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PRIIP KIDs

KEY INFORMATION DOCUMENTS

These documents provide you with key information about these investment products. They are not marketing materials. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of these products and to help you compare them with other products.

Investment firm: eBrókerház Befektetési Szolgáltató Zrt. (eBrókerház), tel. +36-1-8808-400, website: en.iforex.hu
Licensed by: the Hungarian Financial Supervisory Authority (HFSA)
License numbers: III/73.059-4/2002. and III/73.059/2000.

You are about to purchase a product that is not simple and may be difficult to understand

  • Commodity CFDs

    What is this product?

    This investment product is a Contract for Differences (CFD). A CFD is an Over the Counter (OTC) leveraged financial instrument, the value of which is determined based on the value of an underlying asset. The client makes a profit or a loss on the CFD based on the direction chosen (Buy or Sell) and the direction of the value of the underlying asset. The amount of profit or loss is determined based on the value of the underlying asset at the opening of a deal and its value at closing of the deal. The CFD is settled in cash only and the client has no rights whatsoever on the actual underlying asset.

    The objective of the CFD is to profit from changes in the price of the underlying asset. In the case of commodity CFD, such prices are based on the bid price of the commodity. eBrókerház obtains such prices from its liquidity provider, which in turn obtains and aggregate such prices from the relevant exchanges. The market for commodities is open 5 days a week from Sunday until Friday. For specific trading hours please check eBrókerház’s website.

    This product is intended for clients who wish to make directional transactions and take advantage of short term price movements on the underlying contract/commodity and have the ability to sustain the risk of loss of their entire invested amount within a short period of time. Therefore, this product is not appropriate for clients who cannot afford to lose their amount invested. In order to succeed in this type of investment, the client should make educated assumptions (and for this purpose may use the tools made available to it by eBrókerház) on the direction that the price of the underlying asset will go, and should follow closely the rates, as those may change rapidly within a short period of time.

    In order to open a deal on a CFD instrument, the client must have sufficient margin (“Margin”) in its account. The available initial margin required for all commodity contracts, other than Gold, is 10% (representing leverage of 10:1), and 5% for all Gold contracts (representing leverage of 20:1). This means that in order to open a transaction of 10,000 EUR (deal size) on Gold, the client would need to have a minimum available margin of 500 EUR in its account.

    The profit or loss is determined according to the following formula:
    For Buy (Long) positions: Deal size (in units of base asset) x [Close Bid – Open Ask] = P/L (in units of the other asset)

    For Sell (Short) positions: Deal size (in units of base asset) x [Open Bid – Close Ask] = P/L (in units of the other asset)

    The P/L from the closed positions is then converted into the base currency of the client’s account, if different. This is done on the basis of the relevant Bid/Ask rate of the two currencies at the time the position is closed.

    The P/L is also affected by the fees charged by eBrókerház, as detailed below.

    The P/L is calculated by - and shown on - the trading platform continuously, and losses on the positions will affect the client’s margin. Due to the European Securities and Market Authority (ESMA) Margin Close-out Rule (“Margin Protection”), when the client account’s Equity falls equal to or below 50% of the Used Margin for all open deals (50% of the Used Margin = Maintenance Margin), the Margin Protection mechanism will be triggered and will auto close the highest consuming Used Margin deal or all open deals under a specific instrument. Any unrealized profits related to open positions shall be used to support the losing positions in the client’s account. Should the client have set a Limit Order on any open position/s, some or all of these position/s may be closed automatically before reaching their respective Limit Orders, due to the mandatory auto Margin Protection mechanism.  It is important at all times to maintain the required level of margin to support the client’s open positions. For more details please refer to Trading Conditions.

    What are the risks and what could I get in return?1

    This risk indicator assumes that you keep the product for up to 24 hours. You may not be able to close the deal easily or you may have to end at a price that significantly impacts the return on your investment. CFDs may be affected by slippage or the inability to close the deal at a desired price due to unavailability of such price in the market. CFDs are OTC products and cannot be sold on any exchange, MTFs or other trading venue.

    This product is a high risk product. The prices of the underlying contract/commodity may fluctuate significantly in a short period of time. If the change in price is against the direction chosen by the client, then the client could experience significant losses over a short period of time up to up to a maximum of the total investment in the client’s account (including client’s deposit(s) as well as any accumulated profits. However, the client will never owe eBrókerház any amount in excess of the available funds in the account due to “Negative Balance Protection”. On the other hand, should the change in price be the same as the direction chosen by the client, then the client may see significant profits over a short period of time. 

    Profits and losses are exacerbated by the level of leverage used. Higher leverage ratios result in higher profits if the client chose the correct direction, and higher losses if the direction went against the client. 

    Performance Scenarios (assuming no Overnight Financing and Slippage effects):
    Below are examples of performance scenarios of a CFD deal based on WTI Oil.

    French residents only – In accordance with AMF requirements, all CFD have an intrinsic protection and will be closed when losses reach the required margin for opening the position. Therefore, open positions will be closed automatically upon either reaching the intrinsic protection level, or reaching the mandatory Margin Protection level, whichever takes place first.

    What happens if eBrókerház is unable to pay out? In the event that eBrókerház becomes insolvent and is unable to pay out to its clients, retail clients may be eligible to compensation of up to 100.000,- EUR by the Investor Compensation Fund (BEVA).

    What are the costs? eBrókerház charges a spread when a client buys a CFD. A spread is the difference between the Sell (“Bid”) and Buy (“Ask”) price of the CFD which is multiplied by the deal size. The spread per each underlying asset is detailed on eBrókerház’s website but each client may have different spreads on all or some of the underlying asset based on the client’s history, volume, activities or certain promotions.

    For the purpose of the example we will assume a transaction of 250 units in WTI Oil with a 4 pips spread. A pip in WTI Oil is the 2nd decimal digit in price (0.01). 250 x 0.04 = 10 USD

    The amount of 10 USD will be deducted from the P/L upon opening the transaction and therefore immediately after opening the transaction the P/L of that transaction will be -10 USD.

