Terms Of Access
This agreement exists in the Russian and English versions. In case of contentious issues, the main document is a document drawn up in English.
1.This Agreement is between
1.1. Kredo Capital Group
1.2. An individual holding a registered Trading account with the Company, hereinafter referred to as the “Trader” or “Client”.
The company provides the Client with access to the platform through https://kredo-capital.com/ and related subdomains for working with the Forex market.
This Agreement (hereinafter referred to as the “Agreement”) governs the provision of services by the Company and the use of these services by the Trader. Also, relations between the Company and the Client are governed by additional rules presented on the Bonus Policy page.
2.1. By registering on the Company’s website, the Trader accepts obligations to fulfill all points of this Agreement, which, together with the rules presented on the “Bonus Policy” page, governs the relationship between the Company and the Client, and also determines the procedure and conditions for using the trading services provided by the Company to the Trader.
2.2. By registering on the Company’s website, the Trader declares that:
2.2.1 provides true personal data;
2.2.2 is an adult;
2.2.3 undertakes to update personal information in a timely manner;
2.2.4 agrees not to violate the current legislation of the country of residence of the Trader, as well as the legal rights of third parties.
2.3. The company has the right to modify the trading platform, the company’s website (together with its content) and the conditions for the provision of its services in any way that does not contradict the current legislation. At the same time, the Company is not liable for losses incurred by the Client as a result of these modifications.
2.4. A trader has the right to register only one Trading Account and conduct trading operations using the Company’s Trading Platform only from him. An attempt to register more than one Trading account per person or gain access to the Trading platform through the Trading account of another Trader is considered fraud and entails the freezing of the Trading account, termination of access to the Trading platform and a ban on further use of the Company’s services.
2.5. The interaction between the Company and the Trader takes place on the territory of Cyprus, since this state is the physical location of the servers owned by the Company.
3. Legitimacy of the Company’s services
3.1. The Company is not responsible for the compliance of the Company’s activities with the legal standards and legislation of the Client’s country of residence and does not provide advice on the legality of the use of the Company’s services by the Trader in the territory of his country of residence. A trader must independently verify the legitimacy of using the services of the Company and the compliance with the current legislation of his country of residence before registering an account with the Company and limit his activity only to actions permitted in his country.
3.2 The services and activities of the Company are not aimed at violating the laws in force in the territory of the Client’s country of residence. The Company is not responsible for the illegitimate and / or unauthorized use of the Company’s services by the Client. By registering on the Company’s website, the Client agrees to trade on the Forex market within the framework of the legal framework and legislative norms of his country of residence.
3.3. The trader is solely responsible for using the services of the Company and committing actions that violate the laws of his country of residence, in accordance with the legal framework and standards established in that country.
4. Access to Company Services
4.1. Only persons who have reached the age of majority are allowed to trade. The Company has the right to request documents from the Client confirming his legal age, in case of any suspicion. If for any reason the Client has not provided the requested documents, the Company has the right to freeze his account and terminate access to the Trading platform.
4.2. A trader is required to provide reliable information about himself. The company has the right to verify this data and request documents confirming the information provided (including a passport, driver’s license, bank statements or utility bills), as well as notarized copies of documents. If, for any reason, the Client has not provided the requested documents, the Company is entitled to freeze his account and terminate access to the Trading Platform.
4.3. If the documents provided by the Trader or copies of documents cause suspicion that they were distorted or tampered with, the Company has the right to block the Trader’s access to the Trading Platform and refuse to provide any further services. Details of the verification of documents may not be communicated to the Client.
4.3.1. The Company has the right to conduct any verification of the Client’s identity – including checking the name, age, address, credit history and trading activities. Verification may be carried out with the involvement of third parties. When providing false information on the part of the Client, the Company has the right to block the Client’s access to the Trading Platform and refuse to provide any further services.
4.4. The Trader must provide the documents requested by the Company to confirm his identity, before the first replenishment of the Trading Account by the Trader.
5. Legislation of this Agreement
5.1. Use of any Company Services constitutes acceptance of this Agreement. If the Client does not agree with any of the clauses of this Agreement, he is obliged to immediately remove all software provided by the Company, cancel the Trading Account and stop using any Services of the Company.
5.2. This Agreement may be changed by the Company at any time and in any way without notice to the Trader. This clause applies to any additional Agreement. The changes take effect within 7 (seven) calendar days after the publication of these changes on the Company’s website. If the Client does not agree with any changes to the Agreement, he is obliged to immediately remove all software provided by the Company, cancel the Trading Account and stop using any Company Services.
