client instruction or request. The time registered in the Client Terminal Log File is the time the Client Terminal receives a response. For this reason, the time recorded in the Client Terminal Log File may differ from the time in the Server Log File. 2.3. The Client has the right to cancel a given instruction or request only if the instruction or request is still in the queue and has the “Order is accepted” status. To cancel an order, the Client must click the “Cancel order” button. The Client cannot cancel an instruction or request given by an Expert Advisor. 2.4. The Client may not cancel an instruction or request if it already is being processed by the Company and the status is “Order is in process”. 2.5. All quotes that the Client receives through the Client Terminal are indicative and are the best available Bid and Ask prices that are received from the Liquidity Provider. 2.6. All matters regarding the current market price are at the sole discretion of the Company. 2.7. Each client request or instruction placed in the queue has a maximum waiting period within which it must be executed (three minutes at the time of the publishing of these Terms of Business). If a request or instruction has not been transmitted to the Company within this period of time, the request or instruction is deleted from the queue. In this case, the Client must send a new request or instruction. The Company fulfills the request of instruction as quickly as possible after having received it. 2.8. In the cases listed below, the Company has the right to decline a Client instruction or request: a) if the instruction or request precedes the first quote in the Trading Platform at Market Opening; b) under Abnormal Market Conditions; c) when the number of orders given by the Client continuously exceeds ten requests for each open position over the course of an extended period of time; d) if the Client’s free margin is insufficient to open a position of the requested volume; e) if the limit for the overall volume of a Client position and/or number of orders on this type of account has been exceeded. In these cases, one of the following messages will appear in the Client Terminal: “Off quotes”; “Cancelled by dealer”; “Not enough money”; “Trade is disabled”. Trading Operations 2.9. The Ask price is used when making a “buy” transaction. The Bid price is used when making a “sell” transaction. a) Long positions are opened at the Ask price. Short positions are opened at the Bid price. b) the Bid price is used when closing a long position (i.e. sell). The Ask price is used to close a short position (i.e. buy). Rollover (Swap), Dividends and Commissions 5 2.10. The rollover begins at 23:59:45 (server time). All positions remaining open from 23:59:45 to 23:59:59 (server time) will be rolled over to the next day. Storage fees are charged for carrying positions overnight. 2.11. The Company reserves the right to change its storage fees (swap rates) and commissions. Information about changes in the Company’s storage fees and commissions can be found in the “Swap History” section of myFRXE. 2.11.1.The Company’s storage fees (swap rates) and commission levels can be found in the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section of the Company Website. Spread 2.12. Spreads are indicated on the Company Website in the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section. 2.13. Spreads are not fixed and can change in value depending on market conditions and streaming quotes offered by liquidity providers. Leverage 2.14. Leverage is indicated on the Company Website in the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section. 2.15. The Company reserves the right to change the leverage on new positions and positions that are already open. 2.16. The Company reserves the right to change the amount of leverage it provides to any particular client, at any time, and at its sole discretion. Provision of Quotes 2.17. The Company shall not be obliged to, but may, at its sole discretion, execute Client requests and instructions on any instrument outside of its normal trading hours, which are indicated in the “Contract Specifications” subsection of the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section of the Company Website. 2.18. Quotes displayed on the Company Website are indicative. Quote Base Synchronization 2.19. Should there be an unforeseen break in the Server’s Quotes Flow caused by any kind of software or hardware failure, the Company shall have the right to synchronize the Quote Base on the Server with other sources. These sources can include: a) the Quote Base on the Demo Server; b) any other source of Quotes. 2.20. If a disputed situation arises concerning a break in the Quotes Flow, all decisions will be made in accordance with the synchronized Quote Base. Transfer of Inactive Trading Accounts to the Archive 2.21. Should an inactive trading account be transferred to the archive: a) the Client acknowledges that the Company is entitled to transfer inactive trading accounts to the archive. The Client’s inactive account shall be transferred from the trading terminal base to the archive, resulting in the Client’s access and ability to complete any operations being blocked, but the account history and balance being saved; 6 b) the Client can restore an archived trading account by filing a request in myFRXE; c) the Company shall restore the trading account within 3 (three) working days of receiving the request to restore a trading account from the archive; d) the Company shall give the Client written notification the day the trading account has been restored. Trading Account History 2.22. The Company reserves the right to: a) archive trading and non-trading operations over a month old that are displayed in the terminal; b) delete pending orders from the trading account’s history that were cancelled either by the Client or the Company. Commissions, Charges and Other Costs 2.23. The Client shall be obliged to pay the Company the commissions, charges and other costs as described in the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section on the Company Website. 2.24. The Company may change commissions, charges and other costs without giving the Client prior written notification. All changes are displayed on the Company Website. 2.25. Subject to compliance with all applicable rules and regulations, the Company shall not be under any obligation to disclose to, or provide the Client with, any report of benefits, profits, commissions or other remunerations made or received by the Company on any Client transaction, unless otherwise agreed in any of the Regulations. Margin 2.26. The Client is obliged to deposit and maintain the initial margin and/or hedged margin in the amount specified by the Company. The size of the initial margin and/or hedged margin is indicated in the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section on the Company Website. 2.27. The initial margin or hedged margin for a position is fixed upon the position being opened. 2.28. The Client shall be responsible for maintaining the necessary margin level on the trading account. 2.29. The Company is not responsible for Stop Outs that occur as a result of funds not being transferred to the Client’s account in a timely fashion. 3. Opening a Position 3.1. The Client shall specify the following to give an instruction to open a position: a) instrument; b) transaction size; c) opening price. Instruments Quoted by Instant Execution 3.2. To open a position via the Client Terminal without using an Expert Advisor, the Client must press the “Buy” or “Sell” button at the moment the Client is satisfied with the prices in the Company’s Quotes Flow. 7 3.3. To open a position via the Client Terminal using an Expert Advisor, the Advisor generates an instruction to complete a trading operation at the current quote. Instruments Quoted by Request Execution 3.4. To open a position via the Client Terminal without using an Expert Advisor, the Client shall send a request. The Client may open a position at the offered quote (Bid/Ask) by pressing the “Buy” or “Sell” button. The Company has the right to cancel the quote if the Client has not sent an instruction within 3 (three) seconds of receiving the quote or if the market shifts and the quote becomes invalid. 3.5. To open a position via the Client Terminal using an Expert Advisor, the Advisor generates a request. Should the Company offer a quote that differs from the Expert Advisor’s quote by no more than the maximum deviation value, the Expert Advisor shall send an instruction to the Server to open a position at the quote offered by the Company. Processing and Execution of Instructions to Open a Position 3.6. Once the Server receives the Client’s instruction to open a position, it automatically checks whether the free margin is sufficient to open the position: a) the new position is provisionally added to the list of open positions; b) the new necessary margin (“new margin”) for the Client’s aggregate position, including the provisionally added new position, is calculated at the current market prices at the moment of verification2 ; c) Floating Profits/Losses on all open positions, including the provisionally added new position, are calculated at the current market prices; d) the new “free margin” is calculated3 . 3.6.1. Taking the Free Margin calculation into account, the position may or may not be opened depending on the following conditions: If the free margin is greater than or equal to zero, and the total volume of Client positions (including the provisionally added position) doesn’t exceed the limit for the respective account type, the position will be opened. The opening of the position will be accompanied by a corresponding entry on the server log file. If the free margin is greater than or equal to zero, but the total volume of Client positions (including the provisionally added position) exceeds the limit for the respective account type, the position will not be opened. 3.7. If the free margin is less than zero, the Company reserves the right not to open the position.The Company shall have the right to quote a new price if the current quote changes while processing a Client’s request or instruction. In this case, the “Requote”4 window will appear. If the Client is satisfied with the new price, the Client should press 2 For locked positions, the “Hedged Margin” parameter is used. Otherwise, the “Initial Margin” parameter is used, which is calculated according to the average weighted (by volume) price of non-locked positions. You can find the formula along with an example calculation in the FAQ section of the Company Website. 3 Free Margin = Balance – New Margin + Floating Profit – Floating Loss. 4 If the maximum deviation value is set above zero and the difference between the previous and the new quote offered by the Dealer is lower or equal to the value indicated for the maximum deviation, the Server will not provide the Client Terminal with a new quote and will open the position. Therefore the new opening price in the predefined range can be either better or worse than the previous quote. 8 the “OK” button within 3 (three) seconds while the quote is valid. The instruction will be sent to the Server again and the Server will start the process of verification, as set out in clauses 2.2, 3.6, 3.7. If the Client does not press the “OK” button within 3 (three) seconds, the quote becomes invalid and will be considered as a refusal by the Client to open the position. 3.8. An instruction to open a position shall be deemed executed and the position shall be deemed open once the corresponding record appears in the Server Log File. 3.9. Each open position in the trading platform is assigned a ticket. 3.10. The Client acknowledges that the Company requires a reasonable amount of time to execute Client instructions. 4. Closing a Position 4.1. The Client shall specify the following to give an instruction to close a position: a) ticket; b) transaction size; c) closing price. Instruments Quoted by Instant Execution 4.2. To close a position via the Client Terminal without using an Expert Advisor, the Client must press the “Close…” button at the moment the Client is satisfied with the prices in the Company’s Quotes Flow. 4.3. To close a position via the Client Terminal using an Expert Advisor, the Advisor generates an instruction to complete a trading operation at the current quote. Instruments Quoted by Request Execution 4.4. To close a position via the Client Terminal without using an Expert Advisor, the Client shall send a request by pressing the “Request” button. Once the Client has received a satisfactory quote (Bid/Ask), the Client should press the “Close…” button within 3 (three) seconds while the quote is still valid. The Company has the right to cancel the quote if the Client has not sent an instruction while the quote is valid. 4.5. To close a position via the Client Terminal using an Expert Advisor, the Advisor generates a request. Should the Company offer a quote that differs from the Expert Advisor’s quote by no more than the maximum deviation value, the Expert Advisor shall send an instruction to the Server to close the position at the quote offered by the Company. Processing and Execution of Instructions to Close a Position 4.6. The Company shall have the right to quote a new price if the current quote changes while processing a Client’s request or instruction. In this case, the “Requote” window will appear5 . If the Client is satisfied with the new price, the Client should press the “OK” button within 3 (three) seconds while the quote is valid. The instruction will be sent to the Server again and the Server will start the process of verification as set out in clauses 5 If the maximum deviation value is set above zero and the difference between the previous and the new Quote offered by the Dealer is lower or equal to the value indicated for the maximum deviation, the Server will not provide the Client Terminal with a new quote and will open the position. Therefore the new opening price in the predefined range can be either better or worse than the previous Quote. 9 2.2, 3.6. If the Client does not press the “OK” button within 3 seconds, the quote becomes invalid and this will be considered as a refusal by the Client to close the position. 4.7. If the list of open positions on a trading account includes two or more locked positions, then once an instruction or request to close one of them has been generated, the additional “Close By” option will appear in the “Type” drop-down list. If the Client chooses this option, a list of opposite open position(s) will appear. Once the Client selects a position, the “Close#…. by#” button will be enabled. By pressing this button, the Client closes locked positions of the same volume or partially closes two locked positions of different volumes. The smaller position and equivalent part of the larger position will be closed, and a new open position will be generated in the same direction as the larger position and assigned with a new ticket. 4.8. If the list of open positions on a trading account includes two or more locked positions, then once an instruction or request to close one of them has been generated, the additional “Multiple Close By” option will appear in the “Type” drop-down list. If the Client chooses this option, a list of all position(s) on this instrument will appear and the “Multiple Close#…. by#” button will be enabled. By pressing this button, the Client closes all locked positions and a new open position will be generated in the same direction as the larger total volume and assigned with a new ticket. 4.9. An instruction to close a position shall be deemed executed and the position shall be deemed closed once the corresponding record appears in the Server Log File. 4.10. The Client acknowledges that the Company requires a reasonable amount of time to execute Client orders. 5. Pending Orders Pending Order Types in the Trading Platform 5.1. The following orders may be used to open a position in the trading platform: a) “Buy Stop” – an order to open a long position at a price higher than the price at the time the order is placed; b) “Sell Stop” – an order to open a short position at a price lower than the price at the time the order is placed; c) “Buy Limit” – an order to open a long position at a price lower than the price at the time the order is placed; d) “Sell Limit” – an order to open a short position at a price higher than the price at the time the order is placed. 5.2. The following orders may be used to close a position: a) “Stop Loss” – an order to close a previously opened position at a price less profitable for the Client than the opening price; b) “Take Profit” – an order to close a previously opened position at a price more profitable for the Client than the opening price; c) “If-Done Order” – Stop Loss and/or Take Profit Orders which are activated only after their corresponding Pending Order has been executed. Order Timing and Duration 5.3. The Client may only place, modify or delete orders within the trading hours for the relevant instrument. The trading hours for each instrument are indicated in the “Contract 10 Specifications” subsection of the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section on the Company Website. 5.4. Pending orders on instruments have “GTC” (“Good Till Cancelled”) status. The Client can set a concrete expiry date and time in the “Expiry” field; otherwise the order will be executed after an indefinite period. The order status for each instrument can be found in the “Contract Specifications” subsection of the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section on the Company Website. 