Up To One Million Dollars Protection
Prodigy, the award-winning leading forex and CFD broker, introduces a new standard in risk reduction with Prodigy Protect, a new and innovative risk tool. This unique risk management feature allows you to protect a specific trade against losses of up to one million dollars over a chosen time frame, all of this is in exchange for a modest hedging cost paid at the time of purchase. Prodigy Protect was developed as part of the company’s ongoing commitment to client success and satisfaction and is available exclusively on Prodigy’s platforms: the ProdigyGO App that can be downloaded on Google Play and App Store and WebTrader, which requires no download or instillation whatsoever.
Reduced Risk, LOTS of Benefits
Unlike a standard position, where things can go south when the market turns against you, protected trades are safe from any adverse movement during the chosen period. In other words, Prodigy will reimburse you for losing trades at the end of the protected period, direct into your account
Protection is ON
Activating protection is easy, and only requires 6 simple steps:
- Tap to open WebTrader or the ProdigyGO app
- Select an instrument
- Click on the Prodigy Protect icon
- Choose protection duration
- See the fee and expiry date
- Complete the trade
And that’s it - Your trade is protected!
*Available on FX, Gold and Silver trades.
How To Hedge Your Bets With ProdigyProtect
Prodigy Protect risk coverage reimburses any losses that incur during the time of protection, including: stop out, manual closure of a trade, or unrealised losses of an open trade at the time of coverage expiry. Any trades still open at the expiry of the protection will remain open, but the negative floating at time of expiry will be reimbursed directly to your account, excluding the hedging cost. If a protected trade is closed manually or by stop out, the coverage will end at that point. Any reimbursed losses will be credited in form of liquid cash, with no withdrawal restrictions whatsoever.
Enjoy Total Control Over Your Parameters
Each Prodigy Protect contract has a fixed protection period that can be manually chosen by you (hourly or daily), thus allowing full control of the Prodigy Protect contract term. Additionally, You can maintain control over the protected trade by choosing whether to close the position or to set Take Profit/Stop Loss parameters, according to your discretion.
Calculating the Prodigy Protect Premium
The Prodigy Protect premium is based on the expected volatility of the underlying position over the period of the contract. This premium will vary according to the trade size and protection period as chosen by you. The hedging cost for Prodigy Protect will be deducted from your free cash balance at the time of purchase.
Can You Reduce Risk When Trading?
Apply Prodigy Protect when executing your next trade and enjoy peace of mind during the protection period. Feel free to make bigger and bolder moves in the market knowing that if your protection ends and you have an open position that’s losing, Prodigy will reimburse your account in full for any loss you incur. Your only expense is a small hedging cost- simple as that!