Best Copy Trading Brokers for Haiti Traders in 2026
⭐ Quick Verdict — Copy Trading Brokers in Haiti
Best Trading Hours for Haiti
Trading session times below are converted to local time for Haiti, based on standard global forex market hours.
London – New York Overlap
London Session
New York Session
Tokyo / Asian Session
For traders in Haiti, copy trading offers a way to participate in global forex and CFD markets without needing to analyze charts full-time. With the Haitian gourde (HTG) facing persistent volatility against the US dollar — the USD/HTG exchange rate has fluctuated wildly due to political instability and natural disasters — many Haitians seek USD-denominated trading accounts to preserve purchasing power. Copy trading platforms like AvaTrade and eToro allow you to automatically replicate the positions of experienced traders, a feature particularly valuable in Haiti where internet connectivity can be unreliable and power outages disrupt manual trading. The best brokers for Haiti combine strong regulation (such as the FCA or CySEC) with low minimum deposits — Alpari and LiteForex require $0 to start — and support for local payment methods like bank wire transfers or e-wallets that accept HTG conversions. However, Haiti lacks a dedicated financial regulator, so choosing a broker with reputable oversight from bodies like the ASIC or CBI is critical to avoid scams. This page compares 12 copy trading brokers verified for Haitian users, highlighting which platforms offer the best balance of cost, regulation, and local accessibility.
Top 10 Brokers in Haiti
| Deposit Methods | credit cards, wire transfers, and e-payments |
| Withdrawal Methods | credit/debit cards, bank wire transfers, and e-wallets like Skrill and Neteller |
| Withdrawal Time | Card/e-wallet 24-48hrs after approval; Wire Transfer up to 7-10 business days |
| Withdrawal Fee | No fee from broker; banks/processors may charge |
| Islamic Account | ✓ Available |
AvaTrade scores 4.3/5 and offers a $100 minimum deposit, making it a strong choice for Haitian traders who want a regulated copy trading experience with oversight from CBI, ASIC, and JFSA. Its low deposit threshold is accessible for many in Port-au-Prince, and the broker’s multi-regulator status provides extra trust in a market where financial literacy is growing.
| Deposit Methods | Bank wire transfers, credit/debit cards, and cryptocurrencies |
| Withdrawal Methods | Credit/debit cards, bank wire transfers, and cryptocurrencies |
| Withdrawal Time | Cryptocurrency / E-Wallets: Instant to 2 hours (after internal processing).Credit / Debit Cards: 2 to 10 business days.Bank Wire Transfers: 3 to 5 business days. |
| Withdrawal Fee | No internal fee typically |
| Islamic Account | ✓ Available |
Alpari has a 3.9/5 rating and a $30 minimum deposit, which is ideal for Haitian traders just starting with copy trading and who may have limited capital. Regulated by IFSC Belize, it offers a cost-free entry point, though traders should note that Belize regulation may not offer the same protections as local Haitian oversight.
| Deposit Methods | bank wire transfers, credit/debit cards, and electronic wallets like Skrill and Neteller. |
| Withdrawal Methods | bank wire transfers, credit/debit cards, and major e-wallets |
| Withdrawal Time | 1 to 7 working days |
| Withdrawal Fee | No internal fee typically |
| Islamic Account | ✓ Available |
ATFX, with a 3.9/5 score and $50 minimum deposit, brings FCA, CySEC, FSCA, and SFC regulation to the table – a diverse set of licenses that appeals to Haitian traders who value international oversight. The zero-deposit barrier means you can start copying strategies immediately without upfront risk.
| Deposit Methods | bank cards, electronic wallets, and cryptocurrencies |
| Withdrawal Methods | bank cards, electronic wallets, and cryptocurrencies |
| Withdrawal Time | instant to 24 hours |
| Withdrawal Fee | Generally set at $10 USD |
| Islamic Account | ✓ Available |
LiteForex scores 3.9/5 and requires no minimum deposit, making it a low-risk option for Haitian traders exploring copy trading for the first time. Regulated by the FSA, it offers a straightforward platform that aligns well with the country’s growing interest in forex and copy strategies.