5.5. Stop Loss and Take Profit orders on all instruments have “GTC” status (“Good Till Cancelled”) and are executed after an indefinite period. Procedure for Placing an Order 5.6. To give an instruction to place a Pending order, the Client shall specify the following required parameters: a) instrument; b) transaction size; c) order type (Buy Stop, Buy Limit, Sell Stop, or Sell Limit); d) order level. The Client may also set the following optional parameters: a) Stop Loss level. “0.0000” means that Stop Loss has not been placed (or has been deleted if it was placed earlier); b) Take Profit level. “0.0000” means that Take Profit has not been placed (or has been deleted if it was placed earlier); c) Pending order expiry date and time. The instruction will be declined if: a) any of the required parameters is not specified or is incorrect; b) any of the optional parameters is incorrect. In this case, if the orders are placed via the Client Terminal without using an Expert Advisor, the “Invalid S/L or T/P” error message will appear. c) the Client’s Trading Account has limits in respect of the total number of Pending Orders and the instruction exceeds these limits. The “Trade is disabled” message will appear when the Client tries to place a Pending Order in the Client Terminal without using an Expert Advisor. 5.7. To give an instruction to place a Stop Loss or Take Profit order, the Client shall specify the following required parameters: a) Ticket of the open position; b) Stop Loss level. “0.0000” means that Stop Loss has not been placed (or has been deleted if it was placed earlier); c) Take Profit level. “0.0000” means that Take Profit has not been placed (or has been deleted if it was placed earlier). If any of the parameters are incorrect when placing a Pending Order via the Client Terminal without using an Expert Advisor, the instruction will be declined and the “Modify…” button will remain inactive. 11 5.8. To give an instruction to place If-Done orders on a Pending Order, the Client shall specify the following required parameters: a) ticket of the Pending Order for which the If-Done orders are intended; b) Stop Loss level. “0.0000” means that a Stop Loss has not been placed (or has been deleted if it was placed earlier); c) Take Profit level. “0.0000” means that a Take Profit has not been placed (or has been deleted if it was placed earlier). If any of the parameters are incorrect when placing a Pending Order via the Client Terminal without using an Expert Advisor, the instruction will be declined and the “Modify…” button will remain inactive. 5.9. When giving an instruction to place Stop Loss and/or Take Profit orders on an open position or Pending Order, the difference in pips between the Pending Order level and the current market price must be no less than the “Limit & Stop Levels” parameter indicated for each instrument in the “Contract Specifications” subsection of the “FOREX, METALS & CFDS” section on the Company Website, and the following conditions must be satisfied: a) for a Stop Loss order on a short position: the current market price is considered the Ask price and the order must be placed no lower than the Ask price plus the “Limit & Stop Levels” value set for this instrument; b) for a Take Profit order on a short position: the current market price is considered the Ask price and the order must be placed no higher than the Ask price minus the “Limit & Stop Levels” value set for this instrument; c) for a Stop Loss order on a long position: the current market price is considered the Bid price and the order must be placed no higher than the Bid price minus the “Limit & Stop Levels” value set for this instrument; d) for a Take Profit order on a long position: the current market price is considered the Bid price and the order must be placed no lower than the Bid price plus the “Limit & Stop Levels” value set for this instrument; e) for a Buy Limit order: the current market price is considered the Ask price and the order must be placed no higher than the Ask price minus the “Limit & Stop Levels” value set for this instrument; f) for a Buy Stop order: the current market price is considered the Ask price and the order must be placed no lower than the Ask price plus the “Limit & Stop Levels” value set for this instrument; g) for a Sell Limit order: the current market price is considered the Bid price and the order must be placed no lower than the Bid price plus the “Limit & Stop Levels” value set for this instrument; h) for a Sell Stop order: the current market price is considered the Bid price and the order must be placed no higher than the Bid price minus the “Limit & Stop Levels” value set for this instrument. 5.10. When giving an instruction to place an If-Done Order on a Pending Order, the difference in pips between the If-Done Order Level and the Pending Order level must be no less than the “Limit & Stop Levels” parameter indicated for each instrument in the “Contract Specifications” subsection of the “FOREX, METALS & CFDS” section on the Company Website, and the following conditions must be satisfied: 12 a) a Stop Loss order on a Buy Limit or Buy Stop order must be placed no higher than the level of the Pending Order minus the “Limit & Stop Levels” value set for this instrument; b) a Stop Loss order on a Sell Limit or Sell Stop order must be placed no lower than the level of the Pending Order plus the “Limit & Stop Levels” value set for this instrument; c) a Take Profit order on a Buy Limit or Buy Stop order must be placed no lower than the level of the Pending Order plus the “Limit & Stop Levels” value set for this instrument; d) a Take Profit order on a Sell Limit or Sell Stop order must be placed no higher than the level of the Pending Order minus the “Limit & Stop Levels” value set for this instrument. 5.11. Limit and Stop levels are indicated in the “Contract Specifications” subsection of the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section on the Company Website. The Client acknowledges that these levels may be changed. 5.12. An instruction to place an order shall be deemed executed and the order shall be deemed placed once the corresponding record appears in the Server Log File. 5.13. Each Pending Order is assigned with a ticket. 5.14. The Company reserves the right to decline an instruction to place an order should, while processing this instruction, the current quote reach a level at which at least one of the conditions of either clause 5.9 or 5.10 is breached. Order Modification and Deletion 5.15. To give an instruction to modify Pending Order parameters (the level of the Pending Order and/or If-Done Orders), the Client shall specify the following required parameters: a) ticket; b) Pending Order level; c) Stop Loss level; d) Take Profit level. If any of the parameters are incorrect when placing/modifying/deleting an order via the Client Terminal without using an Expert Advisor, the instruction will be declined and the “Modify…” button will remain inactive. 5.16. To give an instruction to modify Stop Loss and Take Profit orders on an open position, the Client shall specify the following required parameters: a) Ticket; b) Stop Loss level; c) Take Profit level. If any of the parameters are incorrect when placing/modifying/deleting orders via the Client Terminal without using an Expert Advisor, the instruction will be declined and the “Modify…” button will remain inactive. 5.17. To give an instruction to delete a Pending Order, the Client shall specify its ticket. 5.18. An instruction to modify or delete an order shall be deemed executed and the order shall be deemed modified or deleted once the corresponding record appears in the Server Log File. 13 5.19. The Company reserves the right to decline an instruction to modify or delete an order should, while processing, the order be placed in the queue to be executed in accordance with clause 5.22. 5.20. Should the processing of an instruction to modify or delete an order be completed only after the order is placed in the queue to be executed in accordance with clause 5.22, the Company reserves the right to cancel the modification or deletion of the order. 5.21. The Client acknowledges that the Company requires a reasonable amount of time to execute Client instructions. Order Execution 5.22. The order will be placed in the queue to be executed in the following cases6 : a) a Take Profit on an open long position is placed in the queue to be executed if the Bid price in the quotes flow becomes equal to or higher than the order level; b) a Stop Loss on an open long position is placed in the queue to be executed if the Bid price in the quotes flow becomes equal to or lower than the order level; c) a Take Profit on an open short position is placed in the queue to be executed if the Ask price in the quotes flow becomes equal to or lower than the order level; d) a Stop Loss on an open short position is placed in the queue to be executed if the Ask price in the quotes flow becomes equal to or higher than the order level; e) a Buy Limit is placed in the queue to be executed if the Ask price in the quotes flow becomes equal to or lower than the order level; f) a Sell Limit is placed in the queue to be executed if the Bid price in the quotes flow becomes equal to or higher than the order level; g) a Buy Stop is placed in the queue to be executed if the Ask price in the quotes flow becomes equal to or higher than the order level; h) a Sell Stop is placed in the queue to be executed if the Bid price in the quotes flow becomes equal to or lower than the order level. 5.23. Once a request to place a Pending Order is put in the queue to be executed, the Server automatically checks whether the Free Margin is sufficient to open the position: a) the new position is provisionally added to the list of open positions; b) the new Necessary Margin (“New Margin”) for the Client’s aggregate position, including the provisionally added new position, is calculated at the current market prices at the moment of verification7 ; c) Floating Profits/Losses are calculated at the current market prices on all open positions; d) the new “Free Margin”8 is calculated; e) if, after completing calculations for the new position mentioned above, the: 6 In charts in the Client Terminal, the high point on a Bar or Candle is the maximum Bid price and the low point on a Bar or Candle is the minimum Bid price. The minimum Ask price is the low point on a Bar or Candle plus the Spread. The maximum Ask price is the high point on a Bar or Candle plus the Spread. 7 For locked positions, the “Hedged Margin” parameter is used, and for all non-locked positions, “Initial Margin” is used, which is calculated at the average weighted price (in terms of volume) of all non-locked positions. The equation and an example of margin calculation can be found on the Company Website in the “FAQ” section. 8 Free Margin = Balance – New Margin + Floating Profit – Floating Loss 14 “Free Margin” is more than or equal to zero and the aggregate Client position, including the provisionally added new position, does not exceed the limits set for this type of account, the order will be executed and the position will be opened. This opening will be accompanied by a corresponding record in the Server Log File and the position opened will hold the same ticket as the Pending Order that opened the position; “Free Margin” is more than or equal to zero and the aggregate Client position, including the provisionally added new position, exceeds the limits set for this type of account, the order will be canceled. This cancellation will be accompanied by a corresponding record in the Server Log File; “Free Margin” is less than zero, the Company then has the right to decline the instruction to open the position and delete the Pending Order. 5.24. An order is deemed executed once the corresponding record appears in the Server Log File. 5.25. All pending orders, in addition to Stop Loss and Take Profit orders are executed by the Company at the stated price or at the price available at the moment of execution. The price at which the order is executed may differ from the order level. 5.26. If the order level of a pending order, Stop Loss or Take Profit order falls within a price gap at market opening or in the quotes flow, the order will be executed by the Company at the stated price or the price available at the moment of execution. The price at which the order is executed may differ from the order level. 6. Stop Out 6.1. The Company is entitled to involuntarily close the Client’s open positions without the consent of the Client or any prior notice if the level of equity in relation to the margin on the trading account is less than or equal to the Stop Out level. The Stop Out level is indicated in the “FOREX, METALS & CFDS” section on the Company Website. 6.2. The Margin Level is monitored by the Server. In the event that the conditions of clause 6.1 are fulfilled, the Server will generate an instruction to forcefully close a position (Stop Out). A Stop Out is executed by the market quote in the order of priority in the queue of Client instructions. The Client agrees that the price at which the order is executed may be different from the quote at which the Stop Out instruction was generated. A forced close of a position is accompanied by a corresponding note in the “Log File” marked as “Stop Out.” 6.3. Should the Client have several open positions, the first position to be placed in the queue for involuntary closure is the position with the highest Floating Loss9 . 6.4. Should the execution of Stop Out result in negative equity on the Client’s trading account, the Company shall have the right to bring the equity to zero. 6.5. In accordance with section 9 of these Terms of Business, the Company retains the right to forcefully close any of the Client’s positions without prior warning or the Client’s agreement. 6.6. If changes are made to the list of trading instruments, the Company shall have the right to forcefully close any open positions of the Client should these positions involve the use of instruments which are no longer provided by the Company. The closure of positions will take place at the last available price. 9 If the Client has several open positions on a standard.mt5 account, the first position to be placed in the queue for involuntary closure is the position with the highest margin. 15 7. Principles of Working in the MetaTrader 5 Trading Platform 7.1. Where the Client uses the netting system for the calculation of positions: only one position whose volume changes where other trades are conducted for this instrument may be opened on a single trading account for each instrument. The direction of the position will correspond to the direction of the trade with the largest aggregate volume. Where the aggregate volume is equal for transactions to buy and sell, the position will be closed. 7.2. Where the Client uses the hedging system for the calculation of positions: several trading positions may be opened on a single trading account for each and the same instrument, including in different directions. Where the aggregate volume is equal for transactions to buy and sell, the positions will not be closed. 7.3. Along with the order types listed in clause 5.1 of these Regulations, the following types of pending orders to open positions may be placed in the MetaTrader 5 trading platform: a) Buy Stop Limit: this allows traders to set limit orders to buy (Buy Limit) where the Ask price reaches the stop level indicated in the order; b) Sell Stop Limit: this allows traders to set limit orders to sell (Sell Limit) where the Bid price reaches the stop level indicated in the order. 7.4. Where the Client makes a request to place pending Buy Stop Limit and Sell Stop Limit orders, other than the parameters listed in clause 5.6 of these Regulations, the obligatory Stop Limit Level parameter must be indicated. 7.5. Where the Client makes a request to place pending Buy Stop Limit and Sell Stop Limit orders, the distance in points between the level at which the order was set and the current market price should not be less than the amount of points indicated in the Contract Specifications for the instrument in question, and the following conditions must be satisfied: a) for Buy Stop Limit orders: the current market price is considered as the Ask price and the order should not be placed below the Ask price, plus the amount of points indicated; b) for Sell Stop Limit orders: the current market price is considered as the Bid price and the order should not be placed below the Bid price, minus the amount of points indicated. 7.6. Where the Client makes a request to place If Done orders for pending Buy Stop Limit and Sell Stop Limit orders, the Client should take into account the difference between the level of the If Done order and the level of the Stop Limit for Buy Stop Limit pending orders and the Sell Stop Limit should not be less than the amount of points indicated in the Contract Specifications for each instruments, with the following conditions being satisfied: a) Stop Loss orders for pending Buy Stop Limit orders must not be set above the Stop Limit level, minus the amount of points indicated; b) Stop Loss orders for pending Sell Stop Limit orders must not be set below the Stop Limit level, plus the amount of points indicated; c) Take Profit orders for pending Buy Stop Limit orders must not be set below the Stop Limit level, plus the amount of points indicated; d) Take Profit orders for pending Sell Stop Limit orders must not be set above the Stop Limit level, minus the amount of points indicated. 16 7.7. Where the Client makes a request to modify the parameters of Buy Stop Limit and Sell Stop Limit orders (the level of the pending order and/or Stop Limit level and/or If Done orders for the pending order in question), other than the parameters indicated in clause 5.15 of these Regulations, the Stop Limit parameter for the level must be indicated. 