Condizioni di Trading

General

  • The client can trade 2 types of options:
    • Binary Options — conventional up/down type binary options on FX currency pairs.
    • Touch Binaries — binary options on FX currency pairs with 2 remote strike prices set around the open price of the option.
  • Dukascopy binary trading platforms are designed only for manual trading by the client. Use of any robots, spiders or other automated data entry system for submission of orders is expressly prohibited.

Contracts duration and timing

  • Binary options and Touch Binaries can only be traded intraday. No option will have an expiry time later than the settlement time, which is 21:59:59 GMT during winter time (20:59:59 GMT during daylight-saving time).
  • A 2-seconds countdown period is applied to every Binary Option and Touch Binaries market order (i.e. non-pending) before starting the execution. This means that if a client requests, at 12:00:00, the opening of an option with duration of 3 minute, the execution will actually start at 12:00:02 and expire at 12:03:02, provided that execution criteria were met. It is not possible to cancel or to modify the option during the countdown period (Option is in PROCESSING status).
  • Il cliente deciderà in modo preliminare la durata di ogni contratto di Opzioni Binarie. La durata è definita in un numero di ore e minuti compreso tra 3 minuti e 22 ore e 59 minuti (durata massima possibile disponibile solo se l'opzione è impostata subito dopo il "settlement break time"). La durata dei contratti opzioni binarie "Touch" è sempre fino all'orario del setttlment. I limiti di durata del contratto applicabili per impostazione predefinita sono elencati di seguito. Dukascopy si riserva il diritto di modificare questi limiti a sua totale discrezione, senza preavviso.
    Strumento Min contract
    duration
    Max contract
    duration
    EUR/USD 3 m 22 h 59 m
    USD/JPY 3 m 22 h 59 m
    GBP/USD 3 m 22 h 59 m
    USD/CAD 3 m 22 h 59 m
    AUD/USD 3 m 22 h 59 m
    EUR/JPY 3 m 22 h 59 m
    USD/CHF 3 m 22 h 59 m
    GBP/JPY 3 m 22 h 59 m
    NZD/USD 10 m 22 h 59 m
    EUR/GBP 10 m 22 h 59 m
    EUR/AUD 10 m 22 h 59 m
    GBP/AUD 10 m 22 h 59 m
    EUR/CAD 10 m 22 h 59 m
    GBP/CAD 10 m 22 h 59 m
    CAD/JPY 10 m 22 h 59 m
    GBP/CHF 10 m 22 h 59 m
    GBP/NZD 10 m 22 h 59 m
    AUD/JPY 10 m 22 h 59 m
  • Dukascopy si riserva il diritto di applicare limiti individuali alla durata minima del contratto per conti di trading selezionati e/o per strumenti di trading separati.
  • Le opzioni binarie classiche e le "Touch" non sono disponibili per l'esecuzione giornaliera dalle 22:00 GMT alle 23:00 GMT orario invernale (dalle 21:00 GMT alle 22:00 GMT ora legale USA). Le opzioni in sospeso (pending) collocate durante l'orario del settlment, per essere collocate nello stato EXECUTING quando il trading riprende, devono avere un orario di inizio successivo all'orario finale degli intervalli sopra indicati.

