Trading 212

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Client Agreement

Trading 212

Client Agreement

For your own benefit and protection you should read this Client Agreement and all other documentation supplied to you carefully before creating an account with us. If you do not understand any point or are unsure as to the nature of the risks involved, please ask for further information.

1. Introduction.

1.1. Any reference in this Agreement to “we”, “our” and “us” shall be to Trading 212 Markets Ltd. (Trading 212). Any reference to “you”, “your” and “Client” shall mean you as a customer of our services under this Client Agreement.

1.2. We are authorised and regulated by the Cyprus Securities and Exchange Commission (“CySEC”). Having a license number 398/21 and we are operating under the Investment Services and Activities and Regulated Markets Law 87(I)2017 which transposes the Directive 2014/65/EU on Markets in Financial Instruments (“MiFID II”). You can check this by visiting the CySEC’s website: https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/, or by contacting the CySEC at +357 22506600. The CySEC’s registered address is 19 Diagorou Str. CY-1097 Nicosia. References to the CySEC shall include any successor, governing or regulatory body that may replace, supersede or take over any of the functions of the CySEC.

1.3. Our address is 18 Santorinis, 4004, Limassol, Cyprus and we are incorporated with the Cyprus Registrar of Companies and Official Receiver having a registration number HE 409763. We trade using the name “Trading 212” and our website is www.trading212.com.

1.4. Please read the Client Agreement carefully before opening an account with us. You should understand that by opening an account with us, you agree to be legally bound by the Client Agreement.

1.5. You can accept the Client Agreement on our website by ticking the declaration that you have read, understood and agree to the Client Agreement. Please understand that if you refuse to accept the Client Agreement, you will not be able to open an account with us.

Subject to the above regulation, we hereby grant you a personal, revocable, non-exclusive, non-transferable and non-sub-licensable license that is limited to the provisions of this Agreement to access and use our Services (including the use of our Online Trading Facility and any associated downloadable Software), all as described in further detail hereinafter.

Under this Agreement, we may we provide you, as our client, with any of the following services (“Services”):

  • - Reception and transmission of orders in relation to one or more financial instruments.
  • - Execution of orders on behalf of clients.
  • - Dealing on own account.
  • - Safekeeping and administration of Financial Instruments for the account of clients, including custodianship and related services such as cash/collateral management.

2. Definitions.

2.1. The following words and phrases shall have the following meanings:

Account” means an account opened with us in your name to trade with CFDs on Currency Pairs, Stocks, Indices and Futures. Any entries in that account shall only be made upon the performance of the subject matter of this Agreement;

Agreement” between the Client and the Company, shall mean the Business Terms and any additional documents expressed to be part of the Business Terms accepted by the Client;

Authorised Person” means one or more persons authorised by you, by means of a list attached hereto, to give instructions to us under the provisions of clause 10;

Auto Rollover” is a setting applicable to Futures, where if it is activated the instrument will automatically renew the contract on the expiry date under the same terms as were applicable in the previous contract. The client will be notified of the renewing and will have the option to change the setting at any point;

Business Day” shall mean any banking day in the Republic of Cyprus.

Close-only Limitation” is a limitation, where Your ability to open new positions or place new Buy orders is restricted or disabled;

“Cryptocurrency’’ means any digital virtual currency used as an underlying instrument on which the contract for difference is based;

Currency Pair” means an instrument for speculation on the currency markets. The currency pair is the correlation of the currencies of two countries, e.g. EUR/USD, and is further described in clause 15.1;

Contract for Difference”, or “CFD” shall mean a Financial Contract for Difference on spot Forex, stocks, equity indexes, precious metals, virtual currency or any other commodities available for trading;

Eligible Counterparty” shall mean eligible counterparty as defined in the Second Appendix of Part I of the Law 87(I)2017 of CySEC;

CySEC Rules” means the Handbook of Rules and Guidance of the CySEC, as amended and/or updated from time to time;

Financial Instrument” has the definition set out in the Third Appendix of Part I of Law 87(I)2017;

Futures” means a contract for difference based on an exchange-traded futures contract. Every futures contract expires on a certain expiry date.

Index” means a contract for difference based on a stock exchange index, and “Indices” shall be construed accordingly;

Interest Swap” means an interest payment which is either paid or received by the client for keeping open positions overnight.

Leverage” shall mean the ratio in respect of Transaction size and initial Margin. 1:30 ratio means that in order to open a position the initial Margin is thirty (30) times less than the Transactions size.

Long position” means the purchase of a financial instrument by you;

‘‘Manifest error’’ means an obvious error in the quotes of the Financial Instruments which substantially deviates from the prevailing market price and which has occurred as a result of a system or technical error.

Market Hours” means the time span of trading on the financial markets as indicated on the website www.trading212.com. During those market hours, the Client shall have the right to place orders for execution for those Financial Instruments whose exchanges are open for trading.

Minimum Order” means the minimum number of units of the financial instruments for which we give quotes;

Order” means an instruction to buy or to sell as placed by you via your Account on the Trading Platform;

Professional Client” shall mean professional client as defined in Part I and II of the Second Appendix of the Law 87(I)2017;

Restricted Price Zones” means time zones that we shall not allow you to trade in;

Retail Client” when used in this Agreement, unless the context otherwise requires, shall mean any client who is not a ‘Professional Client’ for purposes of client categorization/classification under MiFID II;

Scalping” means a speculative type of trading where the opening and closing of a position is executed within a very short timeframe (e.g. five minutes or less);

Services” means the services we provide for trading CFDs as specified in clause 4.1;

Short position” means the sale of a financial instrument by you;

Stock” means a share of a public company, registered for trading on a foreign stock exchange;

Terms and Commissions Table” means the table entitled “Terms and Commissions” available at our Website;

Trading Platform” means the electronic trading platform on our Website;

Website” means our website at www.trading212.com or any such other website operated by Trading 212 which may be accessed by the Client.;

Working Day” means any day which is not a Saturday or Sunday, public or bank holiday in Cyprus.

2.2. References in this Agreement to the CySEC Rules and any other rules, regulations, or laws shall be to such CySEC Rules, rules, regulations and laws as modified, amended, restated or replaced from time to time.

2.3. References to clauses shall be to clauses of this Agreement.

2.4. Headings are included for convenience only and shall not affect the interpretation of this Agreement.

2.5. Any words following the terms including, include, in particular or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms.

3. Scope of this Agreement.

3.1. The Agreement between you and us includes the Client Agreement, the Terms and Commissions Table, Key Information Document (“KID”), the Risk Disclosure Notice, the Conflicts of Interest Policy, the Order Execution Policy, your Application Form and any additional terms and conditions issued by us (together referred to as the “Agreement”).

3.2. This Agreement shall apply solely to the Services and shall not apply to any other services we may supply to you.

3.3. This Agreement cover the entire scope of Services provided by us including, but not limited to, the access and use of our Online Trading Facility, data collection and storage practices, downloadable material from our Online Trading Facility, financial information published on our Online Trading Facility (either by us or by any affiliated party), electronic content, real time information, inter alia, about the exchange rate of some currencies, tools for executing transactions in the foreign exchange market through the internet, by phone or fax and any other features, content or services that we may add in the future.

3.4. These Terms and Conditions cover any form of communication between us and you including Electronic Messaging, e-mail, telephone, fax and more.

4. Services.

4.1. We shall provide execution-only services as agreed in writing between us (“Services”), which may consist of receiving, transmitting and executing Orders for:

4.1.1. trading with CFDs on Currency Pairs;

4.1.2. trading with CFDs on Stocks and Indices; 

4.1.3. trading with CFDs on Futures and Commodities; and

4.1.4. trading with CFDs on Cryptocurrencies.

4.2. The Services shall be subject to any limits or restrictions which are contained in this Agreement and which are required by statute, regulation, law or financial market. CFD transactions shall not confer to you any right, voting right, title or interest in any underlying instrument or entitle and/or oblige you to acquire, receive, hold, vote, deliver, dispose of or participate directly in any corporate action of any underlying instrument.

4.3. We shall provide the Services using reasonable care and skill, but you acknowledge that we shall not provide you with any advice on the merits or suitability of you entering into this Agreement or any Order. We shall not provide you with any investment advice and we shall not be liable for your investment decisions. We may provide, via the Trading Platform, general information on charts, current information on the status of an instrument or a market where the instrument is traded, calendar, news, analyses, training materials (including video training), market sentiment, technical indicators, and other associated information. You acknowledge that this information is provided "as is", being general information only, and is neither advice, nor a recommendation to make transactions. Our staff should not give advice. If any of our staff is deemed to give you advice, you agree that such advice is given without the company’s knowledge or permission.

4.4. Trading with CFDs entails a high level of financial risk. You may lose all the money in your Account (see clause 21 “Risk Warnings” below). You warrant, represent and undertake (promise) that you shall place all Orders for transactions in your own name and at your own risk and expense. You acknowledge that as an execution-only client to whom we give no advice, the onus is always on you to establish whether a transaction is suitable for you and you rely solely on your own judgement in deciding whether to enter or refrain from entering a transaction or in deciding how to avoid a loss or secure a profit.