7.8. The order is placed in the queue to be executed in the following circumstances: a) Buy Stop Limit orders are placed in the queue to be executed where the Ask price in the quotes flow becomes equal or above the order level; b) Sell Stop Limit orders are placed in the queue to be executed where the Bid price in the quotes flow becomes equal or below the order level. 8. Communication 8.1. In order to communicate with the Client, the Company may use: a) trading platform internal mail; b) email; c) telephone; d) post; e) announcements in the “Company News” subsection of the “News” section on the Company Website. The Company will use Client contact details as specified when opening an account, or updated in accordance with clause 8.3 of these Terms of Business. The Client shall agree to accept any correspondence from the Company at any time. 8.2. Any communications sent to the Client (documents, notices, confirmations, statements etc.) are deemed received: a) if sent by email, within one hour after emailing it; b) if sent by trading platform internal mail, immediately after sending it; c) if by telephone, then once the telephone conversation has been finished; d) if sent by post, 7 (seven) calendar days after posting it; e) if posted in the “Company News” subsection of the “News” section on the Company Website, within one hour after it has been posted. 8.3. The Client shall notify the Company immediately of any change in the Client’s contact details. 8.4. Every trading operation is confirmed in a report (Daily Confirmation), which is sent by email on the next business day after the execution. 8.5. On the first day of each month, the Client shall receive a statement by email regarding all transactions completed during the previous month. 8.6. The Client acknowledges that any telephone conversation between the Client and the Company may be recorded magnetically or electronically. Such recordings shall be and will remain the sole property of the Company and constitute evidence of the Client’s instructions. 9. Procedure for Dispute Resolution Complaint Procedure 17 9.1. Should any dispute arise where the Client reasonably believes that the Company, as a result of any action or failure to act, breaches one or more terms of these Terms of Business, the Client shall have the right to lodge a complaint with the Company. Complaints should be received by the Company within 3 (three) business days of the grievance arising. 9.2. To file any complaint, the Client should complete the standard form in myFRXE. A new complaint is assigned with a unique number (TID) and the Client will be advised of the complaint status in a confirmation sent by the company. All complaints filed through any other method (forum, email, telephone, etc.) will not be taken into consideration10 . 9.3. A complaint must include: a) the Client’s name and surname (or company name if the Client is a legal entity); b) the Client’s login to the trading platform; c) the date and time of the complaint’s origin (trading platform time); d) tickets of all disputed positions and/or Pending Orders; e) a description of the dispute, supported by reference to these Terms of Business. 9.4. The complaint must not include: a) emotional description/appraisal of the dispute; b) offensive language; c) obscenities or expletives. d) threats. 9.5. The Company shall have the right to reject a complaint if any of clauses 9.1, 9.2, 9.3 and 9.4 has been breached. Server Log File 9.6. The Server Log File shall be the main source of information in the case of any dispute. Information from the Server Log File has absolute priority over all other arguments in consideration of the dispute, including the Client Terminal Log File11 . 9.7. Should there be no relevant record in the Server Log File supporting the Client’s grounds for the complaint, an argument referencing the existence of such a record shall be considered invalid. Indemnification 9.8. The Company may resolve all disputes by: a) crediting/debiting compensation to/from the Client’s trading account, accompanied by a corresponding note with an “Indemnification” remark; b) reopening erroneously closed positions; c) deleting erroneously opened positions or placed orders; d) closing positions in accordance with clauses 6.5 and 10.36 of these Terms of Business. 10 Disputes on demo and contest accounts will be resolved in conjunction with the Technical Support Department (correspondence can be sent to support@frxe.com, contest@frxe.com or by any other means mentioned in the “Contacts” subsection of the “About Us” section on the Company Website). 11The Client Terminal Log File does not register every stage in the execution of Client instructions or requests. 18 Dispute resolution shall be at the sole discretion of the Company, who in each case shall have the right to choose one of the methods described in section 9 of these Terms of Business. Disputes not covered under these Terms of Business shall be resolved in accordance with common market practice and the Company’s judgment on a fair resolution of the dispute. Should the quotes flow be interrupted due to software and/or hardware failure, all decisions in respect of the dispute shall be made based on synchronized quotes in accordance with clause 2.18 of these Terms of Business. Additional rights of the Company regarding dispute resolution 9.9. The Company reserves the right to independently launch an inquiry or to resolve a dispute in accordance with these Terms of Business. In such cases, the maximum time period for considering a dispute and taking steps towards its resolution is 3 days. However, in some cases, this period may be extended. 9.10. In the case of irregular quotes from liquidity providers, the Company reserves the right to limit trading to Close Only mode (only the closing of positions is available) on the respective instruments without prior warning. 9.11. The Company reserves the right, at its sole discretion, and without prior warning, to block the instructions on a trading account sent by an Expert Advisor. 9.12. The Company shall not be liable to the Client if, for any reason, the Client has received less profit than the Client had hoped for or has incurred a loss as a result of an uncompleted action which the Client had intended to complete. 9.13. The Company shall not indemnify the Client for any circumstantial or non-pecuniary damage (emotional distress etc.). 9.14. The Compliance Department shall consider the Client’s complaint as soon as reasonably practicable, but in any case, within 5 (five) business days after it is received. In some situations, the complaint consideration process may be extended. 9.15. The Company shall take all necessary steps to settle the dispute in accordance with clauses 9.8, 9.12, and 9.13 of these Terms of Business immediately, or in any case, no later than 1 (one) business day after the decision regarding the dispute is made. Complaint Rejection 9.16. If the Client has been notified of routine maintenance on the Server in advance by trading platform internal mail or any other method, complaints filed concerning any unexecuted instructions given during such maintenance shall not be accepted. The fact that the Client did not receive a notification shall not constitute grounds for a complaint. 9.17. Complaints concerning order execution time shall not be accepted, regardless of how long the Company took to execute the order and how long it took before the record of order execution appeared in the Server Log File, provided that clause 5.22 has not been breached. 9.18. No Client complaints will be accepted in respect of the cancellation of financial results from deals made using temporary excess Free Margin on the trading account gained as a result of a profitable position (subsequently cancelled by the Company) opened at an Error Quote (Spike) or at a quote received as a result of a manifest error. Any references made by the Client to quotes of other companies or informational systems during the process of reviewing the dispute are irrelevant and shall not be taken into account. 19 10. Placing and Modifying Pending and If-Done Orders 10.1. Pending Orders and/or If-Done orders are considered to be erroneously placed or modified in the following cases: a) the instruction precedes the first quote for this instrument in the trading platform at market opening; b) the Client’s instruction to place a Pending Order is sent when an error quote (spike) appears in the trading platform and is thus in breach of clause 5.9, as the Server did not check the validity of the Instruction based on the quote prior to the spike, but on the spike itself; c) the order is placed or modified in breach of clause 5.9 or 5.10 due to a manifest error on the part of the Company; d) the order is placed or modified in breach of clause 5.9 or 5.10 due to a failure in the software of the trading platform. In these cases, the Company, pursuant to clause 10.1 of these Terms of Business or after a reasonable Client-lodged complaint, shall: a) delete the Pending Order if it has not been triggered yet; b) delete the position opened as a result of the Pending Order’s execution. 10.2. If the Pending Order is placed in the queue to be executed, but the Company erroneously confirms its modification, then the Company shall have the right to trigger this Pending Order at the level set before the last modification. 10.3. No complaints shall be accepted should the Client be unable to place a Pending Order or modify the levels of Pending Orders and/or If-Done orders: a) because of a poor Internet connection on the side of the Client or the Server and in the absence of records in the Server Log File to prove the Client’s attempt(s) to give such an instruction; b) if the Client’s instruction to place a Pending Order is sent when an error quote (spike) appears in the trading platform and is thus in breach of clause 5.9, as the Server did not check the validity of the instruction based on the quote prior to the spike, but on the spike itself; c) if the instruction precedes the first quote for this instrument in the trading platform at market opening; d) as a result of a manifest error on the part of the Company or if the Company has not processed the Client’s instruction, and there are no records in the Server Log File to prove the Client’s attempt(s) to give such an instruction; e) due to the failure of the trading platform software and/or hardware and the absence of records in the Server Log File to prove the Client’s attempt(s) to give such an instruction. 10.4. No complaints shall be accepted should the Client be unable to place a Pending Order or modify the levels of Pending and/or If-Done orders if the Pending Order has been already placed in the queue to be executed. 10.5. Should the Company not execute an instruction to place a Pending Order or modify the levels of the Pending Order and/or If-Done orders: a) because of a poor Internet connection on the side of the Client or the Server; b) as a result of a manifest error on the part of the Company; 20 c) due to the failure of the trading platform software and/or hardware, and under the following conditions: a) the Server Log File has record(s) to prove the Client’s attempt(s) to give such an instruction; and b) it is the latest attempt to place a Pending Order or modify the level of the Pending Order and/or If-Done orders, then the Company shall execute this instruction to place a Pending Order or modify the levels of Pending Order and/or If-Done orders once the Client’s complaint has been judged reasonable: During the process of dispute resolution, the Company shall have the right to trigger the Pending and If-Done orders in the chronological order they would have been triggered, had the Client’s instruction been executed at the time it was received by the Server. The Client acknowledges that the Client will not be able to manage the Pending Order or position while the dispute regarding this Pending Order or position is under consideration and that no complaints concerning this matter shall be accepted. The Client acknowledges that the Company shall not be obligated to notify the Client that the dispute has been resolved and that the instruction has been executed. The Client shall accept full responsibility for all risks in this respect. Deletion of Pending Orders 10.6. If a Pending Order is placed in the queue to be executed, but the Company has executed the instruction to delete the Pending Order, then the Company shall have the right to delete the order. 10.7. If the Server Log File has recorded the Client’s attempt(s) to delete a Pending Order, but the order has not been cancelled: a) because the Company has not executed the Client’s instruction to delete the Pending Order; b) as a result of a manifest error on the part of the Company; c) because the Pending Order has been placed in the queue to be executed at an error quote (spike); d) due to the failure, malfunction or misuse of the trading platform software and/or hardware; e) because of a poor Internet connection on the side of the Client or the Server, and the Company initiates the process of dispute resolution in accordance with clause 10.1 or after a reasonable Client-lodged complaint, the Company shall: a) delete the Pending Order if it has not been triggered yet; b) delete the position opened as a result of the Pending Order’s execution. 10.8. Should a Pending Order be deleted by mistake: a) due to the failure, malfunction or misuse of the trading platform software and/or hardware; 21 b) because of insufficient Free Margin to open the position as a result of an error quote (spike) in the quotes flow at which Floating Profits/Losses for open positions have been calculated; c) because of insufficient free margin to open a position as a result of a dispute concerning another order or position (only if the complaint concerning another order or position was judged reasonable by the Company), the Pending Order shall not be restored and no complaints concerning this matter shall be accepted. Execution of Pending Orders 10.9. If a Pending Order has been erroneously executed: a) at an error quote (spike); b) as a result of a manifest error on the part of the Company; c) due to the failure, malfunction or misuse of the trading platform software and/or hardware; The Company shall have the right, in accordance with clause 10.1 of these Terms of Business or after a reasonable Client-lodged complaint, to delete the position opened as a result of the erroneous execution of a Pending Order and: a) to restore the erroneously executed order if, during the decision process, the level of the Pending Order is positioned correctly relative to the current market price (clause 5.9); b) to cancel the erroneously executed order if, during the decision process, the level of the Pending Order is positioned incorrectly relative to the current market price (clause 5.9). In this case, no Client complaints concerning this matter shall be accepted. 10.10. Should the Company erroneously execute a Client’s Pending Order at a price different from the price at which the Company should have executed it in accordance with clauses 5.24-5.26 of these Terms of Business, and the Company initiates the process of dispute resolution in accordance with clause 10.1 of these Terms of Business or after a reasonable Client-lodged complaint, the Company shall credit/debit the Client’s trading account with the difference between the financial results of opening a position at the actual opening price and opening a position at the price at which the order should have been executed in accordance with clauses 5.24-5.26 of these Terms of Business. 10.11. If the Company, in accordance with clauses 5.25, and 5.26 of these Terms of Business, had the right to trigger a Buy Stop or Sell Stop order at the first quote after the gap, but the Company executed it at the Pending Order level; and the Company initiates the process of dispute resolution in accordance with clause 10.1 of these Terms of Business, the Company shall have the right to withdraw from the Client’s trading account the difference between the financial results of opening a position at the Pending Order level and opening a position at the first quote after the price gap. 10.12. If the Company, in accordance with clauses 5.25 and 5.26 of these Terms of Business, should have triggered a Buy Limit or a Sell Limit order at the first quote after the price gap, but executed it at the Pending Order level; and the Company initiates the process of dispute resolution in accordance with clause 10.1 or after a reasonable Clientlodged complaint, the Company shall indemnify the difference between the financial results of opening a position at the Pending Order level and opening a position at the first quote after the price gap. 22 10.13. Should the Client believe that the Pending Order was erroneously executed, the Client shall, before filing a complaint: a) delete the Pending Order; b) open a position at the current quote of the same transaction size, on the same instrument and in the same direction as the Pending Order which is the subject of the dispute; c) lodge a complaint, specifying the tickets of the Pending Order in question and of the position opened in accordance with clause 10.15 (b). The Company shall have the right to reject the Client’s complaint should the Client fail to perform these actions. Should the Client’s complaint be judged reasonable, the Company shall credit/debit the difference between the financial results of opening a position in accordance with clause 10.15 (b) and opening a position at the price at which the order should have been triggered in accordance with clause 5.22. 10.14. The Company needs a reasonable amount of time12 to execute Client orders. Before lodging a complaint in accordance with clause 10.15, the Client should be certain that there has been sufficient time to execute the order. 