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Order Execution Policy

 

1 INTRODUCTION

1.1 This Order Execution Policy (the 'Policy') is provided to you alongside the Starcapital Client Agreement and contains further details on our services and the activities you may carry out with us.

1.2 For your benefit and protection, please ensure you take sufficient time to read this and any other additional documentation and information available to you via our Website, prior to opening an account and/or carrying out any activity with us. You should contact us for any further clarification or seek independent professional advice (if necessary).

2. SCOPE

2.1 This Policy applies to all Clients of Starcapital, retail and professional, when executing transactions in the financial instruments provided by us via Contracts for Difference and/or Spread Betting.

2.2 We will provide you with live streaming prices, also called 'Quotes', for the various financial instruments through our trading platforms, along with a breakdown of the available volume ('market depth', where possible), as received from third-party liquidity providers ('LPs'). These financial instruments, and the corresponding prices will be offered at our discretion.

3. EXECUTION ELEMENTS

3.1 Prices: We receive price feeds from some of the world's leading liquidity and data providers. Having multiple LPs is important especially during abnormal market conditions, such as times of extreme volatility, when some LPs may decide to widen the spreads or stop quoting prices at all. Having multiple LPs enables us to provide you with competitive prices, as the remaining LPs shall continue competing to provide us their best 'bid' and 'ask' prices.

3.2 Re-quoting: this is the practice of providing a secondary quote after an 'instant order' has been submitted. The Client must agree to this quote before the order is executed. We will re-quote 'instant orders' if the requested price originally specified by the Client is not available. The secondary quote provided to the Client is the current market price received by us from third party LPs. We do not re-quote 'pending orders'.

3.3 Slippage: this is the difference between the executed price and the order price at the time the order is submitted for execution. Slippage is a normal and expected cost of trading,particularly for orders of larger size and during times of thin liquidity and/or volatile markets. Further information on Starcapital's slippage data is available on our Website.

3.4 Partial fills: this is the practice of executing an order in parts, at a time where there is not enough liquidity in the market, in order to fill the complete order at a specific price. Partial fills may be executed at different prices.

3.5 Commission: Clients shall be charged commission when trading CFDs on forex and metals through cTrader. Further information is available on our Website.

3.6 Mark-up: Clients shall be charged a mark-up on spread when trading CFDs on forex, metals, energies, equities, indices and futures through MT4, MT5, cTrader and when trading Spread Bets on Starcapital Software. Further information is available on our Website.

3.7 Trade Rejection: trades submitted on the prices considered by the system as old are automatically rejected. Clients can still trade over the phone, through the Starcapital dealing desk.

4. ORDER TYPES FOR METATRADER 4 (MT4)

4.1 Instant Order: this is an order to either buy or sell at a specific 'ask' or 'bid' price (respectively) as it appears in the quotes flow at the time the Client submits/ places the order for execution. If at the time of receiving the order in our systems the market price has changed then a requote price will be offered to the Client, which the Client may accept or reject.

4.2 Market Order: this is an order to buy or sell at the current market price that is available. The system automatically aggregates the volume received from third party LPs and executes the 'market order' at VWAP (Volume-Weighted Average Price'), that is the average and best available price at the time of the execution.

4.3 Pending Orders:
Stop Orders: This is an order to buy or sell once the price reaches a pre-set stop level (the 'stop price'). Once this order is triggered it is treated as a 'market order'. If the 'stop order' is not triggered it shall remain in the system until a later date, subject to the conditions described in the "Good 'til cancelled" section. 'Stop orders' placed within the current bid-ask spread will be invalid and automatically removed, therefore, 'stop orders' must be placed a minimum number of pips away from the available market price at the time of placing the order so that these are valid.

Limit Orders: this is an order to buy or sell once the price of an instrument reaches a pre-set level (the 'limit price'). It is used to enter trades at a pre-chosen level, rather than at theavailable market price at the time. Once the market reaches the 'limit price', the 'limit order' is triggered and executed at the requested limit price or better.

