BitSpire Trading Conditions
The following terms and conditions form an integral part of your agreement with BitSpire and shall be read carefully; BitSpire does not bear any liability for clients who fail to comply with them. For more information, please contact us.
BitSpire Broker strives to ensure that the market watch is
accurate and prices are obtained from several major banks/liquidity
providers/exchanges; in case of closure/failure of one or more price
provider for any or all CFDs, quotes will be provided
which will reflect what the company thinks to be the current Bid and Ask
price for each CFD; we do not guarantee that our prices are the best
prices available on the world market.
The Client agrees
hereunder that our market watch is only an indicator of the current
world market and any misunderstanding regarding this service must be
returned to BitSpire Operations data.
Moreover, charts
for all traded instruments are drawn according to the default spreads,
and may differ from the prices displayed on the market watch according
to your account type because of differences
in markups.
BitSpire Broker offers clients competitive spreads on all instruments, but may rarely make small increases on some or all instruments; ensuring that it provides the best available market conditions and tightest spreads, since one of our most important objectives is to ensure that your orders are executed at the best market price and that you get the tightest spreads available.
BitSpire allows clients to open positions in the opposite
direction of previously opened positions in the trading account, to
reduce loss and to decide later when to enter the market.
Hedging
an instrument by its corresponding Future OTC contract is forbidden (for
swap-free accounts), because this represents an attempt to take
advantage of the swap free facility and gain profits from swaps, one
direction of this kind of hedge must be closed immediately. If the
client fails to take action to avoid such practices, BitSpire
will, unfortunately, be required to close or take other action (by
deducting the swaps retroactively or any other means) on these accounts
without further notice.
Hedged positions will be held in the
trading account without affecting the required margin value, since
the required margin is calculated for each instrument according to the
net positions opened at a specific moment.
The following orders may be given by the client:
*
OPEN - to open a new position;
* CLOSE - to close an open
position;
* PARTIAL CLOSE - to close a part of an open
position at the current market price and keep the remaining lots (part)
floating.
* MODIFY - to add, remove, edit orders for Stop Loss,
Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop.
*
CLOSE BY - in case hedging is allowed.
* Multiple close - to
close-hedged positions on a specific instrument
* Market orders
- orders sent from the client terminal either by the client
himself or a plug-in hooked to the client terminal (Expert Advisor), to
buy or to sell an instrument at the current market price displayed on
the market watch.
* Pending orders - this kind of order
can be set in the same way used for market orders; but at prices
predicted by the trader and may be achieved in the future, like limit,
stop, and entry orders.
* All pending orders are guaranteed
according to the fair market value.
* All pending orders are
good till cancelled (GTC), unless the client places an expiry time and
date on entry orders, or in the event that the financial instrument
expires.
* All pending orders must be placed with respect to
the rules appearing in the contract specifications for each
instrument.
* Once pending orders are in the process, the system
will reject any cancellation or modification attempted during that time.
* Pending order conditions may vary during hectic market
conditions.
* If the market opens with a break off after
a weekend or holidays, upon release of important economic and political
news, or in the case of force majeure events; orders (sell stop, buy
stop, stop loss) are fulfilled at the first available prices in
the market.
* Even though such situations are not frequent,
please be cautious when leaving pending orders for weekends and
holidays.
* Placing stop orders prior to the release of
financial
news is not permitted, such orders may be rejected, deleted or filled at
the best available market prices at that time.
All future trades are classified as market orders, and will be executed
according to the market prices provided from its corresponding exchange
at the time of execution; in addition, exchange fees may apply.
Rollover: Futures-OTC contracts will not be rolled over automatically,
neither accepting rollover requests from clients; in the case of any
client need to rollover a future-otc position/s, open positions
on the current contract can be closed and reopened at the next nearby
future-otc contract before the last trading day for each contract.
Available Futures instruments:
* Indices
* Commodities
* Energies
Where margin, contract size, and general
contract specifications are displayed in the Markets Section of the
website, and updated periodically.
The 1 (one) standard lot size is the measurement unit specified for each CFD contract. The possible choice of a leverage rate ranges from 1:1 up to 1:500 depending on the type of the CFD, the amount of trading volume active in the account and at the Company's discretion. At the opening of the Client Account, the leverage rate is set at 1:30 by default. The Client may change the leverage of his Client Account by contacting the Company. The Company has the right to allow a change to the Client Account leverage at the Company's discretion. In addition, the Company may, at its discretion, change the Client Account Leverage without any prior notice to the Client.
Regardless of your account type or the amount of equity you have in your account, the leverage you will be allocated to trade with will be determined by the amount of trading volume you have in active use at any given time.
The default leverage on all accounts is 1:30 based on CySEC regulation. Higher leverage will be available only upon client's request and will be executed at our sole discretion.
Professional accounts will be handled individually and may not follow the above leverage rules.
Utilizing a high level of leverage may extend your trading possibilities and lead to larger gains as well as higher risks; risks might be reduced by following a strict trading strategy at the opening and closure of your transactions. For further information, please talk to a Live Support Representative, or view details in the Contact Us page.