4.5. We shall not be responsible for the provision of any tax or legal advice in relation to the Services.

4.6. We shall open an Account in your name in the selected available currency. You shall be able to use your Account to trade once you deposit into your Account at least the amount specified in the Terms and Commissions Table and the account has been confirmed as verified.

4.7. You may make a profit or incur a loss as a result of the Orders executed. All profits and losses shall be re-calculated immediately into the currency in which the Account is opened, pursuant to clause 4.6.

4.8. The Order shall only be deemed to be placed by you upon our confirmation of its receipt via the Trading Platform.

4.9. All transactions under this Agreement shall be concluded via your Account. Under this Agreement, we shall guarantee that your assets shall be identified and stored with us separately from our own assets, including via your Account.

5. Regulatory Compliance.

5.1. In compliance with law and regulation, we shall categorise our clients into three main categories: “eligible counterparties”, “professional clients” and “retail clients”. We shall treat you as a retail client in accordance with the CySEC Rules, so that you shall have the highest level of regulatory protection. Eligible counterparties and professional clients are considered to be more experienced, knowledgeable, sophisticated and able to assess their own risk, and therefore are given a lower level of regulatory protection. As a retail client you may request a different client categorisation from the one we have allocated to you. Please note that we may decline your request to re-categorise. If we agree to such a request, you may be given a lower level of regulatory protection.

5.2. The Services and products we offer will not be appropriate for everyone. We have therefore identified our target market and we would normally expect our Services to be used by individuals to whom some or all of the following apply: individuals who have the ability to bear 100% loss of all funds invested; individuals who have an acceptable level of knowledge and/or experience to understand the characteristics of CFDs and risks associated with trading on margin; individuals who have a very high-risk tolerance and individuals who intend to use the trading instruments for short-term investment, speculative trading, portfolio diversification or similar.

6. Rights and Obligations.

6.1. During the market hours as per item 2.1. of the Agreement, you shall have the right to receive quotes, place Orders, receive confirmations for the executed transactions and see statements of your Account.

6.2. You shall monitor your open positions and shall bear the risk of suffering losses from your trading activity. We provide retail CFD clients with negative balance protection on their accounts. Negative balance protections shall not be applicable to Professional clients and eligible counterparties. Unless you have been classified as a Retail client, we reserve the right to claim negative balance on your account. However, it should be noted that the Company reserves the right to unilaterally lift this protection and recover the negative balance from the future deposits of Clients who are repeatedly employing high risk trading strategies i.e. overleveraging, with a result their account to close negative in more than one time.

6.3. We shall provide a statement and a confirmation of your transactions, as well as an Account Balance and a record of all transactions for your Account, via the Trading Platform. You shall check the electronic statements received from us and notify us in case of any discrepancy.

6.4. We shall not accept Orders for transactions when:

6.4.1. the relevant market is closed for trading;

6.4.2. you do not have enough money in your Account to execute the transaction; or

6.4.3. there are events as described in clause 25 “Force Majeure”.

6.4.4. We suspect that You have malicious attitude towards us or there is evidence of such attitude;

6.4.5. We suspect that You are using/have previously used front running practices and/ or have acquired and misused inside information and/ or any other information protected by law or the relevant market practices. In such cases, We shall have the right to refuse to execute your Orders or instructions and to void all of Your trading transactions, even if they have already been confirmed by us, without stating any reasons for such a decision. In this case, We shall have the right to not pay the amounts received in your Account as a result of such transactions; 

6.4.6. We detect serious technical problems which impede the normal functioning of the Trading Platform and/or a Manifest error has occurred;

In the above cases, We shall not be held liable for any damages incurred by You.

6.5. You acknowledge that sometimes there may be technical issues or faults with the Trading Platform.

6.6. You agree that all pending Orders ('Stop' Orders) placed by you may be executed at a price different from the specified one in the case of sharp fluctuations in the price of the instrument.

6.7. By signing the Agreement, You are informed that а Manifest error may occur in the prices of certain Financial instruments to which You have access via the Trading Platform. Such Manifest error may result from technical errors or delays in obtaining the necessary information, which could make the quote incorrect. Any declaration by us of Manifest error will be made in good faith and based on a reasonable assessment of all relevant information.

6.8. If Manifest error in a specific quote is found, We shall be entitled at our discretion to cancel the Order and the relevant consequences – in terms of either a profit or a loss for You – immediately upon detection of such Manifest error. We shall not be liable for any damages or consequential loss incurred by You as a result of such cancellation, except for damages resulting directly from our gross negligence or willful misconduct.

6.9. We shall have the right to modify at our sole discretion the Margin requirements, Interest Rate Swaps, commissions, minimum and maximum trading amounts, minimum and maximum number of units of each Financial Instrument and alike.

6.10. We shall have the right to introduce new Financial Instruments and Market Hours for trading at the Trading Platform and to suspend and/ or remove from the Trading Platform any Financial instrument and Market Hours at our sole discretion.

6.11. We reserve the right to implement a minimum withdrawal amount limit to your Account without prior notice and at our sole discretion. In such case the minimum withdrawal amount will be 100 EUR (or equivalent in the account currency).

6.12. You hereby undertake to inform Us every time a card used by You to make payments to Us has been blocked, deactivated or otherwise suspended. Save for cases where a card has expired, we shall not be liable if we should satisfy Your withdrawal request by way of paying money back to a card which has been blocked, deactivated or otherwise suspended without Your prior notification thereof.

6.13. We shall have the right but not the obligation to unilaterally terminate the Agreement on our sole discretion and without prior notice in the event that Your account balance is 0 (zero) and You haven’t logged in to your account for a period of six straight months (180 days).

6.14. We reserve the right to place a Close-only Limitation in the following cases, but not limited to:

  1. Where We have a suspicion of unlawful activity;
  2. Where We have suspicions of restricted or abusive trading activity;
  3. When we have issued you with a notice informing you of our intention to end our business relationship with you / close your account;
  4. Where We have reasonable grounds to believe that allowing You to continue trading will be detrimental You as a client; or
  5. Where You have not provided your express consent whenever we have requested such, including but not limited to, in the event that we need to obtain express consent in order to introduce new features on the Trading Platform.

6.15. You can only make deposits/withdrawals to and from accounts in your own name. deposits/withdrawals from/to third parties are not permitted and will not be processed. By agreeing to make a deposit, You confirm you are depositing your own funds for your own trading with Trading 212.

6.16. You are not allowed to have more than one CFD account. If you are not complying with this rule we may terminate all of your agreements with us.

7. Liability – your attention is particularly drawn to this clause.

7.1. We shall provide the Services to you with due care and skill but we shall not guarantee the performance or profitability of your investments. We shall not be liable for any losses of income, revenue or profit that result from Your trading activity on the Trading Platform.

7.2. Save as set out in clauses 7.3 and 7.4, we accept liability to you where you have suffered loss as a direct result of our breach of this Agreement or as a direct result of our negligence, fraud or wilful default.

7.3. Subject to clause 7.5, we shall not be liable for losses that result from our failure to comply with this Agreement that fall into the following categories:

7.3.1. loss of income or revenue;

7.3.2. loss of business;

7.3.3. loss of profits;

7.3.4. loss of anticipated savings;

7.3.5. loss of data; or

7.3.6. waste of management or office time.

7.4. Subject to clause 7.5, we shall not be liable for:

7.4.1. an event as set out in clause 25 “Force majeure”;

7.4.2. any failure by any counterparty, intermediate broker, bank, custodian, market or market operator, exchange, clearing house, depositary or other third party with whom you do business;

7.4.3. changes to the trading terms of the relevant stock exchange or currency market;

7.4.4. the failure of any third party trading systems, software or services not provided by us;

7.4.5. any Manifest error in a specific quote to the extent that the error could not have been prevented as a result of our due care and skill;

7.4.6. an inaccurately placed Order by you, interruption of the connection or failure of the means of communication; and

7.4.7. temporary technical difficulties or circumstances that make it impossible to carry out transactions on a given market and produce quotes, unless caused by our breach of this Agreement, negligence or wilful default.

7.5. Nothing in this Agreement shall exclude or limit any duty or liability either Party may have to the other for:

7.5.1. death or personal injury caused by our negligence;

7.5.2. fraud or fraudulent misrepresentation; or

7.5.3. liability that cannot be excluded under any applicable laws or the CySEC Rules.

7.6. You shall reimburse us for any loss which we may suffer as a result of you breaching this Agreement. However, you shall not be liable to reimburse us if we, or a third party, are to blame for our loss. We shall take reasonable steps to minimise our losses in any situation where you are required to reimburse us.

7.7. The Company will not be held liable for any loss, cost or charge incurred resulting directly or indirectly from the exercise of our right to place restrictions on Account or take any other action as provided in this Client Agreement.

7.8. You hereby agree and acknowledge that in the event of downtime of the Trading Platform You shall waive any claims against Trading 212 of missed profits and/or claims that You would have executed an order on a specific price during the downtime.

