Legal Documents

These Terms & Conditions apply to CFD Trading service and your Margin Account. Please read them carefully. You can access and download a copy of these Terms & Conditions at any time from www.changeinvest.com.

These are specific terms that will apply to you when you trade CFDs directly with Change Securities B.V. using Change Apps. The following terms apply to you in addition but not limited to the chapter General and Wallet, which apply to all of our services and not just to CFD Trading. Capitalised words have the same meaning which are given to those words in the General and Wallet chapter or in any other chapter in this regard. In the event of any discrepancies between the terms of CFD Trading and General and Wallet or other terms of Change, these terms of CFD Trading chapter shall prevail.

Citizens or residents of and persons located in Afghanistan, Algeria, American Samoa, Barbados, Belarus, Burkina Faso, Cambodia, Cayman Islands, China, Congo, Democratic Republic of the, Côte d’Ivoire, Cuba, Egypt, Guam, Haiti, Hong Kong, Islamic Republic of Iran, Iraq, Jamaica, Jordan, Democratic People’s Republic of Korea, Lebanon, Libya, Macao, Mali, Morocco, Mozambique, Myanmar, Nicaragua, Niger, Nigeria, Northern Mariana Islands, Pakistan, Palestine, Panama, Philippines, Puerto Rico, Russian Federation, Saudi Arabia, Senegal, Somalia, South Sudan, Sudan, Syrian Arab Republic, Trinidad and Tobago, Tunisia, Uganda, United Arab Emirates, United States Minor Outlying Islands, United States of America, Uzbekistan, Vanuatu, Virgin Islands (U.S.), Western Sahara, Yemen, Zimbabwe are prohibited from using the service of CFD Trading. The country list above shall not be treated as exhaustive, and we reserve the right to at all times at its own discretion decline to provide the services above to any person, who is a citizen or a resident of or located in a country, which we unilaterally deem as having an unacceptable risk, and amend the list without giving a prior notification thereof.

Any marketing or informational content published about the CFD Trading service, or distribution thereof, is not addressed to the Belgian public.

In these Terms & Conditions:

• “Apps” mean the web, Android and iOS mobile apps of Change, which give access to the Services;
• “Change” means third party xChange AS, an Estonian public limited company registered under registry code 14428150, Rävala pst 4, 10143 Tallinn to whom Change Securities B.V. has outsourced certain activities to comply with requirements included in the Dutch Wet ter voorkoming van witwassen en financieren van terrorisme and the Santiewet 1977, namely the application of due diligence measures, identification of politically exposed persons and customer data retention, but also customer support;
• “You” means the named account holder being the authorised user of CFD Trading and owner of the Margin Account and Open CFD Positions;
• “We”, “us” or “our” means Change Securities B.V. (Chamber of Commerce no. 50755854, previously Optieclub.nl B.V.), Westeinde 89, 2211 XS Noordwijkerhout, the Netherlands, who provides CFD Trading service on a cross-border basis and is authorised and regulated by the Dutch Authority for the Financial Markets (AFM).

If you have any questions you can contact us by:

• email: [email protected];
• mobile application: log in to the App and send us a secure message; or
• post: Westeinde 89, 2211 XS Noordwijkerhout, the Netherlands.

All of the terms and definitions not stipulated in these Terms & Conditions are stipulated in the General and Wallet chapter.

1. What is CFD trading and how it works?

1.1. A contract for difference (“CFD”) is a financial product which allows you to trade on the price movements of an underlying product for example shares, forex, indices, commodities, or cryptoassets. When you trade a CFD, you are agreeing to exchange the difference in the price of an underlying product from the point in time when your position is opened to when it is closed.

1.2. We may act as principal or on a matched principal basis when providing you with the CFD Trading services. This means we will be the counterparty to your trades.

1.3. Where you buy and sell complex products, such as CFDs, we are required to assess the appropriateness of the product by taking into account your trading knowledge and experience by conducting the Appropriateness Assessment.

1.4. If we have assessed that the CFD Trading is not appropriate for you, we will either:

1.4.1. provide you with an appropriate warning, after which you may decide to continue at your own risk; or

1.4.2. refrain from enabling the CFD Trading functionality on your Account, so that you will not be able to trade using the Apps.

1.5. We allow you to trade CFDs using Margin Trading. This means you can make money quickly, but you can also lose money quickly. You can find out more about what Margin Trading and leverage are, the risks of trading CFDs, and the risks of leverage in section 3 and 5, the General Risk Disclosure, and on the Website.

1.6. If you are a retail client, we will make sure that your Open CFD Position will get closed when the unrealised net profit of that Open CFD Position falls to less than half of the initial margin.

1.7. If you are a retail client, we will make sure you do not lose more money than what you have deposited on your Margin Account.

2. What are the limitations to CFD Trading?

2.1. When you trade a CFD, you will have an economic exposure to the underlying product of the CFD, but you will not have legal ownership of any underlying products. For example, if you trade a CFD over shares, you will not have the rights which legal owners have, such as voting rights or rights to dividends. However, we may carry out adjustments if such a Market Event occurs. Please refer to section 13 of these terms for more information on a Market Event.

3. What are the key risks of CFD Trading?

3.1. CFDs are complex derivative products and come with a high risk of losing money quickly due to leverage. Trading with leverage magnifies your gains and losses, so small price changes in the underlying product can result in large losses or gains. It is therefore possible that you may lose more than your deposit in a specific trade. Please refer to section 5 of these terms for more information on Margin Trading.

3.2. The underlying assets of CFDs are often made up of equities, foreign exchange, commodities, cryptoassets and similar products. The markets of these products can be volatile, which means the prices of the products can change rapidly, and therefore may be unpredictable.

3.3. You should only trade CFDs if all of the following applies:

3.3.1. you have sufficient and relevant knowledge about or experience in, trading in volatile markets;

3.3.2. you have time to manage your Open CFD Positions on an active basis;

3.3.3. you fully understand how CFDs work (including all associated risks and costs), are aware that Margin Trading creates greater risks;

3.3.4. you understand that there are situations where we are allowed to close out your Open CFD Positions without giving you any notice;

3.3.5. you are trading with money you can afford to lose;

3.3.6. you have a high-risk tolerance; and 

3.3.7. you want to gain short term financial exposure to a product.

3.4. You should ensure you fully understand the risks involved before using our Services and, if required, take appropriate investment, financial, legal, tax and other necessary professional, independent advice. More information on the risks associated with trading CFDs is set out in our General Risk Disclosure. You should read this document and fully understand the risks before accepting these Terms & Conditions.

4. How is your money protected?

4.1. Money that you have transferred to your Margin Account, i.e. the deposit is held by an independent foundation named Stichting Cliëntengelden Optionclub which keeps liquid assets equal to all balances of Margin Accounts. This means it is always guaranteed that all balances of Margin Accounts can be paid out.

4.2. We are covered by the Dutch investor compensation scheme (ICS) operated by the Dutch central bank. If we fail, the scheme guarantees that you will receive back your money deposited on the Margin Account up to € 20,000 or as may be updated from time to time.

4.3. Importantly, the protection is only applicable to regulated products i.e. CFD Trading. This means that any cryptoasset related Service is not protected.

4.4. Claims ensuing from investment losses suffered from CFD Trading are not eligible for compensation.

5. How Margin Trading works?

5.1. We allow you to trade CFDs using leverage. Leverage is a form of borrowing which allows you to deposit only a part of the cost of your transaction upfront. This deposit is called “margin” and is used by us as security against any potential losses you may incur. The more leverage you use, the less margin you need. Money being used as margin cannot be transferred out of your Margin Account.

5.2. Different amounts of leverage, i.e. margin requirements apply to different underlying products. Applicable law sets maximum leverage amounts, but we can decrease the leverage we offer at any time. The amount of leverage which you can access at a particular point in time can be viewed on the Website or in the Apps.

