FxPro UK Limited

Order Execution Policy

Version 2.1
November 2015

Table of Contents
Scope and Services ......................................................................................................................... 3
Order Type Definitions ................................................................................................................... 3
Corporate Actions ........................................................................................................................... 9
Best Execution .............................................................................................................................. 10
Price .......................................................................................................................................... 11
Costs.......................................................................................................................................... 11
Speed of Execution ................................................................................................................... 12
Likelihood of Execution ........................................................................................................... 12
Likelihood of Settlement........................................................................................................... 12
Size of Order ............................................................................................................................. 12
Market Impact ........................................................................................................................... 13
Execution Venues ......................................................................................................................... 14
Monitor and Review ..................................................................................................................... 14
Client Consent............................................................................................................................... 15
Important Information ................................................................................................................... 15
FAQs ............................................................................................................................................. 16
Additional Contacts ...................................................................................................................... 16

Order Execution Policy

Introduction
1.1

FxPro UK Limited (hereinafter referred to as FxPro or the Firm) is incorporated in England

& Wales, Certificate of Incorporation No. 06925128. Our registered office is 13-14
Basinghall Street, London, EC2V 5BQ. FxPro is authorised and regulated by the Financial
Conduct Authority, licence number 509956. You can check this on the FCAs Registers
website https://register.fca.org.uk/.

1.4

This Order Execution Policy (hereinafter the Policy) forms part of the Client Agreement.
Therefore, by entering into the Client Agreement with the Firm, you are also agreeing to the
terms of our Order Execution Policy relating to financial instruments provided by the Firm,
the contract specifications of which are available online at http://www.fxpro.co.uk (the
"Financial Instruments"), as set out in this document.
Unless otherwise defined, any defined terms in this Policy will have the same meaning
given in the FCA Handbook.

Scope and Services

2.1

The Policy is effective from September 2015 and applies to all clients, retail and
professional.

2.2

This Policy applies when executing transactions in the Financial Instruments provided by
the Firm. The Financial Instruments provided by the Firm are Contracts for Difference. It is
up to the Firms discretion to decide which types of Financial Instruments to make available
and to publish the prices at which these can be traded. The Firm, through its trading
platform, provides the client with live streaming prices, Quotes, along with a breakdown of
the available volumes (market depth) as received from its third party liquidity providers.
The Firm is always the counterparty (or principal) to every trade; therefore if the Client
decides to open a position in a Financial Instrument with the Firm, that position can only be
closed with the Firm.

Order Type Definitions

Please refer to Appendix I

Execution Elements
Prices: FxPro receives price feeds from some of the worlds leading liquidity providers. Having
multiple liquidity providers is important especially during abnormal market conditions, such as times
of extreme volatility. Under these conditions and even if a certain number of liquidity providers
decide to widen the spreads or stop quoting prices at all, the Firm is still able to provide clients with
competitive prices which for MetraTrader 4 and 5 include FxPros mark-up. The remaining liquidity
providers shall continue competing to provide FxPro the best bid and ask prices.

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Re-quoting: this is the practice of providing a secondary quote to the client after an instant order
has been submitted; the client must agree to this quote before the order is executed. FxPro will requote instant orders if the requested price originally specified by the client is not available. The
secondary quote provided to the client is the next available price received by FxPro from its third
party liquidity providers. FxPro does not re-quote pending orders.
Slippage: at the time that an order is presented for execution, the specific price requested by the
client may not be available; therefore, the order will be executed close to or a number of pips away
from the clients requested price. If the execution price is better than the price requested by the client
this is referred to as positive slippage. In contrast, if the execution price is worse than the price
requested by the client this is referred to as negative slippage. Please be advised that slippage is
a normal market practise and a regular feature of the foreign exchange and stock markets under
conditions* such as illiquidity and volatility due to news announcements, economic events and
market openings. FxPros automated execution software does not operate based on any individual
parameters related to the execution of orders through any specific client accounts.
* Please note that this is not an exhaustive list.
Partial fills: this is the practice of executing an order in parts if there is not enough liquidity in the
market at the time in order to fill-in the full order at a specific price. Partial fills may be executed at
different prices.
Commission: clients shall be charged commission when trading CFDs on forex and metals through
cTrader.
Further
information
is
available
online
at:
http://www.fxpro.co.uk/trading/platforms/comparison.
Mark-up: clients shall be charged a mark-up on spread when trading CFDs on forex, metals, oil,
equities, indices and futures through MT4 and MT5. Further information is available online at:
http://www.fxpro.co.uk/trading/platforms/comparison.