    In addition to the above, eBrókerház charges Overnight Financing (OF) for deals that remain open at the end of the daily trading session. This OF may be subject to credit or debit, calculated on the basis of the relevant interest rates for the currencies in which the underlying instrument is traded, plus a mark-up. The mark-up for commodity pairs is 2.5%.

    If the calculated OF Percentage is positive, it means that an applicable amount will be added (credited) to the client’s account. A negative OF Percentage means that an applicable amount will be subtracted (debited) from the client’s account. If the CFD's quoted currency differs from the account’s currency, it will be converted to the account’s currency at the then prevailing exchange rates.

    Calculation of OF Percentage for Long Positions:

    Calculation of OF Percentage for Short Positions:

    To reach the OF Amount, OF percentage (as calculated above) is multiplied by the deal amount (in units of the base asset), as indicated in the formula below:
    Overnight Financing Amount = Deal Amount × Overnight Financing Percentage

    Upon reaching the relevant instrument’s rollover date, all open CFD positions that are based on a future contract will be rolled-over to the next contract, so that the positions remain open with the new future contract. Upon effectuating such rollover, the position’s open P/L will be adjusted according to the price difference between the expired and new contract prices thus keeping the open P/L unchanged. Upon rollover, the open P/L will only incur a markup spread equal to the spread paid upon opening the position. Information in regards to rollover dates can be found in eBrókerház’s website.

    CFDs’ trading outcomes are may be subject to the personal tax environment in the clients’ relevant tax residence state.

    How long should I hold it and can I take the money out early? Commodity CFDs are usually held for less than 24 hours. You can cash out the CFD at any point you wish during trading hours, but it may not be at a price beneficial to you or your investment goals.

    How can I complain? Complaints may be addressed to eBrókerház via email to compliance@ebrokerhaz.hu. The email should set out the client’s name, account number and nature of the complaint. If the client is unhappy with the response to its complaint, it may refer the complaint to the Hungarian National Bank or the competent court.

    Other relevant Information: This key information document does not contain all information relating to the product. For other information about the product and the legally binding terms and conditions of the product, please refer to eBrókerház’s website at en.iforex.hu.


    The figures do not take into account your personal tax situation, which may also affect how much you get back.
    Position auto closed due to Margin Protection mechanism.

    For a downloadable version, click here

  • Cryptocurrency CFDs

    What is this product?

    This investment product is a Contract for Differences (CFD). A CFD is an Over the Counter (OTC) leveraged financial instrument, the value of which is determined based on the value of an underlying asset. The client makes a profit or a loss on the CFD based on the direction chosen (Buy or Sell) and the direction of the value of the underlying asset. The amount of profit or loss is determined based on the value of the underlying asset at the opening of a deal and its value at closing of the deal. The CFD is settled in cash only and the client has no rights whatsoever to the actual underlying asset.

    The objective of the CFD is to profit from changes in the price of the underlying asset. In the case of cryptocurrencies, such prices are determined by demand and supply on cryptocurrency exchanges denominated in USD or another currency if indicated. eBrókerház obtains such prices from its liquidity provider, which in turn obtains such prices from market data aggregators that collect data from cryptocurrency exchanges to produce a market price for each cryptocurrency against another currency. The market for cryptocurrencies is open 7 days a week.

    This product is intended for clients who wish to make directional transactions and take advantage of short term price movements in the rates of cryptocurrencies and have the ability to sustain the risk of loss of their entire invested amount within a short period of time. Therefore, this product is not appropriate for clients who cannot afford to lose their amount invested. In order to succeed in this type of investment, the client should make educated assumptions (and for this purpose may use the tools made available to it by eBrókerház) on the direction that the price of the underlying asset will go, and should follow the rates closely, as those may change rapidly within a short period of time.

    In order to open a deal on a CFD instrument, the client must have sufficient margin (“Margin”) in its account. The available initial margin required for cryptocurrencies is 50% (representing leverage of 2:1). This means that in order to open a deal of 10,000 EUR (deal size), client would need to have a minimum available margin of 5,000 EUR in its account.

    The profit or loss is determined according to the following formula:
    For Buy (Long) positions: Deal size (in units of base asset) x [Close Bid – Open Ask] = P/L (in units of the other asset)

    For Sell (Short) positions: Deal size (in units of base asset) x [Open Bid – Close Ask] = P/L (in units of the other asset)

    The P/L from the closed positions is then converted into the base currency of the client’s account, if different. This is done on the basis of the relevant Bid/Ask rate of the two currencies at the time the position is closed.
    The P/L is also affected by the fees charged by eBrókerház, as detailed below.

    The P/L is calculated by - and shown on - the trading platform continuously, and losses on the positions will affect the client’s margin. Due to the European Securities and Market Authority (ESMA) Margin Close-out Rule (“Margin Protection”), when the client account’s Equity falls equal to or below 50% of the Used Margin for all open deals (50% of the Used Margin = Maintenance Margin), the Margin Protection mechanism will be triggered and will auto close the highest consuming Used Margin deal or all open deals under a specific instrument. Any unrealized profits related to open positions shall be used to support the losing positions in the client’s account. Should the client have set a Limit Order on any open position/s, some or all of these position/s may be closed automatically before reaching their respective Limit Orders, due to the mandatory auto Margin Protection mechanism.  It is important at all times to maintain the required level of margin to support the client’s open positions. For more details please refer to Trading Conditions.

    What are the risks and what could I get in return?1

    This risk indicator assumes that you keep the product for up to 24 hours. You may not be able to close the deal easily or you may have to end at a price that significantly impacts the return on your investment. CFDs may be affected by slippage or the inability to close the deal at a desired price due to unavailability of such price in the market. CFDs are OTC products and cannot be sold on any exchange, MTFs or other trading venue.

