WINDSOR BROKERS LTD. Ref: TRADING MECHANISM FOR GWAZY ACCOUNTS. Contents

Transcription

1 WINDSOR BROKERS LTD. Ref: TRADING MECHANISM FOR GWAZY ACCOUNTS Contents 1 Purpose and Scope 2 Definitions and Interpretations 3 Trading 3.1 Opening an Investment 3.2 Closing an Open Investment: 4 Support 5 Execution method 6 Price 7 Costs/charges/fees 8 Time 9 Trading Time 10 Trading session 11 Additional trading conditions 12 Transactions Reporting & Statements 13 GWAZY account specification 14 Errors 15 Payment Mechanism 15.1 Bank transfers (Local Wire Transfers) 15.2 Online Payments 16 Charts 17 Complaints 18 Binding Effects 19 Abusive trading practices NOTE: This Trading Mechanism is updated regularly. It should be read in conjunction with the Trading Terms section of the Online Trading Platform. It is clients duty to check Windsor s website for any amendments that might have occurred within the documents, at any time, during the course of business. 1

2 1 Purpose and Scope The purpose of this Trading Mechanism for GWAZY ( GTM ) is to give an overview to clients of all relevant information regarding trading with Windsor Brokers Ltd. (the Company or Windsor ). Details about the financial instruments offered, costs, trading conditions etc., prior to clients entering into any transaction, are included within. This GTM should be treated as the Order Execution Policy of the Company for GWAZY accounts in addition to any information provided by the Company on the Online Trading Platform. 2 Definitions and Interpretations In addition to the content of this GTM, the definitions and interpretations can be obtained by clients on the Company s website and Online Trading Platform. 3 Trading Trading on GWAZY is based on choosing an amount to invest and the percentage of return for a financial instrument, in a single transaction, to achieve a specific payout. The risk involved is limited to the invested amount for the specific transaction. Contract specification of financial instruments, contract sizes, leverage, available margin etc are incorporated into target/risk price levels of individual investments whereby in cases where the target level is reached, the client will attain the predefined payout and in cases where the risk level is reached, the payout of an individual investment will be zero. Trading is performed online through internet browsers. Trading hours for financial instruments are predefined within the Online Trading Platform. 3.1 Opening an Investment 3.2 Closing an Open Investment 3.1 Opening an Investment For opening an investment the following is required to be selected: A. Symbol B. Return % C. Investment amount D. Direction* *Direction: UP is selected when an increase of the market price of a financial instrument is expected. DOWN is selected when a decrease of the market price of a financial instrument is expected. Opening of an investment can take place only: When the financial instrument(s) is available for trading; When the balance of the account is above the amount requested for an investment; When the requested amount does not exceed the tradable threshold (see point 3.2 below) During the trading hours; Investment remains open until the Target or Risk level is reached or until the closing takes place either manually, by the client or automatically by the Online Trading Platform, at the end of the trading session. 2

3 3.2 Closing an Open Investment An open investment is closed when: A. The market price reaches the Target level; B. The market price reaches the Risk level; C. It is the end of the trading session; Open Investments are automatically closed at the end of the trading session; D. Manually, anytime before a Target or a Risk level is reached while the open investment is not in the Threshold zone* at the time of confirmation by the Online Trading Platform. *Threshold zone: A price range where the current Market price is too close to the Risk level and Open Investment cannot be closed manually. An Open Investment shall be closed automatically by the Online Trading Platform once the Target or Risk level is reached, even in cases where the Online Trading Platform is not available for trading and/or opening of new investment(s). 4 Support An Open Investment can be supported with additional funds, for amount(s) not exceeding the amount used for the Open Investment. By using the support function, Risk level of the Open Investment is widened in accordance with the amount(s) used for Support, whereas the Target level remains the same. Support amount(s) is a subject to a fee, see below point 7. 5 Execution method All investments are executed as Market Execution. The execution method is based on the concept of buying/selling a financial instrument at market, i.e. price offered by the market at the time that the request was received/confirmed by the Online Trading Platform. The price of the requested financial instrument may change during the time interval between the request, reception and transmission/execution of client s request. Once the request for investment(s) is confirmed by the Client, the Client does not have the option to cancel the request; the Client will receive a confirmation of the price that was available for trading at the specific time. 6 Price Price is based on the average price between the bid and ask price of the underlined financial instrument of a symbol, obtained from the Company s service providers. One price is offered for both, opening and closing of investments. Price(s) may be displayed on the Online Trading Platform, for specific financial instruments, in occasions when such symbols are not available for trading/opening new investment(s). Price(s) may be displayed prior to the opening of a trading session and/or at times where the trading is not available; Price(s) may not be displayed at the times of volatile market, closing time of the trading section for the specific financial instrument or at time(s) where the Company considers that such action is required. 3

4 7 Costs/charges/fees Costs related to GWAZY accounts are calculated prior to execution of request for transaction. Costs may differ between financial instruments and the Return % selected by the Client. Support amount(s) 10% fee. 8 Time The time displayed on the Online Trading Platform is GMT time. 9 Trading Time All transactions are executed during the trading session. All transactions related to investments are considered Day trades ; opening and closing of an investment is concluded during the trading session. All transactions related to investments will be automatically closed by the Online Trading Platform, at the end of the day i.e. end of the trading session, in cases where the target/risk levels are not previously met. All transactions related to investments shall be closed at the market price available at the end of the trading session. For further details related to the working hours for financial instruments available for trading, please refer to the Product Index section of the Online Trading Platform. 10 Trading session Prior to the end of the trading session, specifically 15 minutes prior, requests for opening new transactions related to investments will not be permitted by the Online Trading Platform. However, during the same time, Open Investments will not have any additional limitation(s) rather than those specified in above point 3.2. At the end of the trading session, all Open Investments will be closed at the current market price provided by the Online Trading Platform. In cases where the current market price is within the Threshold zone, Open Investments shall be closed at the Risk level. 11 Additional trading conditions Opening of a new investment or closing of an existing Open Investment can take place only when the symbol for chosen financial instrument is available for trading. There may be occasions where the Online Trading Platform will not offer the updated market price(s) and/or ability of take new transactions related to investments and/or close existing Open Investments. Such limitation may occur usually during the volatile market conditions, however, the predefined target/risk levels for Open Investments will be executed once the level is met. 12 Transaction Reports & Statements All transactions related to GWAZY accounts are provided online, through the Online Trading Platform and therefore it is the Client s responsibility to monitor all transactions and inquire/report in cases of any discrepancies. 13 GWAZY account specification: A. Minimum amount per investment: US$10. B. Maximum amount per investment: US$250. C. Investment(s) can be made as a multiple of US$10. D. Maximum amount of Open Investments held by GWAZY accounts at any point of time: US$1,000. 4

5 14 Errors Errors may occur in the prices of financial Instruments quoted by Online Trading Platform due to specific market circumstance(s) or system malfunction(s). In such circumstances, Windsor reserves the right to adjust the erroneous price(s) using the most suitable means. 15 Payment Mechanism Different payment methods are offered to Windsor s clients for funding their accounts held with Windsor. The main purpose for offering different payment methods, by the Company, is the simplicity and speed related to each payment method in relation to transferring funds into clients accounts. Clients may choose one of the following payment methods to transfer funds into their accounts: a. Bank transfers (Local Wire Transfers); b. Online Payments)/ Offline Payment(s) 15.1 Bank transfers (Local Wire Transfers) Details regarding the Bank transfers are provided to clients by our Back Office Department based on the country of origin or location of the client when transferring funds. The charges related to Bank transfers are subject to charges applied by Banks, used by the clients for transferring funds into their trading accounts held with Windsor. Banks situated in Cyprus: Incoming: Windsor does not apply charges; the net amount received by the Banks is credited into clients trading account(s). Outgoing: Windsor may apply charges; Clients are required to contact our Back Office Department for further information. Banks situated outside Cyprus: Incoming: Windsor may apply charges to the amount received by the Banks. Clients are required to contact our Back Office Department for further information. Outgoing: Windsor may apply charges to the amount requested by clients. Clients are required to contact our Back Office Department for further information Online Payment(s)/ Offline Payment(s) Details regarding Online Payment methods are provided on the Company s website and are updated on a regular basis. Clients are acknowledging their acceptance to the terms and conditions related to each Online Payment method, prior to the payment request(s). Details regarding Offline Payment methods may be obtained from the Company s website however for more information, clients should contact Windsor s Back Office Department. The charges related to Online Payment methods are specified on Windsor s website (subject to charges applied by service provider(s). The charges related to Offline Payment methods are not specified on Windsor s website (subject to charges applied by payment/transfer agent(s)). Regardless of the payment method that clients may choose, funds are credited into clients trading account(s) within 2 working days from the time of receipt of the funds. Windsor 5

6 reserves the right to return the funds to the sender should the Company consider that the originator of the funds does not meet the Company s policy employed and related to funds transfers. Windsor does not guarantee crediting clients trading account(s) in cases of margin call (see point 11). Regardless of the payment method that clients may choose, funds are transferred to clients by Windsor within 2 working days from the time of receipt of the request. Windsor reserves the right to reject the request for withdrawal of funds should the Company consider that the recipient of the funds does not meet the Company s policy employed and related to funds transfers. Windsor does not guarantee withdrawing funds from clients trading account(s) in cases where the equity/available margin of such trading account(s) falls below the required threshold. Note: Windsor reserves the right to put on hold clients request(s) for payments, from their trading account(s) if and for as long as there exists any reasonable suspicion related to activities of the trading account(s). Furthermore, the right to put on hold clients request(s) for payments shall apply should Windsor have any dispute or doubt, for whatever reason, regarding the authentication of the person(s) making such request(s). Clients are required to contact Windsor s Back Office Department should they require further information and/or clarification regarding the available payment methods. 16 Charts The information provided through the charting system, available within Online Trading Platform, is for informative purposes. For trading purposes, clients should use the trading area of the Trade section, available within Online Trading Platform. 17 Complaints In cases of complaints, clients are obliged to advise Windsor of such, within one business day, in writing. Windsor is thereafter required to investigate the complaint promptly and fully. Methods of contact concerning complaints: Clients may file a complaint using one of the following three methods: a Fax on or using the numbers provided on the Windsor website. b Electronic mail to complaints@windsorbrokers.com c Post, addressed to: Windsor Brokers Ltd P.O.Box Limassol Cyprus The client is obliged to confirm the submission of the written complaint by telephone on or using the numbers provided by Windsor through Windsor s Online Trading Platform or on Windsor s website. 18 Binding Effects Client acknowledges and accepts to be bound by the provisions of this GTM and any amendment or variation thereof duly effected by provisions of this GTM. Client acknowledges and agrees that the first transaction in any of Client s accounts initiated by Client, following a change to the terms and conditions of this GTM, as abovementioned, shall constitute Client s acceptance of the change as of the effective 6

7 date of the amendment and such initiation and the subsequent execution of such transaction by Windsor shall constitute reciprocal good consideration for the variance or amendment abovementioned, the sufficiency of which is hereby acknowledged and agreed by Client and Windsor respectively. 19 Abusive trading practices The Company reserves the right to act upon clients found to be using abusive trading strategies, whether by using sophisticated technology or manual methods when such trading is based on errors. Clients trading account(s) found to be using the abusive trading strategies, associated with algorithmic and high frequency trading are subject to correction(s)/modification(s) and in cases may be subject to closure of the trading account(s), should the Company found such an activity fit. 7