The Terms and Conditions of Transactions with Non-Deliverable Over-the-Counter (OTC) Financial Instruments in Leverate Capital Markets LLC (hereinafter referred to as the Terms and Conditions) have been drawn up in accordance with Decree of the President of the Republic of Belarus dated June 4, 2015 No.231 “On the Implementation of Activities on the OTC Forex Market”, Resolution of the Board of the National Bank of the Republic of Belarus dated February 12, 2016 No.69 “On Approval of the Instruction on Establishing Requirements for Internal Control and Risk Management in Forex Companies, the National Forex Center, Resolution of the Board of the National Bank of the Republic of Belarus dated February 9, 2016 No.64 “On Approval of the Instruction on the Requirements to the Contents of the Terms and Conditions of Transactions with Non-Deliverable OTC Financial Instruments Approved by Forex Companies, Banks, Non-Bank Credit and Financial Organizations, the National Forex Center”, Resolution of the Council of Ministers of the Republic of Belarus and the National Bank of the Republic of Belarus dated February 15, 2016 No.123/5 “On Determining Underlying Assets for Transactions with Non-Deliverable OTC Financial Instruments” and other applicable legislative acts.
These Terms and Conditions establish the procedure for performing Transactions with non-deliverable OTC financial instruments (hereinafter referred to as Transactions) by Leverate Capital Markets LLC (hereinafter referred to as the Forex Company).
The Terms and Conditions are a public document and are available for familiarization by all interested persons.
The Terms and Conditions come into effect from the moment of approval by Director of the Forex Company and are valid until another similar document is adopted.
The Terms and Conditions may be changed by the Forex Company unilaterally upon notification of the Client by posting the new version of the Terms and Conditions on the website of the Forex Company at least 10 days prior the changes come into effect.
1.1. Transaction with a non-deliverable OTC financial instrument is an OTC Transaction consisting of two parts, opening and closing positions, that does not provide any rights and imposes no obligations on purchase (sale) of the underlying asset, but creates the obligation to pay (the right to receive) the difference between the price of the underlying asset at the time of opening the position and the price of the underlying asset at the time of closing the position.
1.2. For the purposes of the Terms and Conditions, the following terms and definitions are used:
“Client Account” is a record in the Forex Terminal used for reflecting and accounting of Transactions performed under the Agreement;
“Effective price” is a quotation at which the Forex Company is ready to perform a transaction at a certain moment of time.
“Ask” is the price at which the Client can perform a BUY Transaction (purchase of an instrument).
“Base Foreign Currency” is a foreign currency in a currency pair, the ratio of the value of which to the value of the quoted currency forms the value of this foreign currency quotation. When indicating a foreign currency, the base foreign currency is indicated fist in the pair.
“Underlying Asset” is an asset underlying a non-deliverable OTC financial instrument, the difference in the quotes of which serves basis for calculation of the financial result of the Transaction. The underlying asset can be a foreign currency, precious metals, securities, oil, futures contracts, options, interest rates on the international capital market, and stock index values.
“Buy Limit” is an order that involves opening a long position at a price lower than the current price at the time of placing the order on fixing the price of the Instrument.
“Buy Stop” is an order that involves opening a long position at a price higher than the current price at the time of placing the order on fixing the price of the Instrument.
“Balance” is the current amount of margin security of the Client without account of the financial result of open positions; foreign currency is a type of underlying asset, which is the ratio of the value of two foreign currencies (the base foreign currency and the quoted currency), in respect of which the Transaction is performed.
“Bar” (“Candle”) is an element of the chart that includes the opening and closing prices, as well as the maximum and the minimum prices for a certain period.
“Bid” is the price at which the Client can perform a SELL Transaction (sale of an instrument).
“Account Currency” is a foreign currency in which the amounts of all account Transactions are denominated and calculated.
“Remuneration of the Forex Company” is the funds received by the Forex Company as a result of Transactions and/or Transactions with margin security performed by Clients, including amounts charged in the form of commissions for Transactions, rolling-over positions to the next day, adding funds to the Account, withdrawing funds from the Account.
“Gap” is a price change when the subsequent Quotation differs from the previous one by more than the size of the spread.
“Demo Account” is a demo account of a Client in the Forex Terminal that simulates Transactions on the OTC Forex market. Transactions on the Demo Account are performed using virtual funds, and the Transaction itself does not create an obligation to pay (right to receive) the amount of the difference between the price of the underlying asset at the time of opening the position and the price of the underlying asset at the time of closing the position.
“Long Position” (“Long”) is a purchase of the Instrument with a view to an increase in the exchange rate.
“Closed Position” is the result of the second part of the Transaction with a non-deliverable OTC financial instrument.
“Pledge” is the amount blocked on the Client’s Account to maintain all their Open Positions. The requirements for the amount of the Pledge necessary to Open a Position for each Instrument are set on the Server of the Forex Company and are also specified on the Website.
“Instrument” is a non-deliverable OTC financial instrument in respect of which the Client performs Transactions in accordance with these Terms and Conditions. The up-to-date information on the number of Instruments and terms of Transactions is set on the Server of the Forex Company and also published on the Website.
“Client” is a legal entity or an individual with whom an Agreement on Transactions with Non-Deliverable OTC Financial Instruments has been concluded. An individual can become a Client of the Forex Company upon reaching the age of 18.
“Contract for Difference” (“CFD”) is an Instrument based on a change in the exchange rate of the underlying asset.
“Short Position” (“Short”) is a sale of the Instrument with a view to a decrease in the exchange rate.
“Quotation, Quote” is information on the current exchange rate for the purchase/sale of the underlying asset expressed as the purchase price or the sale price.
“Quoted Currency” is the second foreign currency in the currency pair designation for which the Client can buy or sell the base foreign currency. A similar concept “currency” will be used hereinafter instead of the “foreign currency”.