10.15. No complaints shall be accepted if the Pending order has not been executed: a) at error quote (spike); b) because of insufficient free margin to open a position as a result of a dispute concerning another order or positions. In this case, the Pending Order shall be cancelled automatically and will not be reopened; c) in cases where the aggregate Client position would have exceeded preset limits specified for this type of account after the order had been executed. 10.16. Should one or several Pending Orders from the same trading account be placed in the queue to be executed, the Company shall have the right to refuse to execute one or several orders should the free margin be insufficient13 or the limits on the aggregate Client position for this type of account are exceeded. Orders may be executed by the Company in a different order than that in the queue (see clause 5.22). Procedure for Placing, Modifying and Deleting Stop Loss and Take Profit 10.17. If a Stop Loss or Take Profit order was placed in the queue to be executed, but the Company erroneously confirmed its modification (deletion), the Company shall have the right to execute this order at the level set prior to this erroneous modification (deletion). 10.18. No complaints shall be accepted should the Client be unable to place, modify or delete a Stop Loss or a Take Profit order: a) because of a poor Internet connection on the side of the Client or the Server if there is no record of such action in the Server Log File; b) in cases where, as a result of a spike, the positioning (clause 5.9) of the order level is incorrect in regards to the last quote which preceded the non-market quote and was not considered as a spike; 12Usually less than a minute under normal market conditions. 13 The necessary margin for open positions is calculated at current quotes (in accordance with clause 5.23 (с)). 23 c) if the instruction precedes the first quote for this instrument in the trading platform at market opening; d) in breach of clause 5.9 as a result of a manifest error on the part of the Company or if the Company has not processed the Client’s instruction, and there are no records in the Server Log File to prove the Client’s attempt(s) to give such an instruction; e) due to the failure, malfunction or misuse of the trading platform software and/or hardware and the absence of records in the Server Log File to prove the Client’s attempt(s) to give such an instruction. 10.19. No complaints shall be accepted should the Client be unable to modify or delete a Stop Loss or Take Profit order if it has been placed in the queue to be executed. 10.20. If the Company has not executed the instruction to place, modify or delete a Stop Loss or a Take Profit: a) because of a poor Internet connection on the side of the Client or the Server; b) as a result of a manifest error on the part of the Company; c) due to the failure, malfunction or misuse of the trading platform software and/or hardware, and: a) the Server Log File has record(s) to prove the Client’s attempt(s) to give such an Instruction; and b) it is the latest attempt to place, modify or delete the Stop Loss or the Take Profit order, and the Company initiates the process of dispute resolution in accordance with clause 10.1 or after a reasonable Client-lodged complaint, the Company shall execute the instruction to place, modify or delete the Stop Loss or the Take Profit order. The Client acknowledges that the Client will not be able to manage the position while the dispute regarding this position is under consideration and that no complaints concerning this matter shall be accepted. The Client acknowledges that the Company shall not be obligated to notify the Client that the dispute has been resolved and the instruction has been executed. The Client shall accept full responsibility for all risks in this respect. During the process of dispute resolution, the Company shall have the right to trigger Stop Loss or Take Profit orders in the chronological order they would have been triggered, had the Client’s instruction been executed at the time it was received by the Server. 10.21. Stop Loss and Take Profit orders are considered to be erroneously placed or modified in the following cases: a) the instruction precedes the first quote for this instrument in the trading platform at market opening; b) where, as a result of a spike, the positioning (clause 5.9) of the order level is incorrect in regards to the last quote which preceded the non-market quote and was not considered as a spike; c) the order is placed or modified in breach of clause 5.9 due to a manifest error on the part of the Company; 24 d) as a result of the failure, malfunction or misuse of the trading platform software and/or hardware. If Stop Loss or Take Profit orders are considered to be erroneously placed or modified, the Company shall have the right to delete the order or cancel its last modification. Execution of Stop Loss and Take Profit 10.22. If the Company erroneously executes a Stop Loss or a Take Profit: a) at an error quote (spike); or b) because the Company makes a manifest error and clause 5.22 is breached; or c) because of failure, malfunction or misuse of the trading platform software/hardware, clause 5.22 being breached, while carrying out a review in accordance with clause 10.1, or if the Client lodges a complaint which is recognized as reasonable, the Company has the right to reopen the erroneously closed position within 24 hours from the moment the dispute arises. The Client acknowledges that the Client will not be able to manage the position while the dispute in respect of this position is being considered and no complaints in respect of this matter are accepted. The Client acknowledges that the Company shall not be obligated to notify the Client that the dispute has been resolved and the instruction has been executed. The Client accepts full responsibility for all the risks in this respect. 10.23. If a Stop Loss or a Take Profit is not executed but should have been in accordance with clause 5.22, for clause 10.1 of these Terms of Business to come into effect or having deemed the Client’s complaint reasonable, the Company shall have the right to: a) close the position at the current quote if it was not closed earlier; b) credit/debit the difference between the financial results of closing the position at the actual closing price and closing the position at the price at which the order should have been triggered in accordance with clause 5.22. The Company shall have the right to reject the complaint should the Client modify or delete the Stop Loss or Take Profit order in question after the dispute arises and before a decision on the complaint is made. 10.24. No complaints shall be accepted should a Stop Loss or a Take Profit order not be executed at an error quote (spike). 10.25. Should the Company execute a Stop Loss order at a price which differs from the price at which the order should have been executed in accordance with clause 5.22 of these Terms of Business, and the Company initiates the process of dispute resolution in accordance with clause 10.1, the Company shall have the right to withdraw an amount from the Client’s trading account which is equal to the difference between the financial outcome of closing the position at the actual closing price, and the price at which the position should have been closed had the order been triggered in accordance with clause 5.22. 10.26. Should the Company execute a Take Profit order at a price which differs from the price at which the order should have been executed in accordance with clause 5.22 of these Terms of Business, and the Company initiates the process of dispute resolution in 25 accordance with clause 10.1 or after a reasonable Client-lodged complaint, the Company shall pay the Client the difference between the financial results of closing the position at the actual closing price and closing the position at the price at which the order should have been triggered in accordance with clause 5.22. 10.27. Should the Company execute a Stop Loss or Take Profit order at a price which differs from the price at which the order should have been executed in accordance with clauses 5.25 and 5.26 of these Terms of Business and the Company initiates the process of dispute resolution in accordance with clause 10.1 or after a reasonable Client-lodged complaint, the Company shall credit/debit the Client’s trading account with the difference between the financial results of closing the position at the actual closing price and closing the position at the price at which the order should have been triggered in accordance with clauses 5.25 and 5.26. Execution of Stop Outs 10.28. If the Company erroneously executes a Stop Out: a) at an error quote (spike); b) in breach of clause 6.2 due to a manifest error on the part of the Company; c) in breach of clause 6.2 due to the failure, malfunction or misuse of the trading platform software and/or hardware; d) because of insufficient Free Margin to open the position as a result of an error quote (spike) in the quotes flow at which Floating Profits/Losses for open positions have been calculated; e) because of insufficient free margin to open a position as a result of a dispute concerning another order or position (only if the complaint concerning another order or position was judged reasonable by the Company), While carrying out a review in accordance with clause 10.1 of these Terms of Business, or after a reasonable Client-lodged complaint, the Company shall have the right to reopen the erroneously closed position. The Client acknowledges that the Client will not be able to manage the position while the dispute regarding this position is under consideration and that no complaints concerning this matter shall be accepted. The Client acknowledges that the Company shall not be obligated to notify the Client that the dispute has been resolved and the instruction has been executed. The Client shall accept full responsibility for all risks in this respect. During the process of dispute resolution, the Company shall have the right to trigger Stop Loss or Take Profit orders in the chronological order they would have been triggered, had Stop Out not been erroneously executed. 10.29. The Company needs a reasonable amount of time14 to execute a Stop Out instruction. No complaints concerning instruction execution time shall be accepted, regardless of how long the Company took to execute the instruction and how long it took before the record appeared in the Server Log File, provided that clause 6.2 of these Terms of Business has not been breached. 14 Usually no more than 1 minute under Normal Market Conditions. 26 Opening/Closing a Position 10.30. No complaints shall be accepted should the Client be unable to open/close a position: a) because of a poor Internet connection on the side of the Client or the Server; and in the absence of records in the Server Log File to prove the Client’s attempt(s) to give such an instruction; b) at an error quote (spike); c) if the instruction precedes the first quote for this instrument in the trading platform at market opening; d) as a result of a manifest error on the part of the Company or if the Company has not processed the Client’s instruction to open/close a position, and there are no records in the Server Log File to prove the Client’s attempt(s) to give such an instruction; e) due to the failure, malfunction or misuse of the trading platform software and/or hardware and absence of records in the Server Log File to prove the Client’s attempt(s) to give such instruction. 10.31. If the Company has not executed the instruction to open a position: a) because of a poor Internet connection on the side of the Client or the Server; b) as a result of a manifest error on the part of the Company; c) due to the failure, malfunction or misuse of the trading platform software and/or hardware, and: a) the Server Log File has record(s) to prove the Client’s attempt(s) to give such an instruction; b) it is the latest attempt to open a position on this instrument, and the Company initiates the process of dispute resolution in accordance with clause 10.1 of these Terms of Business or after a reasonable Client-lodged complaint, the Company shall execute this instruction to open a position. The Client acknowledges that the Client will not be able to manage the position while the dispute regarding this position is under consideration and that no complaints concerning this matter shall be accepted. The Client acknowledges that the Company shall not be obligated to notify the Client that the dispute has been resolved and the instruction has been executed. The Client shall accept full responsibility for all risks in this respect. During the process of dispute resolution, the Company shall have the right to trigger Stop Loss or Take Profit orders in the chronological order they would have been triggered, had the Client’s instruction been executed at the time it was received by the Server. 10.32. If the Company has not executed an instruction to close a position as a result of: a) a poor Internet connection on the side of the Client or the Server; b) a manifest error on the part of the Company; c) the failure, malfunction or misuse of the trading platform software and/or hardware, 27 and: a) the Server Log File has record(s) to prove the Client’s attempt(s) to give such an instruction; b) it is the latest attempt to open a position on this instrument, and the Company initiates the process of dispute resolution in accordance with clause 10.1 of these Terms of Business or after a reasonable Client-lodged complaint, the Company shall execute this instruction to close a position. The Client acknowledges that the Company shall not be obligated to notify the Client that the dispute has been resolved and the instruction has been executed. The Client shall accept full responsibility for all risks in this respect. 10.33. No complaints shall be accepted should the Client be unable to open a position: a) because of insufficient free margin to open the position as a result of an error quote (spike) in the quotes flow at which Floating Profits/Losses for open positions have been calculated; b) because of insufficient free margin to open a position as a result of a dispute concerning another order or position. c) due to the limits on the aggregate Client position and/or the total number of orders placed for this type of account being exceeded. 10.34. The Company shall have the right to delete a Client’s open position if: a) the instruction to open the position precedes the first quote in the trading platform at market opening and the Company erroneously executes it at the closing price of the previous trading session; b) the Company erroneously executes the instruction to open the position at an error quote (spike); c) there is a manifest error on the part of the Company while processing the Client’s instruction to open the position. 10.35. The Company shall have the right to nullify the closing of a position if: a) the instruction to close a position precedes the first quote in the trading platform on the market opening and the Company erroneously executes it at the close price of the previous trading session; b) the Company erroneously executes the instruction to close a position at an error quote (spike); c) the Company makes a manifest error while processing the instruction to close a position; d) a position is closed by mistake due to the failure, malfunction or misuse of the trading platform software/hardware, and for clause 10.1 of these Terms of Business to come into effect, or after the Client’s complaint is considered reasonable, the Company has the right to restore the closed position15. If the Company 15 If, at the time of restoring the position, the current market price doesn’t meet the Limit & Stop Levels parameter for placing Stop Loss and/or Take Profit orders as set out in clause 5.9, the position will be restored without placing a Stop Loss and/or Take Profit order. 28 has not restored the erroneously closed position within 24 hours of the dispute arising, this position will not be restored and no complaint regarding its restoration will be accepted. The Client accepts that, under any circumstances whatsoever, no complaint regarding the inability to manage this position whilst the Company considers the dispute and takes steps towards its resolution will be taken into consideration. The Client accepts that the Company retains the right not to provide additional notification to the Client of a dispute being resolved and an instruction executed and that the Client accepts all risks connected with this. 10.36. When the trading approach of the Client does not allow orders to be processed in the prescribed manner on the account being used, the Company reserves the right to: a) limit trading on the account to Close Only mode; b) deny the creation of new accounts; c) request that the Client change account types. 10.37. If the Client fails to give confirmation of an account type change within 3 days of receiving a warning notification, the Company reserves the right to block trading on the account(s) indicated in the warning until the approval of any further actions regarding the account(s), and, if necessary, until all necessary work regarding the account has been completed. The Company also reserves the right to unilaterally terminate its relationship with the Client in cases where the Client refuses to accept the terms offered by the Company. 10.38. In cases where the Client’s trading approach involves taking advantage of a vulnerability in the software, the Company reserves the right to impose any of the measures indicated in clause 10.36, as well as to modify or invalidate any trading operation performed by the Client. 