    This product is a high risk product. Cryptocurrencies may fluctuate significantly over a short period of time. If the change in price is against the direction chosen by the client, then the client could experience significant losses over a short period of time up to a maximum amount of the total investment in the client’s account (including client’s deposit(s) as well as any accumulated profits). However, the client will never owe eBrókerház any amount in excess of the available funds in the account due to eBrókerház’s “Negative Balance Protection”. On the other hand, should the change in price be the same as the direction chosen by the client, then the client may see significant profits over a short period of time.

    Profits and losses are exacerbated by the level of leverage used. Higher leverage ratios result in higher profits if the client chose the correct direction, and higher losses if the direction went against the client.

    Performance Scenarios (assuming no Overnight Financing and Slippage effects):

    Below are examples of performance scenarios of a CFD deal based on Bitcoin.

    French residents only – In accordance with AMF requirements, all CFD have an intrinsic protection and will be closed when losses reach the required margin for opening the position. Therefore, open positions will be closed automatically upon either reaching the intrinsic protection level, or reaching the mandatory Margin Protection level, whichever takes place first.

    What happens if eBrókerház is unable to pay out? In the event that eBrókerház becomes insolvent and is unable to pay out to its clients, retail clients may be eligible to compensation of up to 100.000 EUR by the Hungarian Investor Compensation Fund (BEVA).

    What are the costs? eBrókerház charges a spread when a client buys a CFD. A spread is the difference between the Sell (“Bid”) and Buy (“Ask”) price of the CFD which is multiplied by the deal size. The spread per each underlying asset is detailed on eBrókerház’s website but each client may have different spreads on all or some of the underlying asset based on the client’s history, volume, activities or certain promotions. 

    For the purpose of the example (see table below) we will assume a deal of 1 unit in Bitcoin with a 150 pips spread. A pip in Bitcoin is equal to 1 point in price (1.00). 1 x 150 = 150 USD.

    The amount of 150 USD will be deducted from the P/L upon opening the transaction and therefore immediately after opening the deal the P/L of that deal will be -150 USD.

    In addition to the above, eBrókerház charges Overnight Financing (OF) for deals that remain open at the end of the daily trading session. This OF may be subject to credit or debit, calculated on the basis of the relevant interest rates for the currencies in which the underlying instrument is traded, plus a mark-up. The mark-up for Cryptocurrencies can fluctuate significantly due to Cryptocurrencies’ extreme market conditions.

    If the calculated OF Percentage is positive, it means that an applicable amount will be added (credited) to the client’s account. A negative OF Percentage means that an applicable amount will be subtracted (debited) from the client’s account. If the CFD's quoted currency differs from the account’s currency, it will be converted to the account’s currency at the prevailing exchange rates.

    Calculation of OF Percentage for Long Positions:

    Calculation of OF Percentage for Short Positions:

    To reach the OF Amount, OF percentage (as calculated above) is multiplied by the deal amount (in units of the base asset), as indicated in the formula below:
    Overnight Financing Amount = Deal Amount × Overnight Financing Percentage

    CFDs’ trading outcomes are may be subject to the personal tax environment in the clients’ relevant tax residence state.

    How long should I hold it and can I take the money out early? CFDs on cryptocurrencies are usually held for less than 24 hours. You can cash out the CFD at any point you wish, but it may not be at a price beneficial to you or your investment goals.

    How can I complain? Complaints may be addressed to eBrókerház via email to compliance@ebrokerhaz.hu. The email should set out the client’s name, account number and nature of the complaint. If the client is unhappy with the response to its complaint, it may refer the complaint to the Hungarian National Bank or the competent court.

    Other relevant Information: This key information document does not contain all information relating to the product. For other information about the product and the legally binding terms and conditions of the product, please refer to eBrókerház’s website at en.iforex.hu.

    Due to extreme market conditions Cryptocurrencies trading terms may change frequently, clients are highly advised to exercise caution and check the Trading Conditions before trading.


    The figures do not take into account your personal tax situation, which may also affect how much you get back.
    Position auto closed due to Margin Protection mechanism.

    For a downloadable version, click here

  • Currency CFDs

    What is this product?

    This investment product is a Contract for Differences (CFD). A CFD is an Over the Counter (OTC) leveraged financial instrument the value of which is determined based on the value of an underlying asset. The client makes a profit or a loss on the CFD based on the direction chosen (Buy or Sell) and the direction of the value of the underlying asset. The amount of profit or loss is determined based on the value of the underlying asset at the opening of a deal and its value at closing of the deal. The CFD is settled in cash only and the client has no rights whatsoever to the actual underlying asset.

    The objective of the CFD is to profit from changes in the price of the underlying asset. In the case of currencies, such prices are determined in interbank transactions whereby banks will quote each other prices of one currency against another currency (“Currency Pairs”). eBrókerház obtains such prices from its liquidity provider, which in turn obtains such prices from market data aggregators that collect data on interbank transactions to produce a market price for each currency against another currency. The market for most currencies is open 24 hours a day, 5 days a week from Sunday at 23:00 CET until Friday 22:00 CET. For specific trading hours please check eBrókerház’s website.

    This product is intended for clients who wish to make directional transactions and take advantage of short term price movements in the rates of currencies and have the ability to sustain the risk of loss of their entire invested amount within a short period of time. Therefore, this product is not appropriate for clients who cannot afford to lose their amount invested. In order to succeed in this type of investment, the client should make educated assumptions (and for this purpose may use the tools made available to it by eBrókerház) on the direction that the price of the underlying asset will go, and should follow closely the rates, as those may change rapidly within a short period of time.

    In order to open a deal on a CFD instrument, the client must have sufficient margin (“Margin”) in its account. The available initial margin required for major currency pairs1 is 3.33% (representing leverage of 30:1), and 5% for all other currency pairs2 (representing leverage of 20:1). This means that in order to open a deal of 10,000 EUR (deal size), the client would need to have a minimum available Margin of 333 EUR in its account.

