Argus Stockbrokers Ltd is proud to offer  Argus Global Trader   by Saxo in Cyprus. Access a wide range of assets, including forex, stocks, and commodities, all on a secure and intuitive platform.

Professional client status

From 30 July there will be a number of changes to the way leveraged products like CFDs are offered to retail clients.

Introduced by the European Securities and Markets Authority (ESMA), these changes include:

  • Limits on the amount of leverage offered to retail traders
  • Restricted access to certain products
  • Negative balance protection

To apply for professional client status. Login, go to Account > Other > Classification and follow the steps.

These changes apply to all CFD, forex and spread betting providers, but don’t impact professional traders.

You may request to have your categorisation changed to elective professional so the restrictions won’t affect you. However, as an elective professional client, you’ll lose some regulatory protections that are in place for retail traders.

Please read the following information carefully and note the risks associated with reclassification.

Elective Professional Client Status Details

Protections you’ll keep

Protections you’ll waive

Segregation of your money
As a professional client, money you hold with us will remain in a segregated client bank account, unless we inform you otherwise.

Leverage restrictions
Leverage restrictions that will apply to some of our products will not apply to professional clients. Remember with increased leverage comes increased risk. See leverage comparison here

The Guarantee Fund
As an individual, you are eligible for protection from the Guarantee Fund for up to EUR 100,000 for cash deposits that you hold with us. Cash deposits are calculated as the net free deposit after deduction of any debt to the bank.

Negative balance protection
We are not required to offer professional clients negative balance protection and therefore should your account fall into a negative balance, you are obliged to make additional payments – meaning you may incur losses exceeding your deposits.

Danish Complaint Board of Banking Services (Pengeinstitutankenævnet)
You should be eligible to use the Danish Complaint Board of Banking Services as long as you are ‘a natural person acting for the purposes outside of your trade, business or profession. You should contact them directly if you are unsure whether their services will apply to you.

Product restrictions
As you will demonstrate that you have the relevant experience and knowledge to understand the risks associated with trading complex financial products, we will not impose product restrictions on you.

Best execution
We have a general duty to act honestly, fairly, professionally and in the best interest of the client. In relation to order execution, we are required to take all reasonable steps to obtain the best possible results for clients on a consistent basis when executing client orders or when placing orders with, or transmitting orders to, a third party to execute.

Risk warnings
As you will demonstrate that you have the experience and knowledge to understand the risks associated with trading our products and we will not be required to provide you with any standardised risk warnings.

Change in categorisation
You retain the right to request a different categorisation at any time – for example, if you wish to be afforded a higher level of regulatory protection.

Communication
As you will demonstrate you have a firm understanding of our products, services and risks associated with them, we can communicate with you in a more sophisticated language.

We’ll always communicate in a clear, fair and not misleading way, regardless of client categorisation.

 

Professional Client vs Retail Client leverage comparison

  Professional clients Retail clients
FX (Majors) 1.50% 3.33% 30:1
FX (Minors 2.00% 5.00% 20:1
Index (Majors) 2.50% 5.00% 20:1
Index (Minors) 3.00% 10.00% 10:1
Gold 3.00% 5.00% 20:1
Commodity From 2% From 10% 10:1
Equity 10.00% 20.00% 5:1

Qualification criteria in detail

Trade size and volume:

You must have carried out transactions, in significant size, in a relevant product with an average frequency of at least 10 per quarter during the previous four quarters (with Argus and/or other providers).

Relevant products include: CFDs / FX (Spot / Forwards / Options); Futures; Options; Leveraged Exchange Traded Products ; Warrants .

Significant size is deemed as a minimum notional value of, for example, €100,000 on forex, €50,000 on indices, €10,000 on single stock CFDs.

The average frequency of trades can be at one provider, or a combination of. We will ask you for scanned copies of statements for any trade activity outside of Argus.

Size of portfolio

The size of your investment portfolio (held with Argus and/or other providers), is defined as including cash deposits and financial instruments*, exceeds EUR 500,000.

Acceptable examples of an investment portfolio can include: cash savings, stock portfolio, trading accounts and mutual funds.

Unacceptable examples include: company pension, non-tradeable assets, property, luxury cars, jewellery. If a portfolio is held outside of Argus, we may ask you for scanned copies of statements from other providers.

Professional experience

You work or have worked in the financial sector for at least one year in a professional position that requires knowledge of relevant products.

We will ask you for details of your role and how it has provided you with sufficient knowledge and experience and may require you to provide evidence of this if necessary.