Forex and CFD Risk Disclosure


Transactions on foreign exchange (forex) instruments and contracts for difference (CFDs) are highly speculative and complex and come with an extreme degree of risk in particular due to the leverage. In our experience,

between 70 and 80%

of retail investors are losing money when trading forex instruments and CFDs. Losses are in theory unlimited.

Intended investor

Forex instruments and CFDs are not appropriate for everyone, and are generally suitable only for investors who can assume and sustain a risk of loss in excess of their margin and understand the mechanics and risks of leveraged trading.

Order execution (No best execution)

The Bank is your sole counterparty for all forex instrument and CFD transactions and is not required to seek the best possible outcome when carrying out your orders. The transactions are not conducted via an exchange, multilateral trading facility or any similar organisation. The Bank is acting in its own interest and has no duty to protect you from losses.

Stop loss orders (as defined on the Bank’s website or on the platforms) may be executed at prices significantly worse than the price you desire. Your open orders may also not be cancelled outside business days or outside the hours of operation of the platforms.

Please read carefully our Forex and CFD Execution Policy.


While transactions on forex instruments and CFDs sometimes offer opportunities for high profits, they at the same time bear a high risk of losses. Leverage will amplify any profits or losses based on the price movements in the underlying financial instrument. A small adverse movement in the underlying market may result in considerable losses. In some circumstances, your losses may exceed your initial investment.

For example, if you are allowed to open a EUR/USD position of 100'000 with a leverage of 10x, that means that to open this position, you are allowed to maintain a margin of only EUR 10'000. If the EUR falls in value by 1% against the USD, your losses will reach EUR 1'000, i.e. 10% of your invested amount. Note that if the value of an underlying financial instrument moved against you significantly, you could lose all of your initial margin deposit, and be required to deposit more funds to cover your losses.

Volatility of the markets

The forex and CFD markets are extremely volatile. The movements of these markets are unforeseeable. These markets may also experience periods of decreased liquidity or even periods of illiquidity. A lower liquidity may result in very rapid and hectic price movements, in wider spreads and/or in higher rejection rates.

Fluctuations in prices are often so rapid that your open positions may be liquidated automatically without you having time to increase your margin.

Various events may arise over a weekend or, more generally, outside business days, which may cause the markets to open at a significantly different price from where they closed. Orders cannot be executed outside business days. This may cause considerable losses.

Illiquidity and potential of unlimited losses with FX options

FX options are generally suitable only for investors with extensive knowledge and / or experience in derivative financial products.

FX options cannot be sold or transferred easily. You may either be unable to exit early or incur a significant loss if you do so. You may experience profits or losses at any point up to and including the option’s maturity date. If you are selling an FX option referred to as a Call in the Offer, your potential losses are unlimited.


Please read carefully our General Terms and Conditions, our Special Terms and Conditions for Forex and CFDs and our Forex and CFD Risk Disclosure Statement.