Risk Disclosure

Trading leveraged products carries a high level of risk and can result in the loss
of all the money you deposit. These products are not suitable for everyone. Do not
trade with money you cannot afford to lose, and do not trade unless you understand how these
instruments work and how you can lose money on them.

Leverage magnifies losses, not just gains

Leverage lets you control a position much larger than the money you put up. A small move
in the market therefore produces a large move in your account. The same leverage that
multiplies a gain multiplies a loss at exactly the same rate. A position opened at 1:500 is
moved 500 times as much by a price change as the cash behind it.

You can lose your whole balance, quickly

Because of leverage, a modest adverse move can consume the margin behind a position. This
can happen in minutes, and in fast markets in seconds. There is no requirement for the market
to give you time to react.

Your positions can be closed without warning

When your margin level falls to the published stop-out level, positions are closed
automatically — the worst-losing first — until the level recovers. This is
automatic and may happen at any hour, including while you are asleep and without any further
notice. The margin call level warns you before that point, but a warning is not a guarantee
that you will see it or have time to act.

What protects you

You cannot lose more than the money in your account. If a position closes at a loss
greater than the margin behind it, we absorb the difference and your balance stops at zero.
You will never be asked to pay more than you deposited. This is a limit on your loss, not a
protection against losing everything you deposited.

Costs reduce your returns

• The spread — you buy at the ask and sell at the bid, so a position
  starts slightly behind and must move in your favour before it breaks even.


• Commission — some account types charge a commission per lot on
  opening.


• Overnight financing — a position held past the daily rollover is
  charged or credited swap. Held long enough, financing alone can consume a position’s
  value even if the price never moves against you.

Market conditions can work against you

• Volatility. Prices can move sharply on economic data, central bank
  decisions and political events.


• Gapping. Markets can jump from one price to another without trading in
  between — over a weekend, or on news. A stop does not guarantee your exit price, and
  you may be filled materially worse than the level you set.


• Liquidity. In thin markets spreads widen and orders may fill at a worse
  price than expected, or not at all.


• Currency risk. Where an instrument is denominated in a currency other
  than your account currency, exchange rate moves affect your result independently of the
  instrument itself.

Technology can fail

Trading online depends on your device, your connection and our systems. Any of them can
fail or be interrupted, and a position may be left open when you intended to close it. Have
a way to reach us if you cannot reach the platform.

We do not advise you

Nothing on this platform is investment advice or a recommendation. Charts, tools,
calculators, market commentary and educational material are information only. We do not
assess whether a trade is suitable for your circumstances — that judgement is yours,
and if you are unsure you should take independent advice.

Past performance means nothing about the future

Any figure describing past results, whether a strategy, a managed plan or an individual
trader, is not an indication of future results. Illustrative figures shown anywhere on this
site are examples, not forecasts and not promises.

Before you trade, ask yourself

• Do I understand how leverage, margin, margin call and stop-out actually work?


• Could I absorb the loss of everything in this account without it affecting my life?


• Am I trading with borrowed money, or money I need for something else? (If so, stop.)


• Do I understand what this position costs me to hold, overnight and over a weekend?

If the answer to any of these is no, do not open the position. A demo account carries the
same prices and none of the risk, and it is the right place to find out.