8. Latency Trading.

8.1. Where we believe that latency in the Trading Platform is being unfairly exploited by you, we may at our absolute discretion void all Orders and return to you only the funds deposited net of any earlier withdrawals, and then close your Account.

8.2. Such trading is recognised by a high volume of transactions which are opened and closed within an unusually short period of time as compared to the ‘average’ client, with a disproportionate number placed advantageously between the price of trade and the price of the underlying market instead of the 'random distribution' that would be expected when the Trading Platform is used 'fairly'.

9. Margin and Settlement.

9.1. For each open position, we shall ring-fence a part of the funds you deposit as collateral. These funds are known as “margin” and you cannot withdraw them. Information on the current margin rates is available on our Website, as well as in the Terms and Commissions Table.

9.2. You shall at all times maintain an appropriate margin level as per clause 9.1 and you shall independently monitor the compliance of the margin and recover it instantly when it drops below the required minimum.

9.3. If you fail to provide the required margin under clause 9.1 (if the total of your Account balance falls below the minimum margin required), we shall inform you instantly via the Trading Platform which provides access to your Account status.

9.4. You acknowledge and agree that upon our receipt of the information under clause 9.3, we shall close the open positions at current market prices without informing you in advance, in order to prevent you from sustaining losses exceeding the funds deposited in your Account. Under this Agreement, you agree to the price levels of the transactions upon closing the positions. You shall be informed about your closed positions by means of an instant notification via the Trading Platform that gives you access to your Account balance, or by an automatically generated email.

9.5. The provisions under clause 9.4 shall apply when the shortage of funds exceeds 50% of the margin required, and all of your open positions shall be closed one by one or simultaneously.

9.6. The procedure and actions under clauses 9.4 and 9.5 in case of margin shortage are automatically set in the Trading Platform and are activated with no human intervention.

9.7. The procedure and actions under clauses 9.4 and 9.5 shall be performed to protect you from the accumulation of large losses that would be expressed in a negative account balance, but that protection is not available to professional clients and eligible counterparties. Thus, you shall avoid the assumption of additional liabilities exceeding the funds in your Account.

9.8. You shall have the right to withdraw money from your Account up to the amount of the free money in your Account. No payments to third parties from your Account shall be allowed. Bank deposits from third parties to your Account shall not be accepted either. You shall have the right to transfer money to our bank accounts only after signing an agreement with us and receiving a username and password to access the Trading Platform.

10. Instructions and Communication.

10.1. You shall place Orders via the Trading Platform, after logging in with your username and password.

10.2. You agree that we may record all communications between you and us, and use such recordings, or transcripts of such recordings, as well as any e-mails, recorded chat messages or other communications you send to us through our Platform or otherwise, for training purposes, for the purposes of investigating any complaint you may make, or for any other legal or regulatory purposes including as evidence in any dispute or anticipated dispute between you and us. Upon your request, we will provide a copy of such records to you within a reasonable period.

10.3. All notices/information provided by the Company or received from the Clients should be in English. Translation or information provided in languages other than English in our website is for informational purposes only and does not bind us or have any legal effect whatsoever; we have no responsibility or liability regarding the correctness of the information therein.

10.4. Such notices/communications shall be deemed to have been received by the Client and transmitted in the proper manner once the Company has placed them on the Platform or sent them by e-mail. The Company shall not be liable for any delay, modification, re-routing or any other modification that the message might undergo after being sent by the Company.

10.5. The Company shall accept orders placed in the Trading Terminal of the Client to contact and transmit instructions to the Company

10.6. The Client is given the option to place with the Company the following Orders for execution:

  • The Client places a “Market Order” which is an Order instantly executed against a price that the Company has provided. The Client may attach to a Market Order a Stop Loss and/or Take Profit. Stop Loss is an Order to limit Client’s loss, whereas Take Profit is an Order to limit Client’s profit.
  • The Client places a “Pending Order“, which is an Order to be executed at a later time at the price that the Client specifies. The Company will monitor the Pending Order and when the price provided by the Company reaches the price specified by the Client, the Order will be executed at that price or the first available price. The following types of Pending Orders are available: Buy Limit, Buy Stop, Sell Limit and Sell Stop. The Client may attach to any Pending Order a Stop Loss and/or Take Profit.
  • The Company will cancel any Orders that remain non executed for three months from the date the Order was placed.

10.7. The Client confirms that he is aware of the risks associated with using these communication methods, in particular the risks that could result from a fault or a misunderstanding at the time instructions are transmitted. The Client declares that he assumes responsibility for all consequences that could result there from.

10.8. The Company shall not incur any liability by refusing to carry out orders given by a person whose identity has not in its opinion been sufficiently verified.

10.9. The Client shall be responsible for all orders and for the accuracy of all information sent via the Internet following the use of the Client’s name, his password or any other personal identification method set up to identify the Client, regardless of who the actual user is. Any person who identifies himself in accordance with the Client’s identification methods shall be considered as being authorised to use the Company’s services. The Company shall consider such orders or communications as having been authorised and issued by the Client. It is the Client’s responsibility to keep passwords confidential and to prevent unauthorised use of his passwords and his Trading Terminals.

10.10. Prior to any transfer order, the Company may request an original written confirmation duly signed by the Client.

10.11. Any order sent by the Client via the Trading Platform shall only be considered as having been received, and shall not constitute a valid instruction and/or a Contract between the Company and the Client, until the instruction has been registered as executed by the Company and confirmed to the Client by means of a Transaction confirmation.

10.12. The Company bears no responsibility for delays or errors occurring during the transmission of orders or other communication messages via computer, for the accuracy of information received via computer or for any loss that may be incurred by the Client as a result of the inaccuracy of this information.

10.13. The Client has the right to use a Power of Attorney to authorise a third person (representative) to act on behalf of the Client in all business relationships with the Company as defined in this Agreement. The Power of Attorney should be provided to the Company, accompanied by all the requested identification documents of the representative. If there is no expiry date, the Power of Attorney will be considered valid until revoked by a written termination by the Client.

10.14. The Company has the right to refuse to transmit a Client’s order for execution without giving any notice and/or explanation to the Client. Among, but not limited to, the cases that the Company is entitled to do so are the following:

  • If the Client does not have the required funds deposited in the Company’s Client Account;
  • If the order violates the smooth operation of the Trading Platform;
  • If the order aims at manipulating the market of the specific Financial Instrument;
  • If the order is a result of the use of inside confidential information (insider trading); and
  • If the order aims to legalise the proceeds from illegal acts or activities (i.e. money laundering).

10.15. The Client needs to be aware that the Company will refuse to accept or it may cancel any orders placed and/or executed via the Trading Terminal without any notice if it comes to its attention that the logic behind those orders is to abuse the whole system (i.e. use of specific expert advisors to generate volume by opening and closing positions at the same price) in order this way to gain unfairly benefits for the Client and which is beyond the traditional scope of fair trading.

10.16. The Company, at its own discretion and without notice, might impose on an account or instrument basis a limit on the Net Open Position. The company has the right to reject to open any new positions if the result after opening the positions would increase the Net Open Position of a certain instrument above the limit set.

10.17. Please note that it is within the rights of the company and without any prior notice to the client to set an instrument in a close only mode. Therefore the client consents and acknowledges that he/she will not be able to open new positions on a certain instrument but only to close the existing ones.

10.18. The Client understands that reports and confirmations of order executions, cancellations or modifications may be erroneous for various reasons. Such confirmations are also subject to change at the Company’s discretion, in which case the Client shall be bound by the actual order execution, so long as it is consistent with the Client’s order. In the event that the Company confirms an execution or cancellation in error and the Client unreasonably delays in reporting such an error more than 24 hours, the Company reserves the right to require from the Client to accept the trade, or remove the trade from the Client’s Account, in the Company’s sole discretion.

11. Making Deals: Types of Orders.

11.1. The transactions between us shall be concluded by using the means of communication specified in clause 10.

11.2. For each transaction, you shall receive a quote from the Trading Platform. The quote shall only be valid until replaced by a new one, which shall happen automatically on the Trading Platform.

11.3. Neither of us can cancel the execution of an Order if the Order is executed at a valid quote price and you have confirmed that you want to “buy” or “sell” the desired quantity of the relevant instrument.

11.4. We shall quote two prices for each instrument via the Trading Platform: the “BUY” price and the “SELL” price. You shall buy at the “BUY” price and shall sell at the “SELL” price.

11.5. You may place the following types of Orders:

11.5.1. “Market Order” – this order is executed immediately at the current market price; if there is a change in the market price before the execution, then:

11.5.1.1 Your order shall be automatically executed at a better price if the price change is in your favour.

11.5.1.2 You shall receive a requote with the new price if the price change is against you.

11.5.2 “Associated Order” – this order shall be executed if the market price reaches the price specified in the order. This order is associated with an open position. If the open position is closed, then the Associated Order shall be automatically cancelled. During market hours the Associated Order shall be executed at the specified price. The Associated order may be executed at a different price when the market opens. There are 3 types of Associated Orders:

11.5.2.1 “Stop Loss” order - it is used to close the open position at a certain loss. The platform may show you the target loss in the currency of your account. This information is indicative and not guaranteed.

