These Terms of Business govern all actions in respect of the execution of the Customer's Instructions and Requests.
These Terms of Business specify the principles of opening/closing positions and placing/modifying/deleting/executing Orders under Normal and Abnormal Market Conditions in the Metatrader 4 platform of NoaFX.
NoaFX's actions in respect of the Customer's Open Positions in case the Margin Level on the Trading Account is insufficient to support Open Positions and procedures of Dispute resolution and the methods of communication between the Customer and NoaFX.
It is the responsibility of the Customer to carefully read these Terms, and to inform NoaFX of any questions or objections which you may have, before entering each and every trade order. You confirm that, before placing any trading orders with NoaFX, you have read and agreed to these Terms.
There are two quotation mechanisms which are used in order to trade: Request Execution and Instant Execution. Details of the quotation mechanism for each Instrument are specified in the Contract Specifications.
The flow of the order from the customer to its execution is done using the following procedure:
The Customer has the right to cancel a previously given Request or Instruction only if the Request or the Instruction has the "Order is accepted" status. In order to cancel it, the Customer shall press the "Cancel order" button. If the order is in process, then the customer cannot cancel such an order.
While in the execution mode, the quotes received by the customer from the client terminal are indicative and the actual quote may be different from this indicative quote.The amount of time taken to execute the instruction or request depends on the quality of the connection between the server and the client terminal. It could be between 3-12 seconds under normal market conditions but it could be as long as 30-45 seconds under adverse market conditions.
If the market conditions are adverse or the free margin of the customer is less than the initial margin or if the customer makes an unreasonable number of requests, then NoaFX has the right to decline the request or the instruction with the result that the "Off quotes" message appears in the Client Terminal. Where possible, the Customer shall give Instructions or Requests via the Client Terminal. The Customer shall use NoaFX' telephone service only in times when it is impossible to use the Client Terminal.
A list of available currency pairs and bullion available for trading can be found on NoaFX' MT4 trading platform. NoaFX reserves the right to add/remove currency pairs and bullion to its trading environment without prior notification on NoaFX's official website and/or on the MT4 trading platform.
The Ask price is used to make a "buy" Transaction. The Bid price is used to make a "sell" Transaction:
NoaFX will provide quotes for all Instruments with a flexible Spread:
The size of the Leverage depends on the Trading Account Balance and/or the Customer's Open Positions. The customer can send in a written request for change of leverage and it will be verified and applied by NoaFX as deemed appropriate.
NoaFX has the right to change the Leverage for the Trading Account in accordance with the margin requirements with immediate effect without giving prior notice.
NoaFX is entitled to apply new margin requirements to the new positions and to the positions which are already open. NoaFX has the right to change the Leverage for a particular Customer at any time and at its sole discretion by giving five Business Days prior Written Notice.
NoaFX is entitled to close the Customer's Open Positions without the consent of the Customer or any prior notice if the Equity is less than 20% of the Necessary Margin. Margin calls are executed when a Customer's account has less equity available than required to maintain his or her open positions. Margin Level is monitored by the Server and subject to the above requirement; the Server generates the Stop Out Instruction to close a position without prior consent. Stop Out is executed at the current Quote following the priority of the queue. Once the position has been closed the relevant record appears in the Server Log File with the "Stop Out" remark.
NoaFX may, at the discretion of its liquidity providers, close any or all open positions in a Customer's account in the event that a Customer's account falls below the minimum required equity. Generally, when there are 2 or more open positions NoaFX reserves a right to close the position(s) first with the highest floating loss.
If a Stop Out execution has resulted in a negative Balance of the Customer's Trading Account, the Customer shall be liable for this loss and must make a payment of the full and total amount due immediately.
Even though our MT4 trading platform keeps track of used and free margin, it's the Customer's responsibility to keep track of these account balances at all times.
Margins for Positions held over the weekend.
As the forex market is closed over the weekend, there is a risk associated with positions that are kept open over the weekend, for both NoaFX and the customer. In such cases, NoaFX has the right but not the obligation to hedge certain positions in the customer account, which might force the account into negative equity for a 100 pip increase or decrease in price over the weekend.
In order to give an Instruction to open a position the Customer shall specify the instrument and the transaction size. There are 2 modes of execution, "Instant Execution Mode" and "Request execution Mode". For "instant execution mode", in order to open a position via the Client Terminal without using an Advisor, the Customer shall press the "Buy" or "Sell" button the moment the Customer is satisfied with the prices in the Quotes Flow and In order to open a position via the Client Terminal using an Advisor, the Instruction must be generated at the current Quote.