“Personal Virtual Cabinet of the Client” (hereinafter “Personal Cabinet”) is a confidential section on the web-server of the Forex Company in which identification data of the Client is stored and whereby the Client has the opportunity to draw up notifications of dispatch of documents and funds, transfer orders to debit funds from the Client’s Account and perform other Transactions to manage the Account. The Personal Cabinet is located on the Website of the Forex Company in a special section which is equipped with special cryptographic protection tools in order to restrict access and ensure confidentiality of information.
“Terminal Log File” is a file created by the Forex Terminal that logs all requests and orders sent by the Client with millisecond accuracy.
“Server Log File” is a file created by the server that logs all requests and orders received from the Client, as well as the results of their processing, with millisecond accuracy.
“Login” is the registration name used by the Client as an identifier to access the Personal Cabinet.
“Lot” is the standard volume of the Instrument in respect of which the Transaction is performed. A separate Transaction can relate to several Lots or their parts. Lot sizes for each Instrument are set on the Server of the Forex Company and indicated on the Website.
“Margin Security” (“Margin”) is the amount that must be allocated on the Account to open and maintain a Position. The size of Margin Security for each Instrument is set on the Server of the Forex Company and indicated on the Website.
“Leverage” is the ratio of the amount specified in the order on fixing the price of the Client’s underlying asset when opening a position and the margin security amount.
“Margin Call” is a low level of the Client’s margin security, which implies the need to increase it by adding funds to the Client’s Account in order to avoid reaching the “Stop Out” level and forced closing of open positions.
“Inactive Account” is the Client’s Account on which no Transactions and/or Transactions with Margin Security have been performed on the Client’s initiative within the last 90 (ninety) calendar days.
“Transaction with Margin Security” is a transaction for crediting and/or debiting funds to and/or from the Client’s Account.
“Transaction Volume” is the product of the number of lots by the nominal lot size.
“Trading Time” is the time interval during which transactions with non-deliverable OTC financial instruments can be made. The Transaction Time for each Instrument is set on the Server of the Forex Company and indicated on the Website.
“Trading Day” is the time period from 00:00:00 Monday to 00:00:00 Saturday GMT with the exception of weekends and holidays. As a result of transition to summer/winter time, the start and end time of the Trading Day may shift by one (1) hour. The Trading Day may differ for individual Financial Instruments. The up-to-date information on weekends and holidays, Financial Instruments with a different Trading Day is published on the Website of the Forex Company and is also set on the Server.
“Transaction” is an over-the-counter transaction consisting of two parts, namely, opening and closing a position, it does not provide for the rights and obligations of the parties to buy (sell) the underlying asset, but creates an obligation to pay (right to receive) the amount of the difference between the price of the underlying asset at the time of opening the position and the price of the underlying asset at the time of closing the position.
“Open Position” is the amount and/or volume of the purchased (or sold) Instrument that is not covered by the opposite sale (purchase) of the same Instrument in the same amount and/or volume. As a result of Opening a Position the Client is obliged to: perform the opposite Transaction to close a Position of the same volume; maintain the level of Margin not lower than the size set by the Forex Company.
“Deferred Order on Fixing the Price of the Underlying Asset” (“Deferred Order”) is the Client’s order on fixing the price of the underlying asset upon reaching by the underlying asset of the level set in the Client’s order on fixing the price of the Instrument.
“Password” is a secret sequence of characters used by the Client as an identifier to log into the Personal Cabinet and to gain access to the Account in the Forex Terminal.
“Payment Agent” is a third party engaged by the Forex Company for the purpose of crediting funds to the Account of the Forex Company.
“Liquidity Provider” as a bank, non-bank credit and financial institution, the National Forex Center, other Forex company or non-resident legal entity that has the right to operate on the OTC Forex market in accordance with the legislation of the Republic of Belarus or a foreign country.
“Quote Flow’ is a sequence of quotes transmitted to the Forex Terminal, including, among other, all quotes provided to Clients upon their requests, as well as all quotes for the de facto performed Transactions.
“Slippage” is the difference between the price of the underlying asset expected by the Client at the time of submitting an order on fixing the price of the underlying asset and the actual price at which the order on fixing the price of the Client’s underlying asset is executed. If the execution is performed on better terms than expected by the Client, the so-called “positive slippage” occurs, and in case of worse terms the “negative slippage” occurs.
“Website” is the website of the Forex Company on the global Internet located at https://fxpn.by//, as well as other sites on the global Internet that the Forex Company refers to in these Terms and Conditions of Transactions or on the Website of the Forex Company.
“Free Margin Security Balance” is the funds on the Client’s Account balance that can be used to open new positions. It is determined by the formula: the current balance of the Client’s Account minus the Pledge.
“Swap” (“SWAP”) is the funds debited or credited to the Client’s Account for rolling a position over to the next trading day. Swaps are calculated and fixed at the last minute of the trading day according to the server time (from 23:59 to 00:00). The swap size for each Instrument is set on the Server of the Forex Company and is also indicated in the contract specification on the Website.
“Sell Limit” is an order on fixing the price of the underlying asset, which implies opening a Short Position at a price higher than the current price at the time of submitting the order on fixing the price of the Instrument.
“Sell Stop” is an order on fixing the price of the underlying asset, which implies opening a Short Position at a price lower than the current price at the time of submitting the order on fixing the price of the Instrument.
“Server of the Forex Company” is a software and hardware complex that processes Client’s orders and requests, provides the Client with information on changes in prices for Financial Instruments in real time (to the extent determined by the Company), records mutual obligations between the Client and the Forex Company, and also fulfills other terms of these Terms and Conditions.
“Contract Specification” means the main parameters (spread, lot size, minimum Transaction volume, step for changing the Transaction volume, initial margin security, etc.) for each Instrument. Published on the Website.
“Debiting Funds” is debiting funds from the Client’s Account and transferring them according to the account details of the Client or their Authorized Person specified by the Client in the order on withdrawing funds.
“Spread” is the difference between the Ask Price and the Bid Price of the Instrument expressed in points. The Spread can change depending on market conditions, it can be fixed or floating.
