Offshore forex broker Weltrade said on Thursday it has altered the conditions for open and pending orders across all accounts.
Traders will be able to hold a maximum of 100 open orders if they use Micro, Premium, or ZuluTrade accounts, or 150 orders if they operate via a Pro account. Meanwhile, for all trading accounts the number of pending orders has been limited to a maximum 50.
The changes came into effect from 8 September, 2016. They aim to optimize the operations of the trading platform and to improve the quality of trade execution clients receive.
In addition, the broker noted that clients will only be able to place a pending order if the value of the field “Funds” of their trading account is at least $/€ 1 or RUB 65.
Since all new trading conditions already apply, during the weekend 10-11 September Weltrade will automatically delete all orders that do not comply with the new requirements.
In addition to Micro Premium, Pro and ZuluTrade accounts, the broker also offers and PAMM accounts. It did not provide any information as to whether PAMM order conditions would be changed.
Weltrade, part of Systemgates Capital, offers trading in forex, precious metals and contracts for difference (CFDs). It was set up in 2006 as SystemForex and was rebranded in 2012.
The broker is based in Belize, where it received a forex broker license in December 2015 from the International Financial Services Commission (IFSC). It has four representative offices – in Russia, Ukraine, Belarus, and Thailand, as well as 126 regional partners in Europe Asia, Africa, and Latin America. Weltrade has more than 100,000 clients in nearly 20 countries, including Russia, the Commonwealth of Independent States (CIS) (former Soviet countries) and some Asian countries.