Trading Conditions

Deposits

Traders can open up an account with an initial deposit of $200 and start trading. Accounts at Financika are denominated in US Dollars, so all trading deposits will be converted into the base currency of the trading account (US Dollars).

Credit-Out Rule

In case of absence of any trading activity for a period of at least forty five (45) days, the Company reserves the right to apply the credit-out rule and remove any trading credit that exists in the Client Account, provided that (i) no open positions and/or entry orders exist on the Client Account; (b) no positions were opened and/or closed within the last 45 days; and/or (c) no deposit transaction was made within the last 45 days. It is noted that any Withdrawal and/or Inactivity commission does not count as an act of active account.

Inactive Account

In case of absence of any activity for a period of at least three (3) months, the Company reserves the right to apply a fee of US$ 500 thereafter, charged on a quarterly basis. If the Client account is funded by less than US$ 500 and has been inactive for a period of three (3) months, the Company reserves the right to charge a lower amount to cover administrative expenses and close down the account.

Trading Hours

With Financika, clients have access to the markets anytime they are open - from 22:00 GMT on Sunday night until 22:00 GMT on Friday night. Online FX and Commodities are traded at all times during these market hours. CFDs, however, have different operating hours, depending on the location of the market:

• US Market CFDs are traded from 2:30 pm – 9:00 pm GMT, Mondays to Fridays.
• European & British Market CFDs are traded from 8:00 am – 4:30 pm GMT, Mondays to Fridays.
• Asian Market CFDs are traded from 0:00 am – 2.00 am GMT and 3:30 pm – 6:00 pm GMT, Mondays to Fridays.

Margin Liquidation

Margin liquidation happens when trader’s account equity reaches zero and as a result, all positions are closed automatically. In this way Financika protects the client’s trading account from reaching a negative balance and being liable for an amount exceeding his/her deposit.

Market Conditions

Due to our policy of no slippage, spot orders will be executed at the price you click/quote, during regular foreign exchange market conditions. During volatile market conditions clients receive consistent ask (buy) and bid (sell) prices with fixed spreads. Spot orders will be executed at the price the trader quoted.