11.5.2.2 “Take Profit” - it is used to close the open position at a certain profit. The platform may show you the target profit in the currency of your account. This information is indicative and not guaranteed.

11.5.2.3 “Trailing Stop” – a Stop loss order where the specified price follows the market price at a certain distance.

11.5.3 “Entry Order” – this order shall be executed if the market price reaches the price specified in the order. The entry order is used to open a new position or to modify an existing open position. The execution price of the Entry order is not guaranteed. This order may be executed at a different price especially when the market is volatile or not liquid. There are 3 types of Entry orders:

11.5.3.1 “Stop/Limit” – this is either a “Stop” order or a “Limit” order. The trading platform shall automatically set the type of the order according to the current market price and the specified price.

11.5.3.2 “OCO” or “One cancels the other” – is a combination of two Entry orders where the execution of one of them automatically cancels the other.

12. Client Money.

12.1. Any money which we hold for you shall be held as client money in accordance with the CySEC Rules on client money.

12.2. We shall not pay any interest on the money we hold for you (other than the Interest Rate Swaps as described in clause 13.4).

12.3. You agree that we can release your account balance from the client bank account after a period of 6 years, given that there is no movement on your account during this period and you have not claimed your balance 28 days after our Notice of our intention to do this. In this case we shall make and retain records of your balance that is released from the client bank account. We also undertake to make good any valid claim against your released balance.

12.4. Unless otherwise agreed with you in writing, the Company will deal with any funds that we hold on your Account in accordance with the relevant provisions of “Safeguarding the Clients’ Money” that are provided in the applicable CySEC’s legislation. All amounts handed over by the Client to the Company or which the Company holds on behalf of the Client, for the provision of Investment Services, shall be held in the name of the Client and/or in the name of the Company on behalf of the Client in a Client Bank Account. This means that your funds will be segregated from our own money and cannot be used in the course of our business.

12.5. We may hold your money and the money of other Clients in the same Client Bank Account (omnibus account). In this case we are able to identify your money through our back office and accounting system.

12.6. The Company aims to hold your money only in EEA regulated financial institutions which employ and have Client Money rules similar to ours and which are supervised by regulatory authorities of equivalent status to ours. In the unlikely event that we may hold Client Money outside the EEA, the legal and regulatory regime applying to any such financial institution will be different from that of the EEA and in the event of the insolvency or any other analogous proceedings in relation to that financial institution, your money may be treated differently from the treatment which would apply if the money was held with a financial institution in an account in the EEA.

12.7. We do not hold Clients’ Money in unregulated financial institutions. We may, however, pass on Clients’ Money to any regulated third party (e.g. a bank, a market maker or liquidity provider, merchant, e-wallet, intermediate broker, OTC counterparty or clearing house) to hold or control in order to effect a Transaction through or with that person or to satisfy your obligation to provide collateral (e.g. initial Margin requirement) in respect of a Transaction. We carry out annual risk assessments of all regulated third parties we work with but have no responsibility for any acts or omissions of any regulated third party to whom we pass money received from you. The regulated third party to whom we pass money may hold it in an omnibus account and it may not be possible to separate it from our money, or the third party’s money depending on the third party’s regulatory provisions. In the event of an insolvency or any other analogous proceedings in relation to that regulated third party, we may only have an unsecured claim against the regulated third party on behalf of you and our other Clients, and you may be exposed to the risk that the money received by us from the regulated third party is insufficient to satisfy the claims of you and all other Clients with claims in respect of the relevant account. The Company accepts no responsibility for any funds not deposited directly into the Company’s bank accounts, for losses (directly or as a result of) due to delays and/or failures to deposit/remit funds through affiliated and/ or third parties.

12.8. As long as the Margin required on the Client’s Account for maintaining her open Transactions with the Company the Client agrees that the Company has the right to transfer ownership of this Margin from the Client to the Company, to be maintained by the latter as security and be returned by the Company to the Client on closing of the Client’s Transactions. In this case, the Margin will be considered as a debt due by the Company to the Client and not as Client Money therefore it could be used by the Company subject to the repayment obligation.

12.9. Client Money is kept off balance sheet and cannot be used to pay back the Company’s creditors in the unlikely event of the Company’s default. In addition, the Company will not be liable for any failure or insolvency of any bank and/or financial institution in which Client Money is held, however, applicable investor compensation or deposit protection schemes may protect a proportion of the money in default.

13. Charges.

13.1. You shall pay our charges and/or commissions details of which are set out in the Terms and Commissions Table and may be amended from time to time by written notice from us to you. Charges shall be recorded and indicated on confirmations and monthly statements.

13.2. The Terms and Commissions Table sets out details of arrangements which involve the payment or receipt by us of any fee or non-monetary benefit to or from any person other than you in connection with the Services provided by us under this Agreement. Further details of these arrangements shall be disclosed to you as soon as practicable following notice in writing to us requesting such disclosure.

13.3. You shall be responsible for the payment of any commissions, transfer fees, registration fees, taxes, duties and other fiscal liabilities and all other liabilities and costs properly payable or incurred by us under this Agreement. Our policy is to pass on to the clients the fees charged by our agents for depositing funds. We will not charge you for withdrawing money from your account.

13.4. For each day when you have an open position you shall pay or receive an Interest Rate Swap as specified in the Terms and Commissions Table.

13.5. All fees and expenses payable by you shall be deducted from your account, and if an Interest Rate Swap is positive, it shall be transferred to your account and you agree and understand that any other obligation and liability towards us is subject to unilateral set-off from your side going back to the beginning of our contractual relationship.

13.6. The Company is entitled to debit the Client’s Account with any value added tax, or any other tax, contribution or charge which may be payable as a result of any Transaction which concerns the Client. These charges include, but are not limited to, settlement and exchange fees, regulatory levies or legal fees.

13.7. The Company is not responsible for paying Client’s tax obligations in relation to possible income tax or similar taxes imposed on him by his jurisdiction on profits and/or for trading in Financial Instruments.

13.8. You agree that Trading 212 will not be liable for any additional fees you may be charged by any bank, credit card provider or other third-party payment services provider, which you use for the transfer of funds to and from us.

14. Reporting.

14.1. We shall send you a confirmation in respect of each Order within the time required by the CySEC Rules (normally within one (1) Working Day of the execution of an Order). We shall send such confirmation by electronic means of communication, including via the Trading Platform, or via your email. Every Working Day we shall provide you with real-time statement and confirmation of your transactions through the Trading Platform that gives you access to your Account balance. We shall email you with your Account statement in accordance with CySEC requirements. Performance measurement shall not be provided other than by special arrangement. The statement shall include details of the contents and value of your Account and open positions and such other information as may be agreed from time to time by us or as is required to be disclosed under the CySEC Rules.

14.2. You must check statements received from us. Any confirmation or statement of account or any certificate issued by us in respect of any transaction or other matter shall be conclusive and binding on you unless objection in writing is received by us within one Working Day of the actual or deemed delivery date.

14.3. Where we are required under applicable law to report transactions with you to the CySEC or otherwise, you will need to provide us with your national insurance number or such other information as we may require to determine your national client identifier, before you can place Orders via our Trading Platform.

15. Trading with CFDs on Currency Pairs and Cryptocurrencies.

The Contract for Difference, or CFD, is a derivative Financial Instrument created on the basis of a Stock, an Index, a Cryptocurrency, a Futures contract, or another Financial Instrument (base instrument). The CFDs are created to enable You to speculate on the price of a Stock, an Index, a Cryptocurrency, a Futures contract or other Financial instruments without physically buying the base instrument.

15.1. The price of a Currency Pair shows the exchange rate at which the two currencies are traded. Purchase of a Currency Pair means the purchase of the first currency of the pair and the sale of the second one. Sale of a Currency Pair means the sale of the first currency of the pair and the purchase of the second one. Transactions in Currency Pairs do not include the actual delivery of currency. They are traded for speculation purposes only.

15.2. You acknowledge and agree that the prices of the Currency Pairs are indicated by the Trading Platform and may have minimal differences from the prices quoted by other investment intermediaries.

15.3. Profits and losses generated by trading with Currency Pairs are always in the second currency of the pair. For instance: if you trade EUR/USD, you shall incur profits or losses in US dollars.

15.4. All transactions with Currency Pairs shall be concluded in accordance with clause 11, using the methods of communication specified in clause 10.

15.5. We may, at our complete discretion, determine Restricted Price Zones in which you cannot place pending Orders. Usually these are prices which are too close to or too far from the market price of an instrument.

16. Trading with CFDs on Stocks and Indices.

16.1. The Contract for Difference on Stocks and Indices lets you speculate with the price of the respective stock or index without having to physically buy or sell the instrument. Buying CFDs on a stock does not make you a shareholder in the respective company. You shall not have voting rights or liquidation rights.

16.2. When trading with CFDs, you and we explicitly agree on the following conditions:

16.2.1. neither of us shall physically acquire the base instrument purchased by the CFD; and

16.2.2. neither of us shall be obliged to buy, sell or deliver the respective base instrument traded as a CFD.

