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1.1. This formal agreement is entered into by and between Phoenix FX LTD, hereinafter denoted as the 'Company,' and the individual who completes the registration form on the website https://phoenixfxltd.com/, identified as the 'Client.'
1.2. The Company is duly registered under the jurisdiction of Saint Lucia. In the event of any legal claims, resolution will be subject to a judicial process. The official address of the company is situated at Ground Floor, The Sotheby Building, Rodney Bay, Gros-Islet, Saint Lucia P.O. Box 838, Castries, Saint Lucia.
1.3. This agreement serves as the blueprint for the association between the Customer and the Company. It covers various critical aspects, including order execution, customer policies, payments and/or payouts, claims resolution, fraud prevention, communications, and other relevant considerations.
1.4. Any potential disputes arising between the Customer and the Company will be addressed through agreed-upon contractual means, unless expressly specified otherwise.
1.5. Upon entering this contractual agreement, the Customer affirms that they meet the legal age requirement. In cases where the Client is a legal entity, they assure the Company of the entity's competence and confirm that no other party holds the right to assert actions, claims, demands, requests, etc., pertaining to the Client's trading account.
1.6. All transactions and activities related to the Client's Trading Account will be conducted exclusively in accordance with the terms outlined in this Agreement, unless explicitly stated otherwise.
1.7. The Customer is expressly prohibited from evading, whether wholly or partially, their obligations under this Contract by asserting the nature of it being an arm's length contract.
2.1. Under the terms of this contract, the Company is committed to delivering the following services to the Customer:
2.1.1. The Company will receive and transmit trading orders or execute trading orders for the Client using the provided trading instruments.
2.2. The Company's services encompass access to the Phoenix FX trader platform, MetaTrader 5 software, technical analysis tools, and any third-party services integrated with the Company's offerings.
2.3. Transactions may be conducted by the Company with the Client, using the trading instruments specified on the Company's official website, HYPERLINK "https://phoenixfxltd.com/"https://phoenixfxltd.com/
2.4. All transactions with the Customer will be executed solely on an execution basis. The Company retains the right to execute transactions even if deemed unsuitable for the Customer. The Company assumes no obligation to monitor, advise on transaction status, issue margin calls, or close the Client's positions, unless otherwise agreed.
2.5. The Company is not authorized to provide investment advice or express opinions encouraging specific transactions.
2.6. The Company does not provide physical delivery of underlying assets for any Instrument in connection with a Transaction. Profits or losses in the trading account currency are credited or debited post-transaction completion.
2.7. The Company will not offer personal advice or recommendations on specific transactions.
2.8. At its discretion, the Company may provide information and advice through newsletters, posted on its website or communicated to customers. This information is intended solely for aiding clients in making their own investment decisions, not as investment advice.
2.9. The Company is not obligated to assess the suitability of financial instruments or services provided to the Client.
2.10. The Company reserves the right to refuse services to the Customer at its sole discretion, without obligation to disclose the reasons.
2.11. If deemed appropriate, the Company may reject the Client, refunding the initial deposit, in cases of malicious, illegal, inappropriate, fraudulent, or other unacceptable actions.
2.12. Market reviews, news, or information provided may change without notice and should not be considered direct or indirect trading advice.
2.13. Trading decisions are solely the responsibility of the Client, and the Company is not accountable for the consequences of such decisions.
2.14. By accepting this Agreement, the Client confirms understanding and adherence to Communication Rules and agrees to execute orders exclusively through the Client Terminal.
2.15. The Company reserves the right to modify, add, rename, or discontinue Services in part or in whole without prior notice, with the understanding that this Agreement applies to current and future services.
2.16. The Company will not attempt to execute a Client's order at quotes other than those provided by the Trading Platform, unless explicitly stated otherwise in this Agreement.
2.17. The Company is not considered a tax agent, and parties are responsible for their tax and/or other obligations independently.
2.18. Except during special campaigns and events organized by the Company, the Client undertakes to trade on their own behalf and not allow others to trade on their behalf.
2.19. Creating multiple personal areas using different email addresses is prohibited. The Company reserves the right to close excess Personal Areas, transferring funds to the remaining area.