For the request execution mode, In order to open a position via the Client Terminal without using an Advisor, the Customer shall send a Request. The Customer may open a position at the offered Quote by pressing the "Buy" or "Sell" button. NoaFX has the right to revoke the Quote if the Customer has not sent an Instruction within 3 (three) seconds of receiving the Quote or if the market moves and the Quote becomes irrelevan t and in order to open a position via the Client Terminal using an Advisor, the Advisor generates a Request.
If NoaFX offers aQuote, which differs from the Advisor's Quote by not more than the "slippage" value (Advisor's parameter which determines the acceptable range between the Advisor's Quote and the Quote offered by NoaFX), theAdvisor gives the Instruction to the Server to open a position at the Quote offered by NoaFX.
When the server receives the request, then an automatic checkup is carried out to make sure that there are sufficient funds in Customer account to meet margin requirements as set by NoaFX. Margin requirement of a new position is then virtually summed up with the total margin requirement of positions that are already open and it is to be understood that margin requirement for non-hedged positions is the initial margin; margin requirement for locked positions is calculated as a Hedged Margin.
When the checkup shows that the parameter called Free Margin does not drop under a set limit then the Customer account successfully passes the checkup for the margin requirements and then the new position is opened in Customer account. This transaction is then written into a server log and Journal of the Customer terminal. Confirmation of position opening is displayed to the Customer in Order window and the position appears in a list of open positions in the Trade window of Customer terminal.
When the checkup shows that the opening of a new position will breach a Free Margin limit then the Customer account does not pass the checkup successfully and hence the request has to be rejected and a message "Not enough margin" is displayed in the client terminal and a relevant note is written to the server log.
In order to give an Instruction to close a position, the Customer shall specify the ticker and transaction size. In order to close a position via the Client Terminal without using an Advisor, the Customer shall press the "Close" button the moment when the Customer is satisfied with the Quote in the Quotes Flow. In order to close a position via the Client Terminal using an Advisor, the Instruction to close a position must be generated at the current Quote.
In order to get a quote in the "request for execution" mode for closing a position it is required to press "Request" button in the Order window. Customer should select the position in Trade list and choose the transaction size beforehand. Within 3 seconds after receiving a quote from a liquidity provider a Customer can close the position by pressing "Close..." button. After 3 seconds the quote expires.
NoaFX has the right to requote if the current Quote changes whilst the order is being processed. The requote window will be enabled if in the "Order" window there is a tick in the "Enable maximum deviation from quoted price" tickbox and the "Maximum deviation" field value equals zero. If the Customer does not press the "OK" button within three seconds, the Quote becomes invalid and it will be concluded that the Customer refuses to close a position.
If amongst the Customer's Open Positions the Customer has a position which the Customer wishes to close against a matching Open Position of the same Instrument the Customer can do so by utilising the "Close by" item in the "Type" drop down list. Upon matching/closing the Customer's chosen positions, the Customer will have either a zero or net Long/Short Position based upon the net overall exposure. The Customer should note that the net overall position will be allocated a new Ticker.
If amongst the Customer's Open Positions the Customer has multiple positions which the Customer wishes to close against matching Open Positions of the same Instrument the Customer can do so by utilizing the "Multiple Close by" item in the "Type" drop down list. Upon matching/closing the chosen positions the Customer will have either a zero or net Long/Short Position based upon the net overall exposure. The Customer should note that the net overall position will be allocated a new Ticker.
An Instruction to close a position will be declined by NoaFX if it is made when the Stop Loss or the Take Profit for this position is in the queue in order to be executed. In this case the "Off quotes" message appears in the Client Terminal window.
In order to open a position the following Orders (Pending Orders) may be used:
In order to close a position the following Orders may be used:
The orders can be placed or modified only during the trading hours. In the forex market, the orders are "Good Till Cancelled" or the expiry date and time can be set by the customer in the corresponding field. Likewise, the SL and TP orders also have "Good Till Cancelled" status.
To place an order, the customer has to specify the instrument, transaction size, order type and order level. The customer can also, optionally, mention the stop loss and take profit. The customer can also m ention the date and date for the expiry of any pending orders. If any of the required and optional parameters are not correct, then the order will be declined.