16.3. Prices, interests and commissions

16.3.1. The price of the CFD changes on an intra-day basis and is close or equal to the exchange price of the respective base instrument (being a Stock, Index or Futures).

16.3.2. In order to trade with CFDs, you must have sufficient cleared money in your Account according to the Terms and Commissions Table. The requirements of clauses 9.2 and 9.4 shall apply for all open positions.

16.3.3. When you have opened a long position, you shall pay interest from your Account for every day this position is open, according to the Terms and Commissions Table.

16.3.4. When you have opened a short position, your Account shall be credited with interest for every day this position is open, according to the Terms and Commissions Table.

16.3.5. Your Account shall be charged with the costs for the execution of each transaction with CFDs, according to the Terms and Commissions Table.

16.3.6. Payment of dividends on Stocks that are the base for a CFD:

  1. in case you have a long CFD position, you agree to receive 100% of the net dividend in your Account. The payment of dividends shall only be performed on the date determined by the issuer;
  2. in case you have a short CFD position, you shall pay from your Account 100% of the gross dividend payable.

16.4. If a company splits or reverse splits its Stock or issues rights or is subject to any other corporate action, you shall be informed and agree that the quantity and price of the CFDs in your position may be increased or reduced.

16.5. If a company goes bankrupt or is delisted from the respective stock exchange we may attempt to obtain prices for the instrument on the over the counter (OTC) market. If this is not possible, you shall be informed that your positions in CFDs of this company shall be closed, and you agree to the closing prices.

16.6. We reserve the right to make cash or other adjustments with respect to movements in an underlying index resulting from dividends or other corporate actions, to the extent we believe such adjustments are fair and reasonable. Certain instances are stated below (the list is not exhaustive):

16.6.1. an announcement that a certain stock shall be removed or added to the index;

16.6.2. a change in the calculation method of an index;

16.6.3. a stock within the index pays dividends.

16.7. At our discretion we may change the rate of the collateral for any instrument and additional money may be requested from you.

17. Trading with CFDs on Futures.

17.1. Clauses 16.2 to 16.3.5 shall apply to trading with CFDs on Futures.

17.2. Each Futures contract is traded for a specific period of time. The expiration date is included in the name of the Futures (for example Oil-19Jul13).

17.3. You shall agree that your positions shall be automatically closed on the expiration date of the corresponding Futures contract.

17.4. You shall agree to the prices at which your positions shall be closed on the expiration date of the respective Futures contract.

17.5. You shall agree that the default setting of the Auto Rollover function will be ‘On’. The client can change that setting at any point.

17.6. The following are the circumstances under which the CFD may mature or terminate:

  1. The CFD will end with the closing of the client's position.
  2. The client's position may be closed by the client at any time during the trading hours indicated on the trading platform.
  3. The client's position may be closed at the initiative of the counterparty when there is excessive usage of the margin or the position's margin falls below required minimum as set by the counterparty to protect the client from the accumulation of large losses that would be expressed in a negative account balance.
  4. The client position may be closed at the initiative of the counterparty in the event that an underlying asset of the CFD is no longer trading.
  5. The client position may be closed at the maturity of an underlying asset (for instance with CFDs on Futures and Commodities).
  6. The client position may be closed at the initiative of the counterparty in the event that changes to the liquidity of the instrument in the market mean that risk cannot be properly hedged.

Therefore, before trading in CFDs, you must ensure that you fully understand the associated risks, especially the counterparty risk. For more information, please refer to the Risk Disclosure Notice available on our Website.

18. Trading with CFDs on Gold and Silver.

18.1. Trading with CFDs on Gold and Silver is based on spot prices and does not include the actual delivery of the quantities that have been purchased or sold.

18.2. When trading with CFDs on Gold and Silver, the price of the precious metal shows the proportion in which it is traded against the currencies.

18.3. You acknowledge that the prices of CFDs on Gold and Silver are indicated via the Trading Platform and may differ from the minimum prices of other investment intermediaries.

18.4. Trades in CFDs on Gold and Silver are concluded in the manner specified in clause 11, using the methods of communication specified in clause 10 above.

18.5. We may, at our complete discretion, determine Restricted Price Zones in which you cannot place Pending Orders. Usually these are prices which are too close to or too far from the market price of an instrument.

19. Commencement, Duration and Termination.

19.1. This Agreement shall come into effect on the date on which you accept these terms through our Website or otherwise indicate your acceptance to us in writing (including email). This Agreement shall continue until terminated in accordance with clause 6.13 and 19.2.

19.2. Either of us may terminate this Agreement:

19.2.1. by the written consent of both of us; or

19.2.2. by either of us giving the other fourteen (14) days' prior notice in writing, and you acknowledge that if you have open positions, we shall have the right to close them. We are not obliged to provide any grounds for such termination.

19.3. Either of us may terminate all or any part of this Agreement immediately on written notice if:

19.3.1. you commit a breach of any of your obligations under this Agreement;

19.3.2. there are events as described in clause 25 "Force Majeure";

19.3.3. we suspect that you may be engaged in credit card fraud, money laundering, funding terrorism and/or any relevant criminal conduct.

19.4. As a client of Trading 212 you agree that you will not behave in an inappropriate manner towards Trading 212 or any of their employees. Inappropriate behaviour can include but is not limited to - Swearing, Abusive Language, Racism, Discrimination, Harassment, Defamation, Abuse of the Chat / Email System, Misuse of Social Media Channels and Spam. Trading 212 reserves the right to terminate your Agreement in these circumstances.

19.5. Immediately in the event of Us receiving official proof of the death of the Client, we shall close any open positions of the Client irrespective of their current result and hold any Client’s assets in custody until we are presented with an official evidence of the legal successors of the deceased Client and concrete instructions by an authorised person on how to proceed thereafter.

19.6. We reserve the right to terminate all or any part of the Services without prior notice in cases where we suspect market abuse. In such cases, we reserve the right to refuse to execute your orders or instructions and to void all your trading transactions, even if they have already been confirmed by us. In this case, we shall have the right to not pay the amounts received in your account as a result of such transactions. In the above cases, we shall not be held liable for any damages incurred by you.

19.7. The Client is obliged to pay any pending obligations towards the Company, including but not limited to any pending fee or amount payable to the Company, any charge or expenses incurred or to be incurred as a result of the termination of this Agreement, as well as any other expenses that might arise during the settlement of the pending obligations. The Company has the right to subtract all above pending obligations from the Client Account.

19.8. The termination of this Agreement does not influence in any way the rights, contractual provisions, commitments, obligations and liabilities of either party.

20. Your Confirmations.

20.1. You warrant, represent and undertake that:

20.1.1. all information that you supply to us is complete, true, accurate and not misleading in any material respect;

20.1.2. you are entering into this Agreement as principal and not as another party's agent or representative;

20.1.3. you are not under any legal disability with respect to and are not subject to any law or regulation which prevents your performance of this Agreement and you are not an executive employee, manager, director, member of the board of directors or similar of any regulated market and/or a corporation whose stocks are traded on such regulated market;

20.1.4. you have obtained all necessary consents and have the authority to enter into this Agreement;

20.1.5. you are in compliance with all laws and regulations to which you are subject, including but not limited to local financial regulations and local tax laws; and

20.1.6. you shall not act in any way other than in the normal course of business, or seek to manipulate the relevant financial market and/ or the Trading Platform, including but not limited by entering into transaction which may qualify as:

20.1.6.1. Market abuse (such as an insider trading or an abusive use of confidential information) or any similar practices which may qualify as market abuse;

20.1.6.2. Scalping;

20.1.6.3. Acting in concert with third party or similar abusive or manipulating way of using the Trading Platform;

20.1.6.4. Platform abuse, price manipulation, time manipulation or similar practices.

20.2. Breach of any of the undertakings made under clause 20.1 shall be deemed a material violation of this Agreement and shall entitle us to unilaterally cancel and deem void any Order made in violation of clause 20.1, to close your Account and to terminate the Agreement. In such case, we shall not be held liable for any damages, loss of profits or any other real or contingent obligations incurred by you.

20.3. You must immediately inform us, in writing, of any material changes to the information you provide to us in your original application form, such as changes to your contact details or any adverse matters or changes relating to your financial status.

21. Risk Warnings.

21.1. Before trading in CFDs, you must ensure that you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. We are required by law to notify retail clients about the percentage of Retail Clients who have lost money trading CFDs with us during the last 12 months. This disclosure will be made available on our website: www.trading212.com. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. By entering into this Agreement, you agree that we may provide you with a description of some of the risks involved in trading CFDs on our Website and in the Risk Disclosure Notice.

21.2. If you do not have access to the internet and cannot access the Website, please notify the customer service team. If requested, we shall provide you with a hard copy document which contains a description of some of the risks involved in trading CFDs.

21.3. Trading in CFDs may not be suitable for all investors due to its high risk and complex nature. You may lose all or most of your initial payment and may be required to make additional payments. You shall be responsible for your own trading decisions. If you are in any doubt you should seek independent advice.