    The profit or loss is determined according to the following formula:
    For Buy (Long) positions: Deal size (in units of base asset) x [Close Bid – Open Ask] = P/L (in units of the other asset)

    For Sell (Short) positions: Deal size (in units of base asset) x [Open Ask– Close Bid] = P/L (in units of the other asset)

    The P/L from the closed positions is then converted into the base currency of the client’s account, if different. This is done on the basis of the relevant Bid/Ask rate of the two currencies at the time the position is closed.

    The P/L is also affected by the fees charged by eBrókerház, as detailed below.

    The P/L is calculated by - and shown on - the trading platform continuously, and losses on the positions will affect the client’s margin. Due to the European Securities and Market Authority (ESMA) Margin Close-out Rule (“Margin Protection”), when the client account’s Equity falls equal to or below 50% of the Used Margin for all open deals (50% of the Used Margin = Maintenance Margin), the Margin Protection mechanism will be triggered and will auto close the highest consuming Used Margin deal or all open deals under a specific instrument. Any unrealized profits related to open positions shall be used to support the losing positions in the client’s account. Should the client have set a Limit Order on any open position/s, some or all of these position/s may be closed automatically before reaching their respective Limit Orders, due to the mandatory auto Margin Protection mechanism.  It is important at all times to maintain the required level of margin to support the client’s open positions. For more details please refer to Trading Conditions

    What are the risks and what could I get in return?3



    This risk indicator assumes that you keep the product for up to 24 hours. You may not be able to close the deal easily or you may have to end at a price that significantly impacts the return on your investment. CFDs may be affected by slippage or the inability to close a deal at the desired price due to unavailability of such price in the market. CFDs are OTC products and cannot be sold on any exchange, MTFs or other trading venue.

    This product is a high risk product. Currencies may fluctuate significantly in over a short period of time. If the change in price is against the direction chosen by the client, then the client could experience significant losses over a short period of time up to a maximum amount of the total investment in the client’s account (including client’s deposit(s) as well as any accumulated profits. However, the client will never owe eBrókerház any amount in excess of the available margin in the account due to eBrókerház’s contractual “Negative Balance Protection”. On the other hand, should the change in price be the same as the direction chosen by the client then the client may see significant profits over a short period of time. 

    Profits and losses are exacerbated by the level of leverage used. Higher leverage ratios result in higher profits if the client chose the correct direction and higher losses if the direction went against the client.

    Performance Scenarios (assuming no Overnight Financing and Slippage effects):

    Below are examples of performance scenario of a deal in CFD based on EUR/USD.


    French residents only: In accordance with AMF requirements, all CFD have an intrinsic protection and will be closed when losses reach the required margin for opening the position. Therefore, open positions will be closed automatically upon either reaching the intrinsic protection level, or reaching the mandatory Margin Protection level, whichever takes place first.

    What happens if eBrókerház is unable to pay out? In the event that eBrókerház becomes insolvent and is unable to pay out to its clients, retail clients may be eligible to compensation of up to 100.000 EUR by the Hungarian Investor Compensation Fund (BEVA).

    What are the costs? eBrókerház charges a spread when a client buys a CFD. A spread is the difference between the Sell (“Bid”) and Buy (“Ask”) price of the CFD which is multiplied by the deal size. The spread per each underlying asset is detailed on eBrókerház’s website but each client may have different spreads on all or some of the underlying asset based on the client’s history, volume, activities or certain promotions.

    For the purpose of the example we will assume a 10,000 EUR transaction in EUR/USD with a 2 pips spread. EUR/USD pip is the 4th decimal digit (0.0001). 10,000 EUR x 0.0002 = 2 EUR

    The amount of 2 EUR will be deducted from the P/L upon opening the transaction and therefore immediately after opening the transaction the P/L of that transaction will be -2 EUR. 

    In addition to the above, eBrókerház charges Overnight Financing for deals that remain open at the end of the daily trading session. This Overnight Financing may be subject to credit or debit, calculated on the basis of the relevant interest rates for the currencies in which the underlying instrument is traded, plus a mark-up. The mark-up for currency pairs is 0.75%.

    If the calculated Overnight Financing Percentage is positive, it means that an applicable amount will be added (credited) to the client’s account. A negative Overnight Financing Percentage means that an applicable amount will be subtracted (debited) from the client’s account. If the CFD's quoted currency differs from the account’s currency, it will be converted to the account’s currency at the then prevailing exchange rates.

    Calculation of OF Percentage for Long Positions:

    Calculation of OF Percentage for Short Positions:

    To reach the OF Amount, OF percentage (as calculated above) is multiplied by the deal amount (in units of the base asset), as indicated in the formula below:

    Overnight Financing Amount = Deal Amount × Overnight Financing Percentage

    How long should I hold it and can I take the money out early? CFDs on currency are usually held for less than 24 hours. You can cash out the CFD at any point you wish during trading hours, but it may not be at a price beneficial to you or your investment goals.

    How can I complain? Complaints may be addressed to eBrókerház via email to compliance@ebrokerhaz.hu. The email should set out the client’s name, account number and nature of the complaint. If the client is unhappy with the response to its complaint, it may refer the complaint to the Hungarian National Bank or the competent court.

    Other relevant Information: This key information document does not contain all information relating to the product. For other information about the product and the legally binding terms and conditions of the product, please refer to eBrókerház’s website at en.iforex.hu.


    A currency pair composed only of any two of the following currencies: USD, EUR, JPY, GBP, CAD and CHF.
    A currency pair composed of at least one currency which is not considered as a major one.
    The figures do not take into account your personal tax situation, which may also affect how much you get back.
    Position auto closed due to Margin Protection mechanism.

    For a downloadable version, click here

  • ETF CFDs

    What is this product?

    This investment product is a Contract for Difference (CFD). A CFD is an Over the Counter (OTC) leveraged financial instrument which, the value of which is determined based on the value of an underlying asset. The client makes a profit or a loss on the CFD based on the direction chosen (Buy or Sell) and the direction of the value of the underlying asset. The amount of profit or loss is determined based on the value of the underlying asset at the opening of a deal and its value at closing of the deal. The CFD is settled in cash only and the client has no rights whatsoever on the actual underlying asset.