The client must abide the rules as declared on the BitSpire
broker corporate website Contract Specification section for each CFD,
including the margin requirements; and the Client shall provide and
maintain the Initial Margin within such limits
as the Company, at its sole discretion, may determine, set, or update.
It is the Client's responsibility to ensure that he understands
how a Margin
is calculated.
BitSpire has the right to amend any
entry in the Contract Specifications section for each CFD including
margin requirements, and these changes may take effect on both new
and existing/open positions/trades; which may be declared through an
internal mail message or on the company's corporate website; unless a
Force Majeure Event has occurred.
In case of a Force Majeure
Event, BitSpire has the right to change Margin requirements
without prior written notice to the Client. In this situation, the
Company has the right to apply new Margin requirements to new positions
and to positions which are already open.
If the Equity to
Margin (necessary margin) ratio falls below 5% at any time, BitSpire has
the right to close any or all of the Client's open positions
without the Client's consent or any prior written notice. In order to
determine if the Client has breached this clause, any sums referred to
therein which are not denominated in the Currency of the Client
Account shall be treated as if they were denominated in the currency of
the Client Account by converting them into the currency of the Client
Account at the relevant exchange rate for spot dealings in the
foreign exchange market.
The Client is responsible for
notifying the Company as soon as he believes that he will be unable to
meet a Margin payment when due.
The Company has no obligation
to make Margin Calls for the Client.
Where the Company effects
or arranges a transaction involving an instrument, the Client should
note that, depending upon the nature of the transaction, he may
be liable to make further payments when the transaction fails to be
completed or upon the earlier settlement or closing out of his position.
He may be required to make further variable payments by way of
Margin against the purchase price of the instrument, instead of paying
(or receiving) the whole purchase (or sale) price immediately. A
movement in the market price of the Client's investment will affect
the amount of margin payment he will be required to make. The Client
agrees to pay the Company on demand such sums by way of margin as are
required from time to time under the rules of any relevant Market
(if applicable) or as the Company may, at its discretion reasonably
require for the purpose of protecting itself against loss or risk of
loss on present, future or contemplated transactions under this
Agreement.
Slippage involves executing any given trade on a specific price
different from the expected price sent or preset by the client. This may
take place during highly volatile market conditions such (but not
limited to) economic or political news; the order
will be filled at the next best available market price because, but not
limited to - the desired/preset order price is not available, or because
higher spread differences are applied in the corresponding
exchanges of the traded instrument.
BitSpire does not
apply slippage under normal market conditions, and applies it on stop
pending entry
or liquidation orders during times when BitSpire is closed or
when - but not limited to - there is a weekend or bank holiday,
international economic events or hectic market movements. In this case,
stop orders will be filled on the opening price which BitSpire
finds suitable.
Clients acknowledge that slippage might occur
as per the liquidity providers’ terms and conditions and that
this is beyond the control of BitSpire Limited and agrees to
waive BitSpire from any liability that may arise subjective to
any damage or expense or loss incurred by the Client, in relation
to or directly or indirectly arising from but not limited to such terms
and conditions.
Physical acquisition by the client of any traded CFD at a specific
delivery point worldwide.
BitSpire does not offer
delivery for any position held, opened or closed at the trading platform
Scalping is a trading strategy through which the trader (Scalper/Pip
Hunter) attempts to take advantage of small price moves and narrow
ranges by making many transactions on small price changes over a small
time frame.
Scalping is allowed on variable spread account
types. Please refer to our account types table account types table
However, BitSpire does not permit scalping on Fixed
spread account types
(Classic account). In case BitSpire classifies a Classic
account holder as a scalper or a pip hunter, the company may, at its
sole discretion, and without a prior written notice, take one of the
following actions:
* Change the account type to the
corresponding variable spread account type
* Terminate this
Agreement
* Close out all or any of the Client's open positions at
current
market prices
* Debit the Client Trading Account(s) for the amounts
which are due to the Company
* Close any or all of the Client
Trading Accounts held with the Company
* Combine Client Trading
Accounts; consolidate the Balances in such Client Accounts and offset
those Balances
* Refuse to open new Client Trading Accounts for the
Client
Shall refer to the situation in which the Client opens a position and
closes it in a very short time, usually trading incorrect spikes in the
market, or taking advantage of feed indicative prices.
BitSpire
has the right to take any necessary actions similar to
scalping clients, at its sole discretion, and without any prior written
notice to protect itself since this action is prohibited.
BitSpire allows placing market orders before or during
financial news releases.
However, placing stop orders prior to
the release of financial news is not permitted, such orders may be
rejected, deleted or filled at the best available market prices at that
time.
BitSpire allows trading via phone in case of emergencies; all
telephone calls placed through the Dealing Desk are recorded by our
recording system; records are kept for 10 days. All conversations
concerning price quote requests, order placement
and execution, confirmations, and any other trading related issues, are
also generally recorded to ensure fairness and accuracy for all parties
involved in the delivery and execution of a trading order.