2.20. The Company may automatically suspend a trading account under specific circumstances, such as non-deposit or inactivity for a specified duration.
2.21. The Client can prevent suspension by pressing a relevant button in the Personal Area or Phoenix FX Trading App or by making a deposit to the account.
2.22. The Company reserves the right to delete inactive trading accounts based on specified inactivity periods, with varying durations for real and demo accounts on different platforms.
2.23. The Customer acknowledges that the Company may provide the Trading Platform to third parties without constraining such services.
2.24. The Company grants the Customer a limited, non-exclusive, revocable, non-transferable, and non-sublicensable license for personal use, subject to the terms of this Agreement.
2.24.1. Subject to external obligations, a Client may be restricted from using a specific trading platform based on requirements imposed by financial regulators or trading platform providers.
2.24.2. The Company may reject a Client's attempt to use a restricted trading platform or suspend their account on the platform if mandated by regulators or platform providers.
2.24.3. The Company reserves the right to restrict clients in Pakistan from using MetaTrader 5 platforms based on current requirements communicated by the trading platform provider. The Company may suspend clients' accounts in Pakistan on these platforms if mandated by the trading platform provider.
3.1. The Company employs an ECN/STP model for order execution, settling all Client positions through interbank liquidity providers. In certain instances, the adjustment of orders may fail or be intentionally withheld by the Company.
3.2. Slippage may occur during order execution due to market tendencies. The Client acknowledges that occasional slippage is a natural feature of market execution, and the Company bears no responsibility for such instances.
3.3. Any potential deviation in open or close prices is contingent on available liquidity. The Company disclaims responsibility for consequences arising from such deviations or price differences compared to the Customer's requested price.
3.4. Customers can cancel orders in the 'Order Accepted' queue by pressing the 'Cancel Order' button. However, order cancellation cannot be guaranteed due to terminal-specific constraints.
3.5. The Company may reject the Client's requests to open, modify, or close orders under specific circumstances, including market opening, exceptional market conditions, insufficient margin, or excessive use of AutoTrading Software.
3.6. The shared use of the same IP address by different clients may lead to considering all orders executed by the same client from that IP address.
3.7. Orders opened or closed using off-market quotes may be canceled, ensuring fair and transparent trading practices.
3.8. The use of arbitrage strategies, aiming to exploit price or time differences in financial instruments, is strictly prohibited. The Company reserves the right to cancel orders, profits, and close trading accounts if arbitrage usage is suspected.
3.9. Short-term orders lasting less than 180 seconds may be canceled in rare cases if deemed abusive.
3.10. The Company retains the right to close the Client's open orders at market quotes in specific situations, including cases where the Customer is not of legal age, is from a non-serviced country, employs arbitrage strategies, or violates the terms of this Agreement.
3.11. Should the Customer fail to comply with this Agreement, the Company reserves the right to cancel their orders.
3.12. Buy orders are opened at the ask price, while sell orders are opened at the bid price.
3.13. Buy orders are closed at the bid price, and sell orders are closed at the ask price.
3.14. The Company may increase spreads in response to irregular market conditions or changes in trading conditions for specific currency pairs.
3.15. In the event of force majeure events, the Company reserves the right to close open positions and pending orders for intraday trading instruments at the end of the particular trading session for such instruments.
4.1. Upon the arrival of the Client's order to open a position at the server, an automated check is conducted on the trading account to verify the availability of free margin for the intended order. If the required margin is present, the order is executed; however, if the margin is insufficient, the order remains unopened. It's important to note that the initial price may deviate from the requested price due to market dynamics. The confirmation of the processed request and the opening of the order is logged on the server's records. Each order initiated on the trading platform is assigned a unique ticker for identification and tracking purposes. This ticker serves as a reference for the opened order.
5.1. Margin calls occur when the margin level of the trading account drops below a specified percentage outlined in the trading account specifications available on the Company's website. In such instances, the Company possesses the right, though not the obligation, to close the Client's position.
5.2. The Company is mandated to close the Client's open positions without prior notice if the margin level falls below the predetermined percentage as specified in the Trading Account Specifications on the Company's website. This process is commonly referred to as a "stop out."
