General Business Terms
1. Introduction
1.1 These General Business Terms (hereinafter the “Terms”) govern the relationship between IUX MARKETS LIMITED (hereinafter the “IUX,” “the Company,” “us,” “we,” or “our”) and its Clients, as well as the provision of services, rights, and obligations arising from the Client’s engagement with the Company’s platform.
1.2 IUX MARKETS LIMITED is incorporated with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 26183 BC 2021 at Beachmont Business Centre, 321, Kingstown, St. Vincent and the Grenadines.
1.3 The terms shall apply to all interactions, transactions, and engagements conducted on the Company’s website. It governs the relationship between the Company and the Client (which may be a legal entity or a natural person) in connection with the use of IUX services, products, and any related activities (hereinafter the “Client”) in respect of the applicable laws and regulations.
1.4 The terms shall outline the conditions under which the Client may access and utilize the Company’s services, ensuring compliance with applicable laws, regulations, and internal policies. By registering with the Company or using its services, the Client agrees to be bound by these terms, which are intended to provide clarity, transparency, and consistency in all business interactions.
1.5 These Terms apply to all services offered by the Company and should be read in conjunction with any specific agreements or policies applicable to particular products or services.
1.6 Clients are requested to carefully read through these Terms thoroughly before entering into a business relationship with the Company or carrying out any activity with the Company. Through entering into an agreement with the Company, Clients agree to the Terms as set out in this document.
1.7 These Terms shall consist of two sections which describe procedures of non-trading operations on the trading account of the Client as well as trading operations, procedure for settling disputes and conducting communications.
2. General Provisions
2.1 Conditions of Providing Quotes
2.1.1 The Company recalculates quotations on all traded instruments in real time on the basis of market conditions and streaming prices/liquidity obtained from liquidity providers and periodically provides the Client with these quotations as Market Snapshots;
2.1.2 All quotations that the Client receives through the client terminal shall be derived exclusively from liquidity providers. The quotation’s prices are indicative and represent the best available Bid price in the market and the best available Ask price in the market obtained from liquidity providers.
2.1.3 The terms for providing quotations depend on the type of account that the Client is using:
a. Raw Account
Prices are directly quoted from multiple liquidity providers. The Company shall provide spreads starting from 0.0 pips with maximum leverage at 1:3000. The fixed commission shall start at $6 per lot, deducted upon position closure. Please note that the commission price for each underlying asset shall be varied. Please note that commission rates may vary depending on the specific underlying asset. The Company requires Clients to maintain a minimum deposit of $500 to activate their trading account.
b. Pro Account
Prices are directly quoted from multiple liquidity providers. The Company shall provide spreads starting from 0.1 pips with maximum leverage at 1:3000. However, the spreads shall reflect slight adjustments determined by market volatility and liquidity providers spreads. No additional commission is applied. All adjustments are recorded and disclosed transparently. The Company requires Clients to maintain a minimum deposit of $500 to activate their trading account.
c. Standard Account
Prices are directly quoted from multiple liquidity providers. Standard Account is a low spread account with maximum leverage at 1:3000. However, the spreads shall reflect slight adjustments determined by market volatility and liquidity providers spreads. No additional commission is applied. The Company requires Clients to maintain a minimum deposit of $10 to activate their trading account.
d. Standard+ Account
Prices are directly quoted from multiple liquidity providers. Standard+ Account is a low spread account with maximum leverage at 1:1000. However, the spreads shall reflect slight adjustments determined by market volatility and liquidity providers spreads. No additional commission is applied. The Company requires Clients to maintain a minimum deposit of $10 to activate their trading account.
For further information, please read the Company’s Client Agreement as published on the Company’s website.
2.1.4 The Client acknowledges the following:
- The Company is entitled to refuse to make available to the Client those quotations that have not changed since the previous Market Snapshot;
- The Client may not receive through the client terminal all the quotations that have occurred in the Quote stream in the period between Market Snapshots;
- Quotations published on the Company’s website are indicative;
- Quotes may differ from the price of the underlying asset. If the underlying market is closed, quotations provided by the Company reflect the assumed price of the underlying asset;
- The Company establishes a Spread and/or Trading Commission for each instrument on the Company’s website. The spreads shown on the Company’s website are standard (average) Spreads;
- The size of the standard Spread may increase/decrease depending on market volatility;
- The Company shall be entitled to alter the amount of the Spread and/or Trading Commission without prior written notification to the Client;
2.1.5 In the case of an unplanned interruption to the Quote stream from the server caused by hardware or software breakdown, the Company shall be entitled to synchronize the quotation based on the server serving trading Clients using other sources.
