ESMA Risk Warning 欧洲证券和市场管理局风险提示

（简称：ESMA）是一个独立的欧盟金融监管机构，位于法国巴黎，其目的是改善投资者保护并促进稳定，有序的金融市场。 ESMA 2011年1月1日取代欧洲证券监管委员会（欧洲证监会）这是欧洲金融监管体系三个新的欧洲监管当局(ESAs)之一，另外两个是EBA和EIOPA。

FX/CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 外汇/差价合约是复杂的工具，由于杠杆作用会伴随着快速资金损失的高风险。

差价合约（CFD）是一种金融衍生品，泛指不涉及实物商品或证券的交换，仅以结算价与合约价的差额作现金结算的交易方式。差价合约是买卖双方订立的一个合同，合同上有一个约定不变的合同价，当合同到期时，按照当时的市场价和约定的合同价之间的价差决定买卖双方的盈亏，如果市场价低于合同价，则买方要向卖方支付差价金额，如果市场价高于合同价，则卖方要向买方支付差价金额。差价合约适用于多种标的资产，其中有到期日的差价合约包括：期货、商品、债券，而股票、ETF和指数的差价合约没有到期日，不想持有时直接平仓即可。

举个最通俗的例子：你和朋友在争论苹果股票的走势，你觉得苹果要出iPhoneX了，所以觉得会涨，你朋友觉得SamsungS8更NB，觉得苹果股价会跌，你俩吵来吵去没结果。最后你和朋友说：咱们赌一次吧，如果苹果股价上涨，涨了多少你给我；如果苹果股价下跌，跌了多少我给你。于是差价合约产生了：你们谁都没买苹果股票，你们赌的只是苹果股价是会上升还是下降，如果你猜对了，你赚取的只是股价上涨的那部分，你们的结果对于市场是完全没有影响的（即对苹果股价完全没有影响，因为你们并没有实际持有股票）。

当然差价合约是有一定杠杆的，最高可10倍杠杆。 差价合约优势： 1、小本金 投资者只需通过经纪商投入相对较小的金额就可以进行投资，即所谓的保证金。保证金用于弥补交易中可能出现的亏损，由投资者经纪商为交易所需的其余资金提供融资。 2、高杠杆 差价合约以保证金交易，投资者只需拿出一部分资金进行质押，就能够获得与买入股票一样随着涨跌产生利润或亏损。 3、从下跌的市场中获利 投资者可以使用差价合约卖出并不拥有的股票，从而在市场下跌中获利。 4、日内交易无利息 即你T+0操作CFD，保证当日买入卖出一个交易日内完成，CFD零利息！ CFD参考

71% of retail investor accounts lose money when trading FX/CFDs with Saxo. 71%散户使用Saxo进行FX/CFDs交易时资金亏损。

You should consider whether you understand how FX/CFDs work and whether you can afford to take the high risk of losing your money. 您应该考虑是否了解外汇/差价合约的运作方式以及您是否有能力承担损失金钱的高风险。

Use of cash positions for margin trading We offer trading of all products from a single, cross-collateralized account where you can use part of your investment in cash products including stocks, ETFs and bonds as collateral for trading margin products such as Forex and CFDs.

You have a choice as to whether you want to use collateral from trading cash products for margin trading where you can:

1. Continue to use collateral from cash products for margin trading Continue to use collateral from cash products for margin products. This is the current default setup and in this case you should do nothing.

2. Do not allow collateral from cash products for margin trading To stop using cash products as margin collateral:

Go to the Account Summary*. Select the account. Click the i icon to access the Account details. Set Use cash positions for margin trading to No.

1. Additionally open a segregated account for cash securities WeBull App currently doesn’t support multi-accounts, but if you do need a separate account where you can keep cash and/or specific cash securities segregated, and thereby also exclude part of your total funds from being used as collateral for trading margin product, we offer you the option to trade via our partner’s platform SaxoTraderGo. Please contact your Webull representative for more information.

To request a separate account for securities:

Go to Account > Other > Contact support*. Select Segregated no leverage account (Stocks, Bonds, MF) request. Click Submit. Note that we cannot transfer existing securities to the new account.

*If you are using a 3rd party application, please log into your Saxo Bank platform to access these features.