5.3. Stop out is executed based on the current market quote on a 'first come, first serve' basis, and the event is documented in the server's log file as 'Stopped Out.'
5.4. In situations where the Client holds multiple open positions, the initial position to be closed will be the one with the highest floating loss.
5.5. If the account balance turns negative due to stop out, it does not imply any debt recovery from the customer. The Company will adjust the account balance to zero. However, in exceptional cases where the Company perceives the customer's actions as fraudulent or intentional, a claim for debt may be considered.
5.6. Margin call and stop out levels may be adjusted during news releases, periods of heightened market volatility, unusual market conditions, and other irregular developments to ensure the stability and integrity of trading activities.
6.1. The Client has the privilege to adjust the leverage once every 24 hours, providing flexibility within a specified timeframe.
6.2. The Company retains the right to modify the Client's leverage settings at its discretion, with changes taking effect without prior notice.
6.3.1. Personal Funds are calculated as follows:Personal Funds=Balance+Credit+Unrealized PnL
6.3.2. Unrealized PnL is determined by the sum of positive and negative open order PnL:Unrealized PnL=PnL of positive open orders+PnL of negative open orders
6.3.3. PnL is computed using the formula:PnL=(Close price–Open price)×Contract size×Number of lots
7.1. All-encompassing trading terms, encompassing current spreads, available currency pairs, lot sizes, transaction sizes, long and short swaps, commissions, volume and deposit limits, and diverse account types, can be accessed at HYPERLINK "https://phoenixfxltd.com/"https://phoenixfxltd.com/. The Company retains the prerogative to adjust, append, or revoke any or all Trading Terms universally or on an individual basis. Such modifications are subject to prior notification.
7.2. Any exploitation or unfair utilization of the Company's trading conditions, whether direct or indirect, is subject to investigation. In the event of detecting such misuse, the Company reserves the right to cancel profits and/or losses stemming from such exploitation, based on individual decisions made by the Company. The customer acknowledges and fully accepts this provision.
8.1. The trading software supports the execution of various types of pending orders to enhance strategic trading capabilities:
8.1.1. Buy Limit: This order triggers a 'Buy' position if the ask price reaches or falls below the specified order price. Notably, the current price at order opening exceeds the value of the buy limit order.
8.1.3. Sell Limit: Activates a 'Sell' position if the bid price equals or exceeds the defined order price. In this scenario, the current price during order initiation is lower than the value of the sell limit order.
8.1.4. Sell Stop: Triggers a 'Sell' position if the bid price reaches or falls below the specified order price. The current price at the order opening is higher than the sell stop order value.
8.1.5. Stop Loss: Functions as an order to close an open position at a designated price when the position incurs a loss.
8.1.6. Take Profit: Serves as an order to close an open position at a predetermined price when the position generates profit.
9.1. The Client is obligated to remit to the Company the commissions, fees, and any additional costs outlined in the Contract. The Company ensures transparency by displaying all current commissions, fees, and associated costs on its official website.
9.2. The Company reserves the right to adjust commissions, fees, and other costs periodically, with such alterations taking effect without prior notice. Any modifications in these financial aspects are promptly updated and made available on the Company's website.
9.3. The Customer commits to covering all conceivable stamp expenses associated with this contract and any requisite documents.
9.4. The Customer assumes sole responsibility for all necessary filings, tax returns, and reports pertaining to any transaction mandated by the relevant authority, whether governmental or otherwise. Additionally, the Customer is responsible for the payment of all applicable taxes, encompassing transfer or value-added taxes arising from any transaction.
9.5. The Company is not obligated to disclose reports detailing profits, commissions, and other fees derived from the Client's trading activities, unless explicitly stated otherwise in the contract.
9.6. Upon opening an Account, the Client unequivocally accepts all charges applicable to their Account in accordance with the Trading Terms elucidated on the Company's website. This commitment underscores the importance of the Client's understanding and acknowledgment of the financial terms associated with their trading account.
10.1. Clients have the flexibility to deposit funds into their trading account at their convenience. The Company outlines payment instructions on its website, ensuring that all payments adhere to these guidelines. Importantly, the Company strictly prohibits the acceptance of third-party or anonymous payments under any circumstances.