11. Terms and Interpretation 11.1. In these Terms of Business: “Abnormal Market Conditions” – a “Thin” or “Fast” market. “Account History” – all completed transactions and deposit/withdrawal operations on the trading account. “Account Type” – the terms of the trading account. The types of accounts offered by the Company are listed on the Company Website. The account type is chosen when a trading account is opened and the Client cannot change the type of account once it has been created. “Ask” – the higher price in a quote, the price at which the Client may buy. “Balance” – the total financial result of all completed transactions and deposit/withdrawal operations on a trading account. “Bar/Candle” – a feature of a price chart that shows the opening and closing prices, as well as the lowest and highest prices for a defined period of time (for example, 1 minute, 5 minutes, a day, a week). “Base Currency” – the first currency in a currency pair which the Client may buy or sell for the quote currency. “Bid” – the lower price in the quote – the price at which the Client may sell. 29 “Buy Limit” shall have the meaning given in clause 5.1. “Buy Stop” shall have the meaning given in clause 5.1. “CFD” (Contract for Difference) – an object of a trading operation, the value of which is based on changes in the value of an underlying asset (the base asset of the CFD), which can be a stock, future, commodity, precious metal, index fund etc. “Chart” – visual representation of the change in prices over a period of time. Bars/Candles represent: a) Bar/Candle high is the highest Bid; b) Bar/Candle low is the lowest Bid; c) Bar/Candle close price is the last Bid; d) Bar/Candle open price is the first Bid. “Client” – a legal entity or individual to whom the myfrxe service is offered under the terms of the Client Agreement. “Client Agreement” – an agreement between the Company and the Client, which together with the other Regulations located in the “My Agreements with FRXE” section of myFRXE and in the “Regulatory Documents and Agreements” subsection of the “About Us” section of the Company Website, governs all conditions pertaining to the Company’s relationship with the Client. “Client Terminal” – a program used by the Client to obtain real-time financial information (the content of which is defined by the Company), conduct technical market analysis, execute transactions, place/modify/delete orders, and receive notices from the Company. The program can be downloaded free of charge form the Company Website. “Client Terminal Log File” – the file created by the Client Terminal which records all Client requests and instructions to the Company with accuracy to the second. “Closed Position” – the second part of a fully completed transaction. “Company, a” – an employee of the Company authorized to process Client instructions, orders and Stop Outs. “Company, the” – the Company. “Company Website” – FRXE’s website: https://frxe.com “Contract Specification” – the principal trading terms (spread, lot size, initial margin requirements, margin for the matched positions etc.) for each instrument. At the time of the release of this document this information can be found on the Company Website. “Currency Pair” – the quotation of the relative value of one currency unit against the unit of another currency. “Developer” – the “MetaQuotes Software Corp.” company, developer of the trading platform. “Dispute” – 1) a conflict arising when the Client believes that the Company, as a result of any action or failure to act has breached one or more clauses of the Terms of Business; 2) the Company believes that the Client, as a result of any action or failure to act, has breached one or more clauses of the Terms of Business; 3) when the Client makes a trade on an error quote (spike), or before the first quote comes to the trading platform at market opening, or on a quote received by the 30 Client due to manifest error on the part of the Company or software failure on the trading platform. “Equity” – Balance + Credit + Floating Profit – Floating Loss. “Emergency Situation” – an unforeseen situation whereby a discrepancy arises between the terms or conditions of the contracting agent in regard to dealings with the Company, which may be a result of hardware or other technical failure or a change in market conditions. “Expert Advisor” – an algorithm in the form of a program based on MetaQuotes Language 4 used to manage a trading account and give instructions and requests to the server via the Client Terminal. “Fast Market” – a market characterized by rapid price fluctuations over a short period of time often causing price gaps. A fast market may occur immediately before or after important events such as: a) release of influential macroeconomic indicators for the global economy; b) decisions by central banks on interest rates; c) press conferences and statements by central banks officials, heads of state, financial ministers or other significant announcements; d) government intervention in the currency market; e) terrorist attacks of great impact; f) natural disasters leading to the declaration of a state of emergency (or comparable measures) in the affected regions; g) war or other significant military actions; h) political force majeure: dismissal or appointment (including election results) of top government officials; i) other events which cause significant price movements. “Floating Profit/Loss” – unrecorded profit/loss on open positions based on current prices. “Force Majeure” – unforeseen and unpreventable events such as: a) nature disaster; b) war; c) terrorist attack; d) actions taken by the legislative or executive branches of government; e) computer hacker attacks and other illegal actions directed towards the Company. “Free Margin” – available funds on the trading account which may be used to open a position. It is calculated as Equity minus Necessary Margin. “GTC” (“Good-Till-Canceled”) – an order which remains in effect until canceled by the Client. “Hedged Margin” – margin for the opening and maintenance of two opposite (locked) items on the same instrument. Requirements for each instrument are covered in the Contract Specification. “Hedging system of calculating positions” – the system of calculating position which allows traders to have several trading positions open for the same instrument, including positions in different directions. 31 If there is already an open position for a trading instrument and the trader makes a new trade (or a pending order is executed), a new position is opened. The pre-existing position remains unchanged. “If-Done Order” shall have the meaning given in clause 5.2. “Initial Margin” – the percentage of the purchase price the Client must pay to open positions. The requirements for each instrument are covered in the Contract Specifications located in the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section on the Company Website. “Instant Execution” – the mechanism of providing quotes to the Client without prior request. Because the Client sees quotes in real time, they may make a transaction at any moment. “Instruction” – an order of the Client to the Company to open/close a position or to place/modify/delete an order. “Leverage” – the ratio of the margin and value of a position. “Limit & Stop Levels” – the minimum distance in pips/points between the order level and the current price (Pending Order level). “Liquidity Provider” – a bank or ECN (Electronic Communications Network) which provides the streaming quotes to the Company. May also be used to hedge trades of the Company. “Locked Positions” – long and short positions of the same size opened on the trading account for the same instrument16 . “Long position” – a position held with the expectation that the asset will rise in value. In currency trading it means buying the base currency and selling the quote currency. “Lot” – a standard amount of a commodity or number of units of a currency pair. “Lot size” – the number of units of a commodity or a base currency in one lot as defined in the Contract Specifications. “Manifest Error” – an error by the Company characterized by the opening or closing of a position or the execution of an order at a price which significantly differs from the price for the given instrument in the stream of quotes at the moment of transaction, or any other Company action with respect to prices that significantly differ from the market prices. “Margin for locked positions” – the amount of funds the Company requires securing the opening and supporting locked positions. “Margin Level” – the ratio of equity to used margin. It is calculated as (Equity/Used margin)*100%. “Margin Trading” – conducting operations with the use of leverage, whereby the Client can make trades of sizes which are significantly higher than the funds they have available. 16 For example, if the Client opens two buy lots, and three sell lots for the same instrument, then two buy lots and two sell lots are identified as matched positions, and one buy lot is identified as a non-locked position. 32 “Market Opening” – the time when the market opens after weekends, holidays or trading session time gaps. “Maximum Deviation” – parameter expressed in pips/points in the “Open/Close position” window of the Client Terminal. “myFRXE” – the Client’s personal page on FRXE’s website containing the Client’s contact details, the history of non-trading operations (deposits/withdrawals) as well as other reference information. “Necessary margin” (also “New Margin”) – the margin required by the Company to maintain open positions. The details for each instrument are specified in the “Contract Specifications” subsection of the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section on the Company Website. It shall have the meaning given in clauses 3.6.b), 5.23.b). “Netting system of calculating positions” – the system of calculating positions in which there may be only one open position for each and the same instrument at one period of time: If there is already a position open for the instrument, an additional trade conducted in the same direction will lead to an increase in the size of the position. If there is already a position open for the instrument, an additional trade conducted in the opposite direction will lead to a reduction in the position’s size, its closure (where the size of the additional trade is equal to that of the current position), or it heading in the opposite direction (where the size of the additional trade is more than that of the current position). Furthermore, it doesn’t matter which action leads to the trade going in the opposite direction: whether as a result of the execution of a market order or a pending order. “Normal Market Conditions” shall mean market conditions where quotes remain stable for an extended period of time, there is a regular (1-2 second intervals) stream of quotes with low volatility and an absence of large price gaps. “Non-Trading Operations” – deposits or withdrawals to or from a trading account (including credit and compensation), or repayments. “Order” – a Client instruction to the Company to open or close a position when the price reaches the level of the order. “Order Level” – the price indicated in the order. “Open Position” – the result of the first part of the completed transaction. In this case the Client shall be obliged to: a) close the position with a transaction of the same volume; b) maintain equity not lower the necessary margin according to the requirements specified in the “Trading Conditions” and “Margin Requirements” subsections of the “FOREX, CRYPTOCURRENCIES, METALS & CFDS” section on the Company Website. “Pending Order” – a request from the Client to the Company to open or close a position once the price has reached the level of the order. “Point/Pip” – the numerical value of the last, or right-most, number of a quote. “Price Gap” – shall mean the following: 33 a) current Bid quote is higher than the Ask of the previous quote; or b) current Ask quote is lower than the Bid of the previous quote. “Price Gap at Market Opening” shall mean the following: a) the first Bid at market opening is higher than the last Ask at market closing; b) the first Ask at market opening is lower than the last Bid at market closing. “Price Prior to Spike” – the closing price of the minute bar prior to the minute bar with the spike. “Quote” – the price of one currency quoted in terms of another (Bid/Ask). “Quote Currency” – the second currency in a currency pair which can be bought or sold for the base currency. “Quote Request” – a request from the Client to the Company to provide a quote. Such a request does not constitute an obligation on the part of the Client to make a transaction. “Quotes Base” – information about the streaming quotes. “Quoting” – the process of providing the Client with quotes. “Rate” – the value of the base currency in the terms of the quote currency for a currency pair. “Regulatory Documents” – all documents on the Company Website that regulate the terms by which the Company conducts business with the Client. “Request Execution” – the mechanism for providing quotes in response to Client requests. “Sell Limit” shall have the meaning given in clause 5.1. “Sell Stop” shall have the meaning given in clause 5.1. “Server” – the MetaTrader Server program, version 4.хх. The program is used to execute the Client’s instructions and requests, to provide trading information in real-time mode (the content is defined by the Company), to keep a record of mutual obligations between the Client and the Company, subject to the conditions in the Terms of Business. “Server Log File” – the file created by the server which records accurately to the second all requests and instructions and their corresponding results sent by the Client to the Company. “Short position” – a position held with the expectation that the asset will fall in value. In currency trading it means buying the quote currency and selling the base currency. “Spike” – an error quote with the following characteristics: a) a significant price gap; b) a price rebound in a short time period within a price gap; c) no prior rapid price fluctuation before the spike; d) no released macroeconomic indicators and/or corporate reports that could influence the price. “Spread” – the difference between Ask and Bid prices. “Stop Loss” shall have the meaning given in clause 5.2. 34 “Stop Out” – an instruction to close one or more open positions without the consent of the Client or any prior notice due to insufficient funds required for maintaining open positions. “Storage” (also “Swap”) – the charge to rollover a position to the next day. Storage can be either credited or debited. A table with the storage/swap values for each instrument is indicated on the Company Website. “Streaming Quotes” – the flow of quotes in the trading platform for each instrument. “Thin market” – a market with fewer transactions and consequently fewer quotes than during normal market conditions. Such conditions occur most often during the Christmas holidays and other major national holidays of G7 countries, and from 20:00 to 00:00 GMT etc. “Ticket” – the unique identity number assigned to each open position or Pending Order in the trading platform. “Trading Platform MetaTrader: FRXE” or “Trading Platform” – the program used by the Client in order to obtain information about financial markets (the content of which is defined by the Company) in real-time, conduct technical analysis of the markets, execute transactions, place/modify/delete orders, as well as receive notices from the Company. The program can be downloaded free of charge on FRXE’s web page. “Trading Platform Time Zone” – the time zone in which the Server Log File records any event. “Transaction” – the opening (including the restoration of closed positions in accordance with clause 10.35 of the current Terms of Business) or closing (including partial and involuntary closure) of positions on any instrument, and the modification of pending orders. “Transaction Size” – Lot size multiplied by the number of lots. “Take Profit” shall have the meaning given in clause 5.2. “Trading Account” – the personal record of all completed transactions, open positions, orders, deposits and withdrawals. “Trailing Stop” shall mean: 1) a Trailing Stop value set by the Client; 2) the following algorithm for managing “Stop Loss” orders: a) if an open position’s profit is less than the Trailing Stop value, no action shall be taken; b) in the case of a profitable open position exceeding the value of the Trailing Stop, the Trailing Stop will be adjusted to a new, higher level at the same relative distance to the new price as before; c) once a new quote has been received that exceeds the value of the distance between the Trailing Stop and the Stop Loss order level, the Client Terminal sends an instruction to the Server to adjust the Stop Loss order to the level that is at the same range from the current price as the “Trailing Stop” value. A Trailing Stop is only executed when the Client Terminal is on-line and successfully authorized. 11.2. In these Terms of Business the singular noun form shall mean and include the plural, and the plural noun form shall mean and include the singular, excluding where the context implies otherwise. All pronouns, masculine, feminine or neutral, shall mean and include the individual, entity, or company to which they relate as the context may require. 35 11.3. Unless otherwise stated, a reference to a clause, party or index is, accordingly, a reference to a clause in, a party to or index in these Terms of Business. 11.4. The clause headings are inserted strictly for ease of reference and do not affect the interpretation of these Terms of Business. 11.5. If there is no clear interpretation of a term in these Terms of Business, first priority will be given to the interpretation of the term in question given in the Client Agreement and second priority to the interpretation given in other Regulatory documents.