Instructions for placing an order with the dealing desk by
phone:+18345343454
* Call the Dealing Desk.
*
Once the telephone is answered, have the following information ready
for the dealer who has answered your call:
1. Your Trading account
number
2. Your password (for security purposes)
3. Your order
details
The Expert Advisor and Trailing Stop facilities are activated by
default. They must not violate any trading conditions listed, and in
addition, the following conditions apply:
*
Scalping clients can be used only on variable spread accounts
*
The client must use the EA in a reasonable manner. All EA users in the
fixed spread accounts must not use the EA for frequent trading
at news time. Users must understand that by using the EA frequently at
news time, they prevent other clients from executing a fair trade.
* The Company bears no responsibility when the Client uses
additional functionalities of the client trading terminal such as
Trailing Stop and/or Expert adviser, which are executed completely under
the client’s responsibility, as they depend directly on his trading
terminal and the Company bears no responsibility whatsoever. In case
where the Company suspects that a Client is using additional
functionalities /plug-ins where it affects the reliability and/or smooth
operation and/or orderly of the Company’s Trading Platform the Company
has the right to terminate the agreement or to cancel/delete those
transactions.
* The Company will not be liable for any loss
or expense incurred by the Client in connection with, or directly or
indirectly arising from the acts, omissions or negligence of any third
party or any third party software including, but not limited to,
Expert advisors, signal providers, social trading platforms, and virtual
private network.
BitSpire Clients can execute trades 24 hours a day from 00:05 on Monday until 23:30 on Friday (Cyprus Time), except for some instruments which halt at different times such as a break; the trading schedules and more specific information on each instrument is available through our website or within the MT4 platform. We are required to perform maintenance on our servers each night from 23:58 to 00:02 EET ( Eastern European Time ). During this time all trading is halted on the platform.
BitSpire offers one type of order execution (Market execution) on all account types for corporate and individuals. All orders are filled according to the fair market value.
In case of system failure, which may result in a failure to execute an order according to client instructions or failure to execute an order at all; whether it was a scheduled routine system maintenance or server update, or an emergent disconnection by power or network failure or any other reason; clients are kindly advised to contact the dealing desk for any enquiries.
The client acknowledges that from time to time the Company might pay a fee, commission or provide non-monetary benefits to third parties, in addition to the normal fees and commissions paid by the client. The client agrees that a reference fee may be paid to certain business consultants and introducers who introduce new clients to the Company and help to conclude and maintain the relationship between the Company and these clients. The client accepts that such inducements may be calculated based on several criteria, as for example, according to the trading volume of the client or the hits from the website and/or other digital media channels. Further information on the fee, commission, non-monetary benefit can be provided by the Company upon the client’s request.
BitSpire has the right to amend, change, delete, add, and
modify spreads, fees, commissions, leverage, account type, margin
requirements, liquidation level (stop out level) and any offers for any
accounts or any positions, at any time without
a prior notice.
The latest published version of this policy on
the English mirror of the company's website shall prevail.
These terms are
an essential part of the customer trading agreement. Should any clause
in the trading policy conflict with a clause or clauses in the customer
trading agreement, the clauses herein shall prevail.
Amendments
in case of a force majeure event shall be applied without prior notice
BitSpire has the right to amend, change, delete, add, and
modify spreads, fees, commissions, leverage, account type, margin
requirements, liquidation level (stop out level) and any offers for any
accounts or any positions, at any time without
a prior notice.
The latest published version of this policy on
the English mirror of the company's website shall prevail.
These terms are
an essential part of the customer trading agreement. Should any clause
in the trading policy conflict with a clause or clauses in the customer
trading agreement, the clauses herein shall prevail.
Amendments
in case of a force majeure event shall be applied without prior notice
Any account(s), held with BitSpire, without any trading
activity and/or accounts that are inactive and or remain non-operational
and/or holding zero balance/equity for a period of six (6) months and
more, are considered by BitSpire to
be Dormant accounts.
Such dormant accounts will be subject to
relevant charge/cost(s), relating to the maintenance/administration of
such accounts.
When an account is classified as dormant BitSpire has the right
to charge an ‘inactivity fee’ of 20 USD, 20 EUR, 20 GBP or 20 PLN
(depending on the base currency of the account holder) per month,
which will be charged and debited from the balance of the specific
account until the account holder has the required funds available and/or
until a zero balance/equity is reached. Such an ‘inactivity fee’
shall not in any case give a minus balance to the account.
Any
Dormant account which continues to be dormant for a total period of
twelve (12) months, is considered to be Closed on the first day
after twelve (12) months of no transactions.
Both Dormant and
Closed accounts will be frozen immediately, and the account holder will
not be permitted to undertake any further transaction in such
Dormant or Closed account.
In order for a Dormant or Closed
account to be re-activated the account holder shall proceed with
BitSpire' KYC/CDD procedures and by funding his account and
conducting at least one (1) trade with the Company.