21.4. Trading in CFDs relies on the price movement (appreciation and depreciation) of underlying instruments. You are therefore exposed to similar, but magnified risks to holding the underlying instruments. The value of the underlying instruments may go up and down. Due to the use of leverage, CFD trading carries a higher degree of risk than ordinary share dealing and may not be suitable for everyone.

21.5. The trading you conduct on our Trading Platform is not conducted on an exchange or a market and is not cleared on a central clearinghouse. The CFD transactions are contracts with us as your counterparty.

22. Conflicts of Interest and Disclosures.

22.1. We are required, in accordance with the CySEC rules, to take all reasonable steps to identify conflicts of interests between ourselves and our clients, or between one client and another, which arise through the provision of our investment services. We shall provide you with our Conflicts of Interest Policy along with the Client Agreement. Our Conflicts of Interest Policy sets out the types of actual or potential conflicts of interest which affect or may affect our Services under this Agreement and provides details of how these are sought to be managed.

22.2. You shall notify us promptly of any potential conflict affecting our provision of the Services of which you are or become aware.

22.3. We may, without prior reference to you, recommend transactions or provide services in circumstances where we have, directly or indirectly, a material interest or a relationship of any description with another party which may involve a potential conflict with our duty to you. We maintain organizational and administrative arrangements with a view to taking all reasonable steps to prevent a conflict of interest constituting or giving rise to a material risk of damage to your interests.

22.4. Subject to the CySEC rules, we shall not be liable to account to you for any profit, commission, remuneration made or received from or by reason of such transactions or any connected transactions, and our fees shall not, unless otherwise provided, be abated thereby.

23. Confidentiality and Personal Data Protection.

23.1. Both parties shall hold in confidence all personal, business, financial and other confidential information which is obtained about the other party as a result of providing the Services to you, and shall use all reasonable endeavours to prevent any disclosure of such information, subject to clause 23.1.1.

23.1.1. We may disclose information about you in the following circumstances:

23.1.2. to any authority having the legal right to your information (including any law enforcement or tax authority);

23.1.3. where we are required to disclose information pursuant to any court order or a similar process;

23.1.4. where we are otherwise required or permitted by law to make disclosure; or

23.1.5. where necessary in order to provide you with the Services.

23.1.6. in the unlikely event of the Company’s default for the arrangement of your insured funds, as applicable, held with the Company.

23.2. The Company is following the Regulations issued by the Office of the Commissioner for Personal Data Protection of the Republic of Cyprus: Regulation (EU) 2016/679 (GDPR) and the Regulation of Electronic Communications when processing Client’s personal data. Further details of how we process personal data are specified in our Privacy Policy available on our website.

23.3. The Client acknowledges, accepts and consents the fact that the Company will record and/or produce a written record of telephone conversations, internet based conversations (chat) and meeting minutes between the Company and the Client.

23.4. The Client allows the Company to use these recordings or the transcripts of these recordings as evidence in relation to the investment services offered and to disclose such information as part of any litigation or litigation that it expects to arise between the Client and the Company.

23.5. The Company may provide copies of such recordings of telephone calls to a regulatory authority of a competent authority, without informing the Client.

23.6. Technical reasons could prevent the Company from recording a conversation and the recordings or the transcripts produced by the Company will be destroyed in accordance with the Company’s normal practice. Therefore, the Client must not expect that these recordings will be available to him.

24. Customer Due Diligence and Data Protection.

24.1. We are required to identify and verify the identity of our clients, and, in certain circumstances, those of other persons such as directors or beneficial owners, in accordance with The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007-2019 and/or any relevant AML Directive, and to keep that information updated. We have undertaken a risk-based approach to this process, which might require obtaining among other things, documentary proof of your name, date of birth and address. You shall agree that we may make checks using online electronic verification systems or other databases as we may decide. You shall agree that we may, including by applicable laws, use additional online electronic verification tools that might request among other things further details, documents, photo and video evidence from yourself. If you cannot satisfactorily prove your identity, you may not be able to open an account with us or may have to close your existing account. We may also report to official agencies any information which may come to our attention which gives rise to money laundering or terrorist financing concerns. We may be prohibited from notifying you of any report we may have to make or from either confirming or denying that a report has been made. If we submit a report to the National Crime Agency or analogous authority, we may be prohibited from continuing the provision of Services to you while the authorities undertake their own investigations; and we may be ordered to stop providing Services altogether. In those circumstances, we shall not be able to accept responsibility for any resulting loss or inconvenience.

24.2. We shall obtain and hold personal details about you (and other persons such as directors or beneficial owners) in accordance with the relevant data protection and anti-money laundering legislation. By instructing us to provide the Services to you, you consent (both during the market hours and subsequently) to allow us and our carefully chosen suppliers, advisers and subcontractors, to use these details solely to comply with our reporting and client verification obligations, to monitor, develop and improve our services, including the IT systems used in relation to the provision of such services.

24.3. We shall not be liable for losses, damages or delays arising from our compliance with any statutory or regulatory requirements.

24.4. Where agreed by you, we may also use such information for marketing to you and for carefully chosen third parties to market their products and services to you, which we consider may be of interest to you. You may notify us at any time in writing if you do not want us to use or share such information for all or some of these marketing purposes.

24.5. You shall have the right of access, under the relevant data protection legislation, to the personal data that we hold about you. You can request a free copy of such information we hold in line with the General Data Protection Regulation.

24.6. You shall agree that we, or our agents acting on our behalf, may carry out such credit reference, identity, money laundering, compliance regulatory reporting and fraud prevention or other checks using online or other databases, including checking the sources of funds or your wealth, as we may decide. These agencies may keep a record of that search.

25. Leverage.

25.1. Leverage obtainable in CFDs trading means that a small deposit or down payment can lead to large losses as well as gains. It also means that a relatively small movement in the markets can result in a proportionately larger movement in the value of your investment and this can work against you as well as for you. CFD Transactions have an inherent risk and you should be aware of what the implications of this are.

25.2. Leverage restrictions may apply on certain products or jurisdictions as it is imposed by the relevant industry practices or regulatory requirements accordingly. In addition, it should be noted that the Company will continuously monitor the Leverage applied to Clients’ positions and reserves the right to amend the Account’s Leverage depending on the Clients’ trade volume and trading patterns.

25.3. The Client thus accepts, acknowledges and understands that the automatic reduction of Leverage in her Account could result in the Account Equity falling below the updated Margin requirements, which could result in a Margin Call or Stop Out. The Client is therefore strongly advised to maintain an appropriate amount of Margin in his Account(s) at all times in the event of an automatic reduction of the Account’s Leverage.

25.4. The Company may also add to or change its Leverage Limitations at any time without prior notice to be given to Clients.

CYSEC Restrictions

25.5. The following rules are applicable from the 2nd of October 2019 for retail clients. The relevant ESMA RESTRICTIONS are based on the PS-04-2019 and a Q&A document published on Friday 1st June 2018 on this topic. In detail, these are the maximum leverage limits for each instrument categorization:

  • 30:1 for major currency pairs;
  • 20:1 for non-major currency pairs, gold and major indices;
  • 10:1 for commodities other than gold and non-major equity indices;
  • 5:1 for individual equities;
  • 2:1 for cryptocurrencies.

26. Client’s Account.

26.1. The Client shall open an Account with the Company to be able to trade in CFDs offered by the Company.

26.2. The Client does not intend to use her Account for payment of transactions to third parties.

26.3. The Client understands that no physical delivery of a CFD’s underlying asset that he has traded through his Account shall occur. All CFD contracts can only be settled in cash. The prices of these instruments are derived from the underlying assets or currency pairs related to these CFDs, but in no way you are acquiring any right for delivery of the underlying asset/currency. Moreover, engaging in trading CFDs with underlying assets is a virtual currency pair, and due to the highly volatile nature of these pairs, you might be exposed to higher risks than trading the assets themselves or trading other CFDs with other underlying assets.

26.4. In order to open an Account, a Client needs to fill out the online application form, which can be found in the Company’s website. At the end of this form, the following documents must be uploaded:

  • Identification document (e.g. Passport or ID card). For an identification document to be considered valid needs to CLEARLY INDICATE photograph, signature, personal details, issue and expiry date place and date of issue, and serial number; and
  • Proof of address (e.g. utility bill, current local authority tax bill, etc). For a proof of address to be considered valid, it needs to be dated within the last 6 months.

26.5. If the Client is unable to upload these documents, the documents can be sent via email following the submission of the online application form. In the event that the Client cannot send the necessary documents by email, the Company will accept them by post, however, email still remains the preferred method. The Client will not be able to enter into any transaction of trading nature and his trading account will be placed in a read-only mode until his KYC documentation is provided to the Company and his trading account is approved.

26.6. If the Client has opened more than one CFD Account, the Company shall be authorised to consider and treat these different CFD Accounts as a single unit. Among other rights that the Company has in the way of handling these CFD Accounts, is the transferring of funds between CFD Accounts to cover possible negative balances, of any of these CFD Accounts, without this affecting in any way the right of the Company to terminate the CFD Account or close all Client’s open positions.