Order Type Execution

MetaTrader 4
Instant Order(s)
Instant Order: this is an order to either buy or sell at the ask or bid price (respectively) as it
appears in the quotes flow at the time the client presents the order for execution.

Pending Order(s)
Stop Orders: this is an order to buy or sell once the market reaches the stop price. Once the
market reaches the stop price the stop order is triggered and treated as a market order*. If the

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Order Execution Policy

stop order is not triggered it shall remain in the system until a later date subject to the conditions
described in the Good til Cancelled section. For CFDs on FX, spot metals, equities, indices and
futures, stop orders should be placed a minimum number of pips away from the current market
price in order for these to be valid. Stop Orders placed within the current bid-ask spread will be
automatically removed.
Stop Loss: this is an order to minimise losses. Once the market reaches the stop loss price the
order is triggered and treated as a market order*. If the stop loss is not triggered it shall remain in
the system until a later date. For CFDs on FX, spot metals, equities, indices and futures, stop loss
orders should be placed a minimum number of pips away from the current market price in order for
these to be valid. Stop Loss orders placed within the current bid-ask spread will be automatically
removed.
Limit Orders: this is an order to buy or sell once the market reaches the limit price. Once the
market reaches the limit price the limit order is triggered and executed at the limit price or better.
If the limit order is not triggered it shall remain in the system until a later date subject to the
conditions described in the Good til Cancelled section. For CFDs on FX, spot metals, equities,
indices and futures, limit orders should be placed a minimum number of pips away from the current
market price in order for these to be valid. Limit Orders placed within the current bid-ask spread will
be automatically removed.
Take Profit: this is an order to secure profits. Once the market reaches the take profit price the
order is triggered and treated as a limit order. If the take profit is not triggered it shall remain in the
system until a later date. For CFDs on FX, spot metals, equities, indices and futures, take profit
orders should be placed a minimum number of pips away from the current market price in order for
these to be valid. Take Profit orders placed within the current bid-ask spread will be automatically
removed.
* Market Order: this is an order to buy or sell at the current market price that is available. The
system automatically aggregates the volume received from third party liquidity providers and
executes the market order at VWAP (Volume-Weighted Average Price) that is the average and
best available price at the time of the execution. Once the market order is triggered it shall be
subject to the conditions described in the Good til Cancelled section.
Good til Cancelled (GTC) (= Expiry): this is an execution setting that the client may apply to
pending orders. The order may remain live and pending for execution until such time as the order
is triggered and treated as a market order or cancelled by the client.
Pending Order Modification/Cancellation: the client may modify/ cancel a pending order if the
market did not reach the level of the price specified by the client.
NOTE: Most of the orders shall be automatically executed by FxPro Meta Trader 4, as described
above. But it should be noted that FxPro reserves the right, at its absolute discretion, to manually
execute in whole or in part an order of 100 lots or above, for major currency pairs. The same
practice applies for orders of a significant size for minor currency pairs. In addition, orders may be

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Order Execution Policy

manually executed at the discretion of the Firm in the event of a reasonable suspicion of arbitrage
practices unrelated to market inefficiencies, including, but not limited to, latency arbitrage and swap
arbitrage.

MetaTrader 5
Market Order(s)
Market Order: this is an order to buy or sell at the current market price that is available. The system
automatically aggregates the volume received from third party liquidity providers and executes the
market order at VWAP (Volume-Weighted Average Price) that is the average and best available
price at the time of the execution.