“Funds” (“Equity”) is a weighted estimate of the value of funds on the Account, which is the amount of funds on the Account inclusive of unrealized profit (losses).
“Stop Loss” is an order that involves closing a previously opened position at a price less favorable to the Client than the current price at the time of submitting the order on fixing the price of the Instrument.
“Stop Out” is an order to forcibly close a position generated by the Server (without the Client’s consent and its prior notification in case of insufficient funds to maintain an open position). The Terms and Conditions on forced closing of a position are reflected in these Terms and Conditions. The margin levels that can cause a forced position closing are set on the Sever of the Forex Company and are also published on the Website.
“Account of the Forex Company” is a current account of the Forex Company in a bank, non-bank credit and finance institution, an account (wallet) in an electronic payment system, as well as other accounts, including those of Payment Agents, to which the Client credits the margin security.
“Take Profit” is an order that implies closing a previously opened position at a price that is more favorable for the Client than the price at the time of submitting the order on fixing the price of the Instrument.
“Ticket” is a unique identification number assigned to each open position or deferred order in the Forex Terminal.
“Execution Type” is the technological process of receiving (confirming) the Effective Price by the Client when performing a transaction. The available Execution Types differ depending on the types of Accounts, Instruments and orders and are defined in these Terms and Conditions on Transactions, as well as are indicated on the Website of the Forex Company.
“Authorized Person” is an individual or legal entity with official authority to manage, perform certain actions.
“Margin Security Level” is the percentage ratio of Equity to Pledge.
“Hedging” (“Locking”) is the possibility of having positions on one Instrument in opposite directions.
“Forex Terminal” is a specialized software and hardware complex, by means of which the Client can perform Transactions via the global computer network Internet, including agreeing the essential terms of Transactions with the Forex Company and recording the agreed terms, as well as agreeing the content of submitted and cancelled orders on fixing the price of the underlying asset. The Forex Terminal allows the Client to receive financial information from international financial markets, send requests to the Forex Company, and receive confirmations and reports from it. The Forex Terminal provides identification of the parties (confirmation of the authenticity of the parties) that exchange messages, as well as ensures confidentiality and integrity of the messages themselves using built-in cryptographic protection tools. This software and hardware complex includes the MetaTrader4 information and trading system, as well as other systems used by the Forex Company for the purpose of performing an agreement with the client (hereinafter referred to as the Agreement). Information on Forex Terminals used by the Forex Company is available on its website.
Forex Terminal (Mobile Version) is a special version of the Forex Terminal designed for Clients to initiate Transactions through the use of mobile devices (smartphones, tablets and similar software and hardware).
Terms not defined here are interpreted according to business practices and exchange/derivative market practices.
2.1. The underlying assets in respect of which the Forex Company performs Transactions are: foreign currency, precious metals, securities, oil, futures contracts and stock index values. The full list of instruments and their terms is set on the Server and on the Website.
2.1.1. Foreign currencies: AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD, HUF, PLN, CZK, NOK, RON, SEK, TRY, MXN, ZAR, RUB, DKK, СNH, SGD, HKD, ILS.
2.1.2. Stock indices: DE30, EU50, FR40, SPAIN35, US30, GB100, AEX25, HK50, VIX, S&P500, NAS100.
2.1.3. Futures: NGCUSD, SUG11-JUL20, ORANG-JUL20, COCOA-JUL20, WHEAT-JUL20.
2.1.4. Securities (ETF): DSB, LVC, SPXS, UPRO, EUO, TQQQ, XOP.
2.1.5. List of securities available for Transactions: FGBL-SEP20, AAREAL, ADIDAS, AIRBUS-XET, AIXTRON, ALLIANZ, ANNINGTON, AURUBIS, BASF, BAUER, BAYER, BEIERSDORF, BERTRANDT, BILFINGER, BMW, SAP, BRENNTAG, COMMERZBANK, DEUTZ, CONTINENTAL, DRAEGERWERK, DAIMLER, DMG, Dt._Boerse, Dt._Bank, DIALOG, Dt._POST, Dt._Telekom, Dt._Wohnen, DUERR, ELRINGKLING, E.ON, EUROSHOP, EVENTIM, EVONIK, EVT, FIELMANN, FRAPORT, FREENET, FRESEN, FRESENIUS, FUCHS, GEA, GERRESHEIM, GRAMMER, HANNOVER, HEI_CEMENT, HEIDELBERG, HENKEL, HOCHTIEF, HORNBACH, INFINEON, JUNGHEINR, Hugo_Boss, K+S, KION, KRONES, KUKA, LANXESS, LEG, KLOECKNER, LEONI, LPKF, LUFTHANSA, MAN, MERCK, METRO, MORPHOSYS, MTU, Munik-Re, NORDEX, NORMA, OSRAM, PFEIFFER, PROSIEBENSA, PUMA, QIAGEN, RATIONAL, RHEINMETALL, RHOEN, RTL, RWE, SALZGITTER, SIEMENS, SIXT, SMA_SOLAR, SPRINGER, SUEDZUCKER, SYMRISE, TAG_IMMO, TALANX, THYSSENKRUP, TUI, VOLKSWAGEN3, VOSSLOH, WACKER, WEBER, WIRECARD, WINCOR, ZALANDO, ZOOPLUS, ALSTOM, LOREAL, ORANGE_FR, PUBLICIS, RENAULT, VALLOUREX, AB_INBEV, AGRIC, ACCOR, ACKERMANS, AXA, AIR, AIRBUS, AGEAS, Arcelor_M, ASML, BELGACOM, BNP_Paribas, BOUYGUES, Cap_Gemini, CARREFOUR, DANONE, DIETEREN, EL._FRANCE, ESSILOR, FR_Telecom, GDF_SUEZ, GEMALTO, KBC, LEGRAND, SOC_GEN, LAFARGE, LVMH, MICHELIN, NICOX, PERNOD, PHILIPS_KON,PPR, SAFRAN, SCHNEIDER, SGOBAIN, SOLVAY, SnfiAventis, TOTAL, UMICOR, VEOLIA, VINCI, UNA, VivendiFR, BARCLAYS, BPLON, GLENCORE, HSBC, JSAINSBURY, LLOYDS, Marks&Spncr, ROLLS-Royce, RSA, STANDARD_CH, SAMSUNG_LON, TESCO, VODAFONE, CDR-WAR, PZU-WAR, NOKIA-FIN, IBERDOLA, INDITEX, BANCO_S, BBVA, REPSOL, ENKA_INSAAT, LONZA, NESTLE, ROCHE, NOVARTIS, SWATCH, 3M, ABBOT, ADBE, AJRD, ALCOA, TVIX, AMAZON, ALIBABA, AMCN, AMEX, AMGEN, APPLE, ATV, BAIDU, BIIB, BITA, BOA, BNTX, BOEING, BUD, BZUN, CATER, CBPO, CHEVRON, CHNLIFE, CHNPETRO, CISCO, CITI, CITRIX, COKE, CTRP, CYOU, EA, DISNEY, DQ, EBAY, EDU, EQUINIX, EXXM, FERRARI, FSOLAR, FACEBOOK, GE, GILD, GM, GPRO, GOOGLE, GS, HALLIB, HDEP, HNP, HOG, HPACK,IBM, SONY, SPCE, SPOT, GWPH, TOYOTA, STARBUCKS, STRCYC, SURGICAL, TARGET, TSLA, UNH, TWITTER, VISA, WMART, WTR, TRIP, WYNN, YIRENDAI, ZM, PFIZER, INTEL.