Stop Loss: this is a 'stop order' to control and minimise losses. It is used to close an open position when the price of the instrument has moved contrary to the expected direction, reaching a pre-set level.

Take Profit: this is a 'limit order' to secure profits. It is used to close an open position when the price of the instrument has moved in the expected direction, reaching a pre-set target level.

Good 'til Date ('GTD'): this is an execution setting that applies to 'pending orders' traded through MetaTrader 4. Clients may choose a specific date in the future until which the order shall remain 'live' and pending for execution. If the order is not triggered during the pre-set timeframe, it will be deleted by the system. Please note that GTD may become redundant in cases where a CFD on futures reaches its maturity/ expiry date and the date specified is after the maturity date.

Good 'til Cancelled ('GTC') (= Expiry): this is an execution setting that Clients may apply to 'pending orders'. The order shall remain 'live' and pending for execution until it is triggered or cancelled by the Client. Please note that GTC may become redundant in cases where a CFD on futures reaches its maturity/ expiry date.

Pending Order Modification/Cancellation: The Client may modify/cancel a 'pending order' if the market did not reach the price previously specified by the Client. Such instances may occur whereby a Stop Loss or Take Profit attached to a pending order may be removed by the platform upon the pending order being triggered. These cancellations will occur when the orders no longer fulfil the criteria set out within this document, in such instances the Client is responsible for managing their open position accordingly.

Pending Order Execution: The Client accepts that under certain trading conditions (including but not limited to situations of high market volatility or illiquidity and market gaps) it may not be possible for us to execute pending orders at the declared price. Under such conditions, we reserve the right to execute the order or modify the opening and/or closing price to provide the next best price. In such instances, whereby a pending order and its respective stop loss/take profit are triggered simultaneously, the position will be opened at the current market price and the attached stop loss/ take profit will be removed. The Client is then responsible for managing their open position accordingly.

Pending Order Deletion: Starcapital reserves the right to delete any 'pending orders' from the system not triggered within a period of three (3) months from the date the order was entered into the system.

Note: We execute most orders automatically, with minimal manual intervention. In addition to the provisions referred to in the 'Events Outside our Control' section of the 'Client Agreement', we may execute any order, regardless of type, manually and/or at VWAP, without notifying Clients in advance. This may occur in instances where we experience, for example, increased market volatility, illiquidity and infrequent price updates, a significant* order size, as well as times when the system identifies abusive trading behaviour and/or trades from multiple Client profiles bearing the same characteristics (i.e. same software, symbol, time and price requested).

* the 'significance' is determined at our discretion.

5. ORDER TYPES FOR METATRADER 5 (MT5)

5.1 Market Order: this is an order to buy or sell a specified volume/ quantity at the current market price that is available. The system automatically aggregates the volume received from third party LPs and executes the 'market order' at VWAP ('Volume-Weighted Average Price'), that is, the average and best available price at the time of the execution.

5.2 Pending Orders
Stop Orders: This is an order to buy or sell once the price reaches a pre-set stop level (the 'stop price'). Once this order is triggered it is treated as a 'market order'. If the 'stop order' is not triggered it shall remain in the system until a later date, subject to the conditions described in the "Good 'til cancelled" section. 'Stop orders' must be placed a minimum number of pips away from the available market price at the time of placing the order so that these are valid.

Limit Orders: this is an order to buy or sell once the price of an instrument reaches a pre-set level (the 'limit price'). It is used to enter trades at a pre-chosen level, rather than at the available market price at the time. Once the market reaches the 'limit price', the 'limit order' is triggered and executed at the requested limit price or better.

Stop-Limit Order: Stop-limit order is an order that combines the features of stop order with those of a limit order. A stop-limit order will be triggered at a specified price (or better) after a given stop price has been reached or passed. Once the stop price is reached, the stop-limit order becomes a limit order to buy (or sell) at the limit price or better.

