1.1 These Terms of Business (“Terms”) govern basic aspects of interaction between Finvest Solutions Limited (“Pips Market”) and Customer in respect of opening and closing Customer positions, as well as of placement, cancellation and modification of Customer orders executed by means of Pips Market MetaTrader 5 online trading platform (“MetaTrader 5”) in the context of providing Customer with online dealing services by Pips Market.
1.1.1 Whereas, Pips Market is a dealer in contracts for differences on spot foreign currencies, stocks and futures registered at the following address: Unit 5, Long Stone House, PO box 1200, Main street, Charlestown, Nevis.
1.1.2 Whereas, Customer has concluded a Customer Agreement with Pips Market.
1.1.3 These Terms should be treated as a handbook describing general concepts of making transactions in MetaTrader 4 and dialogues between Customer and Pips Market employee responsible for handling Customer trades (“dealer”). These Terms may not describe or reflect any up-to-date modifications of MetaTrader 4.
1.1.4 Customer accepts these Terms without warranties, express or implied, including, but not limited to, the implied warranties of completeness, timeliness or freedom from errors.
2.1 Limitation of Liability
2.2 Customer accepts the Pips Market MetaTrader 4 System “as is”, and without warranties, express or implied, including, but not limited to, the implied warranties of merchantability or fitness for a particular use, purpose or application; timeliness; freedom from interruption; or any implied warranties arising from trade usage, course of dealing or course of performance.
2.3 Under no circumstances shall Pips Market be liable for any indirect, incidental, special or consequential loss or damages, including loss of business, profits or goodwill.
2.4 Pips Market shall not be liable to Customer by reason of delays or interruptions of service or transmissions, or failures of performance of the MTrading MetaTrader 4 Server, regardless of cause, including, but not limited to, those caused by hardware or software malfunction; governmental, exchange or other regulatory action; war, terrorism, or MTrading’s unpremeditated acts.
3.1 Basic Terms of Making and Executing Requests.
3.2 Execution of Customer’s orders and requests is effected through MetaTrader 5 platform as follows:
3.3 Customer formulates its instructions as a request in the standard order entry window of client terminal (“Order” window).
3.4 Client terminal automatically carries out a checkup on the correctness of the request created by a Customer. The checkup takes into account the type of the request and the present quote level of the selected instrument available in the Customer’s terminal. After a successful checkup the request will be routed to the server.
3.5 If the client terminal has an active internet connection with the server at the moment of the request then this request is received by the server and a second checkup on the correctness of the request is carried through in regards to the type of the request and the present quote level of the selected instrument available in the server.
3.6 If the second checkup is successful then Customer is informed through the Order window that the request has been accepted for processing (“Order accepted”) and all such orders are placed in a queue and sorted by the time they were received by the server.
4.1 Prices of tradable instruments can be quoted by Pips Market in two modes: “Instant execution” and “Market execution”. Information on the quotation mode is displayed in the Order window. MTrading reserves the right to change the quotation mode of any instrument at any time should that be considered necessary.
4.2 Quotes of instruments that are in the “Market execution” mode should be considered as indicative only and do not have to be identical with prices sent by the server after receiving a request from Customer. Pips Market reserves the right to independently decide on the right price level provided to a Customer irrespective of the quotation mode.
5.1 General terms
5.2 Opening a buy position (Buy) and closing a sell position (Sell) is carried out using the Ask price.
5.3 Opening a sell position (Sell) and closing a buy position (Buy) is carried out using the Bid price.
5.4 Position Opening in ‘Instant Execution’ Mode
5.5 In order to send a request in “Instant execution” mode it is necessary to press “Buy” or “Sell” button in the Order window. Specific instrument and transaction size in lots should be selected beforehand. For example, “Open #33022051 buy 1.0 lot of GBPUSD at 1.6550”.
5.6 Position Opening in ‘Market Execution’ Mode
5.7 In order to send a request in “Market Execution” mode it is necessary to press “Buy by Market” or “Sell by Market” button in the Order window. Specific instrument and transaction size in lots should be selected beforehand. For example, “Open #33022052 buy 1.0 lot of GBPUSD by Market”.
5.8 Basic Terms of Executing Requests for Position Opening
6.1 Customer has the option to open positions using Pending Orders and to close positions using Stop Loss and Take Profit orders.
6.2The following pending orders are used to open positions: Buy Limit, Sell Limit(, Sell Stop, Buy Stop.
6.3The following pending orders are used to close positions: Stop Loss (S/L) and Take Profit (T/P).
6.4Customer has the right to send requests for opening, modifying and deleting such orders during open market sessions that can be viewed on the website of MTrading.
6.5 Pending Orders
6.6 Placing Pending Orders
7.1 MTrading shall have the right, in its sole discretion, but not the obligation, to liquidate all or any part of Customer’s positions if:
7.2 Customer’s account has minimum margin level specified by MTrading for Customer’s account type;
7.3 Any dispute arises concerning any Customer trade;
7.4 Customer fails to timely discharge its obligations to MTrading;
7.5 Customer is insolvent or filing a petition in bankruptcy or for protection from creditors;
7.6 Customer Agreement with Customer has been terminated;
8.1 In the event Customer’s account has locked positions, such positions shall require a security collateral (i.e. Margin) specified by the ‘Hedged Margin’ parameter. Hedged Margin is calculated as 50% of summarized margin requirements applied to locked positions.
9.1 All Customer’s positions, orders and balance operations shall obtain an unique identification number (‘ticket’) shown in all related server log-files and client log-files, as well as displayed in ‘Trade’ and ‘Account History’ layouts of client terminal. Partially closed positions shall be displayed in the ‘Account History’ layout with the same ticket and shall be commented as a ‘partial close’, and the remained part of the open position shall obtain a new ticket.
9.2 Customer’s orders requests shall be deemed executed exclusively if corresponding server log records are available to MTrading.
10.1 Customer’s open positions are subject to overnight adjustments specified by contract details at 23.59 in platform time zone.
10.2 Overnight adjustment values shall be displayed in the ‘SWAP’ column in the ‘Trade’ layout of client terminal.
10.3 Customer open positions are subject to overnight adjustments multiplied by three at 23.59 each Wednesday (3-day SWAPs).
10.4 Overnight adjustments summary shall be applied to Customer’s account balance after closing its positions.
11.1 In Instant Execution mode, the spreads shall have fixed spread values, as specified by contract details at MTrading webpages
11.2 In Market Execution mode, under normal market conditions all spreads shall have floating spread values specified by contract details that are published at MTrading webpages. MTrading has the right, in its sole discretion, but not the obligation, to widen spreads:
11.3 Individually to a Customer if the ratio of its recent requests and effective transactions is unreasonably high;
11.4 Jointly to all customers under abnormal market conditions, in the event of force majeure or if MTrading deems such widening reasonable and customers are notified as soon as possible before the widening by a notice at the MTrading website;