2.1.6. Precious metals: GOLD-USD, GOLD-EUR, SILVER-USD, XPDUSD, XPTUSD.
2.1.7. Oil: LCOUSD, CL-JUL20.
2.2. Detailed terms of Transactions with specific assets (operating time, margin security, lot size, leverage, swaps, commissions, etc.) are set on the Server and displayed in the Forex Terminal. For client convenience, they may also be published on the Website.
3.1. The Forex Company receives quotes through continuous data exchange with the server of the liquidity provider. After receiving quotes from the liquidity provider, the Forex Company may change the received quotes in the trading terminal before providing them to the Client for the amount of its remuneration by increasing the spread accordingly (reducing the Bid offer price and (or) increasing the Ask price).
3.2. All quotes that the client receives through the terminal are indicative and represent the best Bid price and the best Ask price available on the market, received from liquidity providers.
3.3. The Forex Company may delete information on a non-market quote from the server’s quotation base. Transactions performed on non-market quotes are cancelled.
4.1. To perform Transactions on the OTC Forex market, the Client shall enter into an Agreement with the Forex Company. In the process of concluding the Agreement the Forex Company creates a Personal Cabinet for the Client, an account in the Personal Cabinet and a real account in the Forex Terminal. The Client shall get familiarized with these Terms and Conditions, Risk Notification, Privacy Policy. These documents are available on the Website of the Forex Company.
4.2. The Agreement is concluded by the acceptance of the public offer of the Forex Company; to do this, the Client must perform the following actions:
Until the Client passes verification and checks, it can Pledge funds to the personal account only. After passing verification and checks, the Client can Pledge funds both to the personal account and the real account in the Forex Terminal. After successful verification and checks, the Client can independently create a real account in the Forex Terminal by sending a corresponding request through the Personal Cabinet. When account is being created, the Client is sent an e-mail indicating the number of its account, which, among other, serves login when accessing the Forex Terminal, the password for accessing the Client’s account, and the name of the server to which the connection will be made. If the Client is not authenticated and verified according to the local normative legal acts of the Forex Company (according to the results of checks the Forex Company has made a negative decision on the possibility of concluding an Agreement with the Client), the Client is sent an e-mail notification of the refusal to conclude the Agreement.
The Client shall submit all the documents necessary for identification within 15 working days after the margin security is transferred. If not, the agreement will be terminated, positions forcibly closed, and margin security returned within 3 business days.
If documents are submitted but no margin security is transferred within 15 business days, the agreement will be suspended and moved to “inactivated Clients.”
4.3. According to Belarusian law and these Terms, the Client must submit documents:
4.3.1. For individuals:
4.3.2. For legal entities (residents of Belarus):
4.4. The Forex Company may, at its discretion, require additional documents or information for identification.
4.5. Documents issued outside Belarus must be in Russian, Belarusian, or English, or in the original with translation. If an employee speaks the language, translation is not required, with a note added in the registration form.
4.6. Failure to submit documents under clauses 4.3.1 or 4.3.2 is grounds for refusal to conclude the Agreement.
4.7. The Client shall immediately inform the Forex Company of any changes to registration/contact details.
4.8. After acceptance of the Agreement, it is assigned a unique ID shown in the Personal Cabinet. Login/Password are provided electronically by email and/or SMS.
4.9. The Agreement is recognized as concluded after acceptance, identification, and receipt of pledged funds by the Forex Company.
4.10. To open an Account, the Client must select the Account type in the “Add a new account” section and submit a request. Access codes are then generated and provided electronically. By submitting the request, the Client confirms familiarity and agreement with the terms.
4.11. A legal entity Client appoints an individual to access the Personal Cabinet and Forex Terminal. The Company considers this individual’s actions as those of the Client.
4.12. Funds pledged (margin security) are credited to the Forex Company’s bank account. Expenses (commissions, taxes, fees) are borne by the Client unless otherwise stipulated. No interest is accrued on balances.
4.13. Margin Security and its changes are recorded in the Forex Terminal. It increases with positive price differences and decreases with negative ones.
4.14. Accounts are opened in the currency chosen by the Client. Transactions in other currencies are converted at the Forex Terminal’s rate or as required by law.
4.15. Payment of remuneration to the Forex Company is made from the Client’s margin security.
4.16. The Client may request withdrawal of funds at any time by creating a withdrawal request. A detailed withdrawal procedure follows.
4.17. Margin security cannot be pledged using a third party’s card or bank account. Otherwise, the Forex Company will suspend transactions, block the account, forcibly close positions, return funds to the original card, and annul any positive differences.