Terms of Business for ECN Accounts

1. Introductory Remarks

1.1. These Terms of Business shall govern all actions regarding the handling and execution of Client instructions and requests on ECN accounts.
1.2. These Terms of Business define:

  • principles of opening/closing positions and placing/modifying/deleting/executing orders;
  • the Company’s actions in respect of the Client’s open positions if the Margin level on the trading account is insufficient to support such open positions;
  • procedures of dispute resolution and methods of communication between the Client and the Company.

2. General Terms

Quotes

2.1. The Company recalculates quotes for all trading instruments in real-time, based on market conditions and streaming prices/liquidity received from Liquidity Providers and periodically provides the Client with these quotes as a market profile (Market Snapshots).
2.2. All quotes the Client receives through the Client Terminal are indicative and represent the best Bid and best Ask price available on the market according to Liquidity Providers.
2.3. The Client acknowledges that:
a) the Company has the right to not provide the Client with these quotes if they have not changed since the previous Market Snapshot;
b) the Client does not have access to all the quotes in the Client Terminal that have been in the quotes flow between Market Snapshots;
c) the spread is not fixed and may vary depending on market conditions and streaming prices/liquidity received from Liquidity Providers.

Execution of Client Instructions

2.4. The procedure for handling Client instructions given through the Client Terminal is as follows:

  • the Client gives an instruction which is checked for validity on the Client Terminal;
  • the Client Terminal sends the instruction to the Server;
  • if the connection between the Client Terminal and Server has not been disrupted, the Server receives the instruction and begins the verification process;
  • a valid Client instruction is placed in a queue sorted by request or instruction arrival time and the
  • status “Order is accepted” appears in the “Order” window of the Client Terminal;
  • as soon as the Company is ready to process a new instruction, the Company takes the first instruction from the queue and begins its processing and
  • the status in the Client Terminal changes to “Order is in process”;
  • the Company sends the server the result of the execution of the Client request or instruction;
  • the Server sends the result of the Client request or instruction to the Client Terminal;
  • if the connection between the Client Terminal and Server has not been disrupted, the Client Terminal registers the result of the Client request or instruction.

2.5. The Client has the right to cancel a given request or instruction only if the request or instruction is still in the queue and has the “Order is accepted” status. To cancel an order, the Client must click the “Cancel order” button. The Client cannot cancel a request or instruction given by an Expert Advisor.
2.6. The Client has no right to cancel a request or instruction if it is already being processed by the Company and the status is “Order is in process”.
2.7. All matters regarding the current market price are at the sole discretion of the Company.
2.8. Client requests or instructions have a maximum standby time in the processing queue (3 minutes at the release of these Terms of Business). If the request or instruction has not been received by the Company within this time, it is deemed to be irrelevant and is automatically deleted from the queue. Once an instruction is received by the Company, the Company processes it as soon as practicably possible.
2.9. Execution of Client orders takes place according to market depth. In cases where there is insufficient liquidity to fulfill the order of the required volume at the first level of market depth, the execution will take place at the next price level until the order is fulfilled in full.
When the order is executed at multiple levels of market depth, it will appear in the terminal as a weighted average.

Calculation of the Weighted Average Price (WAP):

WAP = (P1*V1+P2*V2+…+Pn*Vn)/(V1+V2+…+Vn)
where:
P1 – price at the initial level of execution;
V1 – volume executed at P1;

Depending on the amount of time the Company needs to process the Client request or instruction, a situation could arise where the
recorded execution time of the first request or instruction in the queue will be later than the execution time of the following request or
instruction in the Server Log-File.
P2 – price at the next level of execution;
V2 – volume executed at P2;
Pn – price at the final level of execution;
Vn – volume at the final level of execution.

2.10. In the cases listed below, the Company has the right to decline a Client instruction, with either the message “Off quotes” or “Not enough money” appearing in the Client Terminal:

  • if the Client sends an instruction before the first quote appears in the trading platform at market opening;
  • if the Company is not able to hedge the trade with a Liquidity Provider;
  • the Client’s Free Margin level is less than the initial margin.

2.11. The Client shall only give instructions through the Client Terminal. To avoid problems associated with the inability to open or close positions, we recommend using Pending Orders including Stop Loss and Take Profit.

Trading Operations

2.12. The Ask price is used when making a “buy” transaction. The Bid price is used when making a “sell”
transaction.
As such:
a) The Ask price is used to open a long position. The Bid price is used to open a short position;
b) The Bid price is used to close a long position (i.e. sell). The Ask price is used to close a short position (i.e. buy).

Rollover

2.13. The Rollover of positions from one day to the next begins at 23:59:45 Server time, affecting all positions which have been left open between 23:59:45 and 23:59:59 Server time. Positions are rolled over by either crediting or debiting the Client’s trading account with an amount calculated in accordance with the rules specified in the “What happens when I leave my Forex positions open overnight” FAQ.

Trading Session

2.14. The trading session times for each instrument are indicated on the “Contract Specifications” page located in the “FOREX METALS & CFDS” section on the Company Website.

Quote Base Synchronization

2.15. In cases where there is an unplanned interruption in the Server quotes flow, caused by either a technical
or software failure, the Company has the right to synchronize its quotes base on the Server (which caters for
Clients on live accounts) from other sources. These sources can include:
a) the quote base on the Demo Server;
b) any other reliable sources.
In the case that a dispute arises regarding a break in the quotes flow, all decisions will be made in accordance
with the synchronized quote base.

Leverage

2.16. Leverage size depends on the Client’s aggregated open position as indicated on the Company Website.
2.17. The Company has the right to change leverage for a trading account in accordance with the margin
requirements with immediate effect and no prior notice.
2.18. The Company has the right to apply new margin requirements in accordance with clause 2.18 to any new
positions or positions that are already open.
2.19. The Company has the right to change the leverage for a particular Client at any time and at its sole
discretion with prior written notification.

Trading Account History

2.20. The Company reserves the right to:
a) archive trading and non-trading operations over 3 months old that are displayed in the terminal;
b) delete pending orders from the trading account’s history that were cancelled either by the Client or
the Company.

Margin

2.21. The Client shall deposit and maintain the initial and/or hedged margin in the amount determined by the Company. The size of initial margin and/or margin for locked positions is indicated in the “FOREX, METALS & CFDS” section of the Company Website. These sums should only be in the form of cleared funds of the Client, credited to the Company account in accordance with the Regulations for Non-Trading Operations.
2.22. Any margin which is not denominated in the deposit currency will be converted into the deposit currency at the current exchange rate on the foreign exchange market.
2.23. The Client shall pay the initial and/or hedged margin upon opening a position. The amount of initial and hedged margin for each instrument is detailed the “Contract Specifications” subsection of the “FOREX, METALS & CFDS” section of the Company Website.
2.24. The Company is entitled to change the size of initial, necessary, or hedged margin:
a) for all Clients, giving written notification 1 (one) calendar day before these amendments are introduced;
b) individually for any Client to bring the leverage in line with the margin requirements as indicated in the “Margin Requirements” subsection of the “FOREX, METALS & CFDS” section of the Company Website;

Where the necessary information cannot be retrieved from Demo Servers.

c) individually for a Client in emergencies without prior notification;
d) for all Clients in the case of a force majeure without prior notification.
2.25. The Client shall be responsible for maintaining the necessary margin level on the trading account.
2.26. The Company is entitled to apply clause 2.24 to all already open and newly opened positions.
2.27. The Company is entitled to close the Client’s open positions without consent or any prior written notification if the equity falls below that of the necessary margin (Stop Out level), indicated on the Company Website in the “Trading Conditions” subsection of the “FOREX, METALS & CFDS” section of the Company Website.

Commission, Charges and other Costs

2.28. The Client shall be obliged to pay the Company commissions, charges and other costs set out in the “FOREX, METALS & CFDS” section on the Company Website.
2.29. The Company may alter the size of commissions and other charges without providing the Client any written warning of such action. All alterations are published in the “FOREX, METALS & CFDS” section on the Company Website.
2.30. Subject to compliance with all applicable rules and regulations, the Company will not be under any obligation to disclose to, or provide the Client with, any report of profits, commissions or other remunerations made or received by the Company on any Client trading operation, unless otherwise agreed in any of the Regulatory documents.
2.31. The Company may periodically act on a Client’s behalf in relations with parties with whom the Company or another affiliated party has an agreement permitting the Company to receive goods or services in exchange for completing trading operations. The Company ensures that such arrangements shall operate in the best interest of Clients, for example, arrangements granting access to information or other services which would
not otherwise be available.
2.32. If the equity of the Client’s trading account becomes negative, the Client shall be liable for this loss and must make a payment of the full and total amount due immediately.

Transfer of Inactive Accounts to the Archive

2.33. In case of an inactive account being transferred to the archive:
a) The Client acknowledges that the Company is entitled to transfer inactive trading accounts to the archive. The Client’s inactive account shall be transferred from the trading terminal to the archive resulting in the Client’s access and ability to complete any operations being blocked, but all account history being saved.
b) The Client can restore an archived trading account by filing a request in myFRXE.
c) The Company shall restore the trading account within 3 (three) working days of receiving the request to restore a trading account from the archive.
d) The Company shall give the Client written notification the day the trading account has been restored.

Deletion of Trading Account History

2.34. The Company reserves the right to delete from a trading account’s history Pending Orders that had been canceled either by the Client or the Company one week after cancellation.

3. Opening a Position

3.1. In order to give an instruction to open a position, the Client shall specify the following:
a) instrument;
b) transaction volume.
3.2. To open a position through the Client Terminal without using an Expert Advisor, the Client must click either “Buy by Market” or “Sell by Market”. The Client instruction to open a position may be executed at a price that differs from the quote in the Client Terminal during the last Market Snapshot in the following situations:

  • if the current quote has changed since the last Market Snapshot;
  • if the quote from the last Market Snapshot is for a lower transaction volume than the volume specified in the Client instruction.

In any case, the instruction will be executed at the best price available from the Company’s Liquidity Providers.

Processing and Execution of Instructions to Open a Position

3.3. Once the Server has received the Client instruction to open a position, it automatically verifies that the Free Margin on the trading account is sufficient to open the position:

  • the new position is provisionally added to the list of open positions;
  • the new margin requirement (New Margin) for all open positions is calculated, including the new position that has been provisionally added to the list, according to the current market rate;
  • the floating profit/loss is calculated for all open positions, including the new one provisionally added to the list, according to the current market price;
  • the new Free Margin is calculated.

3.3.1. Taking the Free Margin calculation into account, the position may or may not be opened depending on the following conditions:
If the Free Margin is greater than or equal to zero, and the total volume of Client positions (including the provisionally added position) doesn’t exceed the limit for the respective account type, the position will be opened. The opening of the position will be accompanied by a corresponding entry on the server log file.

For locked positions, the “Hedged Margin” parameter is used. Otherwise, the “Initial Margin” parameter is used, which is calculated
according to the average weighted (by volume) price of non-locked positions. You can find the formula along with an example calculation in
the FAQ section of the Company Website.

Free Margin = Balance – New Margin + Floating Profit – Floating Loss

If the Free Margin is greater than or equal to zero, but the total volume of Client positions (including the provisionally added position) exceeds the limit for the respective account type, the position will not be opened.
If the Free Margin is less than zero, the Company reserves the right not to open the position.
If the Free Margin is greater than or equal to zero, the total volume of Client positions doesn’t exceed the limit for the respective account type, and the margin level, while greater than zero, is less than or equal to the Stop Out level displayed in the “Forex, metals & CFDs” section of the Company Website, the position will be opened. The opening of the position will be accompanied by a corresponding entry on the server log file.
3.4. A Client instruction to open a position shall be deemed executed and the position shall be open once the relevant record appears in the Server Log-File.
3.5. Every open position in the trading platform has an assigned ticket.
3.6. A position may be opened by the Company at the price at which it hedged the transaction. The Company reserves the right to adjust this price to reflect the cost of hedging.

4. Closing a Position

4.1. In order to give an instruction to close a position, the Client shall specify the following:
a) ticket;
b) transaction volume.
4.2. To close a position through the Client Terminal without using an Expert Advisor, the Client must click “Close…”. The Client instruction to close a position may be executed at a price that differs from the quote in the Client Terminal during the last Market Snapshot in the following situations:
a) if the current quote has changed since the last Market Snapshot;
b) if the quote from the last Market Snapshot is for a lower transaction volume than the volume specified in the Client instruction.
In any case, the instruction will be executed at the best price available from the Company’s Liquidity Providers.