5.3. If you are a retail client, we are required by law to limit the amount of leverage that you can apply to certain transactions and set a minimum margin requirement. Professional clients will not be subject to these restrictions. The nature of these restrictions will depend on where you are a resident, and are likely to vary depending on the underlying product that you are trading. Where transactions were executed with a leverage or margin that is no longer permitted in the country where you live, we may close any or all of your Open CFD Positions without further notice to you and we may also close your Account. You acknowledge that this may result in a profit or a loss to you.

5.4. We will calculate your margin on a position by position basis. The money available as margin on a position, cannot equal less than 50% of the money that you might lose on that Open CFD Position at any time. If you do not have enough margin available, we may require additional margin to secure your trades. The amount of money that you must have available as a margin can be viewed on the Website or in the Apps.

5.5. It is your responsibility to monitor the money in your Margin Account against your potential losses, the margin required, and whether your position is close to your stop level, as we will not notify you when this happens. If you do not have enough money in your Margin Account to meet the margin requirement on a certain position, you should do the following:

5.5.1. close any or all of your Open CFD Positions to stop losing more money;

5.5.2. partially close any or all of your Open CFD Positions; and/or

5.5.3. adjust your stop levels, but please note, that the ability to adjust your stop levels is subject to you having the appropriate amount of money on your Margin Account.

5.6. Unless you carry out one or more of the steps listed in clause 5.5, your Open CFD Position will be closed irrespective of the total amount of money available on your Margin Account or the performance and balance of your other Open CFD Positions.

5.7. We may change our margin requirements i.e. leverage multipliers at any time, at our sole discretion, including in order to comply with the applicable law. One margin demand does not preclude another. Any amount needed to meet the new requirements must be satisfied in the currency we specify. The adjustment should be made immediately unless we specify a future date and/or time by which the adjustment must be made.

6. How can you place an order?

6.1. An order is any instruction given or request placed by you with us to purchase or to sell or otherwise deal in financial products, which may include a limit order, stop loss order and/or take profit order or such other order as may be available on the trading platform from time to time. We will then need to accept your order for it to take effect. Please read section 7 which explains when you might be able to change or cancel your order, as well as when we might not accept your order or cancel your order when using CFD Trading service.

6.2. You can place an order by using the Apps. Generally we do not accept orders over the phone, but may do so at our discretion.

6.3. We will execute orders that are received from your Account, and which we reasonably believe are from you, or authorised by you. Please be careful when placing an order. If you place orders by accident or in error, for example if you place multiple orders which are the same, we will assume that you did this on purpose and we will execute them without checking this with you.

6.4. Once we accept your order, we will execute it in accordance with any specific instructions that you give. This is called a trade. For more information on how you can place an order, the instructions that you can give, and how we may execute your order, please read our Best Execution Policy.

6.5. We cannot guarantee that your execution price will match your order price, including where you've placed a limit order, take profit and/or stop loss order. This is because the market may be volatile and/or the price may have moved up or down between the time that you place your order (or the time your limit order, take profit and/or stop loss order has been activated) and the time that we execute your order. This is known as slippage. When this happens, we will execute your order at the next best price and in accordance with our Best Execution Policy.

6.6. If you have placed an order during the condition stipulated in the following sub-clauses then the applicable order you have placed will be executed as soon as is reasonable under the circumstances when trading resumes. We do not guarantee that your order will be executed at the first available underlying market price at commencement of trading or within any specific range compared to other market prices which may be available to you from other sources. We are not liable for any loss or for other claims which you may have in connection with such orders. The conditions can be the following:

6.6.1. times in which the market of the underlying is suspended (for example, during the weekend or at off-market hours, suspension due to market conditions or due to any other event in which the market of the underlying is suspended); and/or

6.6.2. during the time the market was open, however, your order is triggered shortly following a suspension.

6.7. We will execute orders received during trading hours. Different products have different trading hours and these are available on the Website. It is your responsibility to ensure you are aware of the trading hours for the product you are trading. We may agree to execute orders outside of business hours, at our discretion.

6.8. Where you place an order outside of market hours, or where the product you are trading has a 24/7 market, but your order is placed during a period where there is limited trading (for example during the weekend), the availability of the different functionalities which we may provide as part of CFD Trading, including instructions which you may give in respect of a trade, may be delayed or may not be available. We are not liable for any loss which results from your inability to access or provide certain trading functionalities and instructions.

7. How can you manage your placed order?

7.1. You may request to cancel or modify an order which we have not executed. However, we cannot guarantee that we will be able to carry out your request. This will depend on the product that you are trading.

8. In what circumstances we may not accept an order?

8.1. We are not required to accept every order that you place and have reserved the right to decline any order or transaction. Even if we have accepted your order we are not required to execute it. The following is a non-exhaustive list of examples of situations where we may not accept an order, not execute or complete an order, or cancel an order:

8.1.1. we reasonably believe that the security of the App or your Account, including Margin Account is at risk, or if we're concerned about unauthorised or fraudulent use of your Account. This might happen if we think someone is using your Account without your permission;

8.1.2. you do not have enough money in your Margin Account to cover the maximum amount of loss associated with your order, plus any associated fees, charges and applicable margin;

8.1.3. we have a good reason to believe that there is an error with your order. For example, if you have placed an order that is unusually large and you have never done this before;

8.1.4. the order you have requested is unusual or for exaggerated volumes;

8.1.5. there is an error with the quote that we have provided. For example, if the quote is manifestly different from the market price, prices on exchanges, prices on other trading platforms, and/or if the quote lacks economical sense;

8.1.6. there is a change in the applicable law, which means that the order is no longer in compliance with the law;

8.1.7. there is a Market Event;

8.1.8. an exchange requests or recommends that the order is cancelled;

8.1.9. you breach the rules of trading;

8.1.10. an event of default occurs; or

8.1.11. an exceptional event occurs.

8.2. If we do not accept your order, execute your order, or cancel your order, we will inform you by making that information available in the Apps, unless there is a legal reason that we cannot provide this information to you. If we charged you a fee as part of the order, we will refund that money back into your Margin Account. If there were no fees or charges, then you will not receive a refund.

8.3. If we have executed your order, and therefore a transaction has occurred, we may take corrective actions and either modify the transaction, or void the transaction, under the scenarios listed in clause 8.1 above. We will inform you of errors by making information available on our trading platform, including any corrective actions we intend to take.

8.4. We will not be responsible for any losses you incur as a result of any actions or inactions taken by us in accordance with this section 8.

9. On what terms will my trades execute?

9.1. We are required to take sufficient steps to achieve the best possible result for you, on a consistent basis, when providing CFD Trading. Our Best Execution Policy sets out the procedures that we follow as well as the relevant market factors that we take into account as part of our best execution obligation. This policy, which may be amended from time to time, forms part of our agreement with you and is available on our Website.

9.2. We understand that the best execution result is one that produces the best possible financial result for you, and that the “best possible financial result” is the best possible result in combination across all your trades. This means that some trades, taken individually, may be less favourable. Where we reasonably believe that it is in the overall best interest of all our clients, we may combine your order with our own orders or those of other customers, or we may split your orders. Best interests are not solely determined by price, and we also consider other factors, such as the speed of the trade and the likelihood of the trade being successful, to be important. Aggregation or splitting of orders may result in you obtaining, on some occasions, more favourable terms or price, and, on other occasions, less favourable terms or price than if your order had been executed separately.

9.3. We monitor the effectiveness of our Best Execution Policy on a regular basis to ensure that we consistently achieve the best results for you.

10. When can your Open CFD Positions get automatically closed?

10.1. We may close your Open CFD Position where our system or you have placed a stop-loss order and the stop price has been reached.

10.2. We may decline or cancel your order and close your Open CFD Position where you do not have the required margin in your Margin Account or you do not meet the margin requirements, as described in section 5 above. We may do this without further notice to you, and you may make a profit or a loss as a result.

10.3. We may also close your orders in special circumstances or when a Market Event occurs as described in section 13 below.

