Risk Warning

You should not deal in leveraged products like CFDs, Spread Betting or FX unless you understand the product and the associated risks.  Although leveraged products such as these can be utilised for speculation and the management of investment risk, they may not be suitable for some investors. They are high risk products, and you may lose more than your original investment. In deciding whether to trade in leveraged products like CFDs, Spread Betting and FX, you should be aware of the following features;

1)  CFDs, Spread Betting and FX can only be settled in cash. Investing in these products carries the same risks as investing in a future, option or other derivative product. Transactions in leveraged products may also have a contingent liability element (i.e. the prospect of margin calls) and you should be aware of the implications of this.

2)  Contingent liability investment transactions, which are margined, may require you to make a series of payments against the purchase price instead of paying the whole purchase price immediately.  If you trade in CFDs, Spread Betting or FX, you may lose the margin you deposit to establish or maintain a position. If the market moves against you, you may be called upon to pay additional margin to maintain the position. If you fail to do so within the time required, your position may be liquidated at a loss and you will be responsible for the resulting deficit.

3)  Before you begin to trade, we will provide you with details of all dealing costs and other charges applicable to your account. When trading CFDs, dealing costs will be charged as a percentage of the total contract value, and not simply as a percentage of your initial payment.