    The objective of the CFD is to profit from changes in the price of the underlying asset. In the case of CFDs on ETFs, such prices are determined by tracking the performance of a basket of assets, such as shares, bonds and commodities. eBrókerház obtains such prices from its liquidity provider, which in turn obtains such prices from market data aggregators that collect and aggregate such data from the relevant exchanges. The market for most ETFs is open 5 days a week from Sunday until Friday. For specific trading hours please check eBrókerház’s website.

    This product is intended for clients who wish to make directional transactions and take advantage of short term price movements on the aggregate performance of the underlying basket of assets and have the ability to sustain the risk of loss of their entire invested amount within a short period of time. Therefore, this product is not appropriate for clients who cannot afford to lose their amount invested. In order to succeed in this type of investment, the client should make educated assumptions (and for this purpose may use the tools made available to it by eBrókerház) on the direction that the price of the underlying basket of assets will go, and should follow closely the rates, as those may change rapidly within a short period of time. 

    In order to open a deal on a CFD instrument, the client must have sufficient margin (“Margin”) in its account. The available initial margin required for all CFDs on ETFs is 20% (representing leverage of 5:1). This means that in order to open a deal of 10,000 EUR (deal size), the client would need to have a minimum available margin of 2,000 EUR in its account.

    The profit or loss is determined according to the following formula:
    For Buy (Long) positions: Deal size (in units of base asset) x [Close Bid – Open Ask] = P/L (in units of the other asset)

    For Sell (Short) positions: Deal size (in units of base asset) x [Open Bid – Close Ask] = P/L (in units of the other asset)

    The P/L from the closed positions is then converted into the base currency of the client’s account, if different. This is done on the basis of the relevant Bid/Ask rate of the two currencies at the time the position is closed.

    The P/L is also affected by the fees charged by eBrókerház, as detailed below.

    The P/L is calculated by - and shown on - the trading platform continuously, and losses on the positions will affect the client’s margin. Due to the European Securities and Market Authority (ESMA) Margin Close-out Rule (“Margin Protection”), when the client account’s Equity falls equal to or below 50% of the Used Margin for all open deals (50% of the Used Margin = Maintenance Margin), the Margin Protection mechanism will be triggered and will auto close the highest consuming Used Margin deal or all open deals under a specific instrument. Any unrealized profits related to open positions shall be used to support the losing positions in the client’s account. Should the client have set a Limit Order on any open position/s, some or all of these position/s may be closed automatically before reaching their respective Limit Orders, due to the mandatory auto Margin Protection mechanism.  It is important at all times to maintain the required level of margin to support the client’s open positions. For more details please refer to Trading Conditions.

    What are the risks and what could I get in return?1

    This risk indicator assumes that you keep the product for up to 24 hours. You may not be able to close the deal easily or you may have to end at a price that significantly impacts the return on your investment. CFDs may be affected by slippage or the inability to close the deal at a desired price due to unavailability of such price in the market. CFDs are OTC products and cannot be sold on any exchange, MTFs or other trading venue.

    This product is a high risk product. The prices of the underlying basket of assets may fluctuate significantly over a short period of time. If the change in price is against the direction chosen by the client, then the client could experience significant losses over a short period of time up to a maximum amount held of the total investment in the client’s account (including client’s deposit(s) as well as any accumulated profits). However, the client will never owe eBrókerház any amount in excess of the available funds in the account due to eBrókerház’s contractual “Negative Balance Protection”. On the other hand, should the change in price be the same as the direction chosen by the client, then the client may see significant profits over a short period of time.

    Profits and losses are exacerbated by the level of leverage used. Higher leverage ratios result in higher profits if the client chose the correct direction, and higher losses if the direction went against the client.

    Performance Scenarios (assuming no Overnight Financing and Slippage effects):

    Below are examples of performance scenarios of a CFD deal based on the US Energy ETF.

    French Residents only – In accordance with AMF requirements, all CFD have an intrinsic protection and will be closed when losses reach the required margin for opening the position. Therefore, open positions will be closed automatically upon either reaching the intrinsic protection level, or reaching the mandatory Margin Protection level, whichever takes place first.

    What happens if eBrókerház is unable to pay out? In the event that eBrókerház becomes insolvent and is unable to pay out to its clients, retail clients may be eligible to compensation of up to 100.000 EUR by the Hungarian Investor Compensation Fund (BEVA).

    What are the costs? eBrókerház charges a spread when a client buys a CFD. A spread is the difference between the Sell (“Bid”) and Buy (“Ask”) price of the CFD which is multiplied by the deal size. The spread per each underlying asset is detailed on eBrókerház’s website but each client may have different spreads on all or some of the underlying asset based on the client’s history, volume, activities or certain promotions. 

    For the purpose of the example we will assume a transaction of 145 units in US Energy ETF with a 15 pips spread. A pip in US Energy ETF is the 2nd decimal digit in price (0.01). 145 x 0.15 = 21.75 USD.

    The amount of 21.75 USD will be deducted from the P/L upon opening the transaction and therefore immediately after opening the transaction the P/L of that transaction will be -21.75 USD. 

    In addition to the above, eBrókerház charges Overnight Financing (OF) for deals that remain open at the end of the daily trading session. This OF may be subject to credit or debit, calculated on the basis of the relevant interest rates for the currencies in which the underlying instrument is traded, plus a mark-up. The mark-up for ETF CFDs is 5%. 

    If the calculated OF Percentage is positive, it means that an applicable amount will be added (credited) to the client’s account. A negative OF Percentage means that an applicable amount will be subtracted (debited) from the client’s account. If the CFD's quoted currency differs from the account’s currency, it will be converted to the account’s currency at the then prevailing exchange rates.

