Trading Conditions

Orbex 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 Orbex 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.

Orbex 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, Orbex 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 Company reserves the rights and at its sole discretion to close or partialy close any hedged position kept by the clients for a long period without priot notice to the clients

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.

Shall mean a ratio in respect of Transaction Size and Initial Margin, 1:100 ratio means that in order to open a position, the Initial Margin required is one percent of the original contract value.

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. As your trading volume exceeds one range, the trading platform will automatically adjust your leverage according to the chart below:

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 section on our corporate website.

The client must abide the rules as declared on the Orbex 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.

Orbex 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, Orbex 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, Orbex 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.

Orbex does not apply slippage under normal market conditions, and applies it on stop pending entry or liquidation orders during times when Orbex 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 ORBEX finds suitable.

Clients acknowledge that slippage might occur as per the liquidity providers’ terms and conditions and that this is beyond the control of Orbex Global Limited and agrees to waive Orbex Global Limited 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.

Orbex 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, Orbex does not permit scalping on Fixed spread account types. In case Orbex classifies a Fixed 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.

Orbex 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.

Orbex 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.

Orbex 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:

• 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.

Orbex 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.

Market execution specifications are indicated in the table below :

* In Normal Market Conditions, otherwise, orders will be executed at the next best available market price

** Value may vary according to the account type

*** In Normal Market Conditions

Clients who wish to report a trading error are kindly requested to send an email to dealingdesk@Orbex.com.cy, or to call us directly.

Client must provide the following information so that we can assist in the event of a problem:

• Client name.
• Client account number.
• Detailed inquiry description
• Client ticket number(s) if applicable.
• Client direct contact information.

The client must inform Orbex of any trading error within 24 hours of the error time; otherwise, Orbex will not investigate the error.

Any trading error for which the company is responsible will be amended.

1. The Client acknowledges that bank wiring instructions are only provided to him by the Company along with the account details and confirmation letter.

2. The Company does not accept funds and/or payments for any trading account via a third party and the company will not proceed in any funding of a trading account unless the depositor’s name matches the name of the trading account holder. Restrictions on third party payments are set by banks and their respective authorities, which have developed extensive procedures, regulations, and laws to stop the transfer of illegal funds, commonly known as money laundering. This agreement provides the client with the assurance that funds from his account are never paid out to another party.

3. The client’s trading account must be established for trading purposes only. The company is not a bank, nor does it keep deposits as a bank. The company keeps deposits only to maintain margins supporting the trading account and trading activities.

4. The company specifies that in any case of funds being deposited and/or payments being processed by any person to the Company, without that person having a trading account and/or trading activities with the Company, the full amount of the said fund and/or payment will be returned from the Company to the person concerned using the same information and depositing channel used by the person for that specific deposit and refund fees may apply.

5. The Company actively complies with all anti-money laundering laws and regulations under all applicable domestic laws. On an ongoing basis, the company shall review clients’ account activity for evidence of suspicious transactions that may be indicative of money laundering activities. This review may include surveillance of:

• (a) Money flows into and out of accounts.
• (b) The origin and destination of wire transfers.
• (c) Other activity outside the normal course of business.

6. The Client may deposit funds into the Client Account at any time. Deposits will be accepted by bank transfer, debit / credit card, Skrill, or any other method of electronic money transfer/electronic wallets (where the originator is the Client) acceptable by the Company from time to time. The Client acknowledges that further information in relation to the deposit methods, deposit and withdrawal processing time and fees is available for the Client at the Company’s Website-Trading Accounts-Account Funding page, and he accepts that the said information is an integral part of this Agreement.

7. The Company will effect withdrawals of Client funds, either upon the receipt of a form bearing the signature of the Client which must match the specimen signature of the Client provided by him to the Company and if accordance to clause 24.7. of the Client Agreement or upon an application for withdrawal made via the My Orbex Area.

8. Upon the Company receiving an instruction from the Client to withdraw funds from the Client Account, the Company shall pay the said amount within five Business Days once, if the following requirements are met:

• (a) The withdrawal instruction includes all necessary information;
• (b) The instruction is to make a bank transfer to the account of the client; and
• (c) At the moment of payment, the client’s free margin exceeds the amount specified in the withdrawal instruction including all payment charges.

