Favourable and transparent

Charges apply to all types of order executions and/or order types. These are calculated by the account-holding institution based on the current service and pricing schedule provided by AGORA direct™, and in the currency in which the service is rendered, unless stated otherwise. Where possible and unless otherwise specified, the applicable fees are debited directly from the client’s account at the time the service is provided. In addition to the costs listed above, third-party fees, country-specific charges (such as taxes), external fees and/or interest may apply in individual cases, and these too will be charged to the client’s account.

Execution costs are displayed via the trading interfaces of the account-holding institution before a final order is placed. If they are not displayed, the client is obliged to ensure they are informed about the costs before submitting the order. Charges for additional ancillary services (e.g. provision of real-time quotes, etc.) are billed separately in accordance with the applicable rules and/or agreements, and debited from the client’s account accordingly.

Third-party fees include exchange, clearing, regulatory and transaction fees, as well as taxes.

Third-party fees and additional charges are costs that may be separately calculated and collected by the account-holding institution on behalf of third parties. These cover the settlement costs of exchange transactions. In many cases, these fees are already included in the trading charges listed above. However, at a few trading venues, external costs are highly variable and must therefore be charged separately. These may include exchange, clearing, regulatory, transaction, overnight holding fees, and/or stamp/financial transaction taxes. These charges are subject to ongoing changes and are determined with care and diligence; however, AGORA direct™ cannot guarantee their accuracy or completeness.

If a client notices any discrepancies between the published prices and fees – including third-party and additional charges – at the time of placing an order, the order process must be cancelled. Failure to do so means the client assumes full responsibility for any resulting disadvantages. These fees can be reviewed under "Other fees".

All prices, fees, interest, lump sums, taxes, duties and other payments against payment (hereinafter referred to as costs) stated here include the costs associated with the provision of the services and are charged by the custodian institution.

AGORA direct™ shall not be liable for costs that have been collected from the custody account by the custodian bank or otherwise requested by the custody account holder. The custody account holder can obtain information on the current costs at any time via the website www.agora-direct.com or by e-mail to leistung@agora-direct.de. All information on costs is provided with great care and to the best of our knowledge and belief, but without any guarantee of completeness, accuracy or timeliness. AGORA direct™ and the custody account holder are not in a remunerated relationship; consequently, the custody account holder has no possibility of claiming rights directly from AGORA direct™ in relation to the costs. The legal relationship and all resulting mutual legal rights and obligations regarding the custody account of the custody account holder, as well as the general relationship with the custodian institution, are based on the agreements of the custodian institution provided to the custody account holder and brought to his attention during the custody account opening process. The services provided by AGORA direct™ and any third-party service providers are governed by the respective customer agreements and the General Terms and Conditions of Business and Use.

Trading fees apply to every order and across all order types.
The trading fees displayed are final prices and include all exchange and third-party charges, unless otherwise stated. Value Added Tax (VAT) — sometimes referred to as consumption tax or goods and services tax — may be charged separately for the relevant services.

Modified orders are treated as cancellations and replacements of existing orders with new ones. At certain exchanges, this may result in the applicable minimum commissions being charged again for the modified order, just as they would be for a new order.

For example, if you place an order for 5,000 warrants and 1,500 are executed, and you then modify the order leading to the execution of the remaining 3,500 warrants, the minimum fee would apply to both executions.

Orders that remain open overnight are considered new orders the next day for the purpose of calculating minimum order charges.

Please note that warrants, certificates, and especially knock-out products are subject to specific rules and trading risks. As a client, you should ensure you are thoroughly informed before trading in these products. In particular, you should carefully consider the risks involved.

The issuer is solely responsible for the design and structure of the product.
AGORA direct™ hereby disclaims any liability in this regard.

The products typically traded on the Frankfurt Zertifikate AG, Euwax, and Stuttgart Stock Exchange are divided into two fundamental categories: investment products and leveraged products.

Both product categories are based on a fundamental issue and a significant risk. The prices are set by the sales staff of the banks/issuers. We believe this inevitably leads to economic conflicts of interest to the detriment of private investors/traders. A striking example of this is the excessive number of trading failures at the Frankfurt Stock Exchange.

Furthermore, we must highlight the particular risks associated with trading such products. These risks stem from interest-driven product designs. For example, in the case of knock-out products, it is stated that: To cover the issuer’s financing costs, the strike price and knock-out levels of this unlimited security are regularly adjusted (either increased or decreased), causing the value of the knock-out product to rise or fall, even if the underlying asset's price remains unchanged.

This means that the issuing bank/issuer can unilaterally change the conditions in its favour, ensuring that any losses are borne by the investor/trader. This does not align with the spirit of fair trading. We explicitly advise that before trading in these products, the prospectus issued by the issuer must be read thoroughly.

That being said, there are also potential opportunities for profit, but in our view, these are not balanced against the associated risks. The loss risk is extraordinarily high.

For these reasons, it is possible that you may not be able to trade all products through your exchange trading account. The ability to trade a product is determined by risk management and primarily serves to protect the customer.

If needed, there is the possibility to have a specific product enabled for trading. Please contact us via our contact form and be sure to provide the WKN or ISIN number, or call us directly.

Risk Disclosure for Structured Products

Risk disclosure for leveraged and volatility-linked products