“Manifest error / obvious pricing error may be corrected”
Translation: if a price is deemed wrong, the broker can amend or reverse trades. Rare, but real. Treat it as operational risk.
Broker Reality
Plain-English clause decoder. Contracts are part of the trade.
“We may close positions to meet margin requirements”
Translation: if your margin falls below a threshold, the broker can liquidate without asking. In fast markets, liquidation is ugly.
“We may use different price sources / liquidity providers”
Translation: the price you see is a composite. Different sources can mean different spreads, fills, and spike behavior.
“Stop-loss orders are not guaranteed”
Translation: a stop is a trigger, not a promise. In gaps, you get the next available price, not your stop price.
“Spreads may widen in volatile market conditions”
Translation: the cost of entry/exit can jump exactly when you most want to trade. Your stop distance and sizing must assume this can happen.
Margin Close-Out Changes
Brokers can change margin requirements. If it happens while you’re in a trade, it can force liquidation.
Last Look / Trade Rejection
Some execution models allow a brief window to accept or reject your trade. Rejections often spike in fast markets.
Price Source Discretion
If the broker can choose the ‘reference price’, they can also choose the outcome of disputes.
Price Improvement Is Not Guaranteed
Even if the market moves in your favor while your order is processing, you are not promised a better fill.
Liquidity Provider Outage Disclaimer
During outages or dislocations, the broker can fail to execute or execute poorly because upstream liquidity is broken.
Bonus / Promotion Terms Can Restrict Withdrawals
Promotions can attach strings that limit when and how you can withdraw profits or principal.
Withdrawal Requests Can Be Delayed for Checks
Even if funds are 'available', the broker can delay withdrawals during compliance checks or operational issues.
Swap-free Terms Can Be Revoked
The broker can remove swap-free conditions, sometimes retroactively applying fees or changing costs.
FIFO / Close-Out Rule May Apply
If you scale in/out, the broker may control which lot is closed first, affecting P&L and risk.
Hedging May Be Netted or Restricted
You may not be able to hold long and short exposure simultaneously the way you intend.
Order Types May Be Disabled in Fast Markets
In the regimes you most care about, the tools you rely on may not work the way you expect.
Execution at First Available Price
If price moves, you get whatever is available next. Your order does not reserve the quote you saw.
Minimum Stop/Limit Distance Applies
You may be prevented from placing tight stops or limits, especially in fast markets.
Trading Hours and Session Breaks May Change
Markets can close early, open late, or trade thin. Your ability to enter/exit can change unexpectedly.
Indicative Prices Are Not Firm Quotes
Seeing a price does not mean you can trade that price. The broker is not promising to fill you at the displayed quote.
Price Source Hierarchy Applies
If different feeds disagree, the broker decides which price is 'the price' for your fills, stops, and disputes.
Margin Close-Out May Be Triggered Without Notice
The broker can liquidate positions immediately when they judge it necessary, not when it is convenient for you.
Stop-out Level Can Be Adjusted
Your liquidation threshold is not fixed. The broker can change the percentage where positions are force-closed.
No Guarantee of Continuous Service
The platform can go down.
Order Execution ‘Best Efforts’
Execution is not a promise of price; it’s an effort under conditions.
Complaint / Dispute Resolution Process
If you don’t complain correctly, you lose your path to resolution.
Force Majeure
They can halt trading or intervene during extreme conditions.
Price Feed Disclaimer (Third-party Data)
They disclaim responsibility for feed errors.
Account Termination ‘At Our Discretion’
They can stop serving you.
Inactivity Fees
You can be charged for not trading.
Negative Balance Protection Conditions
They may cap your losses at your deposit, but only under certain conditions.
Corporate Actions Adjustments (CFDs)
Your CFD price/position can be adjusted when the underlying has corporate actions.
Right to Close Positions to Manage Risk
They reserve the right to reduce exposure on their side by closing you out.
Latency Arbitrage / ‘Abusive Trading’
If they believe you’re exploiting feed or execution delays, they can sanction you.
Order Rejection / Partial Fills
You may not get the full size you requested, or you may not get filled at all.
Spread Widening During Volatility
Your transaction costs increase in stress.
Financing / Swap Rates Can Change
Your overnight carry cost can change, even if the price doesn’t.
Margin Requirements May Change Without Notice
Even if your trade is unchanged, your required margin can increase.
Stop/Limit Not Guaranteed (Gap Risk)
Gaps can skip your order level. Your stop triggers, but the next tradable price is far away.
Slippage & Requotes Disclaimer
They are telling you that execution is ‘best effort’, not a promise of a specific price.
Right to Cancel Trades (Platform / System Error)
If their platform glitches, they can undo trades that were impacted, even if you benefited.
Off-market Pricing
If the broker says the quote didn’t reflect the real market, they can adjust executions.
Manifest Error
If the broker claims the price was ‘obviously wrong’, they reserve the right to change or cancel the trade after the fact.