Trade-win documents
Risk disclosure
Market, leverage, liquidity, product, counterparty and technology risks to consider before trading.
1. Understanding the risks
Trading financial instruments and holding digital assets involves uncertainty and can result in substantial loss. This disclosure describes material risk categories; it does not cover every possible event or establish that a product is appropriate for you. Read the conditions of the actual instrument and account before using an enabled service.
A public instrument listing, chart or account-entry link does not establish availability, ownership or a future return. Consider your objectives, financial position, experience and capacity to bear loss. Obtain independent advice if you do not understand a product’s mechanics.
2. Price movements and concentration
Prices can move rapidly because of economic announcements, issuer developments, changes in supply, market sentiment or unexpected disruption. An asset can lose a substantial part or all of its value. Past performance does not predict future results.
Several positions may respond to the same event even when their names or categories differ. Concentration in one instrument, sector or correlated group can increase the effect of an adverse movement. Diversification does not eliminate loss.
3. Liquidity, gaps and execution conditions
A displayed price does not mean sufficient buying or selling interest exists for your intended size. Spreads can widen, markets can close or suspend, and prices can move between levels without a transaction opportunity at the intervening prices.
Where an execution service is enabled, the result depends on its order and market rules. The price available when an instruction is processed can differ from the price observed when you decided to act. A limit condition may prevent execution; a stop trigger does not necessarily guarantee the eventual exit price.
4. Leverage, margin and liquidation
Leverage increases exposure relative to committed collateral. An adverse movement can therefore consume collateral faster than the same movement in an unleveraged holding. A change in required margin can affect a position even without a matching change in its displayed profit or loss.
You may be unable to add funds or close a position before an applicable liquidation occurs. An alert is not guaranteed advance notice. The account and product conditions determine loss limits and any negative-balance protection; do not assume those protections apply universally.
5. Forex, stocks and indices
Currency exposure can be affected by exchange-rate movements, monetary policy and conversion costs. A quoted pair has a base and quote currency; reading the rate in the wrong direction can lead to a mistaken assessment of exposure.
Stocks can be affected by issuer insolvency, trading suspensions and corporate actions. An index is a reference measure, and a contract tracking it can have different rights and costs from holding constituent shares. A price-linked contract does not automatically confer voting, dividend or asset-delivery rights.
6. Metals and commodities
Metals and commodities can be affected by supply shortages, demand changes, weather, storage, transport and political events. Contract units, expiry, settlement and rollover can materially change the economics of an exposure.
A spot reference, futures price and perpetual contract are not interchangeable instruments. Check the specific contract and currency rather than assuming that matching names mean matching obligations. A contract replacement or rollover can involve a different price and additional cost.
7. Digital assets and network transfers
Digital assets can have large price changes, limited liquidity, software defects, governance changes and uncertain legal treatment. A stablecoin can move away from its reference value. Its name alone does not establish a redemption right, reserve quality or deposit protection.
Network congestion or interruption can delay a transfer. Sending to the wrong address, network or memo can cause permanent loss. A visible transaction on a public ledger does not prove that it has been attributed or credited to an account. Recovery of an unsupported transfer is not guaranteed.
8. Costs, custody and counterparty exposure
Spreads, commissions, financing, conversion and transfer charges can reduce returns or increase losses. Holding a position longer can change its cost. Taxes may arise independently of a successful withdrawal.
The failure of an execution, custody or payment provider can delay access or result in loss. The relevant service agreement determines ownership, segregation and insolvency treatment. A balance display does not prove insurance or membership of a compensation scheme.
9. Technology, information and account security
A failed connection, device problem or service interruption can prevent access or leave a transaction’s status temporarily unclear. Verify recorded activity before repeating an instruction. Delayed charts and prices can give an incomplete view of market conditions.
Automated explanations can make errors or omit relevant context. They do not guarantee execution, suitability or a financial outcome. Phishing and account takeover can also cause harm: check destinations, protect your sign-in methods and never disclose recovery secrets.
10. Responsibilities and further information
Monitor enabled positions and the applicable conditions rather than relying solely on notifications. Review units, order size, available collateral, costs and the latest recorded status before acting. Do not commit resources that you cannot afford to lose.
Use the instrument information and Help to clarify product mechanics, and consult the relevant account agreement for the service actually provided. Reading a risk warning does not waive mandatory rights or excuse a service provider from responsibilities that apply to it.