Stop Loss: this is a 'stop order' to control and minimise losses. It is used to close an open position when the price of the instrument has moved contrary to the expected direction, reaching a pre-set level.

Take Profit: this is a 'limit order' to secure profits. It is used to close an open position when the price of the instrument has moved in the expected direction, reaching a pre-set target level.

Good 'til Cancelled ('GTC') (= Expiry): this is an execution setting that Clients may apply to 'pending orders'. The order shall remain 'live' and pending for execution until it is triggered and treated as a market order or cancelled by the Client. Please note that GTC may become redundant in cases where a CFD on futures reaches its maturity/ expiry date.

Good 'til Date ('GTD'): this is an execution setting that applies to 'pending orders' traded through MetaTrader 5. Clients may choose a specific date in the future until which the order shall remain 'live' and pending for execution. If the order is not triggered during the pre-set timeframe, it will be deleted by the system. Please note that GTD may become redundant in cases where a CFD on futures reaches its maturity/ expiry date and the date specified is after the maturity date.

Pending order Modification/Cancellation: The Client may modify/cancel a 'pending order' if the market did not reach the price previously specified by the Client. An order will be cancelled in the event of any of the following:

  1. If a Client manually cancels an order prior to the market reaching the price level specified; or If a Client places an expiration timeframe and it is reached.
  2. If an order is triggered and there is not enough free margin in the account, the order will be deleted.

Pending Order Deletion: Starcapital reserves the right to delete any 'pending orders' from the system not triggered within a period of three (3) months from the date the order was entered into the system.

Note: We execute most orders automatically, with minimal manual intervention. In addition to the provisions referred to in the 'Events Outside our Control' section of the 'Client Agreement', we may execute any order, regardless of type, manually without notifying Clients in advance. This may occur in instances where we experience, for example, increased market volatility, illiquidity and infrequent price updates, a significant* order size, as well as times where the system identifies abusive trading behaviour and/or trades from multiple Clientprofiles bearing the same characteristics (i.e. same software, symbol, time and price requested).

* the 'significance' is determined at our discretion.

6. ORDER TYPES FOR cTRADER

6.1 Market Order: this is an order to buy or sell at the current market price that is available. The system automatically aggregates the volume received from third party LPs and executes the 'market order7 at VWAP ('Volume-Weighted Average Price'), that is, the average and best available price at the time of the execution.

6.2 Pending Orders
Stop Orders: This is an order to buy or sell once the price reaches a pre-set stop level (the 'stop price'). Once this order is triggered it is treated as a 'market order', therefore, the order will be executed at the current market price that is available (VWAP). If the 'stop order' is not triggered it shall remain in the system until a later date, subject to the conditions described in the "Good 'til cancelled" section. 'Stop orders' must be placed a minimum number of pips away from the available market price at the time of placing the order so that these are valid.

Limit Orders: this is an order to buy or sell once the price of an instrument reaches a pre-set level (the 'limit price'). It is used to enter trades at a pre-chosen level, rather than at the available market price at the time. Once the market reaches the 'limit price', the 'limit order' is triggered and executed at the requested limit price or better.

Stop-Limit Order: Stop-limit order is an order that combines the features of stop order with those of a limit order. A stop-limit order will be triggered at a specified price (or better) after a given stop price has been reached or passed. Once the stop price is reached, the stop-limit order becomes a limit order to buy (or sell) at the limit price or better.

Stop Loss: this is a 'stop order' to control and minimise losses. It is used to close an open position when the price of the instrument has moved contrary to the expected direction, reaching a pre-set level.

Take Profit: this is a 'limit order' to secure profits. It is used to close an open position when the price of the instrument has moved in the expected direction, reaching a pre-set target level.

Good 'til Cancelled ('GTC') (= Expiry): this is an execution setting that Clients may apply to 'pending orders'. The order shall remain 'live' and pending for execution until it is triggered and treated as a market order or cancelled by the Client.