9. Withdrawals will only be affected towards the Client. The Company has the right in its absolute discretion not to affect withdrawals to any other third party or account. The Company will not affect withdrawals to anonymous accounts.

10. The Client accepts that the full amount of his first deposit will be returned by the Company to the Client, upon a withdrawal request, to the same bank account and/or credit card and/or electronic wallet account the Client used for his first deposit.

11. The Client acknowledges that the Company will not proceed with a withdrawal request of the Client when such a request is send by a different account name other than the one used by the Client for his last deposit.

12. The Client agrees that when making a deposit of a certain amount through a specific bank account and/or card and/or electronic wallet, will be obliged to withdraw the full amount of that specific deposit from that specific bank account and/or card and/or electronic wallet before using another withdrawal method.

13. The Company reserves the right to decline a withdrawal request of the Client asking for a specific transfer method and the Company has the right to suggest an alternative.

14. The Client accepts the fact that delays may occur for deposits and withdrawals requests to be processed if the Company and/or any other bank and/or card processor and/or electronic wallets service provider are unable to verify the information provided by the Client.

15. All payment and transfer charges will be borne by the Client and the Company shall reflect the Client Account for these charges.

16. The Client agrees that the Company has the right to charge the Client any service fee, including deposit and withdrawal fees, charged by any bank and/or card processor and/or electronic wallets service provider, at any time and at the Company’s sole discretion and without the consent of the client.

17. If the Client has any obligation to pay any amount to the Company which exceeds the Equity in the Client Account the Client shall pay the excess amount immediately once the obligation arises.

18. If the Client makes a payment by bank transfer, by credit card or any other method of electronic money transfer, the Company shall credit the Client Account with the relevant amount within one Business Day after the amount is cleared in the bank account of the Company.

19. Where a payment is due to the Company by the Client but enough cleared funds are not yet credited to the Client Account, the Company shall be entitled to treat the Client as having failed to make a payment to the Company and to close out the Client’s Open Positions, exercise other default remedies against the Client and exercise its rights under the Agreement.

20. The Client shall effect any margin payments or other sums due and payable to the Company in Euros, Great Britain Pounds, Swiss Francs, US dollars or Japanese Yen. The payment amount will be converted into the Currency of the Client Account at the rate determined by the bank of the Company.

21. Any amount which is not paid in accordance with clause 24 of the Client Agreement on the due date thereof shall bear interest at the Applicable Rate plus 4% per annum, for each day for which such amount remains unpaid.

22. The Client acknowledges and accepts that when his bank and/or card and/or electronic account currency is different from the deposit currency assigned and/or the currency of his trading account, the currency conversion will be performed by the bank and/or card processor and/or electronic wallets service provider of the Client, at the prevailing exchange rate of the day and fees might apply.

23. The Client is fully responsible for the payment details given to the Company and the Company accepts no responsibility for the Client’s funds, if the details provided by the Client are wrong.

24. Client’s deposits and withdrawals by wire transfer are subject to 0.00% Company fees but other fees may apply by the Banks. Bank fees vary from one transaction to another as each transaction is considered a different case.

25. The Client agrees that withdrawals will only be credited by wire transfer to the client’s personal bank account that was submitted in the Customer Account Agreement or submitted through the new account registration form on the Orbex Corporate website.

26. The Client hereby confirms and acknowledges that any payment(s) made by Credit Card(s), will bear the Client’s name and will be credited into Client’s account(s) held with the Company and that the sole purpose for such payments is in accordance with the purpose of this Agreement signed with the Company.

27. The Client acknowledges and agrees that the funding of the accounts by credit card is done directly from the company website. The client understands and accepts that the name on the credit card must match the name of the client on the account with the company and that any deposits that do not match the above description will be rejected. All fees that apply will be charged to the sender.

28. The Client accepts the advice of the Company for him to allow the visual contact of the 6 first and the last 4 digits of his card number only; and cover the CVV numbers of the back side of the card before sending a copy of his Card to the Company, for security purposes. The Client accepts that the rest of the information should remain visible such as the card holder Name, Expiry Date and Bank Name.

