Foreign Exchange and other Over-the-Counter trading is very speculative and is only suitable for customers who understand this and can assume the financial, legal and other risks associated with it. Therefore, the customer certifies they know the risks associated with trading and that any losses to their account will not result in a negative change to their current lifestyle. By opening an account to trade foreign exchange and other financial instruments with GXmarkets, customer agrees to assume the following risks:
Small price fluctuations in traded products can result in significant losses based upon high leverage and low margin. The customer is responsible for all risks and the trading strategies used by them.
2. Quotes and Margins
Quotes and margins set by GXmarkets may differ from other firms. GXmarkets is authorized to convert funds in a customer's trading account for margin into foreign currency at a rate determined by GXmarkets. Customer must maintain minimum margin level requirements at all times, and GXmarkets has the right to liquidate any or all open positions if the margin level is not maintained.
3. Risk Reduction
Stop loss orders, which are intended for limiting customer losses due to price fluctuations, may not be able to be executed under abnormal market conditions.
4. Product Risk
All transactions have a profit or loss associated with them, and those profits or losses may be affected by currency rates used to convert the account's base currency. All accounts shall be opened in USD as stated by the customer and accepted by GXmarkets.
Customers are responsible for any technical issues sustained on the customer's side. These can include but are not limited to:
Failure of customer's hardware, software or internet connection
- Improper operation of customer's equipment
- Improper settings on customer's terminal
- Delay of customer's terminal updates
Customers acknowledge at peak times of trading difficulties may arise in establishing telephone communication with the duty operator.
Customer acknowledges once a transmission is made from their terminal and begins the execution process it cannot be cancelled. Any instructions pertaining to the transmission will be ignored until transmission is completed. Customers should always verify such details as product and price level before submitting a transaction. All transactions are performed first-in, first-out.
7. Trading Agents
If the customer grants trading authority to a third-party, GXmarkets is in no way responsible for reviewing the customer's choice of trading agent. GXmarkets is not liable for any losses incurred by the customer or any disputes that may arise between customer and their trading agent.
8. Phone Communication
Customer understands that during peak trading hours phone communication may experience difficulties due to high volume. GXmarkets is not responsible or liable for any disruptions in service.
9. Human Errors
Customer understands that any errors made by a GXmarkets employee that results in any position opened at an "untraded" price cannot be honored and will thus be deleted.
In regards to bankruptcy, creditors retain priority. All transactions entered into with GXmarkets by the customer are not traded on an exchange. Thus, under the regulating laws, customer funds may not receive protections as funds used to guarantee exchange-traded futures. If GXmarkets becomes insolvent, customer claims for deposits and profits may not receive the highest priority. Customer is considered a general creditor and will be paid from any funds available after the payment of priority claims.
11. Force Majeure
In case of force majeure the customer shall accept the risk of financial losses.