TERMS AND CONDITIONS
1.1. iFOREX (Cyprus) Ltd., is a Cyprus Investment Firm, incorporated and registered under the laws of the Republic of Cyprus under Certificate of Registration No. 254495, having its registered office at Corner of Agiou Andreou and Eleftheriou Venizelou Streets, Vashiotis Agiou Andreou Building, 2nd Floor, Office 201, 3035 Limassol, Cyprus (hereinafter called “We”, or the "Company"), having been granted a license from the Cyprus Securities and Exchange Commission (hereinafter called “CySEC”) (license No. 143/11) to provide the Investment Services covered by these Terms and Conditions (the “Agreement”), through the Trading Platform (as defined hereafter).
1.2. THE COMPANY WILL OFFER THE SERVICES (as defined below) STRICTLY UNDER THE FOLLOWING TERMS AND CONDITIONS, WHICH MAY BE AMENDED AFTER PROPER NOTICE HAS BEEN GIVEN TO YOU (hereafter called “You” or the “Client”) AT THE ABSOLUTE DISCRETION OF THE COMPANY.
1.3. BY CLICKING THE "Accept all and Continue" BUTTON ON THE COMPANY'S REGISTRATION SITE, YOU CONFIRM THAT YOU HAVE READ, UNDERSTOOD AND AGREED TO BE BOUND BY THIS AGREEMENT AND ALL ANCILLARY DOCUMENTS AND POLICIES (AS AMENDED OR ADDED FROM TIME TO TIME) WHICH ARE AVAILABLE ON THE TRADING PLATFORM AND ON THE WEBSITE. IF YOU DO NOT AGREE TO ANY OF THE PROVISIONS OF THIS AGREEMENT YOU SHOULD IMMEDIATELY STOP USING THE SERVICES.
1.4. Any agreement between the Company and its Clients (as defined below) and the procedure to be followed under it, is governed by the Distance Marketing of Consumer Financial Services Law N.242(I)/2004 of Cyprus implementing the EU directive 2002/65/EC, under which this Agreement need not be signed and this Agreement has the same legal effect and establishes the same rights and duties and responsibilities as a printed agreement signed between both parties. In case that a Client wishes to receive a printed copy of this Agreement, duly signed and stamped by the Company, the Client must send two (2) signed copies of this Agreement to the Company, stating its postal address and a countersigned copy will be sent back to that address.
2. DEFINITIONS – INTERPRETATION OF TERMS
2.1. In this Agreement, the following terms shall, unless the context otherwise pledges, have the following meanings and may be used in the singular or plural as appropriate:
a. Access Codes – the username and password given by the Company to the Client for accessing the Trading Platform.
b. Account – Any transaction account which the Company may open for the Client.
c. Account Statement – the periodic statement of the Transactions credited or debited to an Account.
d. Authorized Person - a Person authorized by the Client in accordance with this Agreement to give instructions to the Company on behalf of the Client.
e. Available Margin – funds not used as the guarantee to Open Positions at a given time, calculated as follows: Available Margin = Equity – Used Margin.
f. Balance – the sum held on behalf of the Client in its Account at a specific point in time.
g. Bank Account– an account with any bank or other financial institution in which the Company shall hold funds in the name of the Client or in the name of the Company on behalf of the Client.
h. CFD Contract or CFD - a contract for differences. A financial instrument which is derived based on the fluctuations in the price of the relevant underlying asset.
i. Close Position – an opposite deal (purchase/sale) identical in size to a previously Opened Position.
j. Client - the natural person, legal entity or firm who has (have) accepted this Agreement, and whose application to be granted the Services was accepted by the Company.
k. Contract - any contract, whether oral or written, for the purchase or sale of any Financial Instrument, including any derivatives such as an option (including a Binary Option), a future, a CFD or other transaction relating thereto, entered into by the Company with the Client.
l. Contract Specifications or Trading Conditions- all necessary trading information concerning Spreads, margin requirements, trading hours, contract expiry dates etc., as shown on the Website.
m. Corporate Event - the declarations by the issuer of the equity on which the Financial Instrument is based, including without limitation with respect to the terms, of any of the following: (i) subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of shares to existing shareholders by way of a bonus, capitalization or similar issue; (ii) a distribution to existing holders of the underlying shares of additional shares, other share capital or securities granting the right to payment of dividends or proceeds of liquidation of the issuer equally proportionately with such payments to holders of the underlying shares, or securities, rights or warrants granting the right to a distribution of shares or to purchase, subscribe or receive shares, in any case for payment (in cash or otherwise) at less than the prevailing market price per share as determined by the Company; or (iii) any other event in respect of the shares analogous to any of the aforementioned events or otherwise having a diluting or concentrating effect on the market value of the shares.
n. Events of Default - shall have the meaning given to this term in Section 17.3;
o. Equity – The Balance in the Account reduced by the current accrued Losses on account of all Open Positions ("Open Losses") and increased by the current accrued Profits on account of all Open Positions ("Open Profits") (can be represented by the following formula: Equity= Balance + Open Profits – Open Losses).
p. Financial Markets – international financial markets in which currency and other financial assets’ exchange rates (including commodities) are determined in multi-party trade.
q. Financial Instruments – any of the financial instruments offered by the Company and which are defined as such under applicable Laws and Regulations.
r. Force Majeure - any event beyond the reasonable control of the Company, which prevents the Company from complying with any of its obligations under this Agreement, including but not limited to: an act of God (such as, but not limited to, fires, explosions, earthquakes, drought, tidal waves and floods); war, hostilities (whether war be declared or not), invasion, act of foreign enemies, mobilisation, requisition, embargo, rebellion, revolution, insurrection, military or usurped power, civil war, riot, commotion, strikes, go slows, lock outs, disorder and acts or threats of terrorism.
s. Introducing Broker - a Person (including its employees, subsidiaries, sub-agent and affiliates) which is remunerated by the Company for referral of Clients to the Company.
t. KYC Process – means any "Know Your Client" process required to be made by the Company under applicable Laws and Regulations, and which are designed to identify the Client, verify the identity of the Client, perform back-ground checks on the Client, construct an economic profile of the Client and assess the appropriateness of the Services to the Client.
u. Laws and Regulations - the laws governing the establishment and operation, the regulations, arrangements, directives, circulars and customs of the Cyprus Securities and Exchange Commission (CySEC), the Central Bank of Cyprus and any other authorities which govern the operation of Cyprus Investment Firms (as defined in such Laws and Regulations), as they are amended or modified from time to time.
v. Loss- shall have the meaning given to it in Section 10.24and 10.25, as applicable of this Agreement.
w. Market Maker - a professional participant in the financial markets who continuously offers purchase and sale prices for a Financial Instrument in order to buy and sell respectively in the event of interested Clients. Being a Market Maker the Company is the counterparty in relation to a transaction of the Client.
x. Market Rules - shall mean the rules, regulations, customs and practices from time to time of any exchange, clearing house or other organization or market involved in, or otherwise relevant to, the conclusion, execution, terms or settlement of a Contract and any exercise by any such exchange, clearing house or other organization or market of any power or authority conferred on it.
y. Margin – the guarantee funds required to open, hold or close a position, as determined in the Contract Specification.
z. Open Position – means an open Transaction for the sale or purchase of a Financial Instrument, held in the Account, which has not yet been closed by an opposite Transaction.
aa. Order – an order from a Client, or an Authorized Person to: (i) perform any kind of Transaction on the Trading Platform; or (ii) to be granted Service.
bb. Person - a natural person or a legal entity.
dd. Profit- shall have the meaning ascribed to it in Section 10.244 and 10.25, as applicable, of this Agreement.
ee. Services - the services detailed in Section 3.1hereunder.
ff. Spread – the difference between the purchase price “ASK” (rate) and the sale price “BID” (rate) of the same Contract, at a given moment.
gg. Trading Platform – the electronic trading platforms and software owned, or licensed, by the Company, which is used in order to provide the Services, whether web-based (including mobile), client software or otherwise.
hh. Transaction(s) – any type of transaction effected in the Account including but not limited to sell, buy, Stop Loss, Take Profit etc., or transfer funds between two accounts of the same Client.
ii. Used Margin – the amount of funds that acts as collateral for the Client's Open Positions.
jj. Website - the Company’s website www.iforex.com.cy.
kk. Working Day - any day on which banks are open for business in Cyprus.
2.2. Words importing the singular shall import the plural and vice versa. Words importing the masculine shall import the feminine and vice versa.
2.3. Paragraph headings are for ease of reference only and are not intended to denote meaning.
2.4. If there is any conflict between the provisions of this Agreement and relevant Market Rules or Laws and Regulations the Market Rules or Laws and Regulations shall prevail.
3. PROVISION OF THE SERVICES
3.1. Subject to the Client: (i) receiving the Company’s notification approving the Account’s opening; (ii) successfully passing the KYC Process (as defined below) performed by the Company according to the Laws and Regulations (as amended from time to time); and (iii) timely fulfilling its obligations under this Agreement, the Company shall grant the Client the following services:
a. Execution of Orders on behalf of the Client in relation to Transactions having as an object one or more Financial Instruments;
b. Reception and Transmission of Orders in relation to Transactions having as an object one or more Financial Instruments;
(Sub-sections (a) and (b), collectively, the “Services”)
On a case by case basis and at the Company’s sole discretion the Company may provide the Client an Account in non-trading/no Service (read only) mode or an Account with limited trading possibilities (such limitations may include a maximum amount which may be used as Margin or a limit on duration of trading) or in other mode that may be provided by the Company from time to time, during the KYC Process, in order to create a destination for Client’s funds transfer, enabling the Company to perform the KYC Process and specifically to check the Client’s credit card or wire transfers’ origin. In the above mentioned case, the Company will notify the Client about the status of the Client’s application and Account opening, by sending the Client a notification.