29. The Client accepts that the Company has the right to reject any credit card payments coming from high-risk regions.

30. The Client acknowledge and accept that all credit card transactions (deposits) are non-refundable and irrevocable.

31. The Client accepts that, for the protection of both the client and the Company, the Company may withhold orders that appear fraudulent for manual review and if necessary call the Client to confirm the order and if the Client cannot be reached within a reasonable period of time, the order may be cancelled.

32. The Client agrees that in any case of the Company confirming a fraudulent deposit made by the Client through any deposit method, the Company has the right to refund the deposited amount and/or apply a zero balance and equity to the trading account of the said Client and/or close any trading account of the said Client and/or deny the withdrawal of any profits and/or the coverage of any loss and/or waive any liability related to any loss of the client and/or reserve any legal right to take any legal action against the said Client at any jurisdiction.

33. The Client confirms that the deposits by credit card are subject to 0.00% Company fees but other fees may apply by the Credit Card Companies.

34. The Client further confirms and acknowledges that the right of the Chargeback shall not be permitted in cases when the Company has already executed a requested transaction.

35. The Client hereby confirms and acknowledges that the right of the Chargeback shall not be permitted if the Credit Card(s) has been stolen taking into consideration the 3D secure policy, used by the Company, by which such payment(s) are not approved.

36. The Client confirms and acknowledges that due to the type of services and activities provided by the Company, the Client is not permitted to claim that the performance did not correspond to a written description so as to cancel the services. Should the Client request the Chargeback claiming that the performance did not correspond as per the Client’s instruction, the Client confirms and acknowledges that the Company has the right to provide any relevant entity/person, with the required documentation in regards to such Client’s account(s), in order to prove any transactions/allegation.

37. The Client confirms and acknowledges that the Company will not be held responsible regarding any delays that may occur in regards to Credit Car(s) transactions, caused by third parties, during the process of such transactions, or due to any other laws/impediments given or made in any jurisdiction at such given time of any such transactions.

38. In the event of a dispute related to Chargeback, the Client agrees that the Company has the right to withhold the Chargeback in a reserve until the dispute is finalized. The Client understands and agrees that it may happen, as a consequence of the reserved Chargeback, that such Chargeback may reflect on any of the transaction(s) of the Client’s account(s).

39. The Client shall be liable for all and any costs paid to the credit card processor or bank(s), other parties, attorney’s fees and other legal expenses, and the reasonable value of the time that the Company spent on the matter, incurred during the process of the dispute resolution.

40. To the extent permitted by law, the Company may set off against the Balances for any obligation and liability of the Client, including without limitation any Chargeback amounts.

41. The Client accepts that the Company has the right to apply any exceptions to the terms of this section (section 24) at its sole discretion and for whatever reason and/or when such exceptions are considered at the opinion of the Company necessary and/or appropriate for the execution of such terms and/or when such terms are impossible to be executed for any reason and/or person.

42. The Client agrees that the Company may, at its own discretion and at any time and/or when in its sole opinion an abuse of the 0.00% transfer fees benefit has occurred, request and/or deduct any and/or all the transfer fee amounts from the client’ s account(s) and/or close the client’s account(s) and/or take any other action may consider necessary, as a compensation for the said abuse.

Funding accounts by credit card is done directly from the company website.

Terms and conditions for credit card payments

• The name on the credit card must match the name of the client on the account with the company.
• Any deposits that do not match the above description will be rejected. All fees that apply will be charged to the sender.
• Due to regulatory requirements, the Company has the right to reject any credit card payments coming from high-risk regions.
• Deposits in other currencies than USD will be converted in USD at the interbank exchange rates of the day.
• The company does not charge any fees for online payments, although Payment Gateways may charge you a specific percentage per payment.
• Client deposits by credit card are subject to the following fees:

– The company: NONE

– Credit card companies: YES

• Withdrawals will only be credited by wire transfer to the client’s personal bank account that was submitted in the Customer Account Agreement or submitted through the new account registration form on the Orbex Corporate website.
• We take credit card fraud very seriously. For the protection of cardholders and ourselves, we may withhold orders that appear fraudulent for manual review. If necessary, we will call you to verify the order. If we cannot reach you within a reasonable period of time, the order may be cancelled
• Clients acknowledge and accept that all credit card transactions (deposits) are non-refundable and irrevocable.

