The following Terms and Conditions shall be considered an inseparable part of the Client Agreement between EZYFX Limited, the Company” and all Customers that have requested and have subsequently been granted a Binary Options Cashback, referred hereinafter as “Cashback”.
These Terms are binding, and all Customers are advised to read through them carefully and to seek independent advice where necessary.
EZYFX Limited does not recommend this promotion to Customers who lack the experience or knowledge needed in order to use its properties to their advantage.
All New and Existing Customers of EZYFX Limited can request to participate in this promotion under which they can receive a Cashback of up to 500 USD/EUR/GBP in the form of reimbursement of the first 5 losing trades if the following conditions are met:
- — Participation in this promotion must be made no later than 48 business hours after making the new eligible deposit(s)
- — The Customer doesn’t have open positions in the Trading Account for which the promotion shall apply.
- — Participation can be requested and granted only once per Customer
- — Participation can be requested for a trading account with at least 500 USD/EUR/GBP of newly deposited capital
- — EZYFX Limited shall consider the Deposited Capital of a Customer to be an “Eligible Deposit” if the Deposit has been made after the 1st of July 2017. Internal Transfers from Trading Accounts belonging to the Customer are not considered Eligible Deposits.
EZYFX Limited reserves the right to deny any participation request based on its sole discretion and without providing any explanation for its decision.
Properties of the Cashback
- — Every participating Customer can ask EZYFX Limited to reimburse losses from the first 5 trades that were made once participation was granted.
- — EZYFX Limited shall reimburse up to 500 USD/EUR/GBP of losses but not more than 100 USD/EUR/GBP per trade
- — The amount of the reimbursement, hereinafter referred to as “Cashback” shall be transferred to the Customer’s balance by the Company once a Minimal Trading Requirement (hereinafter referred to as “MTR”) has been met
- — MTR is equal to the Cashback amount multiplied by 10. In other words, in order to receive a Cashback of 100 USD, the participating Customer must have purchased Binary Options for the total amount of 1 000 USD (100X10).
- — The amount of the Cashback is equal to the amount of losses from the first 5 losing trades of the Client
- — The maximal amount of the Cashback shall not exceed 500 USD/EUR/GBP, depending on the denomination of the trading account for which participation was granted
- — The Cashback Account shall be based on the “Classic Binary” Account Type offered by EZYFX Limited and described on the Company’s website. All properties of the Cashback Account shall be the same as those of the said Account Type
- — No other Promotions or Special Arrangements can be applied to the Cashback Account in combination with the present promotion.
EZYFX reserves the right to terminate any customer’s participation in the current promotion in the following cases:
- — When the Customer is in breach of any of the Terms and Conditions of EZYFX Limited
- — In case of Account Termination as specified in the EZYFX Client Verification and Administration Policy
- — In case the Client does not claim the reimbursement or fails to satisfy the conditions set herein for more than 3 months since his/her participation was granted
- — In case the Company suspects trading practices by the Client, aiming solely at generating trading volume for getting awarded with the Cashback, which includes but are not limited to:
- Internal/external hedging
- Same electronic identification point or same unique hardware identification number (Mac) with other users;
- Different accounts being traded by one trader simultaneously
Customers are explicitly warned and agree that the decision of EZYFX Limited shall be final, non-negotiable and non-reversible.
Currencies and Instruments, Trading Introduction Tutorial
Everything you never knew about money and trading it
The Liquid Currency Pairs
Currencies, like equities and bonds, have pairs that are very liquid and those that are not so liquid. The liquid currencies are characterized by their country's stable economy and political system. Since the European currencies unified and created the euro, the currencies that are most liquid now include:
- — US Dollar
- — Japanese Yen
- — British Pound
- — Euro
- — Canadian Dollar
It is estimated that activities in these currencies comprise more than 80% of the daily foreign exchange volume.