27. Transfer Of Funds.

27.1. The client may fund his Account by credit or debit card, wire transfers or SEPA transfers, e-wallets payment processors or any other similar method of money transfer acceptable by the company from time to time in its absolute discretion. The Company shall bear absolutely no responsibility regardless of the circumstances for any such payment providers failings thereof and/or any losses that took place or might take place in the future as a result of using the above services. We do not guarantee that all the transfer methods are available to be used in your country.

27.2. The third parties used in the process of receiving your remitted funds in our Client Bank Accounts are disclosed in the “Deposits and Withdrawals” section in our website.

27.3. The Company shall inform the Client of the bank details of the Company’s segregated Client Bank Account for transferring funds.

27.4. The Client must clearly specify his name and all required information in accordance with international regulations related to the combat against money laundering and terrorism financing, on the payment document. It is the Company’s policy not to accept payments from third parties to be credited to the Client’s Account.

27.5. Any amounts transferred by the Client to the Company’s Client Bank Account or received in any other forms as specified above, will be deposited in the Client’s Account at the value date of the received payment and net of any deduction/charges incurred by the transferring bank. It is at the Company’s sole discretion to return back to the Client any of the fees he incurred in effecting a deposit into his Account.

27.6. The Company has the right to refuse a Client’s transferred funds, including but not limited to the following cases:

  • - If the funds are transferred by a third party;
  • - If the Company has reasonable grounds for suspecting that the person who transferred the funds was not a duly Authorised Person; and
  • - If the transfer violates Cyprus legislation.

27.7. If any of the above cases occur, the Company will return the received funds back to the remitter using the same method as they were originally received.

27.8. The Client, using the Company’s “Fund transfer request”, shall provide the Company with his personal bank account details in order for the Company to transfer any amount payable to the Client. It is the Company’s policy to transfer all amounts directly to the Client’s personal bank account or card from which he had used to originally fund his Account. Funds are transferred by the Company within three (3) Business Days from the date they are debited from the Client’s Account. It may take up to five (5) Business Days for funds to be credited to the Client’s personal bank account after initiation of the transfer from the Company’s side.

27.9. The Company has the right to suspend or cancel the Client’s instructions for transferring funds in any, but not limited to, the following cases:

  • - If the Client instructs the Company to transfer the funds to a third party;
  • - If the Company has reasonable grounds for suspecting that the person who gave the transfer order was not a duly Authorised Person; and
  • - If the transfer violates the local laws and regulations.

28. Investor Compensation Fund.

28.1. The Company is a member of the Investor Compensation Fund, a governmental deposit protection scheme with the purpose to guarantee the Clients of CIFs in case the Company defaults on its obligations to refund the Client’s Account balance, when this is requested by the Client.

28.2. Trading in CFDs relevant to virtual currencies does not entitle Clients to any protection under the Investor Compensation Fund.

28.3. For more information on the operation of this scheme, please refer to the relevant document in our website.

29. FATCA.

29.1. The Company, its Associates and service providers may collect, store and process information obtained from the Client or otherwise in connection with the Agreement and the Transactions for the purpose of complying with FATCA or other Applicable Laws, Rules and/or Regulations, including disclosures between themselves and to governmental authorities. The Client acknowledges that this may include transfers of information to jurisdictions which do not have strict data protection, data privacy laws or banking secrecy laws, inside or outside of the EEA. The Client shall ensure that, before it or anyone on its behalf discloses information relating to any third party to the Company, its Associates or service providers in connection with this Agreement or any Transactions that said third party has been provided with such information and given such consents or waivers as are necessary to allow the Company, its Associates and its or their agents and service providers to collect, store, process and disclose his, her or its information as described in this clause.

29.2. By accepting this Agreement, you authorize us to provide, directly or indirectly, to any relevant tax authorities or any party authorised to audit or conduct a similar control of the Company for tax purposes information obtained from the Client or otherwise in connection with the Agreement and the Transactions and to disclose to such tax authorities any additional information that the Company may have in its possession that is relevant to your Account.

30. Common Reporting Standard (“CRS”).

30.1. The CRS provides for the annual automatic exchange of financial account information between participating jurisdictions. Such financial institutions, one of which is the Company, need to submit the relevant information to their local tax authorities who will then forward it to the respective foreign tax authorities.

30.2. For the above purposes, and similarly to FATCA, the Company, its Associates and service providers may collect, store and process information obtained from the Client or otherwise in connection with the Agreement and the Transactions for the purpose of complying with CRS or other Applicable Laws, Rules and/or Regulations, including disclosures between themselves and to governmental authorities. The Client acknowledges that this may include transfers of information to jurisdictions which do not have strict data protection, data privacy laws or banking secrecy laws, inside or outside of the EEA. The Client shall ensure that, before it or anyone on its behalf discloses information relating to any third party to the Company, its Associates or service providers in connection with this Agreement or any Transactions that the said third party has been provided with such information and given such consents or waivers as are necessary to allow the Company, its Associates and its or their agents and service providers to collect, store, process and disclose his, her or its information as described in this clause.

30.3. By accepting this Agreement, you authorize us to provide, directly or indirectly, to any relevant tax authorities or any party authorised to audit or conduct a similar control of the Company for tax purposes information obtained from the Client or otherwise in connection with the Agreement and the Transactions and to disclose to such tax authorities any additional information that the Company may have in its possession that is relevant to your Account.

31. EMIR.

31.1. Notwithstanding anything to the contrary in this Agreement or in any non-disclosure, confidentiality or other agreement between the Company and the Client, the Company and the Client each hereby consents to the disclosure of information to the extent required or permitted under, or made in accordance with, the provisions of EMIR and any applicable supporting law, rule or regulation ("EMIR and Supporting Regulation") which mandate reporting and/or retention of transaction and similar information or to the extent required or permitted under, or made in accordance with, any order or directive in relation to (and including) EMIR and Supporting Regulation regarding reporting and/or retention of transaction and similar information issued by any authority or body or agency in accordance with which the other Party is required or accustomed to act ("Reporting Requirements").

31.2. The Client and the Company each acknowledges that pursuant to EMIR and Supporting Regulation, regulators require reporting of trade data to increase market transparency and enable regulators to monitor systemic risk to ensure safeguards are implemented globally.

31.3. The Client and the Company each further acknowledges that disclosures made pursuant hereto may include, without limitation, the disclosure of trade and trader information including the Client’s identity (by name, address, corporate affiliation, identifier or otherwise) to any trade repository registered in accordance with Article 55 of EMIR or recognised in accordance with Article 77 of EMIR or one or more systems or services operated by any such trade repository ("TR") and any relevant regulators (including without limitation, the European Securities and Markets Authority and national regulators in the European Union) under EMIR and Supporting Regulation and that such disclosures could result in certain anonymous transaction and pricing data becoming available to the public. The Company and the Client further acknowledge that, for purposes of complying with regulatory reporting obligations, the Client (in the case of the Company) or the Company (in the case of the Client) may use a Third Party Service Provider to transfer trade information into a TR and that a TR may engage the services of a global trade repository regulated by one or more governmental regulators.

31.4. The Client and the Company each also acknowledges that disclosures made pursuant hereto may be made to recipients in a jurisdiction other than that of the disclosing Party or a jurisdiction that may not necessarily provide an equivalent or adequate level of protection for personal data as the counterparty’s home jurisdiction. For the avoidance of doubt,

  1. to the extent that applicable non-disclosure, confidentiality, bank secrecy, data privacy or other law imposes non-disclosure requirements on transaction and similar information required or permitted to be disclosed as contemplated herein but permits the Client or the Company to waive such requirements by consent, the consent and acknowledgements provided herein shall be a consent by each Party for purposes of such law;
  2. any agreement between the Parties to maintain confidentiality of information contained in this Agreement or in any non-disclosure, confidentiality or other agreement shall continue to apply to the extent that such agreement is not inconsistent with the disclosure of information in connection with the Reporting Requirements as set out herein; and
  3. nothing herein is intended to limit the scope of any other consent to disclosure separately given by the Client to the Company or by the Company to the Client.

32. MiFIR Transaction Reporting.

Where we are required under Applicable Law to report your transactions to the CySEC or any other Competent Authority, you need to provide us with your Legal Entity Identifier (LEI) (for corporate clients only) or your national identity card number or such other information as we may require to determine your national client identifier, before you can place Orders via our Platform or through our dealing room.

33. Force Majeure.

Whilst we endeavour to comply with our obligations in a timely manner, we shall incur no liability whatsoever for any partial or full default of our obligations by reason of any cause or event beyond our reasonable control, including but not limited to any communications, systems or computer failure, market default, suspension, failure or closure, or the imposition or change (including a change of interpretation) of any law or governmental or regulatory requirement and we shall not be held liable for any loss you may incur as a result. In addition to and notwithstanding any of the above, the Force Majeure definition shall include, but shall be not limited to any superior force, any event that encompasses acts of god (such as earthquakes or tsunamis, etc.), certain acts of man of a disruptive and unforeseeable nature, industrial action, epidemics, pandemics, actions by government agencies, or work stoppages, any material change in economic conditions or any other event, that is beyond the reasonable control and was and whose effects could not be avoided by reasonable measure.