Pending Order Modification/Cancellation: The Client may modify/ cancel a 'pending order' if the market did not reach the price previously specified by the Client. An order will be cancelled in the event any of the following occur:

  1. If the price requested is more than 50,000 pips away from the market price;
  2. If a Client manually cancels an order prior to the market reaching the price level specified;
  3. If a Client places an expiration timeframe and it is reached;
  4. After 200 unsuccessful attempts to execute the order.
  5. In case of a pending order is triggered and there is not enough margin to be executed then the order is cancelled.

Pending Order Deletion: Starcapital reserves the right to delete any 'pending orders' from the system not triggered within a period of three (3) months from the date the order was entered into the system.

7. ORDER TYPES FOR STARCAPITAL EDGE

7.1 Market Order: this is an order to buy or sell at the current market price that is available. The system automatically aggregates the volume received from third party LPs and executes the 'market order' at VWAP (Volume-Weighted Average Price'), that is, the average and best available price at the time of the execution.

7.2 Pending Orders:
Stop Orders: This is an order to buy or sell once the price reaches a pre-set stop level (the 'stop price'). Once this order is triggered it is treated as a 'market order'. If the 'stop order' is not triggered it shall remain in the system until a later date, subject to the conditions described in the "Good 'til cancelled" section. 'Stop orders' must be placed a minimum number of pips away from the available market price at the time of placing the order so that these are valid.

Limit Orders: this is an order to buy or sell once the price of an instrument reaches a pre-set level (the 'limit price'). It is used to enter trades at a pre-chosen level, rather than at the available market price at the time. Once the market reaches the 'limit price', the 'limit order' is triggered and executed at the requested limit price or better.

Stop Loss: this is a 'stop order' to control and minimise losses. It is used to close an open position when the price of the instrument has moved contrary to the expected direction, reaching a pre-set level.

Take Profit: this is a 'limit order' to secure profits. It is used to close an open position when the price of the instrument has moved in the expected direction, reaching a pre-set target level.

Good 'til Cancelled ('GTC') (= Expiry): this is an execution setting that Clients may apply to 'pending orders'. The order shall remain 'live' and pending for execution until it is triggered and treated as a market order or cancelled by the Client.

Pending Order Modification/ Cancellation: The Client may modify/ cancel a 'pending order' if the market did not reach the price previously specified by the Client. Such instances may occur whereby a Stop Loss or Take Profit attached to a pending order may be removed by the platform upon the pending order being triggered. These cancellations will occur when the orders no longer fulfil the criteria set out within this document, in such instances the Client is responsible for managing their open position accordingly.

Pending Order Deletion: Starcapital reserves the right to delete any 'pending orders' from the system not triggered within a period of three (3) months from the date the order was entered into the system.

8. MARGIN AND LEVERAGE

8.1 For margin calculation purposes, the leverage level used will be the lower between the Account and the symbol traded. This applies to all our trading platforms.

8.2 Any changes made to your leverage on an Account that is already traded can immediately affect your open positions and may result in a stop-out.

8.3 MetaTrader 4 (Instant and Market Execution): at Margin Level of less than 60% we have the discretion to begin closing positions starting from the most unprofitable one. At Margin Level of less than 50% we will automatically close positions at the current market price starting from the most unprofitable one.

8.4 MetaTrader 5: at Margin Level of less than 60% we have the discretion to begin closing positions starting from the most unprofitable one. At Margin Level of less than 50% we will automatically close positions at the current market price, starting with the position requiring the most margin. If the account Margin Level is still below 50% the same procedure is repeated for the next applicable position; if the Margin Level continues below 50% the serverwill close the position with the largest loss. Positions will be closed until the Margin Level becomes greater than 50%.

8.5 cTrader: at Margin Level of less than 60% we have the discretion to begin closing positions starting from the position with the greatest margin. At Margin Level of less than 50% we will automatically close positions at market price. Smart Stop Out: if Margin Level falls below 'Smart Stop Out' Level, we will start closing trades until Margin Level reaches above 'Smart Stop Out' Level. The logic of Smart Stop Out will only close what is necessary from the largest trade, in order to safely restore Margin Level and protect the trade itself, the position entry point and the trading account, for as long as possible.