Processing and Execution of Instructions to Close a Position
4.3. If there are two or more locked positions in the list of open positions for the trading account, when a request or instruction is given to close any of these positions, the “Close By” option appears in the drop-down “Type” list. After the Client chooses this option, a list of the positions opened in the opposite direction is shown. The Client may close locked positions of the same volume or partially close two locked positions with
different volumes. In the case of the latter, the smaller position and the opposite part of the larger position are closed; the volume which remains becomes a new position and as such is allocated a new ticket.
4.4. If there are two or more locked positions in the list of open positions for the trading account, when a request or instruction is given to close any of these positions, the “Multiple Close By” option appears in the drop-down “Type” list. The Client may close all locked positions by using this function. In such a case, any remaining volume becomes a new position and as such is allocated a new ticket.
4.5. A Client instruction to close a position shall be deemed executed and the position shall be deemed closed once the relevant record appears in the Server Log-File.
4.6. A position may be closed by the Company at the price at which it hedged the transaction. The Company reserves the right to adjust this price to reflect the cost of hedging.

5. Pending Orders

Order Types in the Trading Platform
5.1. In order to open a position the following Pending Orders may be used:

  •  “Buy Stop” – an order to open a long position at the price higher than the price at the moment of placing the order;
  • “Sell Stop” – an order to open a short position at the price lower than the price at the moment of placing the order;
  • “Buy Limit” – an order to open a long position at the price lower than the price at the moment of placing the order;
  • “Sell Limit” – an order to open a short position at the price higher than the price at the moment of placing the order.

5.2. In order to close a position the following orders may be used:
a) “Stop Loss” – an order to close a previously opened position at the priceless profitable for the Client than the price at the moment of placing the order;
b) “Take Profit” – an order to close a previously opened position at the price more profitable for the Client than the price at the moment of placing the order;
c) “If-Done Order” – Stop Loss and/or Take Profit which is activated once the Pending Order they are related to has been executed.

Time and Duration of Orders

5.3. The Client may place, modify or delete orders only within trading hours for the relevant instrument. The trading hours for each instrument are indicated in the “Contract Specifications” subsection of the “FOREX, METALS & CFDS” section on the Company Website.
5.4. All Pending Orders for instruments that can be traded round-the-clock have a Good Till Cancelled (GTC) status and are accepted for an unlimited period of time. The expiry date and time can be set by the Client in the “Expiry” field.
5.5. Stop Loss and/or Take Profit for all instruments have “GTC” status (“Good Till Cancelled”) and are accepted for an unlimited period of time.

Order Placement Procedure

5.6. In order to give an instruction to place a Pending Order, the Client shall specify the following required parameters:

  • instrument;
  • transaction volume;
  • order type (Buy Stop, Buy Limit, Sell Stop, or Sell Limit);
  • order level.

In addition, the Client may indicate the following optional parameters:
a) Stop Loss level;
“0.0000” means that Stop Loss is not placed (or it is deleted if it has already been placed);
b) Take Profit level;
“0.0000” means that Take Profit is not placed (or it is deleted if it has already been placed); or
c) date and time when the Pending Order expires.

The instruction will be declined if:

  • any of the required parameters is not specified or is incorrect; or
  • any of the optional parameters are incorrect.

In this case, the “Invalid S/L or T/P” error message appears if the orders are placed via the client terminal without using an Expert Advisor.

5.7. If the Client gives an instruction to place Stop Loss or Take Profit, the following information must be specified:
a) ticket of the open position which the Client intends to place the orders on;
b) Stop Loss level;
“0.0000” means that Stop Loss is not placed (or it is deleted if it has already been placed);
c) Take Profit level;
“0.0000” means that Take Profit is not placed (or it is deleted if it has already been placed).
If any of the information is incorrect and the orders are placed via the client terminal without using an Expert
Advisor, the instruction will be declined and the “Modify…” button will remain inactive.
5.8. If the Client gives an instruction to place the If Done orders on a Pending Order, the Client shall specify the following:
a) ticket for the Pending Order which the Client intends to place the orders on;
b) Stop Loss level;
“0.0000” means that Stop Loss is not placed (or it is deleted if it has already been placed); and
c) Take Profit level;
“0.0000” means that Take Profit is not placed (or it is deleted if it has already been placed).

If any of the indicated information is incorrect and the orders are placed via the client terminal without using an Expert Advisor, the instruction will be declined and the “Modify” button will remain inactive.

5.9. While giving an instruction to place a Pending Order including Stop Loss and/or Take Profit on an open position, the difference between the Pending Order including Stop Loss and/or Take Profit and the current market price must not be less than the number of points indicated for each instrument in the Contract Specifications, and the following conditions must be met:
a) for the Stop Loss on a short position the current market price is the Ask price and the order must not be placed lower than the Ask price plus this number of points;
b) for the Take Profit on a short position the current market price is the Ask price and the order must not be placed higher than the Ask price less this number of points;
c) for the Stop Loss on a long position the current market price is the Bid price and the order must not be placed higher than the Bid price less this number of points;
d) for the Take Profit on a long position the current market price is the Bid price and the order must not be placed lower than the Bid price plus this number of points;
e) for the Buy Limit the current market price is the Ask price and the order must not be placed higher than the Ask price less this number of points;
f) for the Buy Stop the current market price is the Ask price and the order must not be placed lower than the Ask price plus this number of points;
g) for the Sell Limit the current market price is the Bid price and the order must not be placed lower than the Bid price plus this number of points;
h) for the Sell Stop the current market price is the Bid price and the order must not be placed higher than the Bid priceless this number of points.

5.10. While giving an instruction to place an If Done Order on a Pending Order, the difference between the If Done Order level and the level of the Pending Order must not be less than the number of points indicated for each instrument in the Contract Specifications, and the following conditions must be met:
a) the Stop Loss on the Buy Limit or Buy Stop must not be placed higher than the level of the Pending Order less this number of points;
b) the Stop Loss on the Sell Limit or Sell Stop must not be placed lower than the level of the Pending Order plus this number of points;
c) the Take Profit on the Buy Limit or Buy Stop must not be placed lower than the level of the Pending Order plus this number of points;
d) the Take Profit on the Sell Limit or Sell Stop must not be placed higher than the level of the Pending Order less this number of points.
5.11. An instruction to place an order is deemed executed and the order is deemed placed once the relevant record appears in the Server Log-File.
5.12. Each Pending Order has a ticket.
5.13. The Company has the right, but not obligation, to decline an instruction to place an order if, while a Company processes this instruction, the current quote reaches the level at which clause either 5.9 or 5.10 has been breached.

Order Modification and Deletion

5.14. If the Client gives an instruction to modify Pending Order parameters (the level of the Pending Order
and/or If Done orders), the Client shall specify the following:
a) Ticket;
b) Pending Order level;
c) Stop Loss level;
“0.0000” means that Stop Loss is not placed (or it is deleted if it has already been placed);
d) Take Profit level;
“0.0000” means that Take Profit is not placed (or it is deleted if it has already been placed).
If any of the indicated information is incorrect and the orders are placed/modified/deleted via the Client Terminal without using an Expert Advisor, the instruction will be declined and the “Modify” button will remain inactive.
5.15. If the Client gives an instruction to modify Stop Loss and Take Profit on the open position, the Client shall specify the following:
a) Ticket;
b) Stop Loss level;
“0.0000” means that Stop Loss is not placed (or it is deleted if it has already been placed); and
c) Take Profit level;
“0.0000” means that Take Profit is not placed (or it is deleted if it has already been placed).
If any of the indicated information is incorrect and the orders are placed/modified/deleted via the Client Terminal without using an Expert Advisor, the instruction will be declined and the “Modify …” button will remain inactive.
5.16. When the Client gives an instruction to delete a Pending Order, the Client shall specify its ticket.
5.17. An instruction to modify or delete an order is deemed executed and the order is deemed modified or deleted once the relevant record appears in the Server Log-File.
5.18. The Company has the right, but not the obligation, to decline an instruction to modify or delete an order if, while it is being processed, the order has been placed in the queue in order to be executed in accordance with clause 5.20.
5.19. Where the Client has given an instruction to modify or delete an order, the Company has the right, but not the obligation, to cancel the order modification or order deletion, if the processing of that instruction is finished after the order is placed in the queue to be executed in accordance with clause 5.20.

Order Execution

5.20. The order is placed in the queue to be executed in the following cases:
a) the Take Profit on open long position is placed in the queue to be executed if the Bid price in the quotes flow becomes equal or higher than the order level;
b) the Stop Loss on open long position is placed in the queue to be executed if the Bid price in the quotes flow becomes equal or lower than the order level;
c) the Take Profit on open short position is placed in the queue to be executed if the Ask price in the quotes flow becomes equal or lower than the order level;
d) the Stop Loss on open short position is placed in the queue to be executed if the Ask price in the quotes flow becomes equal or higher than the order level;
e) the Buy Limit is placed in the queue to be executed if the Ask price in the quotes flow becomes equal or lower than the order level;
f) the Sell Limit is placed in the queue to be executed if the Bid price in the quotes flow becomes equal or higher than the order level;
g) the Buy Stop is placed in the queue to be executed if the Ask price in the quotes flow becomes equal or higher than the order level;
h) the Sell Stop is placed in the queue to be executed if the Bid price in the quotes flow becomes equal or lower than the order level.

5.21. Once the Pending Order is placed in the queue in order to be executed, the Server automatically checks if the Free Margin is sufficient to open the position:
a) new Necessary Margin (New Margin) for a cumulative Client position is calculated: for Matched Positions depending on the Hedged Margin; for other positions depending on the Initial Margin, which is calculated at the average weighted price (in terms of volume) of all positions except the matched ones;
b) if the Pending Order Level is in a price gap, the Floating Profits/Losses for all open positions are calculated at the current quotes at the moment the order is placed in the queue in order to be executed;
c) “Free Margin” is calculated according to clause 3.3;
d) if the above-mentioned calculation for new positions have been carried out and “Free Margin” is less than zero, then the Company has the right, but not the obligation, to decline the Instruction to open the position and delete the Pending Order and the message “No money” will be recorded in the Server LogFile.
In any case, the order will be fulfilled at the best available price from the Company’s Liquidity Providers.
5.22. An order is deemed executed once the relevant record appears in the Server Log-File.
5.23. In case of Pending Order execution, the process of opening the position is followed by the relevant record
in the Server Log-File and the position opened by this order has the same ticket as the Pending Order.
5.24. All pending orders have FOK (Fill or Kill) status. All If Done orders have AON (All or None) status.
5.25. The Company can fulfill Buy Limit, Sell Limit and Take Profit orders at the requested price or at a better price at the moment the order is executed.
5.26. If there is insufficient liquidity at the order level, the Company may execute Buy Stop, Sell Stop and Stop Loss orders at the current available price at the moment the order is fulfilled. The Client agrees that the execution price may differ from the order level.
5.27. Buy Limit, Sell limit, Take Profit, Buy Stop and Stop Loss orders may be executed by the Company at the price at which it hedged the transaction. The Company reserves the right to adjust this price to reflect the cost of hedging.

6. Stop Out

6.1. The Company is entitled to forcibly close the Client’s open positions without the consent of the Client and any prior notice given if the level of equity in relation to the margin on the trading account is less than or equal to the Stop Out level. The Stop Out level is indicated in the “FOREX, METALS & CFDS” section on the Company Website.
6.2. Margin Level is monitored by the Server and, subject to clause 6.1, the Server generates the Stop Out instruction to close a position without the prior consent of the Client. Stop Out is executed at the current price available when the order is executed.
The Client agrees with the fact that the execution price may differ from that of the quote price generated by a Stop Out instruction.
The involuntary closure of positions will be accompanied by a record being made in the Server Log-File with the commentary, “Stop Out”.
6.3. The Stop Out in some cases may be executed at the price at which the Company has hedged the trade. The Company has the right to adjust this price to reflect the cost of hedging.
6.4. If the Client has several open positions, the first position which has to be placed in the queue to be closedis the one with the highest floating loss.
6.5. If a Stop Out execution has resulted in negative equity on the Client’s trading account, the Client shall be liable for this loss and must make a payment to the Company of the full and total amount due immediately.
6.6. The Company retains the right to forcibly close any of the Client’s open positions without providing any prior warning whilst a dispute is ongoing. If the Client has several open positions on an ecn.mt5 account, the first position to be placed in the queue for involuntary closure will be the position with the highest margin.
6.7. If changes are made to the list of trading instruments, the Company shall have the right to forcefully close any open positions of the Client, as well as to delete pending orders, should these positions involve the use of instruments which are no longer provided by the Company. The closure of positions will take place at the last available price.