4.18. Documents under clauses 4.3.1 or 4.3.2 may be requested again during the Agreement if amendments are needed.
4.19. The Forex Company may charge a monthly commission of 10 USD/EUR/GBP (depending on account currency) for inactive accounts after 90 days without Client-initiated transactions.
5.1. For performing Transactions by Clients, the Forex Company may charge from the Clients the following types of remuneration: commission, swap, spread. Payment of remuneration to the Forex Company is made at the expense of the Client’s margin security.
5.2. Swap is a payment for rolling an open position over to the next operating day. A swap can be positive or negative. The swap is set separately for long and short positions. Swap size depends on many factors, the main of which include: the current market interest rate on loans by central banks in national currencies, the dynamics of the price of the underlying asset in relation to which the Transaction is performed, the state of the forward market, the liquidity provider swap size. The Forex Company may unilaterally change the size of the swap and the procedure for its calculation with account of the current market situation, the liquidity provider swap size, its risk management policy, etc.
5.3. The swap amount is calculated when an open position is rolled over to the next trading day, and is accrued for payment and paid by the Client at the moment of the position closing.
5.4. Depending on the underlying asset, a triple swap is calculated from Wednesday to Sunday (if the underlying asset is a foreign currency or precious metals) and from Friday to Saturday. In other cases, when rolling positions over to the next trading day, the swap is charged for one day.
5.5. The swap is set as a percentage or in points. Formula: Swap amount = Position volume in lots × Swap size × Price of 1 tick.
5.6. The size of the swap, the method of its calculation and the day of accrual of a triple swap depend on the type of underlying asset for which the position is opened, are set on the Server of the Forex Company, are specified in the Forex Terminal in the “Specification” tab for each underlying asset (right-click on the name of the underlying asset in the “Market Overview” window and then run the “Specification” command) and are published on the Website of the Forex Company.
5.7. Swap amounts not denominated in the Client’s account currency are converted at the MID quote = (Ask + Bid) / 2.
5.8. Spread = Ask – Bid, determined at the same moment of time.
5.9. Depending on the Client’s price plan, the spread can be fixed and (or) floating. The type of spread depending on the Client’s price plan is set in the parameters of the server of the Forex Company and is also specified on the website of the Forex Company. The spread size is displayed in the Forex Terminal, including when forwarding an order on fixing the price of the underlying asset at the time of opening a position, and is taken into account when determining the financial result of the Transaction at the moment of closing the position.
5.10. The Forex Company may unilaterally without prior notice to the Client to change the type and amount of spread used with respect to a specific underlying asset and (or) the price plan of the Client by placing information on it on the Website of the Forex Company (spread type) and (or) in the Forex Terminal (spread type and size). The changed Spread types and sizes are applied after they are posted in the Forex Terminal and (or) on the website of the Forex Company, in relation to newly opened positions of Clients only.
5.11. The commission calculation procedure depends on the underlying asset and the Client’s price plan. It may be set as: fixed per lot, in points, as a percentage, or fixed per transaction.
5.12. Commission formulas:
5.13. Commission amounts and calculation procedures are published on the Website. Individual conditions may apply based on volume or number of Transactions.
5.14. The Forex Company may unilaterally change commissions by posting new rates on the Website. Clients are notified of procedural changes at least 10 days in advance.
5.15. Commission is calculated when a position is opened, displayed in the “Trade” tab, and paid upon closing the position. Some assets may have additional commissions charged the next business day.
5.16. Commission amounts are converted into the Client’s account currency at the MID quote when the position is opened.
5.17. The Forex Company reserves the right to charge a withdrawal fee of fifty (50) US dollars.
6.1. The Forex Company provides for the following categories: “Client”, “Qualified Client” and “Professional Client”.
6.2. Categories of Clients:
6.3. By default, all Clients are categorized as “Client.” To be classified otherwise, the Client must submit a questionnaire and supporting documents (clause 6.4).
6.4. Supporting documents:
6.4.1. For individuals:
6.4.2. For legal entities:
6.5. Data updates for classification are performed annually. Failure to submit documents leads to reclassification as “Client.”
6.6. If a Client loses forex register status or license, they must inform the Forex Company within 5 days.
6.7. The Forex Company may reclassify Clients without documents if it receives reliable information from other sources. Clients are notified by e-mail immediately.
7.1. The initiation of the Client’s Transactions and processing of its orders on fixing the price of the underlying asset are carried out automatically in the Forex Terminal immediately after the Client performs the necessary actions.
7.2. Data on the Client’s orders on fixing the price of the underlying asset is stored on the server of the Forex Company.
8.1. Processing of Client’s requests and orders made via Forex Terminal goes through the following stages: the Client makes a request or order that is checked for correctness in the Forex Terminal; the Forex Terminal sends a request or order to the server of the Forex Company; the Client’s request or order is received at the server and is checked for correctness; a valid Client’s request or order is placed in a queue sorted by time of receipt; the result of the Forex Company processing the Client’s request or order is sent to the server; the server sends the result of processing the Client’s request or order by the Forex Company to the Forex Terminal; the Forex Terminal receives the result of processing the Client’s request or order by the Forex Company.
8.2. The accepted deferred orders on fixing the price of the underlying asset are considered valid indefinitely until they are cancelled by the Client, or executed, or closed due to insufficient margin security.
8.3. Transactions performed on non-market quotes are cancelled. Cancelling a transaction means restoring the balance and other account indicators to the values that existed before the Client concluded the Transaction on a non-market quote.
8.4. In respect of the Transactions of the Client, the Forex Company carries out their execution only, without providing trust management and without making recommendations.
8.5. Analytics, news, market reviews, newsletters and other analytical materials published on the website of the Forex Company, in the Forex Terminal or otherwise should not be taken as advice or direct recommendations for making Transactions. The Forex Company does not inform the Client on the advantages of specific orders on fixing the price of the underlying asset and does not provide investment advice. This information is provided solely for the Client to independently make decisions. The Client may not link financial losses to such materials. These may be changed or removed at any time without prior notice.