10.2. If a deposit method requires additional processing time (e.g., bank wire), clients can initiate a deposit request through their Personal Area to expedite the process. It is the sole responsibility of the customer to accurately and promptly request deposits in their Personal Area, and any delay in doing so may hinder the deposit process.
10.3. Clients are free to withdraw funds from their Trading Account, with the Company committed to processing withdrawal requests within three (3) working days, provided specific conditions are met. These conditions include the completeness of required withdrawal information, the destination being the client's bank or e-currency account (non-transferable to third-party or anonymous accounts), and the availability of sufficient Free Margin.
10.4. To align with the Company's Anti-Money Laundering (AML) policy, clients are required to withdraw funds using the same method employed for depositing. In cases where multiple payment options are utilized for deposits, withdrawals will mirror the proportional distribution of deposited funds.
10.5. For security and compliance purposes, the Company reserves the right to request comprehensive identification information from clients. If required, clients must fulfill a control check via phone, providing necessary details. Failure to comply may result in account blocking, with no profits paid or losses compensated.
10.6. Internal transfers between third parties within the company are strictly prohibited. In the event of any monetary obligation exceeding the Trading Account equity, clients must promptly settle the excess amount.
10.7. Payments, including margin payments, must be made in US Dollars, Euros, or other currencies accepted by the Company. The payment amount will be converted at the prevailing market rate, acknowledging potential variations from official exchange rates published by central banks.
10.8. While not obligatory, the Company reserves the right to offset deposit and withdrawal fees imposed by payment providers like Skrill, Neteller, or others. Clients may be charged such fees as deemed appropriate by the Company.
11.1. To facilitate effective communication, the Company may employ various channels to connect with clients. These include:
11.1.1 Client Terminal Internal Mail
11.1.2 E-mail
11.1.3 Phone
11.1.4 Company Live Chat
11.1.5 SMS
11.1.6 Mobile Push Notifications
11.1.7 Web Push Notifications
11.1.8 Instant Messenger Services (WhatsApp, Telegram, Facebook Messenger, etc.)
11.2. The Company will utilize the contact details provided by the client during the opening of the Trading Account. Clients consent to receiving notifications or messages from the Company through any of the specified channels.
11.3. Any information dispatched to the client, including documents, notices, confirmations, and statements, will be considered received as follows:
11.3.1 Within one hour of email transmission
11.3.2 Immediately after being sent via the trading platform's internal mail
11.3.3 After the conclusion of a telephone conversation
11.3.4 Within one hour of being posted on the company's news webpage
1.4. On the 1st day of each month, the Company will email clients a statement encompassing all transactions from the previous month.
11.5. Telephone conversations between clients and the Company may be recorded. All instructions and requests conveyed via telephone will be treated as received in writing. Recordings remain the exclusive property of the Company and serve as conclusive evidence of instructions, requests, or other obligations. Clients acknowledge that the Company may furnish copies of these recordings to any court, regulatory body, or government authority as needed.
12.1. In the event of a dispute where the Customer reasonably believes that the Company is in violation of one or more terms of the Contract due to any action or failure to act, the Customer has the right to file a complaint.
12.2. Customers can submit complaints by emailing HYPERLINK "mailto:support@phoenixfxltd.com"support@phoenixfxltd.com
12.3. A valid complaint must include the following information:
12.3.1 First and last name of the customer (or company name for legal entities)
12.3.2 Client's login details into the trading platform (i.e., account number)
12.3.3 Details of when the dispute first arose (time and date on the trading platform)
12.3.4 Pending order ticker
12.3.5 Description of the dispute situation referring to the contract.
12.4. A complaint must not include:
12.4.1 Effective assessment of the conflict situation
12.4.2 Hate speech
12.4.3 Uncontrolled vocabulary
12.5. The Company reserves the right to reject a complaint if:
12.5.1 Any of the above provisions has been violated
12.5.2 More than 30 (thirty) calendar days have passed since the dispute reached this point.
12.6. The resolution period for a claim is set at 30 (thirty) working days from the time of submission. This period may be extended in emergency cases.
13.1. Complaints related to unexpected instructions or requests made during server maintenance, if the Client was informed in advance via internal mail or other means about the maintenance, will not be accepted. The reason for filing a complaint cannot be the non-receipt of notice by the customer.