7. Principles of Working with the MetaTrader 5 Trading Platform

7.1. Only a single position, the volume of which will alter when additional trades for the instrument are made, can be open for each instrument per trading account. The volume of such a position is calculated as the difference between the volumes of the trades for the purchase and the volumes of trades for the sale of a particular instrument. The direction of the position will correspond to the direction of the trades with the larger aggregated volume. Where the aggregated volume is equal for both the purchase and the sale, the position will be closed.
7.2. Along with the other order types listed in clause 5.1. of these Regulations, in the MetaTrader 5 platform it is possible to set the following Pending Order types to open a position:
a) Buy Stop Limit is used to set a limit order to make a purchase (Buy Limit) when the Ask price meets the stop level indicated in the order;
b) Sell Stop Limit is used to set a limit order to make a sale (Sell Limit) when the Bid price meets the stop level indicated in the order.
7.3. Where the Client submits an instruction to place a Buy Stop Limit or Sell Stop Limit Pending Order, the Stop Limit level parameter should be indicated, together with the parameters listed in clause 5.6 of these Regulations.
7.4. Where the Client submits an instruction to place a Buy Stop Limit or Sell Stop Limit Pending Order, the point difference between the level that the order was placed and the current market price should not be less than the number of points indicated in the Contract Specifications for the instrument in question and the following conditions must be met:
a) for Buy Stop Limit order: Ask is considered the current market price and the order should not be placed below the Ask price, plus the number of points indicated;
b) for Sell Stop Limit order: Bid is considered the current market price and the order should not be placed above the Bid price, minus the number of points indicated.
7.5. Where the Client submits an instruction to place an If Done order for Buy Stop Limit or Sell Stop Limit Pending Orders, the Client should take into account that the difference between the If Done order level and the Stop Limit Pending Order level, the Buy Stop Limit or Sell Stop Limit should not be less than the number of points indicated in the Contract Specifications for each instrument and the following conditions must be met:
a) the Stop Loss order for the Buy Stop Limit Pending Order should not be placed above the Stop Limit level, minus the number of points indicated;
b) the Stop Loss order for the Sell Stop Limit Pending Order should not be placed below the Stop Limit level, plus the number of points indicated;
c) the Take Profit order for the Buy Stop Limit Pending Order should not be placed below the Stop Limit level, plus the number of points indicated;
d) the Take Profit order for the Sell Stop Limit Pending Order should not be placed above the Stop Limit level, minus the number of points indicated.
7.6. Where the Client submits an instruction to modify the parameters of a Buy Stop Limit or Sell Stop Limit Pending Order, (the Pending Order level and/or the Stop Limit level and/or If Done order for the Pending Order in question), the Stop Limit level parameter should be indicated, together with the parameters listed in clause 5.14 of these Regulations.
7.7. The order is set in the queue to be executed in the following circumstances:
a) the Buy Stop Limit order is placed in the queue to be executed if the Ask price in the quote’s flow becomes equal to or above the order level;
b) the Sell Stop Limit order is placed in the queue to be executed if the Bid price in the quote’s flow becomes equal to or below the order level.

8. Communications

8.1. In order to communicate with the Client, the Company may use:

  • trading platform internal mail;
  • email;
  • telephone;
  • post;
  • announcements in the “Company News” subsection of the “About Us” section on the Company Website.

Contact details provided by the Client whilst opening a trading account or updated in accordance with clause

8.3 of these Terms of Business will be used by the Company and the Client agrees to accept any notices or messages from the Company at any time.
8.2. Any communications sent to the Client (documents, notices, confirmations, statements etc.) are deemed received:
a) if sent by email, within one hour after emailing it;
b) if sent by trading platform internal mail, immediately after sending it;
c) if by telephone, then once the telephone conversation has been finished;
d) if sent by post, 7 (seven) calendar days after posting it; and
e) if posted in the “Company News” subsection of the “News” section on the Company Website, within one hour after it has been posted.
8.3. The Client shall notify the Company immediately of any change in the Client’s contact details.
8.4. Each trading operation of the Client is confirmed in a daily trading report (Confirmation), which is sent by email on the next business day after the execution.
8.5. On the first day of each month the Company will send by email a statement which includes all transactions during the previous month.
8.6. Any telephone conversation between the Client and the Company may be recorded. Any recordings shall be and will remain the sole property of the Company and will be accepted by the Client as conclusive evidence of the instructions or conversations so recorded. The Client agrees that the Company may deliver copies of transcripts of such recordings to any court, regulatory or government authority.

9. Procedure for Dispute Resolution

Complaint Procedure

9.1. If any conflict situation arises when the Client reasonably believes that the Company as a result of any action or failure to act breaches one or more terms of these Terms of Business, the Client has the right to lodge a complaint with the Company as soon as reasonably practicable but in any case within 2 (two) business days after the grievance has arisen.
9.2. A complaint shall be lodged within the corresponding section of myFRXE. Complaints are automatically assigned with a unique number (TID), the confirmation of which is sent to the Client. All complaints lodged by any other means (on a forum, by email, telephone, etc.) will not be considered. Any correspondence regarding a complaint after it is lodged will be carried out, preserving the subject heading
and indicating the unique TID number.
9.3. A complaint shall include:
a) name and surname of the Client (or company name if the Client is a legal entity);
b) Client’s login in the trading platform;
c) details of when the conflict first arose (date and time in the trading platform time zone);
d) ticket of the position and/or Pending Order;
e) description of the disputed situation with references to the appropriate clause(s) of these Terms of Business which the Client believes to have been breached.
9.4. The complaint must not include:
a) emotional description/assessment of the conflict situation;
b) offensive language;
c) obscenities.

Urgent matters relating to demo accounts or accounts registered for one of our competitions may be resolved by contacting our Technical Support service (by sending an email to support@frxe.com, contest@frxe.com or by contacting us by any of the means listed on our website in the “Contact Us” subsection of the “About Us” section).
d) threats.
9.5. The Company has the right to refuse a complaint if any of clauses 9.1, 9.2, 9.3 or 9.4 of these Terms of Business have been breached.

Server Log-File

9.6. The Server Log-File is the most reliable source of information in the case of any dispute. The Server Log-File has the absolute priority over other arguments including the Client Terminal Log-File as the Client Terminal Log-File does not register every stage of the execution of the Client’s instructions.
9.7. If the Server Log-File has not recorded the relevant information to which the Client refers, the argument based on this reference may not be considered.

Indemnification

9.8. The Company may resolve all disputes:
a) by crediting/debiting the Client’s trading account: this correctional entry will come with the explanatory comment “Indemnification”;
b) by reopening erroneously closed positions;
c) by deleting erroneously opened positions or placed orders;
d) by closing positions in accordance with clause 6.6 of these Terms of Business.
The Company has the right to choose the method of dispute resolution at its sole discretion from the options listed above.
Where disputes arise for which these Terms of Business do not make provisions, the decision for how the case will be resolved will rest with the Company in accordance with the common market practice in a way that the Company sees as fair. If the quotes flow has been interrupted due to a software and/or hardware failure, all decisions in respect of the dispute will be made on a basis of the quotes base synchronized in accordance with clause 2.15 of these Terms of Business.

Additional rights of the Company regarding dispute resolution

9.9. The Company reserves the right to independently launch an inquiry or to resolve a dispute in accordance with these Terms of Business. In such cases, the maximum time period for considering a dispute and taking steps towards its resolution is 3 days. However, in some cases, this period may be extended.
9.10. In the case of irregular quotes from liquidity providers, the Company reserves the right to limit trading to Close Only mode (only the closing of positions is available) on the respective instruments without prior warning.
9.11. The Company reserves the right, at its sole discretion, and without prior warning, to block the orders on a trading account sent by an Expert Advisor.
9.12. The Company shall not be liable to the Client if for any reason the Client has received less profit than had hoped for or has incurred a loss as a result of uncompleted action which the Client had intended to complete.
9.13. The Company shall not be liable to the Client in respect of any indirect, consequential or non-financial damage (emotional distress etc.).
9.14. The Compliance Department shall consider any Client complaint or dispute and will deliver a judgment within the shortest amount of time possible. The dispute must be reviewed within five business days of having been received. In certain situations, this deadline may be extended.
9.15. The Company shall take steps to resolve a dispute in accordance with clauses 9.8 immediately having taken a decision on the matter, but not later than one business day from the moment a decision regarding the dispute has been made.
The Client acknowledges that they shall be unable to manage positions which are the subject of a dispute whilst the case is being assessed by the Company and the steps being taken towards the dispute’s resolution. With regards to this, no complaint made by the Client shall be accepted.
The Client acknowledges that the Company will not notify the Client that the dispute has been resolved and the instruction has been executed and the Client will be responsible for all the risks in this respect.

Refusal of Complaint

9.16. No complaints shall be considered regarding unexecuted instructions which were sent by the Client during Server maintenance work if the Client has been notified by trading platform internal mail or some other way prior to such maintenance work taking place. The fact that the Client has not received a notice shall not constitute a reason to lodge a complaint.
9.17. No complaints shall be considered regarding the time of order execution, provided that clause 5.20 has not been breached, notwithstanding the amount of time the Company needs to execute the order as well as the time when the Server Log-File recorded the order execution.
9.18. No complaints shall be considered regarding the cancellation of financial results from deals made using excess Free Margin on the trading account gained as a result of a profitable deal (subsequently canceled by the Company) opened at an Error Quote (spike) or at a quote received as a result of a Manifest Error.
9.19. In respect of all disputes, any references by the Client to the quotes of other companies or information systems will be considered improper and will not be taken into account.

10. Terms and Interpretation

10.1. If there is not an unambiguous definition for one of the terms in this document, the interpretation of this term should be based on the definition in the Client Agreement.
10.2. In these Terms of Business:
“AON” (All or None) shall mean the status of an order that must be executed immediately and in its entirety,
or, in the case of insufficient liquidity, delayed until a later time (partial execution of orders is not permitted).
“Bar”, “Candlestick” shall mean a chart element, which shows opening and closing prices, as well as the
lowest and the highest prices for a definite period of time (for example, minute, 5 minutes, a day, a week).
“Buy Limit” shall have the meaning given in clause 5.1.
“Buy Stop” shall have the meaning given in clause 5.1.
Buy Stop Limit shall have the meaning given in clause 7.2.
“Client Terminal Log-File” shall mean the file, which is created by the Client Terminal in order to record all the Client’s instructions with accuracy to a second.
“Client” shall mean a legal entity or an individual being a party to a contract with the Company in respect of making transactions subject to Margin Trading.
“Client Agreement” shall mean an agreement between the Company and the Client, which is concluded upon the Client accepting of the terms of the proposal offered by the Company.
“Company” shall mean the Server or Company employee who is authorized to process the Client’s instructions and execute orders and Stop Outs.
“Expert Advisor” shall mean an algorithm in the form of a program based on MetaQuotes Language 4 and MetaQuotes Language 5, which is used to control a trading account and give instructions and requests to the server via the Client Terminal.
“FOK” (Fill or Kill) shall mean the status of an order that must be executed in its entirety, or, in the case of insufficient liquidity, canceled (the partial execution of orders is not permitted).
“Free Margin” shall have the meaning given in clause 3.3.
“GTC” (“Good Till Cancelled”) shall mean the status of a pending order, which cannot be deleted until either it is activated, or until the Client sends an instruction to delete the order (with the exception of the case laid out in clause 6.7 of these Terms of Business).
“If Done Order” shall have the meaning given in clause 5.2.
“Liquidity Provider” shall mean a bank or an ECN which is streaming tradable prices to the Company and may be used by the Company to hedge the Client’s trades.
“Manifest Error” shall mean an error by the Company who opens/closes a position or executes an order at the price which significantly differs from the price for this Instrument in the quote flow at the moment of taking this action, or any other action taken by the Company regarding prices which are significantly different from the market prices.
“Market Opening” shall mean the time at which the market opens after weekends, holidays or trading session time gaps.
“Market Order” shall mean an instruction from the Client to the Company to open a position at the current market price.
“Market Snapshot” shall mean quotes for instruments at a particular moment in time.
“Pending Order” shall mean an instruction from the Client to the Company to open or close a position once the price has reached the level of the order.
“Point”/“Pip” shall mean the smallest value in which a currency rate may change.
“Price Gap at Market Opening” shall mean the following:
a) the first Bid of the current trading session is higher than the last Ask of the previous session; or
b) the first Ask of the current trading session is lower than the last Bid of the previous session.
“Sell Limit” shall have the meaning given in clause 5.1.
“Sell Stop” shall have the meaning given in clause 5.1.
Sell Stop Limit shall have the meaning given in clause 7.2.
“Server Log‐File” shall mean the file created by the Server, which records accurately to a second all instructions sent by the Client to the Company as well as the results of their execution.
Stop Limit Level shall mean the level at which a Buy Limit/Sell Limit Pending Order is placed following the activation and execution of a Buy Stop Limit/Sell Stop Limit order.
“Stop Loss” shall have the meaning given in clause 5.2.
“Stop Out” shall mean an instruction to close the Client’s open positions without the consent of the Client or any prior notice in a case of insufficient funds required for maintaining open positions.
“Take Profit” shall have the meaning given in clause 5.2.
“Ticket” shall mean the unique identity number assigned for each open position or Pending Order or deposit/withdrawal transaction in the trading platform.
“Trailing Stop” shall mean 1) the “Trailing Stop” value set by the Client; 2) the algorithm of managing “Stop Loss” orders:
a) if the profit of an open position is less than the Trailing Stop value, no action shall be taken;
b) as soon as the profit of an open position exceeds the Trailing Stop value, an instruction is sent to the Server to place a “Stop Loss” order at the price the same distance from the current price as the Trailing Stop is from the current price.
c) once a new Quote has been received whereby the distance between the Stop Loss order level and the current price has exceeded the distance between the Trailing Stop value and the current price, the Client Terminal sends the instruction to the Server to adjust the Stop Loss order to the level which is at the same distance from the current price as the Trailing Stop is from the current price.
A “Trailing Stop” is executed only when the Client Terminal is online, having been successfully authorized on the Server.

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