8.6 Starcapital EDGE: at Margin Level of less than 60% we have the discretion to begin closing positions starting from the most unprofitable one. At Margin Level of less than 50% we will automatically close positions at the current market price starting from most the unprofitable one.

9. NEGATIVE BALANCE PROTECTION

9.1 Starcapital offers Negative Balance Protection for all clients, regardless of their categorisation (i.e. Retail or Professional). This means that a client's losses will not exceed the money deposited into his balance.

9.2 In the unlikely event that a client of Starcapital sees a negative figure in his account as a result, for instance, of a market gap, Starcapital will credit the client's account to return his balance to zero within the same trading day.

10. CORPORATE ACTIONS

10.1 Dividends:

  1. Clients holding long positions on the applicable share and/or spot index at the ex-div date will receive a dividend in the form of a cash adjustment (deposit, paid into their trading account).
  2. Clients holding short positions on the applicable share and/or spot index at the ex- div date will be charged the dividend amount in the form of a cash adjustment (withdrawal, deducted from their trading account).
  3. We reserve the right to increase margin requirements prior to the release of a dividend.
  4. Stocks may be offered as a dividend. The dividend amount will be calculated using the share price to determine the cash adjustment (see Fractional Share Adjustments).

10.2 Fractional Share Adjustments: In the event the corporate action results in a fractional position, the fractional component may be represented as a cash adjustment independent of the handling for the non-fractional position. The adjustment value will equal the fractional position times the adjusted closing price on the day prior to the ex-date.

10.3 Other Corporate Actions (including, but not limited to Stock Splits and Rights Issue): An appropriate adjustment on the Client's position will be made to mirror the economic impact of a corporate action.

10.4 Earnings Announcements: We will increase margin requirements and limit maximum exposure on the relevant symbols prior to earnings announcements.

10.5 De-listing: In the event of a share being de-listed, the Client's position will be closed at the last market price traded.

10.6 For certain corporate actions not specifically mentioned in this section, including, but not limited to Mergers, Acquisitions (together commonly referred to as 'M&A') and Leveraged Buyouts ('LBOs'), we reserve the right to:

  1. increase margin requirements;
  2. suspend or halt trading in the relevant instrument;
  3. limit the maximum exposure (order size) to the relevant instrument;
  4. close the positions in the event that the relevant instrument is no longer trading on the relevant exchange;
  5. take any other action as we deem necessary in the given circumstances.
11. BEST EXECUTION

11.1 Execution Venue: Starcapital executes all client trades via Starcapital Financial Services Limited as its sole counterparty, and thus its sole execution venue. Starcapital Financial Services Limited operates a 'Non-Dealing Desk Intervention' model that ensures Best Execution by enhancing the execution factors as explained below:

11.2 Prices: Price is the most important factor for ensuring best execution. As mentioned in paragraph 3.1 we have multiple liquidity and data providers providing us with their prices. We use price aggregation technology to detect and quote the best Bid and Ask quote from the multiple LPs to the trading platform. Please note that the prices you will see on our trading platforms may differ from the prices you may see on other trading/ charting platforms.