10.4. Please refer to section 8 above for more information about our rights and your rights in special circumstances.

11. How can you see your orders and trades?

11.1. Information about your trading activities, which includes records of the trades that you've concluded, your Open CFD Positions, margin, balances as well as other information about your trades and orders, is available online in your Account. Your Account will be updated no later than 24 hours after any activity takes place. You will be able to filter this information in different ways, for example on a per month basis. We are under no obligation to provide this information in hard copy or by email, but we may do so upon your request.

11.2. If you think there is a problem with your Account, please contact us as soon as possible and not later than 48 hours following the day on which the information became available. Otherwise, the information will be conclusive evidence of your transactions, concluded trades, your Open CFD Positions, margin, and balances.

12. What are the rules of trading?

12.1. There are rules which you need to follow when using our CFD Trading service. These are:

12.1.1. you must not reverse engineer or avoid any security measures on the trading platform;

12.1.2. you must not use any software, artificial intelligence, ultra-high speed, or mass data entry which might manipulate, game, abuse, or give you an unfair advantage when using our systems or Services;

12.1.3. you will not enter into trades which manipulate our systems or Services, for example entering into a buy trade as well as a sell trade, for the same or for a similar product, at the same or similar time;

12.1.4. you will not enter into transactions or combinations of transactions such as holding long and short positions in the same or similar instruments at similar times either by you or by you acting in concert with others, which, taken together or separately, are for the purpose of manipulating our systems or Services for gain;

12.1.5. you will not act in an unfair, abusive, manipulative, or illegal way when using our Services, for example scalping;

12.1.6. you will not enter into trades aimed at exploiting errors in prices and/or conclude trades at off-market prices; and

12.1.7. your order must not violate exchange rules or securities or commodities laws, regulations or rules, and/or be intended to defraud or manipulate the market.

12.2. If you make money by breaching the above rules, we may not pay that money to you or, if we have paid that money, we may deduct it from any of the balances of your Account.

12.3. If you breach any of the above rules we will record such breach. We may also cancel your orders, freeze, block and/or terminate our Services, your Account, and/or our agreement with you. We may, but are not required to, give you notice of this, subject to the applicable law.

13. What are Market Events?

13.1. There are various types of events that affect the trading of specific products resulting in for example higher price volatility, higher trading activity or changes related to the structure of a given product. Most of the latter can be categorised as corporate events which will result in a change to the financial instruments. Examples of corporate events include share consolidations, share splits, reorganisations, mergers, take-over offers (and similar), name changes and rebranding, dividend distributions, and delistings.

13.2. If a Market Event impacts the underlying product of a CFD, we will use reasonable endeavours to adjust all Open CFD Positions on that instrument, in a fair way and in accordance with market practice, and/or taking into account the treatment we may receive from our counterparties or any relevant third party and the deduction of any taxes applicable. The adjustments we carry out will depend on the circumstances of each event, and is according to our sole discretion, however we are not obliged to do this. Adjustments may include changing the price or the quantity of CFDs that you have to reflect the economic rights that you had prior to the Market Event occurring.

13.3. If an issuer of an underlying product goes into insolvency or is dissolved, we will close any Open CFD Positions related to that product. The closing date shall be the date of insolvency. Any money from the sale will be paid into your Margin Account. If you lose money as a result of the sale, we are not responsible for this.

13.4. We reserve the rights to close out any Open CFD Positions at the market price immediately prior to the Market Event taking place.

14. What are the possible conflicts of interest?

14.1. We are required to act in your best interest when providing our Services. However, there may be instances where your interests conflict with our interests, or with another customer's interests. For example:

14.1.1. we may execute hedging transactions before or after entering into a transaction with you to manage our risk in relation to the transaction, which may impact the price you pay or receive for such transactions, and we will retain any profits generated by such hedging. However, we are not required to hedge transactions if we do not want to;

14.1.2. we may enter into arrangements with third parties, or with other customers, where we make payments to them or receive payments from them based on your trading activity or volume, where such arrangements are permitted by the applicable law. These payments may include rebates, commissions, widened spreads and profit sharing;

14.1.3. we may provide, pay or receive fees, commissions or non-monetary benefits where such payments are permitted by the applicable law; 

14.1.4. we may share dealing charges with our affiliate companies or receive remuneration from them in respect of transactions carried out on your behalf; 

14.1.5. we may be the counterparty to trades that you enter into; and

14.1.6. we are responsible for setting the price of instruments and products which can be traded in the Apps. This means that our prices can be different from the prices provided by other brokers and the market price, as well as the current prices on any exchanges or trading platforms.

14.2. We have in place a number of internal policies and arrangements to help manage any conflicts. In addition, the potential conflicts related to trading detailed above are subject to an objective criteria which is set out in our Best Execution Policy.

15. How we may contact you?

15.1. You expressly consent to us using the Apps or Website, as we deem appropriate, to inform you of information about us and of changes to such information (including changes to Terms and Conditions and our Best Execution Policy).

15.2. We may also communicate with you via Apps and Website, by email, telephone, post, newsletter, letter, electronic chats, and/or any other means of communication. We will use the contact details you gave us when you opened your Account, and as updated by you to us.

15.3. If your details change, including your email address, contact numbers, name, home address, country of residence or nationality, you must tell us as soon as possible. If you do not let us know, you might not receive important information from us.

15.4. Our Terms and Conditions, i.e. our agreement with you, and all information, statements and notifications between you and us, will be in English and we will communicate in English. If we provide you with documents in another language, and there is an inconsistency, the English version will prevail.

16. How can you make a complaint regarding CFD Trading?

16.1. If you are unhappy with a Service or something has gone wrong, please contact us so we can investigate the circumstances for you and we will try to put it right. You may contact us using any of the following means:

16.1.1. email to [email protected];

16.1.2. log in to the Apps and send us a secure message; or

16.1.3. send a letter to Westeinde 89, 2211 XS Noordwijkerhout, the Netherlands.

16.2. We will make every possible effort to address all points of complaint by email. We will respond within 5 business days upon receiving the complaint. If a full response cannot be provided within these timeframes, we will send a holding reply with a full response to follow within 20 business days.

16.3. If you want to know more about how we handle customer complaints, please read our Complaints Handling Procedure.

16.4. If you're still not happy with how we've dealt with your complaint, you can refer it to the Dutch Financial Services Complaints Tribunal (Kifid) using our registration number 400.000422. The Kifid consists of the Financial Services Ombudsman and the Financial Services Disputes Committee.

16.5. Ultimately you may turn to the Dutch Authority for the Financial Markets (AFM) or to relevant courts. For more information on such alternative solutions, please refer to the Website.

17. Will these terms ever change?

17.1. We may change these Terms & Conditions by notifying you by e-mail or other agreed means at least one month before the change is due to happen. We will assume that you agree with the change. If you do not agree with the change you must tell us before the change happens and we will cancel your account immediately. If your account is cancelled or you cancel your account in this way, we will return any balance on the account to you.

17.2. An up-to-date version of these Terms & Conditions, as well as any notices of future changes will always be available on the Website. You should check it regularly for such notices and changes.

18. Can I assign my rights or obligations under these terms?

18.1. You may not transfer or assign any rights or obligations you may have under these Terms & Conditions to any other person without our prior written consent. We may assign the benefit and burden of these Terms & Conditions to any other person at any time on giving you two months prior notice of this. If we do this, your rights will not be affected.

19. What is the governing law?

19.1. This agreement is concluded in English. All communications with you will be in English. These Terms & Conditions are governed by Dutch law and all disputes shall be solved by a way of negotiations, or if the Parties fail to do so in respective Dutch courts.

20. What are the fees and limits?

20.1. We will charge you a fee for each order we execute for you. This is called a spread. A spread is the difference in the sell and the buy price. The spread is different for each type of product and Service and can be found in the Apps and on the Website.

20.2. We will estimate the total amount of spread that applies each time you place an order. We cannot provide you with an exact amount because the spread may change between the time you make an order, and the time we execute your order.

20.3. The spreads which we charge can change due to market conditions. For example, there may be instances when market conditions cause spreads to widen beyond the typical spreads displayed on our website and/or platform.