In case the price set in the order is in conflict with the type of an order and with current mar ket price then order is automatically rejected and a message "Invalid S/L or T/P" is displayed. Order is also removed automatically with the same message when the price set in the order is closer to the market price that is allowed for pending orders set by NoaFX and displayed in the contract specification page as "Limit/Stop Level". The value of "Limit/Stop Level" is also displayed in the Order window as: "Open price you set must differ from market price by at least XX pips". In the Order window Customer can see the current market Ask price for Buy Limit and Buy Stop orders and Bid price for Sell Limit and Sell Stop orders.
An Instruction to place an Order is deemed executed and the Order is deemed placed once the relevant record appears in the Server Log-File.
If the Customer gives an Instruction to modify Pending Order parameters (the level of the Pending Order and/or If-Done Orders), the Customer shall specify the ticker, pending order level, stop loss and take profit. If any of these is incorrect, then the order will be declined and the "Modify" button will not be activated.
In order to create a request to remove a pending order Customer has to select the specific order in the Trade list and the press "Delete" in the "Order..." window.
In order to change the size of a pending order Customer at first has to delete the current pending order and create a new pending order with same type and price and select new size in the Order window.
An Instruction to modify or delete an Order is deemed executed and the Order is deemed modified or deleted once the relevant record appears in the Server Log File.
The Order is placed in the queue in order to be executed in the following cases: the Take Profit on open Long Position is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal or higher than the Order Level;
current market Bid price of the instrument relating to a Stop Loss of an open Buy position or a pending Sell Stop order is equal to or lower than the price set by a Customer, or was equal to or lower than the price set by a Customer within the last 85 seconds;
current market Ask price of the instrument relating to a Stop Loss of an open Sell position or a pending Buy Stop order is equal to or higher than the price set by a Customer, or was equal to or higher than the price set by a Customer within the last 85 seconds;
The Stop Loss on open Short Position is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or higher than the Order Level;
Current market Ask price of the instrument relating to a Take Profit of an open Sell position or a pending Buy Limit order is equal to or lower than the price set by a Customer, or was equal to or lower than the price set by a Customer within the last 85 seconds;
Once the pending order is executed and the request reaches the server, then a checkup is made by the server to see if the free margin is enough to execute the order. The cumulative position of the customer is calculated and the new margin is calculated as well. If the checkup shows that the new margin that is needed will be as per the margin requirements set by NoaFX, then the order is executed, new position is opened and the transaction is written to the server log and the journal of the client terminal. The order also shows up on the list of open orders. If the checkup shows that the free margin will fall below set limits, then the order is declined and the pending order is removed.
If the orders are stop loss and take profit orders for exiting orders, then the checkup is not made and the execution is done.Under Normal Market Conditions NoaFX executes an Order at the Order Level.
When the Order Level falls within the Price Gap on the Market Opening, the Order is executed by NoaFX at the Quote which is presented in the Quotes Flow during the process of Order execution. Buy Stop, Sell Stop or Stop Loss is executed at the level less profitable for the Customer; Buy Limit, Sell Limit or Take Profit is executed at the level more profitable for the Customer.
Under Abnormal Market Conditions the Order is executed by NoaFX at the Quote which is presented in the Quotes Flow during the process of Order execution.
When several Orders are in the Price Gap, they are placed in the queue in order to be executed in ascending order of their Tickers.
NoaFX is entitled to close the Customer's Open Positions without the consent of the Customer or any prior notice if the Equity is less than the minimum Necessary Margin as specified by NoaFX.
Margin Level is monitored by the Server and subject to the above, Server generates the Stop Out Instruction to close a position without prior consent. Stop Out is executed at the current Quote following the priority of the queue.Once the position has been closed the relevant record appears in the Server Log File with the "Stop Out"remark.
If the MT4 does not issue a stop out due to some reason, then NoaFX can issue a margin call through email or any other method and the customer should do the needful to satisfy such margin calls immediately. In effect of this, the customer agrees to monitor his/her email periodically to watch out for such ca lls and take necessary action. Notwithstanding such margin call, Customer acknowledges that Company, in its sole discretion, may liquidate Customer's positions at any time.
Customer acknowledges and agrees that Company deducts overnight adjustments, commissions and various other fees from Customer's accounts and that such deduction may affect the amount of equity in Customer's account to be applied against the Margin Requirements. Customer's positions are subject to liquidation as described herein if deduction of commissions, fees or other charges causes Customer's account to have an insufficient balance to satisfy the Margin Requirements.
If the Customer has several Open Positions, the first position which has to be placed in the queue in order to be closed is the one with the highest Floating Loss.