8.6. The Forex Company may reject the Client’s request or order in the following cases: at market opening if the request/order is sent before the first quote appears; if the Client has insufficient free Margin Security; if market conditions differ from normal.
8.7. All information on processing and execution of Clients’ requests and orders is stored in the Forex Terminal and on the Server of the Forex Company.
8.8. A long position is opened at the Ask price, and a short position is opened at the Bid price. A long position is closed at the Bid price, and a short position is closed at the Ask price.
8.9. The Forex Company may cancel or review the results of completed Transactions in cases of: software failures in the Forex Terminal; execution at a non-market price; evidence of arbitrage systems or use of technical errors or imperfections.
8.10. “Slippage” may occur in Transactions, especially during low liquidity or high volatility. Slippage may also occur with deferred orders. The Forex Company executes at the next best price available.
8.11. The Forex Company executes orders on fixing the price of the Client’s underlying asset on the best terms available at the time, considering: current quotes from liquidity providers; market liquidity; speed and probability of execution.
8.12. Execution at the best terms does not guarantee more favorable quotes than those offered by other market participants.
8.13. If there are open positions at the end of the trading day, the Forex Company unilaterally rolls them over to the next day.
8.14. The maximum amount for opening positions per asset can be limited by the Forex Company and is set on its server. Limits are also published on the Website.
8.15. The Forex Company may delete deferred orders cancelled by the Client or the Company from account history one (1) week after cancellation.
9.1. To open and/or maintain an Open Position, the Client Pledges the minimum amount of margin security to the account of the Forex Company in accordance with the terms of the Agreement concluded with it. The minimum amount of margin security is 200 US dollars.
9.2. The Forex Company opens and/or credits the Client’s foreign currency account in the Terminal for the amount of margin security pledged.
9.3. The maximum volume for opening Positions for each Financial Instrument can be limited by the decision of the Forex Company, regardless of the free margin security balance on the Account, and is set on the server of the Forex Company. Information on the maximum volume limits for opening positions is published on the website of the Forex Company.
9.4. Transactions in the Terminal are performed using margin leverage. This allows the Client to open positions the amount of which exceeds their margin security.
9.5. Margin leverage is set in the size from 1 to 500 depending on the Client’s category, type of Financial Instrument and Balance size. For Clients of the “Client” category, the maximum margin leverage is 100, for Clients of the “Qualified Client” category, the maximum margin leverage is 200, and for Clients of the “Professional Client” category, the maximum margin leverage is 500.
9.6. Information on the set margin leverage for each Financial Instrument is published on the Website of the Forex Company, and is also set on the Server of the Forex Company.
9.7. The Forex Company may unilaterally change the size of margin leverage without prior notice to the Client.
9.8. If the Margin Security Level becomes equal to or less than one hundred per cent (100%), the Client shall increase this level by pledging additional funds to its Account or by reducing the volume of Open Positions, otherwise it is impossible to open new Positions on the Client’s Account.
9.9. If the amount of Equity on the Account is equal to or below the Stop Out level (margin security level of 30%), the Forex Company may close all or part of the Client’s Open Positions without notice. Forced closing of a position is performed as follows:
9.10. If, as a result of forced closing of Positions, the amount on the Client’s Account has become negative, the Forex Company shall charge compensation against such an Account in the amount necessary to bring the Account status to zero. The Forex Company can bring the Account status to zero by using funds on other Client’s Accounts.
9.11. In case of a change in the Margin Security Level on the Client’s account and margin security fixed by the Forex Company, the Company shall inform the clients of such actions that may affect the interests of the clients by posting respective information on the Company’s website not later than 10 days before such changes become effective. In addition, the Client may be notified of such changes using any other available means of communication.
9.12. In addition to the cases specified in clauses 9.8 of these Terms and Conditions, if provided for by the Agreement, the Forex Company may forcibly close the Client’s open positions in the following cases:
9.13. If the Client has open positions with the specified expiration date (the underlying asset is futures contracts), such positions are subject to forced closing on the expiration date last offer and at the time specified by the Forex Company.
9.14. The Forex Company, at its discretion, but not under its obligation, notifies the Client of the approaching expiration date by internal mail of the Forex Terminal.
9.15. The Forex Company may move underlying assets with an approaching expiration date to the “Close only” mode, which prohibits opening new positions.
9.16. The Forex Company may credit the margin security amount transferred by the Client to the Forex Company’s bank account and being on the way subject to the documents confirming sending of documents and by the Client’s request before actual crediting of the Client’s funds to the Forex Company’s bank account.
10.1. Personal Cabinet is an online service that provides the Client with access to accounts. Access to the Personal Cabinet is provided after the Client registers on the website of the Forex Company. The Personal Cabinet provides access to opening of accounts, information on open accounts, adding and withdrawal of funds, it records actions related to Transactions performed by the Client, stores the Client’s personal data and uploaded documents, hosts an internal notification service through which the Client can send a message to the Company’s support service, as well as download files of the Forex Terminal for various devices. The Personal Cabinet is closely linked with the Forex Terminal, but it is an independent service and does not provide access to execution of Transactions.
10.2. In the registration form, the Client must specify:
10.3. After completing the registration form the Client must:
10.4. After clicking on the “Register” button the Client is redirected to the created Personal Cabinet. Simultaneously, the Client will be sent an e-mail on successful registration with a request to confirm the e-mail address of this electronic mailbox to the e-mail address specified during registration. By clicking on the “Confirm e-mail” button in this e-mail, the Client verifies the e-mail address of the mailbox (confirms to the Company that it exists and belongs directly to the Client). After registration, the Client gets access to the account.
10.5. The information contained in the Personal Cabinet is confidential and is not subject to disclosure by the Company.
10.6. The Client confirms and agrees that the Company may disclose any information related to the Client in accordance with the requirements of the legislation of the Republic of Belarus.
