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1.What attitude does Novox take towards abnormal tradings?
We strive to provide traders with high-quality trading experience and create good profitable conditions, but for account with abnormal transactions, such traders are not our clients. The reasons are as follows:
1. According to the rules of international market transactions, abnormal transactions have the opportunity to violate the Anti-Money Laundering Policy and are likely to be questioned and complained by traders.
2. Such abnormal transactions usually concentrate on the same time, with dozens to hundreds of accounts simultaneously conducting a large number of ultra-short-term transactions, occupying most of the network resources of the network trading platform, affecting the stability and efficiency of the trading system, greatly affecting the investment environment of normal traders. In order to protect the interests of most traders, we must not accept that abnormal transactions continue to occur.
2.How does Novox deal with abnormal transactions?
1. Anomalous traders, if an account with abnormal transactions is initially determined by our electronic trading system, will freeze the trading and capital entry and exit of the account for a period of 7-14 days. After investigation, if abnormal transactions are confirmed, the trader needs to apply for cancellation within 7 days. After completion of the formalities, the company will return 80% of the remaining amount of the account (excluding any profits generated by abnormal exchanges).
2. IB Agent of Abnormal Trader - If the abnormal transaction under IB Agent is preliminarily determined by the system, the Commission generated by the trader (including the introducer) will be frozen until the investigation is completed. If the investigation is an abnormal transaction, the Commission generated by the abnormal account will not be paid, and the commission that has been paid in the past will be retained. If the situation is serious, the agency qualification will be cancelled directly.
* The company will adjust the relevant processing rules from time to time.