The Deposit Form includes the company’s bank information, according to which wire transfers will be made. The Client’s Trading account balance will be adjusted accordingly once we receive the funds.

Clients must ensure that beneficiary of the transfer is The Company.

Clients should include the following information as a reference in the transfer:

• Client’s full name.
• Client’s trading account number (Login).
• Bank transfers usually take between 2 and 5 business days to hit the company’s account.
• Withdrawals will only be credited by wire transfer to the client’s personal bank account that was submitted in the Customer Trading Agreement, or submitted through the new account registration form on the Orbex Corporate website.

Clients deposit and withdrawal transactions by wire transfer are subject to the following fees:

• The company: NONE
• Banks: YES

Bank fees vary from one transaction to another as each transaction is considered a different case. These variations are due to the following reasons:

• Fees set by the remitter bank and the receiving bank vary from one bank to another.
• The amount of the transaction.
• The type of currency of the transaction.
• If there is a need for an intermediate bank the cost will rise.
• Any investigation costs for the transaction performed by the bank due to the inaccuracy of the banking information provided by the client will be charged to the client’s account.
• Any other fees that might be charged to the client’s transaction by the banks.

The Company does not charge any fees for deposits or withdrawals. If any fees are applied, they are charged by the payment gateway vendor, bank or credit card company. The Company does not cover these charges. These charges are covered by the end sender/receiver of the funds. In the event that the Company is charged during a funding transaction by any third party, the Company reserves the right to pass the relevant cost back to the Client.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, the level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Risks of investing in CFDs

CFDs, especially when highly leveraged (the higher the leverage of the CFD, the riskier it becomes), carry a very high level of risk. They are not standardized products. Different CFD providers have their own terms, conditions, and costs. Therefore, generally, they are not suitable for most retail investors.

Liquidity risk

Liquidity risk affects your ability to trade. It is the risk that your CFD or asset cannot be traded at the Time you want to trade (to prevent a loss, or to make a profit).
time you want to trade (to prevent a loss, or to make a profit).

Execution risk

Execution risk is associated with the fact that trades may not take place immediately. For example, there might be a time lag between the moment you place your order and the moment it is executed.

Internet Trading Risks

There are risks associated with utilizing an Internet-based deal execution trading system including, but not limited to, the failure of hardware, software, and Internet connection. Since Orbex does not control signal power, its reception or routing via Internet, the configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the Internet.

Acknowledgement
The client acknowledges and declares that he has read, understood and thus accepts without any reservation the following:

• The value of the Financial Instrument (including currency pair, CFDs, or any other derivative product) may decrease and the client may receive less money than originally invested or the value of the Financial Instruments may present high fluctuations.
• Information on past performance of a Financial Instrument does not guarantee the present and/or future performance; the use of historic data does not constitute a binding or safe forecast as to the corresponding future return of the Financial Instruments to which such data refers.
• Some Financial Instruments may not become immediately liquid due to various reasons such as reduced demand, and the Company may not be in a position to sell them or easily obtain information on the value of such Financial Instruments or the extent of any related or inherent risk concerning such Financial Instruments.
• When a Financial Instrument is negotiated in a currency other than the currency of the client’s country of residence, any changes in an exchange rate may have a negative effect on the Financial Instruments value, price, and performance.
• A Financial Instrument in foreign markets may entail risks different than the usual risks in the markets in the client’s country of residence. The prospect of profit or loss from transactions in foreign markets is also influenced by the exchange rate fluctuations.

ORBEX Limited (the “Company”), whose registered office is at No. 6, 82nd Street, Ground Floor, 4135, Kato Polemidia, Limassol, Cyprus, is authorised and regulated by Cyprus Securities and Exchange Commission under licence number 124/10.

Following the implementation of the Markets in Financial Instruments Directive (MiFID II) as well as the Investment Services and Activities and Regulated Markets Law of 2017 (Law 87(I)/2017), the Company has established a Conflicts of Interest Policy (the “Policy”) in an attempt to take all reasonable steps to identify conflicts of interest between itself, including its managers, employees and tied agents, or any person directly or indirectly linked to the Company by control and its clients or between one client and another. that arise in the course of providing any investment and non-core services, or combinations thereof.