5.3. The Company is not responsible for untimely familiarization of the Client with this or any other Agreement, as well as changes made to this and other Agreements that were published on the Company’s website.
6.Regulation of the Client’s trading operations
6.1. A trading operation is performed at the request or order of the client, which is checked for correctness by the client terminal. At the same time, StopOut, profit or loss are not calculated;
6.1.1 upon receipt of the request, the client terminal sends it to the server;
6.1.2 after the order / request of the Trader arrives at the server, the correctness check is also carried out. At the same time, StopOut, profit or loss are not calculated;
6.1.3 if the correctness of the order / request of the Trader is confirmed, this order / request is placed in the queue in the order of receipt. After that, the current processing status of the order / request in the Order window in the client terminal changes to “Orderisaccepted”;
6.1.4 orders / requests in turn are processed by the Company. The current status of processing an order / request in the Order window in the client terminal changes to “Order in execution” (Orderisinprocess);
6.1.5 after processing the order / request of the Trader, the result is transmitted to the server;
6.1.6 after receiving the server the result of processing the order / request of the Trader is transmitted to the client terminal;
6.1.7 The time of sending the result to the client terminal is fixed in the server log. The time the result arrives at the client terminal is recorded in the client terminal log. This data may not coincide due to unstable connection between the server and the client terminal. Reliability of the connection between the server and the client terminal is a prerequisite for transmitting the result of processing an order / request.
6.2. After assigning the order / request the status “Orderisaccepted” and prior to assigning the status “Orderisinprocess”, the Trader can cancel the order / request by clicking the “Cancellorder” button in the client terminal.
6.3. If the order / request already has the status “Order in execution” (Orderinprocess), cancellation of the order / request is not possible.
6.4. The maximum processing time for one order / request is 3 (three minutes). If during this period the order / request is not transmitted to the client terminal, the order / request is removed from the queue.
6.5. Quotes are displayed to the Trader using the client terminal. This information is indicative and represents the data on the best Ask and Bid prices available on the market received from the liquidity provider.
6.7. The determination of the current price level in the financial market and all related issues are wholly and completely within the competence of the Company.
7.Processing of non-trading or dubious transactions.
7.1. The company has the right to reject the order / request of the Trader if:
7.1.1. The trader sent an order / request before the first quote arrived on the Trading Platform;
7.1.2. The trader has sent more than ten orders / requests for each open position;
7.1.3 Trader’s margin is not enough to open a position;
7.2. In accordance with the reason (clause 7.1), the order / request in the client terminal window will be assigned the status of “Offquotes”, “Declined by the dealer” (Canceledbydealer), “Not enough money” (Notenoughmoney), “Trade is prohibited” (Tradeisdisabled) .
8. Rules for opening / closing transactions, the procedure for determining the amount of payment for a transaction.
8.1. The purchase operation is carried out at the Ask price. The sale operation is carried out at the price of Bid.
8.1.1. A long position opens at the Ask price, closes at the Bid price.
8.1.2. A short position opens at the Bid price, closes at the Ask price.
8.2. Open positions begin to be transferred the next day from 23:59:45 server time.
8.3. The company has the right to change the value of commissions and swaps at its discretion. The trader can find out about the changes in the Personal Account in the “Swap History” section.
8.4. The trader is obligated to pay the Company all costs (including transaction fees) in accordance with the information indicated on the website of the Company.
8.5. The Company has the right to increase or decrease costs and commissions without prior notice to the Trader. At the same time, the Company is obliged to publish on the Company’s website all changes related to commissions and other costs.
8.6. The company is not obliged to disclose data on income received from the collection of commissions and other fees from the trading operations of the Trader, with the exception of situations specified in the relevant regulatory documents.
8.7. The Company has the right to establish an initial margin and / or margin for locked positions, which the Trader is required to maintain in full on his Trading Account.
8.8. Margin for locked positions and / or initial margin are set at the moment the position is opened.
8.9. The trader is obligated to personally monitor the availability of sufficient margin in his account, in accordance with open operations.
8.10. In case of untimely receipt of the deposit to the trading account of the Trader, the Company is not responsible for StopOut on the account.
8.11. How to open a position.
8.11.1. When making an order to open a position, the Trader must indicate:
188.8.131.52 name of the trading instrument;
184.108.40.206 scope of operation.
