Risk Warning

This notice is given by Yal Group Inc. under our Terms and Conditions. It cannot describe every risk of trading, and it is not a substitute for understanding the specific instrument you are about to trade. Its purpose is to make sure you cannot say you were not told.

CFDs are leveraged. That means you put down a fraction of a position's value in order to hold it, and your profit or loss is calculated on the full value of the position, not on the amount you put down.

The consequence is that a small adverse move in the market produces a loss that is large relative to your deposit, and it produces that loss in exactly the same proportion as a favourable move of the same size would produce a gain. A position held on a 5% margin requirement loses 20% of your margin on a 1% adverse move, and it can lose the whole of your margin on a 5% adverse move. The same arithmetic runs in the other direction, and neither direction is more likely than the other.

Because losses are calculated on the full position value, they are not limited to the money in your account. A large or sudden move can leave you owing us more than you deposited.

You should only trade with money you can afford to lose entirely, and you should not treat funds you need for anything else as available for trading.

You must keep enough equity in your account to cover the margin requirement of your open positions at all times. The requirement is set per instrument, is published on the platform as a percentage of the position's notional value, and can be raised at any time, including on positions you already hold.

If your equity falls below the close-out level, we may close your positions without further notice. We may send a margin call, but we are not obliged to, and you must not rely on receiving one. A close-out crystallises your loss at whatever price is available at that moment, which in a fast market may be materially worse than the last price you saw.

Margin requirements are commonly increased ahead of scheduled events, around weekends and holidays, and when volatility rises. An increase can put an account into deficit that was comfortable an hour earlier, without any price move at all.

Markets can move sharply and without warning, and they can move while they are closed. A market that closes at one price and opens at a very different one has gapped, and there was no opportunity to trade in between.

Scheduled events, central bank decisions, economic releases, elections, earnings announcements and unexpected news all produce conditions in which gapping and rapid movement are more likely.

The price at which your order is filled can differ from the price you saw when you sent it. This is slippage, and it happens in both directions. It is more likely when liquidity is thin, when volatility is high, and at the open and close of a session.

Spreads vary. The spreads published on our website and shown on the platform are typical, not guaranteed, and they widen at times of low liquidity and around scheduled events. A widened spread increases the cost of opening and closing a position and can move an open position into loss without the underlying market having moved against you.

Positions held past the daily rollover time attract an overnight financing charge, which may be a debit or a credit depending on the instrument and the direction of the position, and which is charged at a multiple on the day that carries the weekend.

Financing accrues for as long as the position is open. On a position held for a long period, financing can become a significant cost in its own right and can consume a profit that the price move alone would have produced. Leveraged products are designed for short-term exposure, and holding them over long horizons is expensive.

Our current costs, including spreads, commission and financing, are published on our pricing pages and on the platform.

Where you trade an instrument denominated in a currency other than your account currency, your profit or loss is affected by the exchange rate as well as by the instrument's price. The exchange rate can move against you even where your trade was correct, and conversion charges apply each time a balance is converted.

There may be times when there is not enough liquidity to close a position at, or near, the price you want, or at all. This is more likely in less traded instruments, outside main session hours, and during market stress. A market may also be suspended by its exchange, in which case the related instrument cannot be traded until it reopens, whatever has happened to its value in the meantime.

Online trading depends on hardware, software and networks that can fail. An outage, a slow connection, a device failure or a platform fault can prevent you from opening, modifying or closing a position at the moment you want to, and a position left open through an outage remains exposed to the market.

We provide access to MetaTrader 5. This is a third-party platform licensed to us. We are not its author and we do not control its availability or its defects.

If you use an automated strategy, an expert advisor or an algorithm, you are responsible for every instruction it generates, including instructions generated by a fault, a bad parameter or a loop. Automation removes your hand from the decision, not your liability for it. Test on a demo account first, and monitor what it does.

When you trade a CFD you are contracting with us, not on an exchange. You are exposed to our ability to meet our obligations to you.

We hold client funds in segregated client accounts, separate from our own operating funds. Segregation separates your money from ours. It does not protect you against the failure of a bank or payment institution holding it, and it does not protect you against losses on your own positions.

Nothing here is investment, financial, legal or tax advice, or a recommendation, offer or solicitation to buy or sell any instrument.

We provide an execution-only service. We do not assess whether a transaction is suitable for you, we do not monitor your positions, and we will not tell you when to close one. Any market commentary, research, educational material, calculator or tool we publish is general information that takes no account of your circumstances.

Past performance, simulated performance and back-tested results are not reliable indicators of future results. A strategy that worked in one market regime can fail completely in another.

Leveraged trading is not suitable for everyone. Before you apply, consider honestly whether:

• you understand how CFDs work, and how margin produces losses larger than your deposit;
• you can afford to lose the entire amount you deposit, and to meet a further liability;
• you have the time to monitor open positions, and a plan for what to do when one goes against you;
• you are trading with money that is genuinely spare, and not with borrowed funds or money you need;
• you would still be comfortable if the worst outcome described in this notice happened to you.

If the answer to any of these is no, do not trade. If you are unsure, take independent advice from someone authorised to give it in your country.

The tax treatment of your trading depends on your personal circumstances and on the law where you are resident, and it can change. We do not give tax advice and we do not withhold tax on your behalf. You are responsible for determining and paying what you owe.

By opening an account and trading with us you confirm that you have read this notice, that you understand the risks it describes, and that you accept them. If any part of it is unclear, ask us at info@yal.com before you trade.

YAL does not accept clients resident or located in Iran, North Korea (DPRK), Myanmar, Syria, Russia, Belarus, Cuba, Venezuela, Libya, Somalia, Yemen, Zimbabwe, the Central African Republic, Mali, the Democratic Republic of the Congo, or Crimea, Donetsk, Luhansk and other occupied or restricted regions. YAL also does not accept clients resident or located in the United Arab Emirates.