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Risk-Warnings-and-Disclosures

Risk Warnings and Disclosures

Foreign exchange (FX) and contracts for difference (CFD) transactions are highly speculative and sophisticated, and they carry a significant level of risk, particularly due to the leverage.

According to our research, 60 to 80 percent of regular investors lose money while trading forex instruments and CFDs. In theory, loos are limitless.

Aspiring investor

Forex and CFDs are not suitable for everyone, and are generally only intended for individuals who can accept and tolerate a risk of loss in excess of their margin and are familiar with the mechanics and risks of leveraged trading. Execution of the order (No best execution) For all forex instrument and CFD transactions, the Bank is your sole counterparty, and it is not obligated to achieve the best possible result while fulfilling your orders. The transactions are not carried out through a stock exchange, a multilateral trading facility, or any other comparable entity. The Bank is only looking out for itself and has no obligation to safeguard you from damages. Stop-loss orders (as described on the Banks’s website or on the platforms) may be executed at much lower prices than the one you want. Your open orders cannot be cancelled on non-business days or outside of the platforms’ operating hours.

Leverage

While trading forex instruments and CFDs can result in large rewards, they also carry a substantial risk of loss. Any profits or losses based on price movements in the underlying financial instrument will be amplified by leverage. A modest negative change in the underlying market lead to significant losses. In some cases, your losses could be more than your initial investment
For example, if you are permitted to open a EUR/USD position with a leverage of 10x, you are only permitted to keep a margin of EUR 10,000 to open this position. If the EUR loses 1% of its value versus the USD, your losses will be EUR 1000, or 10% of your original investment. You may lose all of your original margin deposit if the value of an underlying financial instrument moves drastically against you, and you may be obliged to deposit additional funds to offset your losses.

The markets’ erratic behaviour

The foreign exchanged and contract for difference (CFD) markets are particularly volatile. These markets ‘swings are unpredictable. These markets may also go through periods of reduced liquidity, if not outright illiquidity. Lower liquidity can lead to frantic price swings, larger spreads, and/or increased rejection rates.
Prices fluctuates so quickly that your open positions may be immediately liquidated before you have chance to improve your margin…

Various events may occur over the weekend or outside of work days, causing the markets to open at a drastically different price than where they closed. Outside of working days, orders cannot be fulfilled. This could result in significant losses. With FX options, there is illiquidity and the possibility for limitless losses.
FX options are difficult to sell or transfer. You might not be able to exit early or you might lose a lot of money if you do. Profits or losses can occur at any time up to and including the option’s maturity date. When selling an FX option known as a Call in the Offer, your potential losses are Limitless.


How do we check your identity?
To comply with applicable regulations, we need to confirm the name and address of our customers and certain third parties. We may ask you to provide physical forms of identity verification when you open your account. Alternatively, we may use a credit reference agency to verify your identity. Our search is not seen or used by lenders to assess your ability to obtain credit.

When we may share your information


We may share your personal information with:

Any regulatory, law enforcement or tax authority;
Such third parties as we reasonably consider necessary in order to prevent crime, e.g., the police;
Our associated companies;
Third-party service providers and advisers who provide us with administrative, financial, research, or other services in connection with the services we provide to you;
Our introducing brokers and other commercial partners;
Our professional advisers;
Credit reference agencies;
Our auditors for the purposes of carrying out financial and regulatory audits;
Our agents, including credit reference anemones. acting on our behalf, carrying out such credit and identity checks, including money laundering checks, compliance regulatory reporting and fraud prevention checks, as we may reasonably consider necessary or desirable, including requesting a reference from your bank or any credit reference agency. Any third party referred to in this clause may share any personal information concerning you with us and other organizations involved in credit reference the prevention of fraud and/or crime and/or money laundering or for similar purposes or to recover debts involved;
Courts, tribunals, regulatory or tax authorities and government agencies to enable us to enforce our agreement with you or to comply with the requirements of a court, regulator, tax authority or government agency;
The Purchaser or potential purchaser of one or more of our business or product/service lines and their professional advisers; and
Our Trade repository.
Please also note that disclosure to the trade repository or regulators may also result in certain anonymous transaction and pricing data becoming available to the public

Generally, we require that organizations outside our associated companies with whom we share your personal information acknowledge the confidentiality of your data and undertake to respect your right to privacy.

Information, which we obtain indirectly

In some cases, we are also provided with your name and contact details by our third-party referrers.

We also gather information relating to you and your online behaviour:
To help optimize our website, to give you a good user experience, and to personalize your use and our communications to you;
To help us monitor, support, and improve the performance of our site(by analysing your use and experience of our site);
To help us understand more about you and the products and services you use and are interested in; and
To tailor the online advertising, you receive.
Knowing more about you helps us to understand our customers better, and means we can give you recommendations about products and services you may be interested in, and provide you with relevant advertising and customized communications that are of interest to you.

We combine information that you provide to us with information that is publicly available and/or that we receive from third parties such as advertisers and/or other reputable sources who have obtained your permission to do so or have otherwise explained to you that this may happen.

Joint Applicants
you should only give us personal information about someone else (such as a joint applicant) with their permission. Where information is provided by you about someone else, or someone discloses information about you, it may be added to any personal information that is already held by us and it will be used in the ways described in this privacy notice. Sometimes, when you open a joint account or product, this may mean that your personal information will be shared with the other applicant. For example, transactions made by you will be seen by your joint account holder and vice versa.