20.4. All the information is available in chapter Fees and Limits. However, for specific Services, other fees may also apply. For example, if you trade CFDs, we also charge you an overnight fee. We may update our commissions, charges, fees and costs from time to time. It is your responsibility to keep up to date with any changes, and to be aware of the commissions, charges, fees and costs that apply to your trades and the Services that you use.

20.5. You acknowledge that all amounts due to us shall be deducted from any of the balances of your Account.

21. What are the effects of terminating the CFD Trading service and closing the Account?

21.1. When you terminate your relationship with us and provide us with instructions for closing your Account, we will arrange for your Open CFD Positions to be closed as soon as reasonably possible in accordance with these Terms & Conditions. Where securities are sold, you may suffer a shortfall between the amount you invested and the amount you get back after sale. We are not responsible for any shortfall that arises. Any shortfall will be borne by you.

21.2. We will hold all the proceeds as client money and we will charge fees and any other applicable charges and taxes from that money.

21.3. We are required to keep your records for at least five years after your Account is closed. This period may be extended by the applicable law or agreement between you and us in writing. These records will be our sole property.

This is a specific policy that will apply when you use CFD Trading Service i.e. trade CFDs directly with Change Securities B.V. using Change Apps. In this procedure:

• “Apps” mean the web, Android and iOS mobile apps of Change, which give access to the Services;
• “Change” means third party xChange AS, an Estonian public limited company registered under registry code 14428150, Rävala pst 4, 10143 Tallinn to whom Change Securities B.V. relies on to comply with requirements included in the Dutch Wet ter voorkoming van witwassen en financieren van terrorisme and the Santiewet 1977, namely the application of due diligence measures, identification of politically exposed persons and customer data retention, but also customer support;
• “Company” means Change Securities B.V (Chamber of Commerce no. 50755854, previously Optieclub.nl B.V.), Westeinde 89, 2211 XS Noordwijkerhout, the Netherlands, who provides CFD Trading service on a cross-border basis and is authorised and regulated by the Dutch Authority for the Financial Markets (AFM);
• “Customer” or “you” means the named natural person account holder, who has read, agreed with and accepted all the Terms and Conditions, being the authorised user of CFD Trading and owner of the Margin Account and Open CFD Positions.
  

1. Introduction

The Best Execution Policy (hereinafter "the Policy" is provided to the Client in accordance with the Provisions of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and Other Related Markets Laws supervised by The European Securities and Markets Authority (ESMA) and Netherlands Authority for the Financial Markets (AFM), (hereinafter "the Law"). Pursuant to the Law, the Company is required to take all sufficient steps to obtain the best possible result on behalf of its Clients when providing to them the Investment Services that the Company is licensed to provide. The Client acknowledges that by opening a Margin Account with the Company his orders will be executed Over-the-Counter ("OTC"). That means that Client orders will be executed outside Regulated Markets and/or Multilateral Trading Facilities.

2. Client Categorization and Order Execution

The Company is authorised to execute orders on Clients’ behalf. The present policy applies only to Retail Clients, it does not apply to Eligible Counterparties and Professional clients.

3. Best Execution Factors and Criteria

The Company takes all sufficient steps to act in the best interest of its Customers when executing Customer’s Orders and obtain the best possible result for Customers taking into account the following factors when dealing with Customers Orders: price, cost, speed, likelihood of execution and settlement, size, market impact or any other consideration relevant to the execution of an order. The Company does not consider the above list exhaustive and the order in which the above factors are presented shall not be taken as priority factor. The Company when executing Clients’ Orders is required under the relevant regulatory framework to assign a relative importance on the following execution factors:

a. Price: For any given CFD, the Company will quote two prices: the higher price (ASK) at which the Client can buy (go long) that CFD, and the lower price (BID) at which the Client can sell (go short) that CFD. Collectively, the ASK and BID prices are referred to as the Company’s price. The difference between the lower and the higher price of a given CFD is the spread. Such orders as Buy Limit and Stop Loss, Take profit for opened short position are executed at ASK price. Such orders as Sell Limit and Stop Loss, Take profit for opened long position are executed at BID price. The Company’s price for a given CFD is calculated by reference to the price of the relevant underlying asset, which the Company obtains from third party external reference sources. The Company’s prices can be found on the Company’s website and/or trading platforms. The Company updates its prices as frequently as the limitations of technology and communications links allow. The Company reviews its third party external reference sources in frequent periods to ensure that the data obtained continues to remain competitive.

b. Costs: For opening a position in some types of CFDs the Client may be required to pay a mark-up on spread and an overnight financing fee (“swap”) if the Client wished to hold his position overnight. The amount of the costs is disclosed on the Company's website and/or trading platforms. Commissions may be charged either in the form of a percentage of the overall value of the trade or as fixed amounts. In the case of financing fees, the value of opened positions in some types of CFDs is increased or reduced by a daily financing fee “swap rate” throughout the life of the contract. Financing fees are based on prevailing market interest rates, which may vary over time. Details of daily financing fees applied are available on the Company’s website and/or trading platforms. For all types of CFDs that the Company offers, the commission and financing fees are not incorporated into the Company’s quoted price and are instead charged explicitly to the Client account.

c. Speed of Execution: The Company places a significant importance when executing Client’s Orders and strives to offer high speed of execution within the limitations of technology and communication links. In case where the Clients use a wireless connection or a dial up connection or any other communication link that can cause a poor internet connection, which can cause unstable connectivity with the Company's trading platform, resulting to the Client placing his orders at a delay and the orders being executed at a better or worse prevailing price offered, the Company does not accept any liability in case of such incident.

d. Likelihood of Execution: There would be cases where it may not be possible to arrange the order for execution. That is because we rely on third-party LPs for prices and available volume. Therefore, the execution of Clients’ orders will depend on whether there are prices and liquidity available at the time these orders are received. The availability on execution may be subject to variation, especially during abnormal market conditions, such as:

1. During market opening times
2. During times of market news and events
3. During periods of significant volatility
4. Where there is a rapid price movement
5. Where there is insufficient liquidity for the execution of the specific volume at the declared price or a force majeure event has occurred.
6. Where the Company’s Internal Risk Limits no longer permit the acceptance of any further orders on a specific instrument.
   

e. Likelihood of settlement: The CFDs offered by the Company do not involve the delivery of the underlying asset, so there is no settlement as there would be for example if the Customer had bought shares.

f. Size of Order: The minimum size of an order may be different for each asset type and/ or financial instrument. A Lot is a unit for measuring the transaction amount and is different for each type of Financial Instrument. Please refer to the website and/or platform for the value of minimum size of an order or minimum Lot for a given CFD type.

1. The Client’s orders are executed at the “BID”/ “ASK” prices offered by the Company and which the Client can see in the Electronic Trading Platform. The Client places his/her order at the prices he/she sees on his/her Client terminal and the execution process is initiated. Normally the transaction is executed at the prices the Client can see on his/her Client terminal. Due to the high volatility of the markets as well as the internet connectivity between the Client terminal and the server, the prices requested by the Client and the current market price may change, during the confirmation process. In this event, the Company has the right to decline the Client’s requested price and offer a new price. The Client can either accept the new price and execute the transaction or refuse the new price, thus cancelling the execution of the transaction.
2. All orders are placed in lot sizes. A lot is a unit measuring the transaction amount and it is different for each type of Instrument as set out on the Company’s Trading Platform and website and updated from to time. Details of the lot sizes for a given Financial Instrument type are available in the Company’s Trading Platform and website and Clients acknowledge that it is their responsibility to review the said details and become familiar with. Clients further acknowledge Terms and Conditions and accept that even though in some cases there is no maximum size of an order which the Client can place with the Company, the Company reserves the right to decline an order, in case the size of the order is large and cannot be filled.

g. Market Impact: Some factors may rapidly affect the price of the underlying instruments/products from which the Company’s quoted price is derived and may also affect other factors listed herein. The Company will take all reasonable steps to obtain the best possible result for its Clients.

h. Partial Fills: This is the practice of executing an order in parts if there is not enough liquidity in the market at the time in order to fill-in the full order at a specific price. Partial fills may be executed at different prices.