    Calculation of OF Percentage for Long Positions:

    Calculation of OF Percentage for Short Positions:

    To reach the OF Amount, OF percentage (as calculated above) is multiplied by the deal amount (in units of the base asset), as indicated in the formula below:
    Overnight Financing Amount = Deal Amount × Overnight Financing Percentage

    In the event of a distribution of cash dividends in relation to an ETF tracking the performance of relevant shares, a dividend adjustment will be made to the Client’s Balance with respect the underlying share’s positions held by the Client at the end of business day which precedes the ex-dividend date. The dividend adjustment shall be calculated based on the size of the dividend, the size of the Client’s position and whether it is a buy or a sell transaction, whereby in long positions the adjustment shall be credited to the Client’s Balance and in short positions the adjustment shall be debited from the Client’s Balance. 

    Upon the occurrence of certain events which affect a public company's shares value (Corporate Action), eBrókerház shall liquidate any open position(s) and remove any limit order(s) in the ETF CFDs which quotes/tracks the performance of the specific share. Corporate Actions include Splits, Rights Offering, Delisting and any other event which materially affects or may materially affect the shares’ price (including material company announcements, takeovers, mergers, insolvency etc.). A list of upcoming Corporate Actions can be found in eBrókerház’s website.

    CFDs’ trading outcomes are may be subject to the personal tax environment in the clients’ relevant tax residence state.

    How long should I hold it and can I take the money out early? ETFs CFDs are usually held for less than 24 hours. You can cash out the CFD at any point you wish during trading hours, but it may not be at a price beneficial to you or your investment goals.

    How can I complain? Complaints may be addressed to eBrókerház via email to compliance@ebrokerhaz.hu. The email should set out the client’s name, account number and nature of the complaint. If the client is unhappy with the response to its complaint, it may refer the complaint to the Hungarian National Bank or the competent court.

    Other relevant Information: This key information document does not contain all information relating to the product. For other information about the product and the legally binding terms and conditions of the product, please refer to eBrókerház’s website at en.iforex.hu.


    The figures do not take into account your personal tax situation, which may also affect how much you get back.
    Position auto closed due to Margin Protection mechanism.

    For a downloadable version, click here

  • Index CFDs

    What is this product?

    This investment product is a Contract for Difference (CFD). A CFD is an Over the Counter (OTC) leveraged financial instrument the value of which is determined based on the value of an underlying asset. The client makes a profit or a loss on the CFD based on the direction chosen (Buy or Sell) and the direction of the value of the underlying asset. The amount of profit or loss is determined based on the value of the underlying asset at the opening of a deal and its value at closing of the deal. The CFD is settled in cash only and the client has no rights whatsoever on the actual underlying asset.

    The objective of the CFD is to profit from changes in the price of the underlying asset. In the case of CFDs on Indices, such prices are based on the exchange-quoted related future. eBrókerház obtains such prices from its liquidity provider, which in turn obtains such prices from market data aggregators that collect data from the relevant exchanges. The market for most indices is open 5 days a week from Sunday until Friday. For specific trading hours please check eBrókerház’s website.

    This product is intended for clients who wish to make directional transactions and take advantage of short term price movements on the underlying future of the index and have the ability to sustain the risk of loss of their entire invested amount within a short period of time. Therefore, this product is not appropriate for clients who cannot afford to lose their amount invested. In order to succeed in this type of investment, the client should make educated assumptions (and for this purpose may use the tools made available to it by eBrókerház) on the direction that the price of the underlying asset will go, and should follow closely the rates, as those may change rapidly within a short period of time.

    In order to open a deal on a CFD instrument, the client must have sufficient margin (“Margin”) in its account. The available initial margin required for non-major indices is 10% (representing leverage of 10:1), and 5% for major indices that include US 30, US 100, US 500, UK 100, France 40, Germany 30, Japan 225, Australia 200, Europe 50 (representing leverage of 20:1)). This means that in order to open a deal of 10,000 EUR (deal size) on the Japan 225, the client would need to have a minimum available Margin of 500 EUR in its account.

    The profit or loss is determined according to the following formula:
    For Buy (Long) positions: Deal size (in units of base asset) x [Close Bid – Open Ask] = P/L (in units of the other asset)

    For Sell (Short) positions: Deal size (in units of base asset) x [Open Bid – Close Ask] = P/L (in units of the other asset)

    The P/L from the closed positions is then converted into the base currency of the client’s account, if different. This is done on the basis of the relevant Bid/Ask rate of the two currencies at the time the position is closed.

    The P/L is also affected by the fees charged by eBrókerház, as detailed below.

    The P/L is calculated by - and shown on - the trading platform continuously, and losses on the positions will affect the client’s margin. Due to the European Securities and Market Authority (ESMA) Margin Close-out Rule (“Margin Protection”), when the client account’s Equity falls equal to or below 50% of the Used Margin for all open deals (50% of the Used Margin = Maintenance Margin), the Margin Protection mechanism will be triggered and will auto close the highest consuming Used Margin deal or all open deals under a specific instrument. Any unrealized profits related to open positions shall be used to support the losing positions in the client’s account. Should the client have set a Limit Order on any open position/s, some or all of these position/s may be closed automatically before reaching their respective Limit Orders, due to the mandatory auto Margin Protection mechanism.  It is important at all times to maintain the required level of margin to support the client’s open positions. For more details please refer to Trading Conditions.


    What are the risks and what could I get in return?1

    This risk indicator assumes that you keep the product for up to 24 hours. You may not be able to close the deal easily or you may have to end at a price that significantly impacts the return on your investment. CFDs may be affected by slippage or the inability to close the deal at a desired price due to unavailability of such price in the market. CFDs are OTC products and cannot be sold on any exchange, MTFs or other trading venue.

    This product is a high risk product. The prices of the underlying index future may fluctuate significantly over a short period of time. If the change in price is against the direction chosen by the client, then the client could experience significant losses over a short period of time up to a maximum amount of the total investment in the client’s account (including client’s deposit(s) as well as any accumulated profits. However, the client will never owe eBrókerház any amount in excess of the available funds in the account due to eBrókerház’s “Negative Balance Protection”. On the other hand, should the change in price be the same as the direction chosen by the client, then the client may see significant profits over a short period of time.  

