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The Company is required to provide its clients and potential clients with its Order Execution Policy (hereinafter the "Policy"). Under the above legislation, the Company is required to take all reasonable steps to obtain the best possible result (or "best execution") on behalf of its clients either when executing client orders or receiving and transmitting orders for execution. These rules require firms to put in place an execution policy which sets out how it will obtain best execution for its clients and to provide appropriate information to its Clients on its order execution policy. This Policy forms part of our Terms and Conditions of Business and is incorporated therein by reference. Therefore, by agreeing with our Terms and Conditions of Business, which is a contractually binding agreement between you and the Company, you are also agreeing to the terms of the Policy set forth in this document. Scope and Services the Policy applies to retail and professional clients. Therefore, if the Company classifies the Client as an eligible counterparty, this Policy does not apply to the respective Client. This Policy applies when executing transactions with you for the Financial Instruments provided by the Company. The Financial Instruments provided by the Company are derivatives of an underlying financial instrument, and it is up to the Company's discretion to decide which types of Financial Instruments to make available and to publish the prices at which these can be traded. The Company is always the counterparty (or principal) to every trade; therefore if the Client decides to open a position in a Financial Instrument with the Company, then that open position can only be closed with the Company. The Client is given the option to place with the Company the following orders for execution in the following ways:
For opening a position in some types of Financial Instruments the Client may be required to pay commission or financing fees, if applicable, the amount of which is disclosed in the Spreads and Conditions in the Company's website.
As it is explained in the Execution Venue section of this Policy, the Company acts as principal and not as agent on the Client's behalf; therefore, the Company is the sole Execution Venue for the execution of the Client's orders for the Financial Instruments provided by the Company. The Company places a significant importance when executing Client's orders and strives to offer high speed of execution within the limitations of technology and communications links. If the Client undertakes transactions on an electronic system, he/she will be exposed to risks associated with the system including the failure of hardware and software (Internet / Servers). The result of any system failure may be that your order is either not executed according to your instructions or it is not executed at all. The Company does not accept any liability in the case of such a failure. The use of wireless connection or dial-up connection or any other form of unstable connection at the Client's end, may result in poor or interrupted connectivity or lack of signal strength causing delays in the transmission of data between the Client and Company's when using the Company's Electronic Trading Platform. This delay may result in sending to the Company out of date "market orders". In this case the Company will update the price and execute the order at the market price available. The Client may request the Company to execute upon receipt instructions conveyed by telephone, facsimile, e-mail or any other written or oral means of communication that each of the present and future account holders, attorneys and duly authorized representatives shall give individually to the Company, even if these instructions are not followed by a confirmation in writing. The Company does not accept any liability in case of misunderstanding, error in the identification of the person giving the instruction or other errors on its part related to such method of communication and which may involve losses or other inconveniences for the Client. The Company reserves the right not to execute instructions transmitted by telephone or fax. Telephone conversations may be recorded, and you will accept such recordings as conclusive and binding evidence of the instructions.
As it is explained in the Execution Venue section of this Policy, the Company acts as principal and not as agent on the Client's behalf; therefore, the Company is the sole Execution Venue for the execution of the Client's orders for the Financial Instruments provided by the Company. Although the Company executes all orders placed by the Clients, it reserves the right to decline an order of any type or execute the order at the first available market price. Orders: Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop on Financial Instrument contracts are executed at the declared by the Client price on the first current price touch. But under certain trading conditions it may be impossible to execute orders (Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop) on any Financial Instrument contract at the declared price. In this case the Company has the right to execute the order at the first available price. This may occur, for example, at the following cases:
The minimum size of an order is 0.01 lots. A lot is a unit measuring the transaction amount and it is different for each type of Financial Instrument. Please refer to the Spreads and Conditions in the Company's website for the value of each lot for a given Financial Instrument type. The Company reserves the right to decline an order as explained in the terms and conditions entered with the Client. The Company makes every effort to fill the order of the Client irrespective of the volume. However, if this is achieved, it may be at a best available price, different from declared price, as the market liquidity may allow at the time of execution. (See likelihood of execution)
Some factors may affect rapidly the price of the underlying financial instruments from which the quoted Company price for its Financial Instruments is derived. These factors may influence some of the factors listed above. The Company will take all reasonable steps to obtain the best possible result for its Clients.