4. Other Key aspects of the firm’s execution arrangements

a. Slippage: This situation occurs when there is latency between the quoted and executed price. Latency can lead to slippage i.e. the difference between the expected price of an order, and the price the order is actually executed at. Negative slippage occurs when the executed price is worse than the price requested by the Client. Positive Slippage occurs when the execution price is better than the price requested by the Client. Slippage is more likely to occur in the forex market when volatility is high, perhaps due to news events, or during times when the currency pair is trading outside peak market hours. Additionally, slippage can occur both to market and pending orders. Pending orders will be executed at the next best available price. As part of monitoring its best execution, the Company ensures that it does not apply asymmetric slippage to its clients.

b. Re-quotes: The Company only has market execution. Thus, it will not provide a secondary quote to the Client after an order has been submitted.‍

5. Types of Order(s) in CFDs:

a. Market Order(s): A Market Order is an order to buy or sell a CFD at the current price. Execution of this order results in opening a position. CFDs are bought at the ASK price and sold at the BID price. Stop Loss and Take Profit Orders can be attached to a Market Order. Market Orders are offered for all types of accounts.

b. Pending Order(s): The Company may offer the following types of Pending Orders:

1. Stop Loss: this is an order that may be attached to an already open position or a pending position to exit the trade at a specified price (‘the stop loss price’). A ‘stop loss’ may be used to minimise losses, upon triggering it becomes a market order and can be executed at declared, better or worse price.
2. Take Profit: this is an order that may be attached to an already open position or a pending position to exit the trade at a specified price (‘the take profit price’). A ‘take profit’ may be used to secure profits and can only be executed at declared or better price.

6. Execution Venues/ Liquidity Providers:

These are the entities with which the Company places and executes Client Orders. The Execution Venue(s) that the Company is using are found in Annex I.

The Customer acknowledges that the transactions entered into with the Company for the financial instrument provided by the Company are undertaken through the trading platform of the Company. The Orders will be executed on an ‘over the counter’ basis.

The Company shall not receive any remuneration, discount or non-monetary benefit for routing client Orders to a particular execution venue which may lead to a conflict of interest. The company will not pay or be paid any fee or commission, or provide or be provided with any non monetary benefit in connection with the provision of an investment service or an ancillary service, to or by any party except the client or a person on behalf of the client, other than where the payment or benefit:

a. is designed to enhance the quality of the relevant service to the client; and

b. does not impair compliance with the investment firm’s duty to act honestly, fairly and professionally in accordance with the best interest of its clients.

7. Best Execution Factors

The Company takes sufficient steps to obtain the best possible result for our Clients, when executing orders, taking into account the price, costs, speed, likelihood of execution, size, nature or any other consideration relevant to the execution of the order. In relation to the best execution criteria, for orders that are not wholly covered based on your specific instructions, we shall take into consideration the execution factors and their relevant importance in the order presented below:

A. Price – High Importance

Price is one of the most important factors in order for the Company to meet its best execution obligations. The Company receives its prices from its Liquidity Providers and uses price aggregation technology to detect and quote the best Bid and Ask quote from the LPs to the trading platform. We do not however guarantee that our quoted prices will be at a price which is as good, or better, than one might have been available elsewhere.

1. Bid-Ask Spread: For any given financial instrument, we quote two prices: the higher price (Ask), at which the Client can buy (go long) a financial instrument, and the lower price (Bid) at which the Client can sell (go short); collectively, referred to as the Firm's prices. The difference between the Bid and the Ask price of a given financial instrument is the spread, which includes Company's mark-up.
2. Pending Orders: Such orders as ‘Stop Loss’ and ’Take Profit’ for opened short positions are executed at the ASK price. Such orders as ‘Stop Loss’ and ‘Take Profit’ for opened long positions are executed at the BID price.
3. Our price for a given financial instrument is calculated by referencing the price of the relevant underlying asset, which is obtained from third-party liquidity and data providers. We update our prices as frequently as the limitations of technology and communication links allow. We will not quote any price outside of our operational hours. The Company regularly, and at least once a year, reviews the pricing of and quality of service offered by its liquidity providers, to ensure that the prices obtained remain competitive and that their service is of high standards.

B. Costs – High Importance

1. Spread is the difference between the lower price (BID) and the higher price (ASK) of a given Financial Instrument. The Company provides dynamic (floating) spreads, which means that spreads are constantly updated based, among others, on the liquidity and volatility conditions of the underlying market. The Company performs real-time monitoring of its spreads at individual financial instrument level. If the actual spread is outside acceptable pre-determined parameters when compared to previous spreads received from the same Liquidity Provider, an alert is triggered for the “gap” to be investigated by the Company. Where the gap is a result, for example, market volatility, no further actions are taken. If gap is a result of a technical issue on the liquidity provider’s part, an alert is triggered for the “gap” to be investigated by the Company. Where the “gap” is a result, for example of market volatility, no further actions are taken. If the “gap” is a result of a technical issue on the liquidity provider’s part, then the Company further investigates and takes immediate corrective action.
2. Swap or financing fee is the charge that is applied to all positions that are left open overnight for the following trading day. It is credited to or withdrawn from trading accounts at 24:00 GMT+3 each day until the position is closed. Swap is charged every day, except for the weekends, when trading is not available. On Wednesday, the amount of Swap charged is tripled in order to compensate for the following weekend, during which swap is not charged. Swap is based on prevailing market interest rates, which may vary over time.
3. Commissions may be applicable. The Company may be charging the account holders a commission fee every time they are opening and closing a position. Commission fees are automatically calculated according to the volume traded. The Company’s Commissions can be found on the Company’s website and/or trading platforms.

C. Speed of Execution – High Importance

We place a significant importance in this factor when executing Client orders and to this end we maintain high speed connections through multiple servers hosted globally within the limitations of technology and communications links. However, the use of any form of unstable connection at the Client’s end, whether wireless or dial-up, may result in poor or interrupted connectivity, which may cause delays in the transmission of data between the Client and us. As the Client places Orders through the Company’s Electronic Trading Platform, the Client is exposed to risks associated with that, including the failure of hardware and software (e.g. Internet connectivity issues, server downtimes, etc). This may result that client’s Order is either not executed in accordance with his expectations or it is not executed at all. The Company does not accept any liability in the case of such a failure.

D. Likelihood of execution – Medium Importance

The Company is the sole Execution Venue for the execution of the Client’s Orders for the Financial Instruments provided by the Company and, as such, it strives to execute, in whole, all Orders placed by the Clients. However, it reserves the right to decline or partly fill in any Order or to execute the order at the first available market price without providing any justification to Client. We rely on third-party LPs for prices and available volume of the different financial instruments we offer. Therefore, the execution of Client's orders will depend on whether there are prices and liquidity available at the time these orders are received. By having various LPs, the likelihood of execution across the instruments we offer is high. This availability may be subject to variation, especially during abnormal market conditions, such as:

1. During market opening times.
2. During times of market news and events.
3. During periods of significant volatility.
4. Where there is a rapid price movement of a particular instrument, to such extent that under the rules of a relevant exchange, trading on said instrument is suspended or restricted.
5. Where there is insufficient liquidity for the execution of a specific volume at a specific declared price.
6. Where the Company internal risk limits no longer permit the acceptance of any further orders on a specific instrument.
   

E. Size of Order – Low Importance

The minimum size of an order may be different for each asset type and/or financial instrument. A Lot is a unit measuring the transaction amount and it is different for each type of Financial Instrument. Please refer to the website and/or platform for the value of minimum size of an order or minimum Lot for a given CFD type.

F. Likelihood of settlement – Low Importance

All transactions are settled upon execution.

G. Market Conditions – Low Importance

Some market factors may affect rapidly the Company’s quoted price of the Financial Instruments. These factors may, in turn, affect some of the other execution factors listed above. The Company takes all reasonable steps to obtain the best possible result for its Clients. The Company does not consider the above list exhaustive and the order in which the above factors are presented shall not be taken as priority factor.

