When starting your Forex trading, you choose a broker and sign a service contract. Only a few traders read this document, because they consider this step as a mere formality. However, some of the conditions specified in this document may change your decision to cooperate with this brokerage company after their detailed study.
Brokers often do not allow the the withdrawal of funds, due to terms of contract; it occurs especially often when working with partner programs. You attract customers, and when it comes to payments, it turns out that you have not fulfilled all the necessary conditions.
How to sign a contract?
When signing a contract for using one of the Forex trading platforms, pay attention to the following items if they are present in the document:
For the execution of pending orders.
2. Financial accounting
Additional conditions here are simply not acceptable; the funds must be withdrawn from your account within 24 hours; sometimes it states “1-7 days”. That is quite convenient for the broker, but it is completely unacceptable for you.
3. Terms of account blocking
Some billing centers practice blocking their customers’ accounts if they violate terms of trade. In this case, there are two options to return return the funds. In the first case you receive only free funds, in the second the broker closes your orders independently and returns all the money. It is clear, which of the options is more profitable
4. Force majeure
When filling out one of the contracts, I faced the fact that a whole sheet was devoted to force majeure circumstances. As a result, it turned out that the company is not liable if the order was not executed due to hacker attacks, power outage, accidents, malfunctions of its equipment, etc. Quite a long list. If the description of the reasons for which you do not get your money takes half of the contract, the question arises whether it is worth working with such a broker.
5. The regulation of the provision of services
It is one of the most important applications that go with the contract; you should read it as closely as possible as all important trading conditions and additional questions are written here.
6. Limitation of transaction time.
Usually, the shortest transaction is not less than 5 minutes, and the longest is not more than two weeks. Quite an important point, for example, if you trade in scalping, the first condition will not work for you, but if you work with shares, the second one will suit you.
When signing a contract, remember that if something does not suit you, it is better to choose another broker rather than trying to collect your money and prove that some terms of the contract are not legal.
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