13.2. Complaints regarding the timing of order execution will not be entertained.
13.3. The Company will not accept any complaints from the Client regarding the financial consequences of orders opened or closed using temporary additional free margin on a trading account opened due to profitable positions (later canceled by the Company) or off-market quotes (spike), or for any other reason.
13.4. Any reference by the Customer to quotes from other companies or information systems will not be considered in all disputes.
13.5. The Client acknowledges that they won't be able to manage the position while the disputed position is being considered, and no complaints will be accepted in this matter.
14.2. 'Ask' denotes the higher price in the Quote, at which the Client can initiate a 'Buy' order.
14.3. 'Autotrading Software' is software such as an Expert Advisor or a cBot, that conducts trading operations automatically or semi-automatically without (or with minimal) human intervention.
14.4. 'Balance' represents the sum of all closed orders (including deposits and withdrawals) in the Client's trading account at any given moment.
14.5. 'Base Currency' is the first currency in a Currency Pair.
14.6. 'Bid' is the lowest price in the Quote at which the Client can initiate a 'Sell' order.
4.7. 'Business Day' refers to any working day from Monday to Friday, excluding any official or unofficial holidays declared by the Company.
14.8. 'Client Information' encompasses any information that the Company obtains from the Client (or through other means) related to the Client, their trading account, etc.
14.9. 'Client Terminal' refers to software such as Phoenix FX Trader, MetaTrader 5, or other versions used by the Client to access real-time financial market information, conduct market analysis, execute orders, receive notifications from the Company, and more.
14.10. 'Company News Page' is the section on the Company's website where news is published.
14.11. 'Corporate Actions' or 'Corporate Events' are significant activities undertaken by a stock corporation that affect its stakeholders, such as dividends, splits, consolidations, buybacks, bankruptcies, etc. In response to these events, the Company reserves the right to:
Conduct balance operations on Clients' accounts based on their open positions. Close positions at the market price immediately before a corporate event occurs. Reopen clients' positions to preserve the economic equivalent of rights and obligations between clients and the stock corporation. Halt trading on instruments that have undergone corporate action.
14.12. 'Currency of the Trading Account' is the currency in which the Trading Account is denominated, and all calculations and operations on the account are performed in this currency.
14.13. 'Currency Pair' is the object of a transaction based on the change in the value of one currency against another.
14.14. 'Derivative on Stock' is an order based on the price difference resulting from fluctuations in the price of the underlying stock.
14.15. 'Derivative on Index' is an order based on the price difference resulting from fluctuations in the price of the underlying stock index.
14.16. 'Dispute' is defined as:
14.16.1. Any disagreement between the Client and the Company where the Client believes the Company has violated one or more terms of the Agreement due to any action or inaction.
14.16.2. Any disagreement between the Client and the Company where the Company believes the Client has violated one or more terms of the Agreement due to any action or inaction.
14.17. 'Dividend Adjustment' is a balance operation in the event of a dividend payment on a single derivative on stock or index.
14.17.1. For long positions ('Buy' order), the Dividend Adjustment is added to the Balance.
14.17.2. For short positions ('Sell' order), the Dividend Adjustment is subtracted from the Balance.
14.17.3. The Dividend Adjustment occurs on the ex-dividend date and is calculated as follows: Dividend Adjustment = Dividend amount per share × Contract size × Number of lots.
14.18. 'Energy' includes Spot West Texas Intermediate Crude Oil, Spot Brent Crude Oil, or United States Natural Gas.
14.19. 'Ex-dividend Date' is the deadline by which the Client must hold a dividend-paying stock derivative position to be eligible for the upcoming dividend adjustment payment. If the Client holds the Derivative on Stock position before its ex-dividend date, the next Dividend Adjustment will be applied to their Balance. Conversely, if the position is acquired after the ex-dividend date, the Dividend Adjustment will not be applied to their Balance.
14.20. 'Floating Profit/Loss' is the current profit or loss on Open Positions calculated at the current price.