8. Specific Instructions

Whenever a Client gives a specific instruction as to the execution of their order, the Company will execute that order in accordance with the Client’s specific instructions. In following those specific instructions, the Company will be deemed to have satisfied its best execution obligations in respect of that part of the order to which the specific instructions relate. If a Client requires their order to be executed in a particular manner, they must clearly state their desired method of execution when they place their order. To the extent that the Client’s specific instructions are not comprehensive, the Company will determine any non-specified aspects in accordance with this Policy. It should be noted that specific instructions from a Client may prevent the Company from taking the necessary steps it has designed and implemented in this Policy, to obtain the best possible outcome for the execution of those orders in respect of the elements covered by those instructions.

9. Monitoring and Review

The Company has processes and procedures which analyse the execution quality and monitor best execution. The Company monitors and measures the competitiveness of its prices and the speed of its execution against other Forex Brokers.

The Company’s second and third line of defences, namely the Compliance and Internal Audit perform additional reviews and assessments on best execution on a regular basis and at least annually or whenever a material change occurs that affects the Company’s ability to continue obtaining the best result for Clients’ orders.

A. Daily Best Execution Reports – Dealing desk

1. During the day, on the going basis, Dealers run Orders execution reports through YourBourse administrator platform to verify quality of already executed orders. The several factors taken into consideration – price, execution time, slippage, fill/reject, market depth.
2. MT5 online monitoring for rejects and filling orders.
3. Errors MT5 online monitoring
4. Monitoring Providers (CFH) via YourBourse – online monitoring and automatic email notifications from YourBourse
5. Price feed Check – comparing executed orders against the benchmark
6. Random Execution Trade Statistic – execution metrics for the random trades performed from test account to verify execution

B. Monthly Best Execution Reports – Dealing desk

1. Execution metrics per asset type – FX and NON-FX (Shares, Crypto, FX). The report includes information about slippage distribution, average execution time, rejects for the referred month.
2. LPs Summary Execution – average execution time and slippage achieved by the specific LP from the Company’s pool.
3. LPs volumes – traded volumes by the specific LP from the Company’s pool.
4. Slippage symmetry by order types ( market, stop loss, take profits)
5. Slippage symmetry by order size
6. LPs Spread – the average spreads for FX symbols among LPs from the Company’s pool.

These reports should be stored in an internal electronic folder.

10. Other important information

Specific Leverage restrictions apply for Retail Clients. Hedging is not permitted while using CFD Trading. Where a Customer opens a second position on the same instrument, this will be netted-off against the existing open position. CFDs are not eligible for sale or distribution in certain jurisdictions or countries. This Policy is not directed to any jurisdiction or country where its publication, availability or distribution would be contrary to local laws or regulations.

Annex 1.

List of Liquidity providers

The table below lists brokers (Liquidity Providers / Execution venues) that the Company currently uses for executing the Orders. The Company reserves the right to use other execution venues and third parties where we consider that it is appropriate in the light of this Policy, and we may from time to time add or remove an execution venue or a broker from this list. The following execution venues will be used for executing the Orders:

This procedure applies to CFD Trading service. You can access and download a copy of this document at any time from www.changeinvest.com.

This is a specific procedure that will apply when you use CFD Trading Service i.e. trade CFDs directly with Change Securities B.V. using Change Apps and lodged a Complaint. In this procedure:

• “Apps” mean the web, Android and iOS mobile apps of Change, which give access to the Services;
• “Change” means third party xChange AS, an Estonian public limited company registered under registry code 14428150, Rävala pst 4, 10143 Tallinn to whom Company has outsourced certain activities to comply with requirements included in the Dutch Wet ter voorkoming van witwassen en financieren van terrorisme and the Santiewet 1977, namely the application of due diligence measures, identification of politically exposed persons and customer data retention, but also customer support;
• “Company” means Change Securities B.V. (Chamber of Commerce no. 50755854, previously Optieclub.nl B.V.), Westeinde 89, 2211 XS Noordwijkerhout, the Netherlands, who provides CFD Trading service on a cross-border basis and is authorised and regulated by the Dutch Authority for the Financial Markets (AFM);
• “Complaint” means a statement or an expression of dissatisfaction addressed to the Company by a Complainant regarding the provision of investment and/or ancillary services provided by the Company to the Complainant;
• “Complaint Form” means electronic document available on the Website that must be filled out by you to lodge a Complaint;
• “Complainant” or “you” means the named natural person account holder, who has read, agreed with and accepted all the Terms and Conditions, being the authorised user of CFD Trading and owner of the Margin Account and Open CFD Positions, and has lodged a Complaint.

If you have any questions you can contact the Company by:

• email: [email protected];
• mobile application: log in to the App and send us a secure message; or
• post: Westeinde 89, 2211 XS Noordwijkerhout, the Netherlands.

All of the terms and definitions not stipulated in this document are stipulated in the various chapters of the Terms and Conditions available on the Website.

1. Scope and purpose of the procedure

1.1. Under the law the Company is required to establish, implement and maintain effective and transparent procedures for the reasonable and prompt handling of Complaints or grievances received from Complainants and keep records of each Complaint as well as any actions taken by the Company to remedy the situation in accordance with the provisions of the competent authorities. 

1.2. This procedure sets out the method for the submission of Complaints with the Company from its clients and the processes followed by the Company when dealing with such Complaints.

1.3. The Company considers having a Complaint when the Complainant has filled out the relevant Complaint Form, available on the Website, and submitted it to the Company via the following methods:

1.3.1. by email at [email protected]; or

1.3.2. by post Westeinde 89, 2211 XS Noordwijkerhout, the Netherlands.

1.4. In case the Company receives a notification through the line of communication established by the Company, but which does not fall within the definition of clause 1.3 and can be characterised not as Complaint, this shall be categorised as an enquiry and will be forwarded to the relevant contact within Company to be handled accordingly. The Complainant maintains the right to request for the reclassification of the enquiry as a Complaint.

2. Addressee of the Complaint

2.1. The customer support and if necessary, member of the compliance staff, shall efficiently handle any Complaint received by a Complainant. In the case that the Complaint is against the compliance staff, the Complaint shall be handled by a director of the Company. 

3. Procedure to be followed for verbal Complaint

3.1. It is the Company’s policy not to accept any verbal complaints or grievances. Should any of the Company’s employees (regardless of department) receive a verbal Complaint or grievance, the procedure stipulated in the following clauses 3.2-3.3 must be followed.

3.2. The member of the staff receiving the verbal complaint or grievance shall take all the necessary actions so that the Complaint or grievance is properly addressed. The person will inform the Complainant that all the Complaints or grievances must be made in writing by completing the relevant Complaint Form as stipulated in clause 1.3. Once the Complainant completes and submits the Complaint Form the procedure for written Complaints shall be followed as described in section 4.

3.3. The member of the staff, in addition to the above, should make all best efforts to ensure that in the case of the Complaint or grievance being of such nature that can be resolved immediately, to do so that the Complainant will not have to fill out the Complaint Form. The member of staff in such a case shall not do the following:

3.3.1. commit on behalf of the Company in taking any action prior to examining the issues in a formal manner;

3.3.2. commit in any way to the Complainant;

3.3.3. address any issues in relation to best execution; nor

3.3.4. address any issues relating to legal, compliance or regulatory issues.

4. Procedure to be followed for written Complaint

4.1. If the complaint was received in the manner not fulfilling the conditions stipulated in section 1, i.e. the complaint was received through internal channels of communication such as chat, client correspondence, on other Company’s email addresses, or by any other Company’s member of the staff, then the complaint, in the form that has been received, must be forwarded, in the form it has been received to  [email protected] within the same working day.

4.2. Once the Complainant submits a written complaint, customer support will send an electronic acknowledgment of receipt to the Complainant’s registered email address within five (5) working days following receipt, to verify that the Company has received the written Complaint and will request the Complainant to complete the relevant Complaint Form.