8. The Company does not consider the above list exhaustive and the order in which the above factors are presented shall not be taken as priority factor. Nevertheless, whenever there is a specific instruction from the client the Company shall make sure that the Client's order shall be executed following the specific instruction. Best Execution Criteria The Company will determine the relative importance of the above factors by using its commercial judgment and experience in the light of the information available on the market and taking into account the criteria described below:
Execution Venues are the entities with which the orders are placed or to which the Company transmits orders for execution. For the purposes of orders for the Financial Instrument provided by the Company, the Company acts as principal and not as agent on the Client's behalf; therefore the Company is the sole Execution Venue for the execution of the Client's orders. The Company does not transmit the Client order in the external market if the order is for the financial instrument provided by the Company. Operating hours: The Company's operation hours are as follows:
A. Round - the - clock: from 00.00.01 A.M. UK Time (GMT +1) Monday through 00.00.00 P.M. UK Time (GMT +1) Friday.
B. Non-working periods: from 00.00.01 A.M. UK Time (GMT +1) Saturday through 00.00.00 P.M. UK Time (GMT +1) Sunday. Holidays will be announced through the internal mail of the trading terminal supplied by the Company.
The Company places significant reliance to the above Execution Venue based on the above mentioned factors and their relevant importance. It is the Company's policy to maintain such internal procedures and principles in order to act for the best interest of its Clients and provide them the best possible result (or "Best Execution") when dealing with them.
The Client acknowledges that the transactions entered in Financial Instruments with the Company are not undertaken on a recognized exchange, rather they are undertaken 3 through the Company's Trading Platform and, accordingly, they may expose the Client to greater risks than regulated exchange transactions. Therefore the Company may not execute an order, or it may change the opening (closing) price of an order in case of any technical failure of the trading platform or quote feeds. The terms and conditions and trading rules are established solely by the counterparty which in this case is the Company. The Client is obliged to close an open position of any given Financial Instruments during the opening hours of the Company's Trading Platform. The Client also has to close any position with the same counterparty with whom it was originally entered into, i.e. the Company. Monitor and Review the Company will monitor on a regular basis the effectiveness of this Policy and, in particular, the execution quality of the procedures explained in the Policy and, where appropriate, reserves the right to correct any deficiencies. In addition, Company will review the Policy at least annually. A review will also be carried out whenever a material change occurs that affects the ability of the Company to continue to the best possible result for the execution of its client orders on a consistent basis using the venues included in this Policy. The Company will notify its affected clients on any changes in its Policy. Client Consent When establishing a business relation with the Client, the Company is required to obtain the Client's prior consent to this Policy. The Company is also required to obtain the Client's prior express consent before it executes or transmits its order for execution outside a regulated market. The Company may obtain the above consents in the form of a general agreement where the Client is informed that any orders placed with the Company for the Financial Instruments offered by the Company, the Company acts as the principal and the Company is the sole Execution Venue which is a non-regulated market. The Company reserves the right to review and/or amend its Policy and arrangements, at its sole discretion, whenever it deems fit or appropriate.
At Forexprince execution quality is crucial. We foster the ease and speed at which our clients enter the market at the best available market price. Thus we strongly oppose to any software or methods that undermine execution quality by aggressively re-quoting or rejecting clients' orders. As ex-interbank dealers, we also know that inferior execution turns a profitable trading strategy into a losing one. Tight spreads only make sense if you can trade on them. In this respect, the Forexprince mission is to provide best execution possible.
Forex Prince has been a pioneer of introducing a no re-quotes and no rejection of orders policy on the MT4 platform since 2012. We offer 100% execution of orders with 99.35% of all our orders executed in less than 1 second.
Our trading platform supports market, limit, stop and trailing stop orders, and you have the freedom to place orders at any time during trading hours. In case you prefer telephone trading and speaking directly to any of our dealers, at FOREX PRINCE this is also possible. Your position will remain open until the closing trade is executed; moreover, your account balance is updated real-time according to current market prices.
Fractional pip pricing allows tighter spreads and it is also the most accurate quoting possible. With fractional pip pricing you can trade with tighter spreads and enjoy most accurate quoting possible.
At FOREX PRINCE you can trade 5 million with a simple click, as we guarantee fills on market orders up to 50 lots (5 million). However, if you intend to deal in an amount even bigger than this, you can either split up the order into smaller trade sizes, or request your full trade by telephone.
At FOREX PRINCE we understand the importance of stop-loss and limit orders in risk management, this is why we guarantee fills on both such orders up to 50 lots at the best available market price.
SYSTEM OUTAGES, SLOWDOWNS, AND CAPACITY LIMITATIONS/DELAYS IN ORDER ROUTING, EXECUTIONS, AND TRADE REPORTS
Should there any market gaps occur from a Friday close to a Sunday opening, FOREXPRINCE executes all pending limit or stop orders at the first available market price for the corresponding position size.