10.7. The Client is responsible for maintaining safety of the password and preventing third parties from accessing the Personal Cabinet. All actions performed after logging in to the Personal Cabinet are considered to be performed on behalf of the Client.
10.8. The Client can access and manage their Personal Areas from the Company’s website using the e-mail address and password specified during registration.
10.9. The Personal Cabinet consists of the following sections:
10.10. The main page of the Personal Cabinet contains the following sections:
10.11. In the sections and subsections of the Personal Cabinet, the Client can perform the following actions during the execution of a transaction initiated by them; the Company will also perform the corresponding actions:
| No. | Actions by the Client | Actions by the Company |
|---|---|---|
| 10.11.1 | Quick access via Information panel to investment account, wallet, upload docs, etc. | - |
| 10.11.2 | Add/view investment or training accounts. | Processes request, uploads transaction history, opens account. |
| 10.11.3 | Pledge margin security via bank card, payment system, or bank transfer. | Verifies sender and receipts, displays funds in Cabinet and Terminal. |
| 10.11.4 | Initiate withdrawal via card or bank transfer. | Processes request and performs withdrawal. |
| 10.11.5 | View history of Transactions. | Uploads transaction histories. |
| 10.11.6 | Upload documents. | Verifies and uploads to Company’s system. |
| 10.11.7 | Download Forex Terminal. | Automatic download. |
| 10.11.8 | Update personal data & upload supporting documents. | Verifies compliance and uploads. |
| 10.11.9 | Change password. | Password changed automatically. |
| 10.11.10 | Send message via Client support form. | Message sent automatically. |
| 10.11.11 | Pledge funds via quick access section. | Verifies sender/receipts, displays funds in Cabinet and Terminal. |
| 10.11.12 | Initiate withdrawal request via quick access section. | Processes request and withdraws funds. |
| 10.11.13 | Request transfer of funds between accounts. | Processes request and transfers funds. |
| 10.11.14 | Log out of Personal Cabinet. | Log out automatic. |
10.12. The Forex Company shall notifiy the Client not later than 10 days before the introduction of changes to the terms of maintaining and closing of the Personal Virtual Cabinet, as well as changes to the sections of the Personal Virtual Cabinet.
10.13. The Personal Cabinet Transaction mode: daily and around the clock.
11.1. Transaction with margin security is any Transaction by the Client on pledging margin security to the Client’s Account, payment of margin security from the Client’s Account or internal transfer of margin security between the Client’s Accounts.
11.2. Orders (requests) to perform Transactions with margin security can be submitted by the Client through the Personal Cabinet only.
11.3. Crediting margin security
11.3.1. Margin security is credited to the Client’s Account and is paid out from the Client’s Account using the transfer methods available in the Personal Cabinet only. The amount of the commission of the Forex Company for performing Transactions with margin security and other costs for each method of transferring funds are published in the Personal Cabinet and on the Website of the Forex Company and may be changed from time to time by the Forex Company.
11.3.2. Margin security can be credited to the Client’s Account by transferring funds to the Account of the Forex Company.
11.3.3. The Client shall check the details of the Forex Company, as well as the currently available ways of adding funds to the Account, in the Personal Cabinet before each transfer. The Client is solely responsible for the correctness of payments made by them. In case the bank details of the Forex Company change, from the moment the new details are published in the Personal Cabinet the Client is solely responsible for payments made using outdated details.
11.3.4. The currency in which the Forex Company accepts transfers for crediting to the Client’s Account is specified in the Client’s Personal Cabinet.
11.3.5. Funds are credited to the Client’s Account in the following terms:
11.3.6. If the funds sent by bank transfer have not been credited to the Client’s Account within five (5) business days from the moment of making the transfer, the Client may send a request to the Forex Company by filling out the request form with provision of documents confirming the fact of making the bank transfer (payment order, copies of documents (SWIFT), etc.).
11.3.6.1. Based on the request received from the Client, the Forex Company conducts an investigation in order to resolve the situation specified in this clause. If it is established that the funds have not been credited to the Account of the Forex Company, the Forex Company completes the investigation and notifies the Client of this result. The Client may contact the Payment Agent through which the money transfer was made for further investigation of the circumstances specified in this Procedure. The Forex Company is not responsible for disputes and conflicts that arise between the Client and the Payment Agent in connection with the transfer of funds under investigation. If the Forex Company finds out that the funds have been received to its Account, the Forex Company completes the investigation and credits the funds to the Client’s Account.
11.4. Payment of margin security
11.4.1. The Client may at any time dispose of all or part of the margin security kept on their Account by sending to the Forex Company an Order (request) for payment of margin security from the Client’s Account or an Order (request) for internal transfer of the margin security to another Client’s Account.
11.4.2. All orders for payment of margin security, regardless of the method and amount of payment, are considered within five (5) business days.
11.4.3. The Forex Company may impose restrictions on the minimum and maximum amounts of funds transferred, differentiated depending on the direction, method and currency of transfer. Information on such restrictions is published on the website of the Forex Company.
11.4.4. The Client understands and agrees that all commissions and other costs associated with the selected method of debiting can be paid at the Client’s expense. The Forex Company is not responsible for the term of transfer of funds to the Client by Payment Agents when executing payment instructions of the Forex Company.
11.4.5. When considering an order to pay margin security, the Forex Company may retain commission costs incurred by it during adding funds by the Client to their account through a Payment Agent, in accordance with the rates set in the agreement between the Forex Company and the Payment Agent. This condition applies to Clients that have not made any Transactions, as well as Clients whose remuneration paid to the Forex Company in relation to the completed Transactions have not fully compensated for the costs associated with pledging margin security.
11.4.6. If the Forex Company receives a return of funds previously transferred to the Client on the basis of an Order to pay margin security to its Account, the Client’s Account is credited with the return amount that was received by the Forex Company, while the associated commissions and other costs are paid at the Client’s expense by deducting them from the amount of the credited return.
11.5. Orders for crediting and paying margin security may be rejected by the Forex Company in case there are grounds to recognize such Transactions as suspicious in accordance with these Terms and Conditions.