2.1.6 The following may serve as sources of this type:
- Another trading or training server;
- Any other quotation sources?
2.1.7 In case any dispute arises in relation to interruption to the Quote stream, all decisions will be taken in accordance with the synchronized quotation base.
2.2 Adjustments
2.2.1 Determination of any adjustment or amendment of the size, value, and/or number of the transaction (and/or of the level and size of any order) shall be at the Company’s absolute discretion and shall be conclusive and binding upon the Client.
2.2.2 The Company shall post any substantial information regarding adjustments on its official website. The determination of what constitutes material information shall be at the sole discretion of the Company.
2.2.3 Where applicable (e.g., where a security is based on shares in respect of which the issuer pays dividends), a dividend adjustment will be calculated in respect of open positions held on the ex-dividend day for the relevant underlying security. Dividend adjustment will be credited to the Client’s trading account if the Client buys, i.e. opens a long position, and debited if the Client sells, i.e. opens a short position.
2.3 Identification
2.3.1 Verification of the Client’s identity is made in order to prevent any unauthorized access to the Client’s account and is held by verification of the fact that the operations are made exactly by the Client.
2.3.2 During registration of a trading account, the Client must provide the Company with correct and true information for identification in accordance with the Company’s requirements (hereinafter the “Identification Data”). The Client shall inform the Company about changes in the Identification Data within three (3) business days of the said change or expiration of the Identification Data.
2.3.3 Personal data, which shall be verified, embodies ID or passport details and registration address, email address, phone number, or any other requirement as specified in the Company’s Anti-Money Laundering Policy.
2.3.4 Passport details and address are being verified by the provided documents. Email address is verified by sending email to it with verification code. The telephone number is verified by sending an SMS with a code or by calling the Company’s employees.
2.3.5 The list of non-trading operations for which a verification procedure is demanded, including but not limited to:
- Withdrawal requests;
- Change of Access Data.
2.3.6 Means of the client verification (security types) are:
- By email;
- By sms;
2.3.7 E-mail security type embodies sending by the Company to the Clients email, pointed out during the registration, a verification code that should be entered on the Company website for processing of non-trading operations that demanded verification.
2.3.8 SMS security type embodies sending by the Company to the Clients telephone, pointed out during the registration, a verification code that should be entered on the Company website for processing of non-trading operations that demanded verification.
2.3.9 The Client may choose the security type during the registration process.
2.3.10 The security type may be changed if the information provided by the Client during registration fully matches that contained in the documents provided by the Client at the Company’s request. If the Client changes the security type, withdrawal of funds can be made only after three (3) working days from the moment of changing security type.
2.3.11 The Company shall reserve the right to suspend execution of non-trading operations if the Client’s Identification Data is found incorrect or invalid as well as if the Client does not send the requested documents.
2.3.12 In case the Client loses the main password and email specified at registration, the account will be closed after a complete check, and the funds will be withdrawn proportionally to the account(s) they were deposited from.
2.3.13 In order to identify the Client, the Company has the right to request at any time after a trading account is registered:
- For an individual: a document proving his or her identity;
- For a legal entity: the company’s founding documents and documents substantiating the company’s status.
2.4 Doubtful Operations
2.4.1 The Company shall monitor execution of the Terms and be obliged to investigate doubtful operations of the Client by stopping such operations for the necessary time.
2.4.2 In case of investigation of doubtful operations of the Client, the Company shall be obliged to demand the documents that are necessary for investigation from the Client.
2.4.3 Signs of doubtful operations shall include, but are not limited to:
- Execution of a great number of transfers in the absence of operations on the trading account;
- Execution of operations devoid of apparent economic sense or other apparent purpose bearing the legal nature;
- The Client’s denial of delivery of personal information for identification purposes or impossibility to prove the client’s identity;
- Repeated attempts to execute non-trading transactions for benefit of third parties;
- Forgery of the documents given by the client, mismatch of documents provided in different time periods, and falsely representing oneself to be another person.
2.4.4 The provided signs of doubtfulness of non-trading operations are non-exhaustive lists. A transaction can be found doubtful by specialists of the Company as a result of complex analysis and concomitants.
2.4.5 The Company reserves the right to cancel questionable operations by the Client and/or charge commission(s) on the deposit/withdrawing operations of a Client and/or block all his trading accounts as well as the trading accounts of Clients involved in the conducting of these operations. In this case the funds of the Client shall be withdrawn by any method convenient for the Company.
2.4.6 Notwithstanding any other statement in the Client Agreement and/or the Terms, clients’ operations may be blocked and/or frozen temporarily if there is an investigation either by the Company and/or by any regulatory body or authority and/or if the client is not in conformity to abide by the Company’s request in providing the required information from time to time.
