Risk disclosure

Trading foreign exchange and contracts for difference ("CFDs") on margin carries a high level of risk and is not suitable for everyone. Because these products are leveraged, you can lose money quickly, and you may lose all of the money you deposit. Only trade with money you can afford to lose.

This Risk Disclosure describes the main risks of the products and services of Poly Rion ("Poly Rion", "we", "us"). It cannot describe every risk. Before you open a live account, make sure you understand how the products work, consider your experience, objectives and financial situation, and seek independent advice if you are unsure. This document forms part of our Client Agreement.

We offer CFDs on currency pairs, metals, indices, energies, soft commodities, shares, ETFs and cryptocurrencies. A CFD is an agreement to exchange the difference between the opening and closing price of an instrument. You never own the underlying asset, have no voting or ownership rights, and cannot take delivery of it.

CFDs are traded over the counter with Poly Rion as your counterparty, not on a regulated exchange. Our prices are derived from the underlying markets but are set by us and may differ from prices quoted elsewhere. You can only close a position with us.

Leverage lets you open a position much larger than the margin you put up. It magnifies profits and losses equally: with leverage of 1:100, a price move of 1% against you changes your account by about 100% of the margin used.

The maximum leverage depends on the instrument category and your account type, and we may lower it at any time — for example before news, weekends or holidays, during high volatility, or as your position size grows. Lower leverage increases the margin required for your open positions.

You must keep enough equity in your account to support your open positions. We do not issue margin calls by phone or e-mail, and you are responsible for monitoring your account at all times.

Stop out

If your margin level (equity divided by used margin) falls to the stop-out level published for your account type, the trading server starts closing your positions automatically, beginning with the most unprofitable one, at the next available price. Positions may be closed at a price considerably worse than the stop-out level in a fast or gapping market.

Losses beyond your deposit

In fast markets, gaps or when a position cannot be closed in time, your losses may exceed the funds in your trading account and leave it with a negative balance. Unless the terms of your account expressly provide negative balance protection, you are responsible for repaying any negative balance.

• Volatility: prices can move sharply in a short time, especially around economic data, central-bank decisions, company results and political events.
• Gaps: prices can jump from one level to another without trading in between, for example when a market reopens after a weekend or holiday. Stop loss and pending orders are then filled at the first available price, which may be much worse than the price you set.
• Liquidity: in thin markets, at market open or close and around holidays, spreads can widen sharply and it may be difficult or impossible to open or close a position at the price you want.
• Slippage: an order may be executed at a price different from the one shown when you placed it, in your favour or against you.
• Cryptocurrencies are particularly volatile, trade around the clock including at weekends, and can be affected by regulatory action, exchange failures and technology events.
• Shares and ETFs can be affected by corporate actions such as dividends, splits and mergers; we adjust positions as described in our trading conditions.

Every trade has a cost. Depending on the instrument and account type you pay the spread and may pay commission, and where the trading conditions of an instrument provide for it, positions held overnight are charged or credited a swap. Wider spreads, commission and swaps reduce your profits or increase your losses, especially if you trade often or hold positions for a long time. Current costs are published in our Trading Conditions and in the trading platform.

Deposits and withdrawals may involve fees charged by us or by your payment provider, and currency conversion when your account currency differs from your payment currency.

• Prices on screen are indicative until your order is executed. An order may be rejected, re-quoted or filled at a different price.
• Stop loss and take profit orders limit risk only as far as the market allows; they do not guarantee the price at which a position will be closed.
• Pending orders and stops are not executed while a market is closed.
• We may close or adjust positions in the cases set out in our Client Agreement, for example after a manifest price error or market disruption.

Trading online depends on your device, software, internet connection and our systems. Outages, delays, hardware or software failures, cyber attacks or maintenance may prevent you from placing, changing or closing orders, or cause prices and account information to be delayed. We are not liable for losses caused by events outside our reasonable control.

Keep your login details secret, enable two-factor authentication and sign out of shared devices. You are responsible for all activity under your login.

When you copy another trader, their trades are opened in your account in proportion to your settings, and you bear the full result. A strategy's past performance does not predict future results, timing and prices of copied trades can differ from the provider's, and you pay any fees agreed for the strategy. Strategy providers are not Poly Rion employees and do not give you investment advice.

Signals, expert advisers and other automated tools can fail, behave unexpectedly or trade far more than intended. Test them on a demo account and monitor them closely.

Your trades are contracts with Poly Rion, so you depend on our ability to meet our obligations. Client money is held in accounts with banks and payment providers, which could themselves fail. The protection of client money and any compensation scheme depend on the rules of the jurisdiction in which the contracting Poly Rion entity is established.

• Currency risk: profits and losses on an instrument quoted in another currency change in value when converted to your account currency.
• Tax: tax rules depend on your circumstances and country and may change. You are responsible for any tax due on your trading.
• Regulatory and legal change can affect the products we offer, their conditions or your ability to use them.
• Information we publish, including market news, analysis and education, is general and is not advice.

By opening an account you confirm that you have read and understood this Risk Disclosure, that you are prepared to accept a high degree of risk, and that you can bear the loss of all the money you deposit. If you have questions, open a ticket in the Support section of your client portal before you trade.