| Deposit Methods | credit and debit cards, electronic wallets, and cryptocurrencies |
| Withdrawal Methods | local bank transfers, electronic wallets, and cryptocurrencies |
| Withdrawal Time | 1 to 3 business hours |
| Withdrawal Fee | No internal fee; bank/processor fees may apply |
| Islamic Account | ✓ Available |
OctaFX, rated 3.9/5 with a $25 minimum deposit, is a solid mid-range pick for Haitian traders who want a balance of low cost and regulatory backing from CySEC, SVG FSA, and CMA Kenya. The $25 entry point is manageable for many in Haiti, and its copy trading features are well-suited to the local appetite for social trading.
| Deposit Methods | credit/debit cards, bank wire transfers, and popular e-wallets |
| Withdrawal Methods | bank wire transfers, credit/debit cards, and popular e-wallets |
| Withdrawal Time | 30 minutes; bank transfer 1-3 days |
| Withdrawal Fee | No internal fee typically |
| Islamic Account | ✗ Not available |
CFI Financial, with a 3.8/5 rating and $0 minimum deposit, is regulated by CySEC, FSA, and DFSA – a mix that provides reassurance for Haitian traders concerned about broker reliability. The zero-deposit model lets you test copy trading without financial pressure, which is particularly useful in Haiti’s emerging trading community.
| Deposit Methods | Bank Wire Transfers, Credit/Debit Cards, and E-Wallets |
| Withdrawal Methods | bank wires, credit/debit cards, and e-wallets |
| Withdrawal Time | E-Wallets (Skrill, Neteller, FasaPay): Instant.WebMoney and PayRedeem: Up to 10 minutes.Cryptocurrencies: Up to 24 hours.Credit / Debit Cards: 2 to 5 business days.Bank Wires: 2 to 10 business days depending on the bank. |
| Withdrawal Fee | no internal withdrawal fees |
| Islamic Account | ✓ Available |
HotForex HFM, rated 3.8/5 with a $0 minimum deposit, is one of the most accessible options for Haitian traders on a tight budget. Regulated by FCA, CySEC, DFSA, FSC, FSA, and SFSA, it offers strong multi-jurisdictional oversight, and the $5 entry point means you can start copying traders for less than the cost of a local phone recharge.
| Deposit Methods | IronFX global deposit methods primarily include bank wire transfers, credit/debit cards, and electronic wallets like Skrill, Neteller, FasaPay, and Perfect Money. |
| Withdrawal Methods | bank wire transfers, credit/debit cards, and electronic/crypto |
| Withdrawal Time | 1 to 10 business days |
| Withdrawal Fee | No internal fee typically |
| Islamic Account | ✓ Available |
IronFX, scoring 3.8/5 with a $50 minimum deposit, is a no-cost entry into copy trading for Haitians who want to avoid upfront commitment. Regulated by CySEC, FCA, and FSCA, it provides a layer of international trust, though traders should be aware that local currency fluctuations (HTG) can still affect returns.
| Deposit Methods | Credit/Debit Cards, Bank Transfers, and E-Wallets |
| Withdrawal Methods | Credit/Debit Cards, Bank Transfers, and E-wallets |
| Withdrawal Time | PayPal / Neteller: Up to 2 business days.Credit / Debit Card: Up to 10 business days.Bank Transfer: Up to 10 business days. |
| Withdrawal Fee | $5 flat withdrawal fee (unique - only broker in P1 with explicit withdrawal fee) + currency conversion ~1.5% |
| Islamic Account | ✓ Available |
eToro, rated 3.7/5 with a $50 minimum deposit, is the most well-known social trading platform globally and a popular choice among Haitian traders who follow international market trends. Its FCA, ASIC, and CySEC regulation adds credibility, but the $50 minimum may be a hurdle for some in Haiti where average incomes are lower.
| Deposit Methods | bank cards (VISA/MasterCard), electronic payment systems like Skrill and Neteller, and cryptocurrency options including Bitcoin, Litecoin, and Tether via B2BinPay |
| Withdrawal Methods | bank cards, bank wire transfers, and electronic or crypto systems |
| Withdrawal Time | 2 to 6 business days |
| Withdrawal Fee | depend on the payment method |
| Islamic Account | ✓ Available |
InstaForex, with a 3.7/5 rating and $1 minimum deposit, is a budget-friendly copy trading option for Haitian traders who want to start without any initial investment. Regulated by CySEC and FSC, it offers a simple interface that works well for those new to copy trading in Haiti’s developing forex scene.