3. Trading Transactions
3.1 General Provisions
3.1.1 The Client terminal shall provide the facility to operate the Client’s trading account.
3.1.2 Buy orders (long positions) are made at the Ask price. Sell orders (Short positions) are made at the Bid price.
3.1.3 All open positions must be carried over to the following day from 21:59:00 to 22:00:00 according to the time on the server.
3.1.4 The Spread is not a fixed value; its size is determined depending on the market situation. The average Spreads are shown on the Company’s website. Spread and/or trading commission of instruments may vary between Account types, and the clients must ensure that they understand the relevant information as set out on the Company’s website.
3.1.5 The client terminal shall constitute the exclusive and primary channel for the submission of Client requests and instructions. The Company shall not be obligated to process any requests or instructions submitted through alternative methods unless expressly agreed to in writing.
3.2 Client’s Requests And Orders
3.2.1 The Company is entitled to refuse a Client’s order or instruction if:
- The Client’s instruction has not been given during the time that the quotation is valid;
- The Client’s instruction has not been received by the Company, inter alia, Internet connection is interrupted through circumstances independent of the Company;
- The quotation provided is an obvious error;
- The quotation is not a market quotation;
- The size of the trade is less than the minimum size indicated in the margin requirement;
- Circumstances of force majeure as indicated in the Client Agreement have arisen;
- When the position is opened, the amount of free margin is less than the amount of initial margin required in relation to the particular position;
- There is no possibility to confirm the price of the financial instrument. In this case, the Client can see the following errors: “Invalid prices”, “Off quotes”, etc.
- If there is Company equipment maintenance;
- The Client has been recognized as insolvent;
- In relation to Hedged Positions, when there is a request for the Long or Short Position to be closed, the amount of Free Margin will be less than the amount of margin required to sustain the oppositely directed Open Position open. For the avoidance of doubt, when the Long or Short position of an instrument is of a bigger size than the oppositely directed position of the same instrument on the other side, this rule shall apply in respect of the transaction size that constitutes a Hedged Position;
- The Company is unable to hedge the transaction with the assistance of a liquidity provider or when the liquidity provider declines to perform the transaction.
3.2.2 In cases of cancellation of a transaction previously carried out or a change in price by a liquidity provider, such changes shall take place in the Client’s trading account.
3.2.3 The Client is insolvent if he/she:
- The Client does not fulfill the duties specified in the Client Agreement and annexes to it;
- The Client does not observe margin conditions and requirements;
- Has been declared bankrupt;
3.2.4 In the case of the Client’s insolvency, the Company (without the prior written notification) reserves the right to:
- Close all or any open positions at current market prices;
- Write off from Client’s trading account the amount that the Client owes the Company;
- Close any trading account of the Client.
3.2.5 Refusal of a Client’s request or instruction is accompanied by a corresponding message on the client terminal.
3.2.6 In exceptional cases, the Company may, at its sole discretion, decide to execute Client’s order, despite the cases described in clause 3.2.4 of the Terms.
3.3 Open A Position
3.3.1 In order to give an instruction to open a position, the Client shall specify the quoted instrument and volume of transaction.
3.3.2 To open a position via the client terminal, the Client must click on the “Buy” or “Sell” button at the moment when the streaming prices are suitable to them.
3.3.3 If the current quoted price for the instrument has changed whilst processing the Client’s instruction, the Company offers a new price or refuses execution. In this case the requote window will appear, or the “Invalid Price” error message. If the Client wishes to open a position at the newly offered price, he/she must reply “OK” within 3 seconds. In this case, the instruction is sent to the server again and passes through all the stages and checks afresh. If the Client does not make the decision to carry out the transaction at the new price within the 3 seconds, the request to perform the transaction is not accepted.
3.3.4 The Client’s instruction to open a position may be executed at a price which differs from the quoted price that the Client received in the client terminal during the last Market Snapshot in the following cases:
- If the current quotation has changed since the time of the last Market Snapshot;
- If the quotation from the last Market Snapshot applies to a smaller trade volume than the Client’s trade volume;
- If the liquidity provider has executed the transaction at this price.
In any event, the Client’s instruction is executed at the best available price from the Company’s liquidity providers;
3.3.5 Once the server has received the Client’s instruction to open a position, it will be automatically opened if the Free Margin is sufficient to open the position based on the margin requirements in effect at the time a position is opened for a specific financial instrument.
3.3.6 New “Margin” for the cumulative Client’s position, including imputed new position, shall be calculated at the current market prices at the moment of verification.
