As Oil has entered negative values lately and is at risk of being disabled, we have come up with a solution for all Oil Traders! USOILsp100 and UKOILsp100 are now available to trade! Our new Oil Instruments will have $100 added to the running price to decrease the likelihood of the price going into negative values.
As oil prices continue to fall, we do run the risk of them entering a negative value as seen briefly last month. The Auxiliary System platform is unable to display a negative price, therefore, please be aware that should any oil contract price fall below $5.50 we will liquidate/close the respective positions on that contract and disable trading on the same contract.
Amid concerns of the spread of COVID-19, we are following developments closely and adhering to all recommendations issued by the relevant authorities to ensure the health and safety of our people.
We want to assure all clients and partners alike that we have a business continuity protocol in place, and you can expect business as usual. Each department is equipped and prepared to carry out their duties as before.
With the recent surge in market volatility, we’ve had unparalleled trading volume, client sign-ups and deposits, nevertheless maintaining the same level of service you would expect from us. We continue to take all necessary measures to keep running as smooth as possible.
As far as the financial effect, Cardinal Fx Trade is in good health financially, and do hold client funds separate from our own in segregated accounts. Furthermore, as added measures of safety, we have indemnity insurance of €2.5 million, and withdrawals are overseen by a third-party vendor to keep the process fast and efficient. For more on how we keep your funds safe, click here.
For any questions or feedback, you can always contact our team via Live Chat or by email.
Cardinal Fx Trade Team