Force Majeure shall include any of the following: the suspension or failure of any financial instrument, whether underlying or not, the suspension or closure of any markets, exchanges, the nationalisation and/or government sequestration, the failure of any of our suppliers, and if applicable our intermediate broker, agent or principal, dealer or any custodian, sub-custodian, clearing house or regulatory or self-regulatory organisation, for any reason, to perform its obligations. Whereas in any such event, we will try to take reasonable steps to mitigate the effect of the said event in order to continue our operations and to continue to provide you with services and where we may therefore alter some of the (trading) terms and conditions as per this agreement.

34. Communications.

34.1. If you need to contact us for any reason in relation to this Agreement, please do so:

34.1.1. by post: Trading 212 Markets Ltd., Amathountos, 5 Pirilides Building, 4th floor, 3105, Limassol, Cyprus;

34.1.2. by telephone: +357 25343222;

34.1.3. by the Chat button on the website and the on trading platform;

34.1.4. by email: info@trading212.com.

34.2. We may contact you and give you any notices in connection with this Agreement by post, telephone, fax or by electronic means using the latest address, telephone number, fax number or electronic mail address which you have provided. Please provide us with prompt notice of any change to your contact details.

35. Amendment.

35.1. We may change the terms of this Agreement for any of the following reasons:

35.1.1. where we reasonably consider that:

35.1.1.1. the change would make the terms easier to understand or fairer to you; or

35.1.1.2. the change would not be to your disadvantage; or

35.1.2. to cover the improvement of the Services, the introduction of a new service or the replacement of a Service with a new one; or

35.1.3. to enable us to make reasonable changes to the way we provide the Services to you as a result of changes in the financial system, technology or the systems we use to run our business; or

35.1.4. as a result of a requirement under the applicable law and regulation.

35.2. If we make a change in accordance with this clause 27, we shall always give you at least 14 days’ written notice before we make the change, except as required by applicable law or regulation.

36. Complaints.

36.1. Please inform us about any complaint as soon as practicable using the details set out in clause 34. We have a written internal complaints handling policy on our website, as required by the CySEC’s rules.

36.2. Complaints shall be addressed, in the first instance, to the Customer Support Department in the e-mail address info@trading212.com. If the Client receives a response from the Customer Support Department but deems that the complaint needs to be raised further, the Client should complete the Complaint Form, which is publicly available on the Client’s member area and send it to complaints.cy@trading212.com.

36.3. The Client must inform the Company immediately if an incorrect Transaction appears on his Account.

36.4. Any complaint relating to the execution or non-execution of an order will be considered only on the expressed condition that it is made in writing upon the occurrence of the events in question and at the latest before the opening of the relevant market on the day after the execution, that is, within a 24-hour period from the time of occurrence of the complaint. It should be noted that the use of an expert advisor or any other program that is used to perform technological and/or algorithmic trading also alleviates you of any right to claim any sort of compensation from the Company. Once this period has expired, the Client shall no longer have any rights, of any type and form, against the Company.

36.5. The document entitled Complaint Form, available in on the Client’s member area, should be used for any complaint a Client may have. The Client may complete the Complaint Form with all the information requested and may return the form to the Company, as mentioned in the specific document.

36.6. Clients shall contribute to the Company in handling of Client’s claims by providing the Company’s Support Department with all the necessary information, including, but not limited to:

  • Client’s Name and Surname (for corporate Clients - company name);
  • Client’s Account login number;
  • Date and time of the issue in the platform’s time zone;
  • Tickets of orders and positions involved; and
  • Detailed description of the issue.

36.7. The Client has the obligation to avoid any kind of offensive vocabulary, intimidation, unsubstantiated accusations or emotional interpretation of anything related to his claim or to the Company or its business.

36.8. We will attempt to deal with your complaint in a prompt and efficient manner. We will follow the “Complaints Handling Procedures” published on our Website(s), which are incorporated herein by reference and form an integral part of this Agreement; as such, these Complaints Handling Procedures shall be applicable to all transactions between our clients and us, to the extent that it does not impose and/or does not seek to impose any obligations on us which we would not otherwise have, but for the Cyprus Investment Services and Activities and Regulated Markets Law of 2017 (Law 87(I)/2017); please note, however, that these Complaints Handling Procedures do not apply to money that you may owe to us and that we reserve the right to take immediate action to recover any debts payable to us in court.

37. General Provisions.

37.1. English shall be the language for communication between you and us for the duration of this Agreement unless otherwise agreed. This Agreement can be translated into different languages. If there are any inconsistencies between different language versions, the English language version shall prevail.

37.2. By signing this Agreement, you shall be obliged to notify us promptly of any changes to the information you have provided to us.

37.3. This Agreement shall supersede all prior written agreements entered into by you and us in relation to the provision of the Services. This shall not affect any rights or obligations that you or we may have under any previous terms of business relating to these services.

37.4. If any court or competent authority finds that any provision of this Agreement (or part of any provision) is invalid, illegal or unenforceable, that provision or part of the provision shall, to the extent required, be deemed to be deleted, and the validity and enforceability of the other provisions of this Agreement shall not be affected.

37.5. If any invalid, unenforceable or illegal provision of this Agreement would be valid, enforceable and legal if some part of it were deleted, the parties shall negotiate in good faith to amend such provisions so that, as amended, they are legal, valid and enforceable, and, to the greatest extent possible, meet the parties’ original commercial intention.

37.6. Neither of us shall assign, transfer, charge, mortgage, subcontract or deal in any other manner with all or any of our rights or obligations under this Agreement.

37.7. In no event shall any delay, failure or omission (in whole or in part) in enforcing, exercising or pursuing any right, power, privilege, claim or remedy conferred by or arising under this Agreement or by law be deemed to be or construed as a waiver of that or any other right, power, privilege, claim or remedy in respect of the circumstances in question, or operate so as to bar the enforcement of that, or any other right, power, privilege, claim or remedy, in any other instance at any time or times subsequently.

37.8. Nothing in this Agreement (or any of the arrangements contemplated herein) shall be deemed to create a partnership between you and us.

37.9. A person who is not a party to this Agreement shall not have any rights under or in connection with it.

37.10. This Agreement shall be governed by and construed in accordance with the laws of Cyprus and shall be subject to the exclusive jurisdiction of the Cypriot courts.

38. Acknowledgements.

38.1. We shall not be contractually committed with any legal or/and natural person wishing to become a retail or professional Client of the Company until such time that the Company has confirmed to such person that it has opened an Account on his behalf and the Client has successfully initially funded such an Account.

38.2. The terms of this Agreement, as amended from time to time and as they are published in the website of the Company, override any previous, current or future representation, expressed or implied, made or to be made by us and/or any of our representatives, and shall be the only legally enforceable mean that defines the relationship between the Client and the Company.

38.3. The Client acknowledges that he has read, fully understood and accepted the contents of this Agreement together with the Privacy Policy, Conflicts of Interest Policy, Order Execution Policy, Risks Disclosure Statement, Client Categorization Policy, Key Information Document, Anti-Money Laundering and Terrorist Financing Policy, Investors’ Compensation Fund, Complaint Handling Policy and Cookies Policy and solely based on these contents he has willingly entered into a legally binding agreement with the Company. For all the information about the Company and its activities, including any other documentation referenced in this agreement, the Client should always refer to the legal documentation posted on the website of the Company.

38.4. The Client accepts and understands that it is his/her full responsibility to monitor for updates of the applicable Agreement in force as published on the website of the Company from time to time. Any viewer or user of the Company’s website, whether Client or not, accepts and understands that the use of the website of the Company, or of any form of access through this website of information shown or of a service offered by the Company, constitutes knowledge and acceptance of the Agreement and all its contents.

38.5. The Client accepts and understands that the official language of the Company is the English language.

DECLARATION

The Client declares that he/she has read, understood and accepted this Agreement in its entirety.

The Client declares that he/she has read, understood and accepted the document entitled Risk Disclosure, and he/she has understood the warnings contained in this document.

By accepting this Agreement, the Client declares that he/she has read, understood and accepted all the information provided in the following documents, available on the website of the Company:

  • - Conflicts of Interest Policy
  • - Investor Compensation Fund
  • - MiFID Client Categorisation
  • - Order Execution Policy
  • - Complaints Handling Procedure
  • - Key Information Documents
  • - Privacy and Cookies Policy

The Client declares that he/she consents and agrees to direct advertising through cold calling by any means, including but not limited to, by phone, email and facsimile.

The Client declares that he/she is over 18 years old and/or has full capacity (in case of legal entities) to enter and be bound by this Agreement and that he/she is not prohibited by the legislation/regulations of his/her country of residence to enter into this Agreement.

The Client declares that all information provided in the “Account application form” is true, accurate, complete and not misleading and that he/she undertakes to inform the Company of any changes that might occur to the data/information provided in the “Account application form”.

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