3.3.7 All floating profits/losses for all open positions, including the imputed new position, are calculated at the market prices at the moment.
3.3.8 Upon opening a position, the Equity = Balance + Unrealized Profit/Loss + Credit (if applicable). The Balance remains unchanged until the position is closed. Equity and margin levels are monitored continuously to ensure compliance with margin requirements.
3.3.9 Required margin levels are determined per asset class and account type, incorporating the asset’s volatility and leverage limits. The Company reserves the right to adjust margin requirements during periods of high volatility or low liquidity.
3.3.10 The Company has the right to prohibit the opening of new positions for a certain financial instrument for an indefinite period of time without the Client’s prior notice.
3.3.11 An instruction to open a position shall be deemed executed and the position shall be deemed open once the relevant record appears in the server.
3.4 Close A Position
3.4.1 In order to give an instruction to close a position, the Client shall specify the ticker and the volume of transaction.
3.4.2 In order to close a position via the client terminal, the Client shall press the “Close“ button at the moment when the Client is satisfied with the Quote in the Quotes Flow.
3.4.3 The Client’s instruction to close a position may be executed at a price that differs from the quote price that the Client received in the client terminal during the last Market Snapshot in the following cases:
- If the current quotation has changed since the time of the last Market Snapshot;
- If the quotation from the last Market Snapshot applies to a smaller trade volume than the Client’s trade volume;
- If the liquidity provider has executed the transaction at this price.
3.4.4 In all cases, the Client’s instruction will be executed at the best available price from the Company’s liquidity providers.
3.4.5 The position is deemed closed once the relevant record appears in the server.
3.5 Stop Out
3.5.1 The company has the right to forcibly close the Client’s positions if the Stop-Out level of margin is reached or there is negative Equity.
3.5.2 If the Client has several Open Positions, the first position that has to be placed in the queue in order to be compulsorily closed is the one with the highest Floating Loss.
3.5.3 If a Stop-Out execution has resulted in the negative equity of the Client’s trading account, it will be compensated so as to bring Equity to $0.
3.6 Orders
3.6.1 Order types in the trading platform. In order to open a position, the following orders may be used:
- “Buy Limit”—an” order to open a Long Position at a price lower than the price at the moment of placing the Order;
- “Buy Stop”—an” order to open a Long Position at the price higher than the price at the moment of placing the Order;
- “Buy Stop Limit” is a type of order that combines the first two types. It is a Stop order to place a “Buy Limit” order. As soon as the future “Ask” price reaches the value specified in the order, a “Buy Limit” order will be issued at the level specified in the order. Moreover, the current price is less than the price that, when reached, will cause a pending order to be placed;
- “Sell Limit”—an” order to open a Short Position at a price higher than the price at the moment of placing the Order;
- “Sell Stop”—an” order to open a Short Position at a price lower than the price at the moment of placing the Order;
- “Sell Stop Limit” is a Stop order to place a “Sell Limit” order. As soon as the future “Bid” price reaches the value specified in this order, a “Sell Limit” order will be issued at the level specified in the order. Moreover, the current price is greater than the price that, when reached, will cause a pending order to be placed, but the price of the pending order will be greater than the trigger price. In order to close a position, the following orders may be used:
- “Stop Loss”—an” order to close a previously opened position at the price less profitable for the Client than the price at the moment of placing the Order;
- “Take Profit”—an” order to close a previously opened position at a price more profitable for the Client than the price at the moment of placing the Order.
3.6.2 The Client may place, modify or delete orders only within trading hours for the relevant Instrument. The trading hours for each Instrument are indicated on the Company’s website.
3.6.3 Pending orders on the instruments, which are traded 24 hours a day, have “GTC” “Good Till Cancelled” status. The expiry date and time can be set by the Client in the “Expiry” field;
Pending orders on the instruments, which are not traded 24 hours a day, have “Day Order” status and will be deleted at the end of a trading session.
3.6.4 Stop Loss and Take Profit for all Instruments have “GTC” status “Good Till Cancelled”. In order to give an Instruction to place a pending order, the Client shall specify the following required parameters:
- Instrument:
- Transaction size;
- Order type; and
- Order level.
3.6.5 In addition, the Client may indicate the following optional parameters:
- Level of “Stop Loss”;
- Level of “Take profit”;
- Date and time when the pending order expires;
3.6.6 The Instruction will be declined if any of the required parameters is not specified or is incorrect, any of the optional parameters is incorrect.
3.6.7 If the Client gives an instruction to place “Stop Loss” or “Take Profit”, the following information must be specified:
- Ticker of the open position;
- Level of the “Stop Loss”; and
- Level of the “Take Profit.”.