Trading amounts and exposures

  • Amount of trading orders submitted by the client is subject to limitations on single contract amount, total exposure on a single instrument and overall exposure of the account.
  • The number of pending and active contracts cannot exceed 100 at a time.
  • Exposure is calculated on the total amount of contracts in ACTIVE status, irrespective of their side (Call or Put) and underlying instrument. For instance, an active Put contract for 100 USD and an active Call contract for 200 USD build up a total exposure of 300 USD.
  • Limits on contract amounts and exposures applicable by default, depending on the base currency of the trading account, are listed below. Dukascopy reserves the right to amend those limits at its entire discretion and without prior notice.
    Limiti del giorno (07:00 - 16:30 GMT)
    Base currency Min contract
    amount
    Max contract
    amount
    Max exposure
    USD 1 1'000 5'000
    EUR 1 900 4'500
    CHF 1 800 4'200
    GBP 1 800 4'000
    JPY 100 140'000 700'000
    CAD 1 1'300 6'600
    SGD 1 1'300 6'600
    PLN 1 4'000 20'000
    HKD 1 8'000 40'000
    AUD 1 1'500 7'300
    DKK 1 7'000 35'000
    MXN 1 17'000 85'000
    NOK 1 10'000 50'000
    NZD 1 1'600 8'000
    SEK 1 10'000 50'000
    TRY 1 30'000 150'000
    ZAR 1 18'000 90'000
    Limiti notturni (16:30 - 07:00 GMT)
    Base currency Min contract
    amount
    Max contract
    amount
    Max exposure
    USD 1 500 2'500
    EUR 1 450 2'250
    CHF 1 400 2'100
    GBP 1 400 2'000
    JPY 100 70'000 350'000
    CAD 1 650 3'300
    SGD 1 650 3'300
    PLN 1 2'000 10'000
    HKD 1 4'000 20'000
    AUD 1 750 3'650
    DKK 1 3'500 17'500
    MXN 1 8'500 42'500
    NOK 1 5'000 25'000
    NZD 1 800 4'000
    SEK 1 5'000 25'000
    TRY 1 15'000 75'000
    ZAR 1 9'000 45'000
  • Dukascopy reserves the right to apply individual limits on contract amounts, single instrument and/or overall account exposures for selected trading accounts as well as for separate trading instruments. Currently, the following trading instruments have 2000 USD (or approximate equivalent in other base currencies) Max exposure limit: EUR/USD, GBP/USD, USD/CAD, AUD/USD, EUR/JPY, USD/CHF, GBP/JPY and 500 USD (or approximate equivalent in other base currencies) Max exposure limit: USD/JPY.

Options in Pending status

  • Clients have the possibility to place pending entry options on FX currency pairs (Binary Options) to be executed at a specific date and time of the current week. Pending options cannot be placed for dates and times further than the current week.
  • To be valid, a pending option shall contain at least:
    1. the direction of the option contract (Call/Put);
    2. the concerned underlying instrument;
    3. the desired contract amount/premium to be paid;
    4. the duration the option contract shall last if open;
    5. the triggering date and time.
    The client may additionally, without being obliged to do so, indicate a price condition and/or the minimal acceptable base payout percentage. At the triggering time entered by the client, the system checks whether the pending option may be executed based on the conditions set by the client and Dukascopy requirements (existence of available margin, absence of same-instrument options with the same maturity time, approval of the Terms and Conditions, etc.) or if the pending option shall be rejected.
  • Clients can cancel orders in PENDING status at any time. Orders in PROCESSING and EXECUTING status cannot be cancelled by the client.

Order Execution Policy

  • For Binary Options the strike price is fixed at the moment when the option contract starts/is executed and is based on the ASK price, of this moment, for Call options and on the BID price, of this moment, for Put options.
  • For Touch Binaries there are two strike prices: Profit and Loss strike levels. Profit strike level is set by the client. Client can define the Profit strike level by the distance from the contract opening price (distance is calculated from Ask price for CALL options and from Bid price for PUT options). Loss strike level is automatically set in the opposite direction to Profit strike level on the same distance from the Ask price for Call options and from the Bid price for Put options at the moment when the option contract starts (turns to EXECUTING status). Dukascopy reserves the right to apply minimum and maximum Profit/Loss strike levels for separate trading instruments as well as to amend those at its entire discretion, without prior notice.
  • The strike gets hit by the ASK price for Put options (Short positions) and by the BID price for Call options (Long positions).
  • In order to be considered a Binary Option to mature In-the-money (ITM) the option's underlying instrument price at the time of expiry should reach and exceed the strike price (e.g. the ASK should be under the strike for Put options and the BID should be above the strike for Call options on FX currency pairs). Maturing at a price that exactly matches the strike (but does not go under or above) is considered as an Out-of-the-money (OTM) outcome.
  • In order to consider a Touch Binary to be maturing In-the-money (ITM) the option's underlying instrument price at any time prior to the expiry should reach or exceed the Profit strike level (e.g. the ASK should hit the Profit strike level for Put options and the BID should hit the Profit strike level for Call options on FX currency pairs). If the option's underlying instrument price at any time prior to the expiry should reach or exceed the Loss strike level, it is considered as an Out-of-the-money (OTM) outcome. If the option's underlying instrument price does not reach neither of the strike prices until its expiration point , Touch Binary option is cancelled without settlement (maturity without any trading gain or loss) and the contract amount is returned to the client.
  • At least one price update (tick) should appear between the moment of the opening of an option contract and the maturity of this contract. Otherwise, the option contract is cancelled without settlement (maturity without any trading gain or loss) and the contract amount is returned to the client.
  • At the maturity of a Binary Option and Touch Binaries contract the relevant price determining if the option is ITM or OTM is the price of the last available tick at the expiration, including the exact time of the expiration (the level of precision is the millisecond).
  • The source of the underlying FX prices is the quotations available on Dukascopy trading platforms (SWFX Marketplace).
  • Order execution is subject to the availability of liquidity in the system and the availability of margin on the account at the moment when the contract is being accepted for processing. In case contract amount exceeds the available margin and provided that all other applicable limits are respected (exposure, contract amount etc.) the order is automatically filled partially to the extent permitted by the size of the available margin.
  • Confirmations of executions, partial fills and rejects are displayed electronically in the client reports. Dukascopy may charge fees for providing any other form of confirmation and account statement.