The Company maintains and operates effective organisational and administrative arrangements with a view of taking all reasonable steps designed to prevent conflicts of interest from adversely affecting the interests of its clients.

Identification of Potential Conflicts of Interest

For the purposes of identifying the types of conflicts of interest that arise in the course of providing investment and non-core services or a combination thereof and whose existence may damage the interests of a client, the Company takes into account, by way of minimum criteria, the question of whether the Company or a relevant person, or a person directly or indirectly linked by control to the Company, is in any of the following situations, whether as a result of providing investment or ancillary services or investment activities:

• The Company or a relevant person is likely to make a financial gain, or avoid a financial loss, at the expense of the client;
• The Company or a relevant person has an interest in the outcome of a service provided to the client or of a transaction carried out on behalf of the client, which is distinct from the client’s interest in that outcome;
• The Company or a relevant person has a financial or other incentive to favour the interest of another client or group of clients over the interests of the client;
• The Company or a relevant person carries on the same business as the client;
• The Company or a relevant person receives or will receive from a person other than the client, an inducement in relation to a service provided to the client, in the form of money, goods or services, other than the standard commission or fee for that service.

Definition of a relevant person: means any of the following:

• a director, partner or equivalent, manager or tied agent of the firm;
• a director, partner or equivalent, or manager of any tied agent of the firm;
• an employee of the firm or of a tied agent of the firm, as well as any other natural person whose services are placed at the disposal and under the control of the firm or a tied agent of the firm and who is involved in the provision by the firm of investment services and activities;
• a natural person who is directly involved in the provision of services to the investment firm or to its tied agent under an outsourcing arrangement for the purpose of the provision by the firm of investment services and activities;

Managing Conflicts of Interest

The Company has established suitable and adequate internal procedures for minimising any potential conflicts of interest. The Company maintains a compliance department that is an independent unit within the Company. Some of the duties of the compliance officer are to monitor any possible deviation from the Company’s internal policies and procedures as well as to identify and manage any possible conflicts of interest. In addition, the internal audit function is outsourced to an audit firm.

The procedures followed and measures adopted in the Policy include the following, as are necessary and appropriate for the Company to ensure the requisite degree of independence:

• effective procedures to prevent or control the exchange of information between relevant persons engaged in activities involving a risk of a conflict of interest where the exchange of that information may harm the interests of one or more clients;
• the separate supervision of relevant persons whose principal functions involve carrying out activities on behalf of, or providing services to, clients whose interests may conflict, or who otherwise represent different interests that may conflict, including those of the Company;
• the removal of any direct link between the remuneration of relevant persons principally engaged in one activity and the remuneration of, or revenues generated by, different relevant persons principally engaged in another activity, where a conflict of interest may arise in relation to those activities;
• measures to prevent or limit any person from exercising inappropriate influence over the way in which a relevant person carries out investment or ancillary services or activities;
• measures to prevent or control the simultaneous or sequential involvement of a relevant person in separate investment or ancillary services or activities where such involvement may impair the proper management of the conflicts of interest.

Below, the Company states some of the policies and procedures that it has implemented for managing possible conflicts of interest:

• Establishment of Chinese Walls for preventing the communication of material non- public information between departments.
• In the case where the Company distributes marketing communication to its clients, it ensures that the said communication is reviewed and approved by the compliance officer prior to distribution. The compliance officer also ensures that such communication meets the relevant definition of marketing communication as well as having the appropriate disclosure statement.
• For avoiding any abuse of position, the four-eye principle is implemented.
• Personal account dealing restrictions are in place for minimising the relevant person’s own transactions.
• For further details with regards to the Company’s conflicts of interest policies and procedures, please contact the compliance department at compliance@orbex.com.cy and request for such documentation.

Amendment / Review

The Company has the right to amend the current Policy at its discretion and at any time it considers is suitable and appropriate. The Company shall review and amend the current policy at least on an annual basis.

Where organisational or administrative arrangements made by the Company to manage conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to client interests will be prevented, it shall clearly disclose the general nature and/or sources of conflicts of interest to the client before undertaking business on its behalf.