3.6.8 While giving an instruction to place “Stop Loss” and/or “Take Profit” orders on an open position or pending order, the difference in pips between the “Stop Loss,” “Take Profit,” or the pending order level and the current market price must not be less than the “Limit & Stop Levels” parameter indicated for each Instrument on the Company’s website, and the following conditions must be met:
- For the “Stop Loss” order on the Short Position, the current market price is the Ask price and the order must not be placed lower than the Ask price plus the “Limit & Stop Levels” parameter indicated for this Instrument;
- For the “Take Profit” order on the Short Position, the current market price is the Ask price and the order must not be placed higher than the Ask price minus the “Limit & Stop Levels” parameter set for this Instrument;
- For the “Stop Loss” order on the Long Position, the current market price is the Bid price and the order must not be placed higher than the Bid price minus the “Limit & Stop Levels” parameter set for this Instrument;
- For the “Take Profit” order on the Long Position, the current market price is the Bid price and the order must not be placed lower than the Bid price plus the “Limit & Stop Levels” parameter set for this Instrument;
- For the “Buy Limit” order, the current market price is the Ask price and the order must not be placed higher than the Ask price minus the “Limit & Stop Levels” parameter set for this Instrument;
- For the “Buy Stop” order, the current market price is the Ask price and the order must not be placed lower than the Ask price plus the “Limit & Stop Levels” parameter set for this Instrument;
- For the “Sell Limit” order, the current market price is the Bid price and the order must not be placed lower than the Bid price plus the “Limit & Stop Levels” parameter set for this Instrument;
- For the “Sell Stop” order, the current market price is the Bid price, and the order must not be placed higher than the Bid price minus the “Limit & Stop Levels” parameter set for this instrument.
3.6.9 An order is deemed placed once the relevant record appears in the server.
3.6.10 An instruction to place an order will be declined by the Company if it precedes the first Quote on the Market Opening.
3.6.11 If the Client gives an Instruction to modify pending order parameters, the Client shall specify the following: ticker, pending order level, level of “Stop Loss” and level of “Take Profit”. If any of the indicated information is incorrect and the orders are placed/modified/deleted via the client terminal without using an Advisor, the instruction will be declined and the “Modify …” button will remain inactive.
3.6.12 If the Client gives an instruction to modify “Stop Loss” and “Take Profit” orders on the open position, the Client shall specify the ticker, the level of “Stop Loss,” and the level of “Take Profit.”. If any of the indicated information is incorrect and the orders are placed/modified/deleted via the client terminal without using an Advisor, the instruction will be declined and the “Modify … ” button will remain inactive.
3.6.13 When the Client gives an instruction to delete a pending order, the Client shall specify its ticker. An instruction to modify or delete an order is deemed executed and the order is deemed modified or deleted once the relevant record appears in the server.
3.6.14 The Company reserves the right to deny order modification in case the set price of “Stop Loss” or “Take Profit” implies current price automatic execution at the moment of the modification.
3.6.15 The Company is also entitled to refuse to open or modify pending orders if the order Stop Loss is nearer to the opening price than the distance of the average Spread.
3.6.16 The Company has a right to use market price when executing Take Profit, Stop Loss, Buy Limit, Sell Limit, Buy Stop and Sell Stop orders. Herewith, Take Profit, Buy Limit, and Limit orders slippage in favor of a client; Stop loss; and buy stop and sell stop orders slippage at a loss of a Client.
3.7 Execution Of Orders
3.7.1 The Order is placed in the queue in order to be executed in the following cases:
- The “Take Profit” on open Long Position is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal or higher than the order level;
- The “Stop Loss” on open Long Position is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal or lower than the order level;
- The “Take Profit” on open Short Position is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or lower than the order level;
- The “Stop Loss” on open Short Position is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or higher than the order level;
- The “Buy Limit” is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or lower than the order level;
- The “Sell Limit” is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal or higher than the order level;
- The “Buy Stop” is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or higher than the order level;
- The “Sell Stop” is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal to or lower than the order level.
3.7.2 The Company will endeavor to execute Limit Orders at the limit price requested by the Client. However, the Company may not be able to execute any of the Limit Orders for reasons including, without limitation:
- There is not enough volume in the underlying market.
- The order exceeds the Company’s risk management limits as set and amended by the Company from time to time based on market conditions and other relevant factors;
- The bid or ask (whichever is relevant to your Limit Order) is not at the required level, i.e., if the order is to sell, then the bid level must reach your limit price; if the order is to buy, the ask price must reach the limit price.
