Trading Risk Disclosure

Dealing in foreign exchange, contracts for difference, indices, commodities, crypto related products and similar leveraged instruments is speculative. You can lose all of the funds you deposit with a broker. In some products and account types you can lose more than you deposit. Past results do not predict future results.

Leverage magnifies both gains and losses. Small market moves can close positions and realise large losses. Gaps, thin liquidity, news events and weekend markets can produce fills far from a requested price. There is no guarantee you can exit at a desired level.

These products are not suitable for every person. You should not trade with money you cannot afford to lose. Suitability, appropriateness and client classification are matters for you and your broker, not for PipMiles.

PipMiles, membership tiers, PipMiles earned, targets, bonus PipMiles, cashback, cards and account managers do not reduce market risk, leverage risk, liquidity risk, broker risk or the chance of loss. They are not insurance, not a hedge and not compensation for a losing trade.

Cashback and other rewards are usually worth far less than a trading loss. Do not treat loyalty benefits as an expected return or as a reason to stay in a losing position.

You must not open, hold or close trades solely or mainly to earn PipMiles, to reach a target or to reach or keep a tier. Doing so can increase your losses and is a breach of the Rewards Programme Rules. We may withhold or remove PipMiles earned and suspend membership if we reasonably believe you traded for rewards rather than for your own trading plan.

PipMiles does not execute trades and does not provide financial advice. Nothing on the site, in email, in chat or from an account manager is a recommendation to trade, to use a particular broker, product, lot size or strategy.

You are solely responsible for your decisions. Consider taking advice from a licensed professional who is independent of PipMiles and of any referring broker.

Your broker is responsible for execution, pricing, margin, platform outages, withdrawals and the safety of funds you send to that broker. PipMiles does not hold those funds and cannot compel a withdrawal.

If you sign up through a PipMiles link or partner code, we may receive a commission or other benefit from the broker. That is a conflict of interest. It can give us an incentive to feature that broker. It is not a representation that the broker is safer, cheaper or better for you. Read the broker's own risk warnings, costs and licence details before you apply.

Worked examples, multipliers and mock balances are illustrations only. Actual PipMiles earned depend on verified eligible volume and the rules then in force. Some brokers and rewards are not available in every country.

This disclosure is given under the laws of the Republic of South Africa in connection with a loyalty programme, not as a prospectus or as advice under financial services law. Broker regulation in your country may impose additional warnings. Those warnings still apply.