Foreign Currency Symbols
Currencies have their own symbols that distinguish one from another. In Forex, the price of a currency pair is simply the value of one currency against the value of another. A currency pair includes the "name" for both currencies, separated by a "/". The "name" is a three letter acronym. The first two letters, in most cases, identify the country, while the last letter denotes the unit of currency for that country.
- — USD = United States Dollar
- — GBP = Great Britain Pound
- — JPY = Japanese Yen
- — CAD = Canadian Dollar
- — CHF = Confederation Helvetica (Latin for Swiss Confederation) Franc
- — NZD = New Zealand Dollar
- — AUD = Australian Dollar
- — NOK = Norwegian Krona
- — SEK = Swedish Krona
Since the European Euro has no specific country attached to it, it goes simply by the acronym EUR
By combining one currency, EUR, with another USD, you create a currency pair EUR/USD.
The Base and Counter Currency
The Base Currency is the first currency in a pair. It is always the dominant currency in the pair. The Counter Currency is the second currency in a currency pair.
The euro is the dominant base currency against all other global currencies. As a result, currency pairs against the EUR will be identified as EUR/USD, EUR/GBP, EUR/CHF, EUR/JPY, EUR/CAD, etc. The EUR acronym will always appear first in the sequence.
The British Pound is next in the hierarchy of currency name domination. The major currency pairs versus the GBP would, therefore be identified as GBP/USD, GBP/CHF, GBP/JPY, GBP/CAD. Apart from the EUR/GBP, expect to see GBP as the first currency in a currency pair.
The USD is the next dominant base currency. USD/CAD, USD/JPY, USD/CHF would be the normal currency pair convention for the major currencies. Since the EUR and the GBP are more dominant in terms of base currencies, the dollar is quoted as EUR/USD and GBP/USD.
Knowing the base currency is important as it determines the values of currencies (notional or real) exchanged when a foreign exchange deal is transacted.
The Value of Currencies
The base currency ALWAYS equals one of the currency's monetary units of exchange (i.e., 1 euro, 1 pound, and 1 dollar). When an investor buys 100,000 EUR/USD, he is buying (or receiving) the Euro (the Base Currency) and selling (or paying for) the USD (the Counter Currency). The amount of the Base Currency he is buying is equal to 100,000 Euros.
While the base currency remains a constant price, the counter currency will fluctuate with the exchange rate for the Currency Pair. It is equal to: (Amount of Base Currency x Market Foreign Exchange Rate)
The smallest incremental change in a currency pair's price is called a "pip". In all pairs that exclude the JPY, a pip is equal to the fourth decimal value of a currency pair. Using leverage, traders can experience considerable gains or losses as price moves in fractions of a percent.
FXDD provides a Maximum Trading Leverage Ratio of 50:1 for standard accounts. At that ratio, a 100,000 EUR position would require $2,400 of Margin at an exchange rate of 1.2000. This is calculated by taking the US$ equivalent of 100,000 EUR or US$120,000 and dividing by the 50:1 leverage ratio.
Margin Required = $120,000 / 50 = $2,400
To determine the value of a pip for the deal above the following calculation would be made:
Value in US$ = 1.20 x Par Amount of Base Currency = $120,000
Value in US$ - a pip = (1.20-.0001) x Par Amount of Base Currency = $119,990
The value of a pip in dollars is equal to $120,000 - $119,990 or $10.
The movement of price determines whether a currency is getting stronger or weaker. When a currency pair goes from a low price to a higher price, the Base Currency is said to have strengthened or gotten stronger. Or, the Counter Currency has weakened or gotten weaker as the Base Currency has gotten stronger.
If the EUR/USD exchange rate goes from 1.2000 to 1.2024, we have concluded that the EUR got stronger, the USD got weaker. Why?
When looking at Foreign Exchange Rates (or prices) an action to buy the Currency Pair implies buying the Base Currency, or EUR, and selling the Counter Currency, or USD. If a trader buys EUR/USD at a low rate and sells at a higher rate, the trader will profit. However, if the trader purchased at a high price and sold at a lower price, he will have made a loss.