Chained option contracts

  • Clients have the possibility to link a chain of additional option contracts to any contract being placed for execution.
  • There are 2 types of contract chains:
    • Winning chain — every next contract of the chain is started only if previous contract expires with In-the-money (ITM) outcome, otherwise chain is automatically canceled. Amount of every next contract in the chain is a sum of previous contract amount plus previous contract payout received (applying rounding rules).
    • Martingale chain — every next contract of the chain is started only if previous contract expires Out-of-the-money (OTM) outcome, otherwise chain is automatically canceled. Amount of every next contract in the chain is a doubled sum of previous contract amount.
  • The direction of the option contract (Call/Put), underlying instrument, duration of the option contract and strike distance (for Touch Binaries) are identical across all contracts in the chain.
  • The maximum number of additional contracts in the chain is limited to 3, i.e. any order placed may be followed by a maximum of 3 additional consecutive contracts.
  • Every consecutive contract in the chain is automatically started after final execution of its previous parent contract and only if the condition of the chain is met.
  • Pending contracts in the chain can be canceled at any time before they turn to PROCESSING and EXECUTING status.
  • Every contract in the chain is considered as an independent order in terms of execution and is subject to availability of liquidity, free margin on the account as well as to other standard policies and limitations in accordance with Trading Conditions.

Abusive practices

  • The trading of binary options shall be individual. Any voluntary or involuntary coordinating, copying or grouping of trading orders by or between several clients on more than one client account, including but not limited to the use of trading signals, messenger, PAMM technology or collective trading decisions/orders placed on several client accounts at once, is regarded as a breach of the present Trading Conditions, in particular, a breach of the above exposure limits, and gives Dukascopy the right to cancel part or all concerned trades together with their associated profits and losses, at its entire discretion.
  • Dukascopy may, at its own discretion and without having to provide any justification, refuse to open an account or close an existing account, including but not limited when there is reasonable suspicion that any account is traced to the same contacts, IP address or/and demonstrated identical trading behavior. Such accounts may also be frozen, with the subsequent cancellation or reversal of associated profits and losses received through such accounts.
  • È proibito provare ad abusare delle piattaforme di trading per opzioni binarie di Dukascopy tentando di fare profitti illegali o facendo profitti utilizzando pratiche come la manipolazione dei prezzi, lo sfruttamento di informazioni confidenziali (insider trading) o sfruttando tempi di latenza del server.
  • Reasonable suspicion that the client performed abusive trading such as, but not limited to, manipulations or insider trading, gives Dukascopy the right, at its absolute discretion, at any time and without prior written notice, to take one or more of the following actions:
    • Restrict the client's trading activity by applying individual trading conditions or suspending access to selected trading instruments.
    • Temporarily or permanently suspend access to the trading account.
    • Cancel or revoke any open or pending contract with associated profits/losses (if any) gained through abusive trading or the application of artificial intelligence in the trading account.
    • Terminate the Agreement without prior notice to the client.
    • Take legal action for any losses suffered by the company.
  • The rights described in this Section shall be in addition to any other rights which Dukascopy may have against the Client under any agreement or under applicable law.

Trading rescission

  • Trading on the Dukascopy binary platforms or partly on one or more binary instruments may be cancelled with no advanced notice. The client will have no claim or right of indemnification for damages allegedly caused by trading rescission, whether for carried out transactions or for transactions allegedly intended to be carried out.
  • Trading rescission may be applied either to all trading accounts at once or on individual basis.
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