Pending Order(s)
Stop Orders: this is an order to buy or sell once the market reaches the stop price. Once the
market reaches the stop price, the stop order is triggered and treated as a market order*. If the
stop order is not triggered it shall remain in the system until a later date subject to the conditions
described in the Good til Cancelled section. Stop orders can be placed as close to the current
market price as possible; there is no restriction.
Stop Loss: this is an order to minimise losses. Once the market reaches the stop loss price the
order is triggered and treated as a market order*. If the stop loss is not triggered it shall remain in
the system until a later date. Stop loss can be placed as close to the current market price as
possible; there is no restriction.
Stop-Limit Order:
Shall mean an order that combines the features of stop order with those of a limit order. A stop-limit
order will be executed at a specified price (or better) after a given stop price has been reached.
Once the stop price is reached, the stop-limit order becomes a limit order to buy (or sell) at the limit
price or better.
* Market Order (Applicable for Stop Orders and Stop Loss): this is an order to buy or sell at the
current market price that is available. The system automatically aggregates the volume received
from third party liquidity providers and executes the market order at VWAP (Volume-Weighted
Average Price) that is the average and best available price at the time of the execution. Once the
market order is triggered it shall be subject to the conditions described in the Good til Date and
Good til Cancelled sections.
Good til Cancelled (GTC) (= Expiry): this is an execution setting that the client may apply to
pending orders. The order may remain live and pending for execution until such time as the order
is triggered and treated as a market order or cancelled by the client.
Good til Date (GTD): this is an execution setting that applies to pending orders traded through

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MetaTrader 5. The client may choose a specific date in the future until which the order shall remain
live and pending for execution. If the order is not triggered during this pre-determined timeframe it
shall be deleted from the system.
Limit Orders: this is an order to buy or sell once the market reaches the limit price. Once the
market reaches the limit price the order is triggered and executed at the limit price or better. If the
limit order is partially filled, a new Limit order will be automatically created for the outstanding volume
and executed once the market price reaches the originally requested limit price. If the limit order is
not triggered it shall remain in the system until a later date subject to the conditions described in the
Good til Cancelled section. For CFDs on FX, spot metals, equities, indices and futures, limit
orders should be placed a minimum number of pips away from the current market price in order for
these to be valid. Limit Orders placed within the current bid-ask spread will be automatically
removed.
Take Profit: this is an order to secure profits. Once the market reaches the take profit price the
order is triggered and treated as a limit order. If the take profit is not triggered it shall remain in the
system until a later date. For CFDs on FX, spot metals, equities, indices and futures, take profit
orders should be placed a minimum number of pips away from the current market price in order for
these to be valid. Take Profit orders placed within the current bid-ask spread will be automatically
removed.
Pending Order Modification/ Cancellation:
An order can be modified by the client if the market did not reach the price level specified by the
client and the order was not cancelled in the meantime.
An order will be cancelled in the event any of the following occurs:
a. if a client manually cancels an order prior to the market reaching the price level specified by
the client; or
b. if a client places an expiration time frame and this is reached;
For further details, please refer to Appendix II

cTrader
Instant Order(s)
(Instant) Market Order: this is an order to buy or sell at the current market price that is available.
The system automatically aggregates the volume received from third party liquidity providers and
executes the market order at VWAP (Volume-Weighted Average Price) that is the average and
best available price at the time of the execution.

Pending Order(s)