3.7.3 Order activation for the Client’s order or instruction on the server may take 0.01–5 seconds.
3.7.4 When the order price falls into a price gap on market opening or in abnormal market conditions, the order will be executed by the first available price on the market at the moment that activation of the order ends.
3.7.5 The following rule operates for orders that fall in a gap on certain currency pairs as shown on the Company’s website:
- if the order is executed in market conditions different from normal (for example: under conditions of low liquidity); or
- if the price specified in the pending order falls into the gap and the difference (absolute value) in pips between the first market quote (after the gap) and the price of the order is equal to or exceeds a certain number of pips (gap level) for a particular instrument.
3.7.6 Such an order, as mentioned in clause 3.7.5, will be executed at the first market Quote that follows the gap. In all remaining cases, the order execution price will correspond to the price specified in the order.
3.7.7 Buy Stop, Sell Stop, and Stop Loss Orders may be executed at a level worse than that specified by the Client, and Buy Limit, Sell Limit, and Take Profit Orders may be executed at a level better than that specified by the Client.
3.7.8 In conditions where there is insufficient liquidity, or when the liquidity provider refuses to execute the order at the specified volume, it becomes impossible to execute market orders to open positions fully, and partial execution of the order occurs, that is, the opening of the position only up to the available market volume or volume offered by the liquidity provider, and for the remainder of the volume, a canceled order is created.
3.7.9 In conditions of insufficient liquidity, or when the liquidity provider refuses to execute the order at the specified volume, it becomes impossible to execute market orders to close positions fully, and partial execution of the order occurs, that is, a reduction of the open position only by the available market volume or volume offered by the liquidity provider and the creation of a closed position for this volume.
3.7.10 In conditions of insufficient liquidity, or when the liquidity provider refuses to execute the order at the specified volume, execution of orders in full volume for Buy Stop, Buy Limit, Sell Stop, and Sell Limit Orders becomes impossible. In this case, partial execution of orders is carried out by opening positions for the volume available from the liquidity provider, but for the remaining volume, a new pending order of the same type is created.
3.7.11 In conditions of insufficient liquidity, or when the liquidity provider refuses to execute the order at the specified volume, execution of orders in full volume for Stop Loss and Take Profit Orders becomes impossible. In this case, partial execution of orders is carried out by closing positions by the available market volume or volume available from the liquidity provider, but for the remaining volume, a new open position is created.
3.8 Solutions To Disputable Situations
3.8.1 The Client has the right to lodge a complaint if any disputable situation arises. In such a case, please read the Complaint Handling Policy, as this can be found on the Company’s website, as amended from time to time.
3.8.2 The Server Data, Database, and Server Log File are the main information sources in the case of any complaints. If the Server Data, Databas,e and Server Log File have not recorded the relevant information the Client refers to, the argument based on this reference may not be considered.
3.8.3 Any references to the quotes of other companies are not qualified and will not be considered.
3.8.4 The complaints are not accepted in the following cases:
- Unexecuted requests which are given by the Client during technical works on server;
- In respect of deals made by the Client using temporary excess Free Margin on the trading account gained as a result of a profitable position canceled by the Company afterwards and subject to annulment;
- In respect of the difference in the prices for the Contract for Difference in the trading platform and for the underlying asset of the Contract for Difference;
3.8.5 The Company resolves all disputable cases by elimination of complaint reasons, including reopening erroneously closed positions.
3.8.6 Losses shall not be compensated to the Client in the case when they occurred before the disputable case, stated in the complaint.
3.9 Procedures Of Resolutions Of Disputable Situations
3.9.1 Change and placement of pending order. Pending Orders are considered to be erroneously placed or modified in the following cases:
- If transactions are made before market opening;
- In case of wrong Quotes;
- In case of failure in the trading platform.
3.9.2 In the cases as specified in clause 3.9.1, the Company shall, at its sole discretion, execute the following operations:
- Pending order or open positions due to execution of a pending order shall be deleted;
- No complaints are accepted if the Client is not able to place a pending order or modify the levels of pending order, or if the Company does not execute the instruction of the Client to modify or place an order due to poor connection on the part of the Client or server;
- While the dispute remains open, the Company reserve the right to trigger the pending order in the chronological order in which they would have been triggered if the Client’s instruction had been executed at the time it was received by the Server;
- The Client’s claims regarding impossibility of execution of transactions during resolution of the dispute are not accepted;
- After the Company makes a decision on the dispute, the Client will be informed about it.
3.9.3 When the Client could not open or close a position or the Company could not execute the Client’s instruction to open/close a position, the Client’s claims will not be considered in the following cases:
- Poor connection on the part of the Client or the server;
- Error in a Quote;
- Transactions were made before market opening.
