Trading over phone
1. General provisions
1.1. A customer has the right to use the telephone to conduct transactions on their trade account.
1.2. The telephone number for these purposes is +43 (1) 253 084 05 81
1.3. Key terms and definitions
- Instruction means any statement by a customer for a transaction to be conducted with their account.
- User Login means an account number with the MetaTrader software.
- Password means a telephone password the customer is assigned upon completion of the contract for opening an account.
- Position number means a number of an open position indicated in the MetaTrader software in the «Terminal» window in the «Ticket» column.
- Open positions mean the obligations for a sale/purchase of one currency for another currency, arising on a trade account as the result of a transaction (purchase/sale) with a currency pair not closed by a counter transaction. The result of an open position is the obligation to conduct a counter transaction. As a result of opening a position, there arises an obligation on a trading account which must be kept by meeting margin requirements.
- Margin requirements means the amount of all collateral required to maintain open positions.
- Symbol is a financial instrument; a currency pair in the Forex market.
- Order means any instruction for a transaction execution at a specified price.
- Lot means the size of a standard contract when a transaction is made; it is equal to 100,000 of base currency for all currency pairs.
- Transaction amount means the amount of a position to be opened/closed, regardless of order type, indicated in lots; the minimum amount is 0.1 lot.
- Bid means the price indicated first in a quote; this is the price at which a sell transaction is conducted.
- Ask means the price indicated second in a quote; this is the price at which a buy transaction is conducted.
- Spread is the difference between Bid and Ask prices.
- Opening price is the price at which a currency buy/sell transaction is executed, when an «open position» appears on a customer’s account.
- Closing price is the price at which a currency buy/sell transaction, in contrast to opening, is executed, i.e. closing position.
- Stop Loss means an order for closing a position opened earlier upon reaching a
pre-determined level of loss. - Take Profit means an order for closing a position opened earlier upon reaching a
pre-determined level of profit.
2. Conducting Trade Transactions
2.1. Customer identification
To call a dealer, a customer must go through the authorization procedure. To do so, it is necessary to announce their user login (account number) in the MetaTrader software and their telephone password. The dealer will check whether the password is correct, and, if so, will announce that he is ready to carry out the customer’s instruction. If the password is incorrect, the customer will be told so and the conversation will be ended.
For example:
Customer: «Hello, this is Stepan Petrov, login 98765, password 4444».
Dealer: «Hello, just a minute».
If the information is correct, the customer will hear the following:
Dealer: «Listening to your request»
If, for some reason, the check comes up negative, the customer will hear:
Dealer: «I’m sorry but the information you have given me is incorrect. Goodbye!»
2.2. Position opening
To open a position, the customer should tell the dealer the symbol and the transaction amount. After that, the dealer says the quote. The customer must immediately announce their decision by pronouncing «buy», «sell», or «no transaction». If the customer says «no transaction», the conversation will be ended. In other cases, the customer will receive a reply from the dealer confirming that the transaction has been carried out.
For example:
Customer: «Euro/Dollar, 0.5 lot».
Dealer: «1.2010/1.2014 or 1.2010/14».
Customer: «Sell».
Dealer: «You sold 0.5 lot euro against dollar at 1.2010».
Customer: «Confirmed».
2.3. Positing closing
To close a position, the customer should tell the dealer the position number, and request for a closing quote. Upon receiving the quote, the customer should answer «close» or «cancel». If a position is to be closed, the dealer confirms that the transaction has been carried out.
For example:
Customer: «Position 223344, 0.5 lot, close position».
Dealer: «1.2055/59».
Customer: «Close».
Дилер: «You closed position 223344, 0.5 lot at 1.2055».
Customer: «Confirmed».
Note: If the customer instructs a partial closure of a position, when making their request, they should add how many lots the closure is for.
For example:
Customer: «Position 223344, 0.5 lot, close position partially for 0.2 lot».
3. Order placement
3.1. Order placement per open positions
To place an order per an open position, the customer should state the position number and express their wish to place the order. If the order meets the order placement rules, you will receive a reply from the dealer confirming that the transaction has been carried out. Otherwise, the dealer will decline your request.