How Copy Trading Works for Haiti Traders
Copy trading is a social trading mechanism where you automatically mirror the trades of a selected strategy provider or 'master trader' in real time. Instead of executing your own analysis, you allocate a portion of your capital to copy a trader — when they buy EUR/USD, your account buys proportionally. This is distinct from mirror trading (which replicates specific strategies) or signal services (which send alerts you must act on). For Haitian traders, copy trading solves two key problems: first, it reduces the need for constant screen time during Haiti's business hours (UTC-5), which overlap only partially with London (8:00 AM to 12:00 PM EST) and New York sessions; second, it allows you to leverage the expertise of traders who navigate major currency pairs like USD/JPY or GBP/USD, which are less influenced by local Haitian economic news. Platforms like AvaTrade offer copy trading via its 'AvaSocial' app, while eToro's CopyTrader feature lets you see detailed trader stats — risk scores, win rates, and maximum drawdown. However, you still bear the risk of the copied trader's losses, and broker fees (spreads or commissions) apply. For example, OctaFX (3.9/5) charges zero commissions but widens spreads during volatile periods — a trade-off Haitian traders must weigh when choosing a provider.
Why Copy Trading Fits Haiti's Unique Market
Copy trading matters for Haiti because it addresses three local realities: limited financial education, unreliable infrastructure, and currency risk. Only about 20% of Haitians have access to formal banking, and trading knowledge is scarce outside Port-au-Prince. Copy trading lets you bypass the learning curve by piggybacking on proven strategies — particularly useful for following traders who hedge against USD/HTG fluctuations by trading dollar-denominated pairs. Haiti's frequent power cuts and internet outages (the country ranks 175th globally for electricity reliability) make manual day trading nearly impossible. Copy trading's automated execution means your positions are copied even when you're offline, as long as your broker's VPS or mobile app queues orders. Additionally, the HTG has depreciated over 50% against the USD since 2020, so holding USD-based accounts with brokers like HotForex HFM ($5 minimum deposit, regulated by FCA) allows Haitian traders to protect savings while copying top performers. Without a local securities regulator, relying on brokers audited by CySEC or ASIC provides a layer of consumer protection that Haiti's financial system cannot offer.
Spread vs Commission: Cost Analysis for Haiti
For Haitian traders using copy trading, cost structures vary significantly. Spread-based brokers like AvaTrade (4.3/5) and OctaFX (3.9/5) include all costs in the bid-ask spread — typically 0.5–1.5 pips for EUR/USD — with no separate commission. This is simpler for beginners, as you see the full cost upfront. Commission-based brokers like eToro (3.7/5) charge $0.01–$0.05 per share for CFDs but offer tighter spreads (0.1–0.5 pips). For Haitian traders converting HTG to USD via bank transfers (which incur 2–5% fees locally), a commission model can be cheaper if you trade large volumes, but spreads are more predictable. Alpari (3.9/5) and LiteForex (3.9/5) offer zero-commission accounts but widen spreads during Haiti's active trading hours (8:00 AM–12:00 PM EST, when New York opens). Since copy trading involves following multiple trades daily, even a 0.5-pip difference compounds. Our recommendation: if you deposit under $500, choose a spread-only broker like AvaTrade to avoid surprise commission fees. For accounts above $1,000, eToro's commission structure may save money — but factor in HTG conversion costs when funding your account.
Other Fees Compared
When comparing copy trading brokers from Haiti, non-spread fees can significantly impact your returns, especially given the Haitian gourde's (HTG) volatility against major currencies. AvaTrade (score 4.3) charges an inactivity fee of $50 after 3 months of no trading, which is steep for traders who may pause during Haiti's hurricane season. Alpari (score 3.9) has no inactivity fee but applies a $10 withdrawal fee for bank transfers, a common choice for Haitian traders using local banks. ATFX (score 3.9) charges no inactivity fee but requires a $30 fee for wire withdrawals; given that many Haitian banks process wires through the US, this can add up with intermediary bank charges. AvaSocial (score 3.9) levies a $50 inactivity fee after 90 days, similar to its parent AvaTrade. LiteForex (score 3.9) has no inactivity fee but a $3 withdrawal fee for e-wallets like Skrill—popular in Haiti for avoiding bank delays. OctaFX (score 3.9) charges no withdrawal fee for most methods, but its $25 minimum deposit is relevant for Haitian traders with limited capital. CFI Financial (score 3.8) has no inactivity fee but a $20 withdrawal fee for bank wires. HotForex HFM (score 3.8) charges $5 monthly inactivity after 3 months, and its $5 minimum deposit is accessible. IronFX (score 3.8) has a $50 inactivity fee after 12 months. eToro (score 3.7) charges $10 monthly after 12 months of inactivity. Currency conversion fees are critical: most brokers convert HTG to USD at their own rates, adding 1-3%—check each broker's policy.
Payment Methods in Haiti
For Haitian traders using copy trading brokers, payment methods must account for Haiti's limited banking infrastructure and reliance on mobile money. Most brokers accept Visa/Mastercard, which are widely used in Haiti but often incur bank fees of 2-5% for forex deposits. Bank wire transfers are accepted by all listed brokers (e.g., AvaTrade, Alpari, ATFX, OctaFX), but Haitian banks like Sogebank or Unibank may take 3-7 business days and charge $15-30 per transfer. e-wallets such as Skrill and Neteller are supported by LiteForex, OctaFX, and eToro; these are popular among Haitian traders because they bypass slow bank processing, though withdrawal limits apply. Local mobile money (e.g., MonCash, Digicel's mobile wallet) is not directly supported by any listed broker, but Haitian traders can use peer-to-peer exchanges to fund e-wallets. AvaTrade and AvaSocial accept credit/debit cards and bank wires, with minimum deposits of $100 and $0 respectively—the $0 minimum helps Haitians start small. HotForex HFM (min $5) and OctaFX (min $25) are accessible for low-capital traders. eToro (min $50) requires a higher entry, but its USD-based accounts simplify conversion. Always verify deposit/withdrawal methods on each broker's site, as availability can change for Haiti-based clients due to regulatory restrictions.
Legal & Regulation
Copy trading is not explicitly regulated in Haiti; the country lacks a dedicated financial regulator for forex or CFD brokers. The Banque de la République d'Haïti (BRH) oversees banking and monetary policy but does not license or supervise online trading platforms. This means Haitian traders must rely on brokers regulated in other jurisdictions. Among the listed brokers, AvaTrade is regulated by the CBI (British Virgin Islands), ASIC (Australia), and JFSA (Japan)—these provide some recourse but may be distant for Haiti-based clients. Alpari (IFSC Belize) offers minimal protection. ATFX (FCA UK, CySEC Cyprus) is more robust; the FCA's Financial Ombudsman Service can handle complaints, though international enforcement is complex. eToro (FCA, ASIC, CySEC) is also well-regulated. OctaFX (CySEC, SVG FSA) has EU-level oversight via CySEC. Haitian traders should note that tax treatment of trading profits is unclear; Haiti's tax code (Impôt sur le Revenu) does not specifically address forex or copy trading gains. Generally, income earned abroad may be taxable if remitted to Haiti, but consult a local tax advisor. The time zone difference (UTC-5) means Haitian traders operate during the US morning session (9:30 AM ET) and the London afternoon overlap (2-5 PM GMT), which is ideal for copy trading volatility. Always verify a broker's regulatory status on official registries before depositing.
Scalping Strategy
Scalping — holding trades for seconds to minutes — is possible with copy trading, but requires brokers that permit high-frequency copying and offer low latency. For Haiti traders, scalping via copy trading is risky because internet latency (often 100–200ms due to infrastructure) can cause slippage between the master trader's entry and your copy. However, brokers like HotForex HFM (3.8/5) and OctaFX (3.9/5) allow scalping with no restrictions and offer ECN accounts with raw spreads from 0.0 pips (commission-based). AvaTrade (4.3/5) permits scalping but applies a 0.5-pip minimum spread on standard accounts. To scalp effectively, choose a copy trading provider with a 'copy speed' under 500ms — eToro's CopyTrader typically replicates trades within 1–2 seconds, which can be too slow for scalping. Instead, use AvaSocial (3.9/5) which offers near-instant mirroring via its proprietary platform. For Haitian traders, we recommend avoiding scalping strategies in copy trading unless you have a VPS hosted in New York or London (see VPS section below). A better approach: follow swing traders who hold positions for hours or days, reducing the impact of Haiti's latency issues.
Economic Calendar
For Haiti-based copy traders, the most impactful economic events align with the US and European sessions due to Haiti's time zone (UTC-5). Key releases include US Non-Farm Payrolls (first Friday of each month at 8:30 AM ET), which can cause sharp moves in USD pairs—Haitian traders often copy strategies that trade these. Federal Reserve interest rate decisions (8 meetings per year) affect USD volatility; the announcement at 2:00 PM ET falls within Haiti's afternoon trading window. European Central Bank (ECB) rate decisions at 8:15 AM ET (1:15 PM GMT) overlap with Haiti's late morning. US Consumer Price Index (CPI) releases (monthly, 8:30 AM ET) also drive USD pairs. OPEC meetings impact oil prices, relevant if your copy trader trades XAU/USD (gold) or oil CFDs. Haiti-specific events (e.g., political unrest, remittance data) rarely move global markets, but local news can affect the gourde (HTG) and may influence traders using HTG-based accounts. Use an economic calendar (e.g., ForexFactory) set to UTC-5, and note that hurricane season (June-November) can disrupt internet connectivity, so plan copy trading strategies accordingly.
Mobile Trading
For Haitian traders, mobile copy trading apps are essential given limited desktop access. AvaTrade offers the AvaTradeGO app (iOS/Android) with copy trading features, but it requires a stable internet connection—Haiti's mobile networks (Digicel, Natcom) can be unreliable in rural areas. eToro's app is widely praised for its social feed and copy portfolio tools; it works on 3G/4G, but data costs in Haiti are high (about $5/GB). OctaFX has a user-friendly app with copy trading, and its low minimum deposit ($25) suits mobile-first traders. HotForex HFM's app includes copy trading via its HFcopy platform, with a $5 minimum deposit—ideal for testing on mobile. LiteForex and InstaForex offer basic mobile apps but lack advanced copy trading interfaces. AvaSocial is a dedicated copy trading app (iOS/Android) with a social feed; it's lightweight and works on older devices common in Haiti. ATFX's app supports copy trading but is more chart-heavy. Key considerations: ensure the app supports low bandwidth mode or offline notifications (e.g., for trade closures). Battery life is a concern—Haiti has frequent power outages, so keep a power bank. Download apps from official stores only to avoid malware.
Slippage Analysis
Slippage — the difference between the expected price of a trade and the actual execution price — is a major concern for Haitian copy traders due to internet latency and broker execution quality. When you copy a trade on AvaTrade or eToro, your order may fill at a different price than the master trader's, especially during high-volatility news events (e.g., US Non-Farm Payrolls at 8:30 AM EST, during Haiti's morning). Brokers with 'instant execution' like Alpari (3.9/5) guarantee fills at the quoted price but may requote during fast markets, causing delays. 'Market execution' brokers like OctaFX (3.9/5) accept slippage as part of normal trading — typically 0.1–0.5 pips on EUR/USD during liquid hours. For Haitian traders, slippage is worse when copying trades in exotic pairs like USD/MXN or USD/ZAR, which have wider spreads. To minimize slippage, choose brokers with deep liquidity providers: IronFX (3.8/5) and CFI Financial (3.8/5) route orders to multiple banks. Also, avoid copying during Haiti's late afternoon (3:00–5:00 PM EST) when liquidity drops before the New York close. Aetos Capital (3.3/5) has the lowest score partly due to reported slippage issues — proceed with caution.
VPS Trading
Virtual Private Server (VPS) trading is essential for Haitian copy traders to maintain 24/5 connectivity despite local power outages and internet instability. A VPS hosted in New York or London (latency under 10ms) ensures your copy trading platform — such as MetaTrader 4/5 used by Alpari or HotForex HFM — continues running even when Haiti's grid fails. Brokers like AvaTrade and OctaFX offer free VPS for accounts with $500+ balance or high trading volume (e.g., 10+ lots/month). For Haitian traders, a VPS also reduces slippage by placing your server physically closer to the broker's trade servers. Without a VPS, your copy trades may queue during disconnections, leading to missed entries or exit delays. We recommend providers like ForexVPS.net (starting at $10/month) with 99.9% uptime. If you deposit $0 with LiteForex or InstaForex, you may need to pay for VPS separately — factor this cost into your budget. For most Haitian users, a $10/month VPS is a worthwhile investment to ensure your copy trading runs smoothly during hurricanes or civil unrest.
Account Opening Process
Opening a copy trading account from Haiti generally follows a standard online process, but verification can be challenging due to local document requirements. Most brokers (AvaTrade, Alpari, ATFX, eToro, OctaFX) require: a valid passport or national ID (Haitian passport or Carte d'Identification Nationale), a proof of address (utility bill or bank statement in your name, dated within 3 months), and a selfie for verification. Haitian utility bills (e.g., from Électricité d'Haïti) are accepted, but they may be in Creole or French—brokers typically accept them. eToro and AvaTrade have streamlined digital verification; you can upload documents via their mobile app. Alpari and LiteForex allow a $0 minimum deposit, making it easy to start. HotForex HFM requires only $5 to open a live account. IronFX and CFI Financial have no minimum deposit, but their verification may take 1-3 business days. InstaForex and Aetos Capital also offer $0 deposits. Note that some brokers (e.g., ATFX) may request additional documents if your address is in a high-risk jurisdiction like Haiti—this is rare but possible. Use a stable internet connection (preferably fiber or 4G) to avoid timeouts during the video call step (if required). Always check if the broker accepts clients from Haiti before starting the application.
How This Compares
Copy Trading vs. Social Trading Signals: While copy trading automatically replicates a trader's positions, social trading signals — offered by platforms like MetaTrader's Signal Service — require you to manually accept or reject each trade. For Haitian traders with intermittent internet, copy trading is superior because it executes trades automatically even when you're offline. Signal services demand active monitoring, which is impractical during Haiti's frequent blackouts. Additionally, copy trading platforms like eToro (3.7/5) provide transparent track records (risk score, drawdown, months active), while signal providers often lack verifiable history. However, copy trading typically charges a markup on spreads (e.g., 0.5 pips added by the broker), whereas signals may have lower costs if you trade directly. Our recommendation: choose copy trading if you have under $500 to invest and want hands-off management. Use signals only if you can dedicate 2–3 hours daily during Haiti's trading window (8 AM–12 PM EST) and have a stable power connection. For most Haitians, AvaTrade's copy trading or AvaSocial's social features offer the best balance of automation and safety.
Haitian traders exploring copy trading must exercise extreme caution, as the unregulated nature of the local market makes them prime targets for scams. Never deposit funds with a broker that is not regulated by a reputable authority—check the regulator's official registry (e.g., FCA register, CySEC's list, ASIC's connect). Among the listed brokers, AvaTrade (CBI, ASIC, JFSA), ATFX (FCA, CySEC), eToro (FCA, ASIC, CySEC), and OctaFX (CySEC) are verifiably regulated. Alpari (IFSC Belize) and LiteForex (FSA) have weaker oversight—be cautious. Red flags include: promises of guaranteed returns (copy trading does not guarantee profits), pressure to deposit quickly, lack of a physical address, and poor customer support in French or Creole. Check for clone firms—scammers often use names similar to legitimate brokers (e.g., 'AvaTradeHaiti' or 'eToroHaiti'). Verify the broker's website domain and ensure it matches the official one. Haiti's lack of a local regulator means you have limited recourse if scammed; international arbitration (e.g., via CySEC) is possible but time-consuming. Never share your account password with any copy trading 'manager' who promises to trade for you. Use a demo account first to test the broker's execution and withdrawal process. If a broker asks for payment in cryptocurrency or gift cards, it is almost certainly a scam. Always read the broker's terms and conditions regarding Haiti-specific restrictions.
Verified Broker Ratings — Trustpilot (Haiti — All 10 Brokers)
Frequently Asked Questions
Conclusion
For Haitian traders exploring copy trading in 2026, the key is balancing low entry costs with reliable regulation – especially since Haiti lacks its own forex watchdog. Brokers like AvaTrade (4.3/5) and HotForex HFM (3.8/5, $5 min) stand out for their strong oversight and accessible deposits, while AvaSocial and eToro offer mobile-first platforms that suit Haiti’s smartphone-centric internet usage. Start with a demo account if available, and always check withdrawal methods for USD compatibility. Compare the 12 options above, pick one that matches your budget and time zone (UTC-5), and begin copying proven traders today. Your first step: open a free account with a $0 minimum broker like Alpari or ATFX to test the waters risk-free.