Liquidation of locked positions shall be effected by closing Buy positions at the current Bid price and by closing Sell positions at the current Ask price.
NoaFX can use email, fax, trading platform, telephone, company news webpage and post to communicate with the customer. These contact details will be provided by the customer at the time of opening the account and can be updated by the customer as and when any of these details changes.
The communication is deemed to be received within one hour of sending in case of email, at the end of the conversation in case of telephone, 7 days if by post, at the end of transmission in the case of fax, immediately in the case of trading platform and one hour of posting in the case of posting in NoaFX news webpage.
Opening and closing of positions or placing or deletion of orders cannot be done over fax.
Telephone conversations between NoaFX and the customer may be recorded and such recordings will remain the sole property of NoaFX. All the instructions and the requests received over telephone will be assumed to be binding as if in writing.
Customer has discretion to raise a claim to NoaFX Compliance Department in the event of any Company's dissatisfactory action or inaction related to Customer's account, or in any event Customer deems such claim appropriate. With occurrence of Customer claims, the Company Compliance Department shall look at the corresponding events in the Customer's account and resolve the claim within one business day.
Customer shall contribute to Company in handling of Customer's claims by providing NoaFX Compliance Department with all necessary information, including, but not limited to customer's name and surname, login, date and time of the issue, ticket number and detailed description of the issue.
Company shall take decisions on Customer claims within two working days upon receipt. In the event Company is unable to take decision on Customer's claim within the above period, Company shall notify Customer by telephone or by e-mail about the extension of the investigation terms.
The Server Log File is the most reliable source of information in a case of any Dispute. The Server Log File has the absolute priority over other arguments including the Client Terminal Log File as the Client Terminal Log File does not register every stage of the execution of the Customer's Instructions and Requests.
In the event Company deems necessary to delete one or another of Customer's tickets, such tickets shall be removed from Customer's client terminal, and Customer's account balance and/or equity shall be adjusted by the summarized value of profit/loss and rollovers related to such tickets.
In the event Company deems necessary to restore one or another of Customer's tickets, such tickets shall be reestablished in 'Trade' layout of Customer's client terminal; summarized profit/loss and rollovers related to such tickets shall be deducted from Customer's account balance and applied to Customer's account equity in connection with current market prices.
Disputes not mentioned in these Terms of Business are resolved in accordance with the common market practice and at the sole discretion of NoaFX.
Company shall have the right, in its sole discretion, but not the obligation, to decline Customer claims on the expiry of 24-hourly period after related issues. Company may not accept claims handed over to Company by e-mail to any Company email address except the support email address mentioned below.
If the Server Log File has not recorded the relevant information to which the Customer refers, the argument based on this reference may not be considered.
If the Customer has been notified in advance by Trading Platform internal mail or some other way of routine. construction on the Server, complaints made in respect of any unexecuted Instructions or Requests which are given during such construction period, are not accepted. The fact that the Customer has not received a notice shall not constitute a reason to lodge a complaint.
No Customer complaints will be accepted in respect of the financial results of the deals made using temporary excess Free Margin on the Trading Account gained as a result of a profitable position (cancelled by NoaFX afterwards) opened at an Error Quote (Spike) or at a Quote received as a result of a Manifest Error.
Company shall have the right, in its sole discretion, but not the obligation, to decline:
1) customer claims related to execution period of any requests or orders;
2) customer claims related to differences between rates quoted by Company and similar rates quoted by another companies or institutions (including rates of underlying assets), except for claims related to manifest errors in Company's datafeed.
3) customer claims related to delays or interruptions of service or transmissions, or failures of performance of the server, regardless of cause, including, but not limited to, those caused by hardware or software malfunction; governmental, exchange or other regulatory action; war, terrorism, or Company's unpremeditated acts.
NoaFX reserves the right to delete a Customer account if it remains unfunded for a period of 60 consecutive days.
NoaFX believes it offers the most competitive liquidity and trade execution available to the Customer. With that said NoaFX makes absolutely no representation or guarantee that requotes and/or slippage will NOT occur in the Customer's trading account.
The execution of preset Stop orders (i.e. stop loss, buy stop or sell stop) is guaranteed. The price, at which the execution occurs, however is NOT guaranteed. At times, during volatile markets or periods of low liquidity, the customer may receive a price different than what was preset as the Stop order.
The execution of preset Limit orders (i.e. take profit, buy limit, sell limit) is NOT guaranteed. During volatility or periods of low liquidity, there may not be enough liquidity in the market to execute certain Limit orders.