  1.  Bid-Ask Spread: For any given financial instrument, we quote two prices: the higher price (Ask), at which the Client can buy (go long) a financial instrument, and the lower price (Bid) at which the Client can sell (go short); collectively, referred to as the Firm's prices. The difference between the Bid and the Ask price of a given financial instrument is the spread, which includes Starcapital's mark-up for MetaTrader 4, MetaTrader 5, cTrader and Starcapital EDGE.
  2.  Pending Orders: Orders such as 'Buy Limit1, 'Buy Stop' and 'Stop Loss'/ 'Take Profit' for open short positions are executed at the Ask price. Orders such as 'Sell Limit', 'Sell Stop' and 'Stop Loss'/ 'Take Profit' for open long positions are executed at the Bid price.
  3. Our price for a given financial instrument is calculated by referencing the price of the relevant underlying asset, which is obtained from third-party liquidity and data providers. We update our prices as frequently as the limitations of technology and communication links allow. We will not quote any price outside of our operational hours (see execution venues below).
  4. For the cTrader platform, prices are obtained directly from LPs through an electronic execution system, which automatically requests a quote from these. In conjunction with the price, we also quote the available liquidity ('market depth') from our LPs. Our system will automatically aggregate all available liquidity at the best prices available and fill at the Volume-Weighted Average Price (VWAP).
  5. Starcapital, will at all times, subject to events outside of our control, transmit bid and ask prices through the trading platforms. Starcapital shall, at its discretion, determine the prices that are executable, and which appear through the platforms. The Client accepts that Starcapital's solely responsible for determining the validity of these prices at any given time and in some instances may issue a re-quote as per paragraph 3.2 above.

11.3 Costs: Execution venue costs are not a relevant factor as there are no third-party fees such as clearing, or settlement fees involved in the execution of your orders. Trading costs are minimised by internalising the order flow and placing limits on the spreads to protect clients from receiving the maximum spreads from the wholesale market.

11.4 Speed of Execution: We place a significant importance in this factor when executing Client orders and to this end we maintain high speed connections through multiple servers hosted globally. Our execution is fully automated apart from minimal manual execution. However, the use of any form of unstable connection at the Client's end, whether wireless or dial-up, may result in poor or interrupted connectivity, which may cause delays in the transmission of data between the Client and us.

11.5 Likelihood of Execution: We rely on third-party LPs for prices and available volume of the different financial instruments we offer. Therefore, the execution of Client's orders will depend on whether there are prices and liquidity available at the time these orders arereceived. By having multiple LPs, we enhance the likelihood of execution across theinstruments we offer. This availability may be subject to variation, especially during abnormal market conditions, such as:

  1. During market opening times.
  2. During times of market news and events.
  3. During periods of significant volatility.
  4. Where there is a rapid price movement of a particular instrument, to such extent that under the rules of a relevant exchange, trading on said instrument is suspended or restricted.
  5. Where there is insufficient liquidity for the execution of a specific volume at a specific declared price.
  6. Where Starcapital internal risk limits no longer permit the acceptance of any further orders on a specific instrument.
12. OTHER EXECUTION CONSIDERATIONS

12.1 Currency Valuation: We may provide a currency conversion quote from your account's base currency to the currency of the relevant financial instrument. This will not be reflected as an actual currency conversion in your account, but only serves the purpose of indicating the valuation in the base currency.

12.2 Size of Order: The minimum size of an order is 0.01 lots for the MetaTrader 4, MetaTrader5 and cTrader. For Starcapital EDGE, the size of orders is measured in pounds per pip (also called 'stake'), and the minimum is GBP 0.50. We may place limits on maximum order sizes from time to time, and we reserve the right to decline an order as per our Client Agreement. For maximum order size on fixed spread accounts, please refer to the Fixed Spread Accounts Terms and Conditions. We will make every effort to fill orders irrespective of the volumes. This however may be achieved at the 'best available price' as per the available market liquidity at the time of execution (see 'Likelihood of Execution').

12.3 We reserve the right to place a cap on the number of contracts and/or a limit on the total net position value per profile, for a given instrument. Where this occurs, we will make all possible efforts within reason to provide you with prior notice.

12.4 https://srcapital.io/trading/ operate round-the-clock from 09:00 GMT Sunday through to 16:00 GMT Friday. Market holidays are published on our website.

13. BEST EXECUTION MONITORING AND REVIEW

13.1 We have procedures and processes in place to analyse the quality of execution, as well as to monitor best execution. We measure and monitor the competitiveness of our prices against other major competitors and the speed of our execution. We also monitor the symmetry of slippage and requotes.