    Profits and losses are exacerbated by the level of leverage used. Higher leverage ratios result in higher profits if the client chose the correct direction, and higher losses if the direction went against the client. 

    Performance Scenarios (assuming no Overnight Financing and Slippage effects):

    Below are examples of performance scenarios of a CFD deal based on Japan 225.



    French residents only – In accordance with AMF requirements, all CFD have an intrinsic protection and will be closed when losses reach the required margin for opening the position. Therefore, open positions will be closed automatically upon either reaching the intrinsic protection level, or reaching the mandatory Margin Protection level, whichever takes place first.

    What happens if eBrókerház is unable to pay out? In the event that eBrókerház becomes insolvent and is unable to pay out to its clients, retail clients may be eligible to compensation of up to 100.000 EUR by the Hungarian Investor Compensation Fund (BEVA).

    What are the costs? eBrókerház charges a spread when a client buys a CFD. A spread is the difference between the Sell (“Bid”) and Buy (“Ask”) price of the CFD which is multiplied by the deal size. The spread per each underlying asset is detailed on eBrókerház's website but each client may have different spreads on all or some of the underlying asset based on the client’s history, volume, activities or certain promotions.

    For the purpose of the example we will assume a transaction of 60 units in Japan 225 with a 7.5 pips spread. A pip in Japan 225 is equal to 1 point in price (1.00). 60 x 7.5 = 450 JPY.

    The amount of 450 JPY will be deducted from the P/L upon opening the transaction and therefore immediately after opening the transaction the P/L of that transaction will be -450 JPY.

    In addition to the above, eBrókerház charges Overnight Financing (OF) for deals that remain open at the end of the daily trading session. This OF may be subject to credit or debit, calculated on the basis of the relevant interest rates for the currencies in which the underlying instrument is traded, plus a mark-up. The mark-up for CFDs on indices is 2.5%.

    If the calculated OF Percentage is positive, it means that an applicable amount will be added (credited) to the client’s account. A negative OF Percentage means that an applicable amount will be subtracted (debited) from the client’s account. If the CFD's quoted currency differs from the account’s currency, it will be converted to the account’s currency at the then prevailing exchange rates.

    Calculation of OF Percentage for Long Positions:

    Calculation of OF Percentage for Short Positions:

    To reach the OF Amount, OF percentage (as calculated above) is multiplied by the deal amount (in units of the base asset), as indicated in the formula below:
    Overnight Financing Amount = Deal Amount × Overnight Financing Percentage

    Upon reaching the relevant instrument’s rollover date, all open CFD positions that are based on a future contract will be rolled-over to the next contract, so that the positions remain open with the new future contract. Upon effectuating such rollover, the position’s open P/L will be adjusted according to the price difference between the expired and new contract prices thus keeping the open P/L unchanged. Upon rollover, the open P/L will only incur a markup spread equal to the spread paid upon opening the position. Information in regards to rollover dates can be found in eBrókerház’s website.

    CFDs’ trading outcomes are may be subject to the personal tax environment in the clients’ relevant tax residence state.

    How long should I hold it and can I take the money out early? CFDs on indices are usually held for less than 24 hours. You can cash out the CFD at any point you wish during trading hours, but it may not be at a price beneficial to you or your investment goals.

    How can I complain? Complaints may be addressed to eBrókerház via email to compliance@ebrokerhaz.hu. The email should set out the client’s name, account number and nature of the complaint. If the client is unhappy with the response to its complaint, it may refer the complaint to the Hungarian National Bank or the competent court.

    Other relevant Information: This key information document does not contain all information relating to the product. For other information about the product and the legally binding terms and conditions of the product, please refer to eBrókerház’s website at en.iforex.hu.


    The figures do not take into account your personal tax situation, which may also affect how much you get back.
    Position auto closed due to Margin Protection mechanism.

    For a downloadable version, click here

  • Share CFDs

    What is this product?

    This investment product is a Contract for Differences (CFD). A CFD is an Over the Counter (OTC) leveraged financial instrument, the value of which is determined based on the value of an underlying asset. The client makes a profit or a loss on the CFD based on the direction chosen (Buy or Sell) and the direction of the value of the underlying asset. The amount of profit or loss is determined based on the value of the underlying asset at the opening of a deal and its value at closing of the deal. The CFD is settled in cash only and the client has no rights whatsoever on the actual underlying asset.

    The objective of the CFD is to profit from changes in the price of the underlying asset. In the case of CFDs on Shares, such prices are based on the exchange-quoted share price. eBrókerház obtains such prices from its liquidity provider, which in turn obtains such prices from market data aggregators that collect data from the relevant exchanges. The market for most shares is open 5 days a week from Sunday until Friday. For specific trading hours please check eBrókerház’s website.

    This product is intended for clients who wish to make directional transactions and take advantage of short term price movements on the underlying share and have the ability to sustain the risk of loss of their entire invested amount within a short period of time. Therefore, this product is not appropriate for clients who cannot afford to lose their amount invested. In order to succeed in this type of investment, the client should make educated assumptions (and for this purpose may use the tools made available to it by eBrókerház) on the direction that the price of the underlying asset will go, and should follow closely the rates, as those may change rapidly within a short period of time. 

    In order to open a deal on a CFD instrument, the client must have sufficient margin (“Margin”) in its account. The available initial margin required for all CFDs on Shares is 20% (representing leverage of 5:1). This means that in order to open a deal of 10,000 EUR (deal size), the client would need to have a minimum available margin of 2,000 EUR in its account.

    The profit or loss is determined according to the following formula:
    For Buy (Long) positions: Deal size (in units of base asset) x [Close Bid – Open Ask] = P/L (in units of the other asset)

    For Sell (Short) positions: Deal size (in units of base asset) x [Open Bid – Close Ask] = P/L (in units of the other asset)

    The P/L from the closed positions is then converted into the base currency of the client’s account, if different. This is done on the basis of the relevant Bid/Ask rate of the two currencies at the time the position is closed.
    The P/L is also affected by the fees charged by eBrókerház, as detailed below.

