Terms of Use

Terms of Use

1. Introduction

This policy outlines the manner in which SFX executes trades and determines pricing for financial instruments. The instruments available on our platform may change periodically, but the primary products we offer are Contracts for Difference (CFDs), where the underlying investments include FX pairs, indices, metals, commodities, and bonds (the "Underlying Investment").

CFDs allow traders to gain indirect exposure to these assets without actual ownership. Instead, profits or losses arise based on price movements in the respective assets. It is important to note that trading CFDs involves significant risk, and SFX does not guarantee any profits or reimburse for losses incurred by traders.

SFX is the sole execution venue for all trades placed through our platform. We determine pricing based on data provided by multiple third-party liquidity providers. All trades are executed via the SFX trading platform offered by SFX.

As a financial services provider, we adhere to our best execution obligations as outlined in the Markets in Financial Instruments Directive II (MiFID II) and the Financial Conduct Authority (FCA) regulations. This document forms part of our Terms of Business, and by agreeing to these terms, you consent to our Order Execution Policy.

2. Scope and Application

This policy applies to all retail and professional clients trading with SFX. Upon accepting a trade or order, we take all necessary steps to achieve the best possible result for our clients.

  • SFX acts as the principal in all transactions and not as an agent.
  • All trades are executed directly with us and not through a broader exchange market.
  • We do not guarantee that our price will always be the most competitive compared to other trading platforms or financial institutions.

3. Pricing and Execution Principles

3.1 Pricing

SFX sets prices according to the following principles:

  • Prices are based on the value of the underlying assets and market conditions.
  • We provide bid (sell) and ask (buy) prices to facilitate long and short trades.
  • We do not offer price requotes, provided the trader has sufficient margin available.
  • Orders are executed at the price displayed on our servers at the time of execution.

Due to market volatility and potential internet delays, the execution price may differ from the price displayed on the client's screen. To mitigate such risks, clients may set price limits on market and entry orders.

4. Execution Criteria

When executing client orders, SFX prioritizes achieving the best possible result, considering the following factors:

  1. Total Cost – The price and associated transaction costs.
  2. Execution Speed – The time required to process and confirm an order.
  3. Likelihood of Execution and Settlement – The ability to complete the transaction efficiently.
  4. Order Size and Market Conditions – How trade volume impacts the price and execution timing.

Under specific market conditions, speed and execution likelihood may take priority over price, ensuring clients obtain optimal results.

5. Execution Factors

5.1 Price

SFX aggregates pricing data from multiple third-party liquidity providers. Prices displayed to traders reflect an average, removing outliers to ensure market fairness.

  • CFD prices (excluding FX pairs) are primarily derived from futures contract prices.
  • Spot prices for gold and silver CFDs are sourced similarly to FX pricing.
  • FX pairs are priced based on rates from global financial institutions, adjusted for liquidity and spreads.

Due to market inefficiencies, spreads, and corporate actions, certain instruments may have adjusted pricing based on underlying market movements.

6. Costs

SFX applies a spread-based pricing model. If any additional commissions or fees apply, they will be disclosed transparently through client reports and the trading platform.

7. Speed of Execution

Execution speed may be affected by:

  • Internet connection quality
  • Platform performance 
  • Market volatility

Traders should consider these factors when placing orders.

8. Likelihood of Execution

All trades, orders, and margin closeouts are executed automatically by the SFX system. Trade requests may be rejected if there is insufficient margin in the account.

9. Settlement Process

When a trade is closed, settlement occurs immediately based on the bid/ask prices displayed at the execution time. The realized profit or loss is then converted to the account's base currency.

SFX applies a conversion fee, which is disclosed on the trading platform.

10. Trade Integrity & Restrictions

10.1 Trade Size & Market Impact

SFX does not impose trade-size restrictions except in cases where:

  • The trade exceeds pre-defined liquidity thresholds.
  • Unusual market conditions lead to limited order availability.

10.2 Prohibited Trading Activities

Clients must not engage in:

  1. System Manipulation – Altering SFX's trading system in any way.
  2. Unauthorized Automated Trading – Using unapproved trading bots or software.
  3. Excessive Speculation – Placing unusually high-risk trades that disrupt market stability.
  4. Unauthorized System Load – Engaging in activities that overload SFX's trading platform.
  5. Market Exploitation – Taking advantage of system vulnerabilities.
  6. Order Flooding – Repeatedly placing and canceling trades within short periods.
  7. Irregular Deposits/Withdrawals – Moving funds without executing corresponding trades.
  8. Third-Party Account Usage – Trading on behalf of another individual without authorization.

SFX reserves the right to freeze accounts and void trades if any prohibited activities are detected.

11. Risk Disclaimer

Trading FX and CFDs involves significant risks. Investors must fully understand the following points before engaging in trading:

  • Leverage trading can result in losses exceeding the initial deposit.
  • Market volatility (sudden price fluctuations) may lead to substantial losses in a short period.
  • SFX bears no responsibility for the use of copy trading or any outcomes of client trades.
  • Investors are strongly advised to carefully assess their risk tolerance before engaging in trading.

12. Monitoring and Policy Review

SFX regularly reviews this Order Execution Policy to:

  • Ensure compliance with financial regulations
  • Adapt to evolving market conditions
  • Enhance execution practices for clients

Clients will be notified in advance of any material policy changes.