14.21. 'Force Majeure Event' includes any event such as strikes, riots, terrorism, wars, natural disasters, accidents, fires, floods, storms, equipment failures, power interruptions, civil unrest, legal provisions, lockouts, etc., that, in the Company's reasonable opinion, prevent the maintenance of an orderly market for one or more Instruments or:
14.21.2. The suspension, liquidation, or closure of any market, the abandonment or failure of any event related to the Company's Quotes, or the imposition of limits or special terms on trading in any such market or event.
14.22. 'Free Margin' is the funds available in the Client's account that can be used to open a position. It is calculated as follows: Free Margin = Equity - Required Margin.
14.23. 'IB' refers to the Client whose application for the IB (Introducing Broker) status, submitted via the Company's website, was approved by the Company.
14.24. 'Indicative Quote' is a price or quote at which the Company has the right to refuse acceptance or execution of any Orders or modifications to orders.
14.25. 'Initial Margin' is the margin required to open a position, as shown in the Trader's Calculator.
14.26. 'Instruction' is the directive from the Client to open or close a position or to place, modify, or delete an Order.
14.27. 'Instrument' refers to any Currency Pair, Metal, Energy, Derivative on Stock, or Derivative on Index. It may also be referred to as a Trading Instrument or Trading Tool.
14.28. 'Intraday Trading Instrument' is a type of Trading Instrument specifically designed for trading activities within a designated trading session. All positions and orders executed with Intraday Trading Instruments are subject to automatic liquidation at the last market price recorded at the end of the designated trading session.
14.29. 'Leverage' is the virtual credit provided to the Client by the Company. For example, a 1:500 leverage means that the Initial Margin for the Client will be 500 times less than the Transaction Size.
14.30. 'Long Position' is a buy order, i.e., buying the Base Currency against the Quote Currency.
14.31. 'Lot' is 100,000 units of the Base Currency, 1,000 barrels of Crude Oil, or any other number of contracts or troy ounces as described in the Contract Specifications.
14.32. 'Lot Size' is the number of units of a Base Currency or the number of troy ounces of a Precious Metal as defined in the Contract Specifications.
14.33. 'Margin' is the amount of funds required to maintain Open Positions, as determined in the Contract Specifications for each Instrument.
14.34. 'Margin Level' is the ratio of Equity to Required Margin, calculated as follows: Margin Level = (Equity / Required Margin) * 100%.
14.35. 'Margin Trading' is leverage trading where the Client can make Transactions with significantly fewer funds in the Trading Account compared to the Transaction Size.
14.36. 'Open Position' is a Long Position or a Short Position that has not yet been closed.
14.37. 'Order' is the instruction from the Client to the Company to open or close a position when the price reaches the Order Level.
14.38. 'Order Level' is the price specified in the Order.
14.39. 'Personal Area' is a personal profile created by the Company for the Client within the Company's Services. The Personal Area is for the Client's private use only and allows the Client to manage their personal information and all Trading Account settings.
14.40. 'Precious Metal' refers to spot gold or spot silver.
14.41. 'Price Gap' means either:
14.41.1. The current Bid price is higher than the Ask price of the previous Quote, or
14.41.2. The current Ask price is lower than the Bid price of the previous Quote.
14.42. 'Quote' is the information about the current price for a specific Instrument in the form of the Bid and Ask prices.
14.43. 'Quote Currency' is the second currency in a Currency Pair, which can be bought or sold by the Client for the Base Currency.
14.44. 'Rate' is defined as follows:
14.44.1. For the Currency Pair: the value of the Base Currency in relation to the Quote Currency.
14.44.2. For the Precious Metal: the price of one troy ounce worth of the Precious Metal against the US dollar or any other currency (if available) for this instrument.
14.44.3. For the Energy: the price of one barrel worth of the Energy against the US Dollar or any other currency (if available) for this instrument.
14.44.4. For the Derivative on Stock and Derivative on Index: the price of one contract against the currency of the corresponding country.
14.45. 'Required Margin' is the margin required by the Company to maintain Open Positions.
14.46. 'Risk Disclosure' is the document outlining the risks associated with trading.
14.47. 'Segregated Account' is a bank account where the Client's funds are kept separate from the Company's funds, as required by regulations.
14.48. 'Services' are any services provided by the Company to the Client.