    The P/L is calculated by - and shown on - the trading platform continuously, and losses on the positions will affect the client’s margin. Due to the European Securities and Market Authority (ESMA) Margin Close-out Rule (“Margin Protection”), when the client account’s Equity falls equal to or below 50% of the Used Margin for all open deals (50% of the Used Margin = Maintenance Margin), the Margin Protection mechanism will be triggered and will auto close the highest consuming Used Margin deal or all open deals under a specific instrument. Any unrealized profits related to open positions shall be used to support the losing positions in the client’s account. Should the client have set a Limit Order on any open position/s, some or all of these position/s may be closed automatically before reaching their respective Limit Orders, due to the mandatory auto Margin Protection mechanism.  It is important at all times to maintain the required level of margin to support the client’s open positions. For more details please refer to Trading Conditions.

    What are the risks and what could I get in return?1

    This risk indicator assumes that you keep the product for up to 24 hours. You may not be able to close the deal easily or you may have to end at a price that significantly impacts the return on your investment. CFDs may be affected by slippage or the inability to close the deal at a desired price due to unavailability of such price in the market. CFDs are OTC products and cannot be sold on any exchange, MTFs or other trading venue.

    This product is a high risk product. The prices of the underlying share may fluctuate significantly in a short period of time. If the change in price is against the direction chosen by the client, then the client could experience significant losses over a short period of time up to a maximum amount of the total investment in the client’s account (including client’s deposit(s) as well as any accumulated profits). However, the client will never owe eBrókerház any amount in excess of the available funds in the account in due to eBrókerház’s contractual “Negative Balance Protection”. On the other hand, should the change in price be the same as the direction chosen by the client, then the client may see significant profits over a short period of time.

    Profits and losses are exacerbated by the level of leverage used. Higher leverage ratios result in higher profits if the client chose the correct direction, and higher losses if the direction went against the client.

    Performance Scenarios (assuming no Overnight Financing and Slippage effects):

    Below are examples of performance scenario of a deal in CFD based on Apple.

    French Residents only – In accordance with AMF requirements, all CFD have an intrinsic protection and will be closed when losses reach the required margin for opening the position. Therefore, open positions will be closed automatically upon either reaching the intrinsic protection level, or reaching the mandatory Margin Protection level, whichever takes place first.

    What happens if eBrókerházs is unable to pay out? In the event that eBrókerház becomes insolvent and is unable to pay out to its clients, retail clients may be eligible to compensation of up to 100.000 EUR by the Hungarian Investor Compensation Fund (BEVA). 

    What are the costs? eBrókerház charges a spread when a client buys a CFD. A spread is the difference between the Sell (“Bid”) and Buy (“Ask”) price of the CFD which is multiplied by the deal size. The spread per each underlying asset is detailed on eBrókerház’s website but each client may have different spreads on all or some of the underlying asset based on the client’s history, volume, activities or certain promotions. 

    For the purpose of the example we will assume a transaction of 55 units in Apple with a 6 pips spread. A pip in Apple is the 2nd decimal digit in price (0.01). 55 x 0.06 = 3.3 USD.

    The amount of 3.3 USD will be deducted from the P/L upon opening the transaction and therefore immediately after opening the transaction the P/L of that transaction will be -3.3 USD.

    In addition to the above, eBrókerház charges Overnight Financing (OF) for deals that remain open at the end of the daily trading session. This OF may be subject to credit or debit, calculated on the basis of the relevant interest rates for the currencies in which the underlying instrument is traded, plus a mark-up. The mark-up for CFDs on shares is 2.5%.

    If the calculated OF Percentage is positive, it means that an applicable amount will be added (credited) to the client’s account. A negative OF Percentage means that an applicable amount will be subtracted (debited) from the client’s account. If the CFD's quoted currency differs from the account’s currency, it will be converted to the account’s currency at the then prevailing exchange rates.

    Calculation of OF Percentage for Long Positions:

    Calculation of OF Percentage for Short Positions:

    To reach the OF Amount, OF percentage (as calculated above) is multiplied by the deal amount (in units of the base asset), as indicated in the formula below:
    Overnight Financing Amount = Deal Amount × Overnight Financing Percentage

    In the event of a distribution of cash dividends in relation to a share CFD, a dividend adjustment will be made to the Client’s Balance with respect the underlying share’s positions held by the Client at the end of business day which precedes the ex-dividend date. The dividend adjustment shall be calculated based on the size of the dividend, the size of the Client’s position and whether it is a buy or a sell transaction, whereby in long positions the adjustment shall be credited to the Client’s Balance and in short positions the adjustment shall be debited from the Client’s Balance. 

    Upon the occurrence of certain events that effect a public company's shares value (Corporate Action), eBrókerház shall liquidate any open position(s) and remove any limit order(s) in the CFD which quotes the specific share. Corporate Actions include Splits, Rights Offering, Delisting and any other event which materially affects or may materially affect the shares’ price (including material company announcements, takeovers, mergers, insolvency etc.). List of upcoming Corporate Actions can be found in eBrókerház’s website. 

    CFDs’ trading outcomes are may be subject to the personal tax environment in the clients’ relevant tax residence state.

    How long should I hold it and can I take the money out early? CFDs on shares are usually held for less than 24 hours. You can cash out the CFD at any point you wish during trading hours, but it may not be at a price beneficial to you or your investment goals.

    How can I complain? Complaints may be addressed to eBrókerház via email to compliance@ebrokerhaz.hu. The email should set out the client’s name, account number and nature of the complaint. If the client is unhappy with the response to its complaint, it may refer the complaint to the Hungarian National Bank or the competent court.

    Other relevant Information: This key information document does not contain all information relating to the product. For other information about the product and the legally binding terms and conditions of the product, please refer to eBrókerház’s website at en.iforex.hu.


    The figures do not take into account your personal tax situation, which may also affect how much you get back.
    Position auto closed due to Margin Protection mechanism.

    For a downloadable version, click here

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