4.3. Upon completion and submission of the Complaint Form, customer support will investigate the grounds of the Complaint and if, based on the information provided, the grievance does not fall within the definition of Complaint or is not considered to be a Complaint it will be categorised as an enquiry and will be forwarded to the relevant member of the staff to be handled appropriately.

4.4. If the grievance falls within the definition of Complaint or is considered to be a Complaint, then the member of the staff will register the Complaint to an internal registry by giving it a unique reference number and by categorising it accordingly (e.g. technical, operational, compliance, legal) for the purpose of handling the Complaint most effectively.

4.5. In addition, within five (5) working days customer support shall inform the Complainant of the following:

4.5.1. that the Complainant must use the given reference number in all future correspondence with the Company regarding the submitted Complaint;

4.5.2. the process which is followed when handling a Complaint;

4.5.3. who is the member of the staff that is dealing with the Complaint and their contact details;

4.5.4. what is the indicative handling time (as a standard 20 working days); and

4.5.5. that the Complaint handling procedure is free of charge.

4.6. Moreover, the customer support must make sure that the following information is obtained from the Complainant, to the extent possible on the Complaint Form, and recorded:

4.6.1. full name and surname;

4.6.2. email address;

4.6.3. affected transactions (if applicable);

4.6.4. the date that the issue arose and a description of the issue;

4.6.5. the Service provided by the Company related to the Complaint;

4.6.6. member of the staff responsible for the provision of this Service (if applicable);

4.6.7. Complainant’s own description of the facts related to the Complaint, i.e. the content; and

4.6.8. reference of any correspondence exchanged between the Company and the Complainant (if applicable).

4.7. The Company will thoroughly examine and assess the facts and the information provided by the Complainant and the relevant members of the staff. Compare these facts with the information and data which have been retrieved from the Company’s archive (i.e. the Complainant’s transactions, trading history, correspondence, other electronic records). This investigation will also include the events preceding or leading to the Complaint.

4.8. The Company will not handle or investigate a Complaint if the Complainant does not complete the Complaint Form or does not provide the information requested in clause 4.6. of this procedure. In such an event the Company shall revert back to the Complainant and request to send any additional information. In any event, a member of senior management may contact the Complainant directly in order to obtain further clarifications and information relating to the Complaint. The Company shall need the Complainant’s cooperation in order to handle the Complaint. 

4.9. The Company upon examining the complaint and reaching a decision to this respect shall inform the Complainant about the Company’s decision, in writing and in plain language which is clearly understood, together with the reasoning of the Company’s decision and any remedial measures it intends to take.

4.10. The Company shall make every effort to resolve the complaint within fifteen (15) working days. When deemed necessary, customer support or a member of the compliance staff shall convey the complaint to the senior management for further investigation. In this case, the Company might take additional five (5) working days to finalise the reply. The senior management shall investigate further and coordinate with relevant members of the staff to attend to the subject of the Complaint.

4.11. In the event that the Company cannot provide a response to the Complainant within the handling time given to the complainant, it will keep the Complainant informed about reasons of delay and indicate when the investigation is expected to be completed. This period of time cannot exceed two (2) months from the submission of the Complaint.

4.12. Once the Complaint is concluded and Company has reached final decision customer support will be responsible of keeping an full electronic record of the Complaint received, detailing the course of action which was taken, including what information, data and evidence were gathered, what measures were taken for the resolution, whether any conflicts of interest between the Company and its clients and between other clients were identified, what was the outcome and how that outcome was reached.

4.13. The Company shall maintain record of all complaints for a minimum period of five years after the closure of the Customer’s Margin Account.

5. Alternative ways to resolve a Complaint

5.1. If the Complainant is not fully satisfied with the Company’s final decision the case can be referred to the Dutch Financial Services Complaints Tribunal (Kifid) using Company’s relevant registration number 400.000422. The Kifid consists of the Financial Services Ombudsman and the Financial Services Disputes Committee.

5.2. Ultimately the Complainant may turn to the Dutch Authority for the Financial Markets (AFM) or to relevant courts.

6. Follow-up measures

6.1. Customer support will analyse, on an on-going basis, Complaints handling data, in order to identify and address the causes of the individual Complaints and/or any recurring or systematic problems and/or any potential legal and operational risks. Subsequently the relevant member of the staff or senior management should be informed and if necessary, take corrective action.

6.2. This Complaints Handling Procedure will be made available on the Website.

6.3. The Complaints Handling Procedure is available to all the members of the staff through email and an internal folder in the Company’s channels of communication which can be accessed at any time without any restrictions.

This form is an electronic document that must be filled out by you to lodge a formal Complaint about CFD Trading service provided by Change Securities B.V. This form is part of the formal Complaints Handling Procedure regarding the investment or ancillary services provided to you.

Please note that it is Company’s policy not to accept any verbal complaints or grievances.

If you have any questions please contact the Company by email [email protected], through mobile application or sending the letter to Westeinde 89, 2211 XS Noordwijkerhout, the Netherlands.

This document applies to all Services provided via Change Apps. You can access and download a copy of this document at any time from www.changeinvest.com.

This notice provides you with information about the risks associated with cryptoasset services provided by Change and investment services provided by Company. In this document:

• “Apps” mean the web, Android and iOS mobile apps of Change, which give access to the Services;
• “Change” means xChange AS, an Estonian public limited company registered under registry code 14428150, Rävala pst 4, 10143 Tallinn which provides cryptoasset services under virtual asset service provider license no FVT000072 issued by Estonian FIU, and to whom Company has outsourced certain activities to comply with requirements included in the Dutch Wet ter voorkoming van witwassen en financieren van terrorisme and the Santiewet 1977, namely the application of due diligence measures, identification of politically exposed persons and customer data retention, but also customer support;
• “Company” means Change Securities B.V. (Chamber of Commerce no. 50755854, previously Optieclub.nl B.V.), Westeinde 89, 2211 XS Noordwijkerhout, the Netherlands, who provides CFD Trading service on a cross-border basis and is authorised and regulated by the Dutch Authority for the Financial Markets (AFM);
• “We”, “us” or “our” means Change and/or Company depending on the specific context.

If you have any questions you can contact the Company by:

• email: [email protected];
• mobile application: log in to the Apps and send us a secure message.

All of the terms and definitions not stipulated in this document are stipulated in the various chapters of the Terms and Conditions available on the Website.

You gain ownership of the underlying asset when using the Conversion Service offered by Change. In addition, Company offers contracts for difference (CFDs) that provide exposure to cryptoassets, stocks, commodities, ETFs or indices.

Any transactions relating to cryptoassets, stocks, ETFs and indices where leverage is offered or which allow you to enter into short-selling transactions shall be considered CFD Trading provided by Company.

Since cryptoasset markets are decentralized and not regulated to the degree of investment services then customers using the services provided by Change will not fully benefit from the protections available to clients receiving regulated investment services such as the access to the Dutch investor compensation scheme (ICS) operated by the Dutch central bank and the Dutch Financial Services Complaints Tribunal (Kifid) for dispute resolution. Customers of Company will continue to benefit from the rules relating to best execution and client money and safekeeping of client assets.

All these products carry a high degree of risk and are not suitable for many investors. This notice provides you with information about the risks associated with these products but it cannot explain all of the risks nor how such risks relate to your personal circumstances. If you are in doubt you should seek professional advice. It is important that you fully understand the risks involved before deciding to use the Services and that you have adequate financial resources to bear such risks and that you monitor your positions carefully. Trading involves risk to your capital. You should not invest money that you cannot afford to lose, however you cannot lose more than the equity in your account.

Risks associated with CFDs

CFD stands for “Contract For Difference”, meaning you are not buying the underlying asset, but rather purchasing a contract to settle the difference in the initial and ending price of the asset. When trading CFDs, you generally trade on margin, which means you only have to deposit a small percentage of the overall value of your position. This is known as “leverage”, and even small market movements may have a great impact, negative or positive on your trading account.

