3.1. The company reserves a right to change the trading conditions with a prior notification
3.2. Client’s orders and requests
3.2.1. During trading operations, the following execution methods are applied:
a) “Market execution” method –for Futures and Stock CFDs
b) “Market execution” method –for FOREX market trading tools
3.2.2. Any client’s order given by means of Metatrader 5 trading terminal generally goes through the following steps:
a) The client submits an electronic order.
b) The client terminal sends the order or request to the server.
c) Provided there is a stable connectivity between the client terminal and the server, the order is received by the server and verified.
d) In case the order is valid, it is put into the queue. In this case “Please wait… Order is being processed by the server” message is displayed in the “Order” window of the client terminal.
e) The server returns the order processing results to the client terminal.
f) Provided there is a stable connectivity between the client terminal and the server, the terminal receives the order or request processing results.
3.2.3. The client can cancel a sent order only while it is in queue with “Order is accepted” status. In this case the client should press “Cancel order” button. Due to the specifics of Metatrader 5 platform order cancellation in this case cannot be guaranteed.
3.2.4. In case the order has reached the dealer and has “Order is in process” status, such order cannot be cancelled.
3.2.5. The time of the order processing depends on the connection between the client terminal and the company’s server, as well as on the current market conditions. During regular market hours the order processing time usually is 1 to 5 seconds. In irregular market conditions, the processing time can last longer.
3.2.6. In case the current quote of the financial instrument changes at the moment when the company is processing the client’s request, the company reserves the right to use the new price (Bid/Ask). In such case, the client’s request will be processed at the new price.
3.2.7. A client’s request is declined in the following cases:
a) During market opening when the order is sent before the first quote is received by the trading platform.
b) In irregular market conditions.
c) In case the client doesn’t have sufficient margin. In this case “No quote” or “Not enough money” message is displayed by the trading platform.
d) In case the client uses an electronic advisor performing over 30 requests per minute, the company reserves a right to ban such EAs.
e) For instruments with fixed spread or fixed commission for order opening with no spread, the company reserves the right to change to “Close only” mode and decline new requests for order opening with the comment “Trade is disabled” in case spread on the basic contract exceeds the size of fixed spread or commission amount.
3.2.8. The general means of sending orders and requests is the trading terminal. Orders and requests can also be sent by phone or live chat.
3.2.9. In exceptional cases the use of the same IP address by different clients can be a basis to consider all the orders on all the accounts, performed form this IP address as those performed by the same client.
3.2.10. Orders opened or closed by off-market quotes can be cancelled:
a) In case the order was opened by an off-market quote.
b) In case the order was closed by an off-market quote.
3.2.11. The company doesn’t allow the usage of arbitrage strategies on connected markets (e.g. currency futures and spot currencies). In case the client uses arbitrage in either clear or hidden way, the company reserves a right to cancel such orders.
3.2.12. The company reserves a right to cancel client’s orders in case they do not comply with this agreement.
3.3. Trading operations:
3.3.1. A buy order is opened by Ask price. A sell order is opened by Bid price.
3.3.2. A buy order is closed by Bid price. A sell order is closed by Ask price.
3.3.3. Position rollover: Swap addition/deduction to open orders is carried out from 23:59:00 to 00:10:00, trading platform time. So the swap will be added/deducted to all orders which were open during the period from23:59:00 to 00:00:00, trading platform time.
3.3.4. In case of trading those CFD contracts that have limited period of trading (expiration date), all orders executed on one contract will be closed by the last quote.
3.3.5. In regular market conditions a dealer keeps the spread within the range stated in the contract specifications.
3.3.6. Spread can be increased:
For all company clients without prior notification in the event, the conditions come different from the regular ones.
For all clients with obligatory prior update of contracts, specification changes at the company website.
For all clients without prior notification in the event of force majeure circumstances; For any request exceeding regular market volume for the tool stated in the contract specification.
3.3.7. Spread on trading accounts can be widened before, in time and after economic, political and other news release, during the gap, at the time of Market opening (on Monday) as well as at the time of low market liquidity and when a market situation is conditional on high spreads.
3.3.8 For instruments with fixed spread or fixed commission, the company reserves the right to increase spread in case spread on the basic contract exceeds the size of fixed spread.
3.4. Open an order:
3.4.1. The obligatory parameters for submitting an order are: Name of the tool, Trade volume and Order type.
3.4.2. To open an order by means of the client terminal without using an expert advisor, the client should press the button “Buy” or “Sell” at the moment, when company’s quotes satisfy him/her.
3.4.3. To open an order by means of the client terminal using an expert advisor, an order should be generated to perform trade at a current quote.