For example:
Customer: «I would like to place a Stop Loss order per position 223344 euro/dollar, 0.5 lot, purchase at the level of 1.2000».
Dealer: «You placed a Stop Loss order per position 223344, euro/dollar, 0.5 lot, purchase, at the level of 1.2000».
Customer: «Confirmed».
3.2. Deleting orders set earlier per open positions
To delete an order per pen position, a customer should pronounce the position number and express their wish to delete the order.
For example:
Customer: «I would like to delete Stop Loss order from position 223344 euro/dollar, 0.5 lot, purchase».
Dealer: «You deleted Stop Loss order from position 223344, euro/dollar. 0.5 lot, purchase».
3.3. Placement of a deferred order for the opening of a position
To place a deferred order for the opening of a position, a customer should state the order type, symbol, and order execution price. If your order meets the requirements, you will receive a confirmation from the dealer.
For example:
Customer: «I would like to place a deferred Buy Limit order per pair pound/dollar at the level of 1.8050».
Dealer: «You placed a deferred Buy Limit order per pair pound/dollar at the level of 1.8050».
Customer: «Accepted!»
3.4. Deleting a deferred order for the opening of a position
To delete an order placed previously for the opening of a position, a customer should state the order number, symbol, order execution price, and express their wish to delete it.
For example:
Customer: «I would like to delete deferred Buy Limit order 552233 per pair pound/dollar at the level of 1.8050».
Dealer: «You deleted deferred Buy Limit order 552233 per pair pound/dollar at the level of 1.8050».
Customer: «Accepted!»
4. Changing an order level
To change the level of an order placed previously for both open positions and deferred orders, a customer should state the position number or the order number, symbol, and request for a change in the execution level.
For example:
Customer: «I would like to change the level of Buy Limit order 552233, pound/dollar, from the level of 1.8050 to the level of 1.8070».
Dealer: «You changed the level of Buy Limit order 552233, pound/dollar, from the level of 1.8050 to the level of 1.8070».
Customer: «Accepted!»
5. Determining price level
If a customer is not intending to conduct a transaction, but would like to know the current price level of a currency pair due to the impossibility of finding out any other way (for example, due to a failure of the computer system or a communication facility), they can request to speak to a dealer accordingly. To do so, it is not necessary to log in; it is enough to state your name and symbol, and request the price level.
For example:
Customer: «Hello, this is Stepan Petrov, user login 98765, euro/dollar, price level».
Dealer: «1.2162».
You should understand that in this case a dealer does not give the bid/ask price as they usually do when conducting account transactions, but rather the average price they see on the trading system terminal. To conduct a trade, it is required to log in and act in accordance with articles 2 through 5.
6. Finishing the conversation
If a customer has finished giving instructions to a dealer and is not planning any further transacting, they should express the intention to finish the conversation.
For example:
Customer: «Thank you, bye!»
Dealer: «Bye!»
If a customer pauses for a lengthy period of time during the conversation (defined here as longer than 10 seconds), a dealer has the right to finish the conversation by saying "goodbye", and hanging up.
7. Conclusion
The instruction is considered accepted only after being pronounced so by an employee of FIBO Group. If an instruction is incorrectly repeated by an employee, the customer should immediately interrupt the conversation and repeat their statement once again.
Personal communication between a customer and a dealer is prohibited.
It is prohibited to use words and phrases not stipulated by these rules, words and phrases which are ambiguous, and slang expressions.
In the event that a customer wants to abstain from transacting, they should pronounce the phrase «no transaction».
If, upon receipt of a quote, a customer does not transact immediately, a dealer has the right to give a new quote to the customer in the event that there have been changes in the market situation, but must first pronounce the word «void».
In the event that a telephone conversation is discontinued accidentally after a customer has confirmed an account transaction but was unable to finish the conversation, the transaction is considered carried out and thus valid.
The company has the right to record all telephone conversations between a dealer and a customer electronically. In the event of disputes, such recordings may be used as evidence by either party. If there is no recording, the actions taken by the company’s dealer will prevail.
To specify the account condition, a customer must go through the authorization procedure accordingly.