- Failure in the trading platform or software of the server.
3.9.4 If the Client’s account doesn’t have enough funds for a transaction execution or the limit on the overall number of transactions (order placements, position opening) for this type of account is exceeded, the Client’s claims about the impossibility of opening a position are not accepted.
3.9.5 The Client’s position can be deleted if the instruction to open a position is received before market opening or has been executed at the price of the day before today or in case of erroneous Quote.
3.9.6 In case of erroneous deletion of positions, the Company shall be entitled to make a decision on the further resolution of the issue on this position: either recovery of the position or payment of an indemnification to the Client.
3.9.7 The Client’s claims regarding impossibility of execution of transactions during resolution of the dispute are not accepted.
3.10 Interpretation Of Terms
In these General Business Terms, terms shall have the meaning given in the Client Agreement. In the absence of a definition or discrepancies between the Client Agreement and these General Business Terms, the terms shall have the meaning as defined below:
“Account History” shall mean all completed transactions and depositing/withdrawal operations on the Trading Account.
“Account type” shall mean account type conditions. The list of possible account types offered by the Company can be found on the Trading Conditions page on www.iux.com. Account type is chosen during the registration of trading accounts and cannot be changed afterwards. Some Account types may only be available to a specific group of clients.
“Agent link” shall mean a special URL link by which new clients are attracted. After completion of registration, a customer becomes the Company’s Client, and agents start receiving commission in accordance with the Partnership Agreement formula.
“Ask” shall mean the higher price in a Quote at which the price the Client may buy.
“Auto referral activity” shall mean when an Introducing Broker gets commissions from trading operations carried on trading accounts by direct or circumstantial evidence controlled by the Introducing Broker.
“Bar/Candle” shall mean a Chart element, which shows opening and closing prices, as well as the lowest and highest prices for the definite period of time (for example, minute, 5 minutes, a day, a week).
“Basic market” shall mean the market on which a basic asset for Contract for Differences (CFDs) is traded.
“Bid” shall mean the lower price in a Quote at which the Client may sell.
“Chart” shall mean the Quotes Flow in the form of a chart. For the period relevant for a bar/candle:
- Bar/Candle high is the highest Bid,
- Bar/Candle low is the lowest Bid,
- Bar/Candle close price is the last Bid,
- Bar/Candle open price is the first Bid.
“Client Terminal Log-File” shall mean the file, which is created by the Client Terminal in order to record all the Client’s requests and instructions to the Dealer with accuracy to a second.
“Company’s account” shall mean the bank and/or digital account of the Company as well as the Company’s account in the processing center.
“Controversial situation” shall mean:
- a situation when the Client considers that the Company, as a result of the actions or inactivity, has broken one or several provisions of the Client’s agreement and its appendices.
- a situation when the Company considers that the Client, as a result of the actions or inactivity, has broken one or several positions of the Client’s agreement and appendices to it;
- a situation when a trading operation was made by the Client under a non-market quotation, or to the first quotation at market opening, or under the quotation received by the Client in the issue of the Company’s appreciable error or failure in the software of a trading platform.
“Day Order” shall mean a Pending Order that is automatically deleted at the end of the trading session.
“Electronic payment system” shall mean a combination of procedures and, connected with them, computer networks and software, used to perform financial transactions and mutual settlements between the participants of the system. In the system, transactions are conducted using bank cards, e-money, and cash.
“Fast Market” shall mean rapid movements on the market for a short period of time, often causing Price Gaps. Generally, it may occur immediately before or after any important event, such as:
- releases of main macroeconomic indicators on global economies, which have great impact on the financial market;
- central banks decisions on interest rates;
- press conferences and speeches of the central banks heads, heads of state, financial ministers, and other significant announcements;
- interventions;
- terror attacks;
- natural disasters or other Acts of God which cause the announcement of the state of emergency (or other restrictive measures) on the affected territories;
- war or any other military actions;
- political force majeure: dismissal or appointment (including election results) of the government executives;
- any other similar events that influence price movements. The above list is not exhaustive.
“Flat market” shall mean a market condition when Quotes are received by a terminal rarely for an extended period, then during normal market conditions. As a rule, such market conditions are typical for Christmas holidays, national holidays in the G7 countries, from 20:00 till 00:00 GMT +0, etc.
“Full complete transaction” shall mean a transaction that consists of two counter deals with the same size/volume (opening position and closing position): the purchase and subsequent sale or sale and subsequent purchase.
“GTC (Good Till Canceled)” shall mean an order that has force till a Client sends an instruction to cancel the order.