Starcapital's compliance department and internal audit perform additional independent reviews of the above processes and provide assurance as to their effectiveness. These reviews and assessments are conducted on a regular basis and at least annually. Where necessary, they provide recommendations for improvements, which are then implemented with the aim of keeping the quality of execution to the highest standards.

13.2 The Report of the quality of the execution of transactionsis available on the legal document’s web page of Starcapital.

14. YOUR CONSENT

14.1 We are required to obtain your consent prior to establishing a business relationship with you. By entering into the Client Agreement, you consent and acknowledge that the transactions in financial instruments entered with us are not undertaken on a recognised exchange, but rather through our trading platform and, accordingly, you may be exposed to greater risks than when conducting transactions on a regulated exchange. Therefore, we may not execute an order, or we may change the opening or closing price of an executed order in certain cases, including, but not limited to instances of a technical failure of the trading platform. The terms and conditions and trading rules are established solely by the counterparty, which is, at all times, Starcapital. You are then only allowed to close an open position in any given financial instrument during our platform's working hours, as per 11.3 above, and you can only close any such position(s) with us as your sole counterparty and thus you are subject to counterparty risk.

14.2 When opening an Account with us you consent to your orders being executed in accordance with the Policy in force, from time to time. You consent that Starcapital reserves the right to immediately terminate your access to the trading platform(s) or Account(s) or refuse or cancel any order, in the event you voluntarily and/or involuntarily partake in arbitrage unrelated to market inefficiencies, including but not limited to, latency arbitrage and swap arbitrage and/or contrary to good faith; under such circumstances, Starcapital may, at its discretion, closeany of your Account(s) and recover any losses incurred from such practices. You also accept that Starcapital reserves the right to immediately terminate your access to the trading platforms and/or recover any losses incurred in the event the Firm determines in its sole discretion that you voluntarily and/or involuntarily undertook to abuse the negative balance protection (the 'NBP') offered by the Firm (or in any way which is contrary to good faith or the terms of the 'Client Agreement') either on an individual Account, or multiple Account(s) or multiple profiles and/or between one or more Client(s) of the Firm in accordance with the 'Client Agreement'. For instance, a Client hedging his/her exposure utilising his/her accounts under the same or different Client profile would constitute an abuse of the NBP as well as a Client requesting a withdrawal of his/her Client Money -notwithstanding any of the provisions of the 'Client Agreement'- when the symbol he/she is trading is not available for trading at Starcapital during that specific timeframe. Another example would be an instance where a Client transfers fund from his/her Account to the Vault before opening or while having open positions, in a manner which indicates an attempt to abuse the NBP policy; it should be noted that this is not an exhaustive list.

15. IMPORTANT INFORMATION

15.1 There may be specific leverage limits or restrictions on the instruments available which may be due, but not limited, to the jurisdiction in which you reside.For further information please see our website.

15.2 Fledging is not permitted on the MT5 platform. Where a Client opens a second position on the same instrument, this will be netted-off against the existing open position.

15.3 CFDs are not eligible for sale or distribution in certain jurisdictions or countries. This Policy is not directed to any jurisdiction or country where its publication, availability or distribution would be contrary to local laws or regulations, including, but not limited to the United States of America. Equally, this Policy does not constitute an offer, invitation or solicitation to buy or sell leveraged products. It may not be reproduced or disclosed (in whole or in part) to any other person without prior written permission. The Policy is not intended to constitute the sole basis for the evaluation of any Client's decision to trade leveraged products.

15.4 Spread Betting is only available to Clients resident in the United Kingdom and the Republic of Ireland. The tax treatment of a Spread Betting Account may depend on your personal circumstances and may be subject to change. If you are unsure of your tax circumstances, you should seek independent tax advice.

16. FAQs AND CONTACT INFORMATION

16.1 Questions regarding this Policy should be addressed, in the first instance, to our Customer Support Department.

16.2 You may contact our Customer Support Department via e-mail at [email protected] or via phone on the numbers you will find on the Contact section of our website.

16.3 You may also contact our Dealing Department via telephone on +44 3069 990321