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Order Execution Policy

Stop Orders: this is an order to buy or sell once the market reaches the stop price. Once the
market reaches the stop price, the stop order is triggered and treated as a market order*. If the
stop order is not triggered it shall remain in the system until a later date subject to the conditions
described in the Good til Cancelled section. Stop orders can be placed as close to the current
market price as possible; there is no restriction.
Stop Loss: this is an order to minimise losses. Once the market reaches the stop loss price the
order is triggered and treated as a market order*. If the stop loss is not triggered it shall remain in
the system until a later date. Stop loss orders can be placed as close to the current market price as
possible; there is no restriction.
Limit Orders: this is an order to buy or sell once the market reaches the limit price. Once the
market reaches the limit price the order is triggered and executed at the limit price or better. If the
limit order is partially filled, a new Limit order will be automatically created for the outstanding volume
and executed once the market price reaches the originally requested limit price. If the limit order is
not triggered it shall remain in the system until a later date subject to the conditions described in the
Good til Cancelled section. Limit orders can be placed as close to the current market price as
possible; there is no restriction.
Take Profit: this is an order to secure profits. Once the market reaches the take profit price the
order is triggered and treated as a limit order. If the take profit is not triggered it shall remain in the
system until a later date. Take profit can be placed as close to the current market price as possible;
there is no restriction.
* (Pending) Market Order: this is an order to buy or sell at the current market price that is available.
The system automatically aggregates the volume received from third party liquidity providers and
executes the market order at VWAP (Volume-Weighted Average Price) that is the average and
best available price at the time of the execution. Once the market order is triggered it shall be
subject to the conditions described in the Good til Date and Good til Cancelled sections.
Good til Cancelled (GTC) (= Expiry): this is an execution setting that the client may apply to
pending orders. The order may remain live and pending for execution until such time as the order
is triggered and treated as a market order or cancelled by the client.
Good til Date (GTD): this is an execution setting that applies to pending orders traded through
MetaTrader 5. The client may choose a specific date in the future until which the order shall remain
live and pending for execution. If the order is not triggered during this pre-determined timeframe it
shall be deleted from the system.
Pending Order Modification/Cancellation: An order can be modified by the client if the market did
not reach the price level specified by the client and the order was not cancelled in the meantime. An
order will be cancelled in the event any of the following occurs:
a. if the requested price is more than 50,000 pips from the market price; or
b. if a client manually cancels an order prior to the market reaching the price level specified by

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the client; or
c. if a client places an expiration time frame and this is reached; or
d. after 200 unsuccessful attempts to execute the order.
For further details, please refer to Appendix II

Corporate Actions

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Dividends
FxPro reserves the right to increase margin requirements prior to the release of a dividend.

Long Positions: Clients holding long positions on the ex-div date will receive a dividend in
the form of a cash adjustment (deposit).
Short Positions: Clients holding short positions on the ex-div date will be charged the
dividend amount in the form of a cash adjustment (withdrawal).

NOTE: Stocks may be offered as a dividend. The dividend amount should be calculated using the
share price to determine the cash adjustment (see fractional share adjustments).
Fractional Share Adjustments
In the event the corporate action results in a fractional position, the fractional component may be
represented as a cash adjustment independent of the handling for the non-fractional position. The
adjustment value will equal the fractional position times the adjusted closing price on the day prior to
the ex-date.
Stock Splits
Normal Stock Split: as there is no impact on the companys market capitalisation the action carried
out is to reflect the clients existing share position using the split ratio announced. Please see our
website for more information: http://www.fxpro.co.uk/trading/products/fxpro-corporate-actions.
Reverse Stock Split: there is no impact on the companys market cap and the clients positions
need to be amended to reflect the new share price. Please see our website for more information:
http://www.fxpro.co.uk/trading/products/fxpro-corporate-actions.
Rights Issue
Results in one of the following: Delivery of right security, issuance of CFD on the right or cash
adjustment.

Although a rights issue will give the client an option of purchasing the share at a discounted
price, the share price will be reduced also as the additional share will dilute the share value

Action to prevent shorting of share after announcement

Best Execution
3.1

The Firm shall take all reasonable steps to obtain the best possible result for its clients
taking into account the following factors when executing Clients orders against the Firms
quoted prices. Prices, costs and currency conversion carry the highest importance when
executing transactions for our clients.

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Order Execution Policy

3.2

3.3

Price
a)
Bid Ask Spread: For any given Financial Instrument the Firm will quote two prices:
the higher price (ASK) at which the client can buy (go long) that Financial
Instrument, and the lower price (BID) at which the client can sell (go short) that
Financial Instrument; collectively referred to as the Firms prices. The difference
between the lower and the higher price of a given Financial Instrument is the spread
which for MetaTrader 4 and 5 includes FxPros mark-up.
b)

Pending Orders: Such orders as Buy Limit, Buy Stop and Stop Loss/Take profit for
opened short position are executed at ASK price. Such orders as Sell Limit, Sell
Stop and Stop Loss/Take profit for opened long position are executed at BID price.

c)

The Firms price for a given Financial Instrument is calculated by reference to the
price of the relevant underlying financial instrument, which the Firm obtains from
third party liquidity providers. The Firm updates its prices as frequently as the
limitations of technology and communications links allow. The Firm will not quote
any price outside Firms operations time (see execution venue below) therefore no
orders can be placed by the Client during that time.

d)

For the ECN platform, trades prices are obtained directly from the liquidity providers
through an electronic execution system. This system automatically requests a quote
from a selection of liquidity providers. In conjunction with the price, the Firm quotes
the available liquidity, (or market depth), as obtained from its third party liquidity
providers. The Firms software will automatically aggregate all available liquidity at
the best possible prices available and fill at the Volume-Weighted Average Price
(V.W.A.P.)

