To become a professional trader, you need to be familiar with both trading basics and advanced basics. Once you are well acquainted with them, you can move on to deepen your knowledge by finding proven strategies and by gaining experience in implementing them. Besides this, it is also vital to be realistic. There is no perfect trading method or strategy that can be applied consistently. Nevertheless, learning how to distinguish accurate information from misleading or even incorrect information, is also part of your success as an efficient trader.
In order become a professional client you are required to meet 2 out of 3 below criteria:
You have carried out transactions of significant size on the relevant market at an average frequency of 10 per quarter over the previous four quarters.
The size of your financial instrument portfolio, defined as including cash deposits and financial instruments exceeds €500,000.
You work or have worked in the financial sector for at least one year in a professional position, which requires knowledge of the transactions or services.
Request from the Company in writing that you wish to be treated as a Professional Client. As soon as we receive your request our back office team will review it and will get in touch with you.
By becoming an Elective Professional client, you will lose the following protections afforded to Retail Clients, including but not limited to the following:
You will not be eligible to seek the services of the Investor Compensation Fund and may not be eligible for compensation under its protection and the Cyprus Securities and Exchange Commission.
You will be responsible for ensuring that your account does not fall into a negative balance. If it does, you will need to make additional payments to bring your balance back above zero – meaning that your losses can exceed your deposits.
Retail Clients are provided with more information regarding the Company’s fees, charges, commissions and expenses.
Retail Clients provide more information regarding their knowledge and experience in the Investment field so as to enable the Company to assess whether or not the investment service or product envisaged is appropriate for the Client. The same may not be available for professional clients.
The Company takes all the reasonable steps to ensure that a Retail Client’s order is executed as such in order to obtain the best possible results.
A Retail Client will receive information regarding his/her executed order timely and in more detail as to the content.
A Retail Client who is provided the service of Portfolio Management will receive more detailed and frequent information.
A Retail Client will be informed of the Company’s liability in relation to possible solvency of the custodian where Clients’ financial instruments are held.
Please ensure that you read and understand the Client Categorization Policy.
For more information please email backoffice@magiccompass.com