The legal basis for our processing of personal information

The legal basis for our processing of personal information will depend on why we process your information.

Where you wish to enter into or have signed a contract to receive services from us, we will process your personal information to enable us to enter into and perform our contract with you. If you don’t provide the personal information requested then we may not be able to provide some or all of those services to you.

Where you use our website, we will process your personal information collected by using cookies.

We may also need to process your personal information to comply with our legal and regulatory obligations including in relation to:

Performing anti-money laundering, terrorism prevention and sanctions screening checks, complaints and investigations or litigation;
obtaining information about your relevant investment knowledge and experience so that we can assess whether a service is appropriate for you;
Obtaining information about your other investment activities in order to ascertain your status for the purposes of regulations which apply to trading in over-the-counter derivatives; and
Submitting and disclosing reportable data to our trade repository.
We also have a legitimate interest to process your personal information for:

Performing the services or supplying the products or information you have agreed to receive from Us;
Obtaining information about your relevant investment knowledge and experience so that we can assess whether a service is appropriate for you;
Obtaining information about your other investment activities in order to ascertain your status for the purposes of regulations which apply to trading in over-the-counter derivatives; and
Submitting and disclosing reportable data to our trade repository
We also have a legitimate interest to process your personal information for:

Performing the services or supplying the products or information you have agreed to receive from us;
Ongoing management of our relationship with you and to maintain contact with you;
Our internal business purposes which may include business and disaster recovery, document retention/storage, IT service continuity (e.g., back-ups and helpdesk assistance) to ensure the quality of the services we provide to you;
Corporate transactions;
Marketing analytics including marketing campaign optimization and web analytics to enable us to develop and target the marketing of our products and services;
keeping our records updated and studying how customers use our products/services;
Developing our products and services, growing our business, and informing our marketing strategy;
Defining the types of customers for our products and services and keeping our website(s) and platform(s) updated and relevant; and
Portfolio analysis and experience studies to enable us to improve the products and services we offer to customers.
If you have consented to direct marketing, we will use relevant personal information to enable us to provide you with personal information about products, news, and services that may be of interest to you.

Using companies to process

Your information outside the EEA

All countries in the European Economic Area (“EEA”) have similar standards of legal protection for your personal information the personal information that we collect from you may be transferred, and stored, outside the EEA. It may also be processed by staff operating outside the EEA who work for us. Such staff may be engaged in, among other things, the fulfilment of your order, the processing of your payment details, and the provision of support services. Where we transfer personal information or share it with others outside the EEA, we will ensure that a similar degree of protection is afforded to it by use of model clauses approved by the European Commission, by transferring to countries that have been deemed to provide an adequate level of protection for personal data by the European Commission or by transferring to third parties who are part of the Privacy Shield.

How long will we keep it?


We shall hold information about you on electronic and/or paper files whilst you are a customer and typically for seven years after you cease to be a customer. In some circumstances, it may be necessary to keep your information for longer than this period, in order to fulfil the purposes, we collected it for, or for the purposes of satisfying any legal, regulatory, accounting, or reporting requirements.

YOUR PRIVACY RIGHTS


This section explains your rights in relation to your personal information in more detail. The various rights are not absolute and are subject to certain exceptions or qualifications.

You are entitled to receive personal information free of charge except in the following circumstances where we may charge a reasonable fee to cover our administrative costs of providing the personal information for:

Manifestly unfounded or excessive/repeated requests, or further copies of the same information.
Alternatively, we may be entitled to refuse to act on the request.
Please consider your request responsibly before submitting it. We’ll respond as soon as we can. Generally, this will be within one month from when we receive your request but, if the request is going to take longer to deal with, we’ll let you know.


In order to exercise any of the rights described below please contact us: Email:support@glex24.com

When can you request access?

You have the right to: Confirmation that your personal information is being processed
Access to your information, and other certain information (most of which should be in our privacy policy anyway). You can request copies of the paper and electric records about you that we hold, share or use. To deal with your request, we can request proof of identity and enough personal information to enable us to locate the personal information you request.


When will access not be provided?

We can only provide you with your information, not personal information about another personal .Also, where access would adversely affect another person’s rights, we’re not required to provide this. Due to legal privilege, we may not be able to show you anything that we learned in connection with a claim or legal proceeding.
Please clearly set out in your access request the personal information that you’re requesting. If this is not clear, we may come back to you to ask for further personal information by way of clarification.

Correcting your information

You may also have the right to have incomplete personal information completed, including by means of providing a supplementary statement. Whether or not this is appropriate in any particular case depends on the purposes for which your personal information is being processed.

We need to notify any third parties with whom we’ve shared your personal information that you’ve made a rectification request. We’ll take reasonable steps to do this, but if it is not possible or may involve disproportionate effort, we may not be able to do this or ensure they rectify the personal information they hold.

How you can see and correct your information

You have the right to obtain from us without undue delay the rectification of inaccurate personal information concerning you. If you tell us that the personal information, we hold on to you is incorrect, we will review it and if we agree with you, we will correct our records. If we do not agree with you, we will let you know. If you wish, you can tell us in writing that you believe our records still to be incorrect and we will include your statement when we give your personal information to anyone outside the Global Lex group of companies. You can contact us using the details in the section above in the main body of the privacy notice headed ‘Obtaining further personal information from us.

Generally, we will let you see the personal information that we hold about you, or take steps to correct any inaccurate information, if you ask us in writing. Due to legal privilege, we may not be able to show you anything that we learned in connection with a claim or legal proceeding