If the market moves against you, you may sustain a total loss greater than the funds invested in a specific position. You are responsible for all losses on your account up to the equity in your account.

Before deciding to trade on margin you should carefully consider your investment objectives, level of experience, and risk appetite. Company’s CFDs are not listed on any exchange. CFDs involve greater risk than investing in on-exchange products, as market liquidity cannot be guaranteed and it may be more difficult to liquidate an existing position. The prices and other conditions are set by us in accordance with our obligation to provide best execution as set out in our order Best Execution Policy, to act reasonably and in accordance with the applicable Terms and Conditions. The characteristics of our CFDs can vary substantially from the actual underlying market or instrument. Full details of all of our CFDs are set out on our website. In respect of corporate events with respect to the underlying assets, We do not aim to make a profit from our clients from the outcome of corporate events such as rights issues, takeovers, mergers, share distributions or consolidations and open offers. We aim to reflect the treatment we receive, or, would receive if we were hedging our exposure to you in the underlying market. Ultimately however, you are not dealing in the underlying market and therefore in relation to our CFDs the treatment you receive may be less advantageous than if you owned the underlying instrument.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

CFDs are not suited to the long term investor. If you hold a CFD open over a long period of time the associated costs increase (such as overnight fees), and it may be more beneficial to buy the underlying asset instead. Sudden market movements, known as “gapping” may occur, causing a dramatic shift in the price of an underlying asset. Gapping may occur when the underlying market is closed, meaning the price on the underlying market may open at a significantly different level, and at a less advantageous price for you.

At all times during which you have open positions, you must ensure that your account meets margin requirements, which may change from time to time. Therefore, if the price moves against you or if margin requirements have changed, you may need to provide a significant amount of additional funds to meet your margin requirement, at short notice, to maintain your open positions. If you do not do this, Company will be entitled to close one or more or all of your positions and you alone will be responsible for any losses incurred as a result.

Before we open a Margin Account for you, we are required to make an assessment of whether the product(s) and/or services you have chosen are appropriate for you, and to warn you if, on the basis of the information you provide to us, any product or service is not appropriate. If you decide to continue and open a Margin Account with us, you are confirming that you are aware of and understand the risks.

You should further ensure you are able to monitor positions on your account at all times, as you are solely responsible for this. We are not responsible for monitoring positions on your account.

Although the CFD trading platform is automated and we are giving you the best execution available, it is possible that the market price could have changed between order placement and execution time, and therefore we cannot guarantee that the price requested will be the same as the price that the order is executed, the price you receive can be in your favour or against you.

To limit losses, we require you to choose or set ourselves “stop-loss” limits. These set limits to automatically close your position when it reaches a price limit of your choice. There are however circumstances in which a “stop-loss” limit is not fully effective – for example, where there are rapid price movements, or market closure.

In addition, there are risks associated with use of online deal execution and trading systems including, but not limited to, software and hardware failure and internet disconnection.

Risks associated with cryptoasset

Since cryptoasset markets are decentralized and not regulated to the degree of investment services then customers using the services provided by Change will not fully benefit from the protections available to clients receiving regulated investment services under the so-called MiFID regime. This also means that there is no central bank that can take corrective measure to protect the value of cryptoasset in a crisis or issue more currency.

Cryptoasset market is determined only by supply and demand and is often highly unpredictable and volatile. The price of a cryptoasset is usually not transparent and highly speculative and susceptible to market manipulation. In the worst case scenario the product could be rendered worthless.

It is important to make a distinction between indicative prices which are displayed on charts and dealable prices which are displayed in the Apps. Indicative quotes only give an indication of where the market is. Because the cryptoassets markets are decentralized, meaning it lacks a single central exchange where all transactions are conducted, each market maker may quote slightly different prices. Therefore, any prices displayed on any chart made available by us or by a third party will only reflect indicative prices and not necessarily actual dealing prices where trades can be executed.

Cryptoasset trading is prone to being misused for illegal activities due to the pseudonymity or even anonymity of transactions and investors would be adversely affected if law enforcement agencies investigate any alleged illicit activities.

Accordingly, cryptoassets should be seen as an asset class with extremely high risks and you should never invest money that you cannot afford to lose. Given the foregoing, cryptoasset are not appropriate for all investors. You should not deal in these products unless you have the necessary knowledge and expertise, you understand these products’ characteristics and your exposure to risk. You should also be satisfied that the product is suitable for you in light of your circumstances and financial position. In addition, use of our Services can never be considered a safe investment rather only an investment with a high risk of loss inherently associated with it. Furthermore, our own fee is added to online quotes, if applicable, which makes trading with the Apps even more volatile.

The risk of loss in trading cryptoassets can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware that you may sustain a total loss of the money deposited.

Since blockchains are independent public or private peer-to peer network and not in any way or manner controlled by us, we shall not be responsible for any failure and/or mistake and/or error and/or breach which shall occur in any blockchain or in any other networks in which the cryptoassets are being issued and/or traded. You will be bound and subject to any change and/or amendments in the blockchain system and subject to any applicable law which may apply to the blockchain. We make no representation or warranty of any kind, express or implied, statutory or otherwise, regarding the blockchain functionality nor for any breach of security in the blockchain.

Change does not own or control the underlying software protocols which govern the operation of cryptoasset available for trading in the Apps. In general, the underlying protocols are open source and anyone can use, copy, modify, and distribute them. Change is not responsible for operation of the underlying protocols and makes no guarantee of their functionality, security, or availability. The underlying protocols are subject to sudden changes in operating rules (so-called forks), and such events may materially affect the value, function, and/or even the name of the cryptoasset Change holds on your behalf. In the event of a fork, we may temporarily suspend operations (with or without advance notice to you) and that Change may (a) configure or reconfigure its systems or (b) decide not to support (or cease supporting) the forked protocol entirely. Change may, but is not obligated to do so, adjust your account in respect of a fork depending on the circumstances of each event attributable to any specific cryptoasset held by you.

We may elect to execute any order and/or hold any fiat money and cryptoasset via third parties. Such third parties are not banks that guarantee the deposits made to them. If any such third party loses any money, fails or goes out of business, there is no specific legal protection that covers you for losses arising from any funds or cryptoassets you may have held with such third party, even when such party is registered with a competent authority. Depending on the structure and security of the digital wallet, some may be vulnerable to hacks, resulting in the theft or loss of customer assets. Change will not be responsible in the event of losses caused by those third parties.

If at any time any of the cryptoasset that forms the subject of your order is delisted and/or we no longer support the trading in such cryptoasset for any reason, then the applicable order will be immediately closed. If Change is notified that a cryptoasset you hold is likely to be delisted and/or removed and/or canceled from any of the exchanges (some of them or all) and we believes that it shall not be able to trade in such cryptoasset, we shall make an effort to sell the cryptoasset on your behalf at such time and price, and in such manner, as it determines.

General risks

While trading using the Apps, system errors might occur. You should be aware of the risks that may result from any system failure which could mean that your order may be delayed or fail.

You acknowledge that there are risks associated with utilizing a mobile-based trading system over the internet including, but not limited to, the failure of hardware, software, and internet connections, the risk of malicious software introduction, the risk that third parties may obtain unauthorized access to information and/or assets (including your cryptoasset) stored on your behalf, cyber-attack, the cryptoasset network failure (such as blockchain), computer viruses, communication failures, disruptions, errors, distortions or delays you may experience when trading via the Services, howsoever caused, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment, or any phishing, spoofing or other attack. You should also be aware that SMS and email services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from us.

Our fees and charges are set out on the Website and in the Apps. Please be aware of all costs and charges that apply to you, because such costs and charges will affect your profitability.

Any opinions, news, research, analyses, prices, or other information contained on the Website or in the Apps are provided as general market commentary, and do not constitute investment advice. We shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information provided.

Past performance is not an indication of future performance. The value of investments can go down as well as up.

All balances related to your Account with us are held in euros which may be different from the currency you used to deposit, accordingly you should be aware of currency fluctuations.