3.2. The Services shall be granted within the operational working hours of the Trading Platform as detailed in the specific trading conditions per each Financial Instrument, available on the Website, which are generally from Sunday at 22.00.01 GMT (Greenwich Mean Time) through Friday 19.59.59 GMT (Greenwich Mean Time). The Company reserves the right, at its sole discretion, at any time to change the operating hours of the Trading Platform on a temporary or permanent basis and the Client agrees that the Company will have no obligation to inform the Client of the reason.
Waiver of Investment Advice Services
3.3. The Client acknowledges that the Services do not include the provision of investment advice. Any investment information as may be announced or provided by the Company or on its behalf does not constitute investment advice services whatsoever, or in any circumstances and shall be regarded as given for informative purposes only. No information announced or provided by the Company shall be deemed as an assurance or guarantee on the expected results of any Transaction.
3.4. The Client agrees and acknowledges that it is solely responsible for any investment strategy, Transaction or investment, composition of any account and taxation consequences and the Client shall not rely for this purpose on the Company. It is also understood and accepted that the Company shall not bear any responsibility in any manner or form whatsoever, regardless of the circumstances, for any such investment strategy, transaction, investment or information, composition of any Account or taxation consequences.
Provisions of Services as a Market Maker
3.5. The Client is informed that by granting the Services to the Client, the Company acts as a Market Maker.
3.6. The sole execution venue of the Orders is the Company via the Trading Platform. The Client is informed that following execution of any Order, the Company may, at the Company's sole discretion, subsequently hedge each position with another financial firm (including companies within the group of companies of which the Company is a member), or offset each position with another position, or retain a proprietary position with the intention to obtain trading profits from such positions.
3.7. In order to grant the Services, the Company quotes prices of the Financial Instruments. The quotes seen on the Website or Trading Platform are processed by the Company, as Market Maker, at its sole discretion, to be the price offered for BID, ASK and other Orders for a certain Financial Instruments. The quotes showed by the Company will reflect the Company’s decision of the current Bid and Ask price of the relevant Financial Instruments. The Client acknowledges that such quotes will be set by the Company at its absolute discretion according to the provisions of the Best Execution Policy.
3.8. In order for the Company to quote prices with the swiftness normally associated with the Financial Instruments and Contracts, the Company may have to rely on available price or availability information that may later prove to be faulty due to specific market circumstances, for instance, but not limited to, lack of liquidity in or suspension of an asset or errors in feeds from information providers or quotes received from third parties quotes suppliers. If so and if the Company acted in good faith when providing the price to the Client, the Company may at its sole discretion cancel an Order or Transaction placed by the Client but shall do so within reasonable time and shall provide the Client with a full explanation.
4. CLIENT CLASSIFICATION
4.1. The Company shall in its dealing with the Client apply the rules of professional conduct which govern the Company’s relationship with retail clients. If, however, the Client wishes to be governed by the Company’s regulations governing Professional Clients or as an Eligible Counterparty (as such terms are defined by Laws and Regulations), then the Client must inform the Company in writing, clearly stating such a wish. The final decision for the changing the Client’s classification will be at the discretion of the Company.
4.2. The Client shall be bound by the method of categorization which is explained thoroughly in the Client Categorisation Policy which can be found on the Website.
5. COMPLIANCE WITH LAWS
5.1. The offering of Services may not be legal in some jurisdictions. You understand and accept that the Company is unable to provide You with any legal advice or assurances in respect of your use of the Services and the Company makes no representations whatsoever as to the legality of the Services in your jurisdiction. Please verify the relevant laws in your jurisdiction before registering with the Website and using the Services or Trading Platform.
5.2. The Services are intended only for users who are not prohibited by the laws of any applicable jurisdiction from acquiring the Services. The Company does not intend to enable You to contravene any applicable laws and regulations. You represent, warrant and agree to ensure that your use of the Trading Platform and the Services will comply with all applicable laws, statutes and regulations. The Company shall not be responsible for any illegal or unauthorized use of the Trading Platform or the Services by You. Please consult legal counsel in the applicable jurisdiction if you have any doubts about the legality of your use of the Trading Platform and the Services under the laws of any jurisdiction that apply to You.
6.1. No-one under the age of 18 or the age of legal consent for engaging in the activities included in the Services under the laws of any jurisdiction, whichever is higher ("Legally of Age") may use the Services or the Trading Platform under any circumstances and any person not Legally of Age who uses the Services or the Trading Platform will be in breach of the terms of this Agreement. The Company may cancel your Account and exclude you or any Authorized Person from using the Services if the Company suspects that a person using the Services or Trading Platform is not Legally of Age.
6.2. Upon registration of Client in the Website or at any time thereafter, the Company is required to conduct a KYC Process. This KYC Process requires the Company to obtain certain documents from the Client which shall typically include an identity card, passport or driver's license, proof of address such as a utility bill, and proof of your payment method. If deemed necessary, the Company may request that the said document copies are notarized, meaning that the documents are stamped and attested by a Public Notary. In the event our requests for documents and information are not completed by you, the Company may at its sole discretion decline to open an Account, block an Account from trading or terminate this Agreement, and may withhold any funds that are present in your Account until such time as the Company is satisfied with the documents presented by you. Should the documents fail the Company’s internal compliance checks – for example, if the Company suspects that they have been tampered with, or are in any way provided to mislead or misrepresent – the Company shall be under no obligation to accept such documents as valid, and under no obligation to provide feedback on the exact nature of our findings with regards to these documents.
7. WARRANTIES & REPRESENTATIONS
The Clients warrants and represents to the Company that:
a. The Client has read and fully understood the terms of this Agreement.
b. The Client is Legally of Age as defined in this Agreement, is of sound mind and capable of taking responsibility for its actions.
c. The Client is duly authorized to enter into this Agreement, to give Orders, instructions and requests, appoint an Authorized Person and to perform its obligations hereunder.
d. All details provided by the Client to the Company either during the registration process, in relation to an Authorized Person or at any time thereafter, including as part of any payment deposit transaction, are true, current, correct and complete and match the name(s) on the credit/debit card(s) or other payment accounts to be used to deposit or receive funds in your Account.
e. The Client fully understands the methods, rules and procedures of the Services and of foreign exchange trading in general. Furthermore, the Client has sufficient experience and knowledge in financial matters to be capable of evaluating the merits and risks of trading in foreign exchange and acquiring Financial Instruments via the Trading Platform and have done so without relying on any information contained in this Website.
f. The Client is fully aware that there is a risk of losing money when trading Financial Instrument and is fully responsible for any such loss. Client agrees that its use of the Services is at its sole option, discretion and risk. In relation to Client’s losses it shall have no claims whatsoever against the Company or any of its partners or their respective directors, officers or employees.
g. The Client is the individual who has completed the registration or, if the Client is a legal entity, the person who has completed the registration on the Client’s behalf is duly authorized to do so and has the authority to bind that legal entity to this Agreement.
h. All actions performed under this Agreement will not violate any law, regulations or rule applicable to the Client or to the jurisdiction in which the Client is resident, or any agreement by which the Client is bound or by which any of the Client’s assets or funds are affected.
i. The Client has chosen the particular type of service and Financial Instrument, taking its total financial circumstances into consideration which it consider reasonable under such circumstances.
j. The Client is not a Politically Exposed Person and will promptly notify the Company if at any stage during the course of this Agreement he or she becomes a “Politically Exposed Person”. For the purpose hereof, a "Politically Exposed Person" shall mean: a natural person who has its place of residence in a European Union Member State (other than Cyprus) or in third counties, and who is or has been, or any of its immediate family members or persons known to be close associates of such person are of have been, entrusted with prominent public functions.
k. All funds transferred to the Company, belongs exclusively to the Client, and it is free of any lien, charge, pledge and any other encumbrance. Further, whatever money is handed over to the Company by the Client is not in any manner whatsoever directly or indirectly proceeds of any illegal act or omission or product of any criminal activity.
l. The Client acts for itself and not as a representative or a trustee of any third person, unless the Client produced, to the satisfaction of the Company and at its sole discretion, a document and/or powers of attorney enabling the Client to act as representative or trustee of any third person.
m. All funds deposited by the Client in the Account belong to the Client and were not obtained by the Client, either directly or indirectly, from illegal activity. The Client agrees and understands that the Company reserves the right at its sole discretion to refund or send back to the remitter (or beneficial owner) any amounts received under this Agreement, after having such proof as it considers adequate at its absolute discretion that these amounts are direct or indirect proceeds of any illegal act or omission or product of any criminal activity or belonging to a third party. The Client further agrees to bear all costs and expenses (including taxes, stamp expenses, levies or commissions) associated with such refund.
The Company may reverse any or all types of previous transactions performed by the Client or Authorized Person in the Account. The Company reserves the right to take any legal action against You and to cover and indemnify itself upon such an event and may claim any damages caused to the Company as a result of such an event.
n. All Transactions will be performed only through the Trading Platform provided by the Company and the Financial Instruments are not transferable to any other Trading Platform whatsoever.
o. The Client agrees not to use the Trading Platform in an abusive way by lag trading and/or usage of server latency, price manipulation, time manipulation or any other practices which are illegal and/or are utilized to give the Client an unfair advantage or which the Company considers at its sole discretion as inappropriate and outside the scope of this Agreement.
p. The Client shall not use any software for the purpose of automatic/algorithm trading in the Account. Furthermore the Client shall not use or allow the use of a device which is performing transactions in any manner obstructing and/or interfering with the regular and ordinary carrying out of such transactions as contemplated by the Company (i.e using expert advice software, auto clicker and similar software).
q. The Client shall not allow any third party (including a relative) other than an Authorized Person to use its Account, Access Codes or identity to access or use the Services or the Trading Platform and the Client shall be fully responsible for any activities undertaken on its Account by a third party using the Client's Access Codes.
r. The Client opened the Account in order to perform trading on the Trading Platform. In case of absence of any trading activity within one year, the Company reserves the right at its sole discretion to charge a fixed payment of 50 US dollars per year in order to maintain the Account assuming that the Client Account has the available funds. If the Account is funded by less than 50 US dollars and has been inactive for a period of one year, the Company reserves the right to charge a lower amount to cover administrative expenses and close down the account.
s. The Client will take all reasonably necessary measures (including, without prejudice to the generality of the above, the execution of all necessary documents) so that the Company may duly fulfill its obligations under this Agreement, and applicable Laws and Regulations.
t. The Client is solely responsible for any telecommunications networks and Internet access services and other consents and permissions required in connection with its use of the Website, the Trading Platform and the Services. Client shall be responsible for all access and service fees necessary to connect to the Website and the Trading Platform and assumes all charges incurred in accessing such systems. The Client further assumes all risks associated with the use and storage of information on its personal computer or on any other computer or electronic device through which the Client will gain access to the Website, the Trading Platform and the Services.
u. The Client will implement, operate and maintain appropriate protection in relation to the security and control of access to its computer, and against computer viruses or other similar harmful or inappropriate materials, devices, information or data.
v. The Client will not transmit to or in any way, whether directly or indirectly, expose the Company to any computer virus or other similarly harmful or inappropriate material or device.
w. The Client shall not use any electronic communication feature of a service on the Website for any purpose that is unlawful, tortuous, abusive and intrusive on another's privacy, harassing, libelous, defamatory, embarrassing, obscene, threatening or hateful.
x. The Client shall use the Services only in good faith towards both the Company and other users of the Services. In the event that the Company deems that the Client has been using the Services in bad faith the Company shall have the right to terminate the Client's Account and the Company shall be entitled to retain all monies therein. Client hereby expressly waives any future claims against the Company in such regard.
y. The information provided by the Client to the Company upon registration and at any time thereafter is true, accurate and complete and the documents handed over by the Client are valid and authentic.
z. The Client will not commit any acts or display any conduct that damages the reputation of the Company.
8. ELECTRONIC TRADING
8.1. By accepting the terms of this Agreement, the Client is entitled to apply for Access Codes, within the Company’s Trading Platform, in order to be able to give Orders, and to be able to trade in general on the Trading Platform.
8.2. The Client will not proceed and avoid proceeding in any action that may cause the irregular or unauthorized access or use of the Trading Platform. The Client accepts and understands that the Company reserves the right, in its sole discretion, to terminate or limit the Client’s access to the Trading Platform, or part of it, if the Company suspects that the Client has allowed such use of the Trading Platform.
8.3. When using the Website or Trading Platform, the Client will not, whether by an act or omission, do anything that will or may violate the integrity of the Company’s electronic or computer system or cause such system to malfunction. The Clients is solely responsible for providing and maintaining the equipment necessary to access and use the Website or Trading Platform.
8.4. The Client acknowledges that the internet may be subject to events which may affect the Client's access to the Website or Trading Platform, including but not limited to interruptions or transmission blackouts. The Company is not responsible for any damages or losses resulting from such events or for any other losses, costs, liabilities, or expenses (including without limitation, loss of profit) which may result from the Client's inability to access the Website or Trading Platform or delay or failure in sending Orders.
8.5. The Company is not an Internet service provider and cannot be responsible for not fulfilling any obligations under this Agreement because of internet connection failures or public electricity network failures or hacker attacks. The Company will not be responsible for executing any Orders as a result of the foregoing. In the case of such electricity/communication/Internet failures, if the Client wishes to execute a position, then the Client must telephone our dealing room and give a verbal instruction. The Company reserves the right to decline any verbal instruction in cases where its telephone recording system is not operational or in cases where the Company is not satisfied of the caller’s/Client’s identity or in cases where the Transaction is complicated or in cases where the quality of the line is poor. The Company further reserves the right to ask the Client to give instructions regarding the Client’s transactions by other means that it deems appropriate.
8.6. The Company shall not be held responsible in the case of delays or other errors caused during the transmission of Orders and/or messages via computer or other electronic device used to access the Trading Platform. The Company shall not be held responsible for information received via computer or for any loss which the Client may incur in case this information is inaccurate.
8.7. The Client is permitted to store, display, analyze, modify, reformat and print the information made available to it through the Website and/or Trading Platform. The Client is not permitted to publish, transmit, or otherwise reproduce that information, in whole or in part, in any format to any third party without Company’s express written consent which shall be provided or withheld at the Company’s sole discretion. The Client must not alter, obscure or remove any copyright, trademark or any other notices that are provided in connection with the information, Website or Trading Platform. The Client represents and warrants that it will not use the Website or Trading Platform in contravention of this Agreement, that it will use the Website or Trading Platform only for the benefit of its Account and not on behalf of any other person, and that, with the exception of a web browser and other applications specifically approved by the Company, the Client will not use (or allow another person to use) any software, program, application or other device, directly or indirectly, to access or obtain information through the Website or Trading Platform or automate the process of accessing or obtaining such information.
9. ACCESS OF DATA
9.1. The Client shall keep in a safe place the Access Codes, and shall not reveal them to any other person. The Client will not proceed and avoid proceeding in any action that could allow the irregular or unauthorized access or use of the Trading Platform.
9.2. The Client will make all necessary efforts to keep its Access Codes secret and known only to it. Also, the Client will be liable for all Orders given through and under its Access Codes and any such Orders received by the Company will be considered as received from the Client. In cases where a third person is assigned as an Authorized Person, the Client will be responsible for all Orders given by the Authorized Person.
9.3. The Client undertakes to notify the Company immediately if it comes to its attention that its Access Codes are being used by an unauthorized third party. The Company may investigate such matter, and the Client will cooperate with the Company, as the Company may request, in the course of such investigation.
9.4. The Client agrees to use software programs developed by third parties including but not limited to the generality of those mentioned above, browser software that supports data security protocols compatible with protocols used by the Company as detailed on the Website. Moreover, the Client agrees to follow the access procedure (Login) of the Company that supports such protocols.
9.5. The Client acknowledges that the Company bears no responsibility if unauthorized third persons have access to information, including electronic addresses, electronic communication and personal data, when the above are transmitted between the Client and the Company or any other party, using the Internet or other network, network communications protocol, communication facilities, telephone, or any other electronic means.
10. TRADING CONDITIONS
10.1. Only the Client or the Authorized Person are authorized to give instructions and Orders on the Account and may place Orders either via the Trading Platform or via telephone, in the way specified in the paragraph below.
10.2. The Client has the right to authorize an Authorized Person to give instructions and/or Orders to the Company or to handle any other matters related to this Agreement, provided that the Client has notified the Company in writing, of exercising such a right and that the Authorized Person is approved in writing by the Company any such approval shall be at the Company’s sole discretion.
10.3. The Company, in accordance with general rules regarding power of attorneys, is entitled to receive instructions from any person authorised by the Client as well as persons who appear authorised.
10.4. Unless the Company shall receive a written notification from the Client for the termination of the said Authorized Person’s authorization, the Company will continue accepting instructions and/or Orders given by this Authorized Person on the Client behalf and the Client.
The Company may refuse to approve the nomination of an Authorized Person, or act upon any instruction from an Authorized Person in: (i) the Event of Default; (ii) the event where the Company suspects that the disposal pursuant to the instruction submitted is made in violation of the Laws and Regulation, any other applicable laws and regulations, usual market practice, Market Rules, and including but not limited to legislation on money laundering, insider trading, or applicable bankruptcy or insolvency laws; or (iii) if the disposal will put the Clients or the Company at any economic or legal risk; (iv) for any other reason whatsoever at the Company’s sole discretion.
10.5. If the Client wishes to terminate a nomination of an Authorized Person, the written notification for the termination has to be received by the Company with at least 5 days’ notice prior the termination date.
10.6. In order to be able to place Orders via the Trading Platform, and to be able to trade in general on the Trading Platform with and through the Company, the Client or the Authorized Person shall have to enter the Trading Platform using the Access Codes through a compatible personal computer, tablet, smart phone, set-top-box, or any other similar device of the Client or Authorized person that is connected to the Internet or other network communications protocol.
10.7. Placing Orders on the Trading Platform shall be executed directly by the Client or Authorized Person on the Trading Platform.
10.8. In certain circumstances, the Company may accept to receive Orders, by telephone, provided that the Company is satisfied, in its sole discretion, of the caller’s or Client’s identity and the Company is further also satisfied with the clarity of instructions. In order that the Company will accept to place an Order by telephone, the Client or Authorized Person shall have to:
a. Detail correctly at least 3 the following details: (i) the Client's username; (ii) the Client’s land line or mobile telephone numbers; (iii) the last 4 digits of the Client’s credit card; (iv) the Client’s last deposit sum; and (iv) the Client’s last Order placed; and
b. Detail the essential details of the Order in a clear way. The minimum details required for executing an Order are: (i) The type of Order requested (e.g. Open Position, Close Position, change or remove Orders, or place a limit); (ii) the underlying product; (iii) price of the Financial Instrument, or Contract; (iv) time of Order; and (v) any other information to be requested per case to case basis from the Company.
The Company has the right to refuse at its sole discretion the execution of an Order on behalf of the Client ordered via telephone if the instructions of the Client are not clear or do not include the minimum requirements as detailed in this Section 10.8. The Company also reserves the right, in its sole discretion, to confirm in any manner the Orders or instructions sent through the telephone by the Client.
10.9. The Company reserves the right, in its sole discretion, to confirm in any manner the instruction or Orders or communications provided by telephone. The Client fully accepts the risk of misinterpretation or mistakes in the instructions or Orders provided by telephone, regardless of how they have been caused, including without limitation technical failures and the Company shall not be liable for any of the aforementioned risks or mistakes.
10.10. Subject to the terms of this Agreement, the Company shall execute, and transmit for execution or execute Orders (provided via the Trading Platform or via telephone) strictly in accordance with the Orders’ terms. By using the Access Code and placing an Order, the Client acknowledges that the Company will be entitled to rely and act on any Order given by the Client without any further enquiry to the Client and any such Orders will be binding upon the Client. The Company shall also have no responsibility to check the accuracy of any Order. Any Order (provided via the Trading Platform or by telephone) constitutes an irrevocable instruction to the Company to proceed with the Order on the Client’s behalf.
10.11. Once an Order is placed, it cannot be revoked. Where an Order has been placed which the Client subsequently regrets, the Client may request that the Order be cancelled up until the time of execution of the relevant Order. The Client is aware that the Company is under no obligation to cancel the Order. A request for cancellation or an Order can be made via the Trading Platform or by calling the Company. Requests concerning cancellation of Orders generated when the Margin is exceeded can only be made to the Company. An Order shall not be considered to be cancelled until the Client has received a written confirmation from the Company which may be given at the Company's sole and absolute discretion.
10.12. Orders can be placed, executed, changed or removed only within the operating hours of the Trading Platform as detailed in Section 3.2 above, and shall remain effective through the next trading session. The Order shall be valid and in accordance with the type and time of the given Order, as specified. If the time of validity of the Order is not specified, it shall be valid for a period of one (1) year from placement.
10.13. At Equity level “Zero”, as calculated by the Company, the Company will automatically close all Positions, at the price then offered by the Company. It is the Company’s policy that the Client's Equity in the Account will never fall below level “Zero”. In the event that a Position is closed at such price causing the Equity to fall below the level "Zero", the Company shall waive its right to receive the balance from the Client.
10.14. Without prejudice to any other provisions herein, the Client acknowledges that the Company shall have the right, at its sole discretion, at any time and for any reason and without giving any notice or explanation to: refuse, reverse, suspend, freeze, or close any Order, including without limitation in the following cases:
a. In case of Force-Majeure, hacker attacks and other illegal actions against the Trading Platform or any of the Company’s systems, or in the event of a suspension of trade in the financial markets relevant to the Financial Instruments of the Company.
b. 2 (two) minutes before and after a critical news release (e.g. breaking news events and economic indicators announcements).
c. Whenever the Company deems at its sole discretion that the execution of the Order aims at or may aim at manipulating the market of the Financial Instruments; constitutes an abusive exploitation of privileged confidential information (insider trading); contributes to the legalization of proceeds from illegal acts or activities (money laundering) or affects or may affect in any manner the reliability or smooth operation of the Trading Platform.
d. Whenever the Order concerns the purchase of any Financial Instrument but there are no available cleared funds deposited with the Company or in the Bank Account to pay the purchase price of the relevant Financial Instrument and all the charges relating to the said Trading Platform. In calculating the said available funds, all funds required to meet any of the Client’s obligations include, but without limitation, obligations which may arise from the possible execution of other previously registered purchase Orders, which will be deducted from the cleared funds deposited with the Company or in the Bank Account;
e. Whenever there are no available cleared funds deposited in the Account to pay all the charges and required margin relating to the said Order.
f. There is absence of an essential detail of the Order.
g. It is impossible to proceed with an Order regarding the size or price.
h. The Order has more than one interpretation or is unclear.
i. We have received from You the notice of cancellation of this Agreement.
j. We have forwarded the notice of termination of this Agreement to You.
k. If any doubt arises whatsoever as to the genuineness of the Order.
l. If We suspect that You are engaged in money laundering activities or terrorist financing.
m. If We suspect that You are in a breach of your warranties and representations detailed in Section 7 above.
n. If the Order or request or instruction precedes the first quote on the Trading Platform on the Market Opening.
o. In consequence of request of regulatory or supervisory authorities of Cyprus or any other jurisdiction or a court order.
p. The Transaction size is less than the minimum Transaction size, or greater than the maximum Transaction size, as indicated in the Contract Specifications.
q. A quote is not obtained from the Company or the quote obtained by the Company is an indicative quote or the quote is manifestly erroneous or the quote is an error quote (Spike)
r. If the execution of the Order will increase the Client's exposure above the maximum level of exposure permitted by the Company, as may be determined by the Company from time to time at its sole discretion.
s. Internet connection or communications are disrupted.
t. In an Event of Default of the Client.
10.15. The Company is not obliged to give reasons or notice as to the reasons for refuse, reverse, suspend, freeze, or close, or cancelling Orders or instructions prior to doing so or after. Moreover, in the event that the Company does decide to suspend or cancel an instruction or Order, such cancellation will not affect any obligation which the Client may have towards the Company or any right which the Company may have against the Client or his assets.
Type of Orders
10.16. By using Our Trading Platform, only the following Orders can be provided in relation to Forex/CFD Transactions:
a. OPEN – to open a Position;
b. CLOSE – to close a Position;
c. Limit Orders: to add, remove, edit Orders for Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop (as such orders are described in the Website).
Any other Orders are unavailable and are automatically rejected by the Trading Platform. The Open or Close Position confirmed by the Company cannot be cancelled or changed by the Client.
10.17. By using Our Trading Platform, only the following Orders can be provided in relation to Binary Options Transactions
a. CALL (Above) – to buy a call option;
b. PUT (Below) – to buy a put option;
10.18. The Company will make available, by posting on the Company's Website and/or the Trading Platform, the current price applicable to a currency pair, commodity, index, share or any other financial asset or instrument, and offer the Client the opportunity to submit a CALL or PUT Order in respect of such asset. Each Transaction shall be for a specified expiry time. The Company expects that the current prices will be reasonably related to the actual prices of such Financial Instruments available in the market. The Company makes no warranty, express or implied, that the quoted prices represent prevailing market prices.
10.19. Client understands and agrees that the price of the Option will be debited from its Account upon purchasing the Option.
General Trading Conditions
10.20. The Company shall receive and transmit all Orders strictly in accordance with the terms of the Orders. The Company will have no responsibility for checking the accuracy or the logic of any Order. Any Order given to the Company constitutes an irrevocable instruction to the Company to proceed with the Transaction on the Client’s behalf.
10.21. Any Order shall be conclusively deemed to be a valid Order to the Company if the Company believes it to be genuine. The Client is responsible to any loss, damage, claim or expense incurred by the Company for following or attempting to follow any of the Orders and shall indemnify the Company, its officers, directors and employees for any such loss, damage, claim or expense.
10.22. If the Company receives an Order which puts the Client or is most likely to put the Client in a breach of this Agreement, the Company may, at its sole discretion, ignore the Order or fulfill the Order to the extent the Company deems appropriate and the Client will not have any right to cancel any resultant partially filled Order and waives any claim or demand arising from such act of the Company.
10.23. The Client acknowledges and agrees that the Company has the right at its sole discretion to close any Transaction, at its sole and absolute discretion, without providing prior notice to the Client, in the following circumstances: (i) if the underlying asset or contract on which the Transaction is based settles on an expiry date as determined by the relevant Financial Market, a reasonable time prior to such expiry date of such underlying asset or contract as detailed in the specific Financial Instrument Trading Conditions available on the Website; (ii) in the event of Force Majeure; (iii) in the Event of Default; (iv) Corporate Event; (v) upon reasonable suspicion that the Client has breached one, or more provisions of this Agreement, and (vi) upon notification or order from the applicable legal and regulatory authorities.
10.24. The Profit or Loss in any Forex and CFD Transaction will be: (a) the last traded price at or prior to the closing of the Position, (b) less the last traded price at or prior to the opening of the Position, (c) plus or minus (as the case may be) any spread that the Company may apply when such a Position is opened and closed, (d) times the volume of the Position. The Client acknowledges that it is the Client's responsibility to make itself aware of the price of the Financial Instrument and of any spread or commission that the Company may apply when opening and/or closing a Position.
10.25. The Loss in any Binary Option shall be up to the purchase price of the Option. The Profit in any Binary Option shall be as stated in the specific conditions of the offered Binary Option.
10.26. The Company reserves the right at its sole discretion to change the opening and/or closing price (rate) and/or size and/or number of the related Transaction (or the level and size of any Sell Limit, Buy Limit, Sell Stop, Buy Stop Order) if any Financial Instrument becomes subject to adjustment as a result of any Corporate Event.
10.27. While a Client has any Open Positions on the ex-dividend day for any Financial Instrument, the Company reserves the right at its sole discretion to close such positions at the last price of the previous trading day and open the equivalent volume of the Financial Instrument at the first available price on the ex-dividend day. In this case the Company will to inform the Client by a message within the Trading Platform about the possibility of such actions not later than the closing of the trading session prior to the ex-dividend day.
10.28. If at any time trading on a relevant Financial Market is suspended, the Company shall calculate the value of the underlying asset or contract of the Financial Instrument with reference to the last traded price before the time of suspension, as reasonably determined by the Company. If no trading in that underlying asset is undertaken during the business day on which a suspension occurs. In the event that the aforesaid suspension continues for five (5) Working Days, the Company may decide, at its sole and absolute discretion, the time in which such Position is closed and the price of the underlying asset. During the term of a transaction whose market is suspended, the Company shall have the right to close the Position at its discretion or to amend or vary the margin requirements and margin rates.
10.29. If a Financial Market announces that pursuant to the rules of such Financial Market the relevant underlying asset has ceased (or will cease) to be listed, traded or publicly quoted for any reason and is not immediately re-listed, re-traded or re-quoted on the relevant Financial Market or quotation system located in the same country as the Financial Market (or where the Financial Market is within the European Union, in any Member State of the European Union), or already so issued, quoted or traded the day on which such event occurs, or (if earlier) is announced, shall be referred to as the "Expiry Date", and the relevant Position shall be closed a reasonable time prior to such Expiry Date. The closing price will be such price as notified by the Company to the Client.
10.30. Subject to Sections 10.31 and 10.32, limit Orders, such as Stop Loss, Take Profit, Buy Limit, Buy Stop, Sell Limit, Sell Stop on Financial Instruments is executed at the price declared by the Client.
10.31. The Company reserves at its sole discretion the right not to execute the Order, or to change the opening (or closing as the case may be) price of the Order or Transaction as detailed in the Company’s Best Execution Policy, Stop Loss Policy, and in case of a technical failure in the Trading Platform, the quotes feed, other technical failures, and in the event of Force Majeure.
10.32. Under certain trading conditions it may be impossible to execute Stop Loss Orders, Buy Stop Orders and Sell Stop Orders on any Financial Instrument at the declared price. In such case the Company has the right at its sole discretion to execute such Orders or change the opening (closing) price of the Transaction at a first available price. This may occur, for example, at times of rapid price movement if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange, trading is suspended or restricted. Or, this may occur in the trading session start moments, so as a result, placing a Stop Loss order will not necessarily limit the Client's losses to the intended amounts, because market conditions may make it impossible to execute such an Order at the stipulated price.
10.33. The Company may establish cut-off times for instructions or Orders which may be earlier than the times established by the particular Financial Market or clearing house involved in any Transaction and the Client shall have no claims against the Company arising out of the fact that an Order was not placed by the Client ahead of our cut-off time.
10.34. All price levels on the Trading Platform are determined at the Company’s sole discretion. Any references of the Client to prices of other trading or information systems or of other clients shall be disregarded. The Company has the right at its sole discretion to increase or decrease spreads on Financial Instruments depending on market conditions and Client’s profile.
10.35. The Company is under no obligation, unless otherwise agreed in this Agreement, to monitor or advise the Client on the status of any Transaction or to close out any Client’s Positions. When the Company decides to do so, this will be done on a discretionary basis and will not be considered an undertaking of an obligation to continue.
10.36. It is the Client’s responsibility to be aware of its Positions at all times.
10.37. The detailed trading requirements, conditions, and specifications for each Financial Instruments are detailed in the Trading Conditions. The Company shall have the right to change the Trading Conditions at any time depending on the market situation. The Client agrees to check the full specifications of the Transaction before placing any Order
11. SETTLEMENT OF TRANSACTIONS
11.1. The Company shall proceed to a settlement of all Transactions upon execution of such Transactions.
11.2. An Account Statement will be provided by the Company via the Trading platform to the Client on a monthly basis, within five (5) Working Days from the end of the previous month. In case no Transactions were concluded in the past month, the Client is deemed to have lost its right to be informed. Any confirmation or proof for any act or Account Statement or certification issued by the Company in relation to any Transaction or other matter shall be final and binding on the Client, unless the Client has any objection in relation to such Account Statement or certification and the said objection is filed in writing and received by the Company within two (2) Working Days from the receipt or the deemed date of receipt of any Account Statement or certification.
11.3. In the case where the Client is able to have an online Account Statement on a continuous basis, then the Company is considered as having fulfilled its obligations under Section 11.2 and any objections of the Client shall be valid only if received by the Company in writing within two (2) Working Days from the Transaction under objection.
12. CLIENT ACCOUNTS
12.1. The Company shall allow the Client to fund the Account without minimum deposit threshold. However, in order to open an Account, the Client shall have to deposit a minimum amount per the Company’s specifications detailed in the Website. Such sums of minimum deposit may vary from time to time.
12.2. The Company shall not accept cash deposits.
12.3. The Company shall accept only deposit of funds that transferred to the Company, from the Client’s bank account. The Company shall not accept deposit from other third parties which are not the Client. The Company must be satisfied that the depositing entity is the Client or the Authorized Person before making any amount available to the Account, otherwise the Company reserves the right at its sole discretion to refund or send back the net amount received to the remitter by the same method as received. The Company accepts no responsibility for any funds not deposited directly into Company’s Bank Account.
12.4. In order to use the Services the Client understands and accepts that first it shall require depositing funds in the Account. In order to secure the identity of the Client, the Company must receive sufficient information about the transfer from the sending bank to make a certain identification of which Client and which account the funds shall be registered on. Therefore, the Client understands and accepts that the Company shall credit the Account only when all details of the transfer are clarified, and therefore there is no certainty the Account shall be credited immediately upon the Client’s transfers order to the relevant bank.
12.5. For transfers of currency of an EU or EEA country from an account in a bank in an EU or EEA country the funds are booked and at disposal on the Account without undue delay after the Company has received the funds. When the Client transfers funds in another currency or from another country other than mentioned above, or by using a third party payment solution providers for executing the transfer (i.e. global-collect, pay-pal, money-booker etc.), the funds are booked and at disposal on the Account no later than two (2) Working Days after the funds are received by the Company.
12.6. The Client acknowledges that the Company cannot be held liable for how many days it takes from the sending bank, or other financial institution, or third party payment solution providers, to send funds to the Company and the time the Company shall receive the funds.
12.7. All amounts handed over by the Client to the Company or which the Company holds on behalf of the Client, for the provision of the Services, shall be held in the name of the Client or in the name of the Company on behalf of the Client in the Bank Account.
12.8. The Client authorizes the Company to make any deposits and withdrawals from the Bank Account on its behalf including, without prejudice to the generality of the above, withdrawals for the settlement of all Transactions undertaken under this Agreement and all amounts which are payable by or on behalf of the Client to the Company or any other person.
12.9. Unless the Company and the Client otherwise agree in writing, any amount payable by the Company to the Client, shall be paid directly to the Client.
12.10. The Company retains a right of set off and may, at its discretion, from time to time and without the Client’s authorization, set-off any amounts held on behalf or to the credit of the Client against the Client’s obligation to the Company and/or merge any Accounts of the Client with the Company. Unless otherwise agreed in writing by the Company and the Client, this Agreement shall not give rise to rights of credit facilities.
12.11. The Client has the right to withdraw the Available Margin, free from any obligations from its Account without closing the said Account.
12.12. Money transfers (withdrawal from Trading Account) shall be initiated by the Company within three (3) Working Days after receiving a withdrawal request instruction from the Client. Upon receiving a withdrawal request, the amount requested shall be deducted from the Balance. The Company reserves the right at its sole discretion to decline a withdrawal request if the request is not in accordance with Section 12.15, or delay the processing of the request if not satisfied on full documentation of the Client or Authorized Person.
12.13. The Client agrees to pay any incurred bank transfer fees when withdrawing funds from the Account to its designated bank account. The Client is fully responsible for the payments details that it has provided to the Company and the Company accepts no responsibility for the Client’s funds if the Client’s given details are incorrect. It is also understood that the Company accepts no responsibility for any funds not deposited directly into Company’s Bank Account.
12.14. The Client agrees that any amounts sent by the Client or on the Client’s behalf in the Bank Accounts, will be deposited to the Account at the value date of the payment received and net of any charges or fees charged by the bank account providers or any other intermediary involved in such transaction process. The Company must be satisfied that the sender is the Client or an Authorized Person before making any amount available to the Account, otherwise the Company reserves the right at its sole discretion to refund or send back the net amount received to the remitter by the same method as received.
12.15. Withdrawals should be made using the same method used by the Client to fund the Account and to the same remitter. The Company reserves the right at its sole discretion to decline a withdrawal with specific payment method and to suggest another payment method where the Client needs to complete a new withdrawal request. The Company further reserves the right to request further documentation while processing the Clients’ or Authorized Persons’ withdrawal request. If the Company is not satisfied with any documentation provided by the Client or the Authorized Person, the Company may reverse the withdrawal transaction and deposit the amount back to the Account.
12.16. In the event that any amount received in the Bank Account is reversed by the bank with which such Bank Account is held, at any time and for any reason, the Company will immediately reverse the affected deposit from the Account and further reserves the right to reverse any other type of transactions effected after the date of the affected deposit. It is understood by the Client that these actions may result in a negative Balance in all or any of the Accounts.
12.17. The Client agrees that in case of such a negative Balance in any of the Account of the Client, the Company can transfer such an amount from any other Account of the Client to that Account to cover the negative Balance. Furthermore it is understood and accepted by the Client that in the case that there are no sufficient amounts to cover the negative Balance in the Account the Company reserves the right at its sole discretion to terminate this agreement with 24hours’ notice through the Trading Platform or email and claim the amount of negative Balance and any expenses it might incur.
12.18. The Client agrees to waive any of his rights to receive any interest earned in the money held in the Bank Account and consents that the Company will benefit from such interest earned to cover registration, general expenses, charges, fees or interest related to the administration and maintenance of the Bank Account.
12.19. The Margin requirements for different types of Financial Instruments are displayed on the Trading Conditions. However, the Company reserves the right at its sole discretion to determine specific Margin requirements for individual Position, as required.
12.20. The Company's Margin requirement shall apply throughout the term of this Agreement. It is the Client's responsibility continuously to ensure that sufficient Margin is available on the Account at any time. If, at any time during the term of this Agreement, the Margin available on the Account is insufficient to cover the Margin requirement, the Client is obliged to reduce the amount of Open Position(s) or transfer adequate funds to the Company. Even if the Client takes steps to reduce the size of Open Position(s) or to transfer sufficient funds to, the Company may close one, several or all of the Client's Open Position or part of them at its sole discretion without assuming any responsibility towards the Client for such action.
12.21. If the Client has opened more than one Account, the Company is entitled to transfer money from one Account to another, even if such transfer will necessitate the closing of Open Position(s) or other trades on the Account from which the transfer takes place.
12.22. The Client is specifically made aware that the Margin requirements are subject to change without notice. The Client acknowledges that the Company will not monitor the Margin requirements on a continuous basis, and the Company shall not inform the Client as soon as of the amount of any Margin required under this Agreement.
12.23. In addition and without prejudice to any rights to which the Company may be entitled under this Agreement or any Laws and Regulations or any other applicable laws and regulations, the Company shall have a general lien on all Margin or funds held by the Company on the Client’s behalf until the satisfaction of all Client’s obligations.
12.24. The Client is advised that the Company shall have the right, in addition to any other rights it may have under this Agreement, or under Laws and Regulations in general or any other applicable laws and regulations, to limit the size of the Client's Open Positions (net or gross) and to refuse orders to establish new Positions, or close Positions, until the Client deposits extra funds in order to hold a required Margin. The Company will inform the Client as soon as possible regarding such refused Orders and the reason for the refusals. Situations where the Company may exercise such right include, but are not limited to, where: (i) The Company has reason to believe that the Client may be in possession of Inside Information (as such term is defined under applicable legislation); (ii) The Company considers that there are abnormal trading conditions; (iii) the value of the Client's Margin falls below the minimum Margin requirement as defined in Website; (iv) the Client has a ZERO, or negative Balance on any Account, or (v) the Client’s gross exposure in the Account or its Accounts or related Accounts in aggregate exceeds USD 15,000,000, or such amount as may be determined by the Company from time to time at its sole discretion.
13.1. The Company is entitled to receive fees, commissions, and other remunerations from the Client for the Services, as well as compensation for the expenses it will incur for the obligations it will undertake during the execution of the Services. The Company reserves the right in its sole discretion to modify, from time to time, the size, the amounts and the percentage rates of its fees and the Client will be informed of such changes on the Website.
13.2. The Client warrants, represents and undertakes that it is solely responsible for recording, paying and accounting to any relevant governmental, taxation or other authority for any tax, stamp duty, expenses or other levy that may be payable on any amounts paid to the Client. Notwithstanding the foregoing, and without derogating from the Client's sole and entire responsibility to perform tax payments, stamp expenses or pay other levy, the Client shall pay the Company, immediately when so requested by the latter, and the Company is entitled to debit the Account with any value added tax or any other tax, contribution, levy, stamp duty, expense or charge which may be payable as a result of any Transaction or any act or action of the Company under this Agreement (except for taxes payable by the Company in relation to the Company’s income or profits).
13.3. The Company shall have a lien on all the amounts which are deposited in the Accounts and on statements of Financial Instruments of the Client, to the extent that there remain amounts due by the Client to the Company. Before the exercise of the said right, which does not require the Client’s consent, the Company shall give the Client notice stating its intention to exercise the lien, as well as the deadline upon the expiry of which the Company shall exercise the said right.
13.4. In case the Client fails to pay any amount by the date on which the said amount is payable, the Company shall be entitled to debit the Account with the said amount or liquidate in the name of the Client any of the Client’s Financial Instruments in view of covering the aforementioned amount.
13.5. By accepting this Agreement, the Client has read and understood and accepted the information found on the Website, in which all related commission, costs and financing fees are explained. The Company reserves the right to amend at its sole discretion all such commission, costs and financing fees. All information relating to the aforementioned amendments will be available on the Website which the Client must review during the period the Client is using the Services, and especially before placing any Orders. The Client is deemed to have seen, reviewed and considered the Company’s commission, costs and financing fees and any changes that the company may make thereto from time to time.
13.6. A Position rolled-over for the next trading day(s) shall be charged or credited interest at such rate as may be determined by the Company, at its sole discretion.
13.7. The Company may vary such interest rates calculation without notice when changes are to the Client's advantage, or the grounds for changes are due to external circumstances beyond the Company's control. Such circumstances are: (i) Changes in the monetary or credit policies domestic or abroad that affect the general interest level in a way that is of importance to the Company; (ii) Other changes in the general interest level, including in the money and bond markets; (iii) Changes in the relationship with the Company's counterparties (i.e. liquidity providers), which affect the Company's cost structures.
14. COMPANY LIABILITY
14.1. The Company shall conclude Transactions in good faith and with due diligence but shall not be held liable for any act, omission or fraud by any person, firm or company from whom the Company receives instructions for the execution of the Client’s Orders or from which Transactions are carried out on behalf of the Client, unless to the extent where this would be the result of negligence, deliberate omission or fraud on the part of the Company.
14.2. The Company shall not be held liable for any loss of opportunity as a result of which the value of the Client’s Financial Instruments could increase or for any reduction in the value of the Client’s Financial Instruments, regardless of how such decrease may arise, unless to the extent that such loss or reduction is directly due to deliberate acts or omissions by the Company or its employees.
14.3. You agree to fully indemnify, defend and hold the Company, its partners and their respective companies and their respective officers, directors and employees harmless immediately on demand from and against all claims, demands liabilities, damages, losses, costs and expenses, including legal fees and any other charges whatsoever, howsoever caused, that may arise as a result of: (i) the execution of this Agreement; (ii) the provision of the Services; (iii) any breach of this Agreement by You; (iv) violation by you of any law or regulation or the rights of any third party; (iv) use by You or an Authorized Person of the Services or Trading Platform or use by any other person accessing the Services or Trading Platform using Client’s or Authorized Person’s Access Codes; or (v) Orders or instructions provided by You or an Authorized Person or any other person claiming to act in Client’s name.
14.4. In addition to any other remedy available, if you breach any of these terms and conditions of this Agreement or the Company has reasonable grounds for suspecting that you have breached the terms and conditions of this Agreement, in addition to any other remedies available to the Company, the Company may retain any positive Balance then existing in your Account on account of any damages or other amounts owed by you to the Company pending investigation or the conclusion of any legal proceedings. Failure to comply with this Agreement may also result in disqualification, Account closure or legal action being taken against you.
14.5. The Company shall not be held liable for any loss which is the result of deceit in relation to the facts or mistaken judgment or any act done or which the Company has omitted to do, whenever and however it arose.
14.6. The Company shall not be held liable for any damage caused to the Client as a result of any acts, omissions, negligence or fraud by the institution where the Client's bank account is maintained.
14.7. The Company shall not be held liable for the loss of Financial Instruments and funds of the Client, including the cases where the Client’s assets are kept by a third party such as a bank or other institution used as a payment provider, or for an act, which was carried out based on inaccurate information at its disposal prior to being informed by the Client, of any change in the said information.
14.8. Although the Company takes all reasonable steps and makes such general enquiries from readily available sources to ensure to the best of their ability that the Banks it transacts its business through or in which deposits of Client monies are made, the Company cannot guarantee and therefore accepts no liability for the financial standing of any bank or other regulated financial institution in which such deposits are made and accepts no responsibility in the event of liquidation, receivership or otherwise failure of such bank or institution which leads to a loss of all or any part of the funds deposited with them.
14.9. The Company being a member of the Investor Compensation Fund (the "Fund") provides the Client with the extra security of receiving compensation from the Fund, for any claims arising from the malfunction on behalf of the Company or if the Company fails to fulfil its obligations regardless of whether that obligation arises from a breach of applicable law or regulations, this Agreement or from any wrongdoing by the Company.
14.10. The Company shall not be held responsible or liable in the case of delays or other errors caused during the transmission of Orders or messages via the Internet or other communications network, as well as for damage which may be caused by the non-validity of securities, or a mistake in the Balance. The Company shall not be held responsible or liable for information received via the Internet or other communications network or for any loss which the Client may incur as a result of inaccurate information.
14.11. The Company shall not be liable to you or any third party in contract, tort, negligence, or otherwise, for any loss or damage whatsoever arising from or in any way connected with your, or any third party's, use of the Trading Platform or the Services, whether direct or indirect, including, without limitation, damage for loss of business, loss of profits (including loss of or failure to receive anticipated profits), business interruption, loss of business information, or any other pecuniary or consequential loss (even where We have been notified by you of the possibility of such loss or damage).
14.12. The Company shall not be liable in contract, tort, negligence, or otherwise, for any loss or damage whatsoever arising from or in any way connected with your use, of any link contained on the Website. The Company is not responsible for the content contained on any Internet site linked to from the Websites or via the Trading Platform.
14.13. You confirm that the Company shall not be liable to you or any third party for any modification to, suspension of or discontinuance of the Services.
14.14. Nothing in this Agreement will operate so as to exclude any liability of the Company for fraud, death or personal injury that is caused by the Company's negligence.
15. PROHIBITED USE OF THE WEBSITE, SERVICES AND TRADING PLATFORM
15.1. Illegal Funds and Unlawful Activities: You declare that in addition to the warranty provided by You in Section l) regarding funds not being directly or indirectly proceeds of any illegal act or omission, You will not use the Services or Trading Platform in any way as a money transfer system. You will not use the Services for any unlawful or fraudulent activity or prohibited transaction (including money laundering) under the laws of any jurisdiction that applies to you (in particular, the laws of Cyprus). If the Company has a suspicion that You may be engaging in or have engaged in fraudulent, abusive, unlawful or improper activity, including, without limitation, money laundering activities or engaging in a transaction out of market rates, or conduct otherwise in violation of this Agreement, your access to the Services and Trading Platform may be terminated immediately or your Account shall be blocked. If your Account is terminated or blocked in such circumstances, the Company is under no obligation to refund to You any funds that may be in your Account. In addition to terminating your access to the Services and Trading Platform and blocking your Account, the Company reserves the right at its sole discretion to prevent You from accessing any of the Company's other websites or servers, or accessing any other services offered by the Company. The Company shall be entitled to inform relevant authorities, other online service providers and banks, credit card companies, electronic payment providers or other financial institutions (together "Interested Third Parties") of your identity and of any suspected unlawful, fraudulent or improper activity and You will cooperate fully with the Company to investigate any such activity.
15.2. Circumvention: The Company has developed and employ sophisticated proprietary technology intended to seek out and identify users making fraudulent or unlawful use of the Services or Trading Platform. You shall not break into, access or attempt to break into or access or otherwise circumvent the Company's security measures. If, the Company believes, in its sole discretion, that You are in breach of this Section, the Company may terminate your access to the Services immediately or have your Account blocked, and the Company may inform Interested Third Parties of your breach of this Section.
16. DURATION OF THIS AGREEMENT AND AMENDMENT THEREOF
16.1. This Agreement shall take effect upon the Client clicking “Accept and Continue” on the registration page, provided that the Company has sent the Client written confirmation for his acceptance, and shall be valid for an indefinite time period until its termination in accordance with the terms of this Agreement.
16.2. This Agreement may be amended, modified, updated or changed unilaterally by the Company (i) if such amendment is necessary following an amendment of the Laws and Regulations or if CySEC, the Central Bank of Cyprus or any other regulatory authority issues decisions or binding directives which affect this Agreement; or (ii) for any reason which we may decide in our sole discretion. In any such case, the Company shall notify the Client of the said amendment either in writing or per electronic mail or through the Website, or through the Trading Platform and the Client’s consent shall not be required for any such amendment.
16.3. The sole right granted for the Client in case of unilateral amendment of this Agreement, shall be the Client’s right to terminate this Agreement within 15 days from the notification by sending a registered letter and on the condition that all pending transactions on behalf of the Client shall be completed. Upon expiry of the above deadline without the Client having raised any objection, it shall be considered that the Client consents or accepts the content of the amendment.
17.1. The Client has the right to terminate this Agreement by giving the Company at least seven (7) days written notice, specifying the date of termination in such, on the condition that in the case of such termination, all Client's Open Positions shall be closed by the date of termination. The first day of the notice for this Section 17.1 shall be deemed to be the date such notice has been received by the Company.
17.2. The Company may terminate the Agreement by giving the Client at least seven (7) days written notice, specifying the date of termination therein.
17.3. The Company may terminate this Agreement immediately in the following cases: i) if your use of the Services or the Trading Platform has been improper or breaches the spirit of this Agreement; ii) if your Account is associated in any way with any account which has been terminated. If an Account is associated with, or related to, any existing blocked accounts, Company may terminate an Account irrespective of the nature of this relationship and the Access Codes provided in relation to said Accounts; iii) death of the Client; iv) if any application is made or any order is issued or a meeting is convened or a resolution is approved or any measures of bankruptcy or winding up of the Client are taken; v) such termination is required by any competent regulatory authority or body; vii) The Company believes that the Client has violated or violates any provision of this Agreement; viii) in the Company’s sole discretion this Agreement cannot be implemented; ix) the Client violates any law or regulation to which it is subject, including but not limited to, laws and regulations relating to exchange control and registration requirements; x) the Client involves the Company directly or indirectly in any type of fraud (all of the above, "Events of Default").
17.4. The termination of this Agreement shall not in any case affect the rights which have arisen, existing commitments or any contractual provision which was intended to remain in force after the termination and in the case of termination, the Client shall pay any i) pending fee of the Company and any other amount payable to the Company; and ii) any charge and additional expenses incurred or to be incurred by the Company as a result of the termination of this Agreement; and (iii) charges incurred for transferring the Client’s investments to another investment firm; and iv) any damages which arose during the arrangement or settlement of pending obligations, and v) funds as necessary to close Positions which have already been opened; and vi) any losses and expenses realized in closing out any Transactions or settling or concluding outstanding obligations incurred by the Company on the Client’s behalf; and vii) any damages which arose during the arrangement or settlement of pending obligations; and viii) transfer fees for Client funds, and the Client shall have no claims against the Company in such regard.
17.5. The Company reserves the right at its sole discretion to reverse all previous Transactions which places the Company’s interests or all or any its clients interests at risk before terminating this Agreement.
17.6. Upon termination of this Agreement, the Company shall immediately hand over to the Client the Client’s assets in its possession, provided that the Company shall be entitled to keep such Client’s assets as necessary to close Positions which have already been opened or pay any pending obligations of the Client, including, without limitation, the payment of any amount which the Client owes to the Company under this Agreement, and shall have the right to initiate the following actions: i) combine any Accounts, consolidate the Balances in such Accounts and to setoff those Balances; ii) close any or all Open Positions; iii) close the Account; iv) cease to grant the Client access to the Trading Platform; v) convert any currency; vi) suspend or freeze or close any Open Positions or reject Orders; vii) refuse to open new accounts for the Client.
17.7. The right to terminate this Agreement contained in this Section 17 shall not prejudice any other right or remedy of either party in respect of the breach concerned (if any) or any other breach.
17.8. Upon the termination of this Agreement for any reason, except as otherwise provided in this Agreement and subject to any rights or obligations which have accrued prior to termination, neither party shall have any further obligation to the other under this Agreement.
18. ACKNOWLEDGEMENTS OF RISKS
18.1. The Services provided by the Company under the terms and conditions of this Agreement are only suitable for customers who understand the risks and have the experience in taking risks involved utilising the Financial Instruments offered by the Company.
18.2. The Client unreservedly acknowledges and accepts that, regardless of any information which may be offered by the Company, the value of any investment in Financial Instruments may fluctuate downwards or upwards and it is even probable that the investment may be reduced to zero value.
18.3. The Client unreservedly acknowledges and accepts that it runs a great risk of incurring losses and damages as a result of the purchase or sale of any Financial Instrument via the Company and through the Trading Platform and accepts and declares that it is willing to undertake this risk.
18.4. The Client declares that it has read, understands and unreservedly accepts the following:
a. Information of the previous performance of a Financial Instrument does not guarantee its current or future performance. The use of historical data does not constitute a binding or safe forecast as to the corresponding future performance of the Financial Instruments to which the said information refers.
b. When a Financial Instrument is traded in a currency other than the currency of the Client’s country of residence, any changes in the exchange rates may have a negative effect on its value, price and performance.
c. A Financial Instrument on foreign markets may entail risks different to the usual risks of the markets in the Client’s country of residence. In some cases, these risks may be greater. The prospect of profit or loss from transactions on foreign markets is also affected by exchange rate fluctuations.
d. The Client must not purchase Financial Instruments unless it is willing to undertake the risks of losing in its entirety all the money which it has invested and also will be liable for any additional commissions and other expenses incurred.
18.5. The Client acknowledges and accepts that there may be other risks which are not contained in this Section 18 and that it has read and accepted all information under the titles “RISK DISCLOSURE AND WARNING NOTICE” at the Website.
19. RELATIONSHIP BETWEEN THE COMPANY AND THE CLIENT
19.1. The Company reserves the right to use, employ or appoint third qualified and duly trained persons for the purpose of mediating in the execution of Orders and the conclusion of Transactions for the Client.
19.2. The Company declares that it takes all necessary measures, where possible, in order to anticipate or solve any conflicts of interest between, on the one hand itself and its associated persons and clients and on the other hand, its Clients. However, the Company draws the Client’s attention to the following possibilities of a conflict of interest:
a. The Company or any associated company or any company which is a member of the group of companies to which the Company belongs to, might:
i. Enter itself into an agreement with the Client in order to execute his Order;
ii. Be an issuer of the underlying assets or future contract on which the Financial Instruments in which the Client wishes to conclude a transaction is based;
iii. Act on its behalf or for another client as purchaser or seller or may have an interest in the underlying assets or future contract on which the Financial Instruments of the issuer in which the Client wishes to conclude a transaction is based; or
iv. Act as an agent, or have any trading or other relationship with any issuer of the underlying assets or future contract on which the Financial Instrument is based;
b. The Company may execute different orders (even contrary to one another) on behalf of different clients.
c. The Company may mitigate the risk associated with the Client's transactions with, and obtain coverage for such risk from, any company which is a member of the group of companies to which the Company belongs.
19.3. By clicking “Accept and Continue” on the registration page, the Client warrants that it has read and accepts the “CONFLICTS OF INTEREST POLICY” that the Company has adopted. This policy, available on the Website to all clients discloses in detail all aspects of conflicts of interest between the Company and the Client.
20. DEALING WITH CLIENT’S INFORMATION
20.1. The Company shall have no obligation to disclose to the Client any information or take into consideration any information either when making any decision or when it proceeds to any act on behalf of the Client, unless otherwise expressly cited in this Agreement and where this is imposed by the relevant Laws and Regulations in force.
20.2. The Company has the right at its sole discretion, without informing the Client beforehand, to disclose such details of the Client’s transactions or such other information as it may deem necessary in order to comply with any requirements of any person entitled to require such a disclosure by law or with any Company obligation to proceed to the said disclosure to any person.
20.3. The Company will handle all of Client’s personal data according to the relevant Laws and Regulations for the protection of personal data.
21.1. Unless the contrary is specifically provided, any notice, instructions, authorizations, requests or other communications to be given to the Company by the Client under this Agreement shall be in writing and shall be sent to the Company’s address (as detailed below) or to any other address which the Company may from time to time specify to the Client for this purpose and shall take effect only when actually received by the Company, provided they do not violate and are not contrary to any term of this Agreement.
Notices to us shall be sent to the following postal address or email or facsimile numbers (or by telephone):
•Physical Address: P.O.B 54216, 3722, Limassol, Cyprus
•Telephone Number: +357 25204600
•Reception of orders Desk: +357 25204600
•Fax Number: +357 25304611
21.2. Without prejudice to the provisions of this Section 21, all communication or information or notices shall always be provided by the Company to the Client solely via means other than on paper which may include electronic communication means including but not limited to the e-mail address provided by the Client during the registration process or via the Website or via the Trading Platform. The information specified in Appendix A attached to this Agreement shall be provided to the Client via communication means other than paper.
21.3. By clicking “Accept and Continue on the registration page, the Client is consenting for the information specified under points 1, 3, 4, 5, 6 and 9 in Appendix A of this Agreement to be provided to the Client through the Website, as this may be changed from time to time in which case the Client will be notified. It is agreed and understood that the information specified in points 1, 3, 4, 5. 6 and 9 in Appendix A of this Agreement will not be addressed personally to the Client.
21.4. Should the Client wish to receive any of the information specified in the Appendix A of this Agreement on paper, the Client must specifically request this from the Company in writing. The Company shall commence providing the information specified in the Appendix A of this Agreement on paper within seven (7) Working Days from actual receipt of the Client’s request.
21.5. It is the Client responsibility to inform the Company of any change to Client’s email address (or any other relevant personal information), the non-receipt of a confirmation, or whether any confirmations are incorrect before settlement.
21.6. We reserve the right, at our discretion, to confirm in any manner the instruction or Orders or communications sent through the Trading Platform. You accept the risk of misinterpretation or mistakes in the instructions or Orders sent by You or an Authorised Person, regardless of how they have been caused, including technical or mechanical damage.
22. GENERAL PROVISIONS
22.1. The Client acknowledges that no representations were made to him by or on behalf of the Company which have in any way incited or persuaded him to enter into this Agreement.
22.2. If the Client is more than one person, the Client’s obligations under this Agreement shall be joint and several and any reference in this Agreement to the Client shall be construed, where appropriate, as reference to one or more of these persons. Any warning or other notice given to one of the persons which form the Client shall be deemed to have been given to all the persons who form the Client. Any Order given by one of the persons who form the Client shall be deemed to have been given by all the persons who form the Client.
22.3. In case any provision of this Agreement is or becomes, at any time, illegal, void or nonenforceable in any respect, in accordance with a law or regulation of any jurisdiction, the legality, validity or enforceability of the remaining provisions of this Agreement shall not be affected.
22.4. All transactions on behalf of the Client shall be subject to the Laws and Regulations of the Cyprus Securities and Exchange Commission (CySEC), the Central Bank of Cyprus and any other authorities which govern the operation of the Investment Firms (as defined in such Laws and Regulations), as they are amended or modified from time to time. The Company shall be entitled to take or omit to take any measures which it considers desirable in view of compliance with the Laws and Regulations in force at the time. Any such measures as may be taken and all the Laws and Regulations in force shall be binding for the Client.
22.5. The Client shall take all necessary measures (including, without prejudice to the generality of the above, the execution of all necessary documents) so that the Company may duly fulfil its obligations under this Agreement.
22.6. The Client undertakes to provide any documentation requested by the Company which may be required for the execution of the transactions under the Agreement
22.7. The Company’s failure to seek redress for violations, or to insist upon strict performance, of any condition or provision of this Agreement, or its failure to exercise any or part of any of right or remedy to which the Company is entitled under this Agreement, shall not constitute an implied waiver thereof.
22.8. Unless otherwise expressly stated, nothing in this Agreement shall create or confer any rights or any other benefits to third parties.
22.9. Nothing in this Agreement shall be construed as creating any agency, partnership, trust arrangement, fiduciary relationship or any other form of joint enterprise between You and the Company.
22.10. This Agreement contains the entire agreement between the Company and You relating to your use of the Trading Platform and the Services and supersedes any and all prior agreement between the Company and You in relation to the same. You confirm that, in agreeing to accept this Agreement, you have not relied on any representation save insofar as the same has expressly been made a representation by the Company in this Agreement.
22.11. Nothing in this Agreement shall be construed so as to grant Client any security interest whatsoever over the assets of the Company, including for the avoidance of doubt on any amounts standing to the credit of an Account.
22.12. Any phrase introduced by the terms "including", "include", "in particular" or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms.
23. TELEPHONE RECORDING
For service quality assurance and regulatory reasons the Company records, telephone calls made from and to its offices. You hereby agree that telephone calls made, either by You contacting the Company, or when being contacted by the Company, may be recorded.
24.1. The Client understands and agrees that that (without prejudice to your other rights and remedies) the Company records shall be the final authority in determining the terms of your use of the Services and Client shall have no right to dispute the Company's records.
24.2. No claims or disputes will be considered more than seven (7) Working Days after the date of the original Transaction and all claims or disputes should be raised with the customer service department at email@example.com.
25. APPLICABLE LAW, JURISDICTION
25.1. This Agreement and all transactional relations between the Client and the Company are governed by the Laws of Cyprus and the competent court for the settlement of any dispute which may arise between them shall be the District Court of the district in which the Company’s headquarters are located.
26.1. This Agreement is personal to the Client who does not have the right to assign or transfer or sublicense any of its rights or obligations hereunder.
26.2. The Company may, at any time and in its sole discretion, assign or transfer to any legal or natural person any of its rights or obligations as they arise or are provided for in this Agreement.
27. INTRODUCING BROKERS
27.1. THE COMPANY AND INTRODUCING BROKER ARE WHOLLY SEPARATE AND INDEPENDENT FROM ONE ANOTHER. THE CLIENT AGREEMENT WITH THE COMPANY AND THE INTRODUCINT BROKER DOES NOT ESTABLISH A JOINT VENTURE OR PARTNERSHIP AND THE INTRODUCING BROKER IS NOT AN AGENT OR AN EMPLOYEE OF THE COMPANY.
27.2. The Client may have been referred to the Company by an Introducing Broker. If so, the Company shall not be responsible for any agreement made between the Client and the Client’s Introducing Broker. The Client acknowledges that any such Introducing Broker will be acting solely as an independent intermediary and that no such Introducing Broker will be authorized to make any representations concerning the Company or the Company’s services nor shall it be authorized to take any obligations in the name of the Company.
27.3. The Company does not endorse or vouch for the services provided by the Introducing Broker, nor does it imply that the Introducing Broker holds any license for his services, if such license is required. Since the Introducing Broker is not an employee or an agent of the Company, it is the Client’s responsibility to perform necessary due diligence on the Introducing Agent prior to using any of their services.
27.4. The Company does not control and cannot endorse or vouch for the accuracy or completeness of any information or advice Client may have received or may receive in the future from Introducing Broker or from any third party not employed by the Company regarding foreign currency or exchange trading or other services provided by the company or the risks involved in such trading or in such services.
27.5. The Company provides risk disclosure information to all new Clients when they open an account. Client should read that information carefully and should not rely on any on information to the contrary from any other source, including Introducing Brokers. If Introducing Broker or any other third party provides Client with information or advice regarding foreign exchange trading or any of the services provided by the Company (including, without limitations, by courses, programs, research or written or oral recommendations), the Company shall not be responsible for any loss to Client resulting from Clients use of such information or advice.
27.6. Client understands and agrees that if an Account with the Company is introduced by Introducing Broker that Introducing Broker may be provided access to certain personal information about the Client as well as certain information concerning the Client’s trading, depositing and withdrawal activity. By clicking on “Accept and Continue” on the registration page, the Client acknowledges and agrees that if the Client was introduced by an Introducer Broker, the relevant introducer may also be remunerated by the Company in respect to the Client’s trading activity on the Trading Platform.
28. CLIENT DECLARATION
The Client solemnly declares that:
i. It has carefully read and fully understood the entire text of this Agreement, it has had the opportunity to take professional advice on its contents and it fully and unreservedly agrees with the terms of this Agreement;
iii. It consents and agrees to direct advertising through cold calling, either by telephone or personal representation, facsimile, automatic calls, email or other phone, electronic or digital means by the Company.
iv. It is Legally of Age and to the best of its knowledge and belief, the information provided in the Investor’s Questionnaire, and any other documentation supplied in connection with the application form, is correct, complete and not misleading and it will inform the Company of any changes to the details or information entered in the Investor’s Questionnaire.
v. It accepts that any orders it will place with the Company, the company will act as an agent and not as a principal on the Client’s behalf. The sole execution venue for the execution of his Orders is the Company. This execution venue is a non-regulated market.
vi. It has chosen the investment amount, taking his total financial circumstances into consideration which it considers reasonable under such circumstances.
1. The present Agreement.
2. Information concerning the Client Categorisation Policy, including information on the Client’s right to request a different classification and about any limitations to the level of Client protection that it would entail.
3. Information about the Company and its services, such as:
a) the name and address of the Company, and the contact details necessary to enable the Client to communicate effectively with the Company;
b) the languages in which the Client may communicate with the Company, and receive documents and other information from the Company;
c) the methods of communication to be used between the Company and the Client including, where relevant, those for the sending and reception of orders;
d) a statement of the fact that the Company is authorized and the name and contact address of the competent authority that has authorized it;
e) where the Company may be acting through a tied agent, a statement of this fact specifying the European Member State in which that agent is registered;
f) the nature, frequency and timing of the reports on the performance of the service to be provided by the Company to the Client;
g) where the Company holds Client financial instruments or funds, a summary description of the steps which it takes to ensure their protection, including summary details of any relevant investor compensation or deposit guarantee scheme which applies to the Company by virtue of its activities in the Republic of Cyprus or in other European Member State;
h) the general nature or/and sources of any conflicts of interest of the Company;
i) information regarding the conflicts of interest policy maintained by the Company.
4. General description of the nature and risks of the Financial Instruments offered by the Company.
5. Other information concerning the safeguarding of Client Financial Instruments or funds.
6. Information about costs and associated charges for the services offered to the Client.
7. Notices or information concerning the execution of the Client’s Orders.
8. Periodic statements of Financial Instruments or funds which are held by the Company on behalf of the Client.
9. Information in relation to the Company’s execution policy.