“Hedged Positions” shall mean long and short positions of the same size and instrument, opened on the trading account.
“Instant Execution” shall mean an execution mechanism when a Client sees a real-time stream of quotations from the Company; thus, a Client may proceed with desired transactions.
“Instruction to transfer funds to another trading account” shall mean notice transmitted through
The Personal area from the Company’s website with the purpose of charge-off of funds from the Client’s trading account to other trading accounts registered in the Company.
“Limit & Stop levels” shall mean the minimum value in pips from the level of the placed order to the current price (the level of the pending order).
“Liquidity provider” shall mean a financial institution that has sufficient floating capital and works as a counterpart for company clients in the execution of financial instruments by means of an electronic communication network (ECN).
“Market conditions are different from normal” shall mean a thin market or fast market.
“Market execution” shall mean execution that is carried out according to the client’s orders, but the execution price is not guaranteed.
“Market Opening” shall mean the resumption of trade after the weekends, holidays, or after a break between trading sessions.
“Maximum deviation” is a parameter set by the client on the client’s terminal that determines the maximum deviation (in pips) between the execution price and the requested price when opening and closing a position.
“Modification” shall mean Client’s request for an order-level change. The order is considered to be modified after the relevant note appears in the server database.
“Non-market Quote” / “Spike” shall mean a Quote that satisfies one of the following conditions:
- It involves a substantial price gap;
- within a short period of time, the price returns to its initial level with the formation of a price gap;
- price behavior was not volatile before the appearance of said price;
- the Quote differs from quotes from other major market participants by more than 10%;
- the Quote appeared during non-trading hours for the underlying asset;
- At the time of the Quote’s appearance, there were no macroeconomic events and/or corporate news that were significantly affecting the instrument’s exchange rate. The Company may delete Quotes that are characteristic of a non-market quote from the Server’s Quote Base.
“Non-trading operations” include depositing/withdrawing funds from the client’s trading account, changing passwords, changing leverage, and filing a complaint.
“Normal Market Conditions / Normal Market” shall mean the market where:
- there are no considerable breaks in the Quotes Flow in the Trading Platform; and
- there is no fast price movement; and
- there is no Price Gap.
“Order’s ticket” shall mean a unique identity number assigned in the trading system to each of the open positions or delayed orders.
“Pending order” shall mean the client’s instruction to open a position when the market price reaches the order level.
“Pip” shall mean a price movement equal to ten (10) points either up or down.
“Point” shall mean a unit of less significant rate/the smallest increment of change in a foreign currency price, either up or down.
“Price gap” shall mean the situation in trading when the price is different from the previous one by more than the minimum price change.
“Quote” shall mean the information of the current price for a specific Underlying Asset, in the form of the Bid and Ask prices.
“Quoting” shall mean the process of providing the Client with the Quotes in order to make a transaction.
“Quotes Base” shall mean Quotes Flow information stored on the Server.
“Rate” shall mean: 1) Contract for Differences (CFDs) on currency pair (CFD): the value of the base currency in terms of the quoted currency; 2) Contract for Differences (CFDs) on futures (CFD): the value of one unit of the underlying asset in terms of money.
“Server Log-File” shall mean a file that contains information about all server-related events, including Clients’ requests and instructions.
“Spread” shall mean the difference between Ask and Bid.
“Stop Loss” shall mean a close of position at a price less profitable for the Client than the price that exists when the order is placed.
“Stop out” shall mean a server-generated compulsory position closure order (without agreement and preliminary notification of the Client in case of lack of funds for open position maintenance).
“Take profit” is an order to close a position at a price more profitable for the Client than the price that exists when the order is placed.
“Trading Commission” shall mean the fee charged for providing the service.
“Trading operations” include operations to buy/sell financial instruments, placing, modifying, and deleting pending orders.
“Trading Platform Time Zone” shall mean the time zone in which the Server Log-File records any event. At the time of the release of this document, the Trading Platform Time Zone is GMT +0.
“Trailing Stop” shall mean a feature of the client terminal that makes it possible to generate instructions to change a position’s Stop-Loss level based on specified parameters without the Client’s involvement.
“Volume of trade / Trading volume” shall mean the product of the number of lots on the lot size.
“Limit Order” shall mean a Client’s request to buy or sell a financial asset when the market price reaches the price specified in the order. The price indicated in Limit Order is always better than the current market price.
“Stop Order” shall mean a Client’s request to buy or sell a financial asset when the market price reaches the price specified in the order. The price specified in the Stop Order is always worse than the current market price.
“Underlying Market” shall mean the relevant market where the Underlying Asset of a Contract for Differences (CFDs) is traded.