3.4.4. Order processing for open orders
a) At the moment when a client’s order to open the position comes to the server, an automatic check of the trading account for free margin for the open order is carried out. In the event that the necessary margin is present, the order is opened. If the margin is not sufficient, the order is not opened and a notice about absence of funds is created on the server.
b) In case of the “Market execution” trading tool type, a quote for opening an order may differ from the requested one.
c) The note about the open order appearing on log-file of the server declares that the client’s request has been processed and the order has been opened. Each open order on the trading platform receives a ticker.
d) An order to open a position submitted for processing before first quote appears on the trading platform at market opening, will be declined. In this event in the client terminal window a message will appear “No quote/trading is forbidden”. In the event of the dealer processing by mistake a client request to open an order at the price of the previous day closing, the company is liable to cancel such an order. In such a case the company contacts the client and informs about it.
3.5. Close an order:
3.5.1. To close an order by means of the client terminal without using an expert advisor, the client should press the button “Close” in the moment, when company quotes satisfy him/her.
3.5.2. To close an order by means of the client terminal using an expert advisor, an order shall be generated to close the order at a current quote.
3.5.3. The following orders “Stop Loss” and/or “Take Profit” may be used for closing an order.
3.5.4. Processing orders to close a position-
a) If in the list of open orders on a trading account there are two or more locked positions, then while generating a request or an order to close any of those, an option “Close by” appears in the dropdown “Type” list. After choosing it, one or several open positions of the reverse direction appear. After marking the needed position from the list, a button “Close#…by#…” is activated. By pressing it the client closes locked positions of equal volumes or partly closes two locked positions of different volumes. In such a case a smaller position and a symmetric part of a bigger one close and a new position in the direction of a bigger between the two stays open, thus receiving a new ticker.
b) If in the list of open orders on a trading account there are two or more locked positions, then while generating a request or an order to close any of those, an option “Multiple Close by” appears in the dropdown “Type” list. After choosing it, a list of all positions for the given tool appears and a button “Multiple Close By for…” is activated. By pressing this button, the client closes all locked positions for the tool. In such a case a new position(s) stays open in the direction of a bigger total volume, which receives a new ticker. Important: functions “Close By” and “Multiple Close By” do not operate for the tools with floating stock spread.
c) When the note about closing a position appears in the log-file, this means that the client’s order to close a position has been processed.
d) If an order to close a position has been submitted for processing before a first quote appeared at the trading platform at market opening, such an order shall be declined by the dealer. In the client terminal window, a message “No price” will appear. The company is entitled to cancel trade when the dealer processed the client’s order to close a position at a quote of a previous day closing by mistake. In such a case the company contacts the client and informs about it.
e) If a “Market execution” type is used for a trading tool, quote for closing an order may differ from the requested one.
3.6. Mandatory position closure:
3.6.1. If margin level is lower than 40% on the client account, margin call occurs. The company is entitled but not liable to close client positions. Decision to close positions is made by the server.
3.6.2. The company is entitled to mandatory closing of client open positions without prior notification of the latter one, if a margin level is less than or equal to 20% of the necessary margin for maintaining open positions.
3.6.3. The current account balance is controlled by the server, which in the event of execution of P. 3.6.2. of the present agreement generates an order to stop out. Stop out is executed at a current market quote on a first -come basis with client orders. Mandatory position closure is noted in the log-file of the server with a notice “stop out”.
3.6.4. In the event of executing conditions of P. 3.6.2. of the present agreement shall the client have several open positions, the first position closed is the one with biggest floating loss.
3.6.5. When after a mandatory position closure the client, account has a negative balance, compensation is added to the account, which sets the account to zero. However, in special cases (when the company considers client’s actions as intentional) the company reserves the right to claim a debt payment from the client.
3.6.6. In case the company has reasons to believe that a client operates two or more accounts under different registration data (e.g. opening opposite orders on the same trading instrument that are left open over the weekend or during the period between trading sessions), Seven Capitals Foreign Brokerage Limited reserves the right to deduct the losses exceeding the balance of one account from the funds of another account belonging to a client.
3.6.7. In case Balance fixed occurs on a client’s account, the amount of funds compensated by the company will be deducted from the total sum of the Cashback commission to be paid for the current day.
3.7. Leverage change:
3.7.1. For the company’s client leverage change is possible only once in 24 hours. For security reasons of trade operations performed by the client, it is impossible to change leverage if the account is in the trade mode (there are open orders).
3.7.2. The company is entitled to change leverage on the client account any time without prior notification.
3.7.3. In order to minimize client’s risks at the time of market opening on Monday, in case a client kept open orders during the weekend, the company reserves the right to lower the leverage and change margin requirements several fold.
3.7.4. The leverage for the trading of Metals, CFD, and Crypto currency trading at any trading account is set at: