1. Read this first
Crestrado is established in Malta. This page sets out the basis on which everything else on www.crestrado.com (the “Site”) is published, and it prevails over any other wording on the Site.
In short: the Site describes Crestrado’s proprietary trading in gold, silver and FX, and publishes the research behind it. It is information only. It is not an offer, a solicitation, an inducement or advice, it does not offer investment products or services, and Crestrado does not represent that it is authorised or regulated by the Malta Financial Services Authority or by any other financial authority.
2. Regulatory position
No authorisation is claimed or implied. Crestrado does not represent that it holds, nor should anything on the Site be read as implying that it holds, a licence, authorisation, registration or exemption from the Malta Financial Services Authority (MFSA), from any other competent authority in Malta or the European Union, or from any authority elsewhere. No statement on the Site should be taken as suggesting that Crestrado, its activities or its past results have been reviewed, approved or endorsed by any authority.
No investment service is offered through the Site. Nothing on the Site constitutes, or is intended to constitute, the provision of an investment service within the meaning of the Investment Services Act (Cap. 370 of the Laws of Malta) or of Directive 2014/65/EU (MiFID II) — in particular the reception and transmission of orders, execution of orders, dealing on own account for another, portfolio management, investment advice, or the placing or underwriting of instruments.
No public offer, and no scheme. The Site is not a prospectus and contains no offer of transferable securities to the public within the meaning of Regulation (EU) 2017/1129, nor an offer of units in a collective investment scheme. Crestrado does not operate, promote or market a collective investment scheme, a fund, an AIF or a UCITS.
No protection scheme applies. Because no authorised investment service is provided, no statutory investor protection applies to any arrangement discussed on the Site. In particular, the Investor Compensation Scheme established under Maltese law, the Depositor Compensation Scheme, and the Office of the Arbiter for Financial Services do not cover it. You would have no recourse to those schemes.
Own-account trading. The trading described on the Site, and the track record that records it, relate to Crestrado’s own trading account. The Site advertises no product, offers no service and solicits no capital. Nothing on it should be read as an invitation to invest, and no part of it is an offer capable of acceptance.
3. Where the Site is directed
The Site is published from Malta and is not directed at any person in any jurisdiction where its publication or availability would be contrary to law or regulation, or would subject Crestrado to any registration, licensing or authorisation requirement in that jurisdiction.
In particular, nothing on the Site is directed at, or available to, US persons as defined in Regulation S under the United States Securities Act of 1933, or to any person where doing so would breach applicable securities or financial services law.
The responsibility for observing the law that applies to you is yours. If you are in doubt about whether you may lawfully read or act on the Site, take independent advice before you do.
4. Not advice, and not a recommendation
The Content on the Site — articles, research notes, outlooks, scenarios, charts, data and commentary — is general information. It is not investment advice, a personal recommendation, a research recommendation within the meaning of Regulation (EU) No 596/2014 (the Market Abuse Regulation), or legal, tax or accounting advice.
The Content takes no account of your objectives, your financial situation, your knowledge and experience, your time horizon or your capacity for loss. No suitability or appropriateness assessment has been carried out in respect of anyone reading it.
Research is published as scenarios with the evidence behind them, not as instructions to buy or sell. Views reflect our analysis at the date shown on each note and are not updated afterwards. Market conditions change, and our view may have changed without the note being amended.
Decide for yourself, with your own advisers. You alone bear responsibility for evaluating the merits and risks of anything you read here, and you should consult qualified legal, tax, financial and investment professionals before making any decision.
5. Investment risk
Trading gold (XAU), silver (XAG), currencies and other instruments involves a substantial risk of loss and is not suitable for everyone.
- Prices fluctuate, sometimes sharply and without warning. You may lose some or all of the capital committed.
- The strategies described on the Site use leverage. Leverage magnifies losses as well as gains, and losses can exceed the amount initially committed.
- Positions are held in markets that can gap, become illiquid, or be suspended, so a loss can exceed what a stop-loss would suggest.
- Returns are affected by currency movements where your base currency differs from the currency of the account.
- The strategies rest on quantitative models built from historical data. Models can be wrong, can stop working when market behaviour changes, and can fail in conditions not present in the data used to build them.
- Operational, counterparty, platform and custody risks sit alongside market risk.
Past performance does not indicate future results. No projection, target or illustration on the Site is a guarantee, a forecast or a reliable indicator of what will happen.
6. Performance information
Performance information, where shown, relates to a single live trading account, not to a fund, a composite or a model portfolio, and not to any return an individual person did or would receive.
- Figures are measured over half-year periods. Statistics derived from them, including annualised volatility and drawdown, are calculated from half-year observations and so may understate movements within a period.
- Returns are stated net of trading costs — spreads, commissions and swaps — and before any management or performance fee. Fees, taxes and any other charges would reduce them, in some periods materially.
- In some periods the strategy took no positions at all, and those periods are marked on the charts and tables. A 0.0% period is the account’s return for that period, not a loss and not an estimate.
- Benchmark comparisons are given for context only. A benchmark has a different risk profile, a different instrument universe and no leverage, so a difference between the two is not a measure of skill.
- Figures are compiled by Crestrado from its own account records. They have not been audited, verified or certified by any independent party.
Performance information is published as a record of Crestrado’s own trading, so that the process described elsewhere on the Site can be judged against what it actually did. It is not an offer, a solicitation, an inducement or a prediction, and it is not a representation that any similar result is available to anyone.
7. Forward-looking statements
Some Content contains forward-looking statements, recognisable by words such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue” or “believe”, and their negatives. These rest on current expectations about future events and are inherently uncertain. Actual events and results may differ materially, and we undertake no obligation to update them.
8. No relationship, and no reliance
Reading the Site, submitting the contact form or corresponding with us does not create a client, advisory, fiduciary, agency or partnership relationship between you and Crestrado, and gives rise to no duty of care in respect of your decisions.
Nothing on the Site may be relied on as a representation or warranty. The Site creates no obligations on Crestrado’s part, and no statement on it is capable of being accepted or acted on as a commitment.
9. Accuracy and third-party information
Information on the Site is published in good faith, but we make no representation or warranty as to its accuracy, adequacy, validity, reliability, completeness or availability.
Some Content draws on third-party data, including market prices and benchmark series. We believe those sources to be reliable but we have not independently verified them and we accept no responsibility for their accuracy. Where the Site links to a third party, we do not control, monitor or endorse that site or its content.
10. Limitation of liability
To the fullest extent the law allows, Crestrado accepts no liability for any loss or damage of any kind — including investment loss, lost profit, lost opportunity or consequential loss — arising from the use of, or reliance on, the Site or the Content. Your use of the Site and any reliance you place on it are at your own risk.
Nothing here excludes or limits liability where the law does not permit it, including liability for death or personal injury caused by negligence, for fraud or fraudulent misrepresentation, or for gross negligence or wilful misconduct. If you are a consumer, your statutory rights are unaffected. The Terms of Use set out the full position.
11. Conflicts of interest
Crestrado trades its own capital in the markets it writes about, and may hold, increase or close a position in an instrument discussed in a research note at any time, including before, during or after publication, and in a direction inconsistent with the note. Crestrado receives no payment from any issuer, broker, platform or product provider for the Content on the Site, and publishes no sponsored or paid content.
12. Contact
Questions about these disclosures:
Crestrado
[email protected]
Registered address: see Legal information