IMPORTANT – YOU SHOULD READ AND ACKNOWLEDGE THIS CLIENT AGREEMENT AND TERMS AND CONDITIONS IN ITS ENTIRITY BEFORE COMPLETING REGISTRATION (HEREINAFTER REFERRED TO AS: “AGREEMENT” AND/OR “T&C”). BY ACCEPTING THIS CLIENT AGREEMENT AND THESE T&C AND THEREFORE REGISTERING AND/OR USING THE COMPANY/S SERVICES, YOU CONFIRM AND ACKNOWLEDGE THAT YOU HAVE READ AND UNDERSTOOD THIS CLIENT AGREEMENT AND THESE T&C OF USE AND END USER LICENSE AGREEMENT, THAT YOU UNDERSTAND ITS CONTENT, AND THAT YOU AGREE TO BE BOUND BY ALL OF ITS T&C. IF YOU DO NOT AGREE TO ANY OR ALL OF THE TERMS & CONDITIONS IN THIS AGREEMENT, DO NOT ACCESS NOR USE THIS WEBSITE
The Company offers an online system facilitating the execution of transactions of Financial Contracts (as defined hereunder) by means of various trading solutions and platforms, as well as pricing and risk management services. This Agreement and T&C applies to both the Company/s URLs and such as but not limited to trading Systems; as well as to the electronic content and/or software currently contained on the Web site that supplies its clients with real time information about the prices of the Financial Contracts / derivatives that it offers; as well as with the trading Systems for the execution of Financial Contracts (hereinafter referred to as: the "Service(s)"), and any other features, content or services that the Company may add in the future. The Company through the online trading platform provides its Services directly to its customers and/or sometimes by the use of authorized partners. In the event that the Company has a local partner, the Company may delegate to such representative any powers and/or authorities it so deems fit and necessary from time to time, in connection with the local operations of the trading system at your country of residence. Specifically, the company is outsourcing the following departments: sales, marketing, retention, fraud, finance, and client support.
- Balance means the sum held on behalf of the Customer on its Account within any period of time.
- Binary or Digital Options shall mean an option which offers a potential fixed return predetermined at the opening of the Contract;
- Business Day shall mean any calendar day beginning at 00:00 and ending at 23:59 GMT+2;
- Collateral/Trading Capital shall mean the initial sum deposited by the client with the Company after the deduction of loses, deduction of funds withdrawn by the client, plus profits derived from the Transactions;
- Contract for Differences or CFD means the financial instrument specified in paragraph (9) of Part III of Third Appendix of the Law which provides for the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and other related matters.
- Contract Price shall mean the prices offered by the System which are based upon "indicative" prices provided by various financial information systems as the current updated rates for contracts in the financial markets;
- Derivatives shall mean a contract whose value is derived from that of an underlying financial instrument.
- Emir shall mean the “European Market Infrastructure Regulation” (EMIR) is a European Union regulation designed to increase the stability of the over-the-counter (OTC) derivatives markets throughout the EU states.
- Financial Contract or "Contract" shall mean a contract to open a Binary Options or Digital Options position or any other financial service that the Company may offer to its customers through the System;
- Guarantee Amount An amount of money deposited by prospective clients to indicate their intention to activate a trading account with the company and commence trading. This guarantee amount is released to the client for trading purposes as soon as the client/s trading account is fully activated. If for whatever reason (e.g. client failed compliance) the account application is rejected, then the full guarantee amount it returned to the client, to the same bank account from where the money was deposited.
- Leverage allows the traders to increase their market exposure beyond their actual investment, thus giving them much more buying power. This results in a greater amount of profits and/or losses than would be possible with just the traders/ actual investment/deposits.
- Margin call This occurs when your account equity falls below 50% of your initial margin requirement, and you will therefore be asked to deposit more funds in order to keep open your current positions. If/when the margin requirement falls below 15% then the account will undergo a forced stop-out, whereby all positions will be automatically closed by the system
- Market making A "market maker" or "liquidity provider" is a company, or an individual, that quotes both a buy and a sell price in a financial instrument or commodity held in inventory.
- Markets shall mean the international financial, commodities, and other applicable markets, where contract rates are being fixed upon free trade, and other markets where various financial assets are traded;
- MiFid shall mean “The Markets in Financial Instruments Directive”; a European Union law that provides harmonized regulation for investment services across the 31 member states of the European Economic Area;
- Multilateral Trading Facility is a multilateral system operated by an Investment Firm or market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments (in the system and in accordance with its nondiscretionary rules) in a way that results in a contract;
- Order means the request / instruction given by the Customer to the Company in the Customer/s online trading account.
- At Market - orders are orders to open a buy or sell position at the current market price. These are also known as Instant Execution orders. Instant Execution means that trades are executed as market orders. These orders are filled at the best available price.
- Pending/Limit Entry order is an order that only triggers for execution (to open a trade) if the price previously specified by you is met.
- A Limit order is an order to close a position if the price reaches (or passes) the price which was previously defined by the trader
- PEP- Politically Exposed Person is a natural person who has been entrusted with prominent public functions, for example Heads of State or of government, senior politicians, senior government, judicial or military officials, senior executives of state owned corporations, important political party officials.
- Regulated Market shall mean the multilateral system managed or operated by a market operator and which brings together or facilitates the bringing together of multiple third-party buying and/or selling interests in financial instruments (in the system and in accordance with its non-discretionary rules) in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, in which are authorized and functions regularly in accordance with the provisions of Law 144(I)/2007 or respective legislation of other member states that are enacted in compliance with Directive 2004/39/EC.
- System shall mean an electronic system designed to allow trading in Financial Contracts a platform, over the internet, subject to all terms of this Agreement and the terms as defined in the Trading Manual, which is an integral part of the Agreement;
- Trading bonuses are our way of thanking new customers for choosing to trade with us. See "Trading bonuses & Competitions" further down.
- Transaction shall mean purchase or sale of a Financial Contract for a fixed price;
3. Membership Eligibility
The Company/s Services are available and may be used only by traders who can form legally binding contracts under the applicable laws in their own country of residence. The investment Services are only available to persons over the age of 18 or otherwise above the legal age and who can legally execute binding contracts under the laws of their country of residence.
Without limiting the above, our Services are not available where their use is illegal, and the Company reserves the right to refuse and/or cancel Services to anyone at any time, at its own discretion.
Furthermore, the Company declares that it is not, and shall not, be responsible in any way to the inaccuracy of information published on its Web site by others, and as such every published or referenced item of information should be regarded as unfounded information in regard to the management of their activities and risks. We strongly advise that all information is checked and confirmed by each individual trader, through independent information sources of their choice, prior to the execution of any transactions by themselves.
4. Provision of Services
The Company is authorized by New Zealand to provide the following investment services in accordance with its CIF authorization:
- Reception and transmission of orders in relation to one or more Financial Instruments.
- Execution of orders on behalf of clients.
- Dealing on own account.
The Company is also authorized to provide the following ancillary services:
- Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management.
- Granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the company is involved in the transaction.
- Foreign exchange services where these are connected to the provision of investment services.
The services of paragraph 5.1 involve transactions in Financial Instruments not admitted to trading in Regulated Markets or a Multilateral Trading Facility. By accepting this agreement the Clients acknowledge, and give their express consent for executing such transactions.
5. Client Categorization
- All clients are categorized as Retail Clients. This categorization provides the highest level of protection, as opposed to Professional Clients or Eligible Counterparties.
- The client is bound by the method and process of categorization as this is defined and thoroughly explained in the "CLIENT CATEGORISATION" document which can be found on the Company/s website under the title "CLIENT CATEGORISATION" in the LEGAL section. By accepting these T&C, the Client accepts the application of the categorization method as this is defined in the "CLIENT CATEGORISATION" policy.
- The Company will deal with the Client according to the rules of professional conduct based on which the Client will be treated as a Retail Client in accordance with the information provided to the Company during the Account opening procedure. The Client must immediately inform the Company in the case of any changes concerning the client/s personal information. In the event that the Client wishes to be re-categorized the Client must inform the Company in writing, clearly stating such a wish. The final decision of the change in categorization, however, lies in the absolute discretion of the Company.
6. Best Execution
- The Company will take all reasonable steps to obtain the best possible trading rates for its Clients when providing pricing and quotes in relation to financial instruments. The Company/s Best Execution Policy sets out a general overview on how orders are executed as well as many other factors which affect the execution of a financial instrument.
- The Company is a market maker which uses from time to time independent third party execution venues, and risk-mitigation counter parties. It also uses various formulas to calculate the prices of the assets offered on its platforms. For more information please read our best execution Policy.
- By accepting these T&C, the Client acknowledges and accepts that he has read and understood the “Best Execution Policy” of the Company, which is available for examination on the Company/s website under the heading “LEGAL”.
7. The Account
- By accepting all of the T&C of this Agreement you understand and accept the fast-paced nature of the company/s business and products, and you confirm that you wish establish a business relationship with it.
- Upon execution of this Agreement, the Company shall create an account in your name and ownership in the System. The account and other relevant details shall be in accordance with the information provided by you, as required by the Company and regulation. You must ensure that the information provided by yourself is complete, true and accurate. It is hereby clarified that the provision of misleading information may be regarded as a legal offence and shall entail immediate cessation of activities in your account and/or its immediate closure. You acknowledge that upon the completion of your identification procedure by the Company, it may report you as a beneficiary in the applicable account held by the financial institution with which the Company deposits the Collateral funds, in amounts up to the credit balance recorded in your account at the System from time to time, and to that end may transfer identification details provided to it by yourself.
- It is hereby clarified that in due course full compliance procedures, as required by New Zealand, will be performed by the company on each of its clients, which will include but are not be limited to KYC, AML, Appropriateness test, and Client Classification. Specifically, for a client/s account to be approved to trade and withdraw funds the client must submit official proof of address and proof of identification.
- By accepting all of the T&C of this Agreement you understand that all client accounts are subject to review at the latest every six (6) months, in order to replace any expired KYC documents, and possibly to request further clarification of documents, if necessary. Continued compliance must be adhered to by both the company and its traders. Failure to submit new documents when requested can lead to the suspension of a client/s account.
- By accepting the T&C of this Agreement you understand that must complete the Compliance process, by submitting your proof of address and proof of identification, prior to being able to trade. Until your trading account has been Compliance approved, your trading account will remain suspended. While suspended you will not be able to deposit, trade, or withdraw any funds, until your account is approved and fully activated.
- By accepting all of the T&C of this Agreement, you hereby authorize and empower the Company, until written notice contrary to the effect shall be received from you by the Company, to carry out orders and activities in accordance with your instructions all in accordance with the powers granted to the Company under this Agreement and/or for the provision of the Services. You also agree to receive news, information and promotional material from the company from time to time.
- To remove any doubts, the full activation of your trading account is subject to the deposit of a guarantee amount by you. The Company shall not allow you to execute any Transaction with the said guarantee amount until the KYC documents have been submitted, and the account has fully passed compliance. For the avoidance of doubt, in the event that the Company allows you to commence trading before it receives confirmation of deposit of Collateral by you, and in effect no Collateral was deposited, the Company shall have the right to deduct from any profits gained by you the amount which should have been deposited as collateral prior to your commencement of trading. All funds shall be held by the Company on your behalf and the Company may deposit such funds with any financial institution it holds bank accounts with. In the event that a Transaction shall take place and for some reason there shall be no sufficient Collateral in your account, the Company shall have the right to decrease your exposure in the said Transaction and/or approach you to rectify such required Collateral and/or demand from you payment in full for any deficiency which has occurred by your Transaction which was not covered by sufficient Collateral. It is hereby expressly stated, that the above mentioned right of the Company, does not obligate it to decrease your exposure in any Transaction and you shall have no claims against the Company regarding your losses resulting from the decrease or nondecrease of your exposure in any particular Transaction by the Company.
- To remove any doubts, it is hereby clarified that the Company may, at its sole discretion, amend from time to time the terms governing the use of the System, the scope of its Services and the sum of the Collateral required for the execution of Transactions by you. Any amendments will be communicated to all clients via the Company/s site. However, any such change to the rules made whilst the site is in operation will not apply retrospectively and will only apply to acquisitions of financial contracts made after such change.
- Upon the opening of the account, the Company shall issue you with a confidential personal identification password (hereinafter: the “login password”) to be used by you to operate your account via the Internet. You hereby irrevocably undertake to safeguard the login password and hereby waive any and all claims against the Company relating to any unauthorized use of the login password.
- Acquisition of Financial Contracts through the System must be executed in accordance with the latest version of the T&C published on this site. To remove any doubts, the Company may amend, change or cancel any part of the said T&C, and their effect shall be from the date such amended terms have been published on the site. Acquisition of a Financial Contract is completed when the Financial Contract has been customized, the premium has been calculated and payment has been verified.
- Deposits can only be made using wire transfer, or from bank accounts belonging to the trading account holder. No deposits are acceptable from third party bank accounts or by using the credit/debit card. No cash deposits are acceptable.
8. Company obligations
The Company hereby warrants and undertakes that:
- It has the required skills and expertise to provide the Services.
- Neither today, nor in the future shall it provide any financial advice to you or any of its customers and no information which may be found on the Company/s Web site may be considered as financial advice for any purpose whatsoever. To remove any doubts, information given on the site, the System and/or emails or newsletters sent by the Company related to its Services or financial markets, is not intended to be used as financial or investment advice and the Company shall not accept any liability in this respect. It shall not be liable in any way whatsoever for any claims, suits, contentions, losses, expenses, damages etc. incurred by you as a result of your reliance on any information provided by the Company.
- The maximum loss that you may suffer by using the trading platform, is the amount of money paid by you to the Company as Collateral and/or any sums in your Account which you have used to purchase Financial Contracts.
- The Company does not provide a market amongst or between customers for investments, securities, derivatives or speculations. Each Financial Contract purchased via the System, is an individual agreement between you and the Company and is not a security, nor is it transferable, negotiable or assignable to or with any third party.
9. Affiliates – I.B/s
From time to time the company may increase its client base through the efforts of affiliates and/or Introducing Brokers. These efforts are rewarded by way of commissions and/or trading bonuses, which are totally separate and independent from client/s deposits and funds. For further details on this subject please contact the company directly.
10. Company/s rights
- The Company reserves the right to suspend the operation of this site or sections thereof under the following circumstances:
- when, as a result of political, economic, military or monetary events (including unusual market volatility or illiquidity) or any circumstances outside the control, responsibility and power of the Company, the continued operation of this site or the System shall not be reasonably practicable without materially and adversely affecting and prejudicing your interests or the Company, or if, in the sole discretion of the Company, a price cannot be calculated for financial contracts; or
- when there is a breakdown in the means of communication normally employed in determining the price or value of any of the financial contracts or where the price or value of any of the financial contracts cannot be promptly or accurately calculated; or
- When the Company has reason to suspect that the System was abused by you or that you have used some means in order to affect or manipulate the System in general or the price of a specific Contract in particular.
- Under such circumstances, other than in the case of abuse or manipulation of the System, the Company may at its sole discretion (with or without notice) close out your open financial contracts at prices it considers fair and reasonable at such a time and no claims may be entertained against the Company in connection thereto.
- In case of abuse or manipulation of the System, the Company may at its sole discretion take any measures it deems fit and appropriate under the said circumstances.
11. Client conditions
The company hereby warrants and undertakes that:
- All details provided by you to the Company are true, complete and accurate and that you are an adult over the age of 18 (or the required minimum age in your country of residence) so that you may be legally bound by the terms of this Agreement.
- You shall be the sole owner and beneficiary of the account.
- You are aware and you hereby acknowledge that the Company cannot control your actions and you are required to make necessary inquiries as to the legal status of your activities and applicable local laws and regulations, as currently in force in your country of residence and abide by such laws and regulations. You understand that laws regarding Financial Contracts vary throughout the world, and it is your sole obligation to ensure that you fully comply with any laws, regulations or directives, relevant to your country of residency with regards to the use of the Web site and/or the System. For avoidance of doubt, an actual ability to access the Company/s Web site does not necessarily mean that the Services and your activities are legal under the laws, regulations or directives, relevant to your country of residence. You hereby confirm, after conducting the necessary inquiries, that there is no legal constraint which precludes you from using the System or executing Transactions as described in this Agreement. To remove any doubts, the Services are not to be used where they are illegal to use, and the Company reserves the right to refuse to provide and/or cancel Services, in whole or in part, to anyone at any time, at its own discretion without cause, including but not limited to events in which the Company learns that you are performing activities which are not regulated under the laws of your place of residence.
- All funds deposited by you in your account, are of legal origin, are not the proceeds of crime, including but not limited to, proceeds of drugs trafficking or dealings in other prohibited substances or proceeds of illegal arms trades, illegal gambling, prostitution, terror funds etc. To remove any doubts, monies received from you are not invested in any securities, futures, currencies, derivatives or other investments, on your behalf by the Company or anyone on its behalf. Such monies are used as collateral for your transactions in the System.
- You are aware of the risks involved in the execution of the transactions described in this Agreement and you have read and understood all the information included in the “Risk Disclosure” which is published on the Company/s website.
- You acknowledge that you are solely responsible and personally liable for any and all actions and orders to be executed in your account, including the settlement of any Transaction, whether performed by you in person or by your agent or attorney or the Company/s employees carrying out your orders. You further agree that neither the Company nor its employees or anyone on its behalf shall be liable in any way whatsoever to the outcomes or consequences of such actions and/or orders. You are fully responsible for ensuring that you and you alone control access to your account, and that no minors are granted access to trading on the System. In any case, you remain fully liable for any and all positions traded on your account, and for any credit card transactions entered into the site for your account. You shall also indemnify the Company in respect to all costs and losses of any kind, whatsoever as may be incurred by the Company as a result, direct or indirect, of your failure to perform or settle such a transaction.
- You are aware that the Company does not provide any equipment nor is it an Internet Service Provider and therefore it shall not be liable, directly or indirectly, to any malfunction of any kind and nature whatsoever, on your end, or any other equipment not provided by the Company and/or any Internet connection malfunction and/or any computer program or software bugs and/or errors including but not limited to delays in the transmittal of your orders or the delayed receipt thereof. You shall be responsible for providing and maintaining the means by which to access the Web site, which may include without limitation a personal computer, modem and telephone or other access line. You shall be responsible for all access, service, license and subscription fees necessary to connect to the Web site and assume all charges incurred in accessing such systems. You further assume all risks associated with the use and storage of information on your personal computer or on any other computer through which you will gain access to the Web site and the services (hereinafter referred to as “computer” or “your computer”). You represent and warrant that you have implemented and plan to operate and maintain appropriate protection in relation to the security and control of access to your computer, computer viruses or other similar harmful or inappropriate materials, devices, information or data. You agree that the Company shall not be liable in any way to you in the event of failure of or damage or destruction to your computer systems, data or records or any part thereof, or for delays, losses, errors or omissions resulting from the failure or mismanagement of any telecommunications or computer equipment or software. You shall not transmit to or in any way, whether directly or indirectly, expose the Company or any of its online service providers to any computer virus or other similarly harmful or inappropriate material or device.
- You acknowledge and confirm that the Company does not represent, warrant or guarantee that: (i) you will be able to access or use the web site at times or locations of your choosing, or that the Company will have adequate capacity for the web site as a whole or in any geographic location; and (ii) the web site will provide uninterrupted and error-free service. You hereby further acknowledge and confirm that the Company shall not be responsible for an impossibility to execute orders and requirements due to failures in the operation of information systems caused by faults, of any kind whatsoever.
- You shall duly report your activities to any applicable tax or other authority, as may be required by any laws applicable to you or to your country of residence and you shall pay all applicable taxes, levies, governmental fees and charges associated with the activities of your account including required deductions at source and you forego any claim against the Company in this respect.
- You shall not abuse this site nor the System for the purpose of money laundering. The Company employs best-practice anti-money laundering procedures, which may have several effects on you. The Company reserves the right to refuse to do business with, to discontinue to do business with, and to reverse the Transactions of, customers who do not accept or adhere to these anti-money laundering processes. The anti-money laundering processes have the following effects on customers:
- You must complete the account opening form which requests details that establish your identity.
- Winnings may only be paid out to the account-holder, and to a bank account under his/her own name and not to any third party/s account. When maintaining an account by means of telegraphic deposits, winnings are only paid to the holder of the originating bank account, and it is the account-holder/s responsibility to ensure that their banks account number and name accompany all transfers to the Company.
- Only one account is allowed per person. No winnings may be collected on accounts opened in false names or on multiple accounts opened by the same person.
- You have read this Agreement in its entirety, and understood its content and implications, including the risk of loss of all of your Collateral, before accepting its terms.
12. Improper or Abusive Trading
Should you execute trading strategies acting in bad faith, that is, you or any representative of yours trading on your behalf is committing any improper or abusive trading act such as for example:
- fraud/illegal actions that led to the transaction;
- orders placed based on manipulated prices as a result of system errors or system malfunctions;
- arbitrage trading on prices offered by our platforms as a result of systems errors; and/or
- coordinated transactions by related parties in order to take advantage of systems errors and delays on systems updates.
Then the Company will have the right to:
- adjust the price spreads available to you; and/or
- restrict your access to streaming, instantly tradable quotes, including providing manual quotation only; and/or
- obtain from your account any historic trading profits that you have gained through such abuse of liquidity as determined by us at any time during our trading relationship; and/or
- reject an order or to cancel a trade; and/or
- immediately terminate our trading relationship
- In order to be able to start using the System to execute Transactions, you shall be required to transfer moneys to an account designated by the Company, to be used as collateral for the Transactions described herein.
- Funds belonging to clients for the purpose of trading will be kept in one or more omnibus accounts with any bank or financial institution used to accept funds which the Company will specify from time to time and will be held in the Company/s name.
- It is understood that the Company may hold funds on behalf of Clients in a bank established outside the European Union. The legal and regulatory regime applying to any such bank might be different from the legal and regulatory regime in New Zealand and the European Union and in the event of the insolvency or any other analogous events in relation to that bank, Client/s funds may be treated differently from the treatment which would apply if the funds were held with a bank in an account in New Zealand and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause.
- Any profits accruing from your Transactions shall be added to clients/ accounts as supplementary collateral. All losses resulting from your Transactions shall be deducted from clients/ accounts.
- To remove any doubts, credit balances shall bear no interest.
14. Additional deposits, Withdrawals
- Any withdrawal of the available cash in a client/s account, whether partial or total, including any accrued profits (but not future profits) – shall be executed by the client, via the online trading platform, with prior notice to the Company of at least seven business days.
- Withdrawal amounts are always returned back to the original source of deposit, up to the amount of the deposit. Any further amounts (profits), will be forwarded by bank wire to the client/s personal bank account, in the country where the trading account is registered.
- Withdrawal requests are submitted by the client directly into the system via the online withdrawal facility. Withdrawal requests are not accepted over the telephone or by email, except in very rare cases when the client is undergoing technical difficulties, in which case the withdrawal may be executed manually for the client. All communications surrounding such manual withdrawals are logged and archived.
- All withdrawals are subject to the discretion of the Company/s Compliance Department and any suspicious transaction shall be recorded and reported accordingly.
- For withdrawals to be executed they must also abide by the T&C for any possible trading bonuses granted.
- To remove any doubts, all withdrawals requested by you shall be transferred to you within, and no later than, seven (7) business days following your request for payment, provided all terms and conditions for withdrawals have been satisfied.
- You the client are allowed one free withdrawal each month. For every subsequent withdrawal in the same month there will be a processing charge.
- No funds or assets shall be transferred by one party to the other with respect to any Transaction, other than settlement of your losses which shall be deducted by the Company or an authorized party on its behalf from the Collateral and payments of accrued profits made out to you by the Company or an authorized party on its behalf.
- Clients may transfer to their account, at any time, additional funds to be used as Collateral for Transactions. All terms of this Agreement shall apply to any additional funds so deposited.
- No withdrawals will be processed on days which are public holidays in New Zealand. A list of these holidays can be found at http://publicholidays.eu/new_zealand/
15. Closure of account
To request the closure of their account clients must complete and submit the “Account Termination Form”. Having completed the form and emailed it in to the company the client should also ensure that all trades have been closed from within the trading platform, and then the client should also submit a withdrawal request for all the funds in their account.
In the event that a client/s account is closed by the company due to non-completion or the failing of compliance, then all the funds in the client/s account will be returned to the source (bank account). The MLCO will consider further investigation under AML policies.
The company reserves the right to close the account of any client who is considered to carry a risk to the future of the company and for the clients of the company. This will especially apply if the client is suspected of using alternative pricing engines tools, or even insider information, which is bringing about continuous and large losses to the company.
Prior to closing a client/s account, however, a full investigation is made, and the client is placed in the highrisk category. This will result in the client receiving pricing and spreads more appropriate to his continuous profits. If the client remains on the high-risk-category, which can only be the result of some kind of technical manipulation, the client/s account will be closed. If the client/s manipulative actions cannot be proved, the balance of their account will be withdrawn to the client, and a communication will be sent to the client explaining the reasons behind these actions. If, on the other hand, manipulation is proven, no further monies will be sent to the client, the account will be closed, a communication will be sent explaining the company/s actions, and possibly legal action will be taken against the client also.
16. Duly Authorized Persons
Only the account-holders themselves are authorized to trade using their individual trading accounts. If an account-holder allows any third person access to his account to trade on his behalf, he does so at his own risk, and the company neither approves of such action, neither takes any responsibility for any/all loses incurred.
17. Recording of Telephone Conversation and Record Keeping
- The Company, or an authorized party on its behalf, will record every telephone conversation.
- The Company or an authorized party on its behalf shall maintain records of all your Transactions.
- Any of these records/recordings may be used by the Company for any purpose the Company sees fit (provided that this does not conflict with the risk disclosure), including the resolution of conflicts which might occur between the Parties.
- It is hereby clarified that the said records/recordings are the sole property of the Company and it is under no obligation to deliver or expose such material to anyone. It is further clarified, that in the event in which the Company shall be required to deliver a copy of such or provide documentation regarding your account, following strict instructions from the competent bodies or authorities, you shall bear the full cost of duplicating and/or copying of any record and/or documents in accordance with the then current the Company official price list for such services.
18. Risks and Liability
- All Transactions to be carried out by you are executed on your behalf and at your risk. Neither the Company nor any authorized party on its behalf shall be held liable for any loss, damage or debt incurred by you resulting directly or indirectly by actions contemplated under this Agreement. To remove any doubts, in any event, any sum to be claimed by you may not exceed your Collateral.
- In reading this, all clients hereby declare that they understand and accept that a fundamental pre-condition to this Agreement, relates to the Company/s right to close at any time, without an advanced notice, any Transaction executed by the client, in the event that their portfolio shall be of zero value or less, as calculated with respect to the fluctuations in the Financial Contracts/ prices.
The company is following strictly all EMIR reporting requirements. At the end of each trading day, confirmations of all Transactions that have been executed on that trading day will be available via the Customer/s online account through the System. Clients may request to receive account statements monthly or quarterly via email, by providing such a request to the Company, but the Company is not obliged to provide the Clients with hard-copy account statements. The account statement is provided at the expense of the client.
20. Commissions and fees
Clients are not charged any commissions or fees by the Company for any Transaction executed unless agreed otherwise by the Parties hereto. However, any and all bank charges (concerning transfer, charges etc) will be deducted from the client/s cash balance. As bank charges are constantly changing, please contact support for specific information. There is also a €10/$10/GB£10 a month inactivity fee which will be charged to each client whose account is inactive for a period greater than 3 months. Activity, in this sense, is a client logging in to their trading account. The fee will be deducted directly from each client/s trading account, from their available balance. To avoid this €10/$10/GB£10 inactivity charge a client must log in to their trading account at least once every three (3) months. Clients whom have never deposited money in their trading account, will not be charged an inactivity fee. Clients with less than a €10/$10/GB£10 balance in their trading account, will be charged that balance amount, thus bringing their account to zero. Suspended accounts are still liable to pay the inactivity fee, if conditions arise. Closed/disabled accounts are not charged inactivity fees. For foreign currency accounts the inactivity fee will be a direct conversion of US$10, using the conversion rate of the day.
21. Transactions and Trade Characteristic
- Every Transaction shall be executed in accordance with the applicable procedures as set forth in the Best Execution Policy. For all intents and purposes the acceptance of a Transaction by you and the deposit of the Collateral to be used in such a Transaction shall be sufficient consideration.
- The acceptance of your instructions by the Company and the facilitation of execution of Financial Contracts by the Company shall be in accordance with customary practices in the international financial markets and customary practices which apply to Financial Contracts of the nature of the Contracts executed by you using the System.
22. Stop of Trade, Inaccurate Quotes, Force Majeure
- You understand that the trading facilities provided by the System, may be halted or suspended at any time without a prior notice due to unforeseen circumstances beyond the control of the Company. In such an event, the Company or an authorized party on its behalf may close any open positions clients may have (by performing a Reverse Transaction) without prior written notice being sent to the clients, at fair market value reflecting, as closely as possible, the applicable prices of the relevant Contracts. Clients hereby waive any claims of indemnification / suits / causes of action against the Company in such an event and acknowledge that such waiver is a pre-condition to the validity of this Agreement.
- The Company reserves the right, to cancel any Transaction which due to a System and/or human error, whether under the control of the Company or not, has been executed at a price which at the time of the Transaction was not the indicative and/or accurate price of that said Financial Contract created by the transaction.
23. Intellectual property
- This content may include names, terms and/or data which may or may not be identified with a symbol identifying it as a name, term or item in which copyright is claimed or a registered trademark is held. The lack of any such symbol All copyright, database rights, trade marks and other intellectual property rights in the content of should not, under any circumstances, be understood as meaning that the name, term or data is not the intellectual of either ourselves or a third party.
- Any third party intellectual property used by us in the content of our Web site should not be interpreted as meaning that the third party owner sponsors, endorses or is in any way affiliated with us or with our business, nor that they make any representation regarding the advisability of trading in our products.
- Except where necessary in order to view the information on this Web site on your browser, or as permitted under Republic of New Zealand law or these T&C, no information or content on this Web site may be reproduced, adapted, uploaded to a third party, linked to, framed, performed in public, distributed or transmitted in any form by any process without our specific written consent.
In addition to the above, you agree not to “deep-link” to the Web site, resell or permit access to the Web site to others and not to copy any materials appearing on the Web site for resale or for any other purpose to others without the prior written consent of the Company. For the avoidance of doubt, you shall be responsible and be bound by any unauthorized use of the site by you, made in breach of this section.
You agree to use the information received from the information systems of the Company for the sole purpose of executing Transactions inside and within the Company/s Web site or System. You further agree not to use any electronic communication feature of a Service on the site for any purpose that is unlawful, tortuous, abusive, and intrusive on another/s privacy, harassing, libelous, defamatory, embarrassing, obscene, threatening or hateful.
The license granted under this Agreement shall be terminated if the Company shall have reason to believe that any information provided by you, including your e-mail address, is no longer current or accurate, or if you fail to otherwise comply with any terms or conditions of this Agreement and all rules and guidelines for each service. Upon such violation, you agree to cease access to the Services. You agree that the Company, at its sole discretion and with or without notice, may terminate your access to any or all Services, and remove and discard any information or content within a Service.
The license granted to you by the Company in this Agreement to use the Software, will remain in effect for so long as this Agreement or any amended agreement which replaces it from time to time, also remains in full force and effect. Ownership of the Software, Documentation and all intellectual property rights therein shall remain at all times with the Company. Any other use of the Software by any person, business, corporation, government organization or any other entity is strictly forbidden and is a violation of this Agreement.
28. Proprietary Protection
The Web site, Software and Documentation contain material that is protected by international copyright, trade secrets and trademark laws, and by applicable international treaty provisions. All rights not granted to you herein are expressly reserved by the Company or its applicable licensor, suppliers or partners. You may not remove any proprietary notice of the Company from any copy of the Software or Documentation.
You may not copy, publish, display, disclose, rent, lease, modify, loan, distribute, or create derivative works based on the Software or any part thereof. You may not reverse engineer, decompile, translate, adapt, or disassemble the Software, nor shall you attempt to create the source code from the object code for the Software. You may transfer the Software to other computers that you own, as long as you only use it on one computer at a time.
The Company may provide links to other sites that are controlled or offered by third parties. Such link to a site(s) is not an endorsement, authorization, sponsorship or affiliation with respect to such site, its owners or its providers. The Company cautions clients to make sure they understand the risks involved in using those site(s) before retrieving, using, relying upon or purchasing anything via the Internet. Links to these web sites are provided solely for your convenience, and client agrees that under no circumstances will they hold the Company liable for any loss or damage caused by use of or reliance on any content, goods or services available on other sites.
31. Current and binding form
Client acknowledges and agrees to the fact that the Company may update and/or adjust and/or amend the terms of this Agreement from time to time according to the needs of its activity and in its sole discretion, provided however that the accurate and current binding form shall be communicated to the client and published on the Company/s Web site. The binding form of this Agreement shall be in accordance with the current form in force at any applicable time.
Client acknowledges that the Software contains proprietary trade secrets of the Company and they hereby agree to maintain the confidentiality of the Software using at least as great a degree of care as you use to maintain the confidentiality of your own most confidential information. You agree to reasonably communicate the T&C of this Agreement to those persons employed by you who come into contact with the Software, and to use best efforts to ensure their compliance with such T&C.
33. Limited Warranty
ANY USE BY YOU OF THE COMPANY/S WEB SITE AND SOFTWARE IS AT YOUR OWN RISK. THE WEB SITE AND SOFTWARE ARE PROVIDED “AS IS” WITHOUT WARRANTY OR REPRESENTATION OF ANY KIND WHATSOEVER BY THE COMPANY INCLUDING BUT NOT LIMITED TO MERCHANTABILITY FOR A PARTICULAR PURPOSE. TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE COMPANY DISCLAIMS ALL WARRANTIES OF ANY KIND, BOTH EXPRESS AND IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY FOR A PARTICULAR PURPOSE. THE COMPANY WILL ENSURE, AS FAR AS POSSIBLE, THAT THE FUNCTIONS CONTAINED IN THE SOFTWARE WILL MEET ANY REQUIREMENTS OR NEEDS YOU MAY HAVE, OR THAT THE SOFTWARE WILL OPERATE ERROR FREE, OR IN AN UNINTERRUPTED FASHION, OR THAT ANY DEFECTS OR ERRORS IN THE SOFTWARE WILL BE CORRECTED, OR THAT THE SOFTWARE IS COMPATIBLE WITH ANY PARTICULAR PLATFORM. YOU ACKNOWLEDGE THAT GOOD DATA PROCESSING PROCEDURE DICTATES THAT ANY PROGRAM INCLUDING THE SOFTWARE MUST BE THOROUGHLY TESTED WITH NON-CRITICAL DATA BEFORE YOU RELY ON IT, AND YOU HEREBY ASSUME THE ENTIRE RISK OF USING THE SOFTWARE. THIS DISCLAIMER OF WARRANTY CONSTITUTES AN ESSENTIAL PART OF THIS LICENSE. SOME JURISDICTIONS DO NOT ALLOW THE WAIVER OR EXCLUSION OF IMPLIED WARRANTIES SO THEY MAY NOT APPLY TO YOU.
34. Limitation of Liability
IN NO EVENT SHALL THE COMPANY ITS OFFICERS, DIRECTORS OR EMPLOYEES BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, INDIRECT, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES FOR LOSS OF BUSINESS, LOSS OF PROFITS, BUSINESS INTERRUPTION, OR LOSS OF BUSINESS INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE THE SOFTWARE, OR FOR ANY CLAIM BY ANY OTHER PARTY, EVEN IF THE COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE COMPANY/S AGGREGATE LIABILITY WITH RESPECT TO ITS OBLIGATIONS UNDER THIS AGREEMENT OR OTHERWISE WITH RESPECT TO THE SOFTWARE AND DOCUMENTATION SHALL NOT EXCEED THE AMOUNT OF THE FEES PAID BY YOU FOR THE USE OF THE SOFTWARE AND DOCUMENTATION. BECAUSE SOME STATES/COUNTRIES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, THE ABOVE LIMITATION MAY NOT APPLY TO YOU.
The company is not responsible for any problems or technical malfunction of telephone network or lines, on any computer online systems, servers or providers, hardware, software, or failure due to technical or traffic congestion problems on the Internet or on any of the site or services.
35. Anti – Money Laundering
No person shall abuse this site for the purpose of money laundering. The Company is obliged to follow the requirements as set out by the European Union, relevant domestic laws and the Regulations issued by New Zealand for the prevention and suppression of money laundering activities. It is thus required by the company to obtain certain verification documents from its Customers in order to report any suspicious transactions to the regulatory authorities.