8.11.2. If a position is opened without the use of a trading adviser, only through the client terminal, after the price of the trading instrument matches the expectations of the Trader, you must click the Sell button for a sale, and the Buy button for a purchase.
220.127.116.11. To open a position without using a trading adviser (only using the client terminal), a Trader needs to make a request to receive a Bid / Ask quote. After fulfilling the request, the Trader can open a position by pressing the button corresponding to his intentions (clause 8.11.2). If within three seconds after the request is completed, the Trader has not opened a position, or if the quote has become irrelevant due to changes in the market, the Company has the right to withdraw the quote.
8.11.3. Opening a position with the help of an adviser through the client terminal occurs through the generation of an order to conclude a transaction at the current quote.
18.104.22.168. When opening a transaction using the adviser through the client terminal, the adviser generates a request for quotation. If the difference between the quotation provided by the Company and the quotation of the adviser is within the maximum deviation, the adviser generates an order to conclude a quotation transaction submitted by the Company.
8.11.4 After the Trader’s order to open a position is received on the server, the balance of the trading account is automatically checked to determine whether the free margin is sufficient to open a transaction.
22.214.171.124 If there is sufficient free margin to open a transaction, a new position is conditionally added to the list of already open ones;
126.96.36.199. determines the overall level of margin required for all client positions, including conditionally added, in accordance with the current rate for trading instruments;
188.8.131.52. in accordance with the current exchange rate of trading instruments, floating profit and floating losses are calculated for all open positions except conditionally added;
184.108.40.206. The new free margin is calculated;
220.127.116.11.1. If the free margin is not less than zero and covers all client positions, taking into account the conditionally added within the limits set for this type of account, the position is opened with the corresponding mark in the server’s log.
18.104.22.168.2. If the free margin is not less than zero, but does not cover all client positions, taking into account conditionally added within the limits set for this type of account, the position is not opened;
22.214.171.124.3. If the free margin is less than zero, the Company has the right not to open a position.
8.11.5. The Company has the right to offer the Trader a new price for the trading instrument if the quotation has changed during the processing of the Trader’s order. The Requote window will appear on the screen. Within 3 seconds, the Trader can confirm the opening of a position at a new price by pressing the Ok button. Then the order will again be sent to the server and then all the verification steps will go through. If within 3 seconds the Trader has not accepted a re-quote, this is regarded as a rejection of the transaction and the opening of the position is canceled.
8.11.6. A position is considered open only after the corresponding entry in the server log appears.
8.11.7. Each open position is assigned an individual ticket in the Trading Platform.
8.11.8. If the order to open a position was processed before the first quotation for the trading instrument indicated in the order appeared at the time of opening trading on the market, the order is rejected and the Offquotes status appears in the client terminal window.
8.11.9. By registering an account with the Company and starting to use the Trading Platform, the Trader automatically agrees that the execution of the order by the Company takes some reasonable time.
8.11.10. Unlocated positions are calculated using the Initial Margin parameter. Locked – according to Margin for Locked Positions. Free margin is calculated according to the formula “Balance – New margin + Floating profit – Floating loss”. If the maximum deviation is greater than zero, while the initial quote and the new one proposed by the dealer differ by no more than the maximum deviation, the new quote is not sent to the client terminal and the server opens a position. Accordingly, in a given range, the opening price may be lower or higher than the initial quote.
8.11.11. The company has the right to set any size of margin and collateral.
8.11.12. To close a position without an adviser through the client terminal, the Trader must click the Close button when the quotation provided by the Company reaches its value.
126.96.36.199. When closing a position without an adviser, through the client terminal, the Trader sends a request for quotation (Ask / Bid). After receiving the quote within 3 (three) seconds, the Trader must click Close, otherwise the Company has the right to remove the quote.
8.11.13. To close a position through the client terminal with the help of an adviser, an order must be given at the current quote.
188.8.131.52. When closing a position through the client terminal using an adviser, a request for quotation is generated. If the difference between the quotation provided by the Company and the quotation of the adviser is not greater than the maximum deviation, the adviser sends an order to close the position on the quotation provided by the Company. After this, the order to close the position is processed.
8.11.14. If during the processing of the Trader’s order to close a position, the current quotation for a trading instrument has changed, the Company has the right to offer the trader a new price (Ask / Bid). At this point, the Requote window will appear on the screen. If the Trader wants to close the position on a new quote, he must press Ok within 3 (three) seconds. Otherwise, the order will again go to the server and will pass the checks provided by this regulation.