14.49. 'Short Position' is a sell position, i.e., selling the Base Currency against the Quote Currency.
14.50. 'Spread' is the difference between the Ask and Bid prices.
14.51. 'Trading Account' is the Client's personal account in the Company where the Client can perform orders, transactions, top-ups, etc.
14.51.1. 'Real Trading Account' is the Trading Account that allows the client to conduct trading activity using their personal funds.
14.51.2. 'Demo Trading Account' is the Trading Account that allows the client to conduct trading activity using simulated funds, which does not generate any profit or expense on the Client's side.
14.52. 'Trading Platform' is the Company's software and hardware environment, which provides real-time Quotes, allows order placement, modification, deletion, or execution, and calculates all mutual obligations between the Client and the Company.
14.53. 'Transaction Size' is the Lot Size multiplied by the number of Lots.
14.54. 'Wallet' is the Client's personal account in the Company where the Client can perform transactions, top-ups, and transfers but cannot conduct trading operations.
14.55. 'Website' is the Company's website at HYPERLINK "https://phoenixfxltd.com/"https://phoenixfxltd.com/
15.1. The Server Log File is the primary source of information in the event of any Dispute. It takes precedence over other evidence, including the Client Terminal Log File, as the latter does not capture every stage of the execution of the Client's Instructions and Requests.
15.2. If the Server Log File does not contain the relevant information referred to by the Client, the argument based on this reference may be deemed inadmissible.
16.1. The Company may resolve all Disputes exclusively by:
16.1.1. Crediting or debiting the Client's Trading Account.
16.1.2. Reopening erroneously closed positions.
16.1.3. Deleting erroneously opened positions or placed Orders.
16.2. The Company reserves the right to determine the method of Dispute resolution at its sole discretion.
16.3. Disputes not covered in the Agreement will be resolved based on common market practice and at the sole discretion of the Company.
16.4. The Company shall not be held responsible if the Client receives less profit than anticipated or incurs a loss due to an incomplete action that the Client intended to execute. Therefore, the Company will not compensate for any 'lost profit'.
16.5. The Company shall not be liable for any indirect, consequential, or non-financial damages (such as emotional distress) incurred by the Client.
17.1. The Company may, at its discretion, determine the existence of a Force Majeure Event and will endeavor to inform the Client promptly. A Force Majeure Event includes, but is not limited to:
17.1.1. Any act, event, or occurrence (including, but not limited to, strikes, riots, civil unrest, terrorism, wars, natural disasters, accidents, fires, floods, storms, power outages, failures in electronic or communication equipment or suppliers, legal provisions, lockouts) that, in the Company's opinion, prevents the maintenance of an orderly market in one or more Instruments.
17.1.2. The suspension, liquidation, or closure of any market, the abandonment or failure of any event to which the Company's Quotes are related, or the imposition of limits or special or unusual terms on trading in any such market or event.
17.2. If the Company determines a Force Majeure Event exists (without prejudice to any other rights under the Agreement), the Company may, without prior notice and at any time, take actions such as:
17.2.1. Increasing margin requirements.
17.2.2. Closing any or all Open Positions at prices deemed appropriate by the Company.
17.2.3. Suspending, freezing, or modifying the application of any or all terms of the Agreement to the extent that the Force Majeure Event makes compliance impossible or impractical.
17.2.4. Taking or omitting to take other actions deemed reasonably appropriate under the circumstances regarding the position of the Company, the Client, and other Clients.
18.1. The Client agrees to avoid any actions that could potentially enable irregular or unauthorized access or use of the Trading Platform. The Company reserves the right to terminate or limit the Client's access to the Trading Platform if suspected unauthorized use occurs.
18.2. While using the Trading Platform, the Client will not engage in any activity that could compromise its integrity or cause it to malfunction.
18.3. The Client is authorized to store, display, analyze, modify, reformat, and print information provided through the Trading Platform. However, without the Company's consent, the Client may not publish, transmit, or reproduce this information, in whole or in part, to any third party. The Client may not alter or remove any copyright, trademark, or other notices present on the Trading Platform.
18.4. The Client agrees to keep Access Data confidential and not disclose it to any third party.
18.5. The Client agrees to immediately notify the Company if there is any suspicion or knowledge of unauthorized access to Access Data.