12.1. The Forex Company takes comprehensive measures to ensure: stability and continuity of Transactions at all stages, including Transactions with margin security; protection of information during the execution of Transactions.
12.2. The main measures to ensure security and stability of Transactions are:
12.3. The development of additional measures is carried out in the Forex Company on an ongoing basis and is aimed at minimizing the risks of both the Client and the Forex Company.
13.1. A transaction with margin security may be considered suspicious by the Forex Company in the following cases:
13.2. A transaction with margin security may be considered suspicious by the Forex Company based on the analysis of the nature of the Transaction, its components, related circumstances, and interaction with the client or their representative.
13.3. The Forex Company may investigate the nature of suspicious technical Transactions, and therefore suspend such Transactions until the reasons of their occurrence are clarified and the investigation is completed.
13.4. In the course of such investigation, the Forex Company may request the client to submit documents proving the client’s identity (confirming the existence of a legal entity), payment documents, as well as other documents confirming the lawful possession and legal origin of funds pledged to the client’s account.
13.5. If suspicious Transactions with margin security are detected, the Forex Company may:
13.6. Refusal to perform suspicious Transactions with margin security, as well as termination of relations with the client upon detection of suspicious Transactions with margin security do not serve grounds for civil liability of the Forex Company for violation of the terms of the Agreement concluded with the Client.
14.1. All disputes and disagreements between the Forex Company and the Client arising in connection with the execution of the Agreement are resolved through negotiations, and if no agreement is reached in this way, by the Association for the Development of the Financial Market (ARFIN, http://arfin.by/), or in court in compliance with the claim procedure for resolving disputes.
14.2. In case of a situation where the Client believes that as a result of any of its actions or omissions the Forex Company violates one or more clauses of these Terms and Conditions, the Agreement, the Regulations, the Client may submit a claim to the Forex Company.
14.3. The claim procedure for dispute resolution is considered to be met if: the form and content of the claim meet the requirements described in this section; the claim is sent to the registration address of the Forex Company and the Client has a confirmation of receipt of the claim by the Forex Company; the Forex Company refused to satisfy the claim, or the Client did not receive a response to the claim and the period for its consideration has expired.
14.4. All claims/complaints/appeals must be submitted in compliance with the following requirements:
14.5. The Forex Company considers the Client’s claim within thirty (30) calendar days.
14.6. In the process of considering the claim, the Forex Company may prohibit the Client from managing the disputed position, and the claims from the Client that the position cannot be managed are not accepted.
14.7. If the decision is made to refuse to satisfy the claim, the Forex Company notifies the Client of that in writing (by mail or by hand delivery).
14.8. The Forex Company may raise a claim against the Client in case of violation of these Terms and Conditions, which entails the emergence of losses or expenses by the Forex Company, or in other cases provided for by the legislation of the Republic of Belarus.
The Company informs clients on the actions taken that may affect the interests of clients in the following order:
For communication with the Client, the Company uses their contact information specified during registration and contained in the personal account. If necessary, the Client updates their data through the available means of communication with the Company, specifying the data that needs to be changed.
The Company is not responsible for the Client’s failure to receive information from the Company (documents, notifications, confirmations, announcements, reports, etc.) if the client’s Personal Cabinet contains outdated contact information and the Company was not notified by the Client on the change of contact information in a timely manner.
Any information sent to the Client by the Company using the data specified by the Client is considered received by the Client:
To inform Clients, the Company may also additionally use its official website. Correspondence sent to the details specified by the Client and additional posting of information on the website of the Company serve appropriate written notifications.
16.1. The Client can cancel a submitted order on fixing the price of the underlying asset only while the order is in the queue for execution on the server of the Forex Company.
16.2. It is not allowed to change or cancel an order on fixing the price of the underlying asset that has been accepted for execution, as well as existing orders on fixing the price of the underlying asset and deferred orders on fixing the price of the underlying asset, if the quotation has reached the level of its execution.
16.3. Any deferred order on fixing the price of the underlying asset can be changed or cancelled by the Client if such an order has not become active (the quote of the underlying asset has not reached the level of its execution).
16.4. If accepted deferred orders on fixing the price of the underlying asset do not have an expiration time, if they are not cancelled by the Client or deleted due to insufficient margin security, they are valid indefinitely.
16.5. The Company may close the Client’s open positions by independently fixing the price of the underlying asset without the Client’s consent and their prior notification, if the margin security level is below the minimum value set by the Company (the “Stop Out” level). The Company closes an open position automatically by creating an appropriate administrative order on fixing the price of the underlying asset on the server. The position is closed at the current quotes specified in the Transactions terminal. If several positions were opened by the Client at the time of reaching the “Stop Out” level of margin security, they are closed in order, starting with the position with the largest negative difference. The closing of positions is stopped when these actions have led to an increase in the amount of unused margin security above the “Stop Out” level.
16.6. To avoid reaching the “Margin Call” level and “Stop Out” level, the Client must maintain a sufficient level of margin security on their account.
16.7. The Company also may close the Client’s open positions in the following cases:
16.8. The Company may cancel orders on fixing the price of the underlying asset initiated by the Client and the Forex Company and (or) Transactions initiated by the Client within 24 hours after opening the account and starting Transactions by the Client at their request.
17.1. Working hours of the Forex Company: Monday–Friday from 9:00 to 18:00 (except for holidays declared non-working days in the Republic of Belarus and falling on a weekday).
17.2. Access to the Personal Cabinet and the Forex Terminal is provided around the clock seven days a week.
17.3. The time of sessions for performing Transactions on instruments is indicated in the Forex Terminal as well as on the Website of the Forex Company.
Leverate Capital Markets LLC, registration number 193295922, included into the Register of Forex Companies kept by the National Bank of the Republic of Belarus on 11.03.2020, certificate No. 21, legal address: 69a-2 Minskaya str., office 34, Kolodischi, Kolodischi R/C, 223050, Minsk Region, Republic of Belarus.