8.11.15. If there are two or more locked positions among the open positions on the Trading Account, when forming an order / request to close any of the positions, the Closeby option appears in the Type drop-down list. When this option is selected, one / several positions open in the opposite direction appear. Selecting one of the positions in this list activates the Close # … by # … button, after clicking which the locked positions of one volume will be closed or two locked positions of different volumes will be partially closed. In the second variant, the smaller position and the symmetrical part of the larger one are closed. The remaining unclosed portion of the larger position receives a new ticket.
8.11.16. If there are two or more locked positions among the open positions on the Trading Account, when generating an order / request to close any of the positions, the MultipleCloseBy option (Close overlapped orders) appears in the Type drop-down list. When this option is selected, a list of all positions opened for this trading instrument appears with the simultaneous activation of the MultipleCloseByfor button (Close overlapped orders by). Clicking on this button closes all locked positions opened on this instrument. At the same time, a new position remains open in the direction of the position, which is larger in total volume, which receives a new ticket.
8.11.17. After the entry about closing the position in the server logs appears, the Trader’s order to close the position is considered processed, and the position indicated in the order is considered closed.
8.11.18. If the order to close the position was received before the first quotation for the trading instrument indicated in the position appeared on the Trading Platform at the time of opening of trading, the Company rejects this order by sending an Offquotes message to the client terminal.
8.11.19. If the order to close the position was received at the moment when the order for the position to be closed (TakeProfit or StopLoss) is in the execution queue, the Company rejects this order by sending an Offquotes message to the client terminal.
8.11.20. By registering an account with the Company and starting to use the Trading Platform, the Trader automatically agrees that the execution of the order to close the position by the Company takes some reasonable time.
9.Basic terms and definitions.
Terms and definitions used in this Agreement and other documents governing relations between the Trader and the Company are interpreted as follows:
9.1 Ask– high price in a quote; price at which the trader can make a purchase.
9.2 Bid – lower price in the quote; price at which the trader can make a sale.
9.3 Hedgedmargin– the financial guarantee necessary for the Company to open and maintain locked (fixed) positions, which is determined individually for each trading instrument.
9.4 Base currency – the first currency in a currency pair; bought or sold for currency quotes.
9.5 Balance (also the “balance of the Trading Account”) – the amount on the Trader’s Trading Account, which is the result of all operations – including transferring funds to / withdrawing funds from the Trader’s Trading Account, as well as transactions.
9.6 Currency pair – the subject of trading operations, which is the ratio of the two types of currencies among themselves.
9.7 Quotation currency – the second currency in the currency pair for which the purchase or sale of the base currency takes place.
9.8 Long position – purchase of a trading instrument with the expectation of an upward movement in the exchange rate.
9.9 Request for quotation – an instruction that allows the Trader to get the necessary quote; may be considered as an obligation to complete the transaction.
9.10 Crediting funds – increasing the balance of the Trader’s Trading Account by the amount of money that was transferred by the Trader or his authorized representative to the Trader’s Trading Account in accordance with the details provided by the Company and transferred to the bank account of (a) the Company.
9.11 Identification data – the identity of an individual is the passport data specified when registering an account on the Company’s Trading Platform – including the registration address of the individual registering the account. Identification data of a legal entity are PSRN and other number identifiers under which this legal entity is registered in state and fiscal registers.
9.12 An indicative quote is a quotation (price) of a trading instrument, at the occurrence of which the Company has the right not to execute Trader’s orders issued with respect to the trading instrument for which this quotation occurred.
9.13 Instrument (also a trading instrument) – currency pairs, shares, indices, resources and other assets available for trading on the Trading Platform, the access to which the Company represents to the Trader.
9.14. Client account – any account opened by a Trader in the Company (including trading, partner, personal, investment, etc.).
9.15 Client terminal – an application or other software product provided by a third party that provides information about financial markets by connecting to the server through the FIX protocol. It can also provide the Trader with the opportunity to conduct technical analysis, execute transactions according to certain parameters, open, change, close and delete orders, receive messages from the Company, etc.
9.16 Short position – purchase of a trading instrument with the expectation of further depreciation of this trading instrument.
9.17 Quotation is the price of a trading instrument expressed through Ask and Bid parameters.
9.18 Credit – replenishment of the Trader’s Trading Account with the Company to further support the trading activities of the Trader.