Costs
For opening a position in some types of Financial Instruments the Client may be required to
pay commission or other fees, if applicable; these amounts are disclosed in the contract
specifications available in the Firms website.
a)

Commissions: Commissions will be charged as a fixed amount and can be found on

the Firms website at http://www.fxpro.co.uk/trading/platforms/comparison.

b)

Financing Fee: In the case of financing fees, the value of opened positions in some
types of Financial Instruments is increased or reduced by a daily financing fee
swap throughout the life of the contract. Financing fees are based on prevailing
market interest rates, which may vary. Details of daily financing fees applied are
available on the Financial Instruments Contracts Specifications section in the Firms
website.

For all types of Financial Instruments that the Firm offers, the commission and financing
fees are not incorporated into the Firms quoted price and are instead charged explicitly to

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the Client account.

3.4

3.5

3.6

Currency Conversion
The Firm may provide a currency conversion quote from the Clients base currency to the
currency of the relevant Financial Instrument. This will not reflect and actual conversion of
currency in the Clients account, and serves the purpose of calculating consideration in the
base currency only.
Speed of Execution
The Firm places a significant importance when executing Clients orders and strives to offer
high speed of execution within the limitations of technology and communications links. The
use of wireless connection or dial-up connection or any other form of unstable connection at
the Clients end, may result in poor or interrupted connectivity or lack of signal strength
causing delays in the transmission of data between the Client and Firms when using the
Firms electronic trading platform.
Likelihood of Execution
The Firm relies on third party liquidity providers for prices and available volume, therefore
execution of the Clients orders will depend on the pricing and available liquidity of the
providers. Although the Firm executes all orders placed by the Clients, it reserves the right
to decline an order of any type.
Orders: Market Order, Buy Limit, Sell Limit, Sell Stop, Buy Stop, Stop Loss, Take Profit on
Financial Instrument are executed in the manner explained in Order Execution section
above. It should be noted that the price at which a trade is executed at may vary
significantly from original requested price during abnormal market conditions. This may
occur, for example, at the following cases:
a)
b)
c)
d)

e)

3.7

3.8

During Market opening times,

During news times,
During volatile periods where prices may move significantly up or down and away
from declared price,
Where there is rapid price movement, if the price rises or falls in one trading session
to such an extent that under the rules of the relevant exchange, trading is
suspended or restricted,
If there is insufficient liquidity for the execution of the specific volume at the declared
price,

The Firm strives to provide the best possible price to its clients, and makes every effort and
necessary arrangements to do so.
Likelihood of Settlement
The Firm shall proceed to a settlement of all transactions upon execution of such
transactions.
Size of Order

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Order Execution Policy

3.9

The minimum size of an order is 0.01 lots for the cTrader, MetaTrader 4 and 5 platforms.
Although there is no maximum size of an order where the Client can place with the Firm,
the Firm reserves the right to decline an order as explained in the agreement entered with
the Client.
The Firm makes every effort to fill the order of the client irrespective of the volume.
However, if this is achieved, it may be at the best available price, as the market liquidity
may allow at the time of execution (See Likelihood of Execution).

3.10

3.11

FxPro reserves the right to place a cap on the number of contracts and/ or limit on the total
net position value per profile for a specific instrument. In such an event, the Firm will
undertake all possible efforts to notify clients prior to such an event.
Market Impact
Some factors may affect rapidly the price of the underlying financial instruments from which
the quoted firm price for its Financial Instruments is derived. These factors may influence
some of the factors listed above. The Firm will take all reasonable steps to obtain the best
possible result for its Clients.
The Firm does not consider the factors at paragraphs 3.2 to 3.9 exhaustive and the order in
which the above factors are presented shall not be taken as priority factor.
Nevertheless, whenever there is a specific instruction from the client the Firm shall make
sure that the Clients order shall be executed following the specific instruction.
The Firm will determine the relative importance of the above factors by using its commercial
judgment and experience in the light of the information available on the market and taking
into account the criteria described below:
(a) the characteristics of the client including the categorisation of the client as retail or
professional
(b) the characteristics of the clients order
(c) the characteristics of the underlying financial instruments that are the subject of that
order
(d) the characteristics of the execution venues to which that order can be directed
The best possible result for a client shall be determined in terms of the total consideration,
representing the price of the financial instrument and the costs related to execution, which
shall include all expenses incurred by the client which are directly related to the execution of
the order.

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Order Execution Policy

Execution Venues
4.0

Execution Venues are the entities with which the orders are placed or to which the Firm
transmits orders for execution. For the purposes of orders for the Financial Instrument
provided by the Firm, the Firm acts as Principal and not as Agent on the Clients behalf at
all times; although the Firm may transmit your orders for execution to third party liquidity
providers through its Electronic Communication Platform, contractually the Firm is the sole
counterparty to your trades and any execution of orders is done in the Firms name,
therefore the Firm is the sole Execution Venue for the execution of the Clients orders.

4.1

The Firm operation time: roundtheclock from 22:00:01 GMT Sunday through to 22:00:00
GMT Friday. Non-working periods: from 22:00:01 GMT Friday through 22.00.00 GMT
Sunday. Holidays will be announced through the internal mail of the trading terminal
supplied by the Firm.

4.2

The Firm places significant reliance to the above Execution Venue based on the above
mentioned factors set out at paragraph 3 and their relative importance. It is the Firms policy
to maintain such internal procedures and principles in order to determine the relative
importance of these factors and to act for the best interest of its Clients and provide them
the best possible result (or best execution) when dealing with them.

4.3

The Client acknowledges that the transactions entered in Financial Instruments with the
Firm are not undertaken on a recognised exchange, rather they are undertaken through the
Firms Trading Platform and, accordingly, they may expose the Client to greater risks than
regulated exchange transactions. Therefore, the Firm may not execute an order, or it may
change the opening or closing price of an order in certain cases including but not limited to
instances of a technical failure of the trading platform. The terms and conditions and trading
rules are established solely by the counterparty which in this case is the Firm. The Client is
obliged to close an open position of any given Financial Instruments during the opening
hours of the Firms Trading Platform. The Client also has to close any position with the
same counterparty with whom it was originally entered into, thus the Firm.

Monitor and Review

5.1

The Firm will monitor and assess on a regular basis the effectiveness of this Policy and the
order of its order execution arrangements and, in particular, the execution quality of the
procedures explained in the Policy in order to deliver the best possible result for the client,
and, where appropriate, the Firm reserves the right to correct any deficiencies in this Policy
and make improvements to its execution arrangements.

5.2

In addition, Firm will review the Policy as well as its order execution arrangements at least
annually. A review will also be carried out whenever a material change occurs that affects
the ability of the Firm to continue to the best possible result for the execution of its client
orders on a consistent basis using the venues included in this Policy.

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The Firm will notify its affected clients on any material changes in its Policy or order
execution arrangements.

Client Consent
6.1

When establishing a business relation with the Client, the Firm is required to obtain the
Clients prior consent to this Policy.

6.2

By entering into the Client Agreement, the Client provides the consents referred to in
paragraph 6.1 where the Client is informed that any orders placed with the Firm for the
Financial Instruments offered by the Firm, the Firm acts as the principal and the Firm is the
sole Execution Venue which is a non-regulated market.

Important Information
7.1

There may be specific leverage limits on the instruments available. For more information
please visit our website.
For residents of the Republic of Poland, the maximum leverage that can be applied for any
instrument traded on cTrader, MT4 and MT5 is 1:100.

7.2

On the MetaTrader 5 platform hedging is not permitted. In the event a Client opens a
second position on the same instrument, this will be netted-off against the existing open
position.
Example: If client has an open BUY position of 2 lots EURUSD and then enters a sell
position of 1 lot EURUSD, these positions will net as they are the same currency pair,
resulting in the client having a remaining position of BUY 1 lot EURUSD and a realized P/L
from the 1 lot position closed due to the netting.

7.3

CFDs are not eligible for sale in certain jurisdictions or countries. The Policy is not directed
to any jurisdiction or country where its publication, availability or distribution would be
contrary to local laws or regulations, including the United States of America. The Policy
does not constitute an offer, invitation or solicitation to buy or sell CFDs. It may not be
reproduced or disclosed (in whole or in part) to any other person without prior written
permission. The Policy is not intended to constitute the sole basis for the evaluation of the
clients decision to trade in Contracts for Difference (CFDs).

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FAQs
8.1

Questions regarding the Policy should be addressed, in the first instance, to the Customer
Support Department.

Additional Contacts
9.1

Customer Support Department

Email: [email protected]

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Appendix I
Buy Stop: this is an order to buy at a specified price (the stop price) that is higher than the
current market price.

Sell Stop: this is an order to sell at a specified price (the stop price) that is lower than the current
market price.

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Order Execution Policy

Buy Limit: this is an order to buy at a specified price (the limit price) that is lower than the current
market price.

Sell Limit: this is an order to sell at a specified price (the limit price) that is higher than the current
market price.

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Order Execution Policy

Stop Loss: this is an order that may be attached to an already open position to close a position at a
specified price (the stop loss price). A stop loss may be used to minimise losses.
Take Profit: this is an order that may be attached to an already open position to close a position at a
specified price (the take profit price). A take profit may be used to secure profits.

Appendix II

PENDING ORDER(S)

INSTANT/ MARKET
ORDER(S)

MetaTrader 4
INSTANT
Execution:
Re-quoting:
Slippage:
Partial fills:
Level restrictions on
stop & limit orders:
Commission:
Mark-up:
BUY STOP
Execution:
Re-quoting:
Slippage:
Partial fills:
Level restrictions on
stop & limit orders:
Commission:
Mark-up:
SELL STOP
Execution:
Re-quoting:
Slippage:
Partial fills:
Level restrictions on
stop & limit orders:
Commission:
Mark-up:
STOP LOSS
Execution:
Re-quoting:
Slippage:
Partial fills:
Level restrictions on
stop & limit orders:
Commission:
Mark-up:
BUY LIMIT
Execution:

MetaTrader 5

cTrader

Instant Order
Yes
N/A
No
N/A

Market Order
No
Yes
Yes
N/A

Market Order
No
Yes
No
N/A

No
Yes

No
Yes

Yes
No

Market Order
N/A
Yes
No
Yes

Market Order
N/A
Yes
Yes
Yes

Market Order
N/A
Yes
Yes
No

No
Yes

No
Yes

Yes
No

Market Order
N/A
Yes
No
Yes

Market Order
N/A
Yes
Yes
Yes

Market Order
N/A
Yes
Yes
No

No
Yes

No
Yes

Yes
No

Market Order
N/A
Yes
No
Yes

Market Order
N/A
Yes
Yes
Yes

Market Order
N/A
Yes
Yes
No

No
Yes

No
Yes

Yes
No

Limit Order

Limit Order

Limit Order

Page 19 of 20

Order Execution Policy

Re-quoting:
Slippage:
Partial fills:
Level restrictions on
stop & limit orders:
Commission:
Mark-up:
SELL LIMIT
Execution:
Re-quoting:
Slippage:
Partial fills:
Level restrictions on
stop & limit orders:
Commission:
Mark-up:
TAKE PROFIT
Execution:
Re-quoting:
Slippage:
Partial fills:
Level restrictions on
stop & limit orders:
Commission:
Mark-up:

N/A
Yes, positive.
No
Yes

N/A
Yes, positive.
Yes
Yes

N/A
Yes, positive.
Yes
No

No
Yes

No
Yes

Yes
No

Limit Order
N/A
Yes, positive.
No
Yes

Limit Order
N/A
Yes, positive.
Yes
Yes

Limit Order
N/A
Yes, positive.
Yes
No

No
Yes

No
Yes

Yes
No

Limit Order
N/A
Yes, positive.
No
Yes

Limit Order
N/A
Yes, positive.
Yes
Yes

Limit Order
N/A
Yes, positive.
Yes
No

No
Yes

No
Yes

Yes
No

Page 20 of 20