Terms & Conditions

1. About us and these Terms

OTOFX is the brand name for a global group of related companies. The specific entity that enters into this Client Agreement with you, and the compliance framework that applies, depends on your country of residence and is confirmed to you during the account-opening process. Different group entities operate in the United Kingdom, the European Union and Canada, each upholding strict client-protection and compliance standards.

These Terms, together with our Risk Disclosure, Privacy Policy, Cookie Policy, Order Execution Policy, Conflicts of Interest Policy and any product-specific terms and schedules referenced within them, form the entire agreement between you and us and supersede any prior arrangement.

2. Definitions

In these Terms, unless the context requires otherwise, the following words have the following meanings:

• “Account” means the trading account we open and maintain for you.
• “CFD” means a contract for difference, a leveraged derivative whose value tracks an underlying instrument.
• “Margin” means the funds required to open and maintain a leveraged position.
• “Order” means an instruction to open or close a position or to execute a transaction.
• “Platform” means any trading platform, website, application or interface we make available to you.
• “We”, “us”, “our” means the contracting OTOFX entity; “you”, “your” means the client.

3. Eligibility and account opening

To open an Account you must be at least 18 years old, have full legal capacity to enter into a binding contract, and not be resident in, or a national of, any jurisdiction where the provision of our services would be unlawful or where we have chosen not to offer them.

We are required by law to verify your identity and source of funds before you can trade. You agree to provide accurate, complete and up-to-date information and documentation for identity verification, anti-money-laundering (AML), counter-terrorist-financing and sanctions screening, and to notify us promptly of any change. We may refuse to open an Account, or suspend or close an existing Account, at our discretion and in accordance with applicable law.

4. The services we provide

We provide an execution-only service. This means we carry out your Orders but do not provide investment, legal, tax or financial advice, and we make no personal recommendations. Any market commentary, research, tools or educational material we provide is for general information only and must not be treated as advice.

We operate on a true ECN (Electronic Communication Network) basis for eligible accounts, routing Orders to third-party liquidity providers. You are responsible for deciding whether each transaction is suitable for you in light of your circumstances, objectives and risk appetite.

5. Orders and execution

When you place an Order, you instruct us to deal on your behalf. We will take all sufficient steps to obtain the best possible result for you in accordance with our Order Execution Policy, taking into account price, cost, speed, likelihood of execution and other relevant factors.

Quoted prices are indicative until an Order is executed. In fast-moving or illiquid markets, the execution price may differ from the price displayed when you submitted the Order (slippage), which can be positive or negative. We do not guarantee that any Order, including a stop-loss, will be executed at the requested level.

6. Margin, leverage and negative balance protection

Leveraged trading requires you to maintain sufficient Margin in your Account at all times. You are responsible for monitoring your Account and ensuring that you meet Margin requirements. If your Margin level falls below the required threshold, some or all of your open positions may be closed automatically (a “stop-out”), without prior notice, to limit further losses.

Where applicable, retail clients benefit from negative balance protection, meaning your losses on the relevant Account are limited to the funds in that Account. Professional and certain other client categories may not benefit from this protection.

7. Costs, spreads, commissions and swaps

The costs of trading with us may include spreads, commissions, overnight financing (swap) charges, currency-conversion costs and, where applicable, other fees set out in our published schedule. On Raw ECN accounts we charge raw spreads from 0.0 pips plus a transparent commission per lot; on Standard accounts the cost is built into the spread.

Positions held open past the daily rollover may incur a swap charge or credit reflecting the interest-rate differential or cost of carry. Our fees and charges are published on our website and within the Platform and may be amended in accordance with these Terms.

8. Deposits, withdrawals and client money

You may fund your Account using the payment methods we make available. We hold retail client money in segregated accounts with established, tier-1 credit institutions, separately from our own funds, in accordance with applicable client-money rules.

To meet AML requirements, funds are generally returned to the original source of deposit up to the amount deposited, with any remaining balance paid to an account in your name. We may decline or delay a withdrawal where it would breach applicable law, our policies, or where there is an unresolved query on your Account.

9. Your responsibilities and prohibited conduct

You are responsible for keeping your login credentials confidential and for all activity conducted through your Account. You must notify us immediately if you suspect unauthorised access.

You agree not to engage in market abuse, manipulation, abusive or latency arbitrage, the use of unfair advantage, or any unlawful activity. We may void transactions, adjust Accounts, or take other action where we reasonably determine that such conduct has occurred.

10. Platform, data and intellectual property

We grant you a personal, non-exclusive, non-transferable and revocable licence to use our Platforms for your own trading. All intellectual property in our websites, Platforms, content and market data remains owned by us or our licensors. Market data is provided for your personal use and may not be redistributed.

We may carry out maintenance, suspend access, or modify the Platforms, and we are not liable for losses arising from unavailability, errors, delays or interruptions outside our reasonable control.

11. Risk acknowledgement

Trading leveraged products such as forex and contracts for difference (CFDs) carries a high level of risk to your capital and may not be suitable for all investors. You could lose substantially more than your initial deposit on non-protected accounts, and even with negative balance protection you may lose all of the funds you deposit.

By trading with us you confirm that you understand the nature and risks of leveraged products and that you have read our separate Risk Disclosure.

12. Conflicts of interest

We maintain and operate effective organisational and administrative arrangements to identify, prevent and manage conflicts of interest that may arise in the course of providing our services. A summary of our Conflicts of Interest Policy is available on request and on our website.

13. Liability and indemnity

Nothing in these Terms excludes or limits any liability that cannot be excluded or limited under applicable law, including liability for fraud. Subject to that, we are not liable for indirect, special or consequential losses, or for losses arising from market conditions, your own decisions, or events beyond our reasonable control.

You agree to indemnify us against losses, costs and liabilities we reasonably incur as a result of your breach of these Terms, your negligence, or your unlawful conduct.

14. Suspension, termination and default

Either party may terminate this Client Agreement by giving notice in accordance with these Terms. We may suspend or close your Account, cancel Orders, or close open positions where required by law, where you breach these Terms, where there is a default event, or to protect our legitimate interests.

Termination does not affect any accrued rights or outstanding obligations, including the settlement of open positions and the payment of any amounts due.

15. Complaints and dispute resolution

If you are dissatisfied with our service, you may submit a complaint in accordance with our Complaints policy. If we are unable to resolve your complaint to your satisfaction, you may be entitled to refer it to the relevant ombudsman or compensation scheme in your jurisdiction; details are provided in our final response.

16. Amendments

We may amend these Terms from time to time, for example to reflect changes in law, market practice, or our services. We will give you notice of material changes by a durable method or by posting the updated Terms on our website. Your continued use of our services after the effective date constitutes acceptance of the amended Terms.

17. Governing law and jurisdiction

These Terms, and any non-contractual obligations arising out of or in connection with them, are governed by the laws of the jurisdiction of the contracting OTOFX entity, and the courts of that jurisdiction have exclusive jurisdiction, save where applicable mandatory law provides otherwise.

18. Contact

If you have any questions about these Terms, please contact us at [email protected].