9.19 Exchange rate – the price of one unit of the base currency, expressed in quotation currency.
9.20 Personal Account – a client area protected by a password, which is provided to the Trader on the Company’s website after the registration of the Trading Account. The personal account is used to identify the Trader, information support and maintain a register of completed trading operations.
9.21 Locked position –– short and long positions of equal volume, which are opened on the same Trading Account using the same trading instrument.
9.22 Lot – a term for the symbol of a certain amount of an asset (for example, the base currency).
9.23 Margin trading – trading in which trading operations are carried out using leverage, rather than the real amount of money owned by the Trader.
9.24 Initial margin – the amount of money in the trading account of the Trader, which is necessary to open the declared position. For each trading instrument, the initial margin is determined separately.
9.25 Required margin – the amount of money in the trading account of the Trader, which is necessary to maintain open positions.
9.26 Non-market quote – an erroneous quote that arose in the absence of macroeconomic events or news that could have a significant impact on the price of a trading instrument; in the absence of a rapid change in the price of a trading instrument before the appearance of this quotation; based on the results of the return of the price of a trading instrument for a short time to the initial level, which led to the formation of a price gap.
9.27 Trading volume – the result of multiplying the number of lots by their volume.
9.28 Operating day – period from 9:00 to 18:00 GMT-0 from Monday to Friday.
9.29 Pending order – an instruction from the Trader that determines the opening / closing of a position when a certain price of the order level is reached.
9.30 An open position is the first part of a completed transaction, in the presence of which the Trader is obliged to maintain a balance at the required margin level or higher, and also to make the opposite transaction of equal volume.
9.31 Floating profit / floating loss – profit / loss for open positions, which are calculated based on the current value of the trading instruments involved in open positions.
9.32 A complete completed transaction is a closed cycle of two trading operations performed in the same volume. This can be either a sale with a further purchase, or a purchase with a further sale.
9.33 Business day – a weekday that is not a weekend (that is, Saturday or Sunday) or a day that is declared a weekend in accordance with official holidays.
9.34 Lot size – the amount of the base currency or security constituting one lot.
9.35 Order –– the Trader’s command to open / close a position, place, modify or delete a pending order.
9.36 Order for withdrawal of funds – the Trader’s team, sent through a personal account to debit funds from the Trader’s Trading Account and transferring them to the details specified by the Trader (account of the Trader or his authorized representative).
9.37 Free margin – funds on the Trade trading account that can be used to open new positions. It is calculated as the total amount of funds in the trading account of the Trader minus the required margin.
9.38 Swap – a fee that is withdrawn from the Trader for transferring an open position overnight. It can be either a positive or a negative value.
9.39 Server – technical and software installed on it that performs the functions of processing Traders’ orders and displaying up-to-date information. The company has the right to vary the content of the displayed data.
9.40 Contract specification – summary of basic trading conditions. It may include such parameters as lot size, spread, minimum volume and step of changing the volume of a trading operation, margin of locked positions, initial margin, etc.
9.41 Spread – the difference between Bid and Ask in points.
9.42 Means – the current state of the Trader’s trading account. It is calculated through the formula “balance + credit + floating profit – floating loss”.
9.43 Trading platform –a set of hardware and software tools that display quotes in real time, as well as providing placement, modification and execution of orders, settlements on mutual obligations between the Company and the Trader. The trading platform includes a client terminal and a server.
9.44 Trading account – a register personalized for a particular Trader, which takes into account trading operations performed on the Company’s trading platform and displays information on completed transactions, orders, non-trading operations, open positions, as well as other data.
9.55 Authorized person of the Client (Trader) – may be represented by both an individual and a legal entity.
9.55.1 The authorized person of the Client, represented by an individual, has the right to credit or receive funds to / from the Client’s Trading Account on behalf of the Client. The authorized person may be only adult citizens / tax residents of the countries on whose territory the Company operates.
9.55.2 The authorized person of the Client, represented by a legal entity, has the right to deposit or receive funds to / from the Client’s Trading Account on behalf of the Client. An authorized person can only be a legal entity or other organization legally registered in the country in whose territory the Company operates.
9.56 Order level – price indicated in the order.
9.57 Security – stock, bond, interest rate, option, precious metal, etc.
9.58 Emergency (force majeure) – malfunctions of hardware and software, as well as other situations that cannot be predicted and do not allow to provide adequate trading conditions for reasons beyond the control of the Company.