18.6. The Client agrees to cooperate with any investigation conducted by the Company regarding any misuse or suspected misuse of Access Data.
18.7. The Client accepts responsibility for all Orders executed using their Access Data, and the Company will consider such Orders as originating from the Client.
18.8. The Client acknowledges that the Company is not responsible for any unauthorized third parties accessing information, including logins, passwords, electronic currency account access, emails, electronic addresses, electronic communication, and personal data, when transmitted via the internet or other communication facilities, post, telephone, or through oral or written conversation.
18.9. The Client guarantees that the source of funds used for trading with the Company is legal and not derived from illegal activities, fraud, money laundering, or other illicit sources. Non-compliance will result in account termination and reporting to authorities without exceptions. The Company or its partners and subsidiaries will not bear any responsibility for any claims or complaints arising from such cases.
19.1. The Company reserves the right to suspend the Client's Trading Account at any time for any valid reason, with or without notice.
19.2. If the Client's Trading Account balance is zero, the Company may delete the account within 60 days after the last trading or monetary operation, with or without notice.
19.3. In situations not covered by the Agreement, the Company will act in good faith and fairness, and where appropriate, in accordance with market practice.
19.4. If any term of the Agreement is deemed unenforceable by a competent court, that term will be severed, but the remainder of the Agreement will remain in effect.
19.5. The Client may not assign or transfer their rights or obligations under the Agreement without the Company's prior written consent.
19.6. The Client may request a change in their assigned IB or unsubscribe from the IB via the Company's Customer Support or by sending a request to HYPERLINK "mailto:support@phoenixfxltd.com"support@phoenixfxltd.com. The decision to approve this request is at the Company's discretion.
19.7. The Company may unsubscribe a Client from an IB at its discretion without notice.
19.8. Where the Client comprises multiple persons, their liabilities and obligations are joint and several. Notices or Orders given to or by any one of these persons are considered as given to or by all.
19.9. The official language of the Company is English. The Client should refer to the English version of the Company's Website and this Agreement for all information and disclosures. Translations or information in other languages are for informational purposes only and do not bind the Company legally.
19.10. The Client confirms having read and agrees to be bound by the Company's Privacy Policy, Risk Disclosure, Return Policy, AML Policy, and any other relevant documents published by the Company.
20.1 The Company reserves the right to modify Swaps for any Underlying Asset at any time, with or without prior notice to the Client. The current Swaps will be displayed on the Company's official website, and it is the Client's responsibility to stay informed about Swap charges.
20.2 Clients with Swap-free Client Accounts may not hold floating positions for an extended period to gain profits. In such cases, the Client must close the floating positions, and Swaps will be applied retroactively. In a Swap-free account, if a client holds a trade for more than 30 days, swap charges will be applied immediately. It is the responsibility of the client to monitor the duration of their open positions to avoid incurring swap charges on their Swap-free account.
20.3 The Company reserves the right to cancel, amend, or terminate the Swap-free status of the Client's Account and/or Swap-free levels at its discretion without prior notice and without any liability.
20.4 The Company reserves the right to disable or enable Swap-free trading for the Client's Trading account at any time, without providing any explanation or justification if it believes that the Client's trading strategy poses a threat to the smooth operation of its trading facilities or if the Client is abusing the Company's systems and trading conditions without genuine interest in market exposure/speculation.
20.5 The Company reserves the right to take any of the following actions if it detects any form of abuse, fraud, manipulation, cash-back arbitrage, carry trades, or other fraudulent activities concerning any Swap-free Account of any client: (a) revoke the Swap-free status from all real trading Accounts of such a client with immediate effect and charge the relevant swaps; (b) correct and recover any unaccrued Swaps and related unaccrued interest expenses and/or costs for all of such client's Swap-free trading Accounts during the period they were Swap-free; and/or (c) close all trading Accounts of such client with immediate effect, nullify all trades, cancel all profits or losses, and/or change the client's trading conditions or restrict the opening/modification/closing of trades.
The common mistake of trying to average